Fundamental Analysis

Chip Happens: But Only Thanks to These Non-US Tech Companies

Before chips are delivered to companies such as NVIDIA, they are manufactured to exacting specifications—and a handful of companies outside the United States are critical to that process.

Portrait of Uday Cheruvu, Analyst and Portfolio Manager at Harding Loevner.
Uday Cheruvu, CFA contributed research and viewpoints to this piece.

Before chips are delivered to companies such as NVIDIA, they are manufactured to exacting specifications—and a handful of companies outside the United States are critical to that process. Portfolio Specialist Apurva Schwartz and Portfolio Manager Uday Cheruvu discuss these companies and why their competitive advantage might be even more compelling than the downstream US AI firms. ∎

More Insights

The Falling Cost of AI Favors Software Companies

Seven months after Chinese startup DeepSeek rattled markets by introducing a powerful open-weight large language model—freely available for anyone to...

From Pipelines to Profits: Distribution Models and Durable Growth in...

In this video, Co-Deputy Director of Research Tim Kubarych and Associate Analyst Safia Williams discuss the resilient economics of industrial...

Auto Insurers Are Safe From Self-Driving Cars, For Now

There is a lot of discussion about self-driving cars and how they could transform the way Americans move around the...

Receive our investment updates in your inbox
Quarterly Commentaries
Monthly Reports
Quarterly Webcast Schedule
Insights from our Investment Team
Company HLHP
Opt-In Confirmation*
 

*By checking “Opt-In Confirmation,” you consent to receive investment updates from Harding Loevner. You can withdraw your consent at any time. Contact us.

The “Fundamental Thinking” series presents the perspectives of Harding Loevner’s analysts on a range of investment topics, highlighting our fundamental research and providing insight into how we approach quality growth investing. For more detailed information regarding particular investment strategies, please visit our website, www.hardingloevner.com. Any statements made by employees of Harding Loevner are solely their own and do not necessarily express or relate to the views or opinions of Harding Loevner.

The information provided is as of the publication date and may be subject to change. Harding Loevner may currently hold or has previously held positions in the securities referenced, but there is no guarantee that Harding Loevner currently owns, or has ever owned, the securities mentioned herein. If Harding Loevner owns any of these securities, it may sell them at any time.

Any discussion of specific securities is not a recommendation to purchase or sell a particular security. Non-performance based criteria have been used to select the securities identified. It should not be assumed that investment in the securities identified has been or will be profitable. To request a complete list of holdings for the past year, please contact Harding Loevner.

There is no guarantee that any investment strategy will meet its objective. Past performance does not guarantee future results.

© 2025 Harding Loevner