Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

The S&amp;P DJI Global Indices team <a href="https://www.spglobal.com/spdji/en/documents/indexnews/announcements/20201211-1277389/1277389_tes15aircaivspindnkn4.pdf?force_download=true" target="_blank" rel="noopener">confirmed</a> Friday night that <a href="https://www.smartkarma.com/entities/tesla-motors-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors (TSLA US)</a> would join the S&amp;P500 and the S&amp;P100 at the close of trading on 18 December, with <a href="https://www.smartkarma.com/entities/apartment-invt-mgmt-co-a" target="_blank" data-smartkarma-citation="entities:2193:1" rel="noopener">Apartment Invt &amp; Mgmt Co A (AIV US)</a> coming out of S&amp;P500 and its 14 December spin-out Apartment Income REIT replacing <a href="https://www.smartkarma.com/entities/dunkin-brands-group-inc" target="_blank" data-smartkarma-citation="entities:15866:1" rel="noopener">Dunkin' Brands Group (DNKN US)</a> in the S&amp;P Midcap 400, and <a href="https://www.smartkarma.com/entities/occidental-petroleum-corp" target="_blank" data-smartkarma-citation="entities:17075:1" rel="noopener">Occidental Petroleum (OXY US)</a> coming out of the S&amp;P100 but staying in the S&amp;P500. When the S&amp;P announced on the 16th of November that Tesla would be joining the S&amp;P500 in December, it said the pro-forma inclusion weight would be ~1.01% (without measuring what would come out). S&amp;P also said that it would update the pro-forma inclusion weight and trading value impact when the Deletion was announced, but they did not. My calc suggests it is 1.47% as of Friday's close. And the two-way trading value based on the S&amp;P's original US$51bn number is, as of today, ~US$152bn.Which is a lot.The arithmetic, and an explanation of why it matters, follow.

The S&amp;P DJI Global Indices team confirmed Friday night that Tesla Motors (TSLA US) would join the S&amp;P500 and the S&amp;P100 at the close of trading on 18 December, with Apartment Invt &amp; Mgmt Co A (AIV US) coming out of S&amp;P500 and its 14 December spin-out Apartment Income REIT replacing Dunkin' Brands Group (DNKN US) in the S&amp;P Midcap 400, and Occidental Petroleum (OXY US) coming out of the S&amp;P100 but staying in the S&amp;P500. When the S&amp;P announced on the 16th of November that Tesla would be joining the S&amp;P500 in December, it said the pro-forma inclusion weight would be ~1.01% (without measuring what would come out). S&amp;P also said that it would update the pro-forma inclusion weight and trading value impact when the Deletion was announced, but they did not. My calc suggests it is 1.47% as of Friday's close. And the two-way trading value based on the S&amp;P's original US$51bn number is, as of today, ~US$152bn.Which is a lot.The arithmetic, and an explanation of why it matters, follow.

Tesla Into S&P - Rebal Details, and Implications for Vol and Active Portfolio Reconstruction

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

Equity Bottom-Up

Slowly the details have emerged about the SK hynix acquisition of Intel's NAND flash business, which is the bulk of Intel's Nonvolatile Systems Group (NSG).  This Smartkarma Insight shares recent details and explains why some may have been ill-conceived.

Slowly the details have emerged about the SK hynix acquisition of Intel's NAND flash business, which is the bulk of Intel's Nonvolatile Systems Group (NSG).  This Smartkarma Insight shares recent details and explains why some may have been ill-conceived.

Details of SK Hynix Acquisition of Intel Flash Business

Thematic (Sector/Industry)

The latest WSTS semiconductor forecast provides a glittering outlook, but the organization's history, and the long-term trend of the industry, cast important doubt on the WSTS outlook.  Most of the positive sentiment appears to stem from the strong current market for memory chips.

The latest WSTS semiconductor forecast provides a glittering outlook, but the organization's history, and the long-term trend of the industry, cast important doubt on the WSTS outlook.  Most of the positive sentiment appears to stem from the strong current market for memory chips.

The SIA announced WSTS monthly semiconductor sales statistics for October 2020.   Sales were 6% higher than October 2019 and 3.1% higher than the prior month.  While this looks like the beginning of a growth phase, it seems more likely that sales will drop back to trend in the near future.

The SIA announced WSTS monthly semiconductor sales statistics for October 2020.   Sales were 6% higher than October 2019 and 3.1% higher than the prior month.  While this looks like the beginning of a growth phase, it seems more likely that sales will drop back to trend in the near future.

October Semiconductor Revenues Continue Upward Trend

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

The long-rumoured replacement of Intel processors by an in-house, <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple</a> designed SOC has finally come to pass. Last month, Apple launched their M1 SOC for the Mac Mini, MacBook Air and MacBook Pro 13" models. This being a momentous milestone in our view, we decided to see for ourselves what Apple has accomplished, purchased a Mac Mini and put it through its paces. We were seriously impressed. Here's a review of our experience to date and what we think it means for both Apple and Intel.

The long-rumoured replacement of Intel processors by an in-house, Apple designed SOC has finally come to pass. Last month, Apple launched their M1 SOC for the Mac Mini, MacBook Air and MacBook Pro 13" models. This being a momentous milestone in our view, we decided to see for ourselves what Apple has accomplished, purchased a Mac Mini and put it through its paces. We were seriously impressed. Here's a review of our experience to date and what we think it means for both Apple and Intel. 

The M1 SOC Is A Game Changer For Apple. Not So Much Intel.

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)

Tesla Into S&P - Rebal Details, and Implications for Vol and Active Portfolio Reconstruction

The TSLA S&P500 inclusion involves $150bn of direct flows and perhaps another $200-300bn indirect flows. It really is a MAMMOTH trade. And index...

Travis Lundy

Details of SK Hynix Acquisition of Intel Flash Business

SK hynix has acquired Intel's flash business, but does it make sense? SK hynix' management's statements indicate a disquieting misunderstanding of...

Jim Handy

WSTS Forecast Update All Positive

WSTS announced a very bullish semiconductor forecast, but this Insight shows why the careful investor needs to understand how this forecast came to...

Jim Handy

October Semiconductor Revenues Continue Upward Trend

October semiconductor sales showed impressive growth. Will this acceleration continue? This post indicates that revenues are most likely to drop...

Jim Handy

The M1 SOC Is A Game Changer For Apple. Not So Much Intel.

After purchasing a Mac Mini with Apple's own M1 SOC, we put it through its paces to see what are the implications for both Apple & Intel. We think...

William Keating

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