Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Thematic (Sector/Industry)

<ul>
<li>WSTS updates global semiconductor FY2023 forecast to reflect a 10% YoY decline</li>
<li>TSMC's May revenue jumps 19.4% MoM reflecting the generative AI-driven surge in orders from NVIDIA</li>
<li>Intel plumbs new depths with a ridiculous IDC SAM analysis</li>
</ul>


WSTS updates global semiconductor FY2023 forecast to reflect a 10% YoY decline
TSMC's May revenue jumps 19.4% MoM reflecting the generative AI-driven surge in orders from NVIDIA
Intel plumbs new depths with a ridiculous IDC SAM analysis


Semiconductor Events Deserving Your Attention @ 10/6/23

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

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

<ul>
<li>TSMC reduced capex guidance to the bottom of its guidance range but maintained revenue expectations and still expects substantial growth in 2024E.</li>
<li>Dell, HP, and Qualcomm comments signal an AI-Driven PC refresh cycle ahead and 2024E PC Growth. Windows 11 upgrades could be accelerated as new PC AI applications roll out.</li>
<li>Hon Hai reported that it gained market share globally in 2022, and that it has 40% global market share for servers. Hon Hai's AI servers expected to experience triple-digit growth.</li>
</ul>


TSMC reduced capex guidance to the bottom of its guidance range but maintained revenue expectations and still expects substantial growth in 2024E.
Dell, HP, and Qualcomm comments signal an AI-Driven PC refresh cycle ahead and 2024E PC Growth. Windows 11 upgrades could be accelerated as new PC AI applications roll out.
Hon Hai reported that it gained market share globally in 2022, and that it has 40% global market share for servers. Hon Hai's AI servers expected to experience triple-digit growth.


Taiwan Tech Weekly: TSMC Cuts Capex; Hon Hai AI Servers in Demand; ASE Winning TSMC Orders

<ul>
<li>Intel's CFO boosted the current quarter outlook to the higher end of the guided range of $12 billion +/- $500 million</li>
<li>Intel's share price was up 4.8% in overnight trading, presumably a result of the forecast boost</li>
<li>While Intel's CFO thinks Intel is set to ride an AI wave, we think it will be more like riding a ripple across a rising tide that lifts all boats. </li>
</ul>


Intel's CFO boosted the current quarter outlook to the higher end of the guided range of $12 billion +/- $500 million
Intel's share price was up 4.8% in overnight trading, presumably a result of the forecast boost
While Intel's CFO thinks Intel is set to ride an AI wave, we think it will be more like riding a ripple across a rising tide that lifts all boats. 


Concise Playbook for the Week, Global Markets Playbook

Kevin George

Concise Playbook for the Week

Global Markets Playbook

I am an active trader in stocks, FX and commodities with over 15 years' market experience. I hold a master's degree in finance and have developed a strong skill base in technical analysis. 

Alongside technical setups I will provide earnings analysis, company valuation analysis and macroeconomic studies for the key market releases.

<ul>
<li>The chip industry is seeing two "transitions" Intel is being phased out with the GPU shift, according to the company.</li>
<li>The company is also expected to be phased out of the chip industry with the next generation of processors.</li>
<li>The chip company is expected to have a new generation of chips in the coming years.</li>
</ul>


The chip industry is seeing two "transitions" Intel is being phased out with the GPU shift, according to the company.
The company is also expected to be phased out of the chip industry with the next generation of processors.
The chip company is expected to have a new generation of chips in the coming years.


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

<ul>
<li>The steep part of the chip collapse has run its course, and prices are now following cost</li>
<li>Revenues will rise once demand growth fully offsets price decreases, probably in the fourth quarter</li>
<li>The market will regain profitability only after a new shortage develops, which may be the middle of 2024</li>
</ul>


The steep part of the chip collapse has run its course, and prices are now following cost
Revenues will rise once demand growth fully offsets price decreases, probably in the fourth quarter
The market will regain profitability only after a new shortage develops, which may be the middle of 2024


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)

Semiconductor Events Deserving Your Attention @ 10/6/23

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Vincent Fernando, CFA

Will Intel Ride The AI Wave?

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William Keating

Intel Has Big Problems Ahead

The company is also expected to be phased out of the chip industry with the next generation of processors. The chip company is expected to have a...

Kevin George

Where Are We in the Semiconductor Cycle?

Will the semiconductor market turn around? Revenues are likely to regain modest growth in the fourth quarter, but profits shouldn't return until...

Jim Handy

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