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2026/1/19
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
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# 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.
2026/1/15
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.
2026/1/13
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.
2026/1/6
As the AI industry transitions from a phase of rapid infrastructure buildout to one of mature applications, the demand for computing power on the inference side is expected to become a key growth driver for the next stage of large-scale AI commercialization. In this context, the general-purpose flexibility of GPUs and the efficiency advantage of ASICs are likely to create direct competition in the inference market, which could impact NVIDIA’s future revenue growth and market share. This article introduces NVIDIA’s planned $20 billion “quasi-acquisition” of Groq’s LPU inference technology through a licensing deal. It analyzes the motivation behind the transaction, the anticipated outcomes post-acquisition, potential technical risks, the feasibility of execution as currently planned, and the possible market implications if the deal goes through.
# Fundamental Analysis
# Manufacturing Industry
# News
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).
LINE Pay Taiwan, leveraging the massive user base of the LINE messaging app, has gradually built a comprehensive ecosystem that spans payments, marketing, and financial services. This article provides a brief overview of LINE Pay’s development journey, breaks down its two major business models—B2B2C and B2B—and examines the changes following the end of its partnership with iPASS Money. As Taiwan’s cashless payment market continues to grow, the article also analyzes future market trends and compares LINE Pay’s strengths and weaknesses against competitors like JKOPay and PX Pay Plus.
# Japan
2025/12/10
Value investing focuses on buying quality stocks at low prices and waiting for the market to recognize their true worth, generating solid returns. The key is not just finding what’s cheap—but what’s valuable. This article outlines common causes of value traps, including operating in declining industries, intensifying competition, poor corporate management, and financial red flags. It also briefly explains how investors can avoid falling into these traps by staying cautious and not being misled by low prices alone.
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# Investment Analysis
2025/12/3
According to regulations, publicly listed companies are required to regularly disclose financial reports. This obligation is not only a matter of information transparency — it also serves as a “health checkup report” that companies present to the market. This article provides a brief overview of the three core financial statements — the Income Statement, Balance Sheet, and Cash Flow Statement — outlining their roles and functions. It also highlights how investors can utilize the distinct characteristics of each report to better understand a company’s fundamentals, laying the groundwork for preliminary fundamental analysis.
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.
# China
# Technical Analysis
# Chip Analysis
