Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>The past three quarters have seen memory revenues collapse by 60%</li>
<li>DRAM and NAND prices have reach cost, and the business should remain profitless for an indefinite time</li>
<li>Management appears to have no idea when this situation will end</li>
</ul>


The past three quarters have seen memory revenues collapse by 60%
DRAM and NAND prices have reach cost, and the business should remain profitless for an indefinite time
Management appears to have no idea when this situation will end


Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

<ul>
<li>SK Hynix reported a Q1'23 net loss of ~ US$1.9 billion</li>
<li>As was the case with Micron, the company pegged Q1'23 as the trough for the current downturn and now expect quarterly revenues to grow sequentially</li>
<li>Recovery may be nigh, but the macro outlook has actually worsened. The road to recovery will be a long and winding one. </li>
</ul>


SK Hynix reported a Q1'23 net loss of ~ US$1.9 billion
As was the case with Micron, the company pegged Q1'23 as the trough for the current downturn and now expect quarterly revenues to grow sequentially
Recovery may be nigh, but the macro outlook has actually worsened. The road to recovery will be a long and winding one. 


SK Hynix Calls Time On The Memory Downturn

<ul>
<li>Semiconductor revenues remain in a decline, although that decline has slowed.</li>
<li>Prices appear to have reached cost.  They should follow cost declines until a shortage returns.</li>
<li>The timing of the next shortage is still in question.</li>
</ul>


Semiconductor revenues remain in a decline, although that decline has slowed.
Prices appear to have reached cost.  They should follow cost declines until a shortage returns.
The timing of the next shortage is still in question.


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Founder

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Equity Bottom-Up

<ul>
<li>ADEA announced semiconductor licenses covering nearly all the remaining NAND memory market the Company has yet to sign. Both Western Digital (WDC) and Kioxia signed long term hybrid bonding licenses</li>
<li>ADEA has been targeting a change in their license approach and these two licenses would be the first of such a change. The licenses are variable in nature </li>
<li>ADEA was already assuming WDC and Kioxia would sign licenses this year when management provided 2023 revenue guidance.</li>
</ul>


ADEA announced semiconductor licenses covering nearly all the remaining NAND memory market the Company has yet to sign. Both Western Digital (WDC) and Kioxia signed long term hybrid bonding licenses
ADEA has been targeting a change in their license approach and these two licenses would be the first of such a change. The licenses are variable in nature 
ADEA was already assuming WDC and Kioxia would sign licenses this year when management provided 2023 revenue guidance.


<ul>
<li>On the FY23Q2 earnings call last night, Micron pegged it as their trough quarter while taking a $1.4 billion hit on inventory write-down </li>
<li>Both DRAM and NAND are now selling well below cost, for all producers</li>
<li>Despite a gradually improving outlook, Micron still anticipates a further $500 million inventory write-down in their current quarter</li>
</ul>


On the FY23Q2 earnings call last night, Micron pegged it as their trough quarter while taking a $1.4 billion hit on inventory write-down 
Both DRAM and NAND are now selling well below cost, for all producers
Despite a gradually improving outlook, Micron still anticipates a further $500 million inventory write-down in their current quarter


Micron Calls FY23Q2 Trough But More Pain Still To Come

United States

Western Digital Corporation is a global provider of solutions for the collection, storage, management, protection and use of digital content, including audio and video. The Company's products include hard drives, solid-state drives, and home entertainment and networking products.

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Western Digital (WDC US)

Memory Downturn: No End in Sight

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SK Hynix Calls Time On The Memory Downturn

SK Hynix reported a Q1'23 net loss of ~ US$1.9 billion. Q1'23 pegged as the trough. Recovery may be nigh, but macro outlook has actually worsened....

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ADEA: More Deals Less Problems

ADEA announced IP licensing deals with WDC and Kioxia. The two combined have more than 30% share of the NAND memory market and bring ADEA's signed...

BWS Financial Inc

Micron Calls FY23Q2 Trough But More Pain Still To Come

On the FY23Q2 earnings call last night, Micron pegged it as their trough quarter while taking a $1.4 billion hit on inventory write-down. A further...

William Keating

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