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.

Thematic (Sector/Industry)

<ul>
<li>Micron's earnings were… acceptable.</li>
<li>
The market didn’t like the guide, but I think it is more of a function of expectations management.
</li>
<li>
Micron is clearly on the upswing, and the stock needs healthy revenue and profit beats.

</li>
</ul>


Micron's earnings were… acceptable.

The market didn’t like the guide, but I think it is more of a function of expectations management.


Micron is clearly on the upswing, and the stock needs healthy revenue and profit beats.




Micron Earnings, SiTime, Consumer, and Applied Materials Insider Sale

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Nvidia became the world’s most valuable company on 18 June, with market cap topping US$3.34trn, though it has retreated by approx.16% from the peak.</li><li>AI demand remains strong, and Nvidia still dominates the AI chip market with over 90% market share, per GlobalData.</li><li>However, Nvidia’s QoQ revenue growth has slowed (2QFY24-1QFY25: 88%/34%/22%/18%) in the past few quarters given a high base (quarterly sales almost quadrupled to US$26bn in 1QFY25 from US$7bn in 1QFY24). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nvidia became the world’s most valuable company on 18 June, with market cap topping US$3.34trn, though it has retreated by approx.16% from the peak.AI demand remains strong, and Nvidia still dominates the AI chip market with over 90% market share, per GlobalData.However, Nvidia’s QoQ revenue growth has slowed (2QFY24-1QFY25: 88%/34%/22%/18%) in the past few quarters given a high base (quarterly sales almost quadrupled to US$26bn in 1QFY25 from US$7bn in 1QFY24). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semiconductors - Thematic Investing and Megatrends: AI Exposure Update

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

Equity Bottom-Up

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>Taiwan Shares Fall With Nvidia... SK Hynix HBM DRAM with Global Unichip? Taiwan's Vietnam Shift Continues... Broadcom Developing an AI Chip with Bytedance</li>
<li>TechChain Insights: Call with Elan Micro; AI PC Significant Uptake 4Q24/1H25; Supply Chain Preparing </li>
<li>UMC (2303.TT; UMC.US): The Outlook for 3Q24 Has Reached a Slightly Upside QoQ. </li>
</ul>


Taiwan Shares Fall With Nvidia... SK Hynix HBM DRAM with Global Unichip? Taiwan's Vietnam Shift Continues... Broadcom Developing an AI Chip with Bytedance
TechChain Insights: Call with Elan Micro; AI PC Significant Uptake 4Q24/1H25; Supply Chain Preparing 
UMC (2303.TT; UMC.US): The Outlook for 3Q24 Has Reached a Slightly Upside QoQ. 


Taiwan Tech Weekly: Declines With Nvidia; Taiwan's Vietnam Shift Continues; UMC's Outlook Improves

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

<ul>
<li>Greatly reduced growth-related WFE CapEx, cannibalisation of legacy node WFE for leading edge transitions and surging demand for HBM will likely trigger mainstream memory shortages by EOY 2024 </li>
<li>Both Nanya and Winbond are well positioned to benefit from any industry-wide shortages</li>
<li>If Samsung can sort out its HBM woes, it will be line for a re-rating</li>
</ul>


Greatly reduced growth-related WFE CapEx, cannibalisation of legacy node WFE for leading edge transitions and surging demand for HBM will likely trigger mainstream memory shortages by EOY 2024 
Both Nanya and Winbond are well positioned to benefit from any industry-wide shortages
If Samsung can sort out its HBM woes, it will be line for a re-rating


Samsung, Nanya, Winbond. Watch This Space...

<ul>
<li>We conducted a Q&amp;A with Kinik, who is a key supplier to companies including TSMC, UMC, and Micron.</li>
<li>Kinik is dramatically expanding its diamond disk capacity; these products are critical to the production of wafers for advanced semiconductor nodes.</li>
<li>We believe Kinik has high visibility into future industry demand. Gross margins are likely to expand in the coming years as advanced diamond products become increasingly important to wafer production.</li>
</ul>


We conducted a Q&amp;A with Kinik, who is a key supplier to companies including TSMC, UMC, and Micron.
Kinik is dramatically expanding its diamond disk capacity; these products are critical to the production of wafers for advanced semiconductor nodes.
We believe Kinik has high visibility into future industry demand. Gross margins are likely to expand in the coming years as advanced diamond products become increasingly important to wafer production.


TechChain Insights: Q&A with TSMC Supplier Kinik; Diamond Capex Implies Industry Strength Visibility

United States

Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), very fast static random access memory chips (SRAMs), Flash Memory, other semiconductor components, and memory modules.

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Micron Technology (MU US)

Micron Earnings, SiTime, Consumer, and Applied Materials Insider Sale

High expectations for Micron, SiTime Spectrum-X (s/o Ian Cutress) and Consumer Bottoming, and thoughts on Semiconductors (Bearish!)

Fabricated Knowledge

Semiconductors - Thematic Investing and Megatrends: AI Exposure Update

Nvidia became the world’s most valuable company on 18 June, with market cap topping US$3.34trn, though it has retreated by approx.16% from the peak.

CMB International

Taiwan Tech Weekly: Declines With Nvidia; Taiwan's Vietnam Shift Continues; UMC's Outlook Improves

New Vietnam investments by Hon Hai and Wistron, Elan preparing for significant AI PC uptake in 4Q24/1H25, UMC's outlook increasingly optimistic for...

Vincent Fernando, CFA

Samsung, Nanya, Winbond. Watch This Space...

Greatly reduced growth-related WFE CapEx, cannibalisation of legacy node WFE for leading edge transitions and surging demand for HBM will likely...

William Keating

TechChain Insights: Q&A with TSMC Supplier Kinik; Diamond Capex Implies Industry Strength Visibility

Q&A with Kinik reveals expansion of diamond disk capacity crucial for semiconductor production, indicating high visibility into future industry...

Vincent Fernando, CFA

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52-week Range

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Micron Earnings, SiTime, Consumer, and Applied Materials Insider Sale

High expectations for Micron, SiTime Spectrum-X (s/o Ian Cutress) and Consumer Bottoming, and thoughts on Semiconductors (Bearish!)

Fabricated Knowledge

Semiconductors - Thematic Investing and Megatrends: AI Exposure Update

Nvidia became the world’s most valuable company on 18 June, with market cap topping US$3.34trn, though it has retreated by approx.16% from the peak.

CMB International

Taiwan Tech Weekly: Declines With Nvidia; Taiwan's Vietnam Shift Continues; UMC's Outlook Improves

New Vietnam investments by Hon Hai and Wistron, Elan preparing for significant AI PC uptake in 4Q24/1H25, UMC's outlook increasingly optimistic for...

Vincent Fernando, CFA

Samsung, Nanya, Winbond. Watch This Space...

Greatly reduced growth-related WFE CapEx, cannibalisation of legacy node WFE for leading edge transitions and surging demand for HBM will likely...

William Keating

TechChain Insights: Q&A with TSMC Supplier Kinik; Diamond Capex Implies Industry Strength Visibility

​Q&A with Kinik reveals expansion of diamond disk capacity crucial for semiconductor production, indicating high visibility into future industry...

Vincent Fernando, CFA

Q&A with Kinik reveals expansion of diamond disk capacity crucial for semiconductor production, indicating high visibility into future industry...