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.

Equity Bottom-Up

<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.


Thematic (Sector/Industry)

<ul>
<li>This week will be a lightning-fast one. I need to cover a lot, so I’ll give high-level summaries instead of going deep unless necessary. I will be honest - it’s a bit scuffed, but if I don’t put it out, I’ll get further behind on semiconductor earnings.</li>
<li>On semiconductor beat on Chinese industrial strength. It looks cheap.</li>
<li>Lattice is likely stuffing the channel, and the divergence between AMD’s embedded and Lattice means their channel is worse off. Amkor saw real weakness in industrial, and that’s what made the guide miss. Arista had a clean beat; I think they are sandbagging forward revenue.</li>
</ul>


This week will be a lightning-fast one. I need to cover a lot, so I’ll give high-level summaries instead of going deep unless necessary. I will be honest - it’s a bit scuffed, but if I don’t put it out, I’ll get further behind on semiconductor earnings.
On semiconductor beat on Chinese industrial strength. It looks cheap.
Lattice is likely stuffing the channel, and the divergence between AMD’s embedded and Lattice means their channel is worse off. Amkor saw real weakness in industrial, and that’s what made the guide miss. Arista had a clean beat; I think they are sandbagging forward revenue.


Earnings: ON, LSCC, RMBS, AMKR, ANET, AMD

<ul><li>Lattice is just too expensive for what it is. It’s one of the highest multiples in the space, but I acknowledge we are closer to the trough than the peak.</li><li><p>Tokyo Electron continues to be bullish high aspect etch and reports that they are winning in DRAM and hopefully in NAND in the future.</p></li><li><p>Arista says that AI revenue is yet to come, and 800G will mostly be in 2025, not 2024. The market got ahead of itself.</p></li></ul>

Lattice is just too expensive for what it is. It’s one of the highest multiples in the space, but I acknowledge we are closer to the trough than the peak.Tokyo Electron continues to be bullish high aspect etch and reports that they are winning in DRAM and hopefully in NAND in the future.Arista says that AI revenue is yet to come, and 800G will mostly be in 2025, not 2024. The market got ahead of itself.

Earnings (LSCC, ANET, GFS, Tokyo Electron, SITM, ENTG, AMAT)

<ul><li>Another week in earnings, the big theme I can point out is the continued and persistent weakness in the Industrial market.</li><li>Reminder: in a first-in-first-out (FIFO) framework, the first into the inventory correction were PCs and Smartphones.</li><li>Then, networking and data center, and we are now seeing Industrial start their inventory correction cycle. I don’t think this is the last we will hear about this. </li></ul>

Another week in earnings, the big theme I can point out is the continued and persistent weakness in the Industrial market.Reminder: in a first-in-first-out (FIFO) framework, the first into the inventory correction were PCs and Smartphones.Then, networking and data center, and we are now seeing Industrial start their inventory correction cycle. I don’t think this is the last we will hear about this. 

Earnings Season Post (ANET, AMKR, RMBS, LSCC, AMD, Advantest, SLAB, QCOM, QRVO, ENTG, SITM...)

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>Lattice Semiconductor Corporation delivered a positive result and managed an all-around beat in the last quarter, with significant revenue growth in the second quarter, up 18% over the prior year.</li><li>They had significant growth across several applications, including industrial automation, robotics, ADAS, and infotainment systems for cars.</li><li>Their sixth software solution stack, Lattice Drive, geared toward various automotive electronics applications, was just recently released.</li></ul>

Lattice Semiconductor Corporation delivered a positive result and managed an all-around beat in the last quarter, with significant revenue growth in the second quarter, up 18% over the prior year.They had significant growth across several applications, including industrial automation, robotics, ADAS, and infotainment systems for cars.Their sixth software solution stack, Lattice Drive, geared toward various automotive electronics applications, was just recently released.

Lattice Semiconductor Corporation: 4 Catalysts Driving Their Growth In Semiconductors! - Financial Forecasts

United States

Lattice Semiconductor Corporation designs, develops, and markets high speed programmable logic devices.  The Company's products provide electronic systems customers with quickly designed, easily configured components.  Lattice markets its products to original equipment manufacturers of communication, computing, industrial, and military systems.

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Lattice Semiconductor (LSCC US)

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

Earnings: ON, LSCC, RMBS, AMKR, ANET, AMD

This week will be a lightning-fast one. I need to cover a lot, so I’ll give high-level summaries instead of going deep unless necessary. I will be...

Fabricated Knowledge

Earnings (LSCC, ANET, GFS, Tokyo Electron, SITM, ENTG, AMAT)

Lattice is just too expensive for what it is. It’s one of the highest multiples in the space, but I acknowledge we are closer to the trough than...

Fabricated Knowledge

Earnings Season Post (ANET, AMKR, RMBS, LSCC, AMD, Advantest, SLAB, QCOM, QRVO, ENTG, SITM...)

Another week in earnings, the big theme I can point out is the continued and persistent weakness in the Industrial market.

Fabricated Knowledge

Lattice Semiconductor Corporation: 4 Catalysts Driving Their Growth In Semiconductors! - Financial Forecasts

Lattice Semiconductor Corporation delivered a positive result and managed an all-around beat in the last quarter, with significant revenue growth...

Baptista Research

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52-week Range

Market Cap (USDm)

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