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>Q224 revenues of $5.8 billion, up 23% QoQ and up 58% YoY. It also well above the high end of the guided range of $5.5 billion.</li>
<li>Net income turned positive &amp; amounted to $476 million. This compares to a loss of $1 billion in Q124</li>
<li>Forecasting current quarter revenues of $6.6 billion &amp; gross margin of 26.5% at their respective midpoints</li>
</ul>


Q224 revenues of $5.8 billion, up 23% QoQ and up 58% YoY. It also well above the high end of the guided range of $5.5 billion.
Net income turned positive &amp; amounted to $476 million. This compares to a loss of $1 billion in Q124
Forecasting current quarter revenues of $6.6 billion &amp; gross margin of 26.5% at their respective midpoints


Micron. Back In The Black & No Going Back

Thematic (Sector/Industry)

<ul>
<li>2023 DRAM + NAND revenues declined 36% YoY from $140.3 billion to $89.2 billion. This followed a 14% decline YoY in 2022.</li>
<li>Forecasting ~40% YoY growth in 2024, bringing overall memory revenues back to roughly 2022 levels</li>
<li>ASML's Memory-related WFE revenue in 2023 was an all time record high at $5.9 billion. Much of that was spent in China and its impact remains to be seen..</li>
</ul>


2023 DRAM + NAND revenues declined 36% YoY from $140.3 billion to $89.2 billion. This followed a 14% decline YoY in 2022.
Forecasting ~40% YoY growth in 2024, bringing overall memory revenues back to roughly 2022 levels
ASML's Memory-related WFE revenue in 2023 was an all time record high at $5.9 billion. Much of that was spent in China and its impact remains to be seen..


Semiconductor Memory 2023 In Review, 2024 Outlook

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

Silicon Motion Technology / Equity Bottom-Up

<ul>
<li>Silicon Motion reported results last week that beat consensus; Moreover, the company expects strong growth not just in 2024E, but also in 2025E.</li>
<li>The company's growth will significantly exceed PC and mobile phone market growth thanks to strong memory demand trends within these segments.</li>
<li>The company sees NAND Flash in shortage into 2025E based on visibility into its client ecosystem. We continue to view SIMO as a next-wave play on the Memory recovery.</li>
</ul>


Silicon Motion reported results last week that beat consensus; Moreover, the company expects strong growth not just in 2024E, but also in 2025E.
The company's growth will significantly exceed PC and mobile phone market growth thanks to strong memory demand trends within these segments.
The company sees NAND Flash in shortage into 2025E based on visibility into its client ecosystem. We continue to view SIMO as a next-wave play on the Memory recovery.


Silicon Motion Memory Readthrough: NAND Flash to Remain In Shortage; Up-Cycle to Persist

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' earnings call has been scheduled for 9:00 AM Korea, January 25, and Samsung's for 10:00 AM Korea, January 31.  What can investors expect to hear?</li>
<li>Three indicators have provided a preview of the two calls' directions: WSTS, Spot Pricing, and Micron's earnings call one month earlier.</li>
<li>The news for the market is positive, so expect to hear that these companies are making progress towards regaining profitability in semiconductors.</li>
</ul>


SK hynix' earnings call has been scheduled for 9:00 AM Korea, January 25, and Samsung's for 10:00 AM Korea, January 31.  What can investors expect to hear?
Three indicators have provided a preview of the two calls' directions: WSTS, Spot Pricing, and Micron's earnings call one month earlier.
The news for the market is positive, so expect to hear that these companies are making progress towards regaining profitability in semiconductors.


What to Expect In SK Hynix and Samsung Earnings Calls

<ul>
<li>Recent results from Micron and SK Hynix did not only signal a recovery for DRAM but also for NAND flash memory. Micron expects improving NAND pricing through CY2025E.</li>
<li>Latest data shows a surge in NAND pricing -- 512GB NAND pricing is now up 116% from its 2023 lows.</li>
<li>Silicon Motion shares are down 5% over the last year. They have been weighed down by their terminated acquisition by MaxLinear, but now could offer a laggard play.</li>
</ul>


Recent results from Micron and SK Hynix did not only signal a recovery for DRAM but also for NAND flash memory. Micron expects improving NAND pricing through CY2025E.
Latest data shows a surge in NAND pricing -- 512GB NAND pricing is now up 116% from its 2023 lows.
Silicon Motion shares are down 5% over the last year. They have been weighed down by their terminated acquisition by MaxLinear, but now could offer a laggard play.


Silicon Motion: Next Wave of the Memory Recovery; High-End NAND Prices More Than Doubled From Lows

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)

Micron. Back In The Black & No Going Back

Q224 revenues $5.8 billion, +23% QoQ & +58% YoY. Net income turned positive & amounted to $476 million. Q324 revenues of $6.6 billion & gross...

William Keating

Semiconductor Memory 2023 In Review, 2024 Outlook

2023 memory revenues -36% YoY from $140.3 billion to $89.2 billion. This followed a 14% decline YoY in 2022. Forecasting >40% YoY growth in 2024,...

William Keating

Silicon Motion Memory Readthrough: NAND Flash to Remain In Shortage; Up-Cycle to Persist

Silicon Motion beats expectations and predicts strong growth for NAND flash in 2024E and 2025E plus new enterprise data center products....

Vincent Fernando, CFA

What to Expect In SK Hynix and Samsung Earnings Calls

How will the SK hynix earnings call on Jan 25 and the Samsung earnings call on Jan 31 play out? Certain indicators, spelled out in this insight,...

Jim Handy

Silicon Motion: Next Wave of the Memory Recovery; High-End NAND Prices More Than Doubled From Lows

Silicon Motion shares are down 5% over the last year. They have been weighed down by their terminated acquisition by MaxLinear, but now could offer...

Vincent Fernando, CFA

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Micron. Back In The Black & No Going Back

Q224 revenues $5.8 billion, +23% QoQ & +58% YoY. Net income turned positive & amounted to $476 million. Q324 revenues of $6.6 billion & gross...

William Keating

Semiconductor Memory 2023 In Review, 2024 Outlook

2023 memory revenues -36% YoY from $140.3 billion to $89.2 billion. This followed a 14% decline YoY in 2022. Forecasting >40% YoY growth in 2024,...

William Keating

Silicon Motion Memory Readthrough: NAND Flash to Remain In Shortage; Up-Cycle to Persist

​Silicon Motion beats expectations and predicts strong growth for NAND flash in 2024E and 2025E plus new enterprise data center products....

Vincent Fernando, CFA

What to Expect In SK Hynix and Samsung Earnings Calls

How will the SK hynix earnings call on Jan 25 and the Samsung earnings call on Jan 31 play out? Certain indicators, spelled out in this insight,...

Jim Handy

Silicon Motion: Next Wave of the Memory Recovery; High-End NAND Prices More Than Doubled From Lows

Silicon Motion shares are down 5% over the last year. They have been weighed down by their terminated acquisition by MaxLinear, but now could offer...

Vincent Fernando, CFA

Silicon Motion beats expectations and predicts strong growth for NAND flash in 2024E and 2025E plus new enterprise data center products....