APAC Wrap: 21 April 2026
Rigaku, Macronix, Japan Earthquake, Victory Giant
The FundaAI team hosted a busy Q&A on the TMT Breakout Slack yesterday.
Quite incredible to see ready answers to such a wide range of topics including:
Frontier model updates (Mythos, Gemini 4).
Anthropic's compute constraints and the opening it creates for OpenAI.
Emerging CPU bottleneck.
Cybersecurity.
Memory/NAND pricing.
Optics supply chain.
Business momentum has been great too as we sign up more clients to the institutional offering, which offers more AI skills, tools and features on the platform, more in-depth reports, and regular meetings with analysts. Reach out to sales@funda.ai for inquiries.
Rigaku limit up today as Onto takes 27% stake and announces that new jointly developed offering has already been selected by two key customers. (PR)
Rigaku is now up around 50% since we developed more conviction back in March.
Oppenheimer reiterates PT of $350 and has this to say:
Macronix: Dipped 25% this week on UMC eMMC rumours
Various people chatting with us have been discrediting the rumour that UMC is looking to compete with Macronix in legacy NAND products.
This was echoed in Digitimes yesterday:
MS is also constantly putting out bullish notes on Macronix, such as the one here.
Various semiconductor companies marked safe after earthquake in Japan (Nikkei)
No PR from Shin-Etsu or Mitsubishi Gas Chemical yet, but see Trendforce graphic below.
Victory Giant: Closes 50% above IPO price
Our friend and chat lurker, Acid Investments, has a take here.
In terms of where other peers trade at, the Taiwanese names are going absolute gangbusters. Nanya for example trades at a nose-bleeding 44.2x FY27 p/e and 20x FY28 p/e; Unimicrom is trading at 31.8x FY27 and 19x FY28 p/e. The Japanese names, Ibiden and MEC are also all trading in the 20s for FY28 p/e.
My guess it we let the initial quick traders wash out first before some long-onlys (who were reluctant to be locked up) come in and take this higher, as the the valuation discrepancy becomes apparent.
Victory Giant is a global leader in advanced printed circuit board and a key Nvidia supplier. See Victory Giant’s mentions in Nvidia’s roadmap below.