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>Markets always act erratically, but I thought I would highlight one aspect that disproportionately impacts semiconductors.</li><li>Factor investing is not new, but we are in a unique period where Momentum has quite a period of outperformance and short-term outperformance.</li><li>This matters because semiconductors are (as far as my memory holds) the most significant weight in Momentum I’ve ever witnessed. </li></ul>

Markets always act erratically, but I thought I would highlight one aspect that disproportionately impacts semiconductors.Factor investing is not new, but we are in a unique period where Momentum has quite a period of outperformance and short-term outperformance.This matters because semiconductors are (as far as my memory holds) the most significant weight in Momentum I’ve ever witnessed. 

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

Equity Bottom-Up

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

<ul>
<li>UMC &amp; Mediatek Results Today in Taiwan, Samsung Also Reporting; Taiwan AI Names Flying; Himax &amp; Novatek Top Losers Ahead of Results.</li>
<li>Semiconductor Surge: Southeast Asia Taking Center Stage Amid Taiwan's Geopolitical Shift</li>
<li>First Run of Tech/Semis' Guidance Tells Us What Industries and Companies to Avoid</li>
</ul>


UMC &amp; Mediatek Results Today in Taiwan, Samsung Also Reporting; Taiwan AI Names Flying; Himax &amp; Novatek Top Losers Ahead of Results.
Semiconductor Surge: Southeast Asia Taking Center Stage Amid Taiwan's Geopolitical Shift
First Run of Tech/Semis' Guidance Tells Us What Industries and Companies to Avoid


Taiwan Tech Weekly: Semiconductors Surging in Southeast Asia; UMC & Mediatek Results Today

<ul>
<li>Intel reported earnings last week. Intel was one of my favorite stocks last year, and I wrote about it here in “Is This the Intel Inflection”, where I successfully called the bottom in the stock.</li>
<li>It’s worked pretty well, even against the SOXX index since then.</li>
<li>I’ll summarize my thesis back then, update you now on what I think about Intel, and write about results and read-throughs.</li>
</ul>


Intel reported earnings last week. Intel was one of my favorite stocks last year, and I wrote about it here in “Is This the Intel Inflection”, where I successfully called the bottom in the stock.
It’s worked pretty well, even against the SOXX index since then.
I’ll summarize my thesis back then, update you now on what I think about Intel, and write about results and read-throughs.


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

<ul>
<li>Q423 revenues of $15.4 billion, +8.5% QoQ, +10% YoY and $300 million above the guided midpoint</li>
<li>Q124 guided to $12.7 billion, -17.5% QoQ albeit still up 8% YoY.  </li>
<li>Intel's share priced fell 12% on the guide. CEO says this was an overreaction. </li>
</ul>


Q423 revenues of $15.4 billion, +8.5% QoQ, +10% YoY and $300 million above the guided midpoint
Q124 guided to $12.7 billion, -17.5% QoQ albeit still up 8% YoY.  
Intel's share priced fell 12% on the guide. CEO says this was an overreaction. 


Intel Ruins The Rally With Its Gloomy Guide

Asia and Global Semiconductor and Tech Research

Andrew Lu

<ul>
<li>Continuous weaknesses to be seen in industrial and general non-AI server semi demand starting 3Q23 and lasting into 1Q24 and some weaknesses in digital consumer semi demand starting 4Q23.</li>
<li>Memory semiconductor vendors see strengths in 4Q23 and continuous improvement in DRAM/NAND price in 1Q24.</li>
<li>We see a healthy mid single digit q/q and y/y decline on 4Q23 MOI but suggest vendors to avoid in next 1-2 months before they guide down the market.</li>
</ul>


Continuous weaknesses to be seen in industrial and general non-AI server semi demand starting 3Q23 and lasting into 1Q24 and some weaknesses in digital consumer semi demand starting 4Q23.
Memory semiconductor vendors see strengths in 4Q23 and continuous improvement in DRAM/NAND price in 1Q24.
We see a healthy mid single digit q/q and y/y decline on 4Q23 MOI but suggest vendors to avoid in next 1-2 months before they guide down the market.


First Run of Tech/Semis' Guidance Tells Us What Industries and Companies to Avoid

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)

Factors and Semiconductors

A friendly warning. Momentum is outperforming all factors this year, and Semiconductors are a large part of that. Markets always act erratically,...

Fabricated Knowledge

Taiwan Tech Weekly: Semiconductors Surging in Southeast Asia; UMC & Mediatek Results Today

Key Taiwan results ahead include Mediatek, UMC, Realtek, Novatek, and Himax. Taiwan AI names have been flying lately while Novatek and Himax have...

Vincent Fernando, CFA

Intel 18A is in Sight, Does it Matter?

Intel is now in the valley again. Also thoughts on AMD and LSCC and FPGAs. Intel reported earnings last week. Intel was one of my favorite stocks...

Fabricated Knowledge

Intel Ruins The Rally With Its Gloomy Guide

Q423 revenues of $15.4 billion, +8.5% QoQ, +10% YoY & $300 million above the guided midpoint. Q124 guided to $12.7 billion, -17.5% QoQ. Shares...

William Keating

First Run of Tech/Semis' Guidance Tells Us What Industries and Companies to Avoid

First Run of Tech/Semis' Guidance Tells Us What Industries and Companies to Avoid; Weaknesses to be seen in industrial, general non-AI server semi,...

Andrew Lu

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