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    Rick Hsu • Daiwa Securities

    Rick Hsu's questions to Taiwan Semiconductor Manufacturing Co Ltd (TSM) leadership

    Rick Hsu's questions to Taiwan Semiconductor Manufacturing Co Ltd (TSM) leadership • Q3 2024

    Question

    Rick Hsu requested an updated 2024 forecast for global semiconductor revenue (excluding memory) and a preliminary outlook for 2025. He also asked for the latest update on TSMC's CoWoS capacity expansion plans for this year and next.

    Answer

    CEO Dr. C. C. Wei stated that the 2024 industry forecast remains similar to the prior quarter's view and deferred the 2025 outlook to the January conference. Regarding CoWoS, he confirmed that customer demand "far exceeds" supply. He noted capacity more than doubled in 2024 and will "probably double again" next year, but will still be insufficient to meet all demand.

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    Rick Hsu's questions to ASE Technology Holding Co Ltd (ASX) leadership

    Rick Hsu's questions to ASE Technology Holding Co Ltd (ASX) leadership • Q2 2024

    Question

    Rick Hsu of Daiwa Securities asked for the Q2 and Q3 utilization rates for wire bonding and testing, a definition of "full" utilization for advanced packaging, and whether management was concerned about the "overflow business model" risk, where foundries might pull back outsourced business.

    Answer

    CFO Joseph Tung provided utilization rates of slightly above 60% in Q2, rising to over 65% in Q3, and defined "full" utilization as all capacity being used. COO Tien Wu addressed the overflow risk, expressing confidence in the long-term collaboration model with partners. He stated that the new capacity is designed to be flexible and fungible, making it valuable for years to come, and that the company is not worried about this risk.

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