Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

Advanced Micro Devices / Equity Bottom-Up

<ul>
<li>The sharp rebound of Advanced Micro Devices, Inc. (NASDAQ:AMD) over the recent months came to a sudden halt after market participants were once again surprised by the deteriorating outlook for the company.</li>
<li>Prompted by the bear market rally in equities, AMD's stock has almost doubled in a matter of just a couple of months from October of last year to March 2023. 
</li>
<li>While everyone was cheering the new wave of AI-driven demand, the quarterly report from earlier this week is a warning that should not be ignored.</li>
</ul>


The sharp rebound of Advanced Micro Devices, Inc. (NASDAQ:AMD) over the recent months came to a sudden halt after market participants were once again surprised by the deteriorating outlook for the company.
Prompted by the bear market rally in equities, AMD's stock has almost doubled in a matter of just a couple of months from October of last year to March 2023. 

While everyone was cheering the new wave of AI-driven demand, the quarterly report from earlier this week is a warning that should not be ignored.


Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

<ul>
<li>Q1’23 revenues of $5.4 billion, down 3.5% QoQ, down 9% YoY, but marginally ahead of the guided midpoint.</li>
<li>AMD’s outlook for the current quarter is for revenues of $5.3 billion at the midpoint, basically flat sequentially:</li>
<li>Data center revenues will grow 50% sequentially in H2'23 compared to H1'23</li>
</ul>


Q1’23 revenues of $5.4 billion, down 3.5% QoQ, down 9% YoY, but marginally ahead of the guided midpoint.
AMD’s outlook for the current quarter is for revenues of $5.3 billion at the midpoint, basically flat sequentially:
Data center revenues will grow 50% sequentially in H2'23 compared to H1'23


AMD Q1'23 Revenue $5.4 Billion, -3.5% QoQ, -9% YoY. Q2 Flat Sequentially.

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

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

<ul>
<li>Another major earnings week with AMD, Qualcomm, Apple, Acer, Winbond, Wistron, Micro-Star, and more.</li>
<li>Hon Hai could terminate its investment deal in U.S.-based Lordstown Motors as per an exchange notice posted by Lordstown.</li>
<li>AMD reportedly transfers some 4nm chip business to Samsung from TSMC.</li>
</ul>


Another major earnings week with AMD, Qualcomm, Apple, Acer, Winbond, Wistron, Micro-Star, and more.
Hon Hai could terminate its investment deal in U.S.-based Lordstown Motors as per an exchange notice posted by Lordstown.
AMD reportedly transfers some 4nm chip business to Samsung from TSMC.


Taiwan Tech Weekly: Another Major Earnings Week; Hon Hai Deal Exit? AMD Transfers Orders to Samsung

Thematic (Sector/Industry)

<ul>
<li>Q1’23 revenues of $11.7 billion, down 37% YoY and 16.5% sequentially. It was the company's first earnings beat since Q1’22.</li>
<li>Forecasts Q2'23 revenue of $12 billion at the midpoint, with non-GAAP gross margins sliding a further 0.9 points to 37.5%</li>
<li>Annual GAAP GM has fallen from 61.4% in 2018 to 42.3% in 2022. But why?</li>
</ul>


Q1’23 revenues of $11.7 billion, down 37% YoY and 16.5% sequentially. It was the company's first earnings beat since Q1’22.
Forecasts Q2'23 revenue of $12 billion at the midpoint, with non-GAAP gross margins sliding a further 0.9 points to 37.5%
Annual GAAP GM has fallen from 61.4% in 2018 to 42.3% in 2022. But why?


Intel Q1'23 Earnings Review. No Surprises But Pay Attention To The Gross Margin Story

<ul>
<li>Q1 2023 revenues of $16.72 billion, at the bottom end of the guided range, down 16.1% sequentially and 4.8% compared to the year ago period</li>
<li>TSMC pegged Q2 2023 as their trough quarter of the current semiconductor downturn</li>
<li>2023 CapEx of $34 billion at the midpoint, while flat sequentially, represents yet another in a long series of big bets on the future of semiconductors</li>
</ul>


Q1 2023 revenues of $16.72 billion, at the bottom end of the guided range, down 16.1% sequentially and 4.8% compared to the year ago period
TSMC pegged Q2 2023 as their trough quarter of the current semiconductor downturn
2023 CapEx of $34 billion at the midpoint, while flat sequentially, represents yet another in a long series of big bets on the future of semiconductors


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)

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rompted by the bear market rally in equities, AMD's stock has almost doubled in a matter of just a couple of months from October of last year to...

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AMD Q1'23 Revenue $5.4 Billion, -3.5% QoQ, -9% YoY. Q2 Flat Sequentially.

Q1’23 revenues of $5.4 billion, down 3.5% QoQ, down 9% YoY, but marginally ahead of the guided midpoint. Q2 revenues of $5.3 billion. Data center...

William Keating

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Hon Hai could terminate its investment deal in U.S.-based Lordstown Motors as per an exchange notice posted by Lordstown.

Vincent Fernando, CFA

Intel Q1'23 Earnings Review. No Surprises But Pay Attention To The Gross Margin Story

Q1’23 revenues of $11.7 billion, down 37% YoY and 16.5% sequentially. It was the company's first earnings beat since Q1’22. Annual GAAP GM has...

William Keating

TSMC. Betting Big Is Nothing New

Q1 2023 revenues of $16.72 billion, at the bottom end of the guided range, down 16.1% QoQ and 4.8% YoY. Q2 will be the trough. 2023 CapEx at $34...

William Keating

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