Asia and Global Semiconductor and Tech Research

Andrew Lu

Equity Bottom-Up

<ul>
<li>Intel misses 1H24 market consensus again, post market correction of over 7%. Can shifting focus away from foundry/manufacturing help?</li>
<li>Is the breakdown change for future spin off/IPO of foundry/manufacturing, and non focus businesses like Altera and Mobileye positive?</li>
<li>We disagree Intel foundry to breakeven in two years; we see AI product lagging behind competitors and non AI server CPU being squeezed by AI server GPU and GPU/CPU integration.</li>
</ul>


Intel misses 1H24 market consensus again, post market correction of over 7%. Can shifting focus away from foundry/manufacturing help?
Is the breakdown change for future spin off/IPO of foundry/manufacturing, and non focus businesses like Altera and Mobileye positive?
We disagree Intel foundry to breakeven in two years; we see AI product lagging behind competitors and non AI server CPU being squeezed by AI server GPU and GPU/CPU integration.


Intel Is Shifting Focus to Products, Away from Manufacturing/Foundry; Worth to Follow?

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

<ul>
<li>Intel launched a new segment reporting structure under which its newly created Foundry P&amp;L allegedly racked up operating losses of ~$17 billion over the past three years</li>
<li>The Foundry P&amp;L is not expected to reach breakeven until the '27/'28 timeframe</li>
<li>Intel's share price is down &gt;10% in the two days since the new financial model was launched. </li>
</ul>


Intel launched a new segment reporting structure under which its newly created Foundry P&amp;L allegedly racked up operating losses of ~$17 billion over the past three years
The Foundry P&amp;L is not expected to reach breakeven until the '27/'28 timeframe
Intel's share price is down &gt;10% in the two days since the new financial model was launched. 


Intel's New Segment Reporting. Transparency Or Obfuscation?

Advanced Micro Devices / Equity Bottom-Up

<ul>
<li>AMD’s Lisa Su has been honoured as Time’s CEO of the year, a fitting tribute to a leader who  pulled off what many thought to be impossible</li>
<li>Despite flawless execution and carving out a brand new $5 billion market segment within AI Acceleration, AMD's share prices is down 44% from its 52 week high</li>
<li>AMD will ultimately face headwinds from Arm but, for the time being, their growth will come from continuing to take market share from Intel and building on their Instinct platform </li>
</ul>


AMD’s Lisa Su has been honoured as Time’s CEO of the year, a fitting tribute to a leader who  pulled off what many thought to be impossible
Despite flawless execution and carving out a brand new $5 billion market segment within AI Acceleration, AMD's share prices is down 44% from its 52 week high
AMD will ultimately face headwinds from Arm but, for the time being, their growth will come from continuing to take market share from Intel and building on their Instinct platform 


<ul>
<li>Despite the high-profile announcement of his attendance, his segment was less than 3 minutes long!</li>
<li>Intel's CEO alluded to a partnership with OpenAI and implied there's more to come yet there's been no public announcement of any such partnership. </li>
<li>Microsoft's commitment to use Intel's 18A is a vote of confidence in their foundry offering. Let's see how it plays out.</li>
</ul>


Despite the high-profile announcement of his attendance, his segment was less than 3 minutes long!
Intel's CEO alluded to a partnership with OpenAI and implied there's more to come yet there's been no public announcement of any such partnership. 
Microsoft's commitment to use Intel's 18A is a vote of confidence in their foundry offering. Let's see how it plays out.


Intel Snags Altman To Close Foundry Day Event

Podcast by Dom Cooke to explore big businesses, Business Breakdowns

Business Breakdowns

Podcast by Dom Cooke to explore big businesses

Learn how companies work from the people who know them best. We do deep research and interview industry veterans, investment professionals, and corporate executives to explain the inner workings of public stocks and private businesses. For each company, we break down their history, business model, financial statements, secret sauce, and bull/bear case. We believe every business has lessons to teach us and Breakdowns is here to highlight them. Learn more and stay up to date at www.joincolossus.com.

<ul><li>Investment firms are using Ten East to diversify their personal portfolios.</li><li>Business Breakdowns is a podcast series that explores the history, business models, and competitive advantages of different businesses.</li><li>Todd Austin, CIO of Parnassus Investments, discusses Intel's fall from its iconic status and the factors that contributed to it.</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>

Investment firms are using Ten East to diversify their personal portfolios.Business Breakdowns is a podcast series that explores the history, business models, and competitive advantages of different businesses.Todd Austin, CIO of Parnassus Investments, discusses Intel's fall from its iconic status and the factors that contributed to it.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Intel: Cyclical Recovery or Secular Demise? - [Business Breakdowns, EP.149]

United States

Intel Corporation designs, manufactures, and sells computer components and related products.  The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

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Intel Corp (INTC US)

Intel Is Shifting Focus to Products, Away from Manufacturing/Foundry; Worth to Follow?

Intel Is Shifting Focus to Products, Away from Manufacturing/Foundry; Three structural improvement check points to follow

Andrew Lu

Intel's New Segment Reporting. Transparency Or Obfuscation?

Intel's newly minted Foundry P&L racked up losses of ~$17 billion over the past three years.It's not expected to hit breakeven until '27/'28. Share...

William Keating

AMD's Lisa Su Named Time CEO Of The Year

AMD’s Lisa Su has been honoured as Time’s CEO of the year, a fitting tribute to a leader who pulled off what many thought to be impossible....

William Keating

Intel Snags Altman To Close Foundry Day Event

Altman's segment lasted less than 3 minutes! Gelsinger implied partnership with OpenAI & hinted at more to come. Microsoft's plan to use Intel's...

William Keating

Intel: Cyclical Recovery or Secular Demise? - [Business Breakdowns, EP.149]

In this episode of Business Breakdowns, Todd Austin from Parnassus Investments discusses the decline of Intel, including its loss of market share...

Business Breakdowns

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