Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

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

<ul>
<li>TSMC reduced capex guidance to the bottom of its guidance range but maintained revenue expectations and still expects substantial growth in 2024E.</li>
<li>Dell, HP, and Qualcomm comments signal an AI-Driven PC refresh cycle ahead and 2024E PC Growth. Windows 11 upgrades could be accelerated as new PC AI applications roll out.</li>
<li>Hon Hai reported that it gained market share globally in 2022, and that it has 40% global market share for servers. Hon Hai's AI servers expected to experience triple-digit growth.</li>
</ul>


TSMC reduced capex guidance to the bottom of its guidance range but maintained revenue expectations and still expects substantial growth in 2024E.
Dell, HP, and Qualcomm comments signal an AI-Driven PC refresh cycle ahead and 2024E PC Growth. Windows 11 upgrades could be accelerated as new PC AI applications roll out.
Hon Hai reported that it gained market share globally in 2022, and that it has 40% global market share for servers. Hon Hai's AI servers expected to experience triple-digit growth.


Taiwan Tech Weekly: TSMC Cuts Capex; Hon Hai AI Servers in Demand; ASE Winning TSMC Orders

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

<ul>
<li>Intel's CFO boosted the current quarter outlook to the higher end of the guided range of $12 billion +/- $500 million</li>
<li>Intel's share price was up 4.8% in overnight trading, presumably a result of the forecast boost</li>
<li>While Intel's CFO thinks Intel is set to ride an AI wave, we think it will be more like riding a ripple across a rising tide that lifts all boats. </li>
</ul>


Intel's CFO boosted the current quarter outlook to the higher end of the guided range of $12 billion +/- $500 million
Intel's share price was up 4.8% in overnight trading, presumably a result of the forecast boost
While Intel's CFO thinks Intel is set to ride an AI wave, we think it will be more like riding a ripple across a rising tide that lifts all boats. 


Concise Playbook for the Week, Global Markets Playbook

Kevin George

Concise Playbook for the Week

Global Markets Playbook

I am an active trader in stocks, FX and commodities with over 15 years' market experience. I hold a master's degree in finance and have developed a strong skill base in technical analysis. 

Alongside technical setups I will provide earnings analysis, company valuation analysis and macroeconomic studies for the key market releases.

<ul>
<li>The chip industry is seeing two "transitions" Intel is being phased out with the GPU shift, according to the company.</li>
<li>The company is also expected to be phased out of the chip industry with the next generation of processors.</li>
<li>The chip company is expected to have a new generation of chips in the coming years.</li>
</ul>


The chip industry is seeing two "transitions" Intel is being phased out with the GPU shift, according to the company.
The company is also expected to be phased out of the chip industry with the next generation of processors.
The chip company is expected to have a new generation of chips in the coming years.


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 steep part of the chip collapse has run its course, and prices are now following cost</li>
<li>Revenues will rise once demand growth fully offsets price decreases, probably in the fourth quarter</li>
<li>The market will regain profitability only after a new shortage develops, which may be the middle of 2024</li>
</ul>


The steep part of the chip collapse has run its course, and prices are now following cost
Revenues will rise once demand growth fully offsets price decreases, probably in the fourth quarter
The market will regain profitability only after a new shortage develops, which may be the middle of 2024


Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Intel delivered solid first-quarter results with revenues above expectations and narrower than expected losses.</li><li>The fallouts of this quarter demonstrate the advancement Intel is making to advance the company's transformation as well as the IDM 2.0 strategy.</li><li>In the quarter, Intel introduced its 13th Gen Intel Core Mobile processor, followed by its new vPro platform.</li></ul>

Intel delivered solid first-quarter results with revenues above expectations and narrower than expected losses.The fallouts of this quarter demonstrate the advancement Intel is making to advance the company's transformation as well as the IDM 2.0 strategy.In the quarter, Intel introduced its 13th Gen Intel Core Mobile processor, followed by its new vPro platform.

Intel Corporation: Expansion of Cloud Capabilities & Other Drivers

United States

Intel Corporation designs, manufactures, and sells computer components and related products.  The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

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Intel Corp (INTC US)

Taiwan Tech Weekly: TSMC Cuts Capex; Hon Hai AI Servers in Demand; ASE Winning TSMC Orders

Hon Hai reported that it gained market share globally in 2022, and that it has 40% global market share for servers. Hon Hai's AI servers expected...

Vincent Fernando, CFA

Will Intel Ride The AI Wave?

Current quarter outlook boosted to the high end of the guided range.Share price was up 4.8% in overnight trading.While NVIDIA is riding an AI wave,...

William Keating

Intel Has Big Problems Ahead

The company is also expected to be phased out of the chip industry with the next generation of processors. The chip company is expected to have a...

Kevin George

Where Are We in the Semiconductor Cycle?

Will the semiconductor market turn around? Revenues are likely to regain modest growth in the fourth quarter, but profits shouldn't return until...

Jim Handy

Intel Corporation: Expansion of Cloud Capabilities & Other Drivers

Intel delivered solid first-quarter results with revenues above expectations and narrower than expected losses. The fallouts of this quarter...

Baptista Research

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