元宇宙时代：投资于交付、基础架构和内容(英)-汇丰-2021.12-74页.pdf.pdf

                    Disruptive Technology ● Equities
December 2021

CIO tearsheet

Building the metaverse has
started



There are three major investable areas for the emerging metaverse:
delivery (headsets), infrastructure and content



We present stocks listed in Asia, Europe and the US that our equity
analysts believe could ride the wave of this disruptive technology…



…and detail the regulatory landscape, ESG implications and our
HSBC Disruption Framework

Our core belief is virtual and augmented reality technology, which transports users to the world
of the metaverse, could become the next mass computing platform like the PC and smartphone
before it. But it will take time. We expect Facebook (now Meta Platforms) to be a significant
contributor to the metaverse, a bit like Google to the Internet, but it can’t build the metaverse
alone. What’s needed is a combination of leading hardware and software companies. We don’t
see the metaverse being a major part of earnings in the near term, and make no changes to our
earnings or forecasts, but we believe it can become a major driver over the long term.
In this report we talk through the various metaverse experiences and related technologies (such
as quantum computing), explore the regulatory landscape and ESG implications, and detail
where the metaverse lies in our HSBC Disruption Framework. But our focus is where to invest:

Headsets will be one way to
enter the metaverse

Servers and datacentres will
be the infrastructure for the
metaverse

Content is key for the
metaverse

Delivery (p.15 for companies): We list 13 companies that make all the processors, displays,
optics and sensors for headsets. These include 12 stocks covered by HSBC analysts, among
them Goertek, which makes lenses and display modules for headsets such as Facebook’s
Oculus Quest 21, Will Semi, which makes camera sensors, and TSMC, which manufactures the
all-important semiconductor chips
Infrastructure (p.16 for companies): We list 12 companies that focus on servers and
datacentres, providing the infrastructure to power the metaverse. Our list of profiled companies
covered by HSBC analysts includes 7 Buys, among which Hon Hai, which makes equipment for
the three large US cloud service providers (Microsoft, Amazon and Google), and SK Hynix.
Content (see p.17 for companies): We list 16 companies providing digital content and is the
other major investable segment. In terms of the major ecosystem players, among companies
covered by HSBC, we look at Meta Platforms (formerly Facebook) as it’s involved in all the key
metaverse areas from social media to e-commerce, as well as Tencent, which stands out
among other Chinese internet giants for its focus on the digital world, its in-house capabilities
and as it is exploring M&A opportunities. In games, we include Ubisoft and Pearl Abyss,
amongst others. Over in the luxury, fashion and NFT world, we look at Kering and HYBE. And
for virtualisation we take a look at Dassault Systèmes, a worldwide leader in digital twins that is
helping to create a symbiotic relationship between the real world and the metaverse.
This is our latest report on the Disruptive Technology theme. If you want to subscribe to any of
our nine big themes, click here.
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1 Recently rebranded as Meta Quest 2

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