Thank you for subscribing to Global Technology Research͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
What do I do?Basically a tech geek, I have 10~20 years of semiconductor investing experience.I am passionate about digging deep into the latest technology trends, and finding out how the technology changes impact individual companies along the supply chain.My research interest ranges from the most upstream (eg. semiconductor equipment and materials), to the most downstream (eg. AI server clusters) of the entire semiconductor and technology hardware supply chain.Below is a list of popular articles of my newsletter:ASML (ASML US) -- The Return of the EUV King?The Ironwood – An Introduction to Google TPU Rack & Optical Circuit Switch SystemMarvell (MRVL US) vs. Broadcom (AVGO US) vs. Alchip (3661 TT) vs. GUC (3443 TT) – A Brief Update on ASIC PlaysIs This Time Different? – How Will AI Large Language Model Bring the Memory Supercycle?NVIDIA (NVDA US) VR200 NVL144 CPX – An Introduction to PCB Design Change and BeneficiariesKLAC vs. Lasertec vs. ONTO vs. CAMT – The Process Control War, Plus Discussing the Moats of Semiconductor Equipment CompaniesNVLink vs. UALink vs. NeuronLink vs. SUE vs. PCIe – How Large is Astera Labs (ALAB US) Switch Opportunity?2025 Computex Review – An Introduction to 800V HVDC Power RackNVIDIA (NVDA US) 2025 GTC Review – Is Amphenol (APH US) Dead Beyond NVL72?What’s Going on with Marvell (MRVL US)?What to Buy in Semi Downcycle (2)? – NVIDIA vs. ASIC Plays?The Minerva – An Introduction of Meta ASIC Server Design, and its JDM Celestica (CLS US)NVIDIA (NVDA US) 2025 GTC Preview -- An Update on its Latest CPO Switch and NVL288 DesignNVIDIA (NVDA US) GB300, Vera Rubin & Beyond – An Update on Future PCB/CCL and Power Design ChangeCo-Packaged Optics (CPO) – The Next Big Thing for Nvidia (NVDA US)?The Bonder War – An update on ASMPT (522 HK)，BESI (BESI NA), Shibaura (6590 JP), Tazmo (6266 JP) and other advanced packaging equipment playersTo get every post and other paid subscriber benefits, upgrade to a paid subscription: SubscribedWhat I don’t do?This newsletter aims to provide readers with information about the latest technology trends and changes in the industry, but NOT to provide material non-public information (MNPI) of any listed companies, and the content should NOT be construed as business or financial advice.I do NOT provide stock recommendations NOR stock ratings (eg. buy/ sell/ hold).I do NOT provide earnings forecast NOR valuation/ target price for any stocks. Please reach out to professional equity research houses for stock-investment advice.Readers should always do their own research before making any investment decisions. In fact, my long-term track record of investment hit-rate is only ~60%, so you can reasonably assume ~40% of my view is wrong.Refer a friend to earn rewardsIf you enjoy Global Technology Research, it would mean the world to me if you could invite friends to subscribe and read with us. If you refer friends, you will receive benefits that give you special access to Global Technology Research.How to participate:1\. Share Global Technology Research. When you use the referral link below, or the “Share” button on any post, you’ll get credit for any new subscribers. Simply send the link in a text, email, or share it on social media with friends.Share Global Technology Research2.Earn benefits. When more friends use your referral link to subscribe (either free or paid), you’ll receive special benefits.
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Refer a friendUpgrade to VIP membershipMy newsletter has two subscription tiers: one basic annual subscription and one VIP membership subscription. You will get access to >70% of my newsletter content if you subscribe to the basic annual plan, but please note that some of my articles are only available to VIP members. For existing basic plan subscribers who are interested in my VIP newsletters, you can choose to top up $50 for additional 5-6 deep-dive research articles per year. Here is a step-by-step Substack guide on how to upgrade your subscription plan:How do I change my subscription plan on Substack?Below is a list of my VIP articles:Is This Time Different? – How Will AI Large Language Model Bring the Memory Supercycle?NVLink vs. UALink vs. NeuronLink vs. SUE vs. PCIe – How Large is Astera Labs (ALAB US) Switch Opportunity? The Minerva – An Introduction of Meta ASIC Server Design, and its JDM Celestica (CLS US) NVIDIA (NVDA US) 2025 GTC Preview -- An Update on its Latest CPO Switch and NVL288 DesignNVIDIA (NVDA US) GB300, Vera Rubin & Beyond – An Update on Future PCB/CCL and Power Design ChangeThe Accelerator War – AWS Tranium, Google TPU, Habana Gaudi and OthersIs Lasertec (6920 JP) a Short? – All you need to know about EUV mask inspectionThe Bonder War – An update on ASMPT (522 HK)，BESI (BESI NA), Shibaura (6590 JP), Tazmo (6266 JP) and other advanced packaging equipment playersMacom (MTSI US) – A Hidden Nvidia GB200 PlayBESI (BESI NA) -- Where is Hybrid Bonding Used?Last but not least, below is a link to the full list of stocks discussed in my articles:| ## Stocks List
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December 31, 2025
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