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>Micron's Q1F25 met expectations on key metrics but the ~9% downward guidance for the current quarter sent the share price into a tailspin</li>
<li>Consumer-Related inventory issues and China competition were highlighted as the root causes for the surprise downward guide</li>
<li>Micron is ok to cede legacy products to China competition and focus instead on the much more lucrative leading edge products, especially HBM. The transition could be rocky however</li>
</ul>


Micron's Q1F25 met expectations on key metrics but the ~9% downward guidance for the current quarter sent the share price into a tailspin
Consumer-Related inventory issues and China competition were highlighted as the root causes for the surprise downward guide
Micron is ok to cede legacy products to China competition and focus instead on the much more lucrative leading edge products, especially HBM. The transition could be rocky however


Micron. So Long Legacy & Hello There HBM, Data Center & Leading Edge

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>Micron Technology Inc., a key player in the computer-memory chip industry, has faced significant headwinds, as evidenced by its recent revenue forecast, which missed analyst expectations.</li><li>The company projected fiscal second-quarter revenue of $7.9 billion, far below the average estimate of $8.99 billion, while profit forecasts also lagged significantly.</li><li>These results reflect sluggish demand in its largest markets—smartphones and personal computers—despite a notable surge in data center-related revenue and strong orders for artificial intelligence (AI) components.</li></ul>

Micron Technology Inc., a key player in the computer-memory chip industry, has faced significant headwinds, as evidenced by its recent revenue forecast, which missed analyst expectations.The company projected fiscal second-quarter revenue of $7.9 billion, far below the average estimate of $8.99 billion, while profit forecasts also lagged significantly.These results reflect sluggish demand in its largest markets—smartphones and personal computers—despite a notable surge in data center-related revenue and strong orders for artificial intelligence (AI) components.

Micron Bets Big on AI Chips Amid Sluggish Smartphone and PC Sales But Will It Work? - Major Drivers

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>Micron's Latest Outlook Disappoints &amp; Shares Fall; Decoupling Trade Between SK Hynix &amp; Nanya Tech Has Worked However</li>
<li>Smartphone AI Insights -- On-Device Local Search &amp; Context-Aware Interfaces Emerging as Key Local AI Needs</li>
<li>Conclusion -- Consider Swapping In MICRON as the Long Side of the Memory Decoupling Trade</li>
</ul>


Micron's Latest Outlook Disappoints &amp; Shares Fall; Decoupling Trade Between SK Hynix &amp; Nanya Tech Has Worked However
Smartphone AI Insights -- On-Device Local Search &amp; Context-Aware Interfaces Emerging as Key Local AI Needs
Conclusion -- Consider Swapping In MICRON as the Long Side of the Memory Decoupling Trade


Memory Monitor: The Emerging Mass-Market Edge AI Need for Mobiles; Long Micron Vs. Short Nanya Tech

<ul>
<li>Micron's latest results show a clear improvement in the Memory cycle. The company's gross margin increased and guided for a further strong margin increase next quarter.</li>
<li>Micron increased its overall DRAM industry growth forecast while maintaining its NAND flash forecast. Micron reiterated expectations for FY2025E to deliver record revenue for the company, with improving profitability.</li>
<li>Positive news for fallen Memory industry shares -- Within our Memory universe we have Structural Long ratings for Micron Technology (MU US), SK Hynix (000660 KS), and Silicon Motion Technology (SIMO US).</li>
</ul>


Micron's latest results show a clear improvement in the Memory cycle. The company's gross margin increased and guided for a further strong margin increase next quarter.
Micron increased its overall DRAM industry growth forecast while maintaining its NAND flash forecast. Micron reiterated expectations for FY2025E to deliver record revenue for the company, with improving profitability.
Positive news for fallen Memory industry shares -- Within our Memory universe we have Structural Long ratings for Micron Technology (MU US), SK Hynix (000660 KS), and Silicon Motion Technology (SIMO US).


Memory Monitor: Micron Results Show Clear Signs of Memory Market Upswing; DRAM Growth Upgraded

<ul><li>Micron Technology's fiscal fourth quarter 2024 earnings call underscores a period of noteworthy developments and strategic pivots, reflecting both positives and challenges that face the company.</li><li>The call, led by Sumit Sadana and other executives, provided insights into various aspects including demand trends, inventory levels, operational execution, and financial outlook which are critical for understanding Micron’s trajectory and market dynamics.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Micron Technology's fiscal fourth quarter 2024 earnings call underscores a period of noteworthy developments and strategic pivots, reflecting both positives and challenges that face the company.The call, led by Sumit Sadana and other executives, provided insights into various aspects including demand trends, inventory levels, operational execution, and financial outlook which are critical for understanding Micron’s trajectory and market dynamics.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Micron Technology Inc.: Tackling The Shifts in Customer Demand & Evolving Market Dynamics! - Major Drivers

United States

Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), very fast static random access memory chips (SRAMs), Flash Memory, other semiconductor components, and memory modules.

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Micron Technology (MU US)

Micron. So Long Legacy & Hello There HBM, Data Center & Leading Edge

Micron is ok to cede legacy products to China & focus instead on the much more lucrative leading edge products, especially HBM. The transition...

William Keating

Micron Bets Big on AI Chips Amid Sluggish Smartphone and PC Sales But Will It Work? - Major Drivers

Micron Technology Inc., a key player in the computer-memory chip industry, has faced significant headwinds, as evidenced by its recent revenue...

Baptista Research

Memory Monitor: The Emerging Mass-Market Edge AI Need for Mobiles; Long Micron Vs. Short Nanya Tech

Micron's outlook disappointed last week, but the decoupling trade of Long SK Hynix vs. Short Nanya Tech is working. Consider swapping in Micron as...

Vincent Fernando, CFA

Memory Monitor: Micron Results Show Clear Signs of Memory Market Upswing; DRAM Growth Upgraded

Micron's latest results show improved margins and growth forecasts, signaling positive news for Memory industry shares.

Vincent Fernando, CFA

Micron Technology Inc.: Tackling The Shifts in Customer Demand & Evolving Market Dynamics! - Major Drivers

Micron Technology's fiscal fourth quarter 2024 earnings call underscores a period of noteworthy developments and strategic pivots, reflecting both...

Baptista Research

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52-week Range

Market Cap (USDm)

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Micron. So Long Legacy & Hello There HBM, Data Center & Leading Edge

Micron is ok to cede legacy products to China & focus instead on the much more lucrative leading edge products, especially HBM. The transition...

William Keating

Micron Bets Big on AI Chips Amid Sluggish Smartphone and PC Sales But Will It Work? - Major Drivers

Micron Technology Inc., a key player in the computer-memory chip industry, has faced significant headwinds, as evidenced by its recent revenue...

Baptista Research

Memory Monitor: The Emerging Mass-Market Edge AI Need for Mobiles; Long Micron Vs. Short Nanya Tech

​Micron's outlook disappointed last week, but the decoupling trade of Long SK Hynix vs. Short Nanya Tech is working. Consider swapping in Micron as...

Vincent Fernando, CFA

Memory Monitor: Micron Results Show Clear Signs of Memory Market Upswing; DRAM Growth Upgraded

​Micron's latest results show improved margins and growth forecasts, signaling positive news for Memory industry shares.

Vincent Fernando, CFA

Micron Technology Inc.: Tackling The Shifts in Customer Demand & Evolving Market Dynamics! - Major Drivers

Micron Technology's fiscal fourth quarter 2024 earnings call underscores a period of noteworthy developments and strategic pivots, reflecting both...

Baptista Research

Micron's outlook disappointed last week, but the decoupling trade of Long SK Hynix vs. Short Nanya Tech is working. Consider swapping in Micron as...

Micron's latest results show improved margins and growth forecasts, signaling positive news for Memory industry shares.