Semiconductor Analysis & Research, Ingenuity

Semicon Alpha

Semiconductor Analysis & Research

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. 

Thematic (Sector/Industry)

<ul><li>The origins of the current semiconductor downturn can be traced back to last May.</li><li>That’s when the leading PC OEMs posted their first quarter results, and in some cases, their second quarter outlook.</li><li>For some context, it is well understood that the pandemic roused the slumbering PC market to an extraordinary degree after the initial shock waves reverberated around the globe in Q1 2020.</li></ul>

The origins of the current semiconductor downturn can be traced back to last May.That’s when the leading PC OEMs posted their first quarter results, and in some cases, their second quarter outlook.For some context, it is well understood that the pandemic roused the slumbering PC market to an extraordinary degree after the initial shock waves reverberated around the globe in Q1 2020.

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

Hon Hai Precision Industry / Equity Bottom-Up

<ul>
<li>Hon Hai's Zhengzhou iPhone plant to return to full production? Shares pop</li>
<li>Nanya Tech shares worst performers last week - We remain near-term negative</li>
<li>Intel &amp; TSMC trade flattish last week -- Intel currently at UBS's TMT conference</li>
</ul>


Hon Hai's Zhengzhou iPhone plant to return to full production? Shares pop
Nanya Tech shares worst performers last week - We remain near-term negative
Intel &amp; TSMC trade flattish last week -- Intel currently at UBS's TMT conference


Taiwan Tech Weekly: Hon Hai IPhone Plant Recovery, Nanya Slumps, Intel Foundry Potential in 2023

<ul>
<li>Nanya Tech shares have dropped, but there's still a 10% trading sell from these levels.</li>
<li>The company had dramatically outperformed the Taiwan market and Memory chip peers, yet is heading into weakening end-demand with inventory levels at multi-year highs.</li>
<li>We see the potential for inventory write-downs and a negative operating margin in the coming quarters. Meanwhile, opportunities for near-term good news appear limited.</li>
</ul>


Nanya Tech shares have dropped, but there's still a 10% trading sell from these levels.
The company had dramatically outperformed the Taiwan market and Memory chip peers, yet is heading into weakening end-demand with inventory levels at multi-year highs.
We see the potential for inventory write-downs and a negative operating margin in the coming quarters. Meanwhile, opportunities for near-term good news appear limited.


Nanya Technology: Inventory Risk, A 10% Downside Trade Is Still Available

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>The current semiconductor market meltdown can be expected to continue through the end of 2024</li>
<li>This will reduce 2022 market growth to 5%, and will drive a decline of 19% in 2023</li>
<li>Stocks will be unevenly influenced by this, with the most dramatic declines hitting makers of volume commodities, smaller declines in differentiated products, and a weak impact on older technology products.</li>
</ul>


The current semiconductor market meltdown can be expected to continue through the end of 2024
This will reduce 2022 market growth to 5%, and will drive a decline of 19% in 2023
Stocks will be unevenly influenced by this, with the most dramatic declines hitting makers of volume commodities, smaller declines in differentiated products, and a weak impact on older technology products.


2023 High Conviction: Semiconductor Down Market

<ul>
<li>Unprecedented protests have emerged in China; Hon Hai is offering an $1,800 bonus per month to keep workers on site.</li>
<li>Taiwan memory chip makers are slashing production in response to end-demand weakness, Nanya Tech looks at risk of a pullback.</li>
<li>TSMC to build its most advanced fab yet, a 1-nanometer class facility, in Taoyuan. The price tag? $32bn.</li>
</ul>


Unprecedented protests have emerged in China; Hon Hai is offering an $1,800 bonus per month to keep workers on site.
Taiwan memory chip makers are slashing production in response to end-demand weakness, Nanya Tech looks at risk of a pullback.
TSMC to build its most advanced fab yet, a 1-nanometer class facility, in Taoyuan. The price tag? $32bn.


Taiwan Tech Weekly: Unprecedented China Protests, Memory Slump, TSMC Keeping Taiwan Fabs Ahead of US

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)

Anatomy Of A Semiconductor Downturn

The origins of the current semiconductor downturn can be traced back to last May. That’s when the leading PC OEMs posted their first quarter...

Semicon Alpha

Taiwan Tech Weekly: Hon Hai IPhone Plant Recovery, Nanya Slumps, Intel Foundry Potential in 2023

Intel & TSMC trade flattish last week -- Intel currently at UBS's TMT conference. Reuters reports that Hon Hai's Zhengzhou facility is recovering.

Vincent Fernando, CFA

Nanya Technology: Inventory Risk, A 10% Downside Trade Is Still Available

We see the potential for inventory write-downs and a negative operating margin in the coming quarters. Meanwhile, opportunities for near-term good...

Vincent Fernando, CFA

2023 High Conviction: Semiconductor Down Market

What's happening in semiconductors? When will the downturn end? What does this mean to chip stock prices? This Insight provides some concrete...

Jim Handy

Taiwan Tech Weekly: Unprecedented China Protests, Memory Slump, TSMC Keeping Taiwan Fabs Ahead of US

Taiwan memory chip makers are slashing production in response to end-demand weakness, Nanya Tech looks at risk of a pullback.

Vincent Fernando, CFA

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