TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

Equity Bottom-Up

<ul>
<li>Intel cut its dividend by 2/3rd, freeing up $4B in cash.</li>
<li>The company revised own capital intensity guidance for 2023 to low 30s% from 35%, while maintaining 24/25 guidance.</li>
<li>Recent $11B debt raise and Mobile eye shares should provide enough capital for the next year.</li>
</ul>


Intel cut its dividend by 2/3rd, freeing up $4B in cash.
The company revised own capital intensity guidance for 2023 to low 30s% from 35%, while maintaining 24/25 guidance.
Recent $11B debt raise and Mobile eye shares should provide enough capital for the next year.


Intel’s Cut Its Dividend, But Should It Cut Its Foundry?

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Hon Hai Precision Industry / Equity Bottom-Up

<ul>
<li>Latest Nvidia and Apple developments are positive signals for Hon Hai, we continue to view Hon Hai as a Structural Long and also outline a potential Long/Short.</li>
<li>The Nvidia chips Hon Hai is partnered with to use in its EV autonomous driving systems are based on 7-nm technology, thus restricted for any mainland China competitors.</li>
<li>On the Apple front, Hon Hai is also reported to have won exclusive production for the iPhone 15, iPhone 15 Pro, and iPhone 15 Pro Max.</li>
</ul>


Latest Nvidia and Apple developments are positive signals for Hon Hai, we continue to view Hon Hai as a Structural Long and also outline a potential Long/Short.
The Nvidia chips Hon Hai is partnered with to use in its EV autonomous driving systems are based on 7-nm technology, thus restricted for any mainland China competitors.
On the Apple front, Hon Hai is also reported to have won exclusive production for the iPhone 15, iPhone 15 Pro, and iPhone 15 Pro Max.


Hon Hai Precision: Nvidia Chip Partnership Shows Emerging EV Advantage, Apple Issues Improving; Buy

Semiconductor Analysis & Research, Ingenuity

Semicon Alpha

Semiconductor Analysis & Research

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. 

<ul><li>NVIDIA yesterday reported Q4 2022 revenues of $6.05 billion, in line with their forecast, down 21% from a year ago and up 2% sequentially.</li><li>Interestingly, NVIDIA’s current downturn is playing out almost exactly like their previous downturn back in 2019 as can clearly be seen in the above chart.</li><li>We expect to see this same recovery pattern continue throughout the remainder of 2023.</li></ul>

NVIDIA yesterday reported Q4 2022 revenues of $6.05 billion, in line with their forecast, down 21% from a year ago and up 2% sequentially.Interestingly, NVIDIA’s current downturn is playing out almost exactly like their previous downturn back in 2019 as can clearly be seen in the above chart.We expect to see this same recovery pattern continue throughout the remainder of 2023.

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

<ul>
<li>The three companies Nvidia, TSMC, and ASML are all key global leaders in the AI industry chain.</li>
<li>Nvidia's latest results indicate that the company could be returning to a period of multi-year growth and an inflection point for AI demand.</li>
<li>One can consider going Long a basket of Nvidia, ASML, and TSMC based on a structural growth thesis for AI demand.</li>
</ul>


The three companies Nvidia, TSMC, and ASML are all key global leaders in the AI industry chain.
Nvidia's latest results indicate that the company could be returning to a period of multi-year growth and an inflection point for AI demand.
One can consider going Long a basket of Nvidia, ASML, and TSMC based on a structural growth thesis for AI demand.


AI Leaders Monitor: Nvidia, TSMC, ASML Trading Monitor - Nvidia Results Key Take-Aways

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>India's stock market dropped $386 billion after election results showed a narrower-than-expected lead for Modi</li>
<li>Intel's CEO introduced new AI products at Computex, challenging Nvidia's market dominance</li>
<li>Chinese companies rush to raise funds amid a stock market rebound, driven by investor optimism and future uncertainty</li>
</ul>


India's stock market dropped $386 billion after election results showed a narrower-than-expected lead for Modi
Intel's CEO introduced new AI products at Computex, challenging Nvidia's market dominance
Chinese companies rush to raise funds amid a stock market rebound, driven by investor optimism and future uncertainty


#11Business Buzz: India's Stock Market Plunge, Intel Vs. Nvidia, and China's Fundraising Frenzy

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

Intel’s Cut Its Dividend, But Should It Cut Its Foundry?

Intel unsuprisingly cut its dividend given the massive PC inventory glut and lack of FCF in 2023 and to keep its foundry plans intact...we question...

Aaron Gabin

Hon Hai Precision: Nvidia Chip Partnership Shows Emerging EV Advantage, Apple Issues Improving; Buy

Latest Nvidia and Apple developments are positive signals for Hon Hai, we continue to view Hon Hai as a Structural Long and also outline a...

Vincent Fernando, CFA

NVIDIA Rebounds On ChatGPT Surge

NVIDIA yesterday reported Q4 2022 revenues of $6.05 billion, in line with their forecast, down 21% from a year ago and up 2% sequentially.

Semicon Alpha

AI Leaders Monitor: Nvidia, TSMC, ASML Trading Monitor - Nvidia Results Key Take-Aways

One can consider going Long a basket of Nvidia, ASML, and TSMC based on a structural growth thesis for AI demand. All three names hold important...

Vincent Fernando, CFA

#11Business Buzz: India's Stock Market Plunge, Intel Vs. Nvidia, and China's Fundraising Frenzy

India's stock market falls as Modi's lead narrows, Intel challenges Nvidia with new AI products, Chinese companies raise funds amidst market...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Intel’s Cut Its Dividend, But Should It Cut Its Foundry?

Intel unsuprisingly cut its dividend given the massive PC inventory glut and lack of FCF in 2023 and to keep its foundry plans intact...we question...

Aaron Gabin

Hon Hai Precision: Nvidia Chip Partnership Shows Emerging EV Advantage, Apple Issues Improving; Buy

Latest Nvidia and Apple developments are positive signals for Hon Hai, we continue to view Hon Hai as a Structural Long and also outline a...

Vincent Fernando, CFA

NVIDIA Rebounds On ChatGPT Surge

NVIDIA yesterday reported Q4 2022 revenues of $6.05 billion, in line with their forecast, down 21% from a year ago and up 2% sequentially.

Semicon Alpha

AI Leaders Monitor: Nvidia, TSMC, ASML Trading Monitor - Nvidia Results Key Take-Aways

One can consider going Long a basket of Nvidia, ASML, and TSMC based on a structural growth thesis for AI demand. All three names hold important...

Vincent Fernando, CFA

#11Business Buzz: India's Stock Market Plunge, Intel Vs. Nvidia, and China's Fundraising Frenzy

​India's stock market falls as Modi's lead narrows, Intel challenges Nvidia with new AI products, Chinese companies raise funds amidst market...

Nimish Maheshwari

India's stock market falls as Modi's lead narrows, Intel challenges Nvidia with new AI products, Chinese companies raise funds amidst market...