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

Thematic (Sector/Industry)

<ul>
<li>The semiconductor revenue decline took a short break in October.</li>
<li>Spot market prices for DRAM and NAND flash have slowed their decrease.</li>
<li>These are signs that the current market collapse is slowing, although we haven't hit bottom yet.</li>
</ul>


The semiconductor revenue decline took a short break in October.
Spot market prices for DRAM and NAND flash have slowed their decrease.
These are signs that the current market collapse is slowing, although we haven't hit bottom yet.


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>While most of the semi industry is reducing capex due to market weakness -- Samsung says it will still expand capacity next year.</li>
<li>China chip restrictions get more severe -- Now Arm is not selling its most advanced chip architectures to Chinese firms.</li>
<li>TSMC in advanced talks to set up its first European production capacity in Germany.</li>
</ul>


While most of the semi industry is reducing capex due to market weakness -- Samsung says it will still expand capacity next year.
China chip restrictions get more severe -- Now Arm is not selling its most advanced chip architectures to Chinese firms.
TSMC in advanced talks to set up its first European production capacity in Germany.


Taiwan Tech Weekly: Samsung Will Keep Expanding Capacity, China Chip Restrictions Tighten Further

<ul>
<li>The current semiconductor market meltdown can be expected to continue through the end of 2024</li>
<li>This will reduce 2022 market growth to 5%, and will drive a decline of 19% in 2023</li>
<li>Stocks will be unevenly influenced by this, with the most dramatic declines hitting makers of volume commodities, smaller declines in differentiated products, and a weak impact on older technology products.</li>
</ul>


The current semiconductor market meltdown can be expected to continue through the end of 2024
This will reduce 2022 market growth to 5%, and will drive a decline of 19% in 2023
Stocks will be unevenly influenced by this, with the most dramatic declines hitting makers of volume commodities, smaller declines in differentiated products, and a weak impact on older technology products.


2023 High Conviction: Semiconductor Down Market

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>Last week saw a wave of major tech companies report earnings with significance toward the semiconductor and technology space in Taiwan.</li>
<li>Memory chip takeaways - SK Hynix, Samsung see better supply/demand in 2023E. PC market -- Recent results discuss slight decline, potential stabilization in 2023E.</li>
<li>Mobile phones -- Relative strength in high-end vs. low-end. Auto &amp; Industrial -- Relative strength seen continuing. AMD, Qualcom, Elan, CHIPMos, Acer, Globalwafers results ahead.</li>
</ul>


Last week saw a wave of major tech companies report earnings with significance toward the semiconductor and technology space in Taiwan.
Memory chip takeaways - SK Hynix, Samsung see better supply/demand in 2023E. PC market -- Recent results discuss slight decline, potential stabilization in 2023E.
Mobile phones -- Relative strength in high-end vs. low-end. Auto &amp; Industrial -- Relative strength seen continuing. AMD, Qualcom, Elan, CHIPMos, Acer, Globalwafers results ahead.


Taiwan Tech Weekly: Earnings Insights Emerging for Memory, Mobiles, PCs, and Autos

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>System-On-Chip designer and IP purveyor <a href="https://www.smartkarma.com/entities/socionext-inc" target="_blank" data-smartkarma-citation="entities:36351:1" rel="noopener">Socionext (6526 JP)</a> is a recent IPO in Japan, born from a spinout of Fujitsu and Panasonic system LSI operations 7+ years ago.</li>
<li>Having listed on TSE Prime from the outset, that means it gets TOPIX inclusion at the close of trading 29 November. </li>
<li>Inclusion Float is a bit nebulous. There is a chance we get official company data prior to the TSE announcement, in which case we know more by cob 31 October.</li>
</ul>


System-On-Chip designer and IP purveyor Socionext (6526 JP) is a recent IPO in Japan, born from a spinout of Fujitsu and Panasonic system LSI operations 7+ years ago.
Having listed on TSE Prime from the outset, that means it gets TOPIX inclusion at the close of trading 29 November. 
Inclusion Float is a bit nebulous. There is a chance we get official company data prior to the TSE announcement, in which case we know more by cob 31 October.


Netherlands

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.

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Nxp Semiconductors Nv (NXPI US)

Is The Semiconductor Collapse Slowing?

One week before most chip companies report revenues, the semiconductor market seems to be slowing its decline. Although the market hasn't yet hit...

Jim Handy

Taiwan Tech Weekly: Samsung Will Keep Expanding Capacity, China Chip Restrictions Tighten Further

China chip restrictions get more severe -- Now Arm is not selling its most advanced chip architectures to Chinese firms.

Vincent Fernando, CFA

2023 High Conviction: Semiconductor Down Market

What's happening in semiconductors? When will the downturn end? What does this mean to chip stock prices? This Insight provides some concrete...

Jim Handy

Taiwan Tech Weekly: Earnings Insights Emerging for Memory, Mobiles, PCs, and Autos

Last week saw a wave of major tech companies report earnings with significance toward the semiconductor and technology space in Taiwan.

Vincent Fernando, CFA

Socionext (6526) TOPIX Inclusion

Socionext is Japan's top SoC designer. After years of slow growth/low OPMs, both turned higher pre-IPO and will grow bigly this year. Peers trade...

Travis Lundy

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