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

Thematic (Sector/Industry)

<ul>
<li>TSMC, MediaTek, ASPEED and Nanya all announced August revenues with MoM growth, albeit YoY comps remind us that semiconductors are still very much in the depths of a downturn</li>
<li>Global semi sales for July continued their MoM increase for the fifth consecutive month. YTD semi sales are down 18.7% YoY</li>
<li>MediaTek and TSMC announced that the former has just produced its first chip on the latter's 3nm process. Volume production of the Dimensity SOC will be in H2'24. </li>
</ul>


TSMC, MediaTek, ASPEED and Nanya all announced August revenues with MoM growth, albeit YoY comps remind us that semiconductors are still very much in the depths of a downturn
Global semi sales for July continued their MoM increase for the fifth consecutive month. YTD semi sales are down 18.7% YoY
MediaTek and TSMC announced that the former has just produced its first chip on the latter's 3nm process. Volume production of the Dimensity SOC will be in H2'24. 


Semiconductor Events Deserving Your Attention @9/9/23

<ul>
<li>DRAM Q2'23 revenues amounted to ~$11 billion, up 14.6% sequentially but down 56% YoY.</li>
<li>NAND Q2'23 revenues amounted to $9 billion, up 7.7% sequentially but down ~50% YoY.</li>
<li>Despite the modest uptick in Q2'23, there's a long and winding road back to sustainable profitability...</li>
</ul>


DRAM Q2'23 revenues amounted to ~$11 billion, up 14.6% sequentially but down 56% YoY.
NAND Q2'23 revenues amounted to $9 billion, up 7.7% sequentially but down ~50% YoY.
Despite the modest uptick in Q2'23, there's a long and winding road back to sustainable profitability...


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>A quick discussion of the companies that have reported so far, and my thoughts on the semiconductor stock space</li><li>Pretty much the entire index is going to receive inflows at the expense of the top 8 names.</li><li>Microsoft, Google, Amazon, Nvidia, Meta, Apple, and Tesla will all be cut from the index weight and redistributed into smaller names on <a href="https://www.morningstar.co.uk/uk/news/237279/index-investors-beware-the-nasdaq-is-rebalancing-next-week.aspx" target="_blank" rel="noopener">July 24, 2023</a>.</li></ul>

A quick discussion of the companies that have reported so far, and my thoughts on the semiconductor stock spacePretty much the entire index is going to receive inflows at the expense of the top 8 names.Microsoft, Google, Amazon, Nvidia, Meta, Apple, and Tesla will all be cut from the index weight and redistributed into smaller names on July 24, 2023.

Nasdaq Rebalance, Nanya, Camtek, Nordic Semi, Aehr Test, and Positioning

<ul>
<li>Q2’23 revenues of NT$ 7,027 million, up 9.4% sequentially but down 61% YoY. Net losses declined QoQ, mainly due to favourable Fx and Income tax charges</li>
<li>Similar to Micron, while bit shipments increased QoQ, ASPs declined. This is not a road to recovery out of the memory segment downturn</li>
<li>While customer inventories have largely normalised, supplier inventories remain elevated. Until this corrects or demand surges, Nanya and peers will remain in the doldrums. </li>
</ul>


Q2’23 revenues of NT$ 7,027 million, up 9.4% sequentially but down 61% YoY. Net losses declined QoQ, mainly due to favourable Fx and Income tax charges
Similar to Micron, while bit shipments increased QoQ, ASPs declined. This is not a road to recovery out of the memory segment downturn
While customer inventories have largely normalised, supplier inventories remain elevated. Until this corrects or demand surges, Nanya and peers will remain in the doldrums. 


Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

<ul>
<li>We look at where Taiwan tech sits in the cycle and which companies appear better or worse placed to weather the coming inventory correction.</li>
<li>Semiconductor inventory to sales and gross margins near record levels, hardware metrics are high as well but less extreme.</li>
<li>Formosa SUMCO, Macronix, Nanya Technology, Hon Hai Precision, and Flexium appear ahead of the inventory correction curve and well-placed as long positions for the current phase of the cycle.</li>
</ul>


We look at where Taiwan tech sits in the cycle and which companies appear better or worse placed to weather the coming inventory correction.
Semiconductor inventory to sales and gross margins near record levels, hardware metrics are high as well but less extreme.
Formosa SUMCO, Macronix, Nanya Technology, Hon Hai Precision, and Flexium appear ahead of the inventory correction curve and well-placed as long positions for the current phase of the cycle.


Taiwan Tech: Who's Ahead of the Inventory Cycle?

Taiwan

Nanya Technology Corp. manufactures and markets dynamic random access memories (DRAMs).  The Company sells its products in Taiwan and exports worldwide.

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Nanya Technology (2408 TT)

Semiconductor Events Deserving Your Attention @9/9/23

August revenue numbers for TSMC, ASPEED, MediaTek and Nanya all showing MoM increases but YoY comp are still terrible for most. Semi sales for July...

William Keating

Q2'23 Memory Segment Review

DRAM Q2'23 revenue ~$11 billion, up 14.6% QoQ, down 56% YoY. NAND Q2'23 revenue ~$9 billion, up 7.7% QoQ, down ~50% YoY. H1'23 was loss making...

William Keating

Nasdaq Rebalance, Nanya, Camtek, Nordic Semi, Aehr Test, and Positioning

A quick discussion of the companies that have reported so far, and my thoughts on the semiconductor stock space Pretty much the entire index is...

Fabricated Knowledge

Nanya Q2'23 Results. Doldrums Ahoy!

Q2’23 revenue NT$ 7,027 million, +9.4% QoQ , -61% YoY. Customer inventories ~normalised, supplier inventories remain ++. Until this corrects or...

William Keating

Taiwan Tech: Who's Ahead of the Inventory Cycle?

We look at where Taiwan tech sits in the cycle and which companies appear better or worse placed to weather the coming inventory correction.

Vincent Fernando, CFA

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