Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>October semiconductor revenues have been released setting a new record</li>
<li>The semiconductor market, whose revenues have been following a trend since 1996, are currently well above that trend</li>
<li>The ingredients for a collapse are not developing.  The current trend seems destined to continue for at least another couple of quarters, but probably longer.</li>
</ul>


October semiconductor revenues have been released setting a new record
The semiconductor market, whose revenues have been following a trend since 1996, are currently well above that trend
The ingredients for a collapse are not developing.  The current trend seems destined to continue for at least another couple of quarters, but probably longer.


October Semi Revenues Released: Even Farther Above Trend

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 announced it will spin its Mobileye division in 2022, reportedly at a $50 B valuation.</li>
<li>This should allow Intel to raise $10B, which helps out on the accelerated capex plans to transition to a foundry strategy without further cutting into buybacks or the dividend.</li>
<li>Non-Needle mover on the rest of the business, where Intel will continue to see margin pressures due to share losses and lack of pricing power on its PC/Server chips.</li>
</ul>


Intel announced it will spin its Mobileye division in 2022, reportedly at a $50 B valuation.
This should allow Intel to raise $10B, which helps out on the accelerated capex plans to transition to a foundry strategy without further cutting into buybacks or the dividend.
Non-Needle mover on the rest of the business, where Intel will continue to see margin pressures due to share losses and lack of pricing power on its PC/Server chips.


<ul>
<li>WSTS released a forecast for 26% growth in 2021 and 9% in 2022 </li>
<li>Prior WSTS forecasts have been overheated in up years and too modest in down years</li>
<li>If today's demand bubble continues, sub-10% 2022 growth is likely.  Otherwise, there could be a collapse.</li>
</ul>


WSTS released a forecast for 26% growth in 2021 and 9% in 2022 
Prior WSTS forecasts have been overheated in up years and too modest in down years
If today's demand bubble continues, sub-10% 2022 growth is likely.  Otherwise, there could be a collapse.


WSTS Semi Forecast Very Bullish for 2021-22, but Is It Realistic?

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.

Equity Capital Markets

Advanced Micro Devices / Equity Capital Markets

<ul><li>While the world has been battling with semiconductor shortage for the past year, semiconductor giant Intel has faced its fair share of challenges from relatively smaller players like AMD that have eaten into its market share in many key segments.</li><li>Intel has been a major player in this space and losing market share to AMD has been a definite setback for Intel.</li><li>Both these companies are financially solid but the question here is – which is expected to be the better performer?.</li></ul>

While the world has been battling with semiconductor shortage for the past year, semiconductor giant Intel has faced its fair share of challenges from relatively smaller players like AMD that have eaten into its market share in many key segments.Intel has been a major player in this space and losing market share to AMD has been a definite setback for Intel.Both these companies are financially solid but the question here is – which is expected to be the better performer?.

Intel vs. AMD - Which Semiconductors Player Is The Better Fundamental Pick? (11/2021)

<ul><li>Advanced Micro Devices (AMD) reported another solid result surpassing Wall Street expectations in terms of both, revenues as well as earnings.</li><li>The management actually raised its full-year guidance, on the back of solid demand for its chips.</li><li>The increasing demand for gaming consoles from Sony and Microsoft, which use AMD's semi-custom processors is also a major growth driver.</li></ul>

Advanced Micro Devices (AMD) reported another solid result surpassing Wall Street expectations in terms of both, revenues as well as earnings.The management actually raised its full-year guidance, on the back of solid demand for its chips.The increasing demand for gaming consoles from Sony and Microsoft, which use AMD's semi-custom processors is also a major growth driver.

Advanced Micro Devices Inc. - Investment Thesis

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)

October Semi Revenues Released: Even Farther Above Trend

October semiconductor revenues set a record once again, making the 2021 semiconductor market one to remember. A collapse appears unlikely in the...

Jim Handy

Intel's Mobileye Spin

The capital raise doesn’t matter in the context of the 90% of Intel’s business which is losing share in PCs and Servers to AMD/Nvidia. FCF will...

Aaron Gabin

WSTS Semi Forecast Very Bullish for 2021-22, but Is It Realistic?

The semiconductor market is on a tear, and WSTS forecasts that next year will see solid growth. This Insight examines the likelihood that 2022...

Jim Handy

Intel vs. AMD - Which Semiconductors Player Is The Better Fundamental Pick? (11/2021)

While the world has been battling with semiconductor shortage for the past year, semiconductor giant Intel has faced its fair share of challenges...

Baptista Research

Advanced Micro Devices Inc. - Investment Thesis

Advanced Micro Devices (AMD) reported another solid result surpassing Wall Street expectations in terms of both, revenues as well as earnings. The...

Baptista Research

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