NOVEMBERASIA BUSINESS OUTLOOK9NEWSROOMSAMSUNG EXPANDS CHIP PRODUCTION TO MEET RISING AI DEMANDTrue Global Ventures (TGV) has celebrated two portfolio milestones with major developments at two of TGV's key holdings - Forge Global and Animoca Brands - across TGV Funds 4 and 5.Charles Schwab is to acquire Forge Global, a premier provider of a digital infrastructure for trading private company shares, for $660 million, thus valuing the company at about $45 per share. With the exit of TGV, which has supported Forge as part of its AI and block chain investment strategy worldwide, this is a significant milestone for TGV.Forge posted Q4 2024 net revenue of $18.3 million (after transaction-based expenses), thus the implied valuation is roughly 36 times the quarterly revenue. While in 2024 the company showed a net loss of $67.8 million, this figure was 2023's loss significantly reduced.Key Highlights· Forge Global to be acquired by Charles Schwab for $660 million, marking a major win for TGV.· Animoca Brands plans a Nasdaq listing via merger with Currenc Group, with shareholders owning 95percent of the new entity.· TGV hits two major portfolio milestones in 72 hours, strengthening its global tech investment footprint.The volume of the marketplace increased by 73 percent year-over-year to $1.33 billion, which shows that the private secondary market, which reached $160 billion in 2024 and is expected to almost double annually over the next ten years, is becoming more and more active.Meanwhile, Animoca Brands, another significant TGV portfolio company, has taken another step forward by announcing a merger agreement with Currenc Group that could lead to a future Nasdaq listing. Current holders of Animoca shares will own about 95 percent of the merged entity, and the closing is anticipated for the second half of 2026.After being granted a license for capital market services by the relevant authorities earlier this year, TGV is not resting on its laurels but looking further to growth and late-stage technology startups, thereby keeping its location in the worldwide digital asset and innovation ecosystems intact. Samsung Electronics is planning a new semiconductor production line expansion in its manufacturing complex at Pyeongtaek, South Korea to meet global demand that has been rapidly increasing due to AI applications.The company shared that the new mass production at the P5 line in Pyeongtaek would be in 2028, which is a big step after the company had announced a short break in 2024. It is also a signal of Samsung's long-term commitment to advanced memory and foundry technologies.With a budget of over $22 billion, the P5 plant will produce DRAM, NAND flash, and foundry technology products to sell to third-party customers.Key highlights· Samsung to launch new P5 chip line in 2028 to meet soaring AI-driven demand.· Over $22B invested to expand DRAM, NAND, and advanced HBM4/4E memory capacity.· Major equipment installs expected from late 2025 as Samsung accelerates Pyeongtaek build-out.Meanwhile, the industry expects AI chip revenues to hit $133 billion by 2028, Samsung is equipping the new line with extra capacity as the new strategic move especially for HBM4 and HBM4E memory of the next generation, where it is forecasted that the supply will continue to be tight until 2027.By the same token, Samsung is changing the P4 line to the production of HBM4 by 2026 and thus the monthly output is expected to be 60,000 wafers. At the same time, the 1.4nm logic pilot program at Pyeongtaek Plant 2 for which the date has been moved from late 2025 to early 2026, with substantial mass production also not likely to happen before 2028, thus, P5's role as a scale-driven memory expansion rather than a breakthrough node introduction is more emphasized.In order to facilitate the expansion, Samsung elevated the value of its Pyeongtaek plant construction contract to $3 billion. Additionally, the Samsung E&A has won a 910 billion project at the campus. TRUE GLOBAL VENTURES PLANS MAJOR DEALS WITH FORGE AND ANIMOCA
< Page 8 | Page 10 >