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>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)

Independent research on the U.S. markets, Baptista Research

Baptista Research

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Equity Bottom-Up

<ul><li>Lattice Semiconductor managed to exceed analyst expectations in terms of revenue as well as earnings.</li><li>In the third quarter, they achieved a noteworthy 11% year-over-year growth in revenue, maintaining robust gross and operating margins.</li><li>In the industrial and automotive market, revenue saw a 5% sequential decline but surged by 28% year-over-year.</li></ul>

Lattice Semiconductor managed to exceed analyst expectations in terms of revenue as well as earnings.In the third quarter, they achieved a noteworthy 11% year-over-year growth in revenue, maintaining robust gross and operating margins.In the industrial and automotive market, revenue saw a 5% sequential decline but surged by 28% year-over-year.

Lattice Semiconductor Corporation: Surpassing Expectations with AI - What's Their Secret? - Major Drivers

<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...)

<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

<ul><li>Lattice Semiconductor had impressive results in the first quarter and managed an all-around beat with a significant quarterly revenue increase of 22% year over year and non-GAAP net income that increased by 36% year over year.</li><li>Weaker industry-wide server-end market demand was the main cause of the segment's sequential revenue loss.</li><li>We give Lattice Semiconductor Corporation a 'Hold' rating with a revised target price.</li></ul>

Lattice Semiconductor had impressive results in the first quarter and managed an all-around beat with a significant quarterly revenue increase of 22% year over year and non-GAAP net income that increased by 36% year over year.Weaker industry-wide server-end market demand was the main cause of the segment's sequential revenue loss.We give Lattice Semiconductor Corporation a 'Hold' rating with a revised target price.

Lattice Semiconductor Corporation: Advances With The Lattice Avant Platform – Key Drivers

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)

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

Lattice Semiconductor Corporation: Surpassing Expectations with AI - What's Their Secret? - Major Drivers

Lattice Semiconductor managed to exceed analyst expectations in terms of revenue as well as earnings. In the third quarter, they achieved a...

Baptista Research

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

Lattice Semiconductor Corporation: Advances With The Lattice Avant Platform – Key Drivers

Lattice Semiconductor had impressive results in the first quarter and managed an all-around beat with a significant quarterly revenue increase of...

Baptista Research

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