FSD Engineer Today Space Yoak

1. The current V12 is a basic autonomous driving model, and RoboTaxi will be a specialized version of Fine Tuning by region based on this. It is expected to show very high quality without Engage. On 8/8, we will declare an introduction to the system and future plans.
2. Even if the Chinese competitor reaches the same level as the V12, operating a robotaxi in China will not be able to make a big profit. We should not forget that the U.S. market can generate huge profits and Tesla is a market that can be monopolized. I would like to tell you about the concerns that have come from ASML as a worker at 1st vendor, which does business in a wide range of semiconductor equipment and semiconductor manufacturing.

1) So far, the equipment is in the era of HBMs

Until now, the industry for equipment has been divided into extremes, depending on whether it is related to AI or not. Korea-U.S. semiconductor ARM is doing well, but semiconductor equipment stocks that are not related to HBM are still undergoing tightening operations. As a result of talking with people from various equipment companies such as W and S, the equipment made in the warehouse is still in stock, and one Samsung vendor expects to receive orders from customers from the third quarter. In conclusion, there are many semiconductor stocks that benefit from the recovery of utilization rates, but in fact, semiconductor equipment stocks are in a difficult time unless they are HBMs.

2) ASML performance concerns are not due to high business conditions, but as a result of reducing investment last year

As you know well, Samsung, Hynix, and Micron all reduced their investment capex last year as we carried out semiconductor production cuts. In particular, last year, we selectively invested only HBM-related key equipment. It is true that interest in EUV process investment has waned. It is because of the deteriorating performance of domestic ALD equipment stocks related to EUV. However, domestic equipment companies took about three months to deliver, so these parts appeared in their performance in advance, but in case of ASML, it needs about a year to deliver. It seems that the impact of reducing orders last year is now seen.

3) Conclusion

Therefore, semiconductors are currently operating rate. It can be said that the business has entered the late spring in the recovery stage. A lot of AI-related equipment stocks and Nvidia are also missing, but if they are missing due to concerns over business conditions, it seems like an opportunity.