Did Jensen Huang Fool Everyone? A Black Swan Looms and This Year’s Biggest AI Stock Surprise Isn’t TSMC

Hello everyone,

I’m taking this week off.

So this edition of the newsletter features highlights from my interview last week with Jonah Cheng（程正樺）, CIO of J&J Investment Ltd.（旭騰旭股份有限公司）, who is nicknamed “Captain.”

The last time “Captain” appeared on my program was at the end of last year. Nearly a year later, the former UBS semiconductor analyst, known for his bold and forward-looking views, is back with another set of fresh insights:

1. The potential impact of the U.S. midterm elections in November on Taiwan’s technology industry could be greater than that of the presidential election two years ago, making it the biggest black swan in recent memory.
2. The much-hyped race between TSMC and Intel over ultra-large advanced packaging is actually a false premise. And everyone may have been fooled by Jensen Huang’s “feint.”
3. The development that has surprised him most so far this year has come from an unexpected newcomer to the AI supply chain...

Read on for this edition of the newsletter, and I wish everyone a happy Mid-Autumn Festival!