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

<ul>
<li>Q324 revenues of $13.3 billion, $300 million above the guided midpoint, up 4% QoQ but down 6% YoY</li>
<li>Current quarter guidance of $13.8 billion at the midpoint, up 3.7% QoQ, with the now customary plus or minus $500 million for safety sake</li>
<li>Extraordinary reveals during Q&amp;A including defect density versus mature yield clarification, increasing outsourcing in 2025 &amp; why Lunar Lake is an accidental gross margin killer</li>
</ul>


Q324 revenues of $13.3 billion, $300 million above the guided midpoint, up 4% QoQ but down 6% YoY
Current quarter guidance of $13.8 billion at the midpoint, up 3.7% QoQ, with the now customary plus or minus $500 million for safety sake
Extraordinary reveals during Q&amp;A including defect density versus mature yield clarification, increasing outsourcing in 2025 &amp; why Lunar Lake is an accidental gross margin killer


Intel Q324. Restructuring & Impairment Charges Tank Gross Margin

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

<ul>
<li>3Q24 Performance Signals Advanced Products Making Major Progress; 20% Topline Growth &amp; Improved China Market Conditions</li>
<li>Flagship Mobile Revenue Leading the Charge in China and Emerging Markets</li>
<li>ASIC and AI Accelerator Progress: Estimate 2025E/2026E Initial Mass Production; Maintain Structural Long Rating.</li>
</ul>


3Q24 Performance Signals Advanced Products Making Major Progress; 20% Topline Growth &amp; Improved China Market Conditions
Flagship Mobile Revenue Leading the Charge in China and Emerging Markets
ASIC and AI Accelerator Progress: Estimate 2025E/2026E Initial Mass Production; Maintain Structural Long Rating.


Mediatek's Advanced Product Strategy Showing Major Progress; Maintain Structural Long

Taiwan Tech Focused Senior Analyst

Patrick Liao

ASE Technology Holding   / Equity Bottom-Up

<ul>
<li>The 4Q24 EMS is expected to decline by a mid-single-digit percentage QoQ in 4Q24, while ATM sales are expected to grow slightly QoQ.</li>
<li>General market hasn’t recovered yet.2024 outlook still seems lukewarm. 2024 market excluding HPC and AI is indeed down YoY. Only AI and leading edge product demand is robust.</li>
<li>Expects 2025 general market demand to have better recovery, more leading edge business opportunities and higher testing sales mix to help GM go up.</li>
</ul>


The 4Q24 EMS is expected to decline by a mid-single-digit percentage QoQ in 4Q24, while ATM sales are expected to grow slightly QoQ.
General market hasn’t recovered yet.2024 outlook still seems lukewarm. 2024 market excluding HPC and AI is indeed down YoY. Only AI and leading edge product demand is robust.
Expects 2025 general market demand to have better recovery, more leading edge business opportunities and higher testing sales mix to help GM go up.


ASEH (3711.TT; ASX.US): The Overall 4Q24 Trend Is Slightly Downward QoQ.

<ul>
<li>Q324 revenues of $2.84 billion, at the upper end of the guided range, up 10.5% QoQ and up 18.3% YoY</li>
<li>Q424 revenue guide of 2.95 billion, plus or minus $150 million. This represents a ~4% QoQ increase and a 18.6% increase YoY</li>
<li>CEO Rick Wallace: "for years now, we've really had primarily one major player at the leading edge”. That's an interesting comment to make.</li>
</ul>


Q324 revenues of $2.84 billion, at the upper end of the guided range, up 10.5% QoQ and up 18.3% YoY
Q424 revenue guide of 2.95 billion, plus or minus $150 million. This represents a ~4% QoQ increase and a 18.6% increase YoY
CEO Rick Wallace: "for years now, we've really had primarily one major player at the leading edge”. That's an interesting comment to make.


KLAC Q324. Heavy Emphasis On Leading Edge For Growth In 2025

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Companies exude confidence and unanimously explain that AI is the fastest growing revenue segment ever.  AI leads to revenue growth, increase in volume, higher pricing, higher engagement. </li>
<li>Companies also explain that AI today only reflects a small part of long-term planning. AI is a decade long transformation of how we work, search for information or buy products.  </li>
<li>Meta and Microsoft see equipment delays and are capacity constrained in 2024. Capex will increase in 2025. </li>
</ul>


Companies exude confidence and unanimously explain that AI is the fastest growing revenue segment ever.  AI leads to revenue growth, increase in volume, higher pricing, higher engagement. 
Companies also explain that AI today only reflects a small part of long-term planning. AI is a decade long transformation of how we work, search for information or buy products.  
Meta and Microsoft see equipment delays and are capacity constrained in 2024. Capex will increase in 2025. 


Google, Meta, Microsoft: What Did They Say About AI, Capex and Revenues?

Taiwan

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

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Taiwan Semiconductor (TSMC) (2330 TT)

Intel Q324. Restructuring & Impairment Charges Tank Gross Margin

Q324 $13.3 billion, +4% QoQ but -6% YoY. Q424 guide of $13.8 billion, +3.7% QoQ, but -10,4% YoY. Amazingly frank Q&A session with multiple reveals,...

William Keating

Mediatek's Advanced Product Strategy Showing Major Progress; Maintain Structural Long

Advanced products at 3Q24 are showing strong performance with 20% topline growth, driven by flagship mobile revenue in China and emerging markets.

Vincent Fernando, CFA

ASEH (3711.TT; ASX.US): The Overall 4Q24 Trend Is Slightly Downward QoQ.

4Q24 EMS expected to decline, ATM sales to grow slightly. 2024 market still struggling, AI demand robust. 2025 outlook shows promise for recovery...

Patrick Liao

KLAC Q324. Heavy Emphasis On Leading Edge For Growth In 2025

Q324 $2.84 billion, +10.5% QoQ & +18.3% YoY. Q424 guide $2.95 billion, +4% QoQ & +18.6% YoY. CEO states "for years now, we've really had primarily...

William Keating

Google, Meta, Microsoft: What Did They Say About AI, Capex and Revenues?

Is AI really increasing revenues, profitability? There is still considerable doubt within the investors community on the "reality" of AI, or its...

Nicolas Baratte

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Intel Q324. Restructuring & Impairment Charges Tank Gross Margin

Q324 $13.3 billion, +4% QoQ but -6% YoY. Q424 guide of $13.8 billion, +3.7% QoQ, but -10,4% YoY. Amazingly frank Q&A session with multiple reveals,...

William Keating

Mediatek's Advanced Product Strategy Showing Major Progress; Maintain Structural Long

​Advanced products at 3Q24 are showing strong performance with 20% topline growth, driven by flagship mobile revenue in China and emerging markets.

Vincent Fernando, CFA

ASEH (3711.TT; ASX.US): The Overall 4Q24 Trend Is Slightly Downward QoQ.

​4Q24 EMS expected to decline, ATM sales to grow slightly. 2024 market still struggling, AI demand robust. 2025 outlook shows promise for recovery...

Patrick Liao

KLAC Q324. Heavy Emphasis On Leading Edge For Growth In 2025

Q324 $2.84 billion, +10.5% QoQ & +18.3% YoY. Q424 guide $2.95 billion, +4% QoQ & +18.6% YoY. CEO states "for years now, we've really had primarily...

William Keating

Google, Meta, Microsoft: What Did They Say About AI, Capex and Revenues?

Is AI really increasing revenues, profitability? There is still considerable doubt within the investors community on the "reality" of AI, or its...

Nicolas Baratte

Advanced products at 3Q24 are showing strong performance with 20% topline growth, driven by flagship mobile revenue in China and emerging markets.

4Q24 EMS expected to decline, ATM sales to grow slightly. 2024 market still struggling, AI demand robust. 2025 outlook shows promise for recovery...