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

Thematic (Sector/Industry)

<p>The latest Wafer Fab Equipment (WFE) from SEMI, details <a href="http://www.semi.org/en/494-billion-semiconductor-equipment-forecast-new-record-korea-top" target="_blank">here</a>, reported that worldwide sales of new semiconductor manufacturing equipment are projected to increase 19.8 percent to total $49.4 billion in 2017, marking the first time that the semiconductor equipment market has exceeded the market high of $47.7 billion set in 2000. Analysts are mixed on the extent to which this cycle will continue through the coming year and concerns are growing that the leading WFE companies have peaked in terms of shareholder returns. In this Insight, we review the reasons why we believe that the current growth cycle will continue strongly through 2018. We examine in detail a selection of key companies from the top ten players globally. We also explore some hidden gems, niche players we expect to surprise on the upside in the next twelve months.</p>

The latest Wafer Fab Equipment (WFE) from SEMI, details here, reported that worldwide sales of new semiconductor manufacturing equipment are projected to increase 19.8 percent to total $49.4 billion in 2017, marking the first time that the semiconductor equipment market has exceeded the market high of $47.7 billion set in 2000. Analysts are mixed on the extent to which this cycle will continue through the coming year and concerns are growing that the leading WFE companies have peaked in terms of shareholder returns. In this Insight, we review the reasons why we believe that the current growth cycle will continue strongly through 2018. We examine in detail a selection of key companies from the top ten players globally. We also explore some hidden gems, niche players we expect to surprise on the upside in the next twelve months.

A Brief Analysis of Semiconductor Wafer Fab Equipment's Current Growth Cycle

Asia and Global Semiconductor and Tech Research

Andrew Lu

Equity Bottom-Up

<h2>What's new?</h2><p>After <a href="https://www.smartkarma.com/entities/798" target="_blank" data-smartkarma-citation="entities:798:1">Fiat Chrysler Automobiles Nv (FCAU US)</a> left Waymo to join BMW-Intel autonomous car platform in August 2017 (" <a href="https://www.smartkarma.com/insights/fiat-chrysler-is-leaving-waymo-to-join-bmw-intel-autonomous-platform-negative-positive-to" target="_blank" data-smartkarma-citation="insights:12899">Fiat Chrysler Is Leaving Waymo to Join BMW-Intel Autonomous Platform; Negative/Positive To?</a> "), <a href="https://www.smartkarma.com/entities/16764" target="_blank" data-smartkarma-citation="entities:16764:1">Intel Corp (INTC US)</a> announced to collaborate with Waymo (an <a href="https://www.smartkarma.com/entities/11369" target="_blank" data-smartkarma-citation="entities:11369:1">Alphabet Inc Cl C (GOOG US)</a> company) on self-driving car technology yesterday. Waymo’s newest vehicles, the self-driving Chrysler Pacifica hybrid minivans, feature Intel-based technologies for sensor processing…</p>

What's new?After Fiat Chrysler Automobiles Nv (FCAU US) left Waymo to join BMW-Intel autonomous car platform in August 2017 (" Fiat Chrysler Is Leaving Waymo to Join BMW-Intel Autonomous Platform; Negative/Positive To? "), Intel Corp (INTC US) announced to collaborate with Waymo (an Alphabet Inc Cl C (GOOG US) company) on self-driving car technology yesterday. Waymo’s newest vehicles, the self-driving Chrysler Pacifica hybrid minivans, feature Intel-based technologies for sensor processing…

Waymo and Intel Collaborate on the Autonomous Car; Turning Intel the Only Semi Competitor to Nvidia

Event-Driven

<h2><strong>What's new?</strong></h2><p>According to Bloomberg News today, US President <a href="https://www.bloomberg.com/billionaires/id/1252249" target="_blank">Donald Trump</a> blocked a Chinese-backed Canyon Bridge Capital Partners from buying <a href="https://www.smartkarma.com/entities/7855" target="_blank" data-smartkarma-citation="entities:7855:1">Lattice Semiconductor Corp (LSCC US)</a>, a tier three FPGA/PLD semiconductor vendor, for security risk. "Consistent with the administration’s commitment to take all actions necessary to ensure the protection of U.S. national security, the president issued an order prohibiting the acquisition," Treasury Secretary Steven Mnuchin said in a statement.</p><p>The Trump…</p>

What's new?According to Bloomberg News today, US President Donald Trump blocked a Chinese-backed Canyon Bridge Capital Partners from buying Lattice Semiconductor Corp (LSCC US), a tier three FPGA/PLD semiconductor vendor, for security risk. "Consistent with the administration’s commitment to take all actions necessary to ensure the protection of U.S. national security, the president issued an order prohibiting the acquisition," Treasury Secretary Steven Mnuchin said in a statement.The Trump…

US Trump Blocks Lattice Acquisition for Security Risk - China Will Have to Build Its Own Now

Thematic Investing in Tech and Media, CM Research

Cyrus Mewawalla

Thematic Investing in Tech and Media

Thematic TMT investing

CM Research

CM Research is an independent research house based in London, England. We provide global thematic research in the Technology, Media and Telecoms (TMT) sectors. 

Our focus is on disruptive technologies: how will they unfold; which industries will be impacted; and who will be the ultimate winners and losers. 

Our aim is to help investors predict share prices and corporate executives stay one step ahead of the technology trends that are shaping their industry. 

We research technology investment themes in detail and then feed the results into a scorecard system to quantify the impact of several conflicting themes on individual stocks. 

Recent themes covered include internet TV, the Internet of Things, Big Data, Mobile payments, crowdfunding, artificial intelligence, the cloud, software defined networking and Generation Hashtag.

We cover the top 500 global TMT stocks by market capitalisation and several technology start-ups and pre-IPO companies too. 

In 2015, CM Research analysts outperformed the Bloomberg Benchmark Analyst Index - which measures how good analysts are at predicting stock prices - by 7.1%.

<h2>AI is the next big computing wave. </h2><p>After transitioning from mainframes to PCs to servers to Cloud-based data centres, computing is about to make another transition: Artificial intelligence (AI) is the next computing wave. As demand for chips from the PC and smartphone industry subsides, demand for high-end processors to power AI-based platforms such as voice interfaces, robots, augmented reality, driverless cars, smart homes and advanced cybersecurity systems will rise.<br>This new semiconductor industry is led by Microsoft, Google, Apple and Huawei. They increasingly tell their merchant suppliers what chips to make or do it better themselves, building custom, algorithmic chips and creating their own AI supercomputers in the Cloud.</p><p>And Intel has got the message.</p><p>So how should investors respond?</p>

AI is the next big computing wave. After transitioning from mainframes to PCs to servers to Cloud-based data centres, computing is about to make another transition: Artificial intelligence (AI) is the next computing wave. As demand for chips from the PC and smartphone industry subsides, demand for high-end processors to power AI-based platforms such as voice interfaces, robots, augmented reality, driverless cars, smart homes and advanced cybersecurity systems will rise. This new semiconductor industry is led by Microsoft, Google, Apple and Huawei. They increasingly tell their merchant suppliers what chips to make or do it better themselves, building custom, algorithmic chips and creating their own AI supercomputers in the Cloud.And Intel has got the message.So how should investors respond?

Advanced Micro Devices / Equity Bottom-Up

<h2><em>Summary of finding the beneficiaries</em></h2><p><em>After our recent discussions with two cloud data center experts, we conclude a rising requirement on faster and more NVME (Non-Volatile Memory Express) SSD flash storages, networking I/O cards, and AI used GPU/FPGA/TPU cards (please see Table 3 in our earlier report "<a href="https://www.smartkarma.com/insights/fiat-chrysler-is-leaving-waymo-to-join-bmw-intel-autonomous-platform-negative-positive-to" target="_blank" data-smartkarma-citation="insights:12899">Fiat Chrysler Is Leaving Waymo to Join BMW-Intel Autonomous Platform; Negative/Positive To?</a> " dated 17 August 2017) are driving a big demand on PCI Express lanes or PCI Express switch if using </em>…</p>

Summary of finding the beneficiariesAfter our recent discussions with two cloud data center experts, we conclude a rising requirement on faster and more NVME (Non-Volatile Memory Express) SSD flash storages, networking I/O cards, and AI used GPU/FPGA/TPU cards (please see Table 3 in our earlier report "Fiat Chrysler Is Leaving Waymo to Join BMW-Intel Autonomous Platform; Negative/Positive To? " dated 17 August 2017) are driving a big demand on PCI Express lanes or PCI Express switch if using …

Andrew on Tech: Finding the Four Beneficiaries from Rising PCI Express Lanes for Data Center

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)

A Brief Analysis of Semiconductor Wafer Fab Equipment's Current Growth Cycle

The latest Wafer Fab Equipment (WFE) from SEMI, details here, reported that worldwide sales of new semiconductor manufacturing equipment are...

William Keating

Waymo and Intel Collaborate on the Autonomous Car; Turning Intel the Only Semi Competitor to Nvidia

What's new?After Fiat Chrysler Automobiles Nv (FCAU US) left Waymo to join BMW-Intel autonomous car platform in August 2017 (" Fiat Chrysler Is...

Andrew Lu

US Trump Blocks Lattice Acquisition for Security Risk - China Will Have to Build Its Own Now

What's new?According to Bloomberg News today, US President Donald Trump blocked a Chinese-backed Canyon Bridge Capital Partners from buying Lattice...

Andrew Lu

Semiconductors in the Age of AI

AI is the next big computing wave. After transitioning from mainframes to PCs to servers to Cloud-based data centres, computing is about to make...

CM Research

Andrew on Tech: Finding the Four Beneficiaries from Rising PCI Express Lanes for Data Center

Summary of finding the beneficiariesAfter our recent discussions with two cloud data center experts, we conclude a rising requirement on faster and...

Andrew Lu

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