Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

<ul>
<li>GM announced it will no longer continue to fund its loss making Cruise subsidiary, effectively ending its RoboTaxi ambition. Market reaction? Nothing.</li>
<li>Microsoft has already announced it will write off its $800 million investment made back in 2021 when Cruise was valued at $30 billion</li>
<li>Root cause? The tsunami that was triggered by Cruise's botched response to an accident in October 2023. </li>
</ul>


GM announced it will no longer continue to fund its loss making Cruise subsidiary, effectively ending its RoboTaxi ambition. Market reaction? Nothing.
Microsoft has already announced it will write off its $800 million investment made back in 2021 when Cruise was valued at $30 billion
Root cause? The tsunami that was triggered by Cruise's botched response to an accident in October 2023. 


General Motors Abruptly Pulls The Plug On Cruise

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>General Motors (GM) is navigating turbulent waters as it steers towards an electric vehicle (EV)-focused future.</li><li>Recent developments, such as the sale of its stake in a Michigan battery cell plant for $1 billion to LG Energy Solution, underline GM’s efforts to streamline its operations and adapt to evolving market conditions.</li><li>Meanwhile, the company announced a significant write-off of $2.8 billion for its Chinese joint venture with SAIC Motor and an additional $2.7 billion restructuring charge to address declining profitability in one of its largest markets.</li></ul>

General Motors (GM) is navigating turbulent waters as it steers towards an electric vehicle (EV)-focused future.Recent developments, such as the sale of its stake in a Michigan battery cell plant for $1 billion to LG Energy Solution, underline GM’s efforts to streamline its operations and adapt to evolving market conditions.Meanwhile, the company announced a significant write-off of $2.8 billion for its Chinese joint venture with SAIC Motor and an additional $2.7 billion restructuring charge to address declining profitability in one of its largest markets.

GM's $1 Billion Stake Sale and $5.5 Billion Write-Off: China's Auto Market Crisis Deepens!

<ul><li>General Motors (GM) recently presented its financial outcomes for the third quarter of 2024, revealing robust performance and strategic advances, particularly in electric vehicles (EVs) and traditional internal combustion engine (ICE) vehicles.</li><li>The company has revised its full-year earnings before interest and taxes (EBIT) adjusted to be at the higher end of the previously forecasted range of $14 billion to $15 billion.</li><li>GM also expects a diluted earnings per share (EPS) adjusted to fall between $10 to $10.50.</li></ul>

General Motors (GM) recently presented its financial outcomes for the third quarter of 2024, revealing robust performance and strategic advances, particularly in electric vehicles (EVs) and traditional internal combustion engine (ICE) vehicles.The company has revised its full-year earnings before interest and taxes (EBIT) adjusted to be at the higher end of the previously forecasted range of $14 billion to $15 billion.GM also expects a diluted earnings per share (EPS) adjusted to fall between $10 to $10.50.

General Motors Company (GM): An Analysis Of The Impact Of Electric Vehicle Production & Sales Volume On Revenues & Profitability & Major Drivers

<ul><li>General Motors Company (GM) delivered a robust financial performance in the second quarter of 2024, demonstrating strong operational execution across its varied segments, enhancing confidence in its updated forecasts for the year.</li><li>The overall sentiment from the review reflected both substantial achievements and some risks to be navigated in the future growth strategy.</li><li>A significant positive was GM's record revenue generation during this quarter, bolstered by a high-performing lineup of internal combustion engine (ICE) trucks and SUVs, and a growing portfolio of electric vehicles (EVs) outpacing the broader market growth.</li></ul>

General Motors Company (GM) delivered a robust financial performance in the second quarter of 2024, demonstrating strong operational execution across its varied segments, enhancing confidence in its updated forecasts for the year.The overall sentiment from the review reflected both substantial achievements and some risks to be navigated in the future growth strategy.A significant positive was GM's record revenue generation during this quarter, bolstered by a high-performing lineup of internal combustion engine (ICE) trucks and SUVs, and a growing portfolio of electric vehicles (EVs) outpacing the broader market growth.

General Motors Company: What Is Their China Market Strategy & Why Are We Optimistic? - Major Drivers

Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<ul>
<li>Like other automotive/industrial semi vendors, Diodes guides 4Q23 sales of 20% q/q and 35% y/y decline (miss by 21%) and weaker gross margin/operating margin of 35%/7% (miss by 5ppts).</li>
<li>The company sees 4Q23 sales decline of 20% mainly from 19% of automotive and 26% of industrial customers due to customer inventory cut coupled with year-end distributor inventory management. </li>
<li>We expect this adjustment for automotive/industrial IDMs to last for at least 6 months and suggest our clients to avoid these names unless valuation becoming attractive.  </li>
</ul>


Like other automotive/industrial semi vendors, Diodes guides 4Q23 sales of 20% q/q and 35% y/y decline (miss by 21%) and weaker gross margin/operating margin of 35%/7% (miss by 5ppts).
The company sees 4Q23 sales decline of 20% mainly from 19% of automotive and 26% of industrial customers due to customer inventory cut coupled with year-end distributor inventory management. 
We expect this adjustment for automotive/industrial IDMs to last for at least 6 months and suggest our clients to avoid these names unless valuation becoming attractive.  


With No Surprise, Diodes Guides Automotive/Industrial Semi Demand to Fall over 20% Q/Q

United States

General Motors Co. manufactures and markets new cars and trucks. The Company offers features for special needs drivers, OnStar vehicle protection, service, parts, accessories, maintenance, XM satellite radio, features for commercial owners, and more. General Motors offers its vehicles and services worldwide.

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General Motors (GM US)

General Motors Abruptly Pulls The Plug On Cruise

GM announced it will no longer continue to fund its loss making Cruise subsidiary, effectively ending its RoboTaxi ambition. Market reaction?...

William Keating

GM's $1 Billion Stake Sale and $5.5 Billion Write-Off: China's Auto Market Crisis Deepens!

General Motors (GM) is navigating turbulent waters as it steers towards an electric vehicle (EV)-focused future. Recent developments, such as the...

Baptista Research

General Motors Company (GM): An Analysis Of The Impact Of Electric Vehicle Production & Sales Volume On Revenues & Profitability & Major Drivers

General Motors (GM) recently presented its financial outcomes for the third quarter of 2024, revealing robust performance and strategic advances,...

Baptista Research

General Motors Company: What Is Their China Market Strategy & Why Are We Optimistic? - Major Drivers

General Motors Company (GM) delivered a robust financial performance in the second quarter of 2024, demonstrating strong operational execution...

Baptista Research

With No Surprise, Diodes Guides Automotive/Industrial Semi Demand to Fall over 20% Q/Q

With No Surprise, Diodes Guides Automotive/Industrial Semi Demand to Fall over 20% Q/Q, margin contraction, and rising months of inventory. We see...

Andrew Lu

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