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.

Equity Bottom-Up

<ul><li><p>Marvell reported earnings recently, and I wanted to mention that at least before I continued onwards because that is a good context-setting event for the industry day.</p></li><li><p>Revenue exceeded expectations, but the mix beneath the results was illustrative.</p></li><li>Datacenter revenue grew 20% QoQ, cloud over 30% QoQ; while networking was strong, they guided for a 40% QoQ decline, consistent with networking OEM results.</li></ul>

Marvell reported earnings recently, and I wanted to mention that at least before I continued onwards because that is a good context-setting event for the industry day.Revenue exceeded expectations, but the mix beneath the results was illustrative.Datacenter revenue grew 20% QoQ, cloud over 30% QoQ; while networking was strong, they guided for a 40% QoQ decline, consistent with networking OEM results.

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 delivered a positive result and managed an all-around beat in the last quarter, producing $1.34 billion in revenue.</li><li>Revenue in their data center end market was $460 million, up 6% sequentially and significantly more than their forecast of a flat outlook.</li><li>Notably, revenue from cloud AI and common cloud infrastructure both increased sequentially, with AI expanding more quickly.</li></ul>

Marvell Technology delivered a positive result and managed an all-around beat in the last quarter, producing $1.34 billion in revenue.Revenue in their data center end market was $460 million, up 6% sequentially and significantly more than their forecast of a flat outlook.Notably, revenue from cloud AI and common cloud infrastructure both increased sequentially, with AI expanding more quickly.

Marvell Technology: Will The Launch Of COLORZ 800 Have A Significant Impact On Future Revenues? - Major Drivers

Thematic (Sector/Industry)

<ul><li>To make my content readable, this is an optics-only earnings update.</li><li>I will discuss everything together and put together a high-level overview.</li><li>The specific things I am interested in are Marvell’s ZR and custom silicon.</li></ul>

To make my content readable, this is an optics-only earnings update.I will discuss everything together and put together a high-level overview.The specific things I am interested in are Marvell’s ZR and custom silicon.

Optics Earnings (FN, ANET, COHR, LITE, AAOI)

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

<ul>
<li>Mediatek Enjoying a Massive Rebound for its Mobile Phone Segment; Most Optimistic About High-End Smartphone Demand</li>
<li>New AI Data Center Growth Driver on the Horizon; Recent Investment in U.S. AI Server Chip Startup</li>
<li>Recent Share Price Dip is an Accumulation Opportunity; We Rate Mediatek as a Structural Long</li>
</ul>


Mediatek Enjoying a Massive Rebound for its Mobile Phone Segment; Most Optimistic About High-End Smartphone Demand
New AI Data Center Growth Driver on the Horizon; Recent Investment in U.S. AI Server Chip Startup
Recent Share Price Dip is an Accumulation Opportunity; We Rate Mediatek as a Structural Long


Mediatek Seeing Massive Rebound in Mobile; Major AI Data Center Driver on the Horizon

Asia and Global Semiconductor and Tech Research

Andrew Lu

<ul>
<li>Y/Y improvement for LCD, PMIC, GaAs RF, gaming card, cooling system, semi equipment&amp;material, semi fab construction, memory, and foundry vendors but more y/y deterioration for WiFi and CMOS sensor vendors</li>
<li>After 6 vendors beating consensus, we might see AI server supply chain, large panel LCD driver, WiFi/networking, and NAND flash vendors in US to report a better than expected 1Q24.</li>
<li>We might see 8"/12" raw wafer (like Shin Etsu, SUMCO , National Silicon Industry, Siltronic AG) vendors in Japan, China, and Germany to report a worse than expected 1Q24.</li>
</ul>


Y/Y improvement for LCD, PMIC, GaAs RF, gaming card, cooling system, semi equipment&amp;material, semi fab construction, memory, and foundry vendors but more y/y deterioration for WiFi and CMOS sensor vendors
After 6 vendors beating consensus, we might see AI server supply chain, large panel LCD driver, WiFi/networking, and NAND flash vendors in US to report a better than expected 1Q24.
We might see 8"/12" raw wafer (like Shin Etsu, SUMCO , National Silicon Industry, Siltronic AG) vendors in Japan, China, and Germany to report a worse than expected 1Q24.


Early Signs from the Reported March/1Q24 Taiwan Semi/Tech Sales

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)

Marvell Industry Analyst Day

I went to this year’s Marvell Industry Analyst Day, and the topic de jour was AI. Compared to last year , this year’s industry day just discussed AI.

Fabricated Knowledge

Marvell Technology: Will The Launch Of COLORZ 800 Have A Significant Impact On Future Revenues? - Major Drivers

Marvell Technology delivered a positive result and managed an all-around beat in the last quarter, producing $1.34 billion in revenue. Revenue in...

Baptista Research

Optics Earnings (FN, ANET, COHR, LITE, AAOI)

To make my content readable, this is an optics-only earnings update. I will discuss everything together and put together a high-level overview.

Fabricated Knowledge

Mediatek Seeing Massive Rebound in Mobile; Major AI Data Center Driver on the Horizon

Mediatek is enjoying strong growth in its mobile phone segment; with notable strength in high-end smartphones. The company could re-rate as its...

Vincent Fernando, CFA

Early Signs from the Reported March/1Q24 Taiwan Semi/Tech Sales

Early Signs from the Reported March/1Q24 Taiwan Semi/Tech Sales; we might see AI server, WiFi/networking, and NAND vendors in US to beat 1Q24 but...

Andrew Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Marvell Industry Analyst Day

I went to this year’s Marvell Industry Analyst Day, and the topic de jour was AI. Compared to last year , this year’s industry day just discussed AI.

Fabricated Knowledge

Marvell Technology: Will The Launch Of COLORZ 800 Have A Significant Impact On Future Revenues? - Major Drivers

Marvell Technology delivered a positive result and managed an all-around beat in the last quarter, producing $1.34 billion in revenue. Revenue in...

Baptista Research

Optics Earnings (FN, ANET, COHR, LITE, AAOI)

To make my content readable, this is an optics-only earnings update. I will discuss everything together and put together a high-level overview.

Fabricated Knowledge

Mediatek Seeing Massive Rebound in Mobile; Major AI Data Center Driver on the Horizon

​Mediatek is enjoying strong growth in its mobile phone segment; with notable strength in high-end smartphones. The company could re-rate as its...

Vincent Fernando, CFA

Early Signs from the Reported March/1Q24 Taiwan Semi/Tech Sales

Early Signs from the Reported March/1Q24 Taiwan Semi/Tech Sales; we might see AI server, WiFi/networking, and NAND vendors in US to beat 1Q24 but...

Andrew Lu

Mediatek is enjoying strong growth in its mobile phone segment; with notable strength in high-end smartphones. The company could re-rate as its...