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>Q323 revenues of $14.2 billion, some $800 million above the guided midpoint, down 8% YoY but up 10% sequentially.</li>
<li>Current quarter revenue guided up QoQ to $15.1 billion at the midpoint, shares up 10% </li>
<li>Intel is betting big on a return to a 300 million unit PC TAM. Is this realistic?</li>
</ul>


Q323 revenues of $14.2 billion, some $800 million above the guided midpoint, down 8% YoY but up 10% sequentially.
Current quarter revenue guided up QoQ to $15.1 billion at the midpoint, shares up 10% 
Intel is betting big on a return to a 300 million unit PC TAM. Is this realistic?


Intel. Beat & Raise Sends Shares Soaring After Hours

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

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

<ul>
<li>U.S. expands China chip restrictions -- Implementing lower performance thresholds and further restricting sales via third party countries.</li>
<li>Intel and AMD chips likely also impacted, as well as equipment from ASML, Lam, Applied Materials, Tokyo Electron and others. We will learn more today from Lam and ASML results.</li>
<li>Taiwan AI Plays also to be impacted -- Shares of Wistron, Quanta, Gold Circuit, Asia Vital Gigabyte, Super Micro, Alchip appear precarious.</li>
</ul>


U.S. expands China chip restrictions -- Implementing lower performance thresholds and further restricting sales via third party countries.
Intel and AMD chips likely also impacted, as well as equipment from ASML, Lam, Applied Materials, Tokyo Electron and others. We will learn more today from Lam and ASML results.
Taiwan AI Plays also to be impacted -- Shares of Wistron, Quanta, Gold Circuit, Asia Vital Gigabyte, Super Micro, Alchip appear precarious.


U.S. Expands China Chip Restrictions: Taiwan AI Names Most at Risk of Pullback

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>There are signs of a recovery in the chip sector</li>
<li>Memory spot prices are up, and revenues have risen for six consecutive months</li>
<li>Growth is higher than average, indicating the start of another super-cycle</li>
</ul>


There are signs of a recovery in the chip sector
Memory spot prices are up, and revenues have risen for six consecutive months
Growth is higher than average, indicating the start of another super-cycle


Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

<ul><li>First, let’s talk about Huawei. I want to highlight how lackadaisically the export restrictions have even been applied.</li><li>BIS granted validated end-user status to SMIC in 2007, which meant that as late as 2020, multiple SMIC entities were still receiving tools from American companies.</li><li>BIS got lobbied by tool makers to undo commerce control list regulations in 2018. Also, AMEC has outright stolen tools from US companies.</li></ul>

First, let’s talk about Huawei. I want to highlight how lackadaisically the export restrictions have even been applied.BIS granted validated end-user status to SMIC in 2007, which meant that as late as 2020, multiple SMIC entities were still receiving tools from American companies.BIS got lobbied by tool makers to undo commerce control list regulations in 2018. Also, AMEC has outright stolen tools from US companies.

Huawei and Kirin 9000S, Memory Markets, Intel, Nordic, and Broadcom TPUs

<ul>
<li>Micron's earnings results will be released September 27th. We expect the company to describe a trough for memory pricing happening now and provide a positive outlook for rising prices.</li>
<li>Micron and Nanya Tech have outperformed SK Hynix recently. Our 'reversion catch up' trade has worked. Going forward we believe Micron looks compelling on a relative basis.</li>
<li>SK Hynix was ahead of peers developing HBM DRAM needed for AI. However, Micron could now convince the market it can catch up by focusing on the next advanced version.</li>
</ul>


Micron's earnings results will be released September 27th. We expect the company to describe a trough for memory pricing happening now and provide a positive outlook for rising prices.
Micron and Nanya Tech have outperformed SK Hynix recently. Our 'reversion catch up' trade has worked. Going forward we believe Micron looks compelling on a relative basis.
SK Hynix was ahead of peers developing HBM DRAM needed for AI. However, Micron could now convince the market it can catch up by focusing on the next advanced version.


Micron's Results Likely to Call a Memory Market Trough and Highlight New HBM DRAM for AI

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)

Intel. Beat & Raise Sends Shares Soaring After Hours

Q323 revenues $14.2 billion, down 8% YoY but up 10% QoQ. Q423 guided up QoQ to $15.1 billion. Shares soar +10%. Intel is betting big on a return to...

William Keating

U.S. Expands China Chip Restrictions: Taiwan AI Names Most at Risk of Pullback

Intel and AMD chips likely also impacted, as well as equipment from ASML, Lam, Applied Materials, Tokyo Electron and others. Rather than sell...

Vincent Fernando, CFA

Are Semiconductors Finally Recovering?

The chip sector is beginning to recover with rising memory prices and six consecutive months of above-average revenue growth, suggesting the onset...

Jim Handy

Huawei and Kirin 9000S, Memory Markets, Intel, Nordic, and Broadcom TPUs

A news filled week in semiconductors. Let's discuss. First, let’s talk about Huawei. I want to highlight how lackadaisically the export...

Fabricated Knowledge

Micron's Results Likely to Call a Memory Market Trough and Highlight New HBM DRAM for AI

SK Hynix was ahead of peers developing HBM DRAM needed for AI. However, Micron could now convince the market it can catch up by focusing on the...

Vincent Fernando, CFA

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Intel. Beat & Raise Sends Shares Soaring After Hours

Q323 revenues $14.2 billion, down 8% YoY but up 10% QoQ. Q423 guided up QoQ to $15.1 billion. Shares soar +10%. Intel is betting big on a return to...

William Keating

U.S. Expands China Chip Restrictions: Taiwan AI Names Most at Risk of Pullback

Intel and AMD chips likely also impacted, as well as equipment from ASML, Lam, Applied Materials, Tokyo Electron and others. Rather than sell...

Vincent Fernando, CFA

Are Semiconductors Finally Recovering?

​The chip sector is beginning to recover with rising memory prices and six consecutive months of above-average revenue growth, suggesting the onset...

Jim Handy

Huawei and Kirin 9000S, Memory Markets, Intel, Nordic, and Broadcom TPUs

A news filled week in semiconductors. Let's discuss. First, let’s talk about Huawei. I want to highlight how lackadaisically the export...

Fabricated Knowledge

Micron's Results Likely to Call a Memory Market Trough and Highlight New HBM DRAM for AI

SK Hynix was ahead of peers developing HBM DRAM needed for AI. However, Micron could now convince the market it can catch up by focusing on the...

Vincent Fernando, CFA

The chip sector is beginning to recover with rising memory prices and six consecutive months of above-average revenue growth, suggesting the onset...