Investment institutions said that Taiwan has a complete semiconductor supply chain and will become an important beneficiary market from the AGI wave. (Photo by reporter Wang Menglun)
[Reporter Wang Menglun/Report from Taipei] Investment institutions stated that in September this year, in addition to the market focus such as the Federal Reserve's movements and the release of Apple's new machine, with the launch of the new GPT-6 AI model on September 3, the market's expectations for the acceleration of the era of general artificial intelligence (AGI) have increased. It is expected that the global AI computing power arms race will continue to escalate. "Taiwan has a complete semiconductor supply chain and will become an important beneficiary market from the AGI wave."
According to historical statistics, Taiwan stocks tend to reach swing lows every year after September, and "there is a chance for the market to start again in October."
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In this regard, the investment bank said that in addition to the Federal Reserve policy trends and the release of Apple's new machine, the highlight of Taiwan stocks in September this year is the launch of the new GPT-6 AI model on September 3, which will further move generative AI towards the AGI generation. As AI has stronger thinking capabilities and the ability to generate large amounts of text, pictures, videos, and codes, it will further increase the demand for advanced semiconductor manufacturing processes, advanced packaging and testing, and high-speed and high-capacity memory, igniting AGI-related business opportunities.
Among them, from the perspective of historical market conditions, September every year coincides with the consolidation period before the peak season of the fourth quarter. Observing the performance of major U.S. and Taiwan indexes in the past five years, "September is usually a month with relatively large declines", "October may still experience shocks", and "from November to January of the following year, there are more gains than losses." Therefore, September can be regarded as a relatively low-end zone before the peak season of Taiwan stocks in the fourth quarter.
Analysts pointed out that with the advent of the AGI era, the thinking, generation and computing capabilities of AI models will be further improved, and the demand for advanced processes, advanced packaging, high-speed and high-capacity memory and IC design is expected to increase simultaneously. Among them, TSMC, ASE, which have advanced processes and packaging themes, MediaTek, which has ASIC and edge AI concepts, and memory-related stocks such as Phison and ADATA, which have benefited from the substantial growth in data storage demand. The stock prices are expected to reflect the rising demand for AI in advance, and drive the ASIC concept ETF, which mainly focuses on technology and semiconductor stocks, to have the opportunity to once again show outstanding performance in the peak season market of Taiwan stocks in the fourth quarter.
If AI continues to drive growth in corporate profits, revenue and profit margins, and market valuations have not yet fully reflected future growth potential, "September may become an important time to lay out AI-related industries." Investors can pay attention to the long-term growth opportunities in semiconductors driven by the continued expansion of AI demand.
According to CMoney statistics, after OpenAI's GPT-5 model was launched on August 7, 2025, the weighted stock price index of Taiwan's stock market last year increased by 33.20% from September to January of the following year. Among the Taiwan stock prototype ETFs with the AGI concept, the semiconductor ETF performed relatively well.
Among them, Huang Yumin, manager of Taishin Taiwan IC Design ETF (00947), said that the continued expansion of cloud and AI infrastructure is driving up enterprise-level storage demand. Coupled with the advent of the AGI era driven by the new generation of GPT-6, the already rapidly growing storage device market demand is expected to further explode.
Huang Yumin pointed out that if AI applications further move from the cloud to the device in the future, a larger amount of data will be generated; at the same time, due to data privacy and security considerations, enterprises' demand for high-capacity and high-speed memory will also continue to increase. Amid tight supply and demand, memory shortages are unlikely to be alleviated in the short term, and are expected to continue to benefit IC design and memory-related groups, extending the "super cycle" dividends of the semiconductor industry.
Huang Yumin further stated that as AI models continue to be upgraded and the demand for computing power increases rapidly, memory has become one of the important bottlenecks in AI infrastructure construction. After entering the AGI era, the popularity of AI Agents (AI agents), and the continuous upgrading of AI data centers, the importance of Taiwanese memory supply chains is expected to further increase.
Looking forward to the market outlook, Huang Yumin believes that the semiconductor industry is still expected to benefit from four major fundamentals: rapid expansion of AI demand, substantial increase in capital expenditures, continued iterative innovation of technology, and industry disruption and upgrading, and grasp the investment opportunities brought by the AGI era.
Huang Yumin suggested that investors can hold Taiwan stock AGI concept ETFs or semiconductor industry ETFs from a mid- to long-term perspective; those with higher risk tolerance and more active investment strategies can further lock in semiconductor sub-industry ETFs focusing on IC design and memory, participate in the new wave of AGI growth, and grasp the mid- to long-term growth and stock price performance opportunities of the semiconductor industry.
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