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.

Thematic (Sector/Industry)

<ul><li>This earnings season, Industrial semiconductor demand has been the biggest incremental softening in end market demand. That’s not surprising. </li><li>I have been talking about the FIFO (First-In, First-Out) cycle, and the only two remaining segments that have not had a meaningful correction are Industrial and Automotive.</li><li>We are now seeing the beginning of Industrial weakening.</li></ul>

This earnings season, Industrial semiconductor demand has been the biggest incremental softening in end market demand. That’s not surprising. I have been talking about the FIFO (First-In, First-Out) cycle, and the only two remaining segments that have not had a meaningful correction are Industrial and Automotive.We are now seeing the beginning of Industrial weakening.

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

Equity Bottom-Up

<ul>
<li>SK Hynix reported Q323 revenues of 9.066 trillion won, up 24% QoQ but still down 17% YoY</li>
<li>Net income was -2.185 trillion won, a 27% improvement on the losses in the prior quarter.</li>
<li>While DRAM has turned profitable, NAND remains stubbornly loss making and is likely to remain so for the foreseeable future</li>
</ul>


SK Hynix reported Q323 revenues of 9.066 trillion won, up 24% QoQ but still down 17% YoY
Net income was -2.185 trillion won, a 27% improvement on the losses in the prior quarter.
While DRAM has turned profitable, NAND remains stubbornly loss making and is likely to remain so for the foreseeable future


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>SK hynix reported increased DRAM and NAND flash revenues in the third quarter, with DRAM's price increasing about 10%</li>
<li>NAND inventory is higher than DRAM's so NAND production capacity will not be increased</li>
<li>This bodes well for DRAM makers and poorly for NAND makers like WDC and Kioxia</li>
</ul>


SK hynix reported increased DRAM and NAND flash revenues in the third quarter, with DRAM's price increasing about 10%
NAND inventory is higher than DRAM's so NAND production capacity will not be increased
This bodes well for DRAM makers and poorly for NAND makers like WDC and Kioxia


<ul>
<li>Semiconductor revenues have enjoyed month over month growth since April</li>
<li>This growth is higher than the industry's long-term average 3.9% growth</li>
<li>It looks as if the industry is starting another of its typical cycles.</li>
</ul>


Semiconductor revenues have enjoyed month over month growth since April
This growth is higher than the industry's long-term average 3.9% growth
It looks as if the industry is starting another of its typical cycles.


SIA: Semiconductors Up for Fourth Consecutive Month

<ul>
<li>Q2'23 marked a turning point with semi sales, memory, silicon wafer &amp; PC shipments PC registering modest QoQ growth while smartphones and server shipments barely missed the cut.</li>
<li>Despite this positive turn of events, the memory segment remains mired in losses and the outlook for foundry is getting worse, not better</li>
<li>The much anticipated second half recovery will be muted at best</li>
</ul>


Q2'23 marked a turning point with semi sales, memory, silicon wafer &amp; PC shipments PC registering modest QoQ growth while smartphones and server shipments barely missed the cut.
Despite this positive turn of events, the memory segment remains mired in losses and the outlook for foundry is getting worse, not better
The much anticipated second half recovery will be muted at best


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)

Semiconductor Cycles: Industrial and EVs

Plus my new taxonomy of cycles! Where I think each end market is in the cycle. This earnings season, Industrial semiconductor demand has been the...

Fabricated Knowledge

SK Hynix. DRAM To The Rescue

SK Hynix rQ323 revenues 9.066 trillion won, up 24% QoQ but still -17% YoY. Net income -2.185 trillion won, a 27% improvement QoQ. While DRAM...

William Keating

SK Hynix Call Bad News for WDC

Kioxia announced a second quarter of growth, but that growth is mainly from DRAM. That's good news for DRAM makers (Samsung and Micron) and bad...

Jim Handy

SIA: Semiconductors Up for Fourth Consecutive Month

The semiconductor industry seems to be starting another cycle, with revenues increasing for the past four months. This Insight compares past...

Jim Handy

Q2'23 Semiconductor Review & Outlook

Q2'23 saw semi sales, memory, silicon wafer & PC shipments PC with modest QoQ growth. Smartphones and server shipments barely missed the cut....

William Keating

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