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>Despite the high-profile announcement of his attendance, his segment was less than 3 minutes long!</li>
<li>Intel's CEO alluded to a partnership with OpenAI and implied there's more to come yet there's been no public announcement of any such partnership. </li>
<li>Microsoft's commitment to use Intel's 18A is a vote of confidence in their foundry offering. Let's see how it plays out.</li>
</ul>


Despite the high-profile announcement of his attendance, his segment was less than 3 minutes long!
Intel's CEO alluded to a partnership with OpenAI and implied there's more to come yet there's been no public announcement of any such partnership. 
Microsoft's commitment to use Intel's 18A is a vote of confidence in their foundry offering. Let's see how it plays out.


Intel Snags Altman To Close Foundry Day Event

Podcast by Dom Cooke to explore big businesses, Business Breakdowns

Business Breakdowns

Podcast by Dom Cooke to explore big businesses

Learn how companies work from the people who know them best. We do deep research and interview industry veterans, investment professionals, and corporate executives to explain the inner workings of public stocks and private businesses. For each company, we break down their history, business model, financial statements, secret sauce, and bull/bear case. We believe every business has lessons to teach us and Breakdowns is here to highlight them. Learn more and stay up to date at www.joincolossus.com.

<ul><li>Investment firms are using Ten East to diversify their personal portfolios.</li><li>Business Breakdowns is a podcast series that explores the history, business models, and competitive advantages of different businesses.</li><li>Todd Austin, CIO of Parnassus Investments, discusses Intel's fall from its iconic status and the factors that contributed to it.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Investment firms are using Ten East to diversify their personal portfolios.Business Breakdowns is a podcast series that explores the history, business models, and competitive advantages of different businesses.Todd Austin, CIO of Parnassus Investments, discusses Intel's fall from its iconic status and the factors that contributed to it.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Intel: Cyclical Recovery or Secular Demise? - [Business Breakdowns, EP.149]

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>In the fourth quarter of 2023, Intel managed to display consistent progress towards its Integrated Device Manufacturer (IDM) 2.0 transformation.</li><li>This implied effective execution of its strategy to reestablish process leadership and fostering product execution.</li><li>Revenue exceeded expectations for the fourth consecutive quarter due to the company’s focus on driving operating leverage and managing expenses, thereby meeting the cost savings commitment for fiscal year 2023.</li></ul>

In the fourth quarter of 2023, Intel managed to display consistent progress towards its Integrated Device Manufacturer (IDM) 2.0 transformation.This implied effective execution of its strategy to reestablish process leadership and fostering product execution.Revenue exceeded expectations for the fourth consecutive quarter due to the company’s focus on driving operating leverage and managing expenses, thereby meeting the cost savings commitment for fiscal year 2023.

Intel Corporation: Solid Advances in AI and the Cloud & Other Major Drivers

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>Branded PC makers' shares have been mostly lower in April, however Intel and Microsoft developments are providing strong signals for a future PC upgrade cycle into AI PCs.</li>
<li>Over 60% of Fortune 500 companies are now using Microsoft's CoPilot AI assistant; Intel expects the industry to exceed its prior forecast for AI PC shipments in 2024E.</li>
<li>CoPilot is the killer app that will trigger a global enterprise PC upgrade cycle; The next generation of CoPilot will be an edge AI app that will require powerful hardware.</li>
</ul>


Branded PC makers' shares have been mostly lower in April, however Intel and Microsoft developments are providing strong signals for a future PC upgrade cycle into AI PCs.
Over 60% of Fortune 500 companies are now using Microsoft's CoPilot AI assistant; Intel expects the industry to exceed its prior forecast for AI PC shipments in 2024E.
CoPilot is the killer app that will trigger a global enterprise PC upgrade cycle; The next generation of CoPilot will be an edge AI app that will require powerful hardware.


PC Monitor: The Next Version of MSFT CoPilot Will Be the Killer App for a Global AI PC Upgrade Cycle

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Thematic (Sector/Industry)

<ul>
<li>The 2023 vintage of "5 High Conviction Ideas" was commodity heavy with 4 of our 5 picks coming from this sector. Three out of five declined between 15-25%. </li>
<li>Our best performer was unloved <a href="https://www.smartkarma.com/entities/mongolian-mining-corp" target="_blank" data-smartkarma-citation="entities:4382:1" rel="noopener">Mongolian Mining (975 HK)</a> which returned 234% even beating <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> YTD performance.  Miracles happen: Coal mining beats AI.</li>
<li>Our 2024 vintage of top ideas for the year will hopefully have a higher hit ratio. See below for more details which are our five high conviction ideas for 2024.</li>
</ul>


The 2023 vintage of "5 High Conviction Ideas" was commodity heavy with 4 of our 5 picks coming from this sector. Three out of five declined between 15-25%. 
Our best performer was unloved Mongolian Mining (975 HK) which returned 234% even beating NVIDIA Corp (NVDA US) YTD performance.  Miracles happen: Coal mining beats AI.
Our 2024 vintage of top ideas for the year will hopefully have a higher hit ratio. See below for more details which are our five high conviction ideas for 2024.


Overview of My Winners and Losers in 2023...and 5 High Conviction Ideas Going Into 2024

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)

Intel Snags Altman To Close Foundry Day Event

Altman's segment lasted less than 3 minutes! Gelsinger implied partnership with OpenAI & hinted at more to come. Microsoft's plan to use Intel's...

William Keating

Intel: Cyclical Recovery or Secular Demise? - [Business Breakdowns, EP.149]

In this episode of Business Breakdowns, Todd Austin from Parnassus Investments discusses the decline of Intel, including its loss of market share...

Business Breakdowns

Intel Corporation: Solid Advances in AI and the Cloud & Other Major Drivers

In the fourth quarter of 2023, Intel managed to display consistent progress towards its Integrated Device Manufacturer (IDM) 2.0...

Baptista Research

PC Monitor: The Next Version of MSFT CoPilot Will Be the Killer App for a Global AI PC Upgrade Cycle

CoPilot, as an edge AI app, will drive a global PC upgrade cycle with its next-gen version requiring advanced hardware.

Vincent Fernando, CFA

Overview of My Winners and Losers in 2023...and 5 High Conviction Ideas Going Into 2024

Our stand-out performer in FY23 was little loved Mongolia Mining. For FY24 we provide five new names which we think can perform strongly.

Nicolas Van Broekhoven

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Intel Snags Altman To Close Foundry Day Event

Altman's segment lasted less than 3 minutes! Gelsinger implied partnership with OpenAI & hinted at more to come. Microsoft's plan to use Intel's...

William Keating

Intel: Cyclical Recovery or Secular Demise? - [Business Breakdowns, EP.149]

In this episode of Business Breakdowns, Todd Austin from Parnassus Investments discusses the decline of Intel, including its loss of market share...

Business Breakdowns

Intel Corporation: Solid Advances in AI and the Cloud & Other Major Drivers

In the fourth quarter of 2023, Intel managed to display consistent progress towards its Integrated Device Manufacturer (IDM) 2.0...

Baptista Research

PC Monitor: The Next Version of MSFT CoPilot Will Be the Killer App for a Global AI PC Upgrade Cycle

​CoPilot, as an edge AI app, will drive a global PC upgrade cycle with its next-gen version requiring advanced hardware.

Vincent Fernando, CFA

Overview of My Winners and Losers in 2023...and 5 High Conviction Ideas Going Into 2024

Our stand-out performer in FY23 was little loved Mongolia Mining. For FY24 we provide five new names which we think can perform strongly.

Nicolas Van Broekhoven

CoPilot, as an edge AI app, will drive a global PC upgrade cycle with its next-gen version requiring advanced hardware.