Podcast On the Business of Semiconductors, The Circuit

The Circuit

Podcast On the Business of Semiconductors

A Podcast On the Business of Semiconductors. With Jay Goldberg and Ben Bajarin

Thematic (Sector/Industry)

<ul><li>Qorvo and MediaTek reported mixed results, with Qorvo seeing a significant stock drop due to lowered guidance, indicating possible share loss in flagship smartphones.</li><li>Qualcomm may see strength in the high-end ASP of Android phones, but the RF market is competitive, with Qualcomm and Broadcom potentially impacting competitors like Qorvo and Skyworks.</li><li>Intel faced challenges with credibility on Wall Street due to a Reuters article criticizing CEO Pat's turnaround efforts, highlighting the importance of cultural alignment and strategic decision-making for the company's future.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Qorvo and MediaTek reported mixed results, with Qorvo seeing a significant stock drop due to lowered guidance, indicating possible share loss in flagship smartphones.Qualcomm may see strength in the high-end ASP of Android phones, but the RF market is competitive, with Qualcomm and Broadcom potentially impacting competitors like Qorvo and Skyworks.Intel faced challenges with credibility on Wall Street due to a Reuters article criticizing CEO Pat's turnaround efforts, highlighting the importance of cultural alignment and strategic decision-making for the company's future.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Episode 92: Another week in Semi's Earnings. -AMD, Intel, Capex growth in Cloud

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

Silicon Motion Technology / Equity Bottom-Up

<ul>
<li>3Q24 Beats Consensus; Gross Margin Continues Recovery Despite Weakness in Overall Memory Market</li>
<li>Sees Near-Term Weakness in PC &amp; Smartphone Markets; Sees NAND Market Tightening by Mid-2025E</li>
<li>Despite Near-Term Memory Cycle Concerns, Structural Revenue Growth Drivers Remain in Place</li>
</ul>


3Q24 Beats Consensus; Gross Margin Continues Recovery Despite Weakness in Overall Memory Market
Sees Near-Term Weakness in PC &amp; Smartphone Markets; Sees NAND Market Tightening by Mid-2025E
Despite Near-Term Memory Cycle Concerns, Structural Revenue Growth Drivers Remain in Place


Silicon Motion Warns Near-Term Weakness in PC/Smartphone Memory Market; But Remain Structurally Long

Taiwan Tech Focused Senior Analyst

Patrick Liao

Vanguard Intl Semiconductor / Equity Bottom-Up

<ul>
<li>Vanguard’s 4Q24 revenue is expected to drop by mid-to-high single digits, with GM at about 27-28%.</li>
<li>For the products segment wise, the PMIC (power management IC) remains stable, while the Display Driver IC may decline by mid-teens QoQ.  </li>
<li>The Chinese government seems to be subsidizing local fabless orders, raising concerns about the sustainability of the current prosperity and the possibility of excess inventory in the near future.</li>
</ul>


Vanguard’s 4Q24 revenue is expected to drop by mid-to-high single digits, with GM at about 27-28%.
For the products segment wise, the PMIC (power management IC) remains stable, while the Display Driver IC may decline by mid-teens QoQ.  
The Chinese government seems to be subsidizing local fabless orders, raising concerns about the sustainability of the current prosperity and the possibility of excess inventory in the near future.


Vanguard (5347.TT): 4Q24 Outlook Is Lower than Consensus; DDIC Is Declining.

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

<ul>
<li>TSMC Plans 2025E Price Hike of Up to 10% for Advanced Nodes—Exceeding Expectations</li>
<li>MediaTek Poised to Benefit from the ARM and Qualcomm Dispute</li>
<li>Is Splitting Intel Key for Its Survival? Intel Ex-Directors Pen Op-Ed Piece</li>
</ul>


TSMC Plans 2025E Price Hike of Up to 10% for Advanced Nodes—Exceeding Expectations
MediaTek Poised to Benefit from the ARM and Qualcomm Dispute
Is Splitting Intel Key for Its Survival? Intel Ex-Directors Pen Op-Ed Piece


Taiwan Tech Weekly: Wave of Earnings Imminent; New TSMC Price Hike; Mediatek Winner of QCOM/ARM Spat

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>LKNCY US:Weak sales of Starbucks China reflects lingering fierce competition (-)</li>
<li>300274 CH/300750 CH/1211 HK: New energy export data in September are generally weak, and the phenomenon of tariff-related advanced exporting has not yet appeared(/////)</li>
<li>AAPL US/JD US/1810 HK: iPhone achieves close to 27% market share in China during prior week (+/+/+)</li>
</ul>


LKNCY US:Weak sales of Starbucks China reflects lingering fierce competition (-)
300274 CH/300750 CH/1211 HK: New energy export data in September are generally weak, and the phenomenon of tariff-related advanced exporting has not yet appeared(/////)
AAPL US/JD US/1810 HK: iPhone achieves close to 27% market share in China during prior week (+/+/+)


[Blue Lotus Daily]:LKNCY/300274 CH/300750 CH/1211 HK/AAPL/JD /1810 HK/QCOM/2454 TT/NIO/LI/XPEV/ATAT

United States

QUALCOMM, Inc . manufactures digital wireless communications equipment.  The Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies, and produces CDMA-based integrated circuits; and produces equipment and software used to track workers and assets; and software for wireless content enablement.

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Qualcomm Inc (QCOM US)

Episode 92: Another week in Semi's Earnings. -AMD, Intel, Capex growth in Cloud

In summary, the semiconductor industry is experiencing shifts in market dynamics, with companies like Qorvo and Qualcomm making strategic decisions...

The Circuit

Silicon Motion Warns Near-Term Weakness in PC/Smartphone Memory Market; But Remain Structurally Long

3Q24 earnings beat expectations with improving gross margins despite memory market weakness. Anticipates short-term challenges in PC and...

Vincent Fernando, CFA

Vanguard (5347.TT): 4Q24 Outlook Is Lower than Consensus; DDIC Is Declining.

Vanguard's 4Q24 revenue expected to drop, Chinese government subsidies raise concerns about sustainability and excess inventory.

Patrick Liao

Taiwan Tech Weekly: Wave of Earnings Imminent; New TSMC Price Hike; Mediatek Winner of QCOM/ARM Spat

TSMC to raise prices even higher, MediaTek to benefit from ARM and Qualcomm dispute, former Intel directors suggest splitting Intel for survival.

Vincent Fernando, CFA

[Blue Lotus Daily]:LKNCY/300274 CH/300750 CH/1211 HK/AAPL/JD /1810 HK/QCOM/2454 TT/NIO/LI/XPEV/ATAT

Starbucks China sales struggle amid intense competition, new energy export data weak, iPhone gains 27% market share in China.

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Episode 92: Another week in Semi's Earnings. -AMD, Intel, Capex growth in Cloud

In summary, the semiconductor industry is experiencing shifts in market dynamics, with companies like Qorvo and Qualcomm making strategic decisions...

The Circuit

Silicon Motion Warns Near-Term Weakness in PC/Smartphone Memory Market; But Remain Structurally Long

​3Q24 earnings beat expectations with improving gross margins despite memory market weakness. Anticipates short-term challenges in PC and...

Vincent Fernando, CFA

Vanguard (5347.TT): 4Q24 Outlook Is Lower than Consensus; DDIC Is Declining.

​Vanguard's 4Q24 revenue expected to drop, Chinese government subsidies raise concerns about sustainability and excess inventory.

Patrick Liao

Taiwan Tech Weekly: Wave of Earnings Imminent; New TSMC Price Hike; Mediatek Winner of QCOM/ARM Spat

​TSMC to raise prices even higher, MediaTek to benefit from ARM and Qualcomm dispute, former Intel directors suggest splitting Intel for survival.

Vincent Fernando, CFA

[Blue Lotus Daily]:LKNCY/300274 CH/300750 CH/1211 HK/AAPL/JD /1810 HK/QCOM/2454 TT/NIO/LI/XPEV/ATAT

​Starbucks China sales struggle amid intense competition, new energy export data weak, iPhone gains 27% market share in China.

Blue Lotus Research Institute

3Q24 earnings beat expectations with improving gross margins despite memory market weakness. Anticipates short-term challenges in PC and...

Vanguard's 4Q24 revenue expected to drop, Chinese government subsidies raise concerns about sustainability and excess inventory.

TSMC to raise prices even higher, MediaTek to benefit from ARM and Qualcomm dispute, former Intel directors suggest splitting Intel for survival.

Starbucks China sales struggle amid intense competition, new energy export data weak, iPhone gains 27% market share in China.