Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

<ul>
<li>NVIDIA this week reported Q3FY25 revenues of $35.082 billion, up 17% QoQ, up 94% YoY and a full $2.5 billion above the guided midpoint.</li>
<li>Looking ahead, NVIDIA is forecasting revenues of $37.5 billion, up ~7% sequentially. Gross margins to decline slightly to 73%.</li>
<li>Contrary to Jensen Huang's vision, the existing $1 trillion worth of data centers do not need to be "modernized" into AI factories. This is pure fantasy. </li>
</ul>


NVIDIA this week reported Q3FY25 revenues of $35.082 billion, up 17% QoQ, up 94% YoY and a full $2.5 billion above the guided midpoint.
Looking ahead, NVIDIA is forecasting revenues of $37.5 billion, up ~7% sequentially. Gross margins to decline slightly to 73%.
Contrary to Jensen Huang's vision, the existing $1 trillion worth of data centers do not need to be "modernized" into AI factories. This is pure fantasy. 


NVIDIA Q3FY25 Growth Story Still On Track But Heed The Flaws In Jensen's GenAI Vision

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

MediaTek Inc. is a fabless semiconductor company for wireless communications and digital multimedia solutions. The company provides SOC system solutions for wireless communications, high-definition TV, optical storage, DVD and Blu-ray products.

<ul><li>IC design firms remain positive about 2025 outlook despite uncertainties for 1Q25, showing resilience in the industry.</li><li>Taiwan evaluates consequences of Trump's potential revocation of China's trade status, highlighting potential geopolitical impacts.</li><li>JSR's construction of new EUV photoresist plant in S. Korea demonstrates commitment to meeting semiconductor demand in the region and globally.</li></ul>

IC design firms remain positive about 2025 outlook despite uncertainties for 1Q25, showing resilience in the industry.Taiwan evaluates consequences of Trump's potential revocation of China's trade status, highlighting potential geopolitical impacts.JSR's construction of new EUV photoresist plant in S. Korea demonstrates commitment to meeting semiconductor demand in the region and globally.

Tech Supply Chain Tracker (23-Nov-2024): IC design firms optimistic for 2025, cautious about 1Q25.

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

Kioxia Holdings  / Equity Capital Markets

Kioxia Holdings Corporation manufactures semiconductor memory products. The Company develops, produces, and sells flash memory cards, solid state drives, secure digital memory cards, and other products. Kioxia Holdings markets its products worldwide.

<ul>
<li>Kioxia is getting ready to complete its IPO in Japan as soon as in October. Kioxia's valuation is expected to exceed JPY 1.5 trillion (about USD 10.3 billion).</li>
<li>SK Hynix's stake in Kioxia (through Bain led consortium) is 19%. SK Hynix's stake in Kioxia would rise to 34% if the CBs are converted into equity. </li>
<li>The IPO of Kioxia has mixed implications for SK Hynix which is a major shareholder. However, the IPO of Kioxia has a more direct negative impact on Samsung Electronics.</li>
</ul>


Kioxia is getting ready to complete its IPO in Japan as soon as in October. Kioxia's valuation is expected to exceed JPY 1.5 trillion (about USD 10.3 billion).
SK Hynix's stake in Kioxia (through Bain led consortium) is 19%. SK Hynix's stake in Kioxia would rise to 34% if the CBs are converted into equity. 
The IPO of Kioxia has mixed implications for SK Hynix which is a major shareholder. However, the IPO of Kioxia has a more direct negative impact on Samsung Electronics.


Initial Thoughts on the Kioxia IPO - Impact on SK Hynix and Samsung Electronics

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

<ul><li>Nvidia posted earnings yesterday, and guidance was light of buy-side bogeys. I’m not going to step into the mind game of bogeys here, but there are some finer points to focus on.</li><li>NVIDIA reports Q3 EPS $0.81 ex-items vs FactSet $0.75. Reports Q3: Revenue $35.08B vs FactSet $33.17B (2 billion beat like clockwork)</li><li>Q4 Guidance: Revenue $37.5B +/- 2% vs FactSet $37.09B (a bit light). GAAP and non-GAAP gross margins are expected to be 73.0% and 73.5%, respectively, +/- 50 bps. (also light)</li></ul>

Nvidia posted earnings yesterday, and guidance was light of buy-side bogeys. I’m not going to step into the mind game of bogeys here, but there are some finer points to focus on.NVIDIA reports Q3 EPS $0.81 ex-items vs FactSet $0.75. Reports Q3: Revenue $35.08B vs FactSet $33.17B (2 billion beat like clockwork)Q4 Guidance: Revenue $37.5B +/- 2% vs FactSet $37.09B (a bit light). GAAP and non-GAAP gross margins are expected to be 73.0% and 73.5%, respectively, +/- 50 bps. (also light)

NVIDIA: Waiting on Blackwell, and the Networking Question

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Monolithic Power Systems, Inc / Equity Bottom-Up

Monolithic Power Systems Inc specializes in high-performance, integrated power solutions. The Company provides small, highly energy efficient, easy-to-use power solutions for systems found in industrial applications, telecom infrastructures, cloud computing, automotive, and consumer applications.

<ul><li>Monolithic Power Systems (MPS) recently reported a robust performance for the third quarter of 2024, epitomizing significant revenue growth and diversification across its product portfolio.</li><li>The company attained a record quarterly revenue of $620.1 million, marking a 22% increase from the previous quarter and an impressive 30% growth year-over-year.</li><li>This growth trajectory is attributed to MPS's advancing market strategy diversity and the beneficial onset of revenue steams from past design wins.</li></ul>

Monolithic Power Systems (MPS) recently reported a robust performance for the third quarter of 2024, epitomizing significant revenue growth and diversification across its product portfolio.The company attained a record quarterly revenue of $620.1 million, marking a 22% increase from the previous quarter and an impressive 30% growth year-over-year.This growth trajectory is attributed to MPS's advancing market strategy diversity and the beneficial onset of revenue steams from past design wins.

Monolithic Power Systems: Expansion in Diversified Markets Driving Our 'Buy' Rating! - Major Drivers

Semiconductors
Insights on Semiconductor Supply Chain

NVIDIA Q3FY25 Growth Story Still On Track But Heed The Flaws In Jensen's GenAI Vision

NVIDIA's growth story remains intact, albeit it's slowing down. Jensen's claim that the existing $1 trillion general purpose data center stock will...

William Keating

Tech Supply Chain Tracker (23-Nov-2024): IC design firms optimistic for 2025, cautious about 1Q25.

IC design firms optimistic for 2025, Taiwan monitors trade impact, JSR builds EUV plant, Japan cuts APB funding, MediaTek aims at Indian market,...

Tech Supply Chain Tracker

Initial Thoughts on the Kioxia IPO - Impact on SK Hynix and Samsung Electronics

Kioxia plans to complete its IPO on 18 December, valuing Kioxia at ¥750 billion ($4.8 billion). The IPO is priced at ¥1,390 ($9) per share. The...

Douglas Kim

NVIDIA: Waiting on Blackwell, and the Networking Question

Nvidia posted earnings yesterday, and guidance was light of buy-side bogeys. I’m not going to step into the mind game of bogeys here, but there...

Fabricated Knowledge

Monolithic Power Systems: Expansion in Diversified Markets Driving Our 'Buy' Rating! - Major Drivers

Monolithic Power Systems (MPS) recently reported a robust performance for the third quarter of 2024, epitomizing significant revenue growth and...

Baptista Research