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>There are signs of a recovery in the chip sector</li>
<li>Memory spot prices are up, and revenues have risen for six consecutive months</li>
<li>Growth is higher than average, indicating the start of another super-cycle</li>
</ul>


There are signs of a recovery in the chip sector
Memory spot prices are up, and revenues have risen for six consecutive months
Growth is higher than average, indicating the start of another super-cycle


Equity Bottom-Up

<ul>
<li>Micron's Sept 29 4QF22 earnings call met the company's low guidance for the quarter</li>
<li>The company's current-quarter outlook is for a significantly worse 4QF22</li>
<li>This phenomenon will impact the earnings for all of Micron's competition in upcoming calls</li>
</ul>


Micron's Sept 29 4QF22 earnings call met the company's low guidance for the quarter
The company's current-quarter outlook is for a significantly worse 4QF22
This phenomenon will impact the earnings for all of Micron's competition in upcoming calls


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>Greatly reduced growth-related WFE CapEx, cannibalisation of legacy node WFE for leading edge transitions and surging demand for HBM will likely trigger mainstream memory shortages by EOY 2024 </li>
<li>Both Nanya and Winbond are well positioned to benefit from any industry-wide shortages</li>
<li>If Samsung can sort out its HBM woes, it will be line for a re-rating</li>
</ul>


Greatly reduced growth-related WFE CapEx, cannibalisation of legacy node WFE for leading edge transitions and surging demand for HBM will likely trigger mainstream memory shortages by EOY 2024 
Both Nanya and Winbond are well positioned to benefit from any industry-wide shortages
If Samsung can sort out its HBM woes, it will be line for a re-rating


Samsung, Nanya, Winbond. Watch This Space...

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

<ul>
<li>Computex showed how Micron has successfully leap-frogged SK Hynix and Samsung in HBM DRAM for AI Servers.</li>
<li>Now, older 'boring' DRAM prices could surge as HBM DRAM production is voraciously consuming memory fab capacity.</li>
<li>Why Nanya Tech shares could surge higher -- A DRAM memory trade for those who don't want to chase steep 52-week highs in Micron and SK Hynix.</li>
</ul>


Computex showed how Micron has successfully leap-frogged SK Hynix and Samsung in HBM DRAM for AI Servers.
Now, older 'boring' DRAM prices could surge as HBM DRAM production is voraciously consuming memory fab capacity.
Why Nanya Tech shares could surge higher -- A DRAM memory trade for those who don't want to chase steep 52-week highs in Micron and SK Hynix.


Memory Monitor: Computex Showed Micron Leapfrog SK Hynix and Samsung; 'Boring' DRAM Could Now Hot Up

<ul>
<li>Q124 DRAM revenue $18.2 billion, up 6% QoQ and up 88% YoY. NAND revenue $14.1 billion, up 23.4% QoQ and 68.8% YoY</li>
<li>ASP increases, HBM, NAND for enterprise SSD and looming shortages for legacy products are all mounting tailwinds for the beleaguered memory segment</li>
<li>First quarter ASP increases for DRAM &amp; NAND for Micron, SK Hynix &amp; Samsung were almost identical. That's quite a coincidence..</li>
</ul>


Q124 DRAM revenue $18.2 billion, up 6% QoQ and up 88% YoY. NAND revenue $14.1 billion, up 23.4% QoQ and 68.8% YoY
ASP increases, HBM, NAND for enterprise SSD and looming shortages for legacy products are all mounting tailwinds for the beleaguered memory segment
First quarter ASP increases for DRAM &amp; NAND for Micron, SK Hynix &amp; Samsung were almost identical. That's quite a coincidence..


Semiconductor Memory. Profits Return & Tailwinds Mount On Surging (& Very Similar) ASP Increases

United States

Western Digital Corporation is a global provider of solutions for the collection, storage, management, protection and use of digital content, including audio and video. The Company's products include hard drives, solid-state drives, and home entertainment and networking products.

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Western Digital (WDC US)

Are Semiconductors Finally Recovering?

The chip sector is beginning to recover with rising memory prices and six consecutive months of above-average revenue growth, suggesting the onset...

Jim Handy

Micron FYQ4: Bad, and About to Get Worse

Micron announced revenues down 23% Quarter on Quarter and guided down another 36% Q/Q for the current quarter. This shows what upcoming results...

Jim Handy

Samsung, Nanya, Winbond. Watch This Space...

Greatly reduced growth-related WFE CapEx, cannibalisation of legacy node WFE for leading edge transitions and surging demand for HBM will likely...

William Keating

Memory Monitor: Computex Showed Micron Leapfrog SK Hynix and Samsung; 'Boring' DRAM Could Now Hot Up

Micron's HBM DRAM shined alongside Nvidia at Computex. But now the HBM DRAM craze could drive a surge in traditional DRAM prices. Nanya Tech would...

Vincent Fernando, CFA

Semiconductor Memory. Profits Return & Tailwinds Mount On Surging (& Very Similar) ASP Increases

Q124 DRAM revenue $18.2 billion, up 6% QoQ and up 88% YoY. NAND revenue $14.1 billion, up 23.4% QoQ and 68.8% YoY. Q124 ASP increases for Micron,...

William Keating

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Are Semiconductors Finally Recovering?

​The chip sector is beginning to recover with rising memory prices and six consecutive months of above-average revenue growth, suggesting the onset...

Jim Handy

Micron FYQ4: Bad, and About to Get Worse

Micron announced revenues down 23% Quarter on Quarter and guided down another 36% Q/Q for the current quarter. This shows what upcoming results...

Jim Handy

Samsung, Nanya, Winbond. Watch This Space...

Greatly reduced growth-related WFE CapEx, cannibalisation of legacy node WFE for leading edge transitions and surging demand for HBM will likely...

William Keating

Memory Monitor: Computex Showed Micron Leapfrog SK Hynix and Samsung; 'Boring' DRAM Could Now Hot Up

​Micron's HBM DRAM shined alongside Nvidia at Computex. But now the HBM DRAM craze could drive a surge in traditional DRAM prices. Nanya Tech would...

Vincent Fernando, CFA

Semiconductor Memory. Profits Return & Tailwinds Mount On Surging (& Very Similar) ASP Increases

Q124 DRAM revenue $18.2 billion, up 6% QoQ and up 88% YoY. NAND revenue $14.1 billion, up 23.4% QoQ and 68.8% YoY. Q124 ASP increases for Micron,...

William Keating

The chip sector is beginning to recover with rising memory prices and six consecutive months of above-average revenue growth, suggesting the onset...

Micron's HBM DRAM shined alongside Nvidia at Computex. But now the HBM DRAM craze could drive a surge in traditional DRAM prices. Nanya Tech would...