GlobalWafers
TPEX:6488Structural picks-and-shovel position in the AI Semis supply chain, Layer 7. Tier C conviction with research from AI Master Research.
The full 1-page snapshot on GlobalWafers.
What it physically does · the financial print · customer mix · competitive context · terminal risk · bull case · gap/bear case · optionality · the trade. ~231 words. Source: AI Master Research.
What 6488 physically does — preview.
One-paragraph version of the Photoncap deep dive. Read the full essay for the complete treatment.
The thesis — preview.
**Live:** TWD 822.0 · **Earnings (last):** Q1 2026 — EPS TWD 3.97 beat 2.2%; rev declined and GM compressed on ramp costs · **Next earnings:** not within 60d · **Conviction:** 4/10 GlobalWafers is the #3 silicon wafer player globally (after Shin-Etsu and SUMCO). The bottleneck adjacency is identical to SUMCO's — every chip starts on a wafer — and GlobalWafers is building greenfield 300mm capacity in Texas and Missouri to capture AI demand inside the CHIPS Act umbrella. Q1 showed the trade-off: EPS beat but gross margin compressed and revenue declined, because greenfield ramp costs hit before the AI volume arrives.…