Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>Analog Devices has become one of the best-performing semiconductors stocks.</li>
<li>The company's strategy has certain weaknesses, but ADI remains among my top picks within the sector.</li>
<li>ADI's performance is not just a fluke and there are solid reasons behind it, such as high profitability, growth and competitive positioning.</li>
</ul>


Analog Devices has become one of the best-performing semiconductors stocks.
The company's strategy has certain weaknesses, but ADI remains among my top picks within the sector.
ADI's performance is not just a fluke and there are solid reasons behind it, such as high profitability, growth and competitive positioning.


Analog Devices: The Less Attention It Gets The Better

High Quality Stock Setups, Weekly Stock Bull Finder

Weekly Stock Bull Finder

High Quality Stock Setups

Finding high potential stock setups on quality companies

Thematic (Sector/Industry)

<ul><li>Tech Heavyweights Shouldering the Load- Caution Flags Waving Since the end of 2022, few and fewer big cap tech names are now carrying the overall S&amp;P 500 index performance.</li><li>As of last Friday’s close, the S&amp;P 500 is up about 2% YTD. However, without the contribution of chip maker Nvidia (NVDA) it would be flat YTD.</li><li>Since the end of 2022, few and fewer big cap tech names are now carrying the overall S&amp;P 500 index performance.</li></ul>

Tech Heavyweights Shouldering the Load- Caution Flags Waving Since the end of 2022, few and fewer big cap tech names are now carrying the overall S&amp;P 500 index performance.As of last Friday’s close, the S&amp;P 500 is up about 2% YTD. However, without the contribution of chip maker Nvidia (NVDA) it would be flat YTD.Since the end of 2022, few and fewer big cap tech names are now carrying the overall S&amp;P 500 index performance.

Semiconductor Analysis & Research, Ingenuity

Semicon Alpha

Semiconductor Analysis & Research

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. 

<ul><li>NVIDIA yesterday reported Q4 2022 revenues of $6.05 billion, in line with their forecast, down 21% from a year ago and up 2% sequentially.</li><li>Interestingly, NVIDIA’s current downturn is playing out almost exactly like their previous downturn back in 2019 as can clearly be seen in the above chart.</li><li>We expect to see this same recovery pattern continue throughout the remainder of 2023.</li></ul>

NVIDIA yesterday reported Q4 2022 revenues of $6.05 billion, in line with their forecast, down 21% from a year ago and up 2% sequentially.Interestingly, NVIDIA’s current downturn is playing out almost exactly like their previous downturn back in 2019 as can clearly be seen in the above chart.We expect to see this same recovery pattern continue throughout the remainder of 2023.

<ul>
<li>Tesla's disastrous performance has resulted in the company no longer being among the Top 10 largest U.S. public companies.</li>
<li>Market commentators remain laser-focused on business fundamentals, while outside factors are still in the driver's seat.</li>
<li>Back in April of last year (less than a year ago) the optimism on Wall Street was running high.</li>
</ul>


Tesla's disastrous performance has resulted in the company no longer being among the Top 10 largest U.S. public companies.
Market commentators remain laser-focused on business fundamentals, while outside factors are still in the driver's seat.
Back in April of last year (less than a year ago) the optimism on Wall Street was running high.


What Is Tesla's Outlook After It Drops Out Of Top 10 Largest U.S. Public Companies?

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

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<ul><li>Cosmetics-makers slash Double 11 marketing budgets as consumer spending slumps</li><li>China’s GPS challenger now ships on almost every new phone sold in the country</li><li>Trending in China: Teacher dies after online class gatecrashed by harassers</li></ul>

Cosmetics-makers slash Double 11 marketing budgets as consumer spending slumpsChina’s GPS challenger now ships on almost every new phone sold in the countryTrending in China: Teacher dies after online class gatecrashed by harassers

CX Daily: Cosmetics-Makers Slash Double 11 Marketing Budgets as Consumer Spending Slumps

United States

Applied Materials, Inc. develops, manufactures, markets, and services semiconductor wafer fabrication equipment and related spare parts for the worldwide semiconductor industry.  The Company's customers include semiconductor wafer and integrated circuit manufacturers, flat panel liquid crystal displays, solar photovoltaic cells and modules and other electronic devices manufacturers.

QUALCOMM, Inc . manufactures digital wireless communications equipment.  The Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies, and produces CDMA-based integrated circuits; and produces equipment and software used to track workers and assets; and software for wireless content enablement.

Broadcom Inc. designs, develops, and supplies semiconductor and infrastructure software solutions. The Company offers storage adapters, controllers, networking processors, motion control encoders, and optical sensors, as well as infrastructure and security software to modernize, optimize, and secure the most complex hybrid environments. Broadcom serves customers worldwide.

KLA-Tencor Corporation manufactures yield management and process monitoring systems for the semiconductor industry.  The Company's systems are used to analyze product and process quality at critical steps in the manufacture of circuits and provide feedback so that fabrication problems can be identified. KLA-Tencor operates sales, service, and application centers worldwide.

Lam Research Corporation manufactures, markets, and services semiconductor processing equipment used in the making of integrated circuits.  The Company's products are used to deposit special films on a silicon wafer and etch away portions of various films to create a circuit design.  Lam sells its products around the world.

Monolithic Power Systems Inc specializes in high-performance, integrated power solutions. The Company provides small, highly energy efficient, easy-to-use power solutions for systems found in industrial applications, telecom infrastructures, cloud computing, automotive, and consumer applications.

ON Semiconductor Corporation supplies analog, standard logic, and discrete semiconductors for data and power management. The Company's products include integrated circuits, and analog ICs. ON also offers discrete semiconductors in a variety of surface mount and standard packages.

Microchip Technology Incorporated designs, manufactures, and markets microcontrollers, related mixed-signal and memory products, and application development systems for high-volume embedded control applications. The Company also designs, develops, and markets linear/mixed-signal, power management, and thermal management products.

Entegris Inc. provides materials management products and services to the microelectronics industry on a worldwide basis.  The Company provides products such as wafer shippers, wafer transport and process carriers, pods, and work-in-process boxes.  Entegris also provides chemical delivery products such as valves, fittings, tubing, pipe, and containers.

Analog Devices, Inc. designs, manufactures, and markets integrated circuits used in analog and digital signal processing.  The Company's products are used in communications, computer, industrial, instrumentation, military/aerospace, automotive, and high-performance consumer electronics applications.  Analog Devices sells its products worldwide.

Tokyo Electron Limited manufactures and sells industrial electronics products, such as semiconductor manufacturing machines, computer system, and electronic components.  The Company products are sold in US, Taiwan, and others as well as in Japan.

ASE Technology Holding Co., Ltd. offers assembly and testing services. The Company provides outsourced assembly, semiconductor testing, semiconductor packaging, and other related services. ASE Technology Holding operates in Taiwan.

MediaTek Inc. is a fabless semiconductor company for wireless communications and digital multimedia solutions. The company provides SOC system solutions for wireless communications, high-definition TV, optical storage, DVD and Blu-ray products.

United Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs) and related electronic products.  The Company's main products are consumer electronic ICs, memory ICs, personal computer peripheral ICs, and communication ICs.

NXP Semiconductors NV operates as a global semiconductor company. The Company designs semiconductors and software for mobile communications, consumer electronics, security applications, in-car entertainment, and networking.  NXP offers its products to the automotive, identification, wireless infrastructure, lighting, mobile, and computing applications.

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

DISCO CORPORATION manufactures abrasive and precision industrial machinery for cutting and grinding purposes.  The Company's products are applied in the semiconductor, electronics, and construction industries to produce consumer goods such as personal computers, digital cameras, video game systems, and Digital Video Disc (DVD) players.

Renesas Electronics Corporation researches, develops, designs and manufactures electronic components such as semiconductors and integrated devices.

SK Hynix Inc. provides products and services for the electronic components industry. The Company manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

ADVANTEST CORPORATION produces semiconductor testing devices and electronic measuring instruments.  The Company's products include large-scale integration (LSI) test systems, memory test systems, dynamic test handlers, network analyzers, electronic meters, optical testing devices, and signal sources.

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

Analog Devices: The Less Attention It Gets The Better

Analog Devices has become one of the best-performing semiconductors stocks.The company's strategy has certain weaknesses, but ADI remains among my...

Vladimir Dimitrov, CFA

Weekly Stock Bullfinder - Week of 3/27

Tech Heavyweights Shouldering the Load- Caution Flags Waving Since the end of 2022, few and fewer big cap tech names are now carrying the overall...

Weekly Stock Bull Finder

NVIDIA Rebounds On ChatGPT Surge

NVIDIA yesterday reported Q4 2022 revenues of $6.05 billion, in line with their forecast, down 21% from a year ago and up 2% sequentially.

Semicon Alpha

What Is Tesla's Outlook After It Drops Out Of Top 10 Largest U.S. Public Companies?

Tesla's disastrous performance has resulted in the company no longer being among the Top 10 largest U.S. public companies.

Vladimir Dimitrov, CFA

CX Daily: Cosmetics-Makers Slash Double 11 Marketing Budgets as Consumer Spending Slumps

Cosmetics-makers slash Double 11 marketing budgets as consumer spending slumps. China’s GPS challenger now ships on almost every new phone sold in...

Caixin Global

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