Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Thematic (Sector/Industry)

<ul>
<li>While Intel was allegedly actively discouraged from further AT investment in Chengdu, Micron has just announced a significant investment in Xi'An. </li>
<li>Micron's Xi'An investment announcement happened on the same day as Intel's surprise Poland AT investment. </li>
<li>Following the Poland announcement, Intel now gets the enhanced Magdeburg deal they held out for.  </li>
</ul>


While Intel was allegedly actively discouraged from further AT investment in Chengdu, Micron has just announced a significant investment in Xi'An. 
Micron's Xi'An investment announcement happened on the same day as Intel's surprise Poland AT investment. 
Following the Poland announcement, Intel now gets the enhanced Magdeburg deal they held out for.  


Intel, Micron Expanding In Different Directions

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Sandstorms /: Cover Story: Sands of time ticking on China’s fight to hold back the desert</li><li>China-U.S. /: China and U.S. move to ratchet down tensions</li><li>Economy /: China’s cabinet proposes stronger measures to boost recovery momentum</li></ul>

Sandstorms /: Cover Story: Sands of time ticking on China’s fight to hold back the desertChina-U.S. /: China and U.S. move to ratchet down tensionsEconomy /: China’s cabinet proposes stronger measures to boost recovery momentum

CX Daily: Sands of Time Ticking on China’s Fight to Hold Back the Desert

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>More Nvidia Takeaways from two conferences the company spoke at -- The company highlighted support for Intel's new Foundry business, Mediatek, and why automakers will absolutely need AI to compete.</li>
<li>Memory Chip Stocks -- Nanya jumps 10% on hopes that AI servers will need 7x the value of DRAM. Micron warns that half of China revenue could be at risk.</li>
<li>Delta Taiwan and Thailand Surge 20%+, Taiwan outperforms. Delta Taiwan has acquired a German automotive components company to boost its EV powertrain products lead.</li>
</ul>


More Nvidia Takeaways from two conferences the company spoke at -- The company highlighted support for Intel's new Foundry business, Mediatek, and why automakers will absolutely need AI to compete.
Memory Chip Stocks -- Nanya jumps 10% on hopes that AI servers will need 7x the value of DRAM. Micron warns that half of China revenue could be at risk.
Delta Taiwan and Thailand Surge 20%+, Taiwan outperforms. Delta Taiwan has acquired a German automotive components company to boost its EV powertrain products lead.


Taiwan Tech Weekly: Nvidia Highlights Intel & Mediatek; AI Server DRAM Demand; Delta Price Surges

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>The upcoming rebalance of the MVIS US Listed Semiconductor 25 Index will be implemented on 16 June. There are no constituent changes, but there are float and capping changes.</li>
<li>The VanEck Vectors Semiconductor (SMH US) ETF tracks the index and has an AUM of US$9.26bn.</li>
<li>Estimated one-way turnover is 3.9% resulting in a one-way trade of US$358m. The stocks are extremely liquid, the impact on the stock in terms of ADV to trade is small.</li>
</ul>


The upcoming rebalance of the MVIS US Listed Semiconductor 25 Index will be implemented on 16 June. There are no constituent changes, but there are float and capping changes.
The VanEck Vectors Semiconductor (SMH US) ETF tracks the index and has an AUM of US$9.26bn.
Estimated one-way turnover is 3.9% resulting in a one-way trade of US$358m. The stocks are extremely liquid, the impact on the stock in terms of ADV to trade is small.


MVIS US Listed Semiconductor 25 Index Rebalance: Chipping Away

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>In March, when the JIP Offer for <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> was announced, the Toshiba Board supported the Offer but declined, at the time, to recommend it to shareholders. </li>
<li>
<em>"[The price] has clearly not reached the level at which it is possible to recommend to general shareholders that they tender their shares at this time." </em>That was then.</li>
<li>10 weeks later and the Board has a Revised Opinion. It has recommended the Offer for reasons which smack of resignation rather than appropriate deliberation. Investors beware.</li>
</ul>


In March, when the JIP Offer for Toshiba Corp (6502 JP) was announced, the Toshiba Board supported the Offer but declined, at the time, to recommend it to shareholders. 

"[The price] has clearly not reached the level at which it is possible to recommend to general shareholders that they tender their shares at this time." That was then.
10 weeks later and the Board has a Revised Opinion. It has recommended the Offer for reasons which smack of resignation rather than appropriate deliberation. Investors beware.


Toshiba's Board Buckles Under - As Things Stand, Board Supports and Recommends JIP Offer

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)

Intel, Micron Expanding In Different Directions

While Intel got a red light on Chengdu, Micron got a green light on Xi'An. Intel announces surprise Poland AT investment on the same day as...

William Keating

CX Daily: Sands of Time Ticking on China’s Fight to Hold Back the Desert

Sandstorms /: Cover Story: Sands of time ticking on China’s fight to hold back the desert China-U.S. /: China and U.S. move to ratchet down...

Caixin Global

Taiwan Tech Weekly: Nvidia Highlights Intel & Mediatek; AI Server DRAM Demand; Delta Price Surges

More Nvidia Takeaways from two conferences the company spoke at -- The company highlighted support for Intel's new Foundry business, Mediatek, and...

Vincent Fernando, CFA

MVIS US Listed Semiconductor 25 Index Rebalance: Chipping Away

No constituent changes, but there are float/capping changes. Estimated one-way turnover is 3.9% resulting in a one-way trade of US$358m. Stocks are...

Brian Freitas

Toshiba's Board Buckles Under - As Things Stand, Board Supports and Recommends JIP Offer

In March, Toshiba's Board said they could not recommend JIP's price. 10 weeks later, Peers are up, Toshiba fwd earnings f/casts are up vs peers,...

Travis Lundy

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