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>Intel faces two class action lawsuits, one of which has the potential to be many times worse than the "Pentium Flaw" fiasco in 1994</li>
<li>The resignation of Lip-Bu Tan from Intel's BoD is a significant blow particularly in view of his rumoured disagreements with the CEO and other BoD members</li>
<li>Intel's below book value market cap presents an attractive opportunity for any consortium with the vision to extract the value that Gelsinger's IDM 2.0 gambit has failed to unlock</li>
</ul>


Intel faces two class action lawsuits, one of which has the potential to be many times worse than the "Pentium Flaw" fiasco in 1994
The resignation of Lip-Bu Tan from Intel's BoD is a significant blow particularly in view of his rumoured disagreements with the CEO and other BoD members
Intel's below book value market cap presents an attractive opportunity for any consortium with the vision to extract the value that Gelsinger's IDM 2.0 gambit has failed to unlock


Intel. Could Things Get Any Worse? You Bet. Here's How.

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.

Thematic (Sector/Industry)

<ul><li>Hot Chips this year was primarily about AI chips (per the theme of every semiconductor conference as of late).</li><li>The most impactful presentation by far was the Broadcom CPO presentation, SuperMicro water cooling, MTIA, and some honorable mentions to Enfabrica and Dojo/Mojo from Tesla.</li><li>The biggest disappointment was AMD, which presented nothing incremental and, of course, the CPU announcements.</li></ul>

Hot Chips this year was primarily about AI chips (per the theme of every semiconductor conference as of late).The most impactful presentation by far was the Broadcom CPO presentation, SuperMicro water cooling, MTIA, and some honorable mentions to Enfabrica and Dojo/Mojo from Tesla.The biggest disappointment was AMD, which presented nothing incremental and, of course, the CPU announcements.

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>Latest Industry Signals -- Nvidia Crashed While Marvell Soared... Custom Silicon a Threat to Nvidia's Monster Growth? Taiwan AI/Server Exposed Names Were a Mixed Bag of Performance</li>
<li>Key Events to Watch -- SEMICON Taiwan This Week, We Will Be Attending</li>
<li>Perspective -- NVIDIA's &gt;5x YoY "Singapore" Revenue Growth Is A Red Flag</li>
</ul>


Latest Industry Signals -- Nvidia Crashed While Marvell Soared... Custom Silicon a Threat to Nvidia's Monster Growth? Taiwan AI/Server Exposed Names Were a Mixed Bag of Performance
Key Events to Watch -- SEMICON Taiwan This Week, We Will Be Attending
Perspective -- NVIDIA's &gt;5x YoY "Singapore" Revenue Growth Is A Red Flag


Taiwan Tech Weekly: Nvidia's SG Revenue Red Flag; Rise of Custom Silicon; SEMICON Taiwan This Week

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>TSMC's top 5 clients for 2024 are <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a>, <a href="https://www.smartkarma.com/entities/advanced-micro-devices-inc" target="_blank" data-smartkarma-citation="entities:19009:1" rel="noopener">Advanced Micro Devices (AMD US</a>, <a href="https://www.smartkarma.com/entities/qualcomm-inc" target="_blank" data-smartkarma-citation="entities:969:1" rel="noopener">Qualcomm Inc (QCOM US)</a>, <a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)</a> and <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a>.</li>
<li>Smartphone orders continue to dominate at TSMC, with QCOM and MediaTek being key clients.</li>
<li>Looking ahead to 2025, Intel Corp (INTC US) is expected to rely more on TSMC, potentially leading to changes in TSMC's client ranking.</li>
</ul>


TSMC's top 5 clients for 2024 are Apple (AAPL US), Advanced Micro Devices (AMD US, Qualcomm Inc (QCOM US), Mediatek Inc (2454 TT) and NVIDIA Corp (NVDA US).
Smartphone orders continue to dominate at TSMC, with QCOM and MediaTek being key clients.
Looking ahead to 2025, Intel Corp (INTC US) is expected to rely more on TSMC, potentially leading to changes in TSMC's client ranking.


AI and Global Deep Tech, Mint Finance

Uttkarsh Kohli

AI and Global Deep Tech

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>NVIDIA's dominance in AI GPUs, with 80% market share, has driven data center revenue growth by 427% YoY, with analysts expecting a 112% YoY revenue increase to $28.68 billion.</li>
<li>NVIDIA's GPUs are crucial for AI workloads, with significant adoption by cloud giants like AWS and Microsoft Azure. AI-specific chips are expected to drive 40% of 2024 revenue.</li>
<li>47 out of 61 analysts rate NVIDIA a strong buy, with average 12-month price targets showing 13% upside, reflecting confidence in its AI leadership despite potential market volatility.</li>
</ul>


NVIDIA's dominance in AI GPUs, with 80% market share, has driven data center revenue growth by 427% YoY, with analysts expecting a 112% YoY revenue increase to $28.68 billion.
NVIDIA's GPUs are crucial for AI workloads, with significant adoption by cloud giants like AWS and Microsoft Azure. AI-specific chips are expected to drive 40% of 2024 revenue.
47 out of 61 analysts rate NVIDIA a strong buy, with average 12-month price targets showing 13% upside, reflecting confidence in its AI leadership despite potential market volatility.


[Q2 Earnings Preview] NVIDIA To Maintain AI GPU Leadership As Revenues Surge

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. Could Things Get Any Worse? You Bet. Here's How.

Class action lawsuits, key BoD resignation, recriminations, an open door for hostile takeovers and revisionist commentary from the CEO. Yes, things...

William Keating

Hotchips Conference Sparknotes

Hot Chips this year was primarily about AI chips (per the theme of every semiconductor conference as of late). The most impactful presentation by...

Fabricated Knowledge

Taiwan Tech Weekly: Nvidia's SG Revenue Red Flag; Rise of Custom Silicon; SEMICON Taiwan This Week

Latest Industry Results -- Nvidia Crashed While Marvell Soared... Custom Silicon a Threat to Nvidia's Monster Growth? Taiwan AI/Server Exposed...

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): 2024 Top Clients

TSMC's top 5 clients for 2024 include AAPL, AMD, QCOM, Mediatek, and NVDA, with smartphone orders dominating and shifts in client ranking expected...

Patrick Liao

[Q2 Earnings Preview] NVIDIA To Maintain AI GPU Leadership As Revenues Surge

Nvidia’s Q2 earnings are expected to reveal a 112% YoY revenue increase to $28.68B, driven by explosive growth in data centre revenues and robust...

Mint Finance

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Intel. Could Things Get Any Worse? You Bet. Here's How.

Class action lawsuits, key BoD resignation, recriminations, an open door for hostile takeovers and revisionist commentary from the CEO. Yes, things...

William Keating

Hotchips Conference Sparknotes

Hot Chips this year was primarily about AI chips (per the theme of every semiconductor conference as of late). The most impactful presentation by...

Fabricated Knowledge

Taiwan Tech Weekly: Nvidia's SG Revenue Red Flag; Rise of Custom Silicon; SEMICON Taiwan This Week

Latest Industry Results -- Nvidia Crashed While Marvell Soared... Custom Silicon a Threat to Nvidia's Monster Growth? Taiwan AI/Server Exposed...

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): 2024 Top Clients

​TSMC's top 5 clients for 2024 include AAPL, AMD, QCOM, Mediatek, and NVDA, with smartphone orders dominating and shifts in client ranking expected...

Patrick Liao

[Q2 Earnings Preview] NVIDIA To Maintain AI GPU Leadership As Revenues Surge

Nvidia’s Q2 earnings are expected to reveal a 112% YoY revenue increase to $28.68B, driven by explosive growth in data centre revenues and robust...

Mint Finance

TSMC's top 5 clients for 2024 include AAPL, AMD, QCOM, Mediatek, and NVDA, with smartphone orders dominating and shifts in client ranking expected...