Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Thematic (Sector/Industry)

<ul>
<li>The role has been vacant for &gt; 3 months. Why wait till now to chose an obvious in-situ candidate?</li>
<li>Closure date for the Tower acquisition has been pushed out to H1 2023 from Q1 2023 according to an Intel filing on January 27 last</li>
<li>Intel's fortunes have changed dramatically for the worse over the past year. It's debatable whether the Tower acquisition makes sense any more. </li>
</ul>


The role has been vacant for &gt; 3 months. Why wait till now to chose an obvious in-situ candidate?
Closure date for the Tower acquisition has been pushed out to H1 2023 from Q1 2023 according to an Intel filing on January 27 last
Intel's fortunes have changed dramatically for the worse over the past year. It's debatable whether the Tower acquisition makes sense any more. 


Intel Foundry Chief Announcement Spells Trouble For The Tower Semi Acquisition

<ul>
<li>AMD Q4 2022 revenues amounted to $5.6 billion, $100 million above the midpoint of the guided range, flat sequentially but an increase of 16% YoY. </li>
<li>Intel Q4 2022 revenue amounted to $14 billion, at the very bottom of the guided range down 8% sequentially and down 28% YoY.</li>
<li>Facing the same macro headwinds, AMD significantly outperformed Intel across a wide range of key metrics in 2022</li>
</ul>


AMD Q4 2022 revenues amounted to $5.6 billion, $100 million above the midpoint of the guided range, flat sequentially but an increase of 16% YoY. 
Intel Q4 2022 revenue amounted to $14 billion, at the very bottom of the guided range down 8% sequentially and down 28% YoY.
Facing the same macro headwinds, AMD significantly outperformed Intel across a wide range of key metrics in 2022


<ul>
<li>AMD's overall x86 market share has doubled in the last three years</li>
<li>AMD’s desktop market share rebounded from 13.9% in Q3 2022 to 18.6% in Q4 2022</li>
<li>AMD will likely prioritise server versus client market share in 2023 &amp; 2024, pressing home their clear leadership advantage over Intel in this segment during this timeframe</li>
</ul>


AMD's overall x86 market share has doubled in the last three years
AMD’s desktop market share rebounded from 13.9% in Q3 2022 to 18.6% in Q4 2022
AMD will likely prioritise server versus client market share in 2023 &amp; 2024, pressing home their clear leadership advantage over Intel in this segment during this timeframe


AMD. Latest Market Share Growth & Outlook

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>Semiconductor revenues through January are behaving as Objective Analysis predicted in October</li>
<li>There has been a slight delay in the collapse, but overall, the collapse is very nearly following its predicted course.</li>
<li>Large memory makers will be the hardest hit, followed by processor vendors</li>
</ul>


Semiconductor revenues through January are behaving as Objective Analysis predicted in October
There has been a slight delay in the collapse, but overall, the collapse is very nearly following its predicted course.
Large memory makers will be the hardest hit, followed by processor vendors


Semiconductor Collapse Is Following Predicted Course

<ul>
<li>2022 was characterised by a historically strong H1 followed by a far weaker H2</li>
<li>The current downturn is impacting memory, PC and smartphone shipments the hardest</li>
<li>2023 is shaping up to be the reverse of 2022, i.e. historically weak H1 with recovery in H2</li>
</ul>


2022 was characterised by a historically strong H1 followed by a far weaker H2
The current downturn is impacting memory, PC and smartphone shipments the hardest
2023 is shaping up to be the reverse of 2022, i.e. historically weak H1 with recovery in H2


Semiconductors: 2022 Review & 2023 Outlook

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 Foundry Chief Announcement Spells Trouble For The Tower Semi Acquisition

Waiting >3 months to finally fill the role with an obvious in-situ candidate strongly suggests that the original plan has fallen apart. We think...

William Keating

AMD Versus Intel. Spot The Differences?

Throughout 2022, Intel's leadership team made a series of very poor decisions which caused the company to significantly underperform across a wide...

William Keating

Semiconductor Collapse Is Following Predicted Course

Today's semiconductor market is closely following the forecast we shared in October. This Insight compares the forecast to actual data for the...

Jim Handy

Semiconductors: 2022 Review & 2023 Outlook

2023 is shaping up to be the reverse of 2022, i.e. downturn continuing through H1 with recovery in H2. A lot depends on when PC and smartphone unit...

William Keating

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Intel Foundry Chief Announcement Spells Trouble For The Tower Semi Acquisition

Waiting >3 months to finally fill the role with an obvious in-situ candidate strongly suggests that the original plan has fallen apart. We think...

William Keating

AMD Versus Intel. Spot The Differences?

Throughout 2022, Intel's leadership team made a series of very poor decisions which caused the company to significantly underperform across a wide...

William Keating

AMD. Latest Market Share Growth & Outlook

AMD's overall x86 market share has doubled in the last three years. We expect AMD to prioritise server versus client market share in 2023 & 2024,...

William Keating

Semiconductor Collapse Is Following Predicted Course

Today's semiconductor market is closely following the forecast we shared in October. This Insight compares the forecast to actual data for the...

Jim Handy

Semiconductors: 2022 Review & 2023 Outlook

2023 is shaping up to be the reverse of 2022, i.e. downturn continuing through H1 with recovery in H2. A lot depends on when PC and smartphone unit...

William Keating