Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Thematic (Sector/Industry)

<ul><li>Hello! I went on a short hike this weekend, which always seems to cause something to change.</li><li>What changed was that we are seeing a very large leveraged unwind in the market, driven by the BOJ's hike in interest rates.</li><li>Let me write out the series of events. First and foremost, last week, we saw some of the first macro jitters. The CPI came to light, which was viewed as positive. But then NFP showed a bit of weakness.</li></ul>

Hello! I went on a short hike this weekend, which always seems to cause something to change.What changed was that we are seeing a very large leveraged unwind in the market, driven by the BOJ's hike in interest rates.Let me write out the series of events. First and foremost, last week, we saw some of the first macro jitters. The CPI came to light, which was viewed as positive. But then NFP showed a bit of weakness.

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>Year to date, Intel's data center revenues are down 28% YoY. </li>
<li>By comparison, AMD's year-to-date revenues are down just 6% YoY</li>
<li>Why is AMD performing so much better than Intel in the data center and will their market share growth continue?</li>
</ul>


Year to date, Intel's data center revenues are down 28% YoY. 
By comparison, AMD's year-to-date revenues are down just 6% YoY
Why is AMD performing so much better than Intel in the data center and will their market share growth continue?


<ul>
<li>It's a "show me the money" versus a "build it and they will come" approach</li>
<li>New fab construction will be based solely on customer commitments.</li>
<li>It's a curiously cautious plan and highly unlikely to succeed</li>
</ul>


It's a "show me the money" versus a "build it and they will come" approach
New fab construction will be based solely on customer commitments.
It's a curiously cautious plan and highly unlikely to succeed


<ul>
<li>The agreement helps Intel fill up some long-underutilised fab capacity at their Rio Rancho, New Mexico facility</li>
<li>Tower likely gets a bargain-basement opportunity to increase their percentage of 300mm wafer capacity</li>
<li>Tower's automotive business grew from 11% of revenues in 2022 to 19% of revenues in H1'23. Greater 300mm capacity will help them meet this demand once foundry starts to recover. </li>
</ul>


The agreement helps Intel fill up some long-underutilised fab capacity at their Rio Rancho, New Mexico facility
Tower likely gets a bargain-basement opportunity to increase their percentage of 300mm wafer capacity
Tower's automotive business grew from 11% of revenues in 2022 to 19% of revenues in H1'23. Greater 300mm capacity will help them meet this demand once foundry starts to recover. 


Intel's Deal With Tower Semi Is Basically A Rent-A-Fab Scheme

<ul>
<li>Tower Semi will pay Intel $300 million to acquire and own equipment and other fixed assets to be installed in the New Mexico facility</li>
<li>Intel's termination fee on the failure of the proposed Tower Semi acquisition was $353 million</li>
<li>It's quite the clever move and doesn't require China's approval...</li>
</ul>


Tower Semi will pay Intel $300 million to acquire and own equipment and other fixed assets to be installed in the New Mexico facility
Intel's termination fee on the failure of the proposed Tower Semi acquisition was $353 million
It's quite the clever move and doesn't require China's approval...


Intel Does A Surprising Side Deal With Tower Semi

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)

MARKETS AND SEMICONDUCTORS

Hello! I went on a short hike this weekend, which always seems to cause something to change. What changed was that we are seeing a very large...

Fabricated Knowledge

Intel's Data Centre Meltdown

YTD Intel's data center revenues are down 28% YoY. By contrast, AMD's YTD data center revenues are down just 6% YoY. Why is AMD performing so much...

William Keating

Intel Foundry Chief Unveils His Strategy

Intel's foundry strategy is a "show me the money" versus a "build it and they will come" approach. This is highly unlikely to be successful,...

William Keating

Intel's Deal With Tower Semi Is Basically A Rent-A-Fab Scheme

Intel's recently announced "Capacity Corridor" deal with Tower help them fill up some long-underutilised fab capacity at their Rio Rancho, New...

William Keating

Intel Does A Surprising Side Deal With Tower Semi

Tower Semi will pay Intel $300 million to acquire and own equipment and other fixed assets to be installed in the New Mexico facility. It's quite...

William Keating

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