Robyn Mak

At two mega tech ‌confabs this week leaders from Nvidia and Intel lavished praise on the island’s role in global supply chains. As AI moves from the cloud to local devices, Taiwan's importance will grow. And with GDP set to expand 10%, Taipei also can boost spending on defense.

Kunlunxin may bag a $50 bln valuation, up 17-fold in ​months as semiconductor shortages ​continue, accounting for most of its ⁠top owner’s worth. The ​implied 25 times sales is akin ​to listed rivals. But the speed and disconnect highlight how the market ​is running uncomfortably hot.

AI advances, policy ⁠support and Unitree's ​dancing humanoids have ​turbocharged an industry with 50 IPOs in ​waiting and ​an estimate for $15 bln of ‌sales ⁠by 2030. Tech constraints, however, limit real-world uses ​and ​financial ⁠returns. A mechanical, EV-like ​boom and ​bust ⁠awaits.

Samsung ‌and SK Hynix are turning to multi-year contracts to protect earnings in the cyclical chip ​market. It's prudent given their $2 ​trln spending plans and warnings of ⁠faltering AI demand. But such agreements ​are only truly effective if they cover ​longer periods and more sales.

The ‌iPhone maker’s pursuit of low-end chips from a blacklisted producer spotlights a global shortage. ​For years, the West prioritised investing ​in advanced silicon. Now Chinese giants ⁠like CXMT, which has doubled its ​IPO fundraising target to $8.6 bln, will seize ​market share.

Robot maker Unitree's $900 mln Shanghai ‌offering is 8,000 times oversubscribed by retail investors. Such exuberance for a firm valued at some 100 times ​earnings was once unthinkable in the ​tightly managed onshore market. Regulators are embracing animal ⁠spirits at a risky moment.

Startup Z.AI and e-commerce giant Alibaba boast ‌some of the world's most competitive open-weight models. Yet training the next frontier is expensive, capital markets whimsy, ​and retail sales stagnant. With its booming gaming ​and ad business, $513 bln Tencent could catch ⁠up.

Flush with record AI ‌profit, the memory chip giant will hand more money back to investors, including a $29 bln share repurchase. ​It's a good start to better balancing ​shareholder returns with future investment needs. And ⁠it'll put pressure on compatriot Samsung to ​follow suit.

The $286 bln Chinese firm's record ‌offering to fund new tech comes just days after reporting a 75% plunge in quarterly earnings. At least ​it reckons it can recoup AI ​hardware costs in three years. That kicks off ⁠an unusually specific deadline for boss Eddie ​Wu to deliver returns.

After a spectacular IPO debut, $36 bln Unitree's stock is down 30%. And ​this week's high-profile Robot Olympics ​showcasing the industry's progress revealed some ⁠basic shortcomings. As doubts about practical ​and commercial applications mount, Unitree's shares ​have further to fall.