Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

<ul>
<li>Micron released results and its shares are rising U.S. afterhours. The company said that its trough is past, implying the same for other memory chip producers such as Nanya Tech.</li>
<li>Given Nanya Tech recently rallied ahead of Micron, then reverted back most of the gains, we see at least a10% short-term Long trade for Nanya shares here.</li>
<li>Micron also made positive comments about the PC industry inventories. However, Taiwan PC names are already near 52-week highs. Elan Microelectronics could be a yet-to-rally play: See our full piece.</li>
</ul>


Micron released results and its shares are rising U.S. afterhours. The company said that its trough is past, implying the same for other memory chip producers such as Nanya Tech.
Given Nanya Tech recently rallied ahead of Micron, then reverted back most of the gains, we see at least a10% short-term Long trade for Nanya shares here.
Micron also made positive comments about the PC industry inventories. However, Taiwan PC names are already near 52-week highs. Elan Microelectronics could be a yet-to-rally play: See our full piece.


Memory Monitor: Micron Signals Trough Is Past -- Long Nanya Rebound & Elan Micro a Less Obvious Play

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS. SPX Flat as Chips stocks sell off on potential new China restrictions;  Fed Chair Powell keeps hawkish stance saying more hikes on the horizon; Micron calling bottom on Memory. </li>
<li>JAPAN. NKY Futs +0.1% vs Cash; USDJPY 144.4; Japan FX Tsar concerned saying govt will  respond "appropriately" on excessive weakness; Final Fantasy 16 off to a solid start</li>
<li>NUGGET. Katitas - specialist in remodelling vacant homes. 40% YTD underpeformance vs TPX. Govt stepping up support of vacant home sector - supportive of Katitas's business.</li>
</ul>


OVERSEAS. SPX Flat as Chips stocks sell off on potential new China restrictions;  Fed Chair Powell keeps hawkish stance saying more hikes on the horizon; Micron calling bottom on Memory. 
JAPAN. NKY Futs +0.1% vs Cash; USDJPY 144.4; Japan FX Tsar concerned saying govt will  respond "appropriately" on excessive weakness; Final Fantasy 16 off to a solid start
NUGGET. Katitas - specialist in remodelling vacant homes. 40% YTD underpeformance vs TPX. Govt stepping up support of vacant home sector - supportive of Katitas's business.


Ohayo Japan|Chips Sell Off; Micron Calls Memory Bottom; NUGGET: Katitas(8919)-Future Looks Bright

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>Micron results this week; will give a key readthrough for Nanya Tech. The latest memory chip pricing data implies it was another tough quarter.</li>
<li>Hon Hai's break out continues, with the shares achieving a new 52-week high. The company's new JV with automaker Stellantis may finally be winning over naysayers.</li>
<li>AI Leaders Basket: TSMC and ASML have substantially lagged Nvidia and could serve as AI-exposure alternatives to chasing Nvidia's rally.</li>
</ul>


Micron results this week; will give a key readthrough for Nanya Tech. The latest memory chip pricing data implies it was another tough quarter.
Hon Hai's break out continues, with the shares achieving a new 52-week high. The company's new JV with automaker Stellantis may finally be winning over naysayers.
AI Leaders Basket: TSMC and ASML have substantially lagged Nvidia and could serve as AI-exposure alternatives to chasing Nvidia's rally.


Taiwan Tech Weekly: Micron Results Key for Nanya; Hon Hai New 52-Week High; AI Leaders Basket

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

<ul>
<li>Chip revenues have been up for two months in a row.  Could this be the start of a trend?</li>
<li>Commodity prices indicate that the "Collapse" phase of a price downturn has ended, and that prices will now follow costs</li>
<li>DRAM and NAND makers should remain unprofitable until mid 2024, although their revenues can begin to steadily rise.  Other chip makers will do better.</li>
</ul>


Chip revenues have been up for two months in a row.  Could this be the start of a trend?
Commodity prices indicate that the "Collapse" phase of a price downturn has ended, and that prices will now follow costs
DRAM and NAND makers should remain unprofitable until mid 2024, although their revenues can begin to steadily rise.  Other chip makers will do better.


Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

<ul>
<li>While Intel was allegedly actively discouraged from further AT investment in Chengdu, Micron has just announced a significant investment in Xi'An. </li>
<li>Micron's Xi'An investment announcement happened on the same day as Intel's surprise Poland AT investment. </li>
<li>Following the Poland announcement, Intel now gets the enhanced Magdeburg deal they held out for.  </li>
</ul>


While Intel was allegedly actively discouraged from further AT investment in Chengdu, Micron has just announced a significant investment in Xi'An. 
Micron's Xi'An investment announcement happened on the same day as Intel's surprise Poland AT investment. 
Following the Poland announcement, Intel now gets the enhanced Magdeburg deal they held out for.  


Intel, Micron Expanding In Different Directions

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)

Memory Monitor: Micron Signals Trough Is Past -- Long Nanya Rebound & Elan Micro a Less Obvious Play

Given Nanya Tech recently rallied ahead of Micron, then reverted back most of the gains, we see at least a10% short-term Long trade for Nanya...

Vincent Fernando, CFA

Ohayo Japan|Chips Sell Off; Micron Calls Memory Bottom; NUGGET: Katitas(8919)-Future Looks Bright

SPX Flat; Chip stocks sell off; NKY Futs +0.1% vs Cash; USDJPY 144.4; Japan FX Tsar concerned saying govt will respond "appropriately" on...

Mark Chadwick

Taiwan Tech Weekly: Micron Results Key for Nanya; Hon Hai New 52-Week High; AI Leaders Basket

Hon Hai's break out continues, with the shares achieving a new 52-week high. The company's new JV with automaker Stellantis may finally be winning...

Vincent Fernando, CFA

Encouraging Signs in Recent Semi Stats

The chip market is giving signs of a recovery which will see rising revenues but should remain unprofitable for commodity players until mid-2024. ...

Jim Handy

Intel, Micron Expanding In Different Directions

While Intel got a red light on Chengdu, Micron got a green light on Xi'An. Intel announces surprise Poland AT investment on the same day as...

William Keating

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