Asia and Global Semiconductor and Tech Research

Andrew Lu

Equity Bottom-Up

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

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<li>TSMC reiterates 2024 sales y/y growth of 20-25% but revises down 2024 global semiconductor y/y sales from over 10% to 10% and global foundry sales growth from 20% to 15-19%.</li>
<li>
No more Moore's Law: After 3 years ramp up gap between N5-N3, TSMC confirms 10-11 quarters of ramp up gap between N3 and N2 due to longer production cycle.</li>
<li>Driven by stronger digital consumer (33% q/q), HPC (3% q/q), IoT (5% q/q) sales but weaker smartphone IC (-16% q/q), TSMC reports 1Q24 sales decline of only 5% q/q.</li>
</ul>


TSMC reiterates 2024 sales y/y growth of 20-25% but revises down 2024 global semiconductor y/y sales from over 10% to 10% and global foundry sales growth from 20% to 15-19%.

No more Moore's Law: After 3 years ramp up gap between N5-N3, TSMC confirms 10-11 quarters of ramp up gap between N3 and N2 due to longer production cycle.
Driven by stronger digital consumer (33% q/q), HPC (3% q/q), IoT (5% q/q) sales but weaker smartphone IC (-16% q/q), TSMC reports 1Q24 sales decline of only 5% q/q.


What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference?

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.

<ul><li>Google, Microsoft, and Facebook reported earnings.</li><li>Let’s discuss their capex plans and what that means for our new data center champion, Nvidia.</li><li>I think it’s pretty straightforward that Nvidia has revenue beats for the foreseeable future.</li></ul>

Google, Microsoft, and Facebook reported earnings.Let’s discuss their capex plans and what that means for our new data center champion, Nvidia.I think it’s pretty straightforward that Nvidia has revenue beats for the foreseeable future.

Google, Microsoft, Facebook and Nvidia: AI Spending Implications at the Hyperscalers

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>Marvell Technology, Inc.'s Q1 2025 earnings report reflects a strong start to the fiscal year with revenue of $1.16 billion, surpassing the midpoint of guidance.</li><li>The overachievement was largely driven by higher-than predicted results from the company's data center operations, which reported $816 million in revenue for the quarter.</li><li>The company anticipates such performance and growth to continue throughout the fiscal year, especially in light of initial shipments of their custom AI compute programs.</li></ul>

Marvell Technology, Inc.'s Q1 2025 earnings report reflects a strong start to the fiscal year with revenue of $1.16 billion, surpassing the midpoint of guidance.The overachievement was largely driven by higher-than predicted results from the company's data center operations, which reported $816 million in revenue for the quarter.The company anticipates such performance and growth to continue throughout the fiscal year, especially in light of initial shipments of their custom AI compute programs.

Marvell Technology Group Ltd.: Will The Anticipated Recovery in Enterprise Networking and Carrier Business Pan Out? - Major Drivers

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Marvell (MRVL US, NR) released its FY1Q25 results. Revenue was down by 12.2% YoY/18.6% QoQ to US$1.16bn, in line with the company’s guidance (US$1.16bn).</li><li>Non-GAAP GPM was 62.4%, down from 63.9% in FY4Q24. Adj. EPS was US$0.24 in FY1Q25, down 22.6% YoY/47.8% QoQ.</li><li>Mgmt. guided Q2 revenue to grow 8% QoQ at the midpoint, and mentioned growth will accelerate in Q3 and Q4, driven by DC/AI sales. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Marvell (MRVL US, NR) released its FY1Q25 results. Revenue was down by 12.2% YoY/18.6% QoQ to US$1.16bn, in line with the company’s guidance (US$1.16bn).Non-GAAP GPM was 62.4%, down from 63.9% in FY4Q24. Adj. EPS was US$0.24 in FY1Q25, down 22.6% YoY/47.8% QoQ.Mgmt. guided Q2 revenue to grow 8% QoQ at the midpoint, and mentioned growth will accelerate in Q3 and Q4, driven by DC/AI sales. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semi - Marvell FY1Q25 Earnings: Harnessing the AI Revenue

External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

<ul><li>Marvell has historically performed well in the market but is now shifting its focus to growth areas such as AI, cloud computing, and faster data networks</li><li>Despite recent cyclical weakness, the company is expected to see improved performance and strong earnings growth</li><li>Reactivating the account is a strategic move to capitalize on Marvell's promising future prospects and potential increase in stock value</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Marvell has historically performed well in the market but is now shifting its focus to growth areas such as AI, cloud computing, and faster data networksDespite recent cyclical weakness, the company is expected to see improved performance and strong earnings growthReactivating the account is a strategic move to capitalize on Marvell's promising future prospects and potential increase in stock valueThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Marvell Technology Inc (MRVL) - Thursday, Feb 22, 2024

United States

Marvell Technology, Inc. develops and produces semiconductors and related technology. The Company offers security and networking platform, secure data processing, networking, and storage solutions. Marvell Technology serves customers worldwide.

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Marvell Technology (MRVL US)

What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference?

What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference? TSMC revises down 2024 global semi y/y sales from over 10% to...

Andrew Lu

Google, Microsoft, Facebook and Nvidia: AI Spending Implications at the Hyperscalers

Google, Microsoft, and Facebook reported earnings. Let’s discuss their capex plans and what that means for our new data center champion, Nvidia. I...

Fabricated Knowledge

Marvell Technology Group Ltd.: Will The Anticipated Recovery in Enterprise Networking and Carrier Business Pan Out? - Major Drivers

Marvell Technology, Inc.'s Q1 2025 earnings report reflects a strong start to the fiscal year with revenue of $1.16 billion, surpassing the...

Baptista Research

Semi - Marvell FY1Q25 Earnings: Harnessing the AI Revenue

Marvell (MRVL US, NR) released its FY1Q25 results. Revenue was down by 12.2% YoY/18.6% QoQ to US$1.16bn, in line with the company’s guidance...

CMB International

Marvell Technology Inc (MRVL) - Thursday, Feb 22, 2024

Marvell has shifted its focus to growth areas like AI and cloud computing, positioning itself for significant upside potential despite recent...

Value Investors Club

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