PRE-MARKET TAIWAN AND SINGAPORE STOCKS NEWS: TSMC (2330 TT) October revenue rose 59.7% Y/Y to TWD 586.9bln

Inventec (2356 TT) - Co. expects Q4 server shipments and revenue to rise Y/Y but remain flat Q/Q, whilst forecasting high double-digit Y/Y growth in GPU- and ASIC-based servers in 2027, supported by strong client demand. (Taipei Times)

TSMC (2330 TT) - Co. October (TWD) rev. rose 59.7% Y/Y and 14.7% M/M to a record 586.89bln (prev. monthly record 514.81bln in August), supported by strong AI-related demand. Co. has earmarked up to USD 1bln to invest in Anthropic and OpenAI as the two AI startups move closer to going public. (Focus Taiwan/Nikkei)

Tech - Nasdaq 100 underperformed during US trade as yields rose on hawkish Fed rhetoric and firmer-than-expected US CPI data, although futures have rebounded overnight.

Keppel Infrastructure Trust (KIT SP) - Co. is to acquire a 70% stake in Singapore's first hydrogen-compatible combined cycle power plant from Keppel Asia Infrastructure Fund. (Newswires)

TSMC's monthly revenue prints have long functioned as the cleanest high-frequency read on global semiconductor demand, arriving weeks ahead of quarterly results and routinely used as a proxy for the foundry's order book and, by extension, the broader Asian tech supply chain. A record print with both strong Y/Y and M/M momentum, at a point where the AI capex narrative is already the dominant driver, fits the pattern of prior episodes where consecutive upside months have been taken as confirmation of demand durability rather than a one-off, with read-through concentrated in the Taiwan and regional AI-hardware peer set, server assemblers, substrate and packaging names, and memory. The earmarked investments in Anthropic and OpenAI are a newer wrinkle: foundry capex and equity participation in its own largest customers echoes past vendor-financing arrangements elsewhere in tech cycles, which historically have drawn scrutiny about circularity in the demand signal once sentiment turns. The juxtaposition with overnight US trade matters for framing: Nasdaq weakness on hawkish Fed rhetoric and a firm CPI print is the standard setup in which Asia tech opens soft regardless of fundamentals, and prior episodes show strong single-stock prints struggling to overcome a rates-driven tape on the day, with the fundamental read-through asserting itself over subsequent sessions. The follow-ons are whether supply-chain names corroborate the strength in their own monthly prints, and whether the next US rates repricing, rather than the revenue cadence, is what ultimately sets the tape for the sector.