[Edit 2021/9/22: I have left Taiwan for too long that I forgot that there’s another weird thing called “stock dividends” as opposed to “cash dividends”. This contributed to the growth of total outstanding shares similar to the US stock-splitting. I’ll update the paragraphs below to reflect this. …


It’s been a while since I wrote about the S-1 forms of any startups. Not that I didn’t continue to read them during my breakfasts. It ‘s just that I haven’t seen anything to write home about.

TOAST’s, however, is kind of interesting, as it brings up my age-old question…


In financial journalism, there’s this tradition for the journalists to disclose whether he/she is personally long or short the stocks mentioned in the articles. The idea is to let the readers know whether his/her views on these stocks could be biased due to personal interest involved.

It is also claimed…


Many governments today talk about semiconductor as a national security matter and are hoping to provide financial incentives in hope of TSMC building (and operating) fabs in their countries.

So far TSMC only committed to Arizona and expressed interest in building fabs in Kumamoto, Japan — at least in public…


Today our portfolio company Gideon Brothers announced their $31M Series A, led by Koch Disruptive Technologies (KDT) and joined by DB Schenker, Prologis Ventures and Rite-Hite.

Since our first investment in Gideon Brothers in 2018, I’ve worked very closely with co-founder/CEO Matija Kopić and the team to tackle their challenges…


Back in 2017, I argued that bitcoin could never be a currency due to its zero-sum and wasteful nature in completing any transaction. …


My colleague Mike and I held our first Clubhouse room on Wednesday, where we talked about the global chip shortage.

I remember during the 90’s and even early 2000’s, most of the tech people — hardware or software — did pay certain attention to the evolution of the semiconductor industry…


Having written more than enough about the craze for the SaaS unicorns in the current market, I have to point out that obviously simply having a SaaS revenue model doesn’t automatically gives one a SaaS multiple. …


When Peloton filed for IPO, I wrote about how its core SaaS business is defended by the network effect of the community. It was why I was very confident about the success of its then pending IPO.

Peloton eventually debuted at a nice $7.2B market cap in September 2019 and…

Jerry Yang

General Partner of HCVC / did NOT co-found Yahoo! in 1994

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