Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The MV US Listed Semiconductor 25 index represents the performance of the biggest US-listed companies in the semiconductor industry.</li>
<li>There will be no index changes for the December 2024 rebal event.</li>
<li>We expect a one-way flow of US$1.3bn for December 2024, which translates to a turnover of 5.4%.</li>
</ul>


The MV US Listed Semiconductor 25 index represents the performance of the biggest US-listed companies in the semiconductor industry.
There will be no index changes for the December 2024 rebal event.
We expect a one-way flow of US$1.3bn for December 2024, which translates to a turnover of 5.4%.


[Quiddity Index] MarketVector US Semiconductor Index Dec24 Rebal Results: Flow Expectations

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

Advanced Micro Devices / Equity Bottom-Up

<ul>
<li>AMD’s Lisa Su has been honoured as Time’s CEO of the year, a fitting tribute to a leader who  pulled off what many thought to be impossible</li>
<li>Despite flawless execution and carving out a brand new $5 billion market segment within AI Acceleration, AMD's share prices is down 44% from its 52 week high</li>
<li>AMD will ultimately face headwinds from Arm but, for the time being, their growth will come from continuing to take market share from Intel and building on their Instinct platform </li>
</ul>


AMD’s Lisa Su has been honoured as Time’s CEO of the year, a fitting tribute to a leader who  pulled off what many thought to be impossible
Despite flawless execution and carving out a brand new $5 billion market segment within AI Acceleration, AMD's share prices is down 44% from its 52 week high
AMD will ultimately face headwinds from Arm but, for the time being, their growth will come from continuing to take market share from Intel and building on their Instinct platform 


Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>3Q24 results inline with Consensus. 4Q guidance slightly below. 2025 Consensus is in the ballpark: 28% revenue growth, 59% EPS growth. The stock trades at average forward PEx 31x.</li>
<li>2024 GPU revenue guidance has increased from US$2bn a year ago to “exceed $5bn”. The concern is that AMD is lagging Nvidia. But AMD’s 1st competitive GPU is available 1Q25.</li>
<li>Other concern is that GPU growth is eating at the CPU market. AMD unit share is ~24% in 2024 (revenue share 33%). AMD can reach 35% unit share by 2026.</li>
</ul>


3Q24 results inline with Consensus. 4Q guidance slightly below. 2025 Consensus is in the ballpark: 28% revenue growth, 59% EPS growth. The stock trades at average forward PEx 31x.
2024 GPU revenue guidance has increased from US$2bn a year ago to “exceed $5bn”. The concern is that AMD is lagging Nvidia. But AMD’s 1st competitive GPU is available 1Q25.
Other concern is that GPU growth is eating at the CPU market. AMD unit share is ~24% in 2024 (revenue share 33%). AMD can reach 35% unit share by 2026.


AMD 3Q24: The Stock Is Down 8% Afterhours. We See Concerns in the Wrong Place, a Buying Opportunity

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>Advanced Micro Devices (AMD) reported another quarter of robust performance for Q3 2024, indicating a strong trajectory in key segments, notably its Data Center and Client Processor segments.</li><li>Revenue for the third quarter grew 18% year over year to a record $6.8 billion, primarily driven by doubled sales in the Data Center segment and a 29% increase in the Client segment.</li><li>This growth allows the company to continue its significant investment in research and development as well as market expansion strategies.</li></ul>

Advanced Micro Devices (AMD) reported another quarter of robust performance for Q3 2024, indicating a strong trajectory in key segments, notably its Data Center and Client Processor segments.Revenue for the third quarter grew 18% year over year to a record $6.8 billion, primarily driven by doubled sales in the Data Center segment and a 29% increase in the Client segment.This growth allows the company to continue its significant investment in research and development as well as market expansion strategies.

Inside AMD’s Bold Play for the AI and Data Center Crown – Is Nvidia at Risk?"

<ul>
<li>Q324 revenues of $6.8 billion, $100 million above the guided midpoint, up 17% QoQ and up18% YoY.</li>
<li>Q424 forecast $7.5 billion, plus or minus $300 million. At the midpoint of the revenue range, this represents YoY growth of ~22% and sequential growth of ~10%.</li>
<li>AMD's share price is now roughly the same as it was at the start of 2022, <em><strong>before</strong></em> their DC GPU goldmine was uncovered. Feel free to help yourself...</li>
</ul>


Q324 revenues of $6.8 billion, $100 million above the guided midpoint, up 17% QoQ and up18% YoY.
Q424 forecast $7.5 billion, plus or minus $300 million. At the midpoint of the revenue range, this represents YoY growth of ~22% and sequential growth of ~10%.
AMD's share price is now roughly the same as it was at the start of 2022, before their DC GPU goldmine was uncovered. Feel free to help yourself...


AMD Q324. Now Trading At Early 2022 Levels, Prior To The DC GPU Goldmine..

United States

Advanced Micro Devices, Inc. (AMD) produces semiconductor products and devices. The Company offers products such as microprocessors, embedded microprocessors, chipsets, graphics, video and multimedia products and supplies it to third-party foundries, as well as provides assembling, testing, and packaging services. AMD serves customers worldwide.

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Advanced Micro Devices (AMD US)

[Quiddity Index] MarketVector US Semiconductor Index Dec24 Rebal Results: Flow Expectations

The MarketVectors US Semiconductor Index rebal was announced last Friday. There are no changes but capping leads to US$1.3bn of one-way flow on 20...

Travis Lundy

AMD's Lisa Su Named Time CEO Of The Year

AMD’s Lisa Su has been honoured as Time’s CEO of the year, a fitting tribute to a leader who pulled off what many thought to be impossible....

William Keating

AMD 3Q24: The Stock Is Down 8% Afterhours. We See Concerns in the Wrong Place, a Buying Opportunity

The stock is down sharply after hours but concerns are misplaced in our view. AMD competitive GPU is only available from 1Q25. We expect AMD to...

Nicolas Baratte

Inside AMD’s Bold Play for the AI and Data Center Crown – Is Nvidia at Risk?"

Advanced Micro Devices (AMD) reported another quarter of robust performance for Q3 2024, indicating a strong trajectory in key segments, notably...

Baptista Research

AMD Q324. Now Trading At Early 2022 Levels, Prior To The DC GPU Goldmine..

Q324 revenue $6.8 billion, +17% QoQ, +18% YoY. Q424 forecast $7.5 billion, +10% QoQ, +22% YoY. Share fall 8% after hours, now trading back at early...

William Keating

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