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.

Equity Bottom-Up

<ul>
<li>The sickness in Silicon Carbide started at On semi.</li>
<li>Let’s look through the results and see the drivers, the big deal, and what we should do about it.</li>
<li>The market freaked out about Silicon Carbide, specifically On semiconductor, saying that automotive demand for the year will be weaker.</li>
</ul>


The sickness in Silicon Carbide started at On semi.
Let’s look through the results and see the drivers, the big deal, and what we should do about it.
The market freaked out about Silicon Carbide, specifically On semiconductor, saying that automotive demand for the year will be weaker.


Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>Revenue was up 14.5% QoQ and down 31% YoY in 3Q23, but it could see an increase of about 17% QoQ and 3% YoY in 4Q23F. </li>
<li>
<a href="https://www.smartkarma.com/entities/silergy-corp" target="_blank" data-smartkarma-citation="entities:13998:1" rel="noopener">Silergy Corp (6415 TT)</a> needs to increase another place to its Foundry source out of China and Taiwan.</li>
<li>The Automotive segment is expected to show significant growth and is likely to reach double digits by the end of 2024F.</li>
</ul>


Revenue was up 14.5% QoQ and down 31% YoY in 3Q23, but it could see an increase of about 17% QoQ and 3% YoY in 4Q23F. 

Silergy Corp (6415 TT) needs to increase another place to its Foundry source out of China and Taiwan.
The Automotive segment is expected to show significant growth and is likely to reach double digits by the end of 2024F.


Silergy (6415.TT): The Revenue Could Be Upside Around 17% in 4Q23F.

Thematic (Sector/Industry)

<ul>
<li>This earnings season has highlighted the robust performance of older-generation ("trailing edge") companies.</li>
<li>Their inventories have also been rising. At the same time, there's a noticeable demand slump in China.</li>
<li>Surprisingly, Chinese semiconductor firms are increasing their investments in older technology, known as the "lagging edge" capacity. Put the pieces together, and there’s a big story here.</li>
</ul>


This earnings season has highlighted the robust performance of older-generation ("trailing edge") companies.
Their inventories have also been rising. At the same time, there's a noticeable demand slump in China.
Surprisingly, Chinese semiconductor firms are increasing their investments in older technology, known as the "lagging edge" capacity. Put the pieces together, and there’s a big story here.


Chinese EV's and the Lagging Edge Price War

<ul><li>A partial earnings recap of companies so far this week: grouped by categories</li><li>Simo and Maxlinear are going to be in a separate note.</li><li>It’s too funny and interesting not to, but that will hopefully come out soon. It’s been quite a week of content.</li></ul>

A partial earnings recap of companies so far this week: grouped by categoriesSimo and Maxlinear are going to be in a separate note.It’s too funny and interesting not to, but that will hopefully come out soon. It’s been quite a week of content.

Auto Semiconductor Earnings, Testing, Semicap

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

<ul>
<li>Chip revenues have been up for two months in a row.  Could this be the start of a trend?</li>
<li>Commodity prices indicate that the "Collapse" phase of a price downturn has ended, and that prices will now follow costs</li>
<li>DRAM and NAND makers should remain unprofitable until mid 2024, although their revenues can begin to steadily rise.  Other chip makers will do better.</li>
</ul>


Chip revenues have been up for two months in a row.  Could this be the start of a trend?
Commodity prices indicate that the "Collapse" phase of a price downturn has ended, and that prices will now follow costs
DRAM and NAND makers should remain unprofitable until mid 2024, although their revenues can begin to steadily rise.  Other chip makers will do better.


Switzerland

STMicroelectronics N.V. designs, develops, manufactures, and markets semiconductor integrated circuits and discrete devices. The Company's products are used in the telecommunications, consumer electronics, automotive, computer, and industrial sectors. Geographically, customers are located in North America, Europe, and the Asia Pacific region.

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STMicroelectronics NV (STM IM)

SiC as a Dog (Part 2)

The sickness in Silicon Carbide started at On semi. Let’s look through the results and see the drivers, the big deal, and what we should do about...

Fabricated Knowledge

Silergy (6415.TT): The Revenue Could Be Upside Around 17% in 4Q23F.

Silergy could see an increase of about 17% QoQ and 3% YoY in 4Q23F. It needs to transfer its Foundry base from China to Taiwan and Singapore. The...

Patrick Liao

Chinese EV's and the Lagging Edge Price War

Prices cuts imply price wars, Western chip subsidies are against strategy spending in China. Full stack margin at Chinese Automotive makers means...

Fabricated Knowledge

Auto Semiconductor Earnings, Testing, Semicap

A partial earnings recap of companies so far this week: grouped by categories Simo and Maxlinear are going to be in a separate note. It’s too...

Fabricated Knowledge

Encouraging Signs in Recent Semi Stats

The chip market is giving signs of a recovery which will see rising revenues but should remain unprofitable for commodity players until mid-2024. ...

Jim Handy

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