Podcast appearances and mentions of morris chang

Daniel Mahncke and Shawn O'Malley turn their focus to Taiwan Semiconductor Manufacturing Company (ticker: TSM) — the quiet engine powering nearly every device we touch and the global AI boom. Pioneering the pure-play foundry model, TSMC went from a government-backed experiment in the late 1980s to controlling more than 90 % of the world's leading-edge chip production, fabricating Apple's A- and M-series processors, Nvidia's AI GPUs, and virtually every 3nm part on the planet. In this episode, you'll learn how Morris Chang's radical bet rewired the semiconductor industry, why extreme scale and EUV mastery give TSMC a moat rival chipmakers can't cross, how its Arizona and Japan fabs fit into a strategy shaped by China-Taiwan tension, and how wafer volumes, node mix, and multi-billion-dollar capex translate into free-cash-flow and ROIIC. Daniel and Shawn also debate the right way to price the ever-present geopolitical “wipe-out” tail risk, and ask whether today's market price offers a margin of safety on what could be the most important company in the world. Prefer to watch? Click ⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠ to watch this episode on YouTube. IN THIS EPISODE, YOU'LL LEARN 00:00 - Intro 07:39 - How TSMC evolved from a government-backed project to a trillion-dollar company 07:45 - How the semiconductor industry works 16:10 - Where TSMC's dominance comes from 31:27 - What moat protects TSMC's business 39:54 - What the competitive landscape looks like 43:55 - Where future growth is coming from 49:45 - How geopolitical risk is impacting TSMC 1:03:25 - Whether TSMC is attractively valued at its current levels 1:09:18 - Whether Shawn & Daniel add TSM to The Intrinsic Value Portfolio And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠⁠. Sign Up for ⁠⁠The Intrinsic Value Community.⁠ Interview with TSMC Founder Morris Chang Quartr's Overview of TSMC NZS Semiconductor Whitepaper Check out our previous Intrinsic Value breakdowns: ⁠⁠⁠⁠⁠⁠⁠Nintendo⁠⁠⁠⁠⁠⁠⁠, ⁠⁠⁠⁠⁠⁠⁠Airbnb⁠⁠⁠⁠⁠⁠⁠, ⁠⁠⁠⁠⁠⁠⁠AutoZone⁠⁠⁠⁠⁠⁠⁠, ⁠⁠⁠⁠⁠⁠⁠Alphabet⁠⁠⁠⁠⁠⁠⁠, ⁠⁠⁠⁠⁠⁠⁠Ulta⁠⁠⁠⁠⁠⁠⁠, ⁠⁠⁠⁠⁠⁠⁠John Deere⁠⁠⁠⁠⁠⁠⁠, and ⁠⁠⁠⁠⁠⁠⁠Madison Square Garden Sports⁠⁠⁠⁠⁠⁠⁠. Check out the books mentioned in the podcast ⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠. Enjoy ad-free episodes when you subscribe to our ⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠. NEW TO THE SHOW? Follow our official social media accounts: ⁠⁠⁠⁠⁠⁠⁠X (Twitter)⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠⁠⁠. Browse through all our episodes (complete with transcripts) ⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠. Try Shawn's favorite tool for picking stock winners and managing our portfolios: ⁠⁠⁠⁠⁠⁠⁠TIP Finance⁠⁠⁠⁠⁠⁠⁠. Enjoy exclusive perks from our ⁠⁠⁠⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠⁠⁠⁠. Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠⁠⁠. SPONSORS Support our free podcast by supporting our ⁠⁠sponsors⁠⁠: • Airbnb⁠ Connect with Shawn: ⁠⁠⁠⁠⁠⁠⁠Twitter⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠Email⁠⁠⁠⁠⁠⁠⁠ Connect with Daniel: ⁠⁠⁠⁠⁠⁠⁠Twitter⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠Email⁠⁠⁠⁠⁠⁠⁠ HELP US OUT! Help us reach new listeners by leaving us a ⁠⁠⁠⁠⁠⁠⁠rating and review⁠⁠⁠⁠⁠⁠⁠ on ⁠⁠⁠⁠⁠⁠⁠Spotify⁠⁠⁠⁠⁠⁠⁠! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!  Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

神佑台灣！如果你知道過去台積電經歷了多少驚險風暴，就會更加讚嘆這個國家是被無數人加上天意守護下來的天選之地！ 你知道有一對父子，接連禍台，又如何被擊退？ Emmy追劇新年特別企劃！讓你知道這個國家是什麼樣的幸運之島？我們未來也要繼續勇敢前進！ 孫運璿、李國鼎苦心十年替台灣半導體找出路！誰卻處處找張忠謀麻煩？幾乎殺死台積電？之後更與李登輝爭奪總統大位，台灣真的只差一點就GG！ 太驚訝了！居然全世界沒人要買台積電股票？當年張忠謀國內募資差點就失敗？ 飛利浦想搶護國神山經營權，台積電差點變成荷積電！且看張忠謀如何運用智謀化解危機，守住台積電經營權？ 台灣人必看我們新年的張忠謀台積電三部曲！曲折離奇的過程，你在大聲驚嘆後，也記得分享給你的親友！

Emmy追劇新年特別企劃！ 是什麼事情讓張忠謀頻頻落淚？ 川普上任美國科技巨頭瘋搶台灣人才，台積電創辦人張忠謀竟意外成為討論焦點，連馬斯克都很擔心錯過Team Taiwan！ 半導體巨人張忠謀前半生和台灣完全沒有關係，甚至連半導體技術都是自學而來。張忠謀是靠什麼震驚德州儀器高層？ 要了解台灣的護國神山如何建立？就讓張忠謀本人親自霸氣解密！新年台灣人必看的台積電張忠謀半導體爭霸系列一！ ☆ 全球最強運宮廟帽☆ 融合台灣宮廟元素與美國熱血精神！代表著台美兩國的友誼和合作 讓你財運亨通、勇往直前！我們一起賺大錢！ Fight！Fight！Fight！ 搶購網址https://www.emmy.tw

We flew to Taiwan to interview TSMC Founder Morris Chang in a rare English interview. In fact, the last long-form video interview we could find was 17 years ago at the Computer History Museum… conducted by the one-and-only Jensen Huang! This episode came about after asking ourselves a version of the Jeff Bezos “regret minimization” question: what conversations would we most regret not having if the chance passed Acquired by? Dr. Chang was number one on our list, and thanks to a little help from Jensen himself, we're so happy to make it happen.Dr. Chang shares the stories of a few crucial moments from TSMC's history which have only been written about in his (currently Chinese-only) memoirs, including how TSMC won Apple's iPhone and Mac chip business and a 2009 discrepancy with NVIDIA that almost jeopardized their relationship, and the lessons he took from them. We can't think of a better way to kick off 2025. Please enjoy!Sponsors:Many thanks to our fantastic Spring ‘25 Season partners:J.P. Morgan PaymentsServiceNowFundriseLinks:Worldly Partners' Multi-Decade TSMC StudyKarina Bao's writingCarve Outs:AAADefunctlandEverything Everywhere all at OnceAsianometryMore Acquired:Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Check out the latest swag in the ACQ Merch Store!‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

We dive into the unbelievable and unlikely history behind the quietest technology giant of them all: the Taiwan Semiconductor Manufacturing Company. Founded in 1987 by the then-56 year old Morris Chang, already a legend in the semiconductor industry by virtue of his meteoric rise and fall at Texas Instruments, TSMC today manufactures nearly all the leading-edge chips for Nvidia, Apple, Broadcom, Qualcomm, AMD, and yes — even Intel. Tune in for an incredible story of innovation, perseverance and lasers. Lots and lots of lasers!Note: this is a remastered version of our original 2021 episode. We don't often re-release old episodes, but in this case we have a very timely reason for doing so. Stay tuned! :)Sponsors:Many thanks to our fantastic partners:VantaJ.P. Morgan PaymentsStatsigLinks:Episode SourcesCarve Outs:Ted Lasso (Season 1)GreekWho is Michael Ovitz?More Acquired:Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Check out the latest swag in the ACQ Merch Store!‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Auf Halbleitermaterialen basierende Chips haben in den letzten Jahrzehnten bahnbrechende technologische Entwicklungen ermöglicht. Nur ein Paar Beispiele: die Massenproduktion und die Miniaturisierung haben uns von kühlschrankgroßen Computern zur Smartwatch geführt, Navigationssysteme führen uns punktgenau von A nach B. Die Kehrseite der Medaille: Satelliten, künstliche Intelligenz, Google Maps, Elektroautos, ... und noch viel meeeehr sind ohne Chips undenkbar! Begeben wir uns in eine gefährliche Abhängigkeit? Die Longs versuchen in dieser Folge, euch mit ihrem gefährlichen Halbwissen einige Einblicke in dieses spannende Thema zu gewähren.

Good afternoon, I'm _____ with today's episode of EZ News. Tai-Ex opening The Tai-Ex opened down 44-points this morning from yesterday's close, at 23,228 on turnover of 6.7-billion N-T. The market rose on Monday as investors reacted to Wall Street hitting new records on Friday following the release of positive U-S jobs data. FTC Extends Uber Eats-Foodpanda Merger Review The Fair Trade Commission is extending its review of a Uber Eats' proposed acquisition (獲得, 收購) of Foodpanda and the results of the review will now be released in March at the at the latest. The commission had previously said it planned to issue the results of it review into the merger on December 19. The commission says it chose to delay the release due to concerns the merger could impact market dynamics as well as the economy. Commission deputy chairperson Chen Zhi-min says the greatest concern is that if Uber Eats acquires Foodpanda, the combined entitly would have market share of between 80 and 90-per cent and that could increase restrictions on market competition. Former President and Tech Heavyweights Attend Morris Chang Memoir Event And, Former President Tsai Ing-wen has joined some of the tech world's biggest names at a book launch (新書發布) event for the second installment of Morris Chang's memoir. Tsai was joined by Taiwan Semiconductor Manufacturing C-E-O C.C. Wei, Quanta Computer Chairman Barry Lam and Acer C-E-O Jason Chen at the presentation in Taipei. Chang has been working on his autobiography since retiring in 2018. The second installment covers Chang's life until his retirement. US Police Question POI in CEO Killing Police are questioning a man in connection with the killing of a health insurance boss in New York. 26 year-old Luigi Mangione was detained (被拘留) on firearms charges at a McDonald's in Pennsylvania on Monday. US correspondent Kate Fisher reports Nobel Peace Prize Winner Calls on Putin to Stop Making Nuclear Threats Terumi Tanaka, a survivor of the U.S. atomic bombings of Japan and the representative of an organization that won this year's Nobel Peace Prize, has called on Russian President Vladimir Putin to stop making nuclear threats (威脅). The 92-year-old spoke at a news conference in Oslo, Norway, a day before the award ceremony where he is to deliver a lecture on behalf of Nihon Hidankyo, an organization of survivors of the bombings of Hiroshima and Nagasaki that won this year's prize. He said that his organization's message to Putin is that “nuclear weapons are things which must never be used.” Greece Ancient Statue Discovered Work to lay natural gas pipelines near the foot of the Acropolis has uncovered an ancient marble statue of a young man buried almost upright (直立) in a brick-lined pit. Greece's Culture Ministry says in a statement that the nude statue resembles ancient representations of messenger of the Greek gods Hermes and may have decorated the townhouse of a wealthy Roman-era Athenian. The ministry suggested it could be a Roman-era copy of a fifth century B.C. original. The ministry says the statue has been taken to a conservation workshop for further examination. That was the I.C.R.T. EZ News, I'm _____.

Sora, de veelbesproken AI-tool om video's mee te genereren, is nu gelanceerd door de maker van ChatGPT, OpenAI. Joe van Burik vertelt erover in deze Tech Update. Verder in deze Tech Update: De oprichter van TSMC, Morris Chang, geeft een advies voor Intel na het gedwongen ontslag van hun voormalige CEO Pat Gelsinger Bluesky werkt aan een verdienmodel waarbij de gebruikers betalen voor extra mogelijkheden, zoals een badge op hun profiel, zo blijkt uit op GitHub gedeelde schetsen See omnystudio.com/listener for privacy information.

ServiceTitan is preparing for an IPO, Anduril Industries disclosed executive compensation, and companies like Eyewa and Cradle secured substantial funding rounds. The European Union appointed Ekaterina Zaharieva as Commissioner for Startups, and new insights into Y Combinator's investment patterns were revealed. Pathway raised $10 million to develop live AI systems for real-time data processing and analysis, enhancing decision-making and operational efficiency in industries such as finance, healthcare, and logistics. U.S. technology companies are investing in emerging markets like China and India to capture market share and drive economic growth, despite challenges like geopolitical tensions and regulatory hurdles. Meta Platforms Inc. is investing $10 billion in a 40,000-kilometer subsea fiber-optic cable project to enhance data transmission capabilities and reduce latency, marking its first wholly owned subsea cable. A study from the Tow Center for Digital Journalism highlighted concerns about the accuracy and reliability of AI-generated citations, with Chat GPT often providing incorrect or misleading information, emphasizing the need for stringent verification processes and ethical guidelines. Apple's upcoming iOS 18.2 will feature the Image Playground, an AI-driven tool that generates cartoon-like images from text descriptions, aimed at enhancing creativity and productivity in education, marketing, and other fields. Morris Chang's autobiography reveals his attempt to recruit Nvidia's Jensen Huang as TSMC's CEO, detailing their friendship and the strategic partnership that has driven both companies' success in the semiconductor and AI markets.

The person who did most of the work creating the company people around the world almost immediately associate with Taiwan has no ancestors from this island, was not born here, didn't go to school here, and only came here for the first time when he was almost 40 years old.  But, of course, Morris Chang 張忠謀 didn't create Taiwan Semiconductor Manufacturing Company (TSMC) out of thin air, nor was he the sole person who set up the famous Taiwanese microchip powerhouse. He had partners, backers, and more than a little assistance from the Taiwanese government.  As of this recording, the retired Morris Chang has a net worth of over US$3 billion and remains incredibly active, despite celebrating his 93rd birthday in early July. Check out this fascinating story on Formosa Files.      See video from Asianometry on TSMC.

Yeni Medya 451'in 46. bölümünde Can Öz ve Ümit Alan, hassas dengeler üzerine kurulu olan çip savaşlarını gündemlerine alıyor. Çip fabrikası kurmanın ve çip üretmenin neden bu kadar zor olduğu tartıştığımız sohbette konuyla ilgili birçok soruya da cevap arıyoruz. Yarı iletken ve yarı iletkenin temelindeki silikon nedir? Sektörde Tayvan neden böylesine önemli bir konumda? Morris Chang kim ve neden adını bilmiyoruz? Çipler hayatımızda neden bu kadar önemli bir yer tutuyor? Yapay zekânın gelişimi endüstriyi nasıl etkiliyor? Ayrıca ABD'nin Çin'e uyguladığı ambargo ve Çin'in ambargoya karşı aldığı önlemler, Türkiye'nin duyurulan 65 nanometrelik çip fabrikası projesi ve çip endüstrisinin dünyada nereye doğru gittiği bu bölümdeki konu başlıkları arasında. Konuyla ilgili olarak: Ayşegül İldeniz - Kusursuz Fırtına: Çip Meselesi! Chris Miller - Chip War

Yeni Medya 451'in 46. bölümünde Can Öz ve Ümit Alan, hassas dengeler üzerine kurulu olan çip savaşlarını gündemlerine alıyor. Çip fabrikası kurmanın ve çip üretmenin neden bu kadar zor olduğu tartıştığımız sohbette konuyla ilgili birçok soruya da cevap arıyoruz. Yarı iletken ve yarı iletkenin temelindeki silikon nedir? Sektörde Tayvan neden böylesine önemli bir konumda? Morris Chang kim ve neden adını bilmiyoruz? Çipler hayatımızda neden bu kadar önemli bir yer tutuyor? Yapay zekânın gelişimi endüstriyi nasıl etkiliyor? Ayrıca ABD'nin Çin'e uyguladığı ambargo ve Çin'in ambargoya karşı aldığı önlemler, Türkiye'nin duyurulan 65 nanometrelik çip fabrikası projesi ve çip endüstrisinin dünyada nereye doğru gittiği bu bölümdeki konu başlıkları arasında.Konuyla ilgili olarak:Ayşegül İldeniz - Kusursuz Fırtına: Çip Meselesi! Chris Miller - Chip War

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they discuss earnings, inflation, interest rates, the impact of AI on Big Tech, NVDA, chips, fabs, Altman's $7T to meet AI Compute needs, & more. Enjoy another episode of Bg2. Timestamps: (0:00) Introduction (3:14) Earnings / Inflation / Rates (10:16) Impact of AI on Google / Meta (32:47) Why not also MSFT/Apple/Amazon? (57:06) Chips, Fabs, Future Compute Needs Available on Apple, Spotify, www.linktr.ee/bg2pod Follow: Brad Gerstner @altcap https://twitter.com/altcap Bill Gurley @gurley https://twitter.com/bgurley BG2 Pod @bg2pod https://twitter.com/BG2Pod Shownotes: TSMC founder Morris Chang on the evolution of the semiconductor industry https://youtu.be/r_8XClnnvIk?si=rAylAfxpJa0kHiNv #BillGurley #BradGerstner #BG2Pod

CURSO de Inversión en ETFs ya Disponible: https://go.hotmart.com/U91482169YBienvenidos a Salud Financiera. Un programa en directo diario dónde puedes aprender y preguntar sobre finanzas personales y mercados financieros. Disfruta de sus secciones y atrévete a preguntar lo que siempre has querido saber de forma gratuita. En este episodio #13 hablamos acerca de Taiwan Semiconductores y su fundador Morris Chang. Descubre cómo esta empresa domina la fabricación de los chips y por qué es estratégica para la seguridad de Taiwán. En la sección del curso de bolsa diario descubriremos que son las órdenes bursátiles y todos los tipos que existen. Recuerda que puedes enviar tus dudas de forma gratuita al email preguntas.saludfinanciera@gmail.com o al teléfono +34614239639

敬佩 jìngpèi - admire 企業家 qǐyèjiā - entrepreneur 張忠謀 Zhāng Zhōngmóu - Morris Chang (founder of TSMC) 工研院院長 Gōngyán Yuàn yuànzhǎng - Director-General of Industrial Technology Research Institute (ITRI) 工研院 Gōngyán Yuàn - Industrial Technology Research Institute (ITRI) 哈佛大學 Hāfú Dàxué - Harvard University 就讀 jiùdú - study; attend (school) 截然不同 jié rán bùtóng - completely different 只要努力，就能出頭 zhǐyào nǔlì, jiù néng chūtóu - as long as you work hard, you can succeed 美國夢 Měiguó mèng - American Dream 觸手可及 chùshǒu kějí - within reach; attainable 麻省理工學院 Máshěng Lǐgōng Xuéyuàn - Massachusetts Institute of Technology (MIT) 機械系 jīxiè xì - Mechanical Engineering Department 物理 wùlǐ - Physics 工程 gōngchéng - Engineering 以...聞名 yǐ... wénmíng - known for; famous for 理工 lǐgōng - Science and Engineering 台積電 Táijīdiàn - Taiwan Semiconductor Manufacturing Company (TSMC) 半導體製造廠 bàndǎotǐ zhìzào chǎng - Semiconductor manufacturing company 半導體 bàndǎotǐ - Semiconductor 飛利浦公司 Fēilìpǔ Gōngsī - Philips (a Dutch multinational technology company) 一路堅持到底 yīlù jiānchí dàodǐ - persist all the way; keep going till the end 數一數二 shù yī shù èr - one of the top 經營理念 jīngyíng lǐniàn - management philosophy 密不可分 mì bù kěfēn - inseparable 代工策略 dàigōng cèlüè - foundry strategy (referring to TSMC's business model) 代工 dàigōng - foundry; contract manufacturing 製造商 zhìzào shāng - manufacturer 設備 shèbèi - equipment 技術 jìshù - technology 戰略 zhànlüè - strategy 大膽 dàdǎn - bold; daring 核心技術 héxīn jìshù - core technology Follow me on Instagram: fangfang.chineselearning !

This episode came together at ~4 hrs notice since Dylan had just landed in SF and we had to setup quickly; you might notice some small audio issues in some segments, we apologize. We're currently building our own podcast studio for 2024!

Good afternoon, I'm _____ with today's episode of EZ News. Tai-Ex opening The Tai-Ex opened up 45-points this morning from yesterday's close, at 16,884 on turnover of 2.7-billion N-T. The market closed sharply higher on Monday, as the bellwether electronics sector was the focus of investor interest following gains by tech stocks on Wall Street at the end of last week. Taiwan Semiconductor Manufacturing drove the tech sector's upturn, boosted by optimism over its strong sales report for October However, investors showed an unwillingness to chase prices as the main board closed in on the 17,000 point mark, which resulted in the Tai-Ex trading within a narrow range towards the end of the session. John Deng Points to APEC Focus on CPTPP Bid Taiwan's top trade negotiator John Deng says the main aim of bilateral talks at this week's APEC forum is to build up support for Taiwan's bid to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. Deng is attending the APEC forum in San Francisco and participating in the APEC Economic Leaders' Week meetings. According to the trade negotiator, the forum is expected to serve as an important opportunity for Taiwan's delegates to meet with representatives from trade bloc member countries. Taiwan Semiconductor Manufacturing founder Morris Chang is serving as President Tsai Ing-wen's envoy to the APEC summit and is scheduled to arrive in San Francisco tomorrow. CGA Denies US and Chinese Ships Entered Taiping Island Waters The Coast Guard Administration is denying reports that U-S and Chinese ships entered Taiwan's territorial waters around Taiping Island in the South China Sea earlier this month. The denial comes after K-M-T lawmaker Chen I-hsin accused the administration of attempting to cover-up the intrusions, which he said occurred on November 3. The administration has confirmed that a Chinese warship and an American warship were near the island. However, it says they were operating in waters some 21-nautical miles northeast of Taiping Island and neither vessel entered territorial waters. Indonesian President Visits White House US President Joe Biden is today hosting his Indonesian counterpart Joko Widodo at the White House to "reaffirm" their joint commitment to the "nearly 75-year-long partnership between the world's second and third largest democracies." The meeting, though, is at risk of being overshadowed by the Israel-Hamas war — a conflict erupting thousands of kilometres away, but one that matters hugely to both states. Benji Hyer reports. < [CLIP] Slug: > SKorea President to Discuss NKorean Weapons at APEC South Korean President Yoon Suk Yeol says he will discuss international response to the purported North Korean-Russian weapons deal during the Asia-Pacific Economic Cooperation summit in San Francisco this week. In written responses to questions from The Associated Press, Yoon says the North Korean-Russian agreement not only poses a serious threat to the security of the Korean Peninsula, Northeast Asia and Europe but also undermines the universal rules-based international order. Yoon says provocations by North Korea will only result in strong retaliation from South Korean and U.S. forces. That was the I.C.R.T. news, Check in again tomorrow for our simplified version of the news, uploaded every day in the afternoon. Enjoy the rest of your day, I'm _____. －－－－以下訊息由 SoundOn 動態廣告贊助商提供－－－－ 轉骨有成，日股長線續航仍強 日股專家－市佔No.1的日本野村資產管理 在地團隊發揮加乘效果 價值投資挖掘潛力企業 由下而上主動挑選優質個股 帶領您重新發現日股投資魅力 了解更多：https://bit.ly/45OUq8p

Good afternoon, I'm _____ with today's episode of EZ News. The Tai-Ex opened The Tai-Ex opened up 28-points this morning from Friday's close, at 16,711 on turnover of 4.1-billion N-T. The market ended a seven-session rising streak on Friday as the bellwether electronics sector came under pressure following losses by tech stocks Wall Street overnight. Market sentiment also turned cautious after U-S Federal Reserve Chair Jerome Powell made hawkish comments on the bank's monetary policy, which compromised (減少) the appetite of investors at home and abroad to hold tech stocks. Speculation Morris Chang Could Meet Biden at APEC Taiwan Semiconductor Manufacturing founder Morris Chang will be attending the APEC summit in San Francisco on Wednesday on behalf of President Tsai Ing-wen. It's the sixth time that Chang will have served as Tsai's envoy (使者) to the APEC leaders meeting. And there's speculation he could meet with U-S President Joe Biden on the sidelines of the event. Chang spoke with U-S Vice President Kamala Harris on the sidelines of the last year's APEC meeting in Bangkok. New Recycling Rules for Cellphone Providers to Become Law Next April The Ministry of Environment says regulations requiring local mobile phone providers to set up recycling facilities and to actively promote their use will be introduced on April 1 next year. According to the ministry, manufacturers and importers must also help users delete personal data under the new regulations. The ministry says under the rules, manufacturers and importers will have to set phased (分階段的) targets for circular material use rate, which measures the ratio of recycled, maintained and reused materials to the overall material use. Officials say the aim is to raise Taiwan's mobile phone recycling rate to 15-per cent by January 1, 2025 and 30 percent by January 1, 2030. WHO Warning on Gaza Hospital Crisis The World Health Organization says the situation at the Al-Shifa hospital in Gaza is dire (悲慘的) and perilous (險惡的). Israel denies Gaza's largest hospital has lost power but says it's helping to evacuate (撤離) babies from the facility. William Denselow reports from UN headquarters in New York. India Celebrates Diwali Amid Air Pollution Concerns Millions of Indians are celebrating Diwali, the Hindu festival of light, with a Guinness World Record number of bright earthen oil lamps as concerns about air pollution soared in the South Asian country. Devotees lit over 2.22 million lamps and kept them burning for 45 minutes in the northern city of Ayodhya in Uttar Pradesh state, as people marked the national festival on Sunday. The celebrations came as “hazardous (危險的)” levels were recorded on the air quality index last week. New Delhi tops the list almost annually among the Indian cities with poor air quality. That was the I.C.R.T. news, Check in again tomorrow for our simplified version of the news, uploaded every day in the afternoon. Enjoy the rest of your day, I'm _____. －－－－以下訊息由 SoundOn 動態廣告贊助商提供－－－－ 轉骨有成，日股長線續航仍強 日股專家－市佔No.1的日本野村資產管理 在地團隊發揮加乘效果 價值投資挖掘潛力企業 由下而上主動挑選優質個股 帶領您重新發現日股投資魅力 了解更多：https://bit.ly/45OUq8p

Diesmal steht ein Konzern im Mittelpunkt, der eher im Verborgenen arbeitet, aber gewaltigen Einfluss auf unser aller Leben hat: TSMC. Die Abkürzung steht für Taiwan Semiconductor Manufacturing Company. Von diesem Halbleiterproduzenten ist die gesamte moderne Welt abhängig. Das ist nicht nur ein ökonomisches Risiko, sondern inzwischen auch ein geopolitisches Problem. Denn China, das Taiwans Unabhängigkeit nicht anerkennt, macht immer mehr Druck. Die militärischen Drohungen nehmen zu, ein Krieg wird immer wahrscheinlicher. Und dann? Sie hören, welche globalen Gefahren damit einhergehen, warum TSMC überhaupt so mächtig werden konnte und welche spannende Entstehungsgeschichte dahintersteckt. Zu Wort kommen unter anderem der 92-jährige Unternehmensgründer Morris Chang, der derzeitige CEO Mark Liu und der Militärhistoriker Chris Miller. Die komplette Ausgabe hören Sie als Teil unserer Pioneer-Familie. Wenn Sie noch nicht an Bord sind, testen Sie uns! Aktuell haben wir ein besonderes Angebot: https://www.thepioneer.de/willkommen

"Whoever controls the chips controls the world" Given the rising importance of semiconductors in geopolitics, it's pertinent for us to cover this topic in depth. Join us for the first of a multipart series on the chip wars between USA and China, and the key part Taiwan plays. We start with a brief history of the semiconductor industry across the US, Soviet Union, and Asia. Then we go into a little depth into Taiwan, TSMC, and its founder. 0:00 intro 1:47 Brief history of semiconductors 4:40 Semiconductors in the Soviet Union and Japan 9:45 Taiwan and its geopolitical importance 15:33 TSMC's key figure - Morris Chang  21:08 Present day - Russia, Japan, China, Europe, and India 25:48 Teaser for the next episode

Nvidia a le vent en poupe. Le géant américain des processeurs graphiques est entré brièvement, fin mai, dans le club très select des entreprises pesant 1000 milliards de dollars à Wall Street et ce grâce au boom de l'intelligence artificielle. Portrait de son PDG, Jensen Huang. Dans son histoire, qu'il ne juge pas particulièrement extraordinaire, on retrouve les codes de l'American Dream et du mythe du self-made man. Né à Taïwan, Jen-Hsun Huang, de son nom de naissance, est envoyé par ses parents aux États-Unis alors qu'il n'a pas 10 ans. Point de chute : une pension dans le Kentucky, où raconte-t-il, il était de corvée de nettoyage des sanitaires. Adolescent, c'est d'abord dans les compétitions de ping-pong qu'il brille, avant de décrocher un diplôme en génie électrique en 1984, à l'heure où naissait le Macintosh. Il ne va pas travailler chez Apple mais rejoint la Silicon Valley. Après quelques années passées notamment chez un futur concurrent et avoir décroché un nouveau diplôme, à Stanford cette fois, il co-fonde Nvidia en 1993. Exit le mythe de la start-up créée dans un garage, la légende veut que Jensen Huang et deux amis aient posé les bases de leur entreprise au Denny's, un restaurant, de San José. Elle deviendra Nvidia - l'envie en latin. À en croire Jensen Huang, Nvidia, c'est presque de la magie. « Grâce à ce que l'on fait, on rend possible, ce qui est à difficilement réalisable, on rend économe en énergie, ce qui est très énergivore, et nous pouvons modifier quelque chose de très cher pour le rendre bien plus abordable », vante-t-il sur CNBC.« Visionnaire »Concrètement, Nvidia conçoit des composants informatiques très spécifiques. « Il a créé Nvidia à l'ombre des géants des processeurs tels qu'Intel avec une stratégie assez particulière au fil des années, en se concentrant sur les processeurs graphiques, en particulier pour les jeux vidéo. C'était d'abord une sorte de niche mais qui demandait une excellence technique », explique Rémi Bourgeot, économiste et statisticien, chercheur associé à l'Iris. Premier grand succès en 1999 avec le premier processeur graphique (GPU) au monde. Jensen Huang, qualifié de « visionnaire » par Mohamed Makhlouf, enseignant en intelligence artificielle à l'Essca, a ensuite flairé de nouveaux marchés pour ces cartes à haute capacité de calcul, le minage de cryptomonnaie et surtout l'IA. « Ils ont conçu des puces spécialement pour l'intelligence artificielle à partir de 2016-2017, pour des calculs de 'deep learning', pour les voitures autonomes. ChatGPT fonctionne aussi sur des puces de Nvidia ».Des puces que Nvidia conçoit, mais ne fabrique pas. « Grâce à son amitié avec Morris Chang, le président de TSMC, il a mis en place une approche de fabrication 'fabless' (NDLR : sans usine en français), rappelle Mohamed Makhlouf. Elle a été vraiment l'un des piliers de la croissance rapide de Nvidia. »L'action Nvidia prise d'assautAvec l'essor de l'intelligence artificielle, son produit vedette le H100, valant plusieurs milliers de dollars pièce, fait fureur. « Les GPUs sont nettement plus difficiles à trouver que de la drogue », a même ironisé Elon Musk lors d'un événement organisé par le Wall Street journal. Nvidia fait course largement en tête. Selon le cabinet Jon Peddie Research, Nvidia pesait 82% des GPU autonomes livrés dans le monde fin 2022, ses deux poursuivants s'octroyant 9% chacun. Résultat, la valeur de l'entreprise californienne a bondi en bourse et avec elle la richesse de Jensen Huang, classé, par Forbes, 37ᵉ homme le plus riche du monde avec une fortune de quelque 34 milliards de dollars. Riche, Jensen Huang est aussi multirécompensé. Il figure notamment sur la liste du Time des 100 personnalités les plus influentes de 2021. Et les derniers mois ont permis à l'homme à la veste de cuir d'asseoir sa notoriété.« Il avait un statut assez légendaire dans les milieux liés aux jeux vidéo parce que ses processeurs sont devenus indispensables aux jeux vidéo qui nécessitent le plus de puissance de calcul pour les applications graphiques, » souligne Rémi Bourgeot.  « Aujourd'hui, étant au centre de la grande tendance du développement de l'IA, il est vraiment reconnu pour des paris qu'il a faits dans la durée ». Encore quelques « décennies » Malgré cette renommée, Rémi Bourgeot lui prête une « certaine mesure ». « C'est quelqu'un qui est resté vraiment concentré, il est resté un ingénieur. On ne voit pas quelqu'un avec des visées mégalomaniaques de couverture de tous les marchés technologiques imaginables ».À 60 ans, Jensen Huang en a déjà passé trente à la tête de Nvidia. Et il a confié à CNBC ne pas être prêt à lâcher les rênes, quitte à se transformer en robot. « Je ne sais pas encore combien de temps, mais dans quarante ans, je serai robotique, et après ça, peut-être trois ou quatre décennies de plus. Donc, j'espère pouvoir en profiter encore très longtemps. »Fidèle au nom de l'entreprise, le PDG a donc l'envie dans les veines et Nvidia dans la peau. Littéralement. Jensen Huang s'est fait tatouer sur le bras un dessin inspiré du logo de la marque.

Nvidia a le vent en poupe. Le géant américain des processeurs graphiques est entré brièvement, fin mai, dans le club très select des entreprises pesant 1000 milliards de dollars à Wall Street et ce grâce au boom de l'intelligence artificielle. Portrait de son PDG, Jensen Huang. Dans son histoire, qu'il ne juge pas particulièrement extraordinaire, on retrouve les codes de l'American Dream et du mythe du self-made man. Né à Taïwan, Jen-Hsun Huang, de son nom de naissance, est envoyé par ses parents aux États-Unis alors qu'il n'a pas 10 ans. Point de chute : une pension dans le Kentucky, où raconte-t-il, il était de corvée de nettoyage des sanitaires. Adolescent, c'est d'abord dans les compétitions de ping-pong qu'il brille, avant de décrocher un diplôme en génie électrique en 1984, à l'heure où naissait le Macintosh. Il ne va pas travailler chez Apple mais rejoint la Silicon Valley. Après quelques années passées notamment chez un futur concurrent et avoir décroché un nouveau diplôme, à Stanford cette fois, il co-fonde Nvidia en 1993. Exit le mythe de la start-up créée dans un garage, la légende veut que Jensen Huang et deux amis aient posé les bases de leur entreprise au Denny's, un restaurant, de San José. Elle deviendra Nvidia - l'envie en latin. À en croire Jensen Huang, Nvidia, c'est presque de la magie. « Grâce à ce que l'on fait, on rend possible, ce qui est à difficilement réalisable, on rend économe en énergie, ce qui est très énergivore, et nous pouvons modifier quelque chose de très cher pour le rendre bien plus abordable », vante-t-il sur CNBC.« Visionnaire »Concrètement, Nvidia conçoit des composants informatiques très spécifiques. « Il a créé Nvidia à l'ombre des géants des processeurs tels qu'Intel avec une stratégie assez particulière au fil des années, en se concentrant sur les processeurs graphiques, en particulier pour les jeux vidéo. C'était d'abord une sorte de niche mais qui demandait une excellence technique », explique Rémi Bourgeot, économiste et statisticien, chercheur associé à l'Iris. Premier grand succès en 1999 avec le premier processeur graphique (GPU) au monde. Jensen Huang, qualifié de « visionnaire » par Mohamed Makhlouf, enseignant en intelligence artificielle à l'Essca, a ensuite flairé de nouveaux marchés pour ces cartes à haute capacité de calcul, le minage de cryptomonnaie et surtout l'IA. « Ils ont conçu des puces spécialement pour l'intelligence artificielle à partir de 2016-2017, pour des calculs de 'deep learning', pour les voitures autonomes. ChatGPT fonctionne aussi sur des puces de Nvidia ».Des puces que Nvidia conçoit, mais ne fabrique pas. « Grâce à son amitié avec Morris Chang, le président de TSMC, il a mis en place une approche de fabrication 'fabless' (NDLR : sans usine en français), rappelle Mohamed Makhlouf. Elle a été vraiment l'un des piliers de la croissance rapide de Nvidia. »L'action Nvidia prise d'assautAvec l'essor de l'intelligence artificielle, son produit vedette le H100, valant plusieurs milliers de dollars pièce, fait fureur. « Les GPUs sont nettement plus difficiles à trouver que de la drogue », a même ironisé Elon Musk lors d'un événement organisé par le Wall Street journal. Nvidia fait course largement en tête. Selon le cabinet Jon Peddie Research, Nvidia pesait 82% des GPU autonomes livrés dans le monde fin 2022, ses deux poursuivants s'octroyant 9% chacun. Résultat, la valeur de l'entreprise californienne a bondi en bourse et avec elle la richesse de Jensen Huang, classé, par Forbes, 37ᵉ homme le plus riche du monde avec une fortune de quelque 34 milliards de dollars. Riche, Jensen Huang est aussi multirécompensé. Il figure notamment sur la liste du Time des 100 personnalités les plus influentes de 2021. Et les derniers mois ont permis à l'homme à la veste de cuir d'asseoir sa notoriété.« Il avait un statut assez légendaire dans les milieux liés aux jeux vidéo parce que ses processeurs sont devenus indispensables aux jeux vidéo qui nécessitent le plus de puissance de calcul pour les applications graphiques, » souligne Rémi Bourgeot.  « Aujourd'hui, étant au centre de la grande tendance du développement de l'IA, il est vraiment reconnu pour des paris qu'il a faits dans la durée ». Encore quelques « décennies » Malgré cette renommée, Rémi Bourgeot lui prête une « certaine mesure ». « C'est quelqu'un qui est resté vraiment concentré, il est resté un ingénieur. On ne voit pas quelqu'un avec des visées mégalomaniaques de couverture de tous les marchés technologiques imaginables ».À 60 ans, Jensen Huang en a déjà passé trente à la tête de Nvidia. Et il a confié à CNBC ne pas être prêt à lâcher les rênes, quitte à se transformer en robot. « Je ne sais pas encore combien de temps, mais dans quarante ans, je serai robotique, et après ça, peut-être trois ou quatre décennies de plus. Donc, j'espère pouvoir en profiter encore très longtemps. »Fidèle au nom de l'entreprise, le PDG a donc l'envie dans les veines et Nvidia dans la peau. Littéralement. Jensen Huang s'est fait tatouer sur le bras un dessin inspiré du logo de la marque.

Der Wirtschaftskrieg zwischen China und den USA wird in mehreren Sektoren ausgetragen, besonders bedeutend ist die Chip-Produktion. Allein in jedem Smartphone werden über ein Dutzend Chips verbaut. Mit dem iPhone erlebte die Chip-Industrie einen enormen Boom, doch dieser fand nicht im Westen statt, die Fertigung geschah woanders. Bis heute werden die Chips für das iPhone in Taiwan hergestellt. TSMC steht für Taiwan Semiconductor Manufacturing Company und ist eines der größten Halbleiterunternehmen der Welt. Es ist spezialisiert auf die Auftragsfertigung von Chips, etabliert wurde dieses Modell von dem Gründer und langjährigen CEO Morris Chang. Der 1931 in China geborene Chang wanderte mit 18 Jahren nach Amerika aus, um eine große Karriere in der Halbleiterindustrie zu machen, bis er in den 80er-Jahren nach Taiwan zog, um dort eine Chip-Produktion aufzubauen, die inzwischen den Weltmarkt anführt. Bekanntlich hat Taiwan einen prekären Status: Was würde also geschehen, wenn China Taiwan einnimmt? Und wie versuchen die USA durch den Chips Act Chinas Aufstieg zur Weltmacht zu bremsen? Darüber sprechen Ole Nymoen und Wolfgang M. Schmitt in der neuen Folge von „Wohlstand für Alle“. Literatur: Chris Miller: Chip War. The Fight for the World's Most Critical Technology, Simon & Schuster. Evgeny Morozov: Kalte Krieger im Silicon Valley. https://monde-diplomatique.de/artikel/!5915538. Eric Schmidt, Yll Bajraktari: America Could Lose the Tech Contest With China, online verfügbar unter: https://www.foreignaffairs.com/united-states/america-losing-its-tech-contest-china. Adam Tooze: Washington isn't listening to business on China any more, online verfügbar unter: https://www.ft.com/content/5e38eec5-8caa-41d1-b4fd-b0ac5e8ca58a. Erklärung der Staats- und Regierungschefinnen und -chefs der G7 zu wirtschaftlicher Widerstandsfähigkeit und wirtschaftlicher Sicherheit: https://www.bundesregierung.de/resource/blob/975228/2191658/102968a368c39f46d5a3a7d6c0c171ee/2023-05-20-g7-economic-resilience-deu-data.pdf?download=1. Ihr könnt uns unterstützen - herzlichen Dank! Paypal: https://www.paypal.me/oleundwolfgang Konto: Wolfgang M. Schmitt, Ole Nymoen Betreff: Wohlstand fuer Alle IBAN: DE67 5745 0120 0130 7996 12 BIC: MALADE51NWD Patreon: https://www.patreon.com/oleundwolfgang Steady: https://steadyhq.com/de/oleundwolfgang/about Social Media: Instagram: Unser gemeinsamer Kanal: https://www.instagram.com/oleundwolfgang/ Ole: https://www.instagram.com/ole.nymoen/ Wolfgang: https://www.instagram.com/wolfgangmschmitt/ TikTok: https://www.tiktok.com/@oleundwolfgang Twitter: Unser gemeinsamer Kanal: https://twitter.com/OleUndWolfgang Ole: twitter.com/nymoen_ole Wolfgang: twitter.com/SchmittJunior Die gesamte WfA-Literaturliste: https://wohlstand-fuer-alle.netlify.app

Business Rules - BRT S04 EP21 (183) 5-21-2023     What We Learned This Week We are the Average of the 5 People we Spend the most Time with.  80/20 Principle – know what levers to pull What Business Are You In? – Business need to Understand what their real Objectives are, How they Serve their Customers, What Problem they Solve   Disruption - History never repeats itself, but it often rhymes A good plan violently executed now is better than a perfect plan executed next week Marketing needs Clear Messaging Information + Contacts = Means Everything in Business to get the Deal     Just like there are Laws in Physics, there are Rules in Business. Violate them at your peril….   Rule #1: You Are Who You Associate With Jim Rohn famously said that we are the average of the five people we spend the most time with.  Care full who you let into your inner circle. Take advice from those who have accomplished what you seek.   Rule #2: 80/20 Principle Focus – what are your priorities?   Leverage Dominos – there are usually just a few key moves to create success Learn to Say ‘No', choose wisely what you spend time on     Rule #3: What Business Are You In? https://www.linkedin.com/pulse/what-business-you-matthew-battaglia/ ‘What Business Are You In?' This the famous question from the classic business consultant, Peter Drucker. This was one of Drucker's key questions for management to figure out, the who, what, where, why and how of their business. The point of the question was to really challenge business owners to understand what their real objectives are. Don't assume you know what business you're in. Drucker loved to ask executives “What business are you in?” because they often missed the mark, defining their organization in terms that were too narrow or not properly attuned to customers' needs.   https://www.youtube.com/watch?v=uxCL2RqCuiY The Founder Real Estate Business Scene  "You don't seem to realize what business you're in," Harry Sonneborn says to Ray Croc. "You're not in the burger business. You're in the real estate business." Kroc can't build an empire off a 1.4 percent cut of a 15-cent hamburger. Own the land that the burger is cooked on. "Land. That's where the money is."     Marketing Myopia – thinking short term, and putting the business needs before the customers   Rule #4: Disruption - History never repeats itself, but it often rhymes Business have Market Cycles, when they are on top one day, and displaced by new industries the next. You have to see around the corner and anticipate if the train is coming. Innovator's Dilemma – afraid to shelf old tech because it is your core business right now, for new tech which is the long term future Black Swan Events are rare events that upend everything     When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact. Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks. Quotes by Warren Buffett   Rule #5: Strategy Needs Execution Without strategy, execution is aimless. Without execution, strategy is useless. - Morris Chang. Strategy plus blocking and tackling A good plan violently executed now is better than a perfect plan executed next week. – George Patton "The essence of strategy is choosing what not to do." — Michael E. Porter, American  economist and founder of strategic management     Rule # 6: Cash is King This phrase is used to analyze the financial health of a business. Does it have Cash Flow and growing profits to handle any downturns. Startups often need a lot of cash as they are not profitable yet. Burn Rate is the term for when a startup is blowing thru cash and could go out of business. Business' need access to capital and credit lines, to handle situations or when opportunities for investment come along. https://en.wikipedia.org/wiki/Cash_is_king       Rule # 7: Everything in Life is Sales Sales and Marketing How you represent your business, how the receptionist answers the phone, what the lobby looks like, the layout of marketing material or affect how people view your business.   Entrepreneur needs to be the best salesman in his company, who tells the story Marketing needs clear messaging as confusion is the enemy of sales     Bonus Rule – Follow the $ People vote with their wallets, what are they spending money on, what are people investing in, follow the actions, not the words To Get the Deal, You have to Know the People in the Deal. Information + Contacts = Everything in Business     BRT Marketing: HERE BRT Business: HERE   More - BRT Best of: https://brt-show.libsyn.com/category/Best+Of     Thanks for Listening. Please Subscribe to the BRT Podcast.      Business Roundtable with Matt Battaglia The show where Entrepreneurs, High Level Executives, Business Owners, and Investors come to share insight and ideas about the future of business. BRT 2.0 looks at the new trends in business, and how classic industries are evolving.  Common Topics Discussed: Business, Entrepreneurship, Investing, Stocks, Cannabis, Tech, Blockchain / Crypto, Real Estate, Legal, Sales, Charity, and more…  BRT Podcast Home Page: https://brt-show.libsyn.com/ ‘Best Of' BRT Podcast: Click Here BRT Podcast on Google: Click Here BRT Podcast on Spotify: Click Here                    More Info: https://www.economicknight.com/podcast-brt-home/ KFNX Info: https://1100kfnx.com/weekend-featured-shows/   Disclaimer: The views and opinions expressed in this program are those of the Hosts, Guests and Speakers, and do not necessarily reflect the views or positions of any entities they represent (or affiliates, members, managers, employees or partners), or any Station, Podcast Platform, Website or Social Media that this show may air on. All information provided is for educational and entertainment purposes. Nothing said on this program should be considered advice or recommendations in: business, legal, real estate, crypto, tax accounting, investment, etc. Always seek the advice of a professional in all business ventures, including but not limited to: investments, tax, loans, legal, accounting, real estate, crypto, contracts, sales, marketing, other business arrangements, etc.  

Semiconductors are the backbone of modern technology, from smartphones to electric vehicles. Taiwan dominates the global semiconductor market, manufacturing over 60% of all semiconductors worldwide and a staggering 90% of the most advanced ones. The country's leading semiconductor manufacturer, TSMC, has been the sole producer of the most advanced semiconductors, which have exclusively been made in Taiwan. ‘'To understand semiconductors, the world must understand Taiwan and TSMC'' said Chris Miller, the author of “Chip War: The Fight for the World's Most Critical Technology” which is The Financial Times Business Book of the Year. In this episode, Miller details how the chip industry now determines both the structure of the global economy and the balance of geopolitical power. He provided us with his vision for the future of the Taiwanese chip industry, emphasising that corporate culture actually decides the success of Taiwan's cutting-edge technology of AI chips. He also shared his journey of how he had the opportunity to sit down and have a conversation with the legendary Morris Chang. Join this episode to discover Miller's insights on the Taiwanese chip industry and his experiences while writing Chip War. In this episode of Startup Island Taiwan Podcast, you will find out: ☛ Two takeaways that Chris would like people to have from reading Chip War ☛ The history of European chip industry will be the anecdotes that weren't able to include ☛ Chris's view on the Soviet-American computer gap ☛ Will the Taiwanese chip industry become more globalised? ☛ Two lessons of Taiwanese semiconductor experience that industrial policy makers can learn from Host: Asianometry, Deep tech channel with 480k followers, still growing Guest: Chris Miller, Author of Chip War Powered by Startup Island TAIWAN Directed by National Development Council Produced by Meet Global by Business Next Media

At the CommonWealth semiconductor forum March 16, the 91-year-old TSMC founder Morris Chang reiterated the importance of Taiwan as a major force in semiconductor manufacturing, and stressed that the growing trend of diversification of chip making would result in higher costs. Chris Miller, Associate Professor of International History at Tufts University, gave a brief speech on how TSMC became the most important chipmaker in the world, followed by an hour-long dialogue with Chang, moderated by CommonWealth chairperson Yinchuen Wu. This one-hour encounter was mostly peaceful and nostalgic, but occasionally, Chang would raise challenging questions, such as the one about the US friendshoring strategy, or a critical comment on what's really behind the American CHIPS Act. Host: Kwangyin Liu Guests: Morris Chang, TSMC founder Chris Miller, Associate Professor of International History at Tufts University E-mail：bill@cw.com.tw Powered by Firstory Hosting

Terribly naïve... that's what TSMC founder and Taiwan's tech king Morris Chang told Nancy Pelosi during their luncheon in Taiwan when she told him that the United States is determined to succeed in the semiconductor manufacturing industry. After clearly voicing his doubts about our ambitions, we have to ask ourselves... is he right? Is the U.S. in over its head in the hopes to produce essential microchips? Alex Burns from POLITICO joins the show to give his insight into the future of U.S. semiconductor manufacturing...See omnystudio.com/listener for privacy information.

Morris Chang เกิดในจีนแผ่นดินใหญ่ เติบโตในยุคสงครามโลกครั้งที่สองในฮ่องกง ได้รับการศึกษาที่ Harvard, MIT และ Stanford; ช่วยสร้างอุตสาหกรรมชิปในยุคแรกของอเมริกาในขณะที่ทำงานให้กับ Texas Instruments ในดัลลัส เรียได้ว่าจัดเป็นความลับสุดยอดของสหรัฐฯการรักษาความปลอดภัยเพื่อพัฒนาอุปกรณ์อิเล็กทรอนิกส์สำหรับกองทัพอเมริกัน และทำให้ไต้หวันเป็นศูนย์กลางการผลิตเซมิคอนดักเตอร์ของโลก  KT Li ผู้ซึ่งเคยศึกษาฟิสิกส์นิวเคลียร์ที่ Cambridge และบริหารโรงถลุงเหล็กก่อนที่จะขับเคลื่อนการพัฒนาเศรษฐกิจของไต้หวันตลอดหลายทศวรรษหลังสงคราม ได้เริ่มตกผลึกกลยุทธ์เพื่อบูรณาการทางเศรษฐกิจกับสหรัฐฯ เซมิคอนดักเตอร์เป็นศูนย์กลางของแผนนี้ Li รู้ว่ามีวิศวกรเซมิคอนดักเตอร์ชาวอเมริกันเชื้อสายไต้หวันยินดีให้ความช่วยเหลือ ในดัลลัส Morris Chang กระตุ้นให้เพื่อนร่วมงานของเขาที่ TI (Texas Instruments) ตั้งโรงงานในไต้หวัน แต่ในปี 1968 เป็นครั้งแรกที่เขาเหยียบเกาะนี้ โดย Chang ได้อาศัยอยู่ในสหรัฐฯ นับตั้งแต่หลบหนีการยึดครองของจีนโดยคอมมิวนิสต์ เขาเชื่อว่าเกาะนี้มีบรรยากาศทางธุรกิจที่เอื้ออำนวยและค่าจ้างจะยังคงต่ำอยู่ เลือกฟังกันได้เลยนะครับ อย่าลืมกด Follow ติดตาม PodCast ช่อง Geek Forever's Podcast ของผมกันด้วยนะครับ ========================= ร่วมสนับสนุน ด.ดล Blog และ Geek Forever Podcast เพื่อให้เรามีกำลังใจในการผลิต Content ดี ๆ ให้กับท่าน https://www.tharadhol.com/become-a-supporter/ ——————————————– ติดตาม ด.ดล Blog ผ่าน Line OA เพียงคลิก : https://lin.ee/aMEkyNA ——————————————– ไม่พลาดข่าวสารผ่านทาง Email จาก ด.ดล Blog : https://www.getrevue.co/profile/tharadhol ——————————————– Geek Forever Club พื้นที่ของการแลกเปลี่ยนข้อมูลข่าวสาร ความรู้ ด้านธุรกิจ เทคโนโลยีและวิทยาศาสตร์ ใหม่ ๆ ที่น่าสนใจ https://www.facebook.com/groups/geek.forever.club/ ========================= ช่องทางติดตาม ด.ดล Blog เพิ่มเติมได้ที่ Fanpage : www.facebook.com/tharadhol.blog Blockdit : www.blockdit.com/tharadhol.blog Twitter : www.twitter.com/tharadhol Instragram : instragram.com/tharadhol TikTok : tiktok.com/@geek.forever Youtube : www.youtube.com/c/mrtharadhol Linkedin : www.linkedin.com/in/tharadhol Website : www.tharadhol.com

Various questions after a new round of TSMC investments in the U.S., reactions to TSMC founder Morris Chang saying that “globalization is almost dead,” beginning the remote work conversation with Ben's memories of life at Automattic, and thoughts on the competing factors that make the work-from-home question so difficult.

How did Taiwan, a small island off the Chinese coast, become by far the most dominant player in the global semiconductor industry? How did a place that as of the mid-20th century was emphatically an economic backwater gain such a position?Much has been written about Morris Chang, the founder of TSMC, the largest of Taiwan's semiconductor manufacturers. But Chang had moved from China to the US in 1949 and enjoyed a life as a high-flying American businessman. How was it that he was persuaded to go to Taiwan to set up TSMC? And who convinced him?The answer is Sun Yunxuan, one of the key architects of Taiwan's economic miracle. This is his story.

Good afternoon, I'm Hope Ngo with today's episode of EZ News. **Tai-Ex opening ** The Tai-Ex opened down 45-points this morning from yesterday's close, at 14,404 on turnover of 2.6-billion N-T. The market lost ground on Monday, amid a downturn in large cap semiconductor stocks on the back of fears of a pullback after recent gains, although the losses were limited by rebounds (彈回) in non-tech sectors. Taiwan Semiconductor Manufacturing lost 1.03-per cent and that dragged down the electronics sector by 0.77-per cent, while the semiconductor sub-index ended the trading day down 0.96-per cent. **Morris Chang Confirms that TSMC is set to Rollout 3nm Chips in US ** Taiwan Semiconductor Manufacturing founder Morris Chang has confirmed that his company will expand its investment in the U-S state of Arizona to produce chips made using the advanced 3-nanometer process. Chang's comments are the first confirmation of the next phase (階段) of the chipmaker's expansion plans following the current 12-billion U-S dollar plan to build a complex in Arizona. Production at the facility is scheduled to begin in 2024 using the 5-nanometer process. According to Chang, members of the U-S Congress and President Joe Biden have been invited to a ceremony on December 6 marking the installation of the first batch of production equipment at the Arizona plant. **'King of Protests' Ke Tsi-hai Dead of Natural Causes ** The Shilin District Prosecutors' Office says a forensic examination (法醫檢驗) has found that Ke Si-hai died of natural causes. Ke, who was dubbed the "King of Protests" for his frequent placard protests in the late 1990s and early 2000s, was found dead in a van on Yangmingshan National Park in Taipei on Monday. He was 66. Prosecutors says his body has been sent back to members of his family who accepted the conclusion that Ke died of natural causes. Ke was an activist who was notorious for showing up at the scene of news events with protest placards and appearing behind people speaking on camera in TV news reports. **China Locks Down Guangzhou ** The southern Chinese metropolis of Guangzhou has locked down its largest district as it tries to tamp down a major COVID-19 outbreak, suspending public transit and requiring residents to present a negative test if they want to leave their homes. The outbreak is testing China's attempt to bring a more targeted approach to its zero-COVID policies while facing multiple outbreaks. China is the only major country in the world still trying to curb virus transmissions (傳播) through strict lockdown measures and mass testing. In Beijing, the capital reported two more COVID-19-related deaths. On Sunday, the city reported China's first COVID-19 death in over six months. **US VP to Fly to Palawan ** U.S. Vice President Kamala Harris is set to fly to a western Philippine island province at the edge of the South China Sea to amplify (發揮，展示) America's support to its treaty ally and underline U.S. interest in freedom of navigation in the disputed waters. Her visit comes as a new confrontation erupted in the contested waterway ahead of her visit… when the Philippine navy alleged a Chinese coast guard vessel had forcibly seized Chinese rocket debris as Filipino sailors were towing it to their island. Harris is to visit a small fishing community in Palawan and board a coast guard patrol ship. She will also speak about the importance of international law, freedom of navigation and unimpeded commerce in the South China Sea. **Carp-e- dine'em ** A roasted carp meal is helping scientists determine how long people have been using fire to cook their food. The new study, published in the journal Nature Ecology and Evolution, is based on material from a watery site on the shores of an ancient lake in Israel. Jackie Quinn reports. That was the I.C.R.T. news, Check in again tomorrow for our simplified version of the news, uploaded every day in the afternoon. Enjoy the rest of your day, I'm _____.

The world relies on Chang's Taiwan-based TSMC for 92% of its semiconductors. Here's why that's a problem, and what's being done to address it. Plus: Meta's got mail, Beyond Steak, and more. Join our hosts Jacob Cohen and Rob Litterst as they take you through our most interesting stories of the day. Follow us on social media: TikTok: https://www.tiktok.com/@thdspod  Instagram: https://www.instagram.com/thdspod/  Thank You For Listening to The Hustle Daily Show. Don't forget to hit Subscribe or Follow us on Apple Podcasts so you never miss an episode! If you want this news delivered to your inbox, join millions of others and sign up for The Hustle Daily newsletter, here: https://thehustle.co/email/  Plus! Your engagement matters to us. If you are a fan of the show, be sure to leave us a 5-Star Review on Apple Podcasts https://podcasts.apple.com/us/podcast/the-hustle-daily-show/id1606449047 (and share your favorite episodes with your friends, clients, and colleagues). The Hustle Daily Show is brought to you by The Hustle in partnership with HubSpot Podcasts.

Taiwan is a country about half the size of Maine with about 17 times the population of that state. Taiwan sits just over a hundred miles off the coast of mainland China. It's home to some 23 and a half million humans, roughly half way between Texas and Florida or a few more than live in Romania for the Europeans. Taiwan was connected to mainland China by a land bridge in the Late Pleistocene and human remains have been found dating back to 20,000 to 30,000 years ago. About half a million people on the island nation are aboriginal, or their ancestors are from there. But the population became more and more Chinese in recent centuries. Taiwan had not been part of China during the earlier dynastic ages but had been used by dynasties in exile to attack one another and so became a part of the Chinese empire in the 1600s. Taiwan was won by Japan in the late 1800s and held by the Japanese until World War II. During that time, a civil war had raged on the mainland of China with the Republic of China eventually formed as the replacement government for the Qing dynasty following a bloody period of turf battles by warlords and then civil war. Taiwan was in martial law from the time the pre-communist government of China retreated there during the exit of the Nationalists from mainland China in the 1940s to the late 1980. During that time, just like the exiled Han dynasty, they orchestrated war from afar. They stopped fighting, much like the Koreans, but have still never signed a peace treaty. And so large parts of the world remained in stalemate.  As the years became decades, Taiwan, or the Republic of China as they still call themselves, has always had an unsteady relationship with the People's Republic of China, or China as most in the US calls them. The Western world recognized the Republic of China and the Soviet and Chines countries recognized the mainland government. US President Richard Nixon visited mainland China in 1972 to re-open relations with the communist government there and relations slowly improved. The early 1970s was a time when much of the world still recognized the ruling government of Taiwan as the official Chinese government and there were proxy wars the two continued to fight. The Taiwanese and Chinese still aren't besties. There are deep scars and propaganda that keep relations from being repaired.  Before World War II, the Japanese also invaded Hong Kong. During the occupation there, Morris Chang's family became displaced and moved to a few cities during his teens before he moved Boston to go to Harvard and then MIT where he did everything to get his PhD except defend his thesis. He then went to work for Sylvania Semiconductor and then Texas Instruments, finally getting his PhD from Stanford in 1964. He became a Vice President at TI and helped build an early semiconductor designer and foundry relationship when TI designed a chip and IBM manufactured it. The Premier of Taiwan at the time, Sun Yun-suan, who played a central role in Taiwan's transformation from an agrarian economy to a large exporter. His biggest win was when to recruit Chang to move to Taiwan and found TSCM, or Taiwan Semiconductor Manufacturing Company. Some of this might sound familiar as it mirrors stories from companies like Samsung in South Korea. In short, Japanese imperialism, democracies versus communists, then rapid economic development as a massive manufacturing powerhouse in large part due to the fact that semiconductor designers were split from semiconductor foundry's or where chips are actually created.  In this case, a former Chinese national was recruited to return as founder and led TSMC for 31 years before he retired in 2018. Chang could see from his time with TI that more and more companies would design chips for their needs and outsource manufacturing. They worked with Texas Instruments, Intel, AMD, NXP, Marvell, MediaTek, ARM, and then the big success when they started to make the Apple chips. The company started down that path in 2011 with the A5 and A6 SoCs for iPhone and iPad on trial runs but picked up steam with the A8 and A9 through A14 and the Intel replacement for the Mac, the M1. They now sit on a half trillion US dollar market cap and are the largest in Taiwan. For perspective, their market cap only trails the GDP of the whole country by a few billion dollars.  Nvidia TSMC is also a foundry Nvidia uses. As of the time of this writing, Nvidia is the 8th largest semiconductor company in the world. We've already covered Broadcom, Qualcomm, Micron, Samsung, and Intel. Nvidia is a fabless semiconductor company and so design chips that vendors like TSMC manufacture.  Nvidia was founded by Jensen Huang, Chris Malachowsky, and Curtis Priem in 1993 in Santa Clara, California (although now incorporated in Delaware). Not all who leave the country they were born in due to war or during times of war return. Huang was born in Taiwan and his family moved to the US right around the time Nixon re-established relations with mainland China. Huang then went to grad school at Stanford before he became a CPU designer at AMD and a director at LSI Logic, so had experience as a do-er, a manager, and a manager's manager.  He was joined by Chris Malachowsky and Curtis Priem, who had designed the IBM Professional Graphics Adapter and then the GX graphics chip at Sun.   because they saw this Mac and Windows and Amiga OS graphical interface, they saw the games one could play on machines, and they thought the graphics cards would be the next wave of computing. And so for a long time, Nvidia managed to avoid competition with other chip makers with a focus on graphics. That initially meant gaming and higher end video production but has expanded into much more like parallel programming and even cryptocurrency mining.   They were more concerned about the next version of the idea or chip or company and used NV in the naming convention for their files. When it came time to name the company, they looked up words that started with those letters, which of course don't exist - so instead chose invidia or Nvidia for short, as it's latin for envy - what everyone who saw those sweet graphics the cards rendered would feel.  They raised $20 million in funding and got to work. First with SGS-Thomson Microelectronics in 1994 to manufacture what they were calling a graphical-user interface accelerator that they packaged on a single chip. They worked with Diamond Multimedia Systems to install the chips onto the boards. In 1995 they released NV1. The PCI card was sold as Diamond Edge 3D and came with a 2d/3d graphics core with quadratic texture mapping. Screaming fast and Virtual Fighter from Sega ported to the platform.  DirectX had come in 1995. So Nviia released DirectX drivers that supported Direct3D, the api that Microsoft developed to render 3d graphics. This was a time when 3d was on the rise for consoles and desktops. Nvidia timed it perfectly and reaped the rewards when they hit a million sold in the first four months for the RIVA, a 128-bit 3d processor that got used as an OEM in 1997. Then the 1998 RIVAZX with RIVATNT for multi-texture 3D processing. They also needed more manufacturing support at this point and entered into a strategic partnership with TSMC to manufacture their boards. A lot of vendors had a good amount of success in their niches. By the late 1990s there were companies who made memory, or the survivors of the DRAM industry after ongoing price dumping issues. There were companies that made central processors like Intel. Nvidia led the charge for a new type of chip, the GPU. They invented the GPU in 1999 when they released the GeForce 256. This was the first single-chip GPU processor. This means integrated lightings, triangle setups, rendering, like the old math coprocessor but for video. Millions of polygons could be drawn on screens every second. They also released the Quadro Pro GPU for professional graphics and went public in 1999 at an IPO of $12 per share.  Nvidia used some of the funds from the IPO to scale operations, organically and inorganically. In 2000 they released the GeForce2 Go for laptops and acquired 3dfx, closing deals to get their 3d chips in devices from OEM manufacturers who made PCs and in the new Microsoft Xbox. By 2001 they hit $1 billion in revenues and released the GeForce 3 with a programmable GPU, using APIs to make their GPU a platform. They also released the nForce integrated graphics and so by 2002 hit 100 million processors out on the market. They acquired MediaQ in 2003 and partnered with game designer Blizzard to make Warcraft. They continued their success in the console market when the GeForce platform was used in the PS 3 in 2005 and by 2006 had sold half a billion processors. They also added the  CUDA architecture that year to put a general purpose GPU on the market and acquired Hybrid Graphics who develops 2D and 3D embedded software for mobile devices. In 2008 they went beyond the consoles and PCs when Tesla used their GPUs in cars. They also acquired PortalPlayer, who supplies semiconductors and software for personal media players and launched the Tegra mobile processor to get into the exploding mobile market. More acquisitions in 2008 but a huge win when the GeForce 9400M was put into Apple MacBooks. Then more smaller chips in 2009 when the Tegra processors were used in Android devices. They also continued to expand how GPUs were used. They showed up in Ultrasounds and in 2010 the Audi. By then they had the Tianhe-1A ready to go, which showed up in supercomputers and the Optimus. All these types of devices that could use a GPU meant they hit a billion processors sold in 2011, which is when they went dual core with the Tegra 2 mobile processor and entered into cross licensing deals with Intel.  At this point TSMC was able to pack more and more transistors into smaller and smaller places. This was a big year for larger jobs on the platform. By 2012, Nvidia got the Kepler-based GPUs out by then and their chips were used in the Titan supercomputer. They also released a virtualized GPU GRID for cloud processing.  It wasn't all about large-scale computing efforts. The Tegra-3 and GTX 600 came out in 2012 as well. Then in 2013 the Tegra 4, a quad-core mobile processor, a 4G LTE mobile processor, Nvidia Shield for portable gaming, the GTX Titan, a grid appliance. In 2014 the Tegra K1 192, a shield tablet, and Maxwell. In 2015 came the TegraX1 with deep learning with 256 cores and Titan X and Jetson TX1 for smart machines, and the Nvidia Drive for autonomous vehicles. They continued that deep learning work with an appliance in 2016 with the DGX-1. The Drive got an update in the form of PX 2 for in-vehicle AI. By then, they were a 20 year old company and working on the 11th generation of the GPU and most CPU architectures had dedicated cores for machine learning options of various types.  2017 brought the Volta, Jetson TX2, and SHIELD was ported over to the Google Assistant. 2018 brought the Turing GPU architecture, the DGX-2, AGX Xavier, Clara, 2019 brought AGX Orin for robots and autonomous or semi-autonomous piloting of various types of vehicles. They also made the Jetson Nano and Xavier, and EGX for Edge Computing. At this point there were plenty of people who used the GPUs to mine hashes for various blockchains like with cryptocurrencies and the ARM had finally given Intel a run for their money with designs from the ARM alliance showing up in everything but a Windows device (so Apple and Android). So they tried to buy ARM from SoftBank in 2020. That deal fell through eventually but would have been an $8 billion windfall for Softbank since they paid $32 billion for ARM in 2016.  We probably don't need more consolidation in the CPU sector. Standardization, yes. Some of top NVIDIA competitors include Samsung, AMD, Intel Corporation Qualcomm and even companies like Apple who make their own CPUs (but not their own GPUs as of the time of this writing). In their niche they can still make well over $15 billion a year.  The invention of the MOSFET came from immigrants Mohamed Atalla, originally from Egypt, and Dawon Kahng, originally from from Seoul, South Korea. Kahng was born in Korea in 1931 but immigrated to the US in 1955 to get his PhD at THE Ohio State University and then went to work for Bell Labs, where he and Atalla invented the MOSFET, and where Kahng retired. The MOSFET was an important step on the way to a microchip.  That microchip market with companies like Fairchild Semiconductors, Intel, IBM, Control Data, and Digital Equipment saw a lot of chip designers who maybe had their chips knocked off, either legally in a clean room or illegally outside of a clean room. Some of those ended in legal action, some didn't. But the fact that factories overseas could reproduce chips were a huge part of the movement that came next, which was that companies started to think about whether they could just design chips and let someone else make them. That was in an era of increasing labor outsourcing, so factories could build cars offshore, and the foundry movement was born - or companies that just make chips for those who design them.  As we have covered in this section and many others, many of the people who work on these kinds of projects moved to the United States from foreign lands in search of a better life. That might have been to flee Europe or Asian theaters of Cold War jackassery or might have been a civil war like in Korea or Taiwan. They had contacts and were able to work with places to outsource too and given that these happened at the same time that Hong Kong, Singapore, South Korea, and Taiwan became safe and with no violence. And so the Four Asian Tigers economies exploded, fueled by exports and a rapid period of industrialization that began in the 1960s and continues through to today with companies like TSMC, a pure play foundry, or Samsung, a mixed foundry - aided by companies like Nvidia who continue to effectively outsource their manufacturing operations to companies in the areas. At least, while it's safe to do so.  We certainly hope the entire world becomes safe. But it currently is not. There are currently nearly a million Rohingya refugees fleeing war in Myanmar. Over 3.5 million have fled the violence in Ukraine. 6.7 million have fled Syria. 2.7 million have left Afghanistan. Over 3 million are displaced between Sudan and South Sudan. Over 900,000 have fled Somalia. Before Ukranian refugees fled to mostly Eastern European countries, they had mainly settled in Turkey, Jordan, Lebanon, Pakistan, Uganda, Germany, Iran, and Ethiopia. Very few comparably settled in the 2 largest countries in the world: China, India, or the United States.  It took decades for the children of those who moved or sent their children abroad to a better life to be able to find a better life. But we hope that history teaches us to get there faster, for the benefit of all.

This is an interesting one that goes in many directions! (starting with the Earth sandwich..

Welcome to the second episode of The Better Podcast! We're your co-hosts CHIN Hui Leong and CHONG Ser Jing. In The Better Podcast, we want you to get better at this game called life, together with us. This podcast is designed to share what we've learnt about life, business, investing, and so much more.For our second episode, Ser Jing shares an interesting point in the history of Taiwan Semiconductor Manufacturing, where its founder, Morris Chang, had massive capital expenditure plans that were opposed by its independent directors. Chin then shared his thoughts on why Reed Hastings, the co-founder of Netflix, is another example of “Morris”, in investing bravely for the long run when the world seems to be against him.We also touch on great books for new investors to learn about the craft of investing, and how our brains can automatically trip us up in our investment activities.Finally, Chin discusses software company ZoomInfo and how the CEO has used his deep understanding of the sales process to build a company that helps salesperson succeed, despite being a non-technical leader when it comes to building software. Nothing on this show should be taken as investment advice. It is purely for informational and entertainment purposes only. All opinions expressed in this show by us and our guests are solely our own opinions. We and our guests may hold positions in the financial assets discussed in the show. These holdings are subject to change at any time.We value your feedback, so let us know your thoughts! Contact us at thebetterpodcaster@gmail.com This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thebetterpodcast.substack.com

In the first episode of “Vying for Talent,” Morris Chang, the founder of Taiwan Semiconductor Manufacturing Company (TSMC), shares the story of his journey in establishing the world's largest producer of semiconductor chips. In discussion with hosts Ryan Hass (Brookings) and Jude Blanchette (CSIS), Dr. Chang offers insight on the importance of the cultivation of technology talent and the future for semiconductor manufacturing returning to the United States. Show notes and transcript: https://brook.gs/3JCqj9j  Vying for Talent podcast is part of the Brookings Podcast Network. Subscribe and listen on Apple, Spotify, or wherever you listen to podcasts. Send feedback email to podcasts@brookings.edu, and follow and tweet at @policypodcasts on Twitter.

One Taiwanese company, TSMC, makes 90% of the most advanced semiconductors — the chips for your phone or car. From Hong Kong to Boston to Texas to Taipei: This is TSMC founder Morris Chang's story.

รู้หรือไม่ ชิปเซต เกินครึ่งบนโลกนี้ ถูกผลิตขึ้นจากบริษัท TSMC ซึ่งเป็นบริษัทที่มีมูลค่ามากที่สุดอันดับที่ 9 ของโลก และ มีมูลค่าเป็นอันดับที่ 2 ในเอเชีย แล้ว TSMC มีที่มาอย่างไร ? ลงทุนแมนจะเล่าให้ฟัง References: -https://en.wikipedia.org/wiki/TSMC -https://en.wikipedia.org/wiki/Morris_Chang -https://www.longtunman.com/27349 -https://www.longtunman.com/27702 -https://sahilbloom.substack.com/p/the-amazing-story-of-morris-chang -https://www.yourtechstory.com/2018/08/16/morris-chang-chip-industry-tsmc/ -https://www.semi.org/en/Oral-History-Interview-Morris-Chang -https://www.forbes.com/profile/morris-chang/?sh=7eb878d45fc4 -https://en.wikipedia.org/wiki/Sylvania_Electric_Products -https://www.investopedia.com/articles/markets/012716/how-taiwan-semiconductor-manufacturing-makes-money-tsm.asp -https://en.wikipedia.org/wiki/Semiconductor_fabrication_plant -https://en.wikipedia.org/wiki/Texas_Instruments -https://www.counterpointresearch.com/global-smartphone-share/

Sahil Bloom is Vice President at Altamont Capital Partners, a generalist investment fund managing over $2.5 billion in capital. At Altamont, Sahil helps lead the consumer products and services sector. Sahil also participates in board activities at Altamont's portfolio companies Fox Racing, and Brixton.Sahil is an angel investor in over 25 tech startups. He works with entrepreneurs and founders to build scalable and sustainable value for all stakeholders. Sahil also publishes a popular newsletter about business, mental models, economics, and more.Sahil graduated from Stanford University with a bachelor's degree in economics & sociology, and holds a master's degree in public policy. While at Stanford, Sahil was a four-year member of the Stanford baseball team. Sahil is also a two-time recipient of the Bruce R. Cameron Memorial Award. This award honors students exhibiting excellence in athletics, academics, and leadership.In this episode, you'll learn: How Sahil went from 500 to 200,000 followers on Twitter in one year The emerging seven-figure opportunity Sahil sees for localized newsletters Sahil's system for writing exceptional content The key difference between income-producing activities and wealth-producing activities Links & Resources Packy McCormick Mario Gabriele Anthony Pompliano Fred Wilson Tomas Gomez a16z Future Synthesis School Hone Sequoia Benchmark QED Investors Ryan Holiday Notion Clayton Christensen Institute Pallet Patrick O'Shaughnessy Ben Thompson Sahil's Links Follow Sahil on Twitter: @SahilBloom The Curiosity Chronicle Episode TranscriptSahil: [00:00:00]I think of writing and storytelling as foundational skills to your entire life. I mean, if you write well, it makes you better in every other area of your life. I think more clearly it exposes the gaps in your thinking so quickly. And that happened to me all on the way. Like the amount that I learned about investing by writing about investing was insane.Nathan: [00:00:27]This episode is with Sahil Bloom. So, Sahil, full-time is an investor. He's a vice president at Altamont Capital Partners. On the side he has built a massive Twitter following over just the last year before we started the interview.I had no idea that his 200,000 plus Twitter followers have been in the last 14 months, basically since COVID.So, in this episode, we talk about growing a Twitter audience. We talk about all kinds of things. Sahil was a baseball pitcher for Stanford. And so we get into the new name/image/likeness rules for the NCAA.What else? There's all kinds of good stuf: his creative writing process, his mental models, how he thinks about income versus wealth. It's the kind of episode that I absolutely love some.So I'm going to get out of the way and let you listen to it. But really quick, if you'd do me a favor and go ahead and subscribe on Spotify, iTunes, wherever you listen to the podcast, and then write a review, I'd appreciate it. It will help the podcast reach a few more people.So, all right. Let's dive in.Sahil, thanks for joining me.Sahil: [00:01:34]Yeah. Thanks for having me.Nathan: [00:01:35]Okay. So, I want to start with what you put in your bio, which is just three words, investor, educator, and storyteller. I like how concise you've got this down to things that describe you, but how do you think about the way that those three interact with you?Sahil: [00:01:50]You know, it's it's interesting. I tend to think that there is like a natural flywheel that is being created in real time around the universe of like investing, in the universe of creating. And you're seeing it in real time with some of these, you know, creative capitalists for lack of a better way to put it.Like Packy is one of my favorite writers, does an incredible job. Mario, over at the The Generalist. A lot of these folks, I mean, Pomp was one of the early ones to do it. A lot of these folks have built these scale platforms, these audiences, and then as a result of that, and as a result of the reach and the leverage that they're able to get on, having that kind of owned audience in a certain extent, to a certain extent, they're able to really support these companies.And so, as an investor, as an advisor, you can kind of just create this natural flywheel around it, where your content creation and the creative work is the leading into, these really interesting investment and capitalists opportunities. And then because of those, you're actually getting more content to write about.It actually is creating this really unique, flywheel that I think we're really in the early days of candidly, like, we've seen a lot of people starting to do it, but it's very much the first inning in my opinion. And I think there's a massive shakeout happening in the investment world because of it.All of the VC is, and all of these growth equity funds are just starting to realize that in order to win deals, in order to be a part of these cap tables and really provide value, you know, they've said, how can we be helpful as like the joke moniker for a long time, but in order to really be helpful, you need to be able to do tangible things for the companies that you're supporting and investing in.And these creator capitalists, I do feel like have figured that out and I don't put myself in the same ranks as those people that I mentioned at all. I'm kind of very green and new to this, but, it's been fun to start see the early fruits of that.Nathan: [00:03:42]Yeah. It's interesting to me. Cause you've seen for a long time, investors like, Fred Wilson, Tomas Gomez and others, like have these blogs or newsletters, you know, for a long time. And it's gotten them incredible deal flow and reputation and everything else, but it does seem like there's a new wave.I don't know if it's just the next generation of creators doing this, but it's much more Twitter forward rather than starting with a blog and a Twitter, a newsletter. do you see other continuations or differences between like sort of the previous generation in the second generation.Sahil: [00:04:17]Yeah. I mean, I think that the VC world has known this for a long time. like the early stage VCs in particular have known that. Audience and reach was a wedge for deal flow. And so like, you look at the of the world, they built from the early days, really like a content house, right? Like they put out incredible thought pieces.You know, they recently launched this thing, Future, which is really just like a content ecosystem that they're going to continue to expand on. So there are certain firms that have been doing this for a long time, or to your point, there are certain investors who have been doing this for a long time. I think the scale of it has changed, discovery and the algorithms have been dramatically improving.And so, you're able to generate just a much larger following and a much more engaged following. And so the people that are consistently putting things out, it's not one piece every six months, it's, you know, you're capturing attention because you're consistently putting out great content that captures eyeballs.Those are the people that are actually able to generate leverage on that audience. And as a result, create value for the companies that they're investing in. Synthesis School. I think is a great example of it. It's this really cool education technology platform. They have a long list of amazing investors, all of whom are kind of individual creator, capitalists, and you know, people on Twitter that are big Twitter personalities.And so, they're able to just basically have this like narrative domination effect where on Twitter, you constantly are seeing content and people posting about this. And you're like, what the heck is that? What is that business? And it just creates this massive advantage for a business like that. That's able to capture that mind share and become a like cognitive reference, for lack of a better way to put it for education disruptive.Nathan: [00:05:59]So do you think when, when someone's looking to take money from, from you as an investor from, you know, someone like Paki or anyone else, who has these audiences, how much is it? The, like the reputation and the brand of that person that I love the term creative capitalist. Cause it sort of differentiates here, but, which is that reputation and brand versus like what they'll, what that credit capitals will do as far as audience and reach later, like for example, the men's health, sort of raw, what is it?Brown home. There you go. Ron is a different Rona's AI is a clothing brand .Yeah, exactly. also a solid company,Sahil: [00:06:44]Cool brand. Yeah.Nathan: [00:06:46]Hone you like I think it was just yesterday that they had these pieces kind of going up everywhere and it was basically all of their, you know, creator, capitalist investors who have these audiences who coordinated some level of a launch.And so I'm curious as people are taking this money, Is it like, Hey, you're going to be useful as an advisor or is it really like, your money is quite a bit better than someone else's because you're also going to promote and put out this link pieces and link to it in your, in your content.Sahil: [00:07:17]Yeah. I think the way that founders are thinking about it, and this is, you know, informed partially by my own perspective, partially from talking to a lot of these founders. So you have a $5 million round, you know, it used to be that you kind of get your anchor like some lead and, you know, hopefully that's like a tier one VC, a Sequoia benchmark, a 16 Z you know, QED, whoever it might be.And you kind of then have the rest of that round to fill out. And normally you bring on, you know, someone that's not the lead, maybe a couple of other VCs, but then you have this like million dollar set it's on the tail. End of it. That's left. And now you're deciding between, do I take on a tier two tier three VC to like fill out this round, basically the VCs that are willing to write a smaller check behind a bunch of other people that are leading.Or do I go bring on 10 people at a hundred K each or at smaller checks that can really meaningfully accelerate and allow me to achieve escape velocity. And for these early companies, especially the ones that are consumer facing that like getting eyeballs on their product or on their service, whatever they're creating is meaningfully differentiating in terms of the trajectory of what the creating.I think it's a no brainer. I mean, for a lot of these, especially at seed and a stage, like just getting them traction in the early days from a revenue growth perspective is so important because it allows you to go raise your next round and basically push out competition because the way these markets work is like capital flows, especially in technology.When you have potential and of one place there's capital is flowing to the people who can really meaningfully accelerate and get to that end point and you fall a little bit behind. You'll find that the capital markets are really pinching for you, and you're no longer able to raise money. And so. That's kind of how I think about it is like, if we can go take on that last chunk and for a small amount of dilution, add a tremendous amount of value.That's a real differentiator relative to taking on another VC on the backend of your, of your cap table.Nathan: [00:09:10]Yeah, that makes sense. So I want to go back to maybe pre Twitter, famous Sahil, like, cause you're thinking about going into, because you have hundreds of thousands of followers on Twitter now, like it's turned into a pretty massive audience. What were like, was that a deliberate decision to say, okay, I'm going to go all in.I'm going to build this public persona or this public audience, or did it happen more gradually over time?Sahil: [00:09:38]Yeah, that's a great question. I mean, look, I, I played baseball in college. I was solid. I wasn't great. Like I was never the star, so I never had some big following, like the college athletes of today that are the stars and have these massive, massive followings. So I had a Twitter account had never really used it.I kind of. Looked at funny stuff on there and, you know, would see news and things like that. COVID hit in March, 2020, and suddenly I wasn't commuting, you know, my job, which I was normally on the road three or four days a week for, I wasn't traveling. I had like all this time that just got unlocked all of a sudden.And I couldn't figure out like what to do with it. And what I realized was there was all these people, that were so confused about what was happening in the world of like finance business market. and what I like the realization I had fundamentally was that there were kind of two ends of the spectrum of financial education.There was like the, you know, very low end, like tic talkers, talking to you about like random options you should yellow into. And I didn't view that as particularly socially. Good. And then there was like the high end, which is the establishment financial educators who are basically just throwing a ton of jargon at people, trying to make them feel dumb.It's like, let me make you, realize that you need to hire me to pay, to manage your money by throwing a bunch of jargon, throwing a bunch of terms at you that you don't understand. And so what I said was like, I'm going to do neither of those things. I'm going to go straight down the middle. I'm going to be the light Toyota Camry of this market.And just say things in a way that anyone can understand no jargon, no complex terms, just like make it for everybody so that it's accessible. Digestible. And so I started just writing. it was may of 2020. I wrote my first thread had like 500 followers at the time on Twitter. Didn't really know what to make of it.I knew that it was a pretty good thread. And I said to my wife, jokingly that I thought it was going to go viral. And she like rolled her eyes at me. And, you know, whatever happened. it started to kind of pick up steam, like tweeted one of my things, mark Cuban retweeted, one of my things. And it was shocking to me, but pretty cool.Cause I saw it start to gain traction and I realized, okay, maybe there's something to this. but the reality for me was like, there was never a grand strategy to it. I never intended to build some huge audience. Like I thought it was amazing when I got to 4,000 followers. I remember thinking like, this is insane that I have this many people following me that care about what I think.And I kind of just kept putting out content. I mean, over the last year and two months or whatever, it's been since I started I've written. A hundred, 1,314 threads, 90,000 words. mean, it's just been consistency over anything else, candidly? I never had like one piece that blew me up over the, 20,000 followers or something.It's just been like a steady grind of just putting things out, kind of a slow drip effect.Nathan: [00:12:22]So that points to us to get a schedule. Are you basically putting out two threads a week? Is that the case?Sahil: [00:12:28]Yeah. I would say in the early days I was like, I had more time cause COVID and everything going on and I was kind of like probably doing three. There were probably times when I put out four things a week, because I had more time, but in the early days too, it was taking me a lot more time to write these things.Because I hadn't figured out what worked and what didn't. And so I was like in test and learn mode, it was taking me a ton of time to research and like figure out the right hooks and the way to write things and the style of writing that worked on Twitter. And so I spent, I mean, hundreds of hours over the course of the last year on the weekends, like sitting around, pounding my head into a wall, figuring it out.More recently I've kind of gotten into a cadence of like one piece of writing a week. and then with the newsletter I have, you know, I usually expand on that one thread and kind of a more robust newsletter. And then I have the Friday piece, which is a curation thing to kind of help promote other creators.Nathan: [00:13:20]Yeah. So I'm curious, what are some of the things that. That changed as you, well, may, maybe we'll start with the amount of times, like when you're putting, let's go to a single thread, maybe in the early days, how much time was one of those threads taking, and then, you know, now how much time does it take to put together a thread?Sahil: [00:13:39]Yeah. So in the early days, I would say I was doing a lot of like deep research based writing. you know, like I do take an example. Like I did a thread on the game stop thing in January, and like GameStop was, you know, rip roaring. Everyone was wondering what was going on, what had happened, how could that happen?Et cetera. And so I sort of like went into a, down a rabbit hole on understanding, short squeezes and gamma squeezes, and all these complex finance things. And that took me a long time because basically I had to figure out the concept of a gamma squeeze and, you know, the, and how that can be disseminated in a way that anyone can understand, which is like much easier said than done.And I might've rethought it if I had, if I had known how long it was gonna take me to figure that out, but that early stuff I would say. You know, would take me kind of five to six hours probably to like research, write, edit, and kind of refine those pieces. Similarly with those like early, like more story-based threads that I was doing, kind of the stories of people's lives that you see a lot of now on Twitter, less of back when I was doing it, those would take me six, seven hours, cause I was going deep, you know, into these people's lives and figuring it out.And it was really driven by my curiosity. Like I just love learning about these things. And so I would write about things that I genuinely wanted to go learn about and that made it a lot easier. Cause it didn't feel like, oh, this is a waste of time. If it doesn't take off and go viral, you know, at worst I learned a lot and at best I learned a lot and it went viral and got me a bunch of followers.And now more recently, I mean, I'd say I'm in a good cadence of it where it's like, you know, one of my more kind of like mental models, decision-making frameworks thinking, frameworks type threads probably takes two to four hours depending on what I'm writing. But I have this, like, we can get into it, but I have this just massive repository of like content ideas, notes that I've kind of dropped in there over time.So when I actually go to write something, a lot of it's just there and I just needNathan: [00:15:38]Right.Sahil: [00:15:38]How to construct it.Nathan: [00:15:40]Okay. Yeah. Let's, let's focus on that because I think so many people wonder about writing habits and they're like, how do you weave these things together? You know, like I read one of Ryan holiday's books as an example, and he, I'm always amazed at his ability to pull in. Like reference some historical figure creator, author, any anybody tell their story, make his point move on.And you're like, oh, that was so good. Wait, you did that in two sentences. You know, you did that, like in his really concise way, he's got these perfect examples, but if you ever hang out with Ryan or visit him at his house, he has this like ridiculous collection of no cards. You know, it's like boxes of note cards per book, and, you know, it's as crazy process and really every successful author, every school writer that I've worked with has some really great organization process.So I'd love to hear more about,Sahil: [00:16:34]Yeah, I love that story about Ryan. That's a cool one. I'll keep that for later. yeah, so I mean, my, my strategy with it has evolved over time, but th the way I generally think about it is you kind of have a proprietary content engine, and what that is differs for everybody. Like it, that's kind of the inputs.So that's, what are you reading on a daily basis? What are you watching? What are you listening to? All of those things are kind of like your content engine, because those are, what's giving you ideas, things that are coming up. That's like all the stuff you're consuming on a daily basis, and then you have the outputs and that's like, how do you turn that?Like, put it into your little meat grinder and like, turn that into what you're writing about. And so the way I generally think about it is. Part of my daily habit as I'm reading and consuming interesting content. and it might be newsletters, blogs, podcasts, tweets that people send me, like all of this stuff goes into my content engine.What I do personally is I have a notion, page that's a board and it's, I just have it set up as like, a few columns where I have kind of like, you know, ideas that I have, like, you know, things I'm going to write about soon. Then I have things I've started and then like finished pieces that I haven't posted yet.And then all of the stuff that's posted and done. And so when I have something I'm reading and it peaks my curiosity, or it's like, oh, this is a cool concept, whatever it might be. Like, I recently wrote a thread on, the concept of like the Fox and the hedgehog. and that was the one that, like, I had just been reading something on a friend's, VC funds page.And it was like, oh, this is an interesting concept. Let me throw this into my notion doc. And so I had Fox and hedgehog in there. I linked. Article I've been reading. and then like a few weeks later, I kind of got it to learn more about that. And so I went and read some things and I dropped in some notes and dropped in a few more articles and pieces where I had heard people see, you know, or talk about it.And now suddenly when I go to write about it, the next day I have like four sources. I have a bunch of notes sitting there of like things that had come to my mind in the moment when I was interested about it. I kind of had a framework for how I wanted to think or write about it. And so it made the process of starting much easier because I already had all that stuff sitting there.I wasn't starting from a dead stop and saying like, I need to write this great piece on foxes and hedgehogs. I had all this stuff and I just needed to figure out how to craft it, like sculpt it into what I wanted. So that's kind of how I think about the process. It's like, you're consuming mean things on a daily basis.Figure out what those are. It doesn't have to be like smart stuff is whatever you're consuming. It shouldn't feel. And take that and leverage it into creating this like repository of interesting ideas, because like when you do it that way, you never run out of stuff to write about. I get asked that a lot.Like how do you write something every week? Or how do you not run out of things? And my, my answer is like, there's an endless amount of interesting stuff out there in the world. And it's just a matter of like opening your kind of content engine to all of that so that you can then go and write and comment on these things and, and share about it.So that's kind of how I think about it generally. It's like kind of, you have the inputs and the output, so you need to figure out what your kind of middle is your middle layer, so that you can turn the inputs into the outcome.Nathan: [00:19:44]Okay. This is a little bit off topic, but when you were. Starting school, you know, going to school at Sanford for like economics and sociology and then getting a master's in public policy and you're getting into investing and starting your career there. Did you ever think that you'd be a writer like that?That would be the primary, source. It's just so interesting the way these worlds overlap.Sahil: [00:20:08]The short answer is no, I never considered myself a good writer. I don't know, I still don't consider myself that great of a writer to be honest, like people like my writing, which makes me think maybe I write reasonably well, but I think it's just effort. Like I've just spent more time on it over the last year, a lot of people, but, no, I never really thought I would kind of be able to like create something that had value around creative work that was never in the scope of what I thought about my primary job is still as an investor.Like, and I think we'll continue to be. And I, and I still think of like investing and advising as kind of like the primary, kind of part of my ecosystem that I'm creating the creative work is becoming a bigger and bigger part of what makes me a unique and interesting investor. and I love it. I mean, that's the thing for me is. I get so much energy out of the fact that I get to spend time on writing and content creation on a daily basis. I love doing it. You know, I'm starting to do more video stuff. I'm going to be engaging more in that realm, but like the fact that I get to write think read, and that's kind of part of my job.Like that's a really, really cool thing to me. And I never really thought, you know, going to school or whatever I thought I was going to do next. It definitely didn't come within the realm of what I'm actually getting to work on.Nathan: [00:21:23]Yeah, I think it's so interesting. Like I never thought that I would be a writer and I remember like specifically telling my parents, like, I hate writing. Like why would I ever, you know, why do I have to do so much of this in school and all of that? my mom was an English major, you know, and like big advocate for, writing and all of that, which I now am very grateful for.But it's amazing the number of people now that, that we think of that are like really quite effective writers that never started there never expected that.Sahil: [00:21:54]Yeah. I mean, I think of, I think of writing and storytelling as well. Foundational skills to your entire life. I mean, if you write well, it makes you better in every other area of your life. Like since I've spent more time on writing and have a writing habit that is making me a better writer, I've become veteran every other area of my life.Like I think more clearly it exposes the gaps in your thinking so quickly. Like if you, if you sit down and you think you understand something and you try to write it down in a way that, you know, a kid could pick it up and understand it, you very quickly realize if you don't understand that thing. and that happened to me all on the way, like the amount that I learned about investing by writing about investing was insane because I had to sit down and try to explain it to a five-year-old basically with my tweet threads.And when I didn't understand the thing, like the gap was like a blaring thing in front of me and I had to go research it more and dig into it and understand it. And so I just think that like, when you write, you expose flaws in your thinking, and that causes you to go down the rabbit hole and learn more about whatever it might.Nathan: [00:22:58]Yeah. That's good. Is there anything, any resources or things you paid attention to to get better at writing? Like, do you read any of the traditional, you know, and Lamont bird by bird?Sahil: [00:23:07]Yeah, I read elements of style. when I was younger, like I think in high school, I read that and that stuck with me. you know, candidly, like I just study some people that I respect and think of as great writers. Like David Perell has become a friend and I feel very lucky for that, but I just thought of him as a great writer and the things that he put out in his, the elegance of his writing and the different, you know, ways that he was writing things on a, for brig, has become a friend.I think she writes exceptionally well on, on education and some of these topics. I just think that there's a wealth of unbelievable, talented, people out there that like are publishing things that anyone can read and you don't have to pay. Like you can go see it, learn from it. And so I try to be a student of the internet in that regard.Nathan: [00:23:53]Yeah, no, that's good. okay. So since you've built such a massive audience so quickly on Twitter with threads, I'm curious, what have you found? What are the things that are really working? What makes a good thread? You know, now you're writing to those things that, that resonate right away, you know, and you're like, oh, I can cut out all of that, that I was doing before.Sahil: [00:24:13]Yeah.Nathan: [00:24:14]What's working. What have you.Sahil: [00:24:15]Yeah. I mean, I would say there's like a handful of principals that I think were quite well. you know, number one is like, if you're writing a thread, the hook has to be good. because you need to give people a reason to click and convert and, and, and kind of look through to whatever you're writing.I do think, you know, now more than ever threads are like a somewhat saturated game, so to speak because people realize, I mean, I, when I first started writing them, very few people were writing threads. Twitter didn't even have like infrastructure built around long form content. It was pretty janky. You had.Manually add a tweet under each one and copy and paste it in. And now they, they realize that it keeps people on the platform, then it's a great mechanism for them. And so the algorithms prioritize it. People realize it's a growth hack, you know, like really is much better for growth than single tweets.And so it's become a bit saturated, I would say. And so, as a result of that, I think the burden of proof is higher on like the quality of the content that you should be putting out. I think there's a risk of like losing high quality followers. you know, by just like over, you know, just putting out too many threads that aren't really high quality.And so my best advice is like, make the hook rate, make sure the hook is like really catchy and draws people in and then just make sure that quality is like exceptional and something. You can be proud of. My whole thesis all along with my Twitter was, you know, there's like a spectrum of kind of posting frequencies.You have the like, pump who has been exceptionally successful. Every single day, he's all over it. He's posting a lot, you know, high frequency. And then I'm on the other end of the spectrum, like a Julian Shapiro's on the other end of the spectrum. People like that, that like right every now and then, you know, it might be once a week.It might be once every couple of weeks. but what you, what you're putting out is like, I stand behind every single thing that I've ever written on Twitter. you know, from a thread perspective, because I know that I spent a bunch of time on it. I really thought it through, if I didn't understand something, I was getting it vetted.I was having someone review it. I mean, I just, the internet is permanent. Right. And so I like it's my personal capital on the line and I wanted to make sure everything was really, really good. And so, that's important as you, as you put things out there is just like, make sure you feel really good about the quality of what you're writing.Nathan: [00:26:31]Yeah, that's a good point that if you're doing the approach of, like, I went to a Wikipedia article and like made a thread of the content that's in there, which is a lot of threads that you come across as, that's a genuine question that ISahil: [00:26:44]Yeah.Nathan: [00:26:45]Reading some of them. the quality really matters.Sahil: [00:26:47]Yeah. I agree. And I go both ways on that. Right. Like I did, you know, a bunch of like, in my early days, especially I did a bunch of what people would have thrown into that bucket of like Wikipedia threads, my perspective on it was always, great. The Wikipedia articles there. but if you wouldn't have seen it, and it's a really interesting story and I'm packaging it into something that makes it more broadly disseminated, that's a value added service that I just brought to the table.And so like, I don't know, like Morris Chang, I wrote a thread on he's a founder of Taiwan, semiconductor manufacturing company, amazing guy, incredible story. Does he have like, you know, information on Wikipedia about him? Sure. But like I posted it and 17,000 people liked it and saw, you know, 5 million people saw it that most of them probably didn't know who the hell he was because they were never going to go to that Wikipedia page.And so I kind of go both ways on that criticism. The reality is that type of thread has become a bit of like a meme where, you know, there's clearly broad push back against it and, and, you know, it's become a little bit of a meme of itself. And so I do think it's worth being kind of wary about regularly publishing that type of content.Nathan: [00:27:55]I think it probably comes down to how unique the story is that you're sharing. Like maybe it is on Wikipedia, but, well, exactly what you're saying. That is not someone that I would have gone to look for, but I read and enjoyed that thread. Whereas if you're just like, here's this thing about Steve jobs is like, you mean the Steve jobs story that everyoneSahil: [00:28:15]Yes,Nathan: [00:28:16]Heard a hundred times then it's very different,Sahil: [00:28:18]I totally agree with that. I mean, like if you're going to go tell the story of. You know, Elon Musk, how he, you know, started space or whatever, like start Tesla or something like, yeah, everyone kind of knows that and it's, it's a little bit played up and, and people understand it. And so I just think it's worth balancing with your own unique content.And that was how I always did it. Whereas like, if I was going to post in one of those stories, I was going to post something that I like deeply researched and did unique educational content and just kind of balance the two. And I think that would like, that worked for me. I think it probably works for others.Nathan: [00:28:51]How do you think about the intersection between your Twitter following and your newsletter? Like as you've built that over the last year.Sahil: [00:28:59]Yeah. I started the newsletter. Yeah. I first just created it in January of this year. and I originally just created it because there were a lot of people on Twitter who wanted to get my threads in their inbox. Like didn't like the Twitter format for them and wanted to just have it in a nicer format.And so for the first, five months of it, like through mid may, all it was was just me sending out my threads the day later, with, you know, just like a nicer format. And so the newsletter list grew to something like 13,000 people just from that, which I was pretty amazed by honestly, you know, more recently.So mid may I decided to do the Friday, I'm calling it the Friday five now, but basically curation focused, five pieces of interesting things that I consumed, like my content engine during the week. and really focused on promoting other creators. that was like, I really wanted it to be a positive, some thing.I'm creating this list and I want to help use it to kind of promote others that are creating great content that need help with discovery that maybe they're smaller. They need more eyes on their things. They're putting out great things, but sometimes it's hard, it's going into the abyss. And so I'm helping with discovery for them.And so I launched that. and then I've recently started just more expanding on the concepts that are my threads. And so it's sort of like, I think of the threads as sort of a taken down version of a longer form newsletter piece as I've prioritized the newsletter. and I, you know, I really use Twitter for like, it's a discovery mechanism for the newsletter.The reality of newsletters as you know, is that discovery is really, really hard and it's cobbled together and there's no like central, kind of authority for discovery right now. And so you need to kind of hack it together and figure out how do you make your newsletter really shareable? How do you drive new eyeballs to it?How do you kind of like generate growth over time? Because. You know, if your Twitter is growing at 15, 20,000 a month, you know, of new followers and your newsletters growing out, like, you know, 50 that's kind of a problem. and so driving people through and like figuring out how to convert that funnel is like really what I'm trying to figure out and understand right now.Nathan: [00:31:07]Yeah. I think that what I mean exactly the point that you made newsletters don't have any. You people talking about like, there's no algorithm for newsletters, so you're not having to fight to, I read your, your readers. And it's like, yes, absolutely. You're spot on. Also, there's no algorithm for newsletters.And so there's no distribution, you know, there are, there's no discovery. And so you're having to use outside channels, like the newsletter authors from 5, 10, 15 years ago. they use their blogs and, you know, sites like dig and hacker news and others to get along new followers, but also just search, you know, having the, the, long form articles that were ranking really well on Google.And, and I feel like very much the newsletter creators of today are all in on TwitterSahil: [00:31:56]Yeah.Nathan: [00:31:56]Yeah.Yeah. There's but like very much on Twitter to get that discovery.Sahil: [00:32:00]Yeah. I agree with that. And it's, it's going to be interesting to see how the, like the newsletter wars continue to play out. Right? Because all of these platforms are realizing and Twitter realized it. I'm sure Facebook realized it with their recent launch that way. They are providing discovery for a lot of people that are then going off platform with their longer form content.And so Twitter acquired review, you know, Facebook has their new launch and it's just, it'll be interesting to see kind of how that plays out in terms of, you know, where people go with their, you know, with their newsletters and how it all kind of, how it all shakes out in the coming months and year.Nathan: [00:32:35]Yeah. Well, let's dig in there more. Cause like I obviously care about that space a lot being in the middle of it. And you see, you mentioned Twitter and Facebook. Spotify is in the mix. They reached out to us. I don't know, two months ago about, you know, acquiring ConvertKit oddly, they were more, I thought that it was, they were interested in us because of the music side of things, as we've made acquisitions in the music space and all of that turns out, they were more way more interested in the podcast side of things.Like then we have the Tim Ferriss of the world, you know, a lot of top podcasts using ConvertKit. And so I'm curious where all of this goes. I think, you know, like everything five years from now, 10 years from now, we'll look back and the path that ended up becoming most common, you know, whichever platform dominates or if it stays fragmented, you know, we'll look back and be like, oh, that was obvious.But in this moment, I think it's actually fairly up in the air of like, is sub stack going to continue to rise? Will it be review, will bulletin. I mean, that's what Facebook's isSahil: [00:33:33]Yep.Nathan: [00:33:34]Be a flash in the pan or will it actuallySahil: [00:33:38]Yeah.Nathan: [00:33:39]Six around.Sahil: [00:33:40]Yeah. I mean, I think if I had to guess, I think Twitter is in the pole position on it. And the only reason I say that is. they are the main mode of discovery for most writers. And so if they can do anything with the algorithms to prioritize discovery, to review newsletters, that's a massive advantage.Embedded, you know, just because they already have people on the platform. And so th that'd be like it from an investor standpoint, that would be my guess is just that continues to try to ship product that allows them to capture more of the value that their platform is actually been creating for the last 10 years that they've captured none of,I mean, like Twitter has been abysmal at capturing the value that's created through Like, I mean the amount of value that I have flowing through Twitter broadly speaking, Twitter's capturing $0 of, and that's sort of a travesty just from a business standpoint. And like, as an investor, you look at that and you're like, man, that's a huge opportunity if they can figure out how to capture of that.Nathan: [00:34:35]Will you see it reflected in their market cap versus Facebook's Write of like, I mean, I I don't even know what Twitter's market cap is, but it's yeah Twitter's marketSahil: [00:34:45]Cap caps like 55 billion, I think, but like the, yeah, I mean, Twitter is Twitter's ad product is also just pretty bad relative to, you know, relative to Snapchat or Facebook, but I think it should improve. I mean, as they do more of the creator economy and as they spend more time, you know, actually capturing some of this value, the quality of their ads and the ability to target and all of those things should just get a lot better, which makes their ad monetization better.And that drives the whole engine. So, I mean, I personally, like I'm on Twitter and their opportunity around all of it. I'm also like native creator. I mean, I basically wrote a blog on Twitter over the last year. I'd be like, create these content loops and I'm linking back through the old threads.And like, I sort of do a Ben Thompson does what Stratec Curry, but I do that on Twitter, inNathan: [00:35:29]That's super interesting. I'm looking at it from the perspective of, if it's going to be. Like a major platform, like as we look at newsletters, will it be basically Facebook or Twitter at this point that, that dominates that with reviewer bulletin? Or will it be still a mix of the subset convert kit?That kind of thing, like will creators end up starting on review and be like, oh, you know, I wrote some dreads, I got a thousand followers, Twitter like pops up and says like, Hey, you should do a newsletter. You know? And so they start that and then maybe they want more functionality and then they move to a, you know, a ConvertKit or another platform, or if the distribution will become so powerful, that, and the discovery is so powerful that there's a real reason to stay on,Sahil: [00:36:14]Yeah. I mean, it's sort of like the. The Clayton Christiansen, model of like disruption and innovation, where you like you, you know, the, the, the platforms that are like very newsletter specific are going to be able to provide a better solution for the full range of potential creators that are on the platform, because that's their entire focus.Like that's all they spend time on and, you know, newsletters are never going to be Twitter's sole focus and they, you know, need to get better at shipping product. And they have a bunch of different areas they're working on and focused on. I'm sure they have a team that's focused on newsletters and long form, and I'm sure that team is great and have great engineers, but, if you can be a player that is like newsletter specific and you can provide an amazing solution for every kind of type of creator and archetype that sits on your platform, that's a real way that you can create a wedge and create a sticky customer base there.Nathan: [00:37:06]Yeah. We'll see how it plays out because, one thing is that email has never been a winner take all market. You know, we look at like, MailChimp's the biggest player by far, but even then, I don't know what their eight or 900 million a year in revenue, something like that.Sahil: [00:37:20]Yeah.Nathan: [00:37:20]And, and you've got plenty of players that are, you know, likeSahil: [00:37:23]Yeah.Nathan: [00:37:24]Campaign monitors and others in the hundreds of millions of, yeah.Sahil: [00:37:26]Yeah. It's also going to be a long tail market. I think the most interesting part of the greater economy are going to be these like micro creators actually that are like hyper-local and writing about, you know, interesting local news as an example where they're not trying to get the like biggest following in the world, their goal is not to have a hundred thousand newsletter subs.It's to have like a thousand true fans, you know, that And so I think that that market is probably the most interesting, like there's going to be a ton. A hundred thousand dollars a year earners that are basically writing like the defacto newsletter for news in, you know, X part of the bay area, or for news in, you know, Westchester county or whatever it might be like.There's going to be all of these people that rise that are doing that. and making a six figure salary and working from home. And it's an amazing setup. And so I, I'm actually more interested in that than I am in the like macro influencer world of the creator economy, to people that are going to be making seven figures on all of this.Nathan: [00:38:27]Yeah. And you see all kinds of that. cause it happens not just in the local news side of things or basically people finding a niche based on geography, but it happens a lot with a niche based on, you know, topic or, or where like we've seen people, artists talking about very specific things and you're like, there's an audience for that.And digging like sure enough, 8,000 subscribers and 50 or a hundred thousand dollars a year in revenue. And, that's actually a good transition to talk about monetization. So you, you know, you have a, all your content is free. I don't think you have any paid content out there is that.But you monetize through ads through a job board, as, as you're looking at, or ads being sponsored content or, or, sponsorships, I should say. yeah. How do you think about monetizing your content andSahil: [00:39:19]Yeah.Nathan: [00:39:20]You played with and, and why have you settled onSahil: [00:39:22]I mean, I'd say I'm in the very early days of figuring all of this out and testing things. My operating premise has always been to never charge people for anything, like never charge people. I just, and it goes back to like, when I first started doing this and writing, it was about education and it was about giving people, empowering people with information that they otherwise wouldn't have had and making them feel happy or inspired or whatever it might be.And so that doesn't rely on me charging people for things. I think if I ever. Did something like that was going to take a ton of time. And I was going to have to spend a lot more energy or effort on it maybe, but I can't really see myself, charging people for anything. So as a result, the flip side of it is like I have all these eyeballs.I have a lot of people that this goes out to. And so sponsors are, you know, willing to kind of support that and have their product or whatever it might be, get seen by all of these people and hopefully clicked on. And, you know, I have a high burden, I would say for like the type of companies that I would work with on that.Because I just want it to be brand right. And people, you know, companies that I'm excited about or would support either way and not just. Hey, some oil and gas company wants to sponsor me, so I'm going to take it on. And so that kind of flows through both, you know, the sponsors for the newsletter, which have been great and companies I feel strongly about, and also to the job board where it's kind of a natural flow through of like I have this platform, I have all these amazing people that are, that are following me and have gifted me with their attention.A lot of whom are like looking to kind of grow and level up their life and, you know, take on new adventures. and then I had on the other side, all of these amazing companies that are trying to find those types of people and these amazing, you know, this amazing, new group of talent. And so I'm kind of sitting in the middle where like, it used to be that LinkedIn was that person sitting in the middle cause they had gathered all this demand.And so how can I dis-intermediate that? And this amazing company palette came along and it's doing it disclosure, I'm an investor in palette. I think it's an amazing company. but they kind of enabled that infrastructure. And so creators can be the kind of direct conduit between companies and between their audiences.And there's going to be a bunch of flavors of it. I mean, for me, It's kind of a large audience and I get you access to a lot of people. And it's a little bit of top of funnel marketing for the featured companies, because I tweet about them. And so you get kind of a social proof that comes with being included and that I included you on the list.But for me, it's like, I think it's a really cool thing. I mean, there've been people that have gotten jobs through the board and now that's like, wow, that's a really neat thing that I was a part of somebody who's kind of acceleration of whatever path they are on.Nathan: [00:41:55]Yeah, it's another part of the flywheel for the, I don't know, your ecosystem, your community, and all of that, where you like someone is going to go from a fan of your work to like, I don't know, a super fan of some in some way, if they got a job through, through that. And like every company is going to keep track of that.Like hiring and recruiting every person that we've ended up hiring, we know exactly where they came from. Cause we're looking for those, those trends, not that like out of 65 or a hundred people, you're seeing like massive trends, you know, or statistical significance, but you're seeing like, okay, This didn't come from a giant job board.This came from a referral or from, you know, a nice jobSahil: [00:42:34]Yep.Nathan: [00:42:35]Creator.Sahil: [00:42:35]Yeah. Yeah. That's exactly right. I mean, I think it's just like trying to figure out now, what is the model that works with these boards? Because for me, like what I want to move towards is fewer and fewer jobs on the board, but make them like really exclusive, almost like a limited edition drop every month that you have like 10 companies that like this month, I'm really going to push and promote and kind of, cause I think these roles are amazing and these companies are amazing and I want my audience to see them versus the like, you know, 200 jobs on a board and you hope people scroll through it and find the thing that they're looking for.And so I'm sort of like toying with what's the right model. What's going to drive the most eyeballs for the companies, so that it's really beneficial for them. And what's going to drive the best outcomes for my followers, where like they're finding unique jobs and getting access to things they otherwise wouldn't.The other. Great tailwind is that more and more companies are starting to believe in open access, hiring, recruiting, diversity, all of these things that I think and believe very deeply from a values perspective. And so the fact that I can create something to, further kind of progress, that trend, is really meaningful to me, just on a, from a social perspective.Nathan: [00:43:45]Yeah. Yeah, that's good. And I think that we're going to see a lot more interesting monetization methods. Like I saw people running job boards as a separate business, you know, years ago, whether it's like we work remotely or authentic jobs, or like in specific niches, like authentic jobs, for example, you know, really got going in the designer like designer and web developer, ecosystem.But now that's very much a trend of like creators running their own job board. And I mean, palette is driving that a lot. actually I guess this is one of those places where right. You're, you're providing real value as an investor. Not like the thing that we make fun of, of like, oh, how can I be helpful? it's like, you're actually running on a job board usingSahil: [00:44:32]Yeah.Nathan: [00:44:32]Advertising it,Sahil: [00:44:33]Yeah. And helping them figure out what's working, what isn't like, what could creators use more of different features? You know, frankly, they have a great growth loop. And the fact that like every time I promote a job, that's featured on my board, it's a pallet link. That's getting shared on Twitter and more and more people are seeing palette.And you're like, what is that? And that includes investors that follow me. It includes, you know, other founders that are looking to promote roles. And so, they have a cool kind of endemic little growth loop gone, and they're doing really well around it. But to your point earlier, like the sky's the limit for that type of thing, because as you can.Do more and more of like figuring out how to get to that warm lead that referral-based, the talent pool, where like people are vetted and you're kind of like really high quality leads on a certain role. the better the quality of the outcomes are going to be for the companies. And so they're working on things around that, which I think are really exciting because then you stop getting the, like, you know, you're not just going to the large mass audience, it becomes this like really curated, interesting pool of talent that you're like linking directly and that companies can have access to.So I'm just really excited about the future of like opening access to, to hiring and disrupting, you know, the, the kind of incumbents like a LinkedIn who I think have just been asleep at the wheel in that market.Nathan: [00:45:49]Yeah, there's definitely a lot of that. okay. I want to talk about something that maybe is more specific to you. you have this term creative capitalist, which I really like, I'm going to start using more because I feel like it describes, you know, a very specific type of creator, that I, I love to follow.But I'm curious with your background in, playing college sports, as, as a pitcher for Stanford, and then, what you're seeing, basically, we're going to see this wave of creator athletes. You know, now that the NCAA has made the changes where you can actually, profit from, name, image, name, image, likeness.Sahil: [00:46:30]Yep.Nathan: [00:46:32]What do you think there? And what, like, what trends do you think are going to come from that? As we have a whole new wave of creators able to.Sahil: [00:46:40]Yeah. I mean, first off, I think it's amazing. And I think it's a long time coming. I played college sports from oh nine to 13 and it was like always a topic of discussion. It has been for the last 20 plus years. I think it's way overdue. I mean, I think it's a massive disservice to a lot of athletes.It was the one time in their life that they could have made a lot of money off of a very unique skill. And then whether they got injured or it didn't pan out, I think it's a travesty that it has been this way for as long as it has. I'm glad it's finally changed. and I think it's like a classic example.You know, kind of like a regulatory disruption that unlocks a massive new market, gambling has had the same thing like sports betting, I think probably in the early days of having a similar thing as it gets legalized, but you basically just had regulation that was holding back. a huge market and now it's come, it's gone away and you have this huge inflow of talented people that have huge audiences that people feel a high degree of affinity towards.And so it's a, it's a huge inflow of new creators basically. And people that, you know, previously didn't have access to these markets until they got done with school. and the reality of a lot of them is they're not going to play professional sports. They're going to be highly, highly relevant for their handful of years that they're in college.And this is their one chance to capitalize on that. And so I think it's, I think it's great. I think there's going to be a ton of cool business model. that come up around it obviously like agents, they're probably frothing at the mouth trying to figure out how to go capture this, media studios, brand studios, all of that.I mean, I think there's just a huge unlock for a lot of these student athletes. and it's going to be cool to see how it flows. I mean, I think the general way these things will work is that it like probably over-correct where you have people spending too much on these athletes and like the market gets a little frothy and then they realize the ROI is not good.And so it kind of swings back, sort of like, you know, ad monetization on all of these social platforms. Like when they get started, people freak out and throw all the money at the like one thing and it squeezes out the return within that as always happens. And so then you kind of come down to a baseline.I imagine that happens with the athlete market.If I were still an athlete, if I had been anything, I would be all over it. and I think a lot of them should be.Nathan: [00:48:56]So going back, let's say, yeah, let's say you were an athlete today. When, when those changes were put in place, what are the things that you'd be doing? You know, what you know now about like growing an audience and monetizing on platforms and stuff like that, youSahil: [00:49:11]Yeah.Nathan: [00:49:12]What would you do?Sahil: [00:49:13]Yeah. I mean, I guess my best advice is like focus on long-term value and owned audience over just like fleeting little like brand deals and promotions. like what value I, my, my mental model around all of this has always been like value capture. if you are creating a lot of value, you should be trying to capture a decent amount of that value you're creating.And the reality of most of the. Like one-off influencer deals and things like that is you're actually creating a lot more value than you're capturing. And it's not a great mechanism for long-term value or longterm wealth creation. I think Warren buffet said when it's raining gold, you put out a bucket, not a thimble.And I always loved that quote. I think it's like very, various student and very relevant for these kids and young, young men and women that are going to be out in this market. It's like, it's raining gold right now in a lot of cases for you. but you want to make sure you're setting up infrastructure in setting yourself up in a way that allows you to capture it for the longterm and to capture a good proportion of what you're creating for the longterm.And so if that's, you know, rather than doing an influencer deal, it's like starting your own thing or having your own ownership of something. You've seen some of the tech talk influencers doing that Tik TOK creators, realizing that like equity is much more valuable to them than just taking a $10,000 put up a post, whatever it might be.Spencer rattler the quarterback for Oklahoma. It was like starting a merchandise line and it's his own thing. And he's like, I think that that is really interesting. and you're going to see a lot of cool, it's going to be a great like idea lab, which I'm just excited to be around for, to learn from, because people are going to test and learn a million different things with all of these athletes that are around, trying and seeing what works.Nathan: [00:50:55]Yeah, it's really going to be all the same principles, but you know, over again with a new, a new group of people, right? Like I wrote an article called the billion dollar creator, and it was basically about those who go from an, a specific, like how I might've had my audience by selling with a one-time thing.That would be the brand sponsorship, the other deal, you know, something like that. And instead, focusing on the ones who like really build equity in something they're starting a company, they're saying like, great. Instead of letting someone else sponsor my audience, I'm going to be the one selling that product, you know?And so it's the, like glossy is an honest company and you know, these other ones where. You know, the individual creators, likeSahil: [00:51:40]Yep.Nathan: [00:51:40]Capture all of that value rather than say like, great, I'll get paid 10,000 or a million dollars. You know what, depending on your influence level for a one-time thing.Sahil: [00:51:50]I totally agree. It's something I think about constantly too, is like, you know, as I continue to progress in this world, you know, what am I actually building equity in versus earning income around. And I think you see it, you know, like creators have figured it out. Ben Thompson, you know, with launching his passport thing where he's kind of creating a platform for people to engage and he's creating equity around it and trying to build something Patrick O'Shaughnessy, you know, with the Colossus platform and kind of being the go-to place for, for business ideas and business breakdowns and investing.I think a lot of people are doing that. I have something in the works right now with a good friend and, that we're partnering on that I think is kind of in that vein that I'm really excited about. But, it's definitely something that people should be thinking about in real time.Nathan: [00:52:33]Is that the, when, when people ask on Twitter, like what are you most excited about? And you answered the thing that I, that I can't talk about yet.Sahil: [00:52:39]Yeah. Yeah. We're close to being able to talk about it, which is exciting and it's coming soon. but we've got, a couple of people that are going to be really, really cool to be involved with on a project. it's going to be dope. I'm super excited.Nathan: [00:52:52]Nice. Yeah. I mean the biggest thing, like going back to monetization, you know, just for creators in general is really looking at what do you own long-term what do you have equity in? Right. Cause the sponsorships even, well, the job board, right? It's something that you're building equity in. Right. And so I like that.Cause it, it builds this reputation. Sponsorships are a great way to drive revenue and be more connected with companies build relationships. But like that's not a. That is just cash.Sahil: [00:53:23]Yeah,Nathan: [00:53:24]Doesn't, it doesn't build equity. And so I'm, I'm superSahil: [00:53:27]Yeah,Nathan: [00:53:28]Like this is the thing that I preach all the time when I'm talking.I guess I don't preach it publicly as much.Sahil: [00:53:32]Yeah.Nathan: [00:53:32]That I preach behind the scenes allSahil: [00:53:34]Yeah.Nathan: [00:53:34]You're talking one on one.Sahil: [00:53:35]Back to me mental models, just cause I about these things a lot, my mental model for this one is like, you kind of have there's there's two sides to your life. You kind of have like income producing activities and then wealth producing active. and the way you want to set it up, you know, like how I think about it is you need an income producing activities because you need to pay bills.Like you need to pay your mortgage or buy groceries, like car bill, all of those things. That's like you have income producing assets. Any, Delta between your kind of expenses and what you're producing from an income producing activity standpoint should be funneled into wealth producing activities. so that you're actually building wealth and equity and whatever is.And so wealth producing activities can be as simple as investing in the stock market or in whatever you're investing in. Or it can be like further along on the risk curve where you're starting a startup, you're building something you're, you know, investing in startups, you're, you know, trading in crypto, whatever it might be.It's like here, you're taking, you know, one end of the, like flywheel of your personal kind of financial ecosystem and using one end to kind of fund the other and actually build long-term equity and wealth in something. That's how I tend to think about it is like you need income producing activities and any excess that exists on that side and people should strive.I think, to live within their means any excess is, you know, used and funneled into wealth, producing active.Nathan: [00:54:54]Yeah. I love that. you and I share a passion for helping people build income, build wealth and all of that. And so I'm going to use that simple modelSahil: [00:55:04]Yeah, love itNathan: [00:55:04]Lot. It's good.Sahil: [00:55:05]Good.Nathan: [00:55:07]If someone asks them to put her in. And I was curious about this as well. going back to the investing side, if you'd only invest in two companies, public or private and what would they be?Why?Sahil: [00:55:15]That's a tough one. I don't want to spend too much time on, on private cause I've already probably invested in some of these, you know, pallet is probably one of those for me right now. Like I just, I think palette's an amazing company and I'm huge, huge fan of what they're building. I, on the public side, honestly, Twitter could be one of the companies I would invest in today.I just think the potential and. The external perception of Twitter is very different from my perspective on it. And so I think I have a variant perception of the future that, you know, that would allow me to capture a lot of value if it goes, if, you know, if I'm proven right. in the future, Synthesis School, I, again, disclosure, I'm an investor in that business.I just want that business to succeed because I think the world is a better place if it succeeds. And I want my kids to be in it and taking classes it and being a part of it. and so I just want that business to succeed so badly, whether my investment ends up being an amazing one or not because of, you know, for whatever reason, I just want that business to win. And so I, I would invest in that 10 times out of 10 I'm sure.Nathan: [00:56:18]Just for everyone listening, give like the 62nd 32nd pitch on synthesisSahil: [00:56:23]Yeah. Synthesis School is a kind of alternative education program for children. And basically the whole idea is that li

Kevin Xu of the fantastic Interconnected newsletter, and formerly of Commerce and the Obama White House, ran through a grab bag of some of the hottest topics in US-China tech. We got into the politics of Tesla in China, what Morris Chang of TSMC thinks about the future of the semiconductor industry, how open source is key to the future of American industrial policy, why the Endless Frontier Act (which I wrote about in the most recent edition of the ChinaTalk newsletter) is the most important bill you've never heard of, and why Bytedance's Zhang Yiming deserves his own biopic.  Student Research Symposium: https://forms.gle/FYoSeHS7t3ZLLwEh9 Work with me! https://rhg.com/job/research-assistant-china-technology-and-industry-research/ Outtro Music: Soft Lipa - An Epic | Warrior OST https://www.youtube.com/watch?v=gAOTdpEeZ6s Get bonus content on Patreon See acast.com/privacy for privacy and opt-out information.

Kevin Xu of the fantastic Interconnected newsletter, and formerly of Commerce and the Obama White House, ran through a grab bag of some of the hottest topics in US-China tech. We got into the politics of Tesla in China, what Morris Chang of TSMC thinks about the future of the semiconductor industry, how open source is key to the future of American industrial policy, why the Endless Frontier Act (which I wrote about in the most recent edition of the ChinaTalk newsletter) is the most important bill you've never heard of, and why Bytedance's Zhang Yiming deserves his own biopic.  Student Research Symposium: https://forms.gle/FYoSeHS7t3ZLLwEh9 Work with me! https://rhg.com/job/research-assistant-china-technology-and-industry-research/ Outtro Music: Soft Lipa - An Epic | Warrior OST https://www.youtube.com/watch?v=gAOTdpEeZ6s

Depuis des mois, des pans entiers de l'industrie mondiale rencontrent des difficultés pour s'approvisionner en semi-conducteurs. L'occasion de parler de l'un des pionniers de ce secteur, Morris Chang, le père de l'industrie taïwanaise des semi-conducteurs. Cheveux blancs, regard amusé, c'est un homme tenace qui a fait de son groupe, TSMC, le numéro un mondial des semi-conducteurs. Ce sont ces matériaux et, par extension, les composants fabriqués grâce à eux, comme les puces électroniques, qui permettent de capter, traiter et stocker des données. Des produits indispensables à la fabrication des smartphones, des ordinateurs ou encore des tableaux de bord des voitures. Un immigré aux États-Unis Morris Chang est né en 1931 dans une ville portuaire du nord-est de la Chine. Enfant, il rêvait d'être romancier ou journaliste. Mais la guerre civile pousse sa famille vers Hong Kong, puis c’est le grand départ vers les États-Unis. Morris Chang enchaîne des études d'ingénieur et un doctorat en électronique à la prestigieuse université de Stanford. Il passe vingt-cinq ans chez Texas Instruments, l'un des fleurons américains des semi-conducteurs, et devient son vice-président. En 1985, à l'invitation du gouvernement de Taipei, Chang se rend à Taïwan. Sa mission : propulser l'industrie microélectronique locale à un niveau mondial. Deux ans plus tard il fonde son entreprise : Taiwan Semiconductor Manufacturing Company, TSMC. Un nouveau modèle économique Il faut encore entrer dans la cour des grands, alors que les principaux acteurs se trouvent aux États-Unis et au Japon. Mais Morris Chang a sa méthode qu’il a dévoilée aux étudiants de Stanford en 2014 : « Il y a ce vieux poème chinois : si tu veux devenir un leader, monte très haut, regarde en bas et cherches les routes accessibles. C'est ce que j'ai fait. Mais il n'y en avait pour les nouveaux venus comme moi. Alors j'ai inventé une nouvelle route : un nouveau modèle économique. Le problème c'est que nous avions la solution, mais ils nous manquaient les problèmes. Heureusement, ils sont apparus très vite. » Morris Chang voit juste : la demande mondiale pour ces minuscules composants se fait de plus en plus forte. TSMC n'est pas le premier fondeur de semi-conducteurs sur l'île, mais c'est avec lui que le marché taïwanais prend son essor. Jen-Hsun Huang, l'un de ses amis, décrit un esprit visionnaire, lors de la rencontre de Stanford : « Il y a beaucoup de gens qui réussissent dans le monde. Mais les héros sont rares. Or, il y a une différence entre réussite et responsabilisation. Je suis content que nous nous soyons réunis ici en cours, car Morris Chang, sa carrière, sa philosophie, sa stratégie à TSMC, sa valeur ajoutée même, devraient faire l'objet d'une étude pour l’influence qu’il a eue sur la révolution industrielle. » Quel est son secret ? TSMC ne fabrique pas les puces pour ses propres produits, elle les fabrique pour les produits des autres. Tout l’écosystème de la haute technologie s’est créé autour de cette activité. La recherche et le développement deviennent une obsession chez Morris Chang. Son entreprise y consacre des millions de dollars par an. Et ça paye : en 2015, son groupe devient fournisseur exclusif d'Apple et fabrique les puces de l'iPhone. Aujourd'hui, retiré de la présidence de TSMC, Morris Chang dont la fortune personnelle est évaluée à 2,8 milliards de dollars peut se réjouir. Son entreprise reste le premier fondeur de semi-conducteurs mondial avec 47,8 milliards de dollars de chiffre d'affaires réalisé en 2020. Le géant taïwanais promet : il mettrait tout en œuvre pour accroître sa productivité face à l’actuelle pénurie mondiale de puces.

In this week's episode of Reformed Millennials, Broc and Joel talk about how interest rates affect stock prices, their first impression of the NFT craze and they take a stab at Albertas best chance to diversify it’s economy.Listen on Apple, Spotify, or Google Podcasts.If you aren’t in the Reformed Millennials Facebook Group join us for daily updates, discussions, and deep dives into the investable trends Millennials should be paying attention to.👉 For specific investment questions or advice contact Joel @ Gold Investment Management.📈📊Market Update💵📉The only thing you should be paying attention to is the risk free rate - or 10 year treasury rate. The higher the 10 year treasury goes. The lower high flying tech stocks will go.Beneath the surface of DDTG, Diamond 💎Hands, ARKK and Wall Street bets is a single underlying fact.The risk-free rate is zero and, as a result, no one has any care or concern for current cash flow.The risk-free rate is what you can earn from buying an asset that theoretically cannot lose its value (think 3-month Treasury bills or 3-7 year Treasury bonds) and subtracting the rate of inflation from the current yield of those bills or bonds. If we believe inflation is 2 percent annually, then the risk-free rate is effectively and actually zero (or worse).In theory, this means money is almost free. Which means that if you’re borrowing it to earn a better return elsewhere, your hurdle rate to clear in terms of generating income is also almost zero. The investments you are making do not have to generate cash flow right now to support the cost of your borrowing, because you’re borrowing for almost nothing.We’re in year twelve of this “phenomenon” – zero percent interest rates and no cost of capital whatsoever.So now we have trillions of dollars, owed with almost no interest, all chasing investments with the potential for massive capital appreciation – the cost of this money being so low as to render the need for current cash flows completely irrelevant to the global players of this game.Not giving a damn about current income is the secret formula that sets you free from all terrestrial bounds of physics and logic. The way you pull it off is by executing on growth at any cost (GAAC?). Profits can come later once the market share battle is already won. Shareholders are willing to wait. And why wouldn’t they be patient. None of the money is costing anyone anything.This is the feeling underlying all the stuff that’s exponentially rising in price right now. It’s all one, big trade. It’s the same capital, chasing the same assets and strategies, with the same mindset. And the longer it goes on for, the more crowded the room, the higher the risks and the more relatively narrow the exits become.A risk-free rate of 1 percent doesn’t necessarily crash the prices and values of these trades as much as it holds them back from proliferating any further. A risk-free rate of 1.5 percent probably unwinds the trend and sets it in reverse. A 2 percent risk-free rate starts blowing up deals. It knocks down a lot of the desire to invest in greater fool-driven digital asset schemes and shrinks the valuations now being assigned to growth-at-any-cost business models. Because the cash has a price attached to it.DIVERSIFY! FFS! If you don’t know how, reach out to someone who does.🚀(NFT) NonFungable Tokens💎Step by step guide to NFTs for creators We are very excited by the increased popularity of NFTs, mostly because they are such a useful way to explain cryptocurrencies and why they are important.This past weekend, NFT’s went nuclear⚠️. And they are the gateway to Smart Contracts and retails better understanding of ETH.WHAT ARE SMART CONTRACTS?Smart contracts are code that is stored on a blockchain, which contain the various conditions entailed in the contract; in the case of an NFT, a smart contract would contain the unique token ID of the piece of digital art and the conditions under which it can be transferred (NFTs can represent anything, including physical assets).What is so interesting about this concept is that you can actually say with certainty who owns that particular piece of digital art, despite the fact that said art, by virtue of being digital, can be replicated endlessly and costlessly. There is still only one specific manifestation of that file that is on the blockchain, and the blockchain publicly tracks every transaction associated with that file, so you not only know who owns it now, but anyone who ever owned it.HOW DOES IT WORK WITH NFT’S?There is no actual difference between the NFT-secured piece of digital art and the one you might rip off of Google Images. But then again, what is the actual difference between an original piece of art and a perfectly executed replica? On the flipside, an NFT-secured piece of digital art is still digital! That means you can not only transfer it anywhere in the blink of an eye, you can also display it anywhere — multiple locations at once, even. It’s as if every replica in the world were in fact the property of whoever owned the original. This has its downsides: a piece of art is everywhere decreases the specialness and status that comes from owning a single physical object; on the other hand, the fact that ownership is public means that whatever status comes from owning a piece of digital art is transmitted as easily as the art itself.NFTs are, to be clear — different than Bitcoin or other cryptocurrencies; the point of a “currency” is that it is fungible: my Bitcoin is worth the same as your Bitcoin, much as my dollar is the worth the same as your dollar my barrel of oil is worth the same as your barrel of oil That is why Bitcoin’s value is much more about collective belief. Both, though, rely on the concept of digital scarcity, and it is digital scarcity that has always been the most exciting implication of the blockchain; NFTs just happen to be a very good example of what digital scarcity means in practice.more here🏥How Alberta Can Use The Taiwan Semi Conductor Success As A Model In Diversifying Their Economy💸Morris Chang, who founded TSMC in 1987, has been called the godfather of computer chip manufacturing. He spent 25 years at Texas Instruments developing its semiconductor business. By the time former Premier Yu Kuo-hwa recruited Chang to move to Taiwan and lead a government-backed technology development project, the semiconductor industry was extremely competitive — and Taiwan didn’t have many advantages. In an interview with the Computer History Museum, Chang said he already knew how tough it would be to carve out a new niche. At the time, Taiwan had few strengths in research and development, intellectual property, circuit design, or marketing. “The only possible strength that Taiwan had, and even that was a potential one, not an obvious one, was semiconductor manufacturing, wafer manufacturing.”In the same way that Taiwan Semi identified pure play wafer foundry - AB can attack the up and coming pharmaceutical boom. As populations world wide age and our desire for longer and healthier lives - health care is the perfect space for Alberta to focus.Right now, Alberta health services is rolling out Connect Care to varying levels of success. But this program will connect the 10 largest health centres across a 4.3mm person AB population. Combine that aggregated population and diversity of ethnicity with our world class universities, history of engineering and manufacturing success via oil&gas and we have an untapped, high return opportunity. In 30 years, TSMC created an economy larger than Alberta energy from nothing.This is a no brainer opportunity for our political leadership to focus on and population to get behind. A combination of Heathcare and manufacturing expertise, university involvement, aggregation of data combined with a strong incentive policy program could create something similar in size to our oil sands. Data is the new oil. Pharma and health care is the future.🌊Best Links of The Week☔Lux Q4 Quarterly Letter - Lux’s quarterly letter on the technological progress made in the past 12 months and the suspense that lies ahead. “An abundance of creation now, portends much destruction later. Capital market dislocations and distortions may only exacerbate from here.”The Best Story Wins - Seasoned business operators often say distribution is more important than product. The next axiom might be that stories are more important than distribution. “If you look, I think you’ll find that wherever information is exchanged – wherever there are products, companies, careers, politics, knowledge, education, and culture – you will find that the best story wins. Great ideas explained poorly can go nowhere while old or wrong ideas told compellingly can ignite a revolution.”NFTs Make the Internet Ownable - non-fungible tokens (NFTs) are the “new new thing” in the crypto world. This article does a good job of laying out why they might make sense and where we are in the adoption cycle. “I think NFTs will become the port of entry to all internet media because everyone involved can make more money from the markets they enable.”Why did I Leave Google, or Why Did I Stay So Long? - a not-so-rosy recount from former Waze CEO Noam Bardin about life inside Google after Waze’s acquisition. “[A]s much as I tried to keep the team focused, being part of a Corporation means that the signal to noise ratio changes dramatically. The amount of time and effort spent on Legal, Policy, Privacy - on features that have not shipped to users yet, meant a significant waste of resources and focus.”Shopify-Consumers spent $120bn on Shopify in 2020 - double the figure for 2019 and over 40% of Amazon’s competing business. What does that tell us about competing with Amazon? Problems that were already solved? And most of all, about brands and consumers going direct? LinkAll information provided is for educational purposes only and does not constitute investment, legal or tax advice, or an offer to buy or sell any security. For our full disclosures and disclaimer, visit our website: https://gold-im.com/disclaimer/ Get on the email list at www.reformedmillennials.com

Although many countries have begun to reconsider how to balance what they get in return for trading with China, this question has always been existential in Taiwan. Trade policies have oscillated inconsistently between opening up and restricting access to the Chinese economy. The challenges of doing trade with China is a global issue. And this is The Taiwan take. Our guest is political scientist, Syaru Shirley Lin (林夏如), author of the book “Taiwan’s China Dilemma” (2016) and the forthcoming sequel “High Income Trap in East Asia.”Today, Lin maps out the economic ties between Taiwan and China and what drives policymaking in that area. Lin retired as a partner at Goldman Sachs before becoming an academic. She now teaches world politics at the University of Virginia and global political economy at the Chinese University of Hong Kong.*This interview was recorded before the Jan. 11 general election.Hosted by J.R. Wu - Chief of the Secretariat for INDSR (Institute for National Defense and Security Research) in Taiwan. Wu is a former journalist with nearly two decades of media experience in the US and Asia. She has led news bureaus for Reuters and Dow Jones.Support the show by donating on patron.com/Taiwan | Follow us on Twitter @ghostislandme.EPISODE CREDIT | J.R. Wu, Host | Emily Y. Wu @emilyywu, Producer, Editor | Sam Robbins @helloitissam, Research | Thomas Lee, Brand Design | Music license MB01ZAK7RWFCG4W | a Ghost Island Media production | www.ghostisland.media

We talk possible criminal charges for a referendum proposal, Morris Chang heading to APEC as Taiwan's representative, political asylum seekers and more.

We talk possible criminal charges for a referendum proposal, Morris Chang heading to APEC as Taiwan's representative, political asylum seekers and more.

Dr. Witty earned a PHD in Computer Science from the Illinois Institute of Technology and is an Associate Professor at the University of Nebraska-Lincoln and prior to that was a researcher at Iowa State University. Dr. Witty grew up in Thailand and has had many jobs prior to becoming a professor, he worked in restaurants, as a mechanic, and as a translator and speaks Thai and English. One of Dr. Witty’s core strengths is always being curious on how things works. His undergraduate degree is in Philosophy and after buying a $3000 computer in 1994, he decided he wanted to learn how they worked so he took a class in Computer Architecture, specifically for what he wanted to know and that got him hooked. He had no real background in programming languages and was difficult and challenging. He received a lot of mentorship and guidance from Dr. Morris Chang, a professor at the University of South Florida. One of the main reasons Dr. Witty got his PHD is that he likes to educate people. What really has Dr. Witty fired up is AI and now having compute power to really implement the dreams of AI. Many time students come into college with one idea and then end up changing, college allows you to change. Many students lack clarity on what they want, but don’t quit college because there are classes you don’t like it helps to build who you are. If you decide to get your masters, one thing that is different is all the students there tend to be very smart and one of the main differences between grad students is some have perseverance and grit and major challenges do not get them down, and that is a critical trait to be successful. Dr. Witty’s best advice is to have clarity in what you do and a personal habit for success is being detailed orientated. His favorite phone app is YouTube and the book he recommends is Outliers by Malcom Gladwell You can get a free book from Audible at www.stemonfirebook.com and can cancel within 30 days and keep the book of your choice with no cost. Free Audio Book from Audible.

We discuss Beijing's plans for an invasion of Taiwan, a new model for cross-strait ties, Morris Chang's retirement and more.

We discuss Beijing's plans for an invasion of Taiwan, a new model for cross-strait ties, Morris Chang's retirement and more.

Morris Chang is a Physician Sleep Specialist with Swedish Medical Group in Seattle WA.  He joins NOL to discuss various common sleep disorders, such as insomnia and sleep apnea, and explains why many people fail to seek early treatment.  You will also learn why paying more attention to the amount and quality of your sleep is so important to your overall health. Dr. Chang is a Diplomate of the American Board of Sleep Medicine, a Diplomate of the American Board of Psychiatry and Neurology, a Fellow of the American Academy of Sleep Medicine, and a Fellow of the American Academy of Neurology.  He was also the recipient of numerous “top doctor" awards from Seattle Magazine and Seattle Met Magazine, and was formerly Medical Director of both the Highline Sleep Center and Auburn Regional Medical Center Sleep Disorder Center. Here are just a few of the topics we discuss in this illuminating health episode: -how to know if you have a sleep disorder -the dangers of sleep deprivation -whether or not it’s possible to “catch up” on sleep -how to effectively manage insomnia -using white noise or a tv to fall asleep -the effects of alcohol on sleep -why sleep apnea is so underdiagnosed -when to get an evaluation for snoring -parasomnias and the difference between non-REM parasomnias and REM behavior disorder -natural and Rx sleep remedies - do they work? Recommended resource from Dr. Chang:  American Academy of Sleep Medicine website, which can be found at www.aasmnet.org As always, please visit the Ladyfox Entertainment Partners page for special deals on health, business, pet products and much more.  I hope you will support these NOL partners, as their products and services help make this podcast possible!  I receive a small percentage of purchases made via my website, and even though it's not a lot, every little bit helps to keep the content coming.  I hope you find a good deal on something cool for the holidays!  (New glasses, some software for your new business?  Annual health check? There are discounts there for you!)

Morris Chang, founding chairman of the Taiwan Semiconductor Manufacturing Company, reflects on his journey of bringing revolutionary changes to his industry, in conversation with Stanford President John Hennessy. Chang also touches on discovering new business models, his thoughts on leadership, and the importance of gratitude in one's career.

Morris Chang, founding chairman of the Taiwan Semiconductor Manufacturing Company, reflects on his journey of bringing revolutionary changes to his industry, in conversation with Stanford President John Hennessy. Chang also touches on discovering new business models, his thoughts on leadership, and the importance of gratitude in one's career.

Morris Chang, founding chairman of the Taiwan Semiconductor Manufacturing Company, reflects on his journey of bringing revolutionary changes to his industry, in conversation with Stanford President John Hennessy. Chang also touches on discovering new business models, his thoughts on leadership, and the importance of gratitude in one's career.