Global TMT Analyst, Ex-PM, 30 years experience

Neil Campling

Event-Driven

<ul>
<li>SAMR would draw out review process for too long for a deal to be approved</li>
<li>Intel faces an existential crisis and even the new Foundry division has issues</li>
<li>A theoretical deal would have little financial synergy and destroy Qualcomm's gross margins</li>
</ul>


SAMR would draw out review process for too long for a deal to be approved
Intel faces an existential crisis and even the new Foundry division has issues
A theoretical deal would have little financial synergy and destroy Qualcomm's gross margins


Tech M&A: Qualcomm for Intel? No Chance. Here's Why.

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>US DoD &amp; AWS deals are little more than distractions from the main event</li>
<li>Making Intel Foundry a subsidiary won't make one whit of a difference but may just be the next step in its eventual spin-off</li>
<li>The core issue, the GM collapse in Q224, was not addressed in the BM update from the CEO. That's a problem. </li>
</ul>


US DoD &amp; AWS deals are little more than distractions from the main event
Making Intel Foundry a subsidiary won't make one whit of a difference but may just be the next step in its eventual spin-off
The core issue, the GM collapse in Q224, was not addressed in the BM update from the CEO. That's a problem. 


Intel. US DoD & AWS Deals Are Distractions While The Head Remains Firmly In The Sand

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>Intel Corporation, once the unchallenged leader in the semiconductor space, has recently found itself in a precarious position.</li><li>With its stock prices plummeting and revenues falling, Intel is struggling to regain its footing in a market dominated by foreign giants like TSMC and Samsung.</li><li>The U.S. government, through multiple initiatives and significant financial commitments, has stepped in to rescue the beleaguered company, seeing it as crucial to both national security and economic competitiveness.</li></ul>

Intel Corporation, once the unchallenged leader in the semiconductor space, has recently found itself in a precarious position.With its stock prices plummeting and revenues falling, Intel is struggling to regain its footing in a market dominated by foreign giants like TSMC and Samsung.The U.S. government, through multiple initiatives and significant financial commitments, has stepped in to rescue the beleaguered company, seeing it as crucial to both national security and economic competitiveness.

Intel’s Make-or-Break Moment: How the U.S. Government is Fighting to Save America’s Chip Giant

Asia and Global Semiconductor and Tech Research

Andrew Lu

<ul>
<li>We see early signs of recovery in PC and smartphone markets, stable server market (strengths in AI server, stable in non-AI server market), but weaknesses in automotive and industrial.</li>
<li>We expect the PC semi market recovery of more than 10% y/y in 2024/2025, driven by inventory rebuild and silicon contents increase by adding AI into PC.</li>
<li>We expect the smartphone semi market recovery of 7-8% y/y in 2024/2025, driven by inventory rebuild and adopting 3nE foundry node. But, Huawei/HiSilicon will take some of the growth.</li>
</ul>


We see early signs of recovery in PC and smartphone markets, stable server market (strengths in AI server, stable in non-AI server market), but weaknesses in automotive and industrial.
We expect the PC semi market recovery of more than 10% y/y in 2024/2025, driven by inventory rebuild and silicon contents increase by adding AI into PC.
We expect the smartphone semi market recovery of 7-8% y/y in 2024/2025, driven by inventory rebuild and adopting 3nE foundry node. But, Huawei/HiSilicon will take some of the growth.


First Run of Global Semis' Guidances to Tell Early Signs of Recovery

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

<ul>
<li>Intel's upcoming Meteor Lake family of chips will include a new specific component specifically for running AI processes locally on PCs.</li>
<li>Meteor Lake will enable mass market adoption of AI PCs by providing a platform for developers to create more advanced AI PC applications than are currently possible.</li>
<li>Meteor Lake's launch could start by end-October. Intel's Innovation conference September 19-20th will likely add visibility. Intel's potential supports a Long thesis for Taiwan's PC supply chain.</li>
</ul>


Intel's upcoming Meteor Lake family of chips will include a new specific component specifically for running AI processes locally on PCs.
Meteor Lake will enable mass market adoption of AI PCs by providing a platform for developers to create more advanced AI PC applications than are currently possible.
Meteor Lake's launch could start by end-October. Intel's Innovation conference September 19-20th will likely add visibility. Intel's potential supports a Long thesis for Taiwan's PC supply chain.


Intel's Meteor Lake Chips Could Make It 'Cool' Again; Will Enable Mass Market Adoption of AI PCs

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)

Tech M&A: Qualcomm for Intel? No Chance. Here's Why.

China SAMR's lengthy review process would hinder deal approval, Intel's existential crisis includes issues in new Foundry division, theoretical...

Neil Campling

Intel. US DoD & AWS Deals Are Distractions While The Head Remains Firmly In The Sand

US DoD & AWS deals are little more than distractions from the main event. Making IFS a subsidiary will make no difference.The GM collapse in Q224...

William Keating

Intel’s Make-or-Break Moment: How the U.S. Government is Fighting to Save America’s Chip Giant

Intel Corporation, once the unchallenged leader in the semiconductor space, has recently found itself in a precarious position. With its stock...

Baptista Research

First Run of Global Semis' Guidances to Tell Early Signs of Recovery

After the first Run of global semis' guidance, it tells early signs of recovery in PC and smartphone but weaknesses in automotive and industrial,...

Andrew Lu

Intel's Meteor Lake Chips Could Make It 'Cool' Again; Will Enable Mass Market Adoption of AI PCs

Intel's Meteor Lake chip family will enable mass adoption of AI PCs and the company could become widely admired by the market again. This also...

Vincent Fernando, CFA

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Tech M&A: Qualcomm for Intel? No Chance. Here's Why.

​China SAMR's lengthy review process would hinder deal approval, Intel's existential crisis includes issues in new Foundry division, theoretical...

Neil Campling

Intel. US DoD & AWS Deals Are Distractions While The Head Remains Firmly In The Sand

US DoD & AWS deals are little more than distractions from the main event. Making IFS a subsidiary will make no difference.The GM collapse in Q224...

William Keating

Intel’s Make-or-Break Moment: How the U.S. Government is Fighting to Save America’s Chip Giant

Intel Corporation, once the unchallenged leader in the semiconductor space, has recently found itself in a precarious position. With its stock...

Baptista Research

First Run of Global Semis' Guidances to Tell Early Signs of Recovery

After the first Run of global semis' guidance, it tells early signs of recovery in PC and smartphone but weaknesses in automotive and industrial,...

Andrew Lu

Intel's Meteor Lake Chips Could Make It 'Cool' Again; Will Enable Mass Market Adoption of AI PCs

Intel's Meteor Lake chip family will enable mass adoption of AI PCs and the company could become widely admired by the market again. This also...

Vincent Fernando, CFA

China SAMR's lengthy review process would hinder deal approval, Intel's existential crisis includes issues in new Foundry division, theoretical...