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>ASML and Lam Research's latest guidance implies extremely different near-term revenue outlooks but shows an industry pulling back near-term while investing for long-term.</li>
<li>Results show the much weaker situation for Memory chips vs. Logic chips, and little discussion of a recovery for Memory from the firms so far.</li>
<li>Firms servicing long-term strategic, specialized demand from customers are indeed performing better than those servicing more commoditized demand.</li>
</ul>


ASML and Lam Research's latest guidance implies extremely different near-term revenue outlooks but shows an industry pulling back near-term while investing for long-term.
Results show the much weaker situation for Memory chips vs. Logic chips, and little discussion of a recovery for Memory from the firms so far.
Firms servicing long-term strategic, specialized demand from customers are indeed performing better than those servicing more commoditized demand.


ASML & Lam Results: Key Take-Aways for Semiconductors in 2023

<ul>
<li>New China semiconductor restrictions could be announced by the Netherlands and Japan by end-January.</li>
<li>Realtek 4Q22 results -- Signals weakness for companies serving the PC market, and could get worse in 1Q23E.</li>
<li>Western Digital &amp; Kioxia could merge NAND flash units to create a rival to Samsung.</li>
</ul>


New China semiconductor restrictions could be announced by the Netherlands and Japan by end-January.
Realtek 4Q22 results -- Signals weakness for companies serving the PC market, and could get worse in 1Q23E.
Western Digital &amp; Kioxia could merge NAND flash units to create a rival to Samsung.


Taiwan Tech Weekly: Dutch & Japan China Restrictions End-January, Realtek Results Show Pain in PCs

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>The three companies we write about this week are ASML Holding NV (ASML US) , Bayer AG (BAYN GY)  and Gentex Corp (GNTX US)</li>
<li>We included ChatGPT's innovation assessment for the three companies in the report. The qualitative commentary of ChatGPT though fluffy does somewhat reflect our quantitative assessment from technical literature.</li>
<li>For the nine weeks since inception ended 20 Jan the combined innovation portfolio was +3.5%, versus DJIA -1.1%, S&amp;P500 +0.2%, Nasdaq -0.1%, Russell2000 +1.0%, MSCI-ACWI-ETF +3.1%, all in US$ terms</li>
</ul>


The three companies we write about this week are ASML Holding NV (ASML US) , Bayer AG (BAYN GY)  and Gentex Corp (GNTX US)
We included ChatGPT's innovation assessment for the three companies in the report. The qualitative commentary of ChatGPT though fluffy does somewhat reflect our quantitative assessment from technical literature.
For the nine weeks since inception ended 20 Jan the combined innovation portfolio was +3.5%, versus DJIA -1.1%, S&amp;P500 +0.2%, Nasdaq -0.1%, Russell2000 +1.0%, MSCI-ACWI-ETF +3.1%, all in US$ terms


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>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.


<ul>
<li>UMC vs. TSMC results review comparison: Vastly different tones of results shows the large gap in industry performance for the most advanced chips products vs. the lesser advanced.</li>
<li>Japan gives mixed signals about rapidly joining U.S. chip restrictions vs. China.</li>
<li>TSMC and UMC were some of the most net-bought stocks in Taiwan by foreigners last week.</li>
</ul>


UMC vs. TSMC results review comparison: Vastly different tones of results shows the large gap in industry performance for the most advanced chips products vs. the lesser advanced.
Japan gives mixed signals about rapidly joining U.S. chip restrictions vs. China.
TSMC and UMC were some of the most net-bought stocks in Taiwan by foreigners last week.


Taiwan Tech Weekly: UMC Vs. TSMC Results' Vastly Different Performance, Japan Cautious on China Bans

Taiwan

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

Taiwan Semiconductor (TSMC) - ADR (TSM US)

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Taiwan Semiconductor (TSMC) - ADR (TSM US)

ASML & Lam Results: Key Take-Aways for Semiconductors in 2023

Firms servicing long-term strategic, specialized demand from customers are indeed performing better than those servicing more commoditized demand.

Vincent Fernando, CFA

Taiwan Tech Weekly: Dutch & Japan China Restrictions End-January, Realtek Results Show Pain in PCs

Also- The U.S. military is preparing for Speaker of the House McCarthy to visit Taiwan; and Western Digital & Kioxia could merge NAND flash units...

Vincent Fernando, CFA

The Innovations Portfolio - Week Nine

For the nine weeks since inception ended 20 Jan the combined innovation portfolio was +3.5%, versus DJIA -1.1%, S&P500 +0.2%, Nasdaq -0.1%,...

Pyari Menon

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: UMC Vs. TSMC Results' Vastly Different Performance, Japan Cautious on China Bans

UMC vs. TSMC results review comparison: Vastly different tones of results shows the large gap in industry performance for the most advanced chips...

Vincent Fernando, CFA

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