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>A major earthquake struck Taiwan on April 3, where 25-30% of the world's semiconductor wafers are produced</li>
<li>Most semiconductor fabs are far away from the earthquake's epicenter</li>
<li>Those companies that have issued statements indicate that damage was slight, but there is still likely to be a shortage, which should boost chip maker profitability through 2024</li>
</ul>


A major earthquake struck Taiwan on April 3, where 25-30% of the world's semiconductor wafers are produced
Most semiconductor fabs are far away from the earthquake's epicenter
Those companies that have issued statements indicate that damage was slight, but there is still likely to be a shortage, which should boost chip maker profitability through 2024


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

<ul>
<li>Taiwan companies are required to report revenue on a monthly basis. These updates can help us understand how a given quarter is progressing &amp; predict quarterly earnings ahead of time</li>
<li>Initially we focused on MoM %  increase/decrease. This is useful, but one needs to account for anomalies such as seasonality and potential non-linearity month to month within a given quarter </li>
<li>We now also provide the monthly YoY revenue comparison. This eliminates anomalies due to both seasonality and intra-quarter non-linearity, enabling a clearer perspective on where the industry is at. </li>
</ul>


Taiwan companies are required to report revenue on a monthly basis. These updates can help us understand how a given quarter is progressing &amp; predict quarterly earnings ahead of time
Initially we focused on MoM %  increase/decrease. This is useful, but one needs to account for anomalies such as seasonality and potential non-linearity month to month within a given quarter 
We now also provide the monthly YoY revenue comparison. This eliminates anomalies due to both seasonality and intra-quarter non-linearity, enabling a clearer perspective on where the industry is at. 


Semiconductor Real Time Indicators Update

<ul>
<li>It's probably not a good idea to chase the AI mania surge by buying the likes of NVIDIA, AMD, Micron etc at their currently highly elevated share prices</li>
<li>Taiwan has a large ecosystem of semiconductor companies many of which are critical to the AI hardware supply chain</li>
<li>We present a range of options with exposure to AI hardware for your consideration including foundry, fabless IC design, server BMC &amp; Copper Clad Laminate</li>
</ul>


It's probably not a good idea to chase the AI mania surge by buying the likes of NVIDIA, AMD, Micron etc at their currently highly elevated share prices
Taiwan has a large ecosystem of semiconductor companies many of which are critical to the AI hardware supply chain
We present a range of options with exposure to AI hardware for your consideration including foundry, fabless IC design, server BMC &amp; Copper Clad Laminate


Missed The AI Mania Surge? Here's A Few Options Still Worth Considering

Equity Bottom-Up

<ul>
<li>Intel snags $8.5 billion in direct funding through the CHIPS and Science Act to advance its commercial semiconductor projects in Arizona, New Mexico, Ohio and Oregon.</li>
<li>Investment Tax Credit (ITC) of up to 25% on &gt; $100 billion in qualified investments and eligibility for federal loans up to $11 billion are also on offer</li>
<li>Meanwhile, two separate reports suggest delays of up to two years in Ohio and suppliers in Arizona unable/unwilling to meet previous commitments to establish local supply chains. Ouch!</li>
</ul>


Intel snags $8.5 billion in direct funding through the CHIPS and Science Act to advance its commercial semiconductor projects in Arizona, New Mexico, Ohio and Oregon.
Investment Tax Credit (ITC) of up to 25% on &gt; $100 billion in qualified investments and eligibility for federal loans up to $11 billion are also on offer
Meanwhile, two separate reports suggest delays of up to two years in Ohio and suppliers in Arizona unable/unwilling to meet previous commitments to establish local supply chains. Ouch!


Intel. CHIPS Act Funding Ceremony Overshadowed By Reports Of New Fab Delays

Taiwan Tech Focused Senior Analyst

Patrick Liao

United Microelectronics Corp / Equity Bottom-Up

<ul>
<li>The results for 1Q24F should remain unchanged, even though we anticipate a slight upside.  </li>
<li>UMC's outlook for 2Q24F is deteriorating, with a likely decline 5-10% QoQ.</li>
<li>The demand from UMC's clients is not improving in 2Q24F.</li>
</ul>


The results for 1Q24F should remain unchanged, even though we anticipate a slight upside.  
UMC's outlook for 2Q24F is deteriorating, with a likely decline 5-10% QoQ.
The demand from UMC's clients is not improving in 2Q24F.


UMC (2303.TT; UMC.US): Current 2Q24F Outlook Is Downside 5-10% QoQ.

Taiwan

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.

eMemory Technology, Inc. develops and provides logic non-volatile memory (LogicNVM) technology. The company licenses its intellectual property to semiconductor foundries, integrated devices manufacturers (IDMs), and fabless design houses around the world.

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

Realtek Semiconductor Corp. designs, tests, and distributes integrated circuits which are used in consumer electronics, computer systems and peripherals, and communication network hardware.  The Company also provides technical counseling and systems software services.

Global Unichip Corporation designs and produces a wide variety of silicon chips.

Novatek Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs).  The Company's products are used in telecommunication, computer peripherals, and LCD (liquid crystal display) drivers.

Vanguard International Semiconductor Corporation offers integrated circuit foundry services.  The Company manufactures 0.18um logic, mixed-signal, analog, high voltage, low power, CMOS RF, flash, embedded memory, and bipolar CMOS DMOS semiconductors.

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.

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.

Lasertec Corporation develops, designs, manufactures and markets photomask inspection systems to make semiconductor devices, confocal scanning laser microscopes and liquid crystal display (LCD) inspection systems.

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.

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.

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Taiwan Semiconductor (TSMC) (2330 TT)

Will Taiwan Quake Trigger a Shortage?

Taiwan's April 3 earthquake should negatively impact semiconductor production to create a shortage that is likely to increase chip makers'...

Jim Handy

Semiconductor Real Time Indicators Update

Tracking monthly revenues of Taiwan semiconductor companies helps us identify key trends mid-quarter. Initially we tracked the MoM revenue changes....

William Keating

Missed The AI Mania Surge? Here's A Few Options Still Worth Considering

NVIDIA et al no longer make sense to invest in at current levels. We present a range of options with exposure to AI hardware including foundry,...

William Keating

Intel. CHIPS Act Funding Ceremony Overshadowed By Reports Of New Fab Delays

Intel gets $8.5 billion from CHIPS Act, ITCs of 25% on ~ $100 billion & federal loans up to $11 billion. Awkward having reports of 2 year delays in...

William Keating

UMC (2303.TT; UMC.US): Current 2Q24F Outlook Is Downside 5-10% QoQ.

UMC's 1Q24F results expected to hold steady, while 2Q24F outlook shows declining demand and potential 5-10% decrease. The demand from UMC's...

Patrick Liao

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Market Cap (USDm)

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Dividend (Yield)

Will Taiwan Quake Trigger a Shortage?

​Taiwan's April 3 earthquake should negatively impact semiconductor production to create a shortage that is likely to increase chip makers'...

Jim Handy

Semiconductor Real Time Indicators Update

Tracking monthly revenues of Taiwan semiconductor companies helps us identify key trends mid-quarter. Initially we tracked the MoM revenue changes....

William Keating

Missed The AI Mania Surge? Here's A Few Options Still Worth Considering

NVIDIA et al no longer make sense to invest in at current levels. We present a range of options with exposure to AI hardware including foundry,...

William Keating

Intel. CHIPS Act Funding Ceremony Overshadowed By Reports Of New Fab Delays

Intel gets $8.5 billion from CHIPS Act, ITCs of 25% on ~ $100 billion & federal loans up to $11 billion. Awkward having reports of 2 year delays in...

William Keating

UMC (2303.TT; UMC.US): Current 2Q24F Outlook Is Downside 5-10% QoQ.

​UMC's 1Q24F results expected to hold steady, while 2Q24F outlook shows declining demand and potential 5-10% decrease. The demand from UMC's...

Patrick Liao

Taiwan's April 3 earthquake should negatively impact semiconductor production to create a shortage that is likely to increase chip makers'...

UMC's 1Q24F results expected to hold steady, while 2Q24F outlook shows declining demand and potential 5-10% decrease. The demand from UMC's...