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

Thematic (Sector/Industry)

<ul>
<li>Semiconductor memories, the most volatile part of the chip market, have declined dramatically since June</li>
<li>During downturns memory chip prices typically collapse until they hit cost</li>
<li>NAND appears to be selling at or near cost, but DRAM still has room for further declines</li>
</ul>


Semiconductor memories, the most volatile part of the chip market, have declined dramatically since June
During downturns memory chip prices typically collapse until they hit cost
NAND appears to be selling at or near cost, but DRAM still has room for further declines


Memory Makers Update: Samsung, SK Hynix, Micron, WDC, Kioxia

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>New China semiconductor restrictions could be announced by the Netherlands and Japan by end-January.</li>
<li>Realtek 4Q22 results -- Signals weakness for companies serving the PC market, and could get worse in 1Q23E.</li>
<li>Western Digital &amp; Kioxia could merge NAND flash units to create a rival to Samsung.</li>
</ul>


New China semiconductor restrictions could be announced by the Netherlands and Japan by end-January.
Realtek 4Q22 results -- Signals weakness for companies serving the PC market, and could get worse in 1Q23E.
Western Digital &amp; Kioxia could merge NAND flash units to create a rival to Samsung.


Taiwan Tech Weekly: Dutch & Japan China Restrictions End-January, Realtek Results Show Pain in PCs

<ul>
<li>The semiconductor revenue decline took a short break in October.</li>
<li>Spot market prices for DRAM and NAND flash have slowed their decrease.</li>
<li>These are signs that the current market collapse is slowing, although we haven't hit bottom yet.</li>
</ul>


The semiconductor revenue decline took a short break in October.
Spot market prices for DRAM and NAND flash have slowed their decrease.
These are signs that the current market collapse is slowing, although we haven't hit bottom yet.


<ul>
<li>Micron's earnings call gives a good advanced warning of similar companies' reports</li>
<li>The company's downturn is the worst in the past 13 years</li>
<li>Not all chip companies will suffer this downturn, and few will do as badly as commodity memory makers.  Tool makers will feel the impact next year.</li>
</ul>


Micron's earnings call gives a good advanced warning of similar companies' reports
The company's downturn is the worst in the past 13 years
Not all chip companies will suffer this downturn, and few will do as badly as commodity memory makers.  Tool makers will feel the impact next year.


<ul>
<li>Semiconductor collapses like today's are led by memory chips, which are a commodity</li>
<li>The leading memory manufacturers: Samsung, SK hynix, Micron, and WDC, have announced their 3Q22 earnings, with only Kioxia remaining.  All have suffered substantial revenue declines.</li>
<li>Memory prices are dropping to cost, and should remain at cost until demand catches back up with supply in late 2023</li>
</ul>


Semiconductor collapses like today's are led by memory chips, which are a commodity
The leading memory manufacturers: Samsung, SK hynix, Micron, and WDC, have announced their 3Q22 earnings, with only Kioxia remaining.  All have suffered substantial revenue declines.
Memory prices are dropping to cost, and should remain at cost until demand catches back up with supply in late 2023


Japan

Kioxia Holdings Corporation manufactures semiconductor memory products. The Company develops, produces, and sells flash memory cards, solid state drives, secure digital memory cards, and other products. Kioxia Holdings markets its products worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Kioxia Holdings (6600 JP)

Memory Makers Update: Samsung, SK Hynix, Micron, WDC, Kioxia

The semiconductor memory market has collapsed, but the collapse is nearly over for Samsung, SK hynix, Micron, WDC, and Kioxia.

Jim Handy

Taiwan Tech Weekly: Dutch & Japan China Restrictions End-January, Realtek Results Show Pain in PCs

Also- The U.S. military is preparing for Speaker of the House McCarthy to visit Taiwan; and Western Digital & Kioxia could merge NAND flash units...

Vincent Fernando, CFA

Is The Semiconductor Collapse Slowing?

One week before most chip companies report revenues, the semiconductor market seems to be slowing its decline. Although the market hasn't yet hit...

Jim Handy

Micron Earnings Give Semi Market Outlook

Micron's just-announced revenues indicate trouble today for its peers and trouble next year for tool makers, but other sectors should fare much...

Jim Handy

How Bad Is Today's Chip Collapse?

Do you understand the current chip collapse? It is following a path that it has followed in the past, and those who read this post can invest more...

Jim Handy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)