Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Thematic (Sector/Industry)

<ul>
<li>Once valued at ~$2.8 billion, the former UK Unicorn is but a shadow of its original self.</li>
<li>Their IPU design was far too ambitious from the outset leading them to over promise and under deliver.</li>
<li>Unless you are a Google or an Amazon, designing and building your own AI processor from scratch to compete with NVIDIA is a fool's errand.</li>
</ul>


Once valued at ~$2.8 billion, the former UK Unicorn is but a shadow of its original self.
Their IPU design was far too ambitious from the outset leading them to over promise and under deliver.
Unless you are a Google or an Amazon, designing and building your own AI processor from scratch to compete with NVIDIA is a fool's errand.


Graphcore. A Cautionary Tale For Would-Be NVIDIA Challengers

<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.


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)

Graphcore. A Cautionary Tale For Would-Be NVIDIA Challengers

Once valued at ~$2.8 billion, the former UK Unicorn is but a shadow of its original self. Their IPU design was far too ambitious from the outset...

William Keating

Semiconductor Events Deserving Your Attention @ 10/6/23

WSTS updates '23 forecast to reflect a 10% YoY decline in semi sales. TSMC's May revenue +19.4% MoM reflecting AI-driven surge in GPU orders. Intel...

William Keating

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

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...

Vincent Fernando, CFA

Will Intel Ride The AI Wave?

Current quarter outlook boosted to the high end of the guided range.Share price was up 4.8% in overnight trading.While NVIDIA is riding an AI wave,...

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

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