Alchip Technologies
TPE:3661Structural picks-and-shovel position in the AI Semis supply chain, Layer 6. Tier C conviction with research from AI Master Research.
The full 1-page snapshot on Alchip Technologies.
What it physically does · the financial print · customer mix · competitive context · terminal risk · bull case · gap/bear case · optionality · the trade. ~391 words. Source: AI Master Research.
What 3661 physically does — preview.
One-paragraph version of the Photoncap deep dive. Read the full essay for the complete treatment.
The thesis — preview.
Alchip is the pure-play independent AI ASIC design house — the closest thing the public market has to a listed bet on "everyone wants their own chip." Q1 EPS NT$17.23 beat by 16.4%; 3nm production ramp is locked for Q2; AI/HPC is 83% of revenue. It's Tier B because AWS Trainium concentration is the elephant in the room and the N2 ramp is already priced in at NT$5,310. Alchip's stack position is identical to GUC's at Layer 5 — ASIC design services bridging hyperscaler-owned IP and TSMC manufacturing. The differentiator is independence. GUC is a TSMC subsidiary; Alchip can theoretically migrate to Samsung Foundry or Intel 18A if the customer demands it. In practice, almost all of Alchip's leading-edge work runs through TSMC, but the optionality matters at the margin.…