【Top Gainers Analysis】TSMC's OIP Ignites Silicon Photonics! Who Will Be the Next Successor?

[Top Gainers Analysis] [6168 Macroblock] [4956 AOT] [2409 AUO] [2454 MediaTek]

Group accounting hits all targets: 'TSMC OIP ignites silicon photonics! Who will be the next successor?'

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Let’s take a look at today’s Taiwan stock market!

The weighted index opened high and climbed higher, closing up 538.09 points at 47,718.84, with turnover reaching NT$820.216 billion.

Examining today’s institutional trading activities: foreign investors bought a net NT$20.375 billion, investment trusts bought NT$3.932 billion, and dealers bought NT$22.729 billion. Combined, the three major institutions bought a total of NT$47.037 billion. Notably, foreign investors have bought for three consecutive days, totaling NT$119.575 billion; dealers have also bought for three straight days, amounting to NT$48.609 billion; and investment trusts have bought for four consecutive days, summing up to NT$34.382 billion.

U.S. stocks showed mixed performance last Friday, but AI-related themes continued to provide support. The Nasdaq rose 0.39%, the S&P 500 gained 0.17%, and the Philadelphia Semiconductor Index surged 2.78%, indicating a clear rebound in tech sector sentiment. On the market, (NVDA-US) NVIDIA rose 1.34%, (MU-US) Micron gained 3.92%, and (AMAT-US) Applied Materials jumped 6.51%. AI and semiconductor stocks regained market spotlight. Additionally, Bitcoin prices rebounded, with (COIN-US) Coinbase soaring 11.66%, lifting cryptocurrency-related assets. Internationally, markets expect Saudi Arabia may restore about half of its east-west oil pipeline capacity within days, easing concerns over crude supply disruptions. Trump stated this week he hopes the war is nearing an end and that Iran is eager for a deal, suggesting geopolitical risks have not worsened. In the AI sector, Anthropic informed investors it expects to secure approximately 5GW of computing capacity by year-end, highlighting rising computational demands from large AI models. This week, market focus shifts to Fed officials’ comments and the Trump-Xi meeting, particularly U.S.-China competition in AI, semiconductor controls, tariffs, and rare earth supplies—all potentially impacting tech valuations.

Today, despite overseas geopolitical noise, Taiwan’s stock market remained resilient. The weighted index opened strong and climbed throughout the day, peaking at 47,750.98 intraday, closing up 538.09 points at 47,718.84, with turnover at NT$820.216 billion—just shy of the 48,000 psychological level. Although trading volume slightly declined due to the upcoming Mid-Autumn holiday, the market still hit a new high. With all three major institutions buying heavily, combined net purchases from last Friday and today exceeded NT$100 billion, injecting fresh liquidity. As TSMC’s OIP forum approaches,

this will drive momentum in advanced packaging, semiconductor, and CPO-related stocks. Overall, while Russia-Ukraine war, Middle East conflicts, and oil prices remain risks, Asian markets haven’t seen broad risk-off behavior. Instead, capital is refocusing on technology and AI. Key watchpoints include whether trading volume can sustain and whether momentum in large-cap electronics stocks continues. Investors should monitor AI supply chain segments such as memory, semiconductor equipment, silicon photonics, ASICs, servers, and thermal solutions. Strategically, maintain a selective stock-picking approach amid a generally bullish, range-bound market. With volume holding strong, the short-term market structure remains bullish.

Among large-cap stocks:

(2330-TW) TSMC rose 0.81% to NT$2,480. August revenue reached NT$515 billion, up 10% month-on-month and 53% year-on-year. Cumulative July-August revenue hit NT$982 billion, about 68% of Q3 guidance midpoint. If September maintains the seasonal revenue boost driven by recent AI demand, Q3 revenue could slightly exceed guidance and market consensus. As Agentic AI workloads grow, CPU demand is becoming a new growth driver. Analysts project TSMC’s CPU revenue could reach tens of billions of dollars by 2027, with capex continuing to expand, reflecting demand for N3, N5, and N7 advanced process expansions. Long-term demand for AI servers and edge AI remains solid, with fundamentals maintaining a growth trajectory.

(2317-TW) Hon Hai fell 0.20% to NT$250. AI infrastructure has become the company’s most important structural growth engine. Customers have expanded from major cloud providers to AI model developers, sovereign AI, and enterprise markets. The business is evolving from traditional server manufacturing toward direct client engagement and high-end system integration. With the upgrade to the new-generation Vera Rubin AI platform, ASP for AI racks is expected to increase by 60–70% compared to previous generations, while rack production capacity rises from ~1,000 per week to 2,000. Although ASIC business currently accounts for less than GPU, its growth rate is faster, and its share is expected to rise further next year. Combined with expansion in Taiwan, the U.S., Mexico, and India, AI servers will become Hon Hai’s primary mid-to-long-term growth engine.

(2454-TW) MediaTek surged 6.37% to NT$5,010. NVIDIA announced a $3.5 billion convertible bond investment. Collaboration now extends from AI data centers and AI PCs to automotive and physical AI. MediaTek is entering the custom AI ASIC market via NVLink Fusion. Its first large-scale AI accelerator ASIC is expected to mass-produce in Q4 2026, with data center revenue targeting over $2 billion. Future growth is expected from second-generation custom chip demand. As cooperation deepens on technologies like NVLink-C2C and NVHBM, MediaTek is transforming from a smartphone SoC provider into an AI computing platform, expanding high-end chip deployments through ASIC, AI PC, and automotive AI—reducing reliance on smartphone market cycles.

Market Queen Zhuang Jia-Ying’s advance forecast: (6168-TW) Macroblock on 2026.8.20

(6168-TW) Macroblock: 25 → 42.7, +70% after forecast

Macroblock is actively expanding into niche markets, with automotive power components and drone ranging modules forming dual growth engines. Benefiting from rising demand for wearables, sensors, and COB display boards, product mix continues to improve, with gross margins expected to gradually rise. Automotive power components cover voltages from 25V to 685V, with some products extending to AI servers. These are now undergoing customer validation and are expected to contribute revenue starting Q2 next year. Drone ranging modules have begun small-volume shipments, with orders expected to expand next year. Overall operations focus on high-margin, high-value-added applications to continuously enhance profitability.

Market Queen Zhuang Jia-Ying’s advance forecast: (4956-TW) AOT on 2026.9.14

(4956-TW) AOT: 33.4 → 46.85, +40% after forecast

LED chipmaker AOT is actively adjusting its product mix and entering the optical communications field. The company is accelerating development in automotive, Micro LED, VCSEL, and photodiodes—niche products—and improving processes and R&D to increase the proportion of high-margin products. As product optimization and optical comms initiatives gain traction, AOT has become a focal point for recent market capital.

Market Queen Zhuang Jia-Ying’s advance forecast: (2409-TW) AUO on 2026.9.5

(2409-TW) AUO: 20.2 → 33.35, +65% after forecast

AUO continues to accelerate asset monetization, having sold three factories this year, recovering approximately NT$34.7 billion. Market attention now turns to its Central Taiwan 5th-gen and 7.5-gen fabs, with reports that TSMC has begun site visits. If a deal materializes, gains from asset disposal could boost earnings in 2027. Simultaneously, AUO is doubling down on CPO and advanced packaging investments, leveraging idle capacity and reinvesting funds into new ventures to drive transformation in non-display businesses.

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9/21

Strong Stock Highlights

[Publicly Listed High-Volume Gainers]

(1721-TW) Kokuo Technology

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(4956-TW) AOT

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(3380-TW) MiTAC

(3055-TW) Walsin Technology

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(6168-TW) Macroblock

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