Understanding the Market | ASMPT falls more than 7% in the afternoon, Nvidia's AI chip delivery delayed, SMT business under pressure dragging down first-half performance
ASMPT fell more than 7% in the afternoon, closing at HKD 72.9 with a turnover of HKD 160 million. The delivery of NVIDIA AI chips was delayed, and the SMT business was under pressure, dragging down the first-half performance. Zheshang Securities pointed out that the delay in B-series shipments may lead to an increase in H-card shipments, offsetting the negative impact. UBS believes that ASMPT has made breakthroughs in the TCB business and high-frequency wide memory field, while BOC International remains optimistic about the semiconductor business
According to the latest news from Zhitong Finance and Economics APP, ASMPT (00522) fell more than 7% in the afternoon, with a 6.54% drop as of the time of publication, trading at HKD 72.9 with a turnover of HKD 160 million.
On the news front, NVIDIA's Blackwell GPU is expected to be delayed, as TSMC originally planned to mass produce Blackwell in 24Q3 and deliver large quantities to NVIDIA in 24Q4. Now, the production of the B200 chip may be delayed to 24Q4, with shipments postponed to 25Q1 or later. Zheshang Securities pointed out that reports of delays in the B series shipments due to chip design issues did not mention NVIDIA cutting orders to TSMC for cowos capacity, so reserved capacity may produce more H series GPUs. It is believed that with strong downstream demand, the expected shipment volume of H cards may be increased to offset the negative impact of the B card delay.
Furthermore, ASMPT previously released its first-half performance, which fell short of market expectations. UBS believes that the company's TCB business breakthrough will help offset the weakness in traditional businesses. They also expect ASMPT to make breakthroughs in high-frequency wide memory HBM3E12Hi and HBM4 in 2025 to 2026, and to achieve greater upside in 2.5D average prices starting from 2025. CICC International also pointed out that in the semiconductor business, especially in advanced packaging (AP), the bank remains optimistic about the structural demand for generative AI in TCB and silicon photonics