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

Equity Bottom-Up

Samsung's revenues have risen above Intel's for the second time in history, making Samsung the semiconductor market leader.  This should be a short-lived distinction, though, as was Samsung's similar distinction in 2018.  This Insight explains why Samsung will lose it's first-ranked position, and what the company would need to do to gain a sustainable leadership of the market.

Samsung's revenues have risen above Intel's for the second time in history, making Samsung the semiconductor market leader.  This should be a short-lived distinction, though, as was Samsung's similar distinction in 2018.  This Insight explains why Samsung will lose it's first-ranked position, and what the company would need to do to gain a sustainable leadership of the market.

Micron Technology just announced near-record revenues and strong earnings, but cautioned that the current quarter will come in lower than the most recent quarter.  Overall, the company expects to see a record fiscal 2022, owing partly to a market that will benefit all players, and partly to Micron's new leadership in process technologies.

Micron Technology just announced near-record revenues and strong earnings, but cautioned that the current quarter will come in lower than the most recent quarter.  Overall, the company expects to see a record fiscal 2022, owing partly to a market that will benefit all players, and partly to Micron's new leadership in process technologies.

Micron Posts 2nd-Best-Ever Quarter.  Outlook Positive

Thematic (Sector/Industry)

While Samsung argues that EUV is necessary to cost-effectively produce today's DRAMs, Micron plans to postpone its use of EUV until 2024.  Meanwhile, SK hynix is experimenting with the technology on its most advanced process node.
This Smartkarma Insight examines the reasons that each company is following a different path.  Although we can't predict which is the best direction, it is not difficult to see that Micron and Samsung are in better positions than SK hynix, and that ASML will thrive no matter which side wins.

While Samsung argues that EUV is necessary to cost-effectively produce today's DRAMs, Micron plans to postpone its use of EUV until 2024.  Meanwhile, SK hynix is experimenting with the technology on its most advanced process node.
This Smartkarma Insight examines the reasons that each company is following a different path.  Although we can't predict which is the best direction, it is not difficult to see that Micron and Samsung are in better positions than SK hynix, and that ASML will thrive no matter which side wins.

July semiconductor revenues, just reported by the SIA, reached a record high.  Today's market bears a strong resemblance to the high-growth days of 2017-18, and an end will come when the market falls back to normal growth.  This presents opportunities for growth in the near term and shorts in the longer term.

July semiconductor revenues, just reported by the SIA, reached a record high.  Today's market bears a strong resemblance to the high-growth days of 2017-18, and an end will come when the market falls back to normal growth.  This presents opportunities for growth in the near term and shorts in the longer term.

Semiconductors Continue Surprise Strength

Global Special Situations & Strategy, SR Services Ltd

David Lepper

Global Special Situations & Strategy

SR Services Ltd

SR Services provides Strategic Knowledge and Solutions services for Family Offices and Corporate Business. 

We deliver this via advisory services, strategic planning, opportunity analysis/sourcing, as well as solution implementation. 

Whilst, we create intellectual discipline and operational leverage for your projects or daily activities, our ultimate objective is to empower whilst enhancing your decision making. 

Strategic Knowledge and Solutions

<h2>
Examining key questions from the Kioxia &amp; PE news flow
</h2>In our July 2021 note <a href="https://www.smartkarma.com/insights/toshiba-corp-6502-jp-chapter-5" target="_blank" data-smartkarma-citation="insights:54649" rel="noopener">Toshiba Corp (6502 JP) Chapter 5: Assessing the Next Move</a> we stated that one of the key events to be expected as early as September 2021, was the IPO of the firms 40% stake in Kioxia Holdings Corporation (Kioxia). Kioxia was due to be listed in 2020, but did not occur due to “the coronavirus pandemic and market volatility.” At the time of pulling the IPO in 2020, Toshiba was expecting a valuation of around $16 billion. Several media sources, including Bloomberg and the Wall Street Journal, have alluded to the fact that a potential merger of Kioxia with Western Digital to the value of US$20bn may be on the cards. They have cited a possible transaction using shares as opposed to cash or a combination. This is news that shareholders and in particular the activist shareholders have wanted to hear for some time and a transaction that is expected to be welcomed. We examine several of the key questions surrounding the Kioxia news and what is next for Toshiba - including the potential for a full PE bid.


Examining key questions from the Kioxia &amp; PE news flow
In our July 2021 note Toshiba Corp (6502 JP) Chapter 5: Assessing the Next Move we stated that one of the key events to be expected as early as September 2021, was the IPO of the firms 40% stake in Kioxia Holdings Corporation (Kioxia). Kioxia was due to be listed in 2020, but did not occur due to “the coronavirus pandemic and market volatility.” At the time of pulling the IPO in 2020, Toshiba was expecting a valuation of around $16 billion. Several media sources, including Bloomberg and the Wall Street Journal, have alluded to the fact that a potential merger of Kioxia with Western Digital to the value of US$20bn may be on the cards. They have cited a possible transaction using shares as opposed to cash or a combination. This is news that shareholders and in particular the activist shareholders have wanted to hear for some time and a transaction that is expected to be welcomed. We examine several of the key questions surrounding the Kioxia news and what is next for Toshiba - including the potential for a full PE bid. 

Toshiba Corp (6502 JP) Chapter 6: Potential for Value Creation

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)

Can Samsung Stay At Top of Chip Market?

Samsung has outstripped Intel as the leading chip maker, but this lead will soon disappear. Why is that? And what must Samsung do to enjoy a...

Jim Handy

Micron Posts 2nd-Best-Ever Quarter. Outlook Positive

While Micron announced its second-highest quarter ever, the outlook for the following quarter is down. Still the CEO expects a banner fiscal...

Jim Handy

Does DRAM Need EUV?

Is EUV really necessary for DRAM? Samsung thinks so, while Micron disagrees. Whoever wins will enjoy a lower cost structure than the other. ...

Jim Handy

Semiconductors Continue Surprise Strength

Semiconductor revenues in July were 29% higher than the prior year and the market set a new record. Will this continue? Yes, for a while, but...

Jim Handy

Toshiba Corp (6502 JP) Chapter 6: Potential for Value Creation

@Toshiba (6502.JP) activists might applaud a Wester Digital Merger, but this is just one alternative - PE bids still viable. Perhaps value...

David Lepper

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