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2026-01-19
This article focuses on the key industry under the 2026 AI outlook—memory. From the angles of supply contraction and shifts in demand structure, it analyzes how NAND, DRAM, and HBM—driven by AI data centers, high-performance computing, and enterprise storage—are moving into an industry cycle of broad-based undersupply. With manufacturers maintaining conservative capex, DDR4 entering EOL, the crowding-out effect from HBM intensifying, and AI-driven storage demand growing far beyond expectations, memory pricing has entered an upcycle since 2025 and is set to remain strong into 2026, making memory one of the most structurally advantaged core industries within AI infrastructure.
# Investment
# Financial Planning
# Investment Strategy
# Stocks
# USA
# Taiwan
# Editor's Pick
Against the backdrop of rapidly rising AI compute demand and continuously increasing chip TDP, the thermal management industry is entering a critical technological inflection point. This article is the third installment of fiisual’s 2026 Outlook Series, focusing on the core structural changes in AI server cooling architectures and providing an in-depth analysis of how liquid cooling—driven by GB300 GPUs and AI ASICs—is officially becoming the mainstream cooling solution. The article compares the performance differences between air cooling and liquid cooling, explains the rising value content of key liquid-cooling components such as cold plates, QD, and CDU, and explores the growth drivers, technology roadmaps, and investment opportunities within Taiwan’s supply chain for the thermal industry in 2026.
2026-01-15
Continuing from the previous article, as AI enters its fourth year of development, the market is shifting from optimistic expectations to a more rigorous evaluation of actual performance. In 2026, investment focus is no longer just about whether a company is "related to AI," but rather about who can deliver irreplaceable structural value amid the surge in inference demand and increasing scrutiny on capital efficiency. This article will focus on the ASIC industry, analyzing which segments of the supply chain are most likely to become key beneficiaries in the next phase as AI moves from training to inference. It will also highlight the roles that relevant Taiwanese companies are expected to play in this transformation.
2026-01-13
In 2026, the global economy is entering a new phase of “multi-speed and uneven” growth, with AI expected to remain a core engine driving macro momentum.In the U.S., consumption and employment continue to diverge. Sticky inflation and labor market restructuring are eroding the spending capacity of middle- and lower-income households, while credit risk is gradually surfacing. With limited room for rate cuts, market focus is shifting from valuation expansion to profitability and capital efficiency. AI investment is also moving from a “scale-first” to a “return-first” approach, with capital increasingly concentrated in players demonstrating sustainable, long-term competitiveness.
2025-12-15
The wafer production process includes design, front-end manufacturing, and back-end packaging and testing, with packaging being an essential step after wafer fabrication. This article provides an in-depth overview of the packaging industry's value chain—covering upstream packaging material suppliers, the differentiated business models of midstream wafer foundries, and downstream packaging service providers. It also briefly introduces key players at each stage. In addition to the value chain, the article discusses the current outlook and future prospects of the packaging industry, highlighting notable Taiwanese stocks such as TSMC (2330.TW) and Grand Process Technology (3131.TW).
# Fundamental Analysis
# Manufacturing Industry
2025-12-01
CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership) is one of the most significant regional trade agreements in the Asia-Pacific region, currently encompassing 12 major member countries and accounting for approximately 13% of global GDP. This article provides a brief overview of CPTPP’s development history, core provisions, and its distinctions from RCEP. It also explains why Taiwan has actively sought to join in recent years. However, Taiwan faces several challenges in the application process, including political pressure from China, meeting the agreement’s high standards, and achieving consensus among existing member states. These factors will significantly impact Taiwan’s prospects for successfully joining CPTPP.
# Macroeconomics
# China
# Japan
2025-11-10
Rare earths, refer to a group of elements that often occur together in nature, making their separation and refinement highly complex and costly. The term “rare” doesn't imply scarcity in the earth’s crust, but rather reflects the difficulty in extraction, purification, and the high production costs involved. This article provides an in-depth overview of what rare earths are, global supply and demand dynamics, and the overall structure of the rare earth industry chain. The rare earth sector holds a strategically critical position in the global economy. Currently, China dominates both in reserves and production capacity, giving it significant leverage in the global supply chain.
# Southeast Asia
2025-10-16
Huwei’s Project Tiangong is a program aimed at incubating over 10,000 native atomic services along with multiple AI-related platforms and infrastructures, with the goal of building a comprehensive intelligent agent ecosystem. The article explores the development of the Harmony ecosystem, its integrated software-hardware systems, and its current applications.
2025-10-14
As AI technology advances, a competitive yet cooperative dynamic is gradually emerging among AI infrastructure providers and platform companies. This article highlights several recent major AI investment projects jointly undertaken by companies such as Oracle, OpenAI, and Nvidia. These collaborations have given rise to a new business model in the market, often referred to as the "The Perpetual AI Capital Machine." This cooperative approach reflects a form of vertical integration within the AI ecosystem, but it has also raised concerns among some analysts.
2025-10-02
As the global demand for decarbonization and energy security rises, the strategic importance of nuclear power has become increasingly prominent. SMRs—characterized by quicker construction timelines, flexibility, and enhanced safety—are now regarded as one of the most promising energy solutions for the United States in the future. This article outlines the technical background of Small Modular Reactors (SMRs), their potential applications, and the current and foreseeable risks. It also provides an overview of the companies involved at each stage of the SMR value chain—from upstream mining and midstream design and development, to downstream services and nuclear waste management.
