Chip Trend

China’s TPU Breakthrough: How Zhonghao Xinying Filled the Pure TPU Architecture Gap

Compute Chips

China’s AI chip industry is often discussed through GPUs and neural-processing units. Zhonghao Xinying offers another route: a processor designed around tensor computation, supported by its own instruction set and computing platform.

Indices

CSI Semiconductor Index vs. STAR 50 Semi: The Style Divergence

Two portfolios can carry the semiconductor label and still express very different investment ideas. One may concentrate on the businesses that supply fabrication plants with equipment and materials. Another may lean toward chip designers, manufacturers, and technology companies whose valuations depend on expectations for future growth. When their returns diverge, the explanation often lies less in competing views of the semiconductor industry than in the exposures built into their construction.

2026-10-23

Indices

Taiwan Semiconductor Index vs. SOX Correlation: The Decoupling Signal

Two semiconductor indices can follow the same global growth story and still tell different market stories. Taiwan’s semiconductor equities reflect the economics of manufacturing, design, packaging, and testing within a deeply connected production ecosystem. The Philadelphia Semiconductor Sector Index, better known as SOX, captures a different combination of semiconductor businesses through U.S.-listed securities. Their relationship offers a useful window into how investors price the chip cycle.

2026-10-22

Equipment

China’s Equipment Localization Rate at 55%: The Mature Node Milestone

A semiconductor factory can become substantially more local without becoming entirely independent. Domestic etch chambers may operate alongside imported lithography systems. A locally assembled deposition tool may still rely on overseas components. An expanding packaging operation may use a different supplier mix from the wafer fab feeding it.

2026-10-19

Thematic ETFs 2026-10-25

Memory Weight in AI Compute Indices: The Underweight Correction

Thematic ETFs 2026-10-24

Custom HBM+CoWoS Portfolio: The DIY Index Construction

Thematic ETFs 2026-10-21

NAND vs. DRAM ETF Divergence: The Trading Strategy

Thematic ETFs 2026-10-17

DRAM ETF’s $10B Milestone: The Fastest Thematic Launch Ever

DDR5 Server DRAM Supply Gap Through 2027: The AI Server Memory Configuration Math

Storage

The server-memory shortage is not explained by counting AI accelerators alone. It is also a configuration problem: how many host systems are deployed, how much working memory each requires, which modules are qualified, and how quickly manufacturers can deliver the appropriate mix.