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

<ul>
<li>Tower to collect a cool $353 million termination fee from Intel</li>
<li>Intel claims its foundry ambition to become the global #2 by end of the decade remains unchanged</li>
<li>The key thing Intel needed from Tower was access to its broad, diverse portfolio of specialty process technologies. These will take Intel years to develop on their own.  </li>
</ul>


Tower to collect a cool $353 million termination fee from Intel
Intel claims its foundry ambition to become the global #2 by end of the decade remains unchanged
The key thing Intel needed from Tower was access to its broad, diverse portfolio of specialty process technologies. These will take Intel years to develop on their own.  


United States

Applied Materials, Inc. develops, manufactures, markets, and services semiconductor wafer fabrication equipment and related spare parts for the worldwide semiconductor industry.  The Company's customers include semiconductor wafer and integrated circuit manufacturers, flat panel liquid crystal displays, solar photovoltaic cells and modules and other electronic devices manufacturers.

QUALCOMM, Inc . manufactures digital wireless communications equipment.  The Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies, and produces CDMA-based integrated circuits; and produces equipment and software used to track workers and assets; and software for wireless content enablement.

KLA-Tencor Corporation manufactures yield management and process monitoring systems for the semiconductor industry.  The Company's systems are used to analyze product and process quality at critical steps in the manufacture of circuits and provide feedback so that fabrication problems can be identified. KLA-Tencor operates sales, service, and application centers worldwide.

Lam Research Corporation manufactures, markets, and services semiconductor processing equipment used in the making of integrated circuits.  The Company's products are used to deposit special films on a silicon wafer and etch away portions of various films to create a circuit design.  Lam sells its products around the world.

Monolithic Power Systems Inc specializes in high-performance, integrated power solutions. The Company provides small, highly energy efficient, easy-to-use power solutions for systems found in industrial applications, telecom infrastructures, cloud computing, automotive, and consumer applications.

ON Semiconductor Corporation supplies analog, standard logic, and discrete semiconductors for data and power management. The Company's products include integrated circuits, and analog ICs. ON also offers discrete semiconductors in a variety of surface mount and standard packages.

Skyworks Solutions, Inc., a wireless semiconductor company, designs and manufactures radio frequency and complete semiconductor system solutions for mobile communications applications.  The Company provides front-end modules, radio frequency subsystems, and system solutions to wireless handset and infrastructure customers worldwide.

Microchip Technology Incorporated designs, manufactures, and markets microcontrollers, related mixed-signal and memory products, and application development systems for high-volume embedded control applications. The Company also designs, develops, and markets linear/mixed-signal, power management, and thermal management products.

Entegris Inc. provides materials management products and services to the microelectronics industry on a worldwide basis.  The Company provides products such as wafer shippers, wafer transport and process carriers, pods, and work-in-process boxes.  Entegris also provides chemical delivery products such as valves, fittings, tubing, pipe, and containers.

Analog Devices, Inc. designs, manufactures, and markets integrated circuits used in analog and digital signal processing.  The Company's products are used in communications, computer, industrial, instrumentation, military/aerospace, automotive, and high-performance consumer electronics applications.  Analog Devices sells its products worldwide.

Tokyo Electron Limited manufactures and sells industrial electronics products, such as semiconductor manufacturing machines, computer system, and electronic components.  The Company products are sold in US, Taiwan, and others as well as in Japan.

ASE Technology Holding Co., Ltd. offers assembly and testing services. The Company provides outsourced assembly, semiconductor testing, semiconductor packaging, and other related services. ASE Technology Holding operates in Taiwan.

MediaTek Inc. is a fabless semiconductor company for wireless communications and digital multimedia solutions. The company provides SOC system solutions for wireless communications, high-definition TV, optical storage, DVD and Blu-ray products.

Lasertec Corporation develops, designs, manufactures and markets photomask inspection systems to make semiconductor devices, confocal scanning laser microscopes and liquid crystal display (LCD) inspection systems.

United Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs) and related electronic products.  The Company's main products are consumer electronic ICs, memory ICs, personal computer peripheral ICs, and communication ICs.

NXP Semiconductors NV operates as a global semiconductor company. The Company designs semiconductors and software for mobile communications, consumer electronics, security applications, in-car entertainment, and networking.  NXP offers its products to the automotive, identification, wireless infrastructure, lighting, mobile, and computing applications.

LONGi Green Energy Technology Co., Ltd. develops, manufactures and sells silicon rods and silicon wafers. The Company's main products include 6 inch, 6.5 inch and 8 inch monocrystalline silicon rods and wafers.

LONGi Green Energy Technology (601012 CH)

Semiconductor Manufacturing International Corporation operates a semiconductor foundry. The Company provides integrated circuit foundry and technology services including the testing, development, design, manufacturing, packaging, and sale of integrated circuits. Semiconductor Manufacturing International offers its products and services around the world.

Semiconductor Manufacturing International Corp (SMIC) (981 HK)

Semiconductor Manufacturing International Corp (SMIC)

DISCO CORPORATION manufactures abrasive and precision industrial machinery for cutting and grinding purposes.  The Company's products are applied in the semiconductor, electronics, and construction industries to produce consumer goods such as personal computers, digital cameras, video game systems, and Digital Video Disc (DVD) players.

Renesas Electronics Corporation researches, develops, designs and manufactures electronic components such as semiconductors and integrated devices.

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)

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

Intel Terminates Tower Semi Deal

Tower to collect a cool $353 million termination fee. Intel claims its foundry ambition remains unchanged, but not gaining access to Tower's...

William Keating

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