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

Thematic (Sector/Industry)

Since the launch of China's ‘Made in China 2025’ strategic plan in 2015, billions of dollars have been invested to bolster the country's self-sufficiency in ten key technology sectors. Five years on, we review the accomplishments, challenges and, in some cases, downright failures from the perspective of the semiconductor industry. We examine in particular China's efforts to develop their own supply of DRAM and NAND chips and opine on both their progress and the risks they pose to the leading incumbents.
While China's memory ambitions attract the lion's share of the limelight, we think it's important to look at the broader semiconductor ecosystem. To that end, we examine China's progress terms of silicon wafer manufacturing, foundry and semiconductor equipment manufacturing. 
Our conclusion is that the the best investment opportunities relating to China's semiconductor push may be found in lower-profile, less glamorous segments of the broader ecosystem. Here's where we think they might be. 
Note: This Smartkarma Original is a collaboration between <a href="https://www.smartkarma.com/profiles/jim-handy" target="_blank" data-smartkarma-citation="accounts:2578" rel="noopener">Jim Handy</a> and <a href="https://www.smartkarma.com/profiles/william-keating" target="_blank" data-smartkarma-citation="accounts:1806" rel="noopener">William Keating.</a> Jim contributed the initial sections on the background to China's semiconductor investment plans, DRAM, NAND and their impact on the incumbents while the remaining sections were contributed by William.

Since the launch of China's ‘Made in China 2025’ strategic plan in 2015, billions of dollars have been invested to bolster the country's self-sufficiency in ten key technology sectors. Five years on, we review the accomplishments, challenges and, in some cases, downright failures from the perspective of the semiconductor industry. We examine in particular China's efforts to develop their own supply of DRAM and NAND chips and opine on both their progress and the risks they pose to the leading incumbents.
While China's memory ambitions attract the lion's share of the limelight, we think it's important to look at the broader semiconductor ecosystem. To that end, we examine China's progress terms of silicon wafer manufacturing, foundry and semiconductor equipment manufacturing. 
Our conclusion is that the the best investment opportunities relating to China's semiconductor push may be found in lower-profile, less glamorous segments of the broader ecosystem. Here's where we think they might be. 
Note: This Smartkarma Original is a collaboration between Jim Handy and William Keating. Jim contributed the initial sections on the background to China's semiconductor investment plans, DRAM, NAND and their impact on the incumbents while the remaining sections were contributed by William.

China Semiconductor Progress & Opportunities Review 2020

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

On Tuesday Ant Financial, <a href="https://www.smartkarma.com/entities/787" target="_blank" data-smartkarma-citation="entities:787:1">Alibaba Group Holding Ltd (BABA US)</a>’s payments affiliate, issued a press release stating that its proposed $1.2bn acquisition of <a href="https://www.smartkarma.com/entities/16877" target="_blank" data-smartkarma-citation="entities:16877:1">Moneygram International Inc (MGI US)</a> has been blocked by the Committee on Foreign Investment in the United States (Cfius). Since 2015, Ant Financial has embarked on a series of deals to extend its reach beyond China into other parts of Asia. Moneygram was an important acquisition to help Ant Financial realise its ambition to grow user numbers to 2 billion within the next decade.  The proposed acquisition of Moneygram was a real statement of intent and would significantly bolster Ant Financial's aspirations to expand outside China. Ant Financial has little direct exposure to US consumers. The acquisition of Moneygram would give it over 2 billion bank, mobile and virtual accounts in the US and abroad. Not only would this significantly expand its user base, but customers could also use Ant Financial’s products more frequently as it would be easier for travellers to use them in over 200 countries.Ant Financial could temper its US ambitions and replicate its proven Asian strategy to grow its presence through JV and minority investments. However, the Trump administration has endorsed a bill now in Congress that would broaden Cfius’ remit. The new bill would expand Cfius’ jurisdiction to include certain JVs and minority investments in US companies. If it becomes law, this could severely hamper Ant Financial's US aspirations.

On Tuesday Ant Financial, Alibaba Group Holding Ltd (BABA US)’s payments affiliate, issued a press release stating that its proposed $1.2bn acquisition of Moneygram International Inc (MGI US) has been blocked by the Committee on Foreign Investment in the United States (Cfius). Since 2015, Ant Financial has embarked on a series of deals to extend its reach beyond China into other parts of Asia. Moneygram was an important acquisition to help Ant Financial realise its ambition to grow user numbers to 2 billion within the next decade.  The proposed acquisition of Moneygram was a real statement of intent and would significantly bolster Ant Financial's aspirations to expand outside China. Ant Financial has little direct exposure to US consumers. The acquisition of Moneygram would give it over 2 billion bank, mobile and virtual accounts in the US and abroad. Not only would this significantly expand its user base, but customers could also use Ant Financial’s products more frequently as it would be easier for travellers to use them in over 200 countries.Ant Financial could temper its US ambitions and replicate its proven Asian strategy to grow its presence through JV and minority investments. However, the Trump administration has endorsed a bill now in Congress that would broaden Cfius’ remit. The new bill would expand Cfius’ jurisdiction to include certain JVs and minority investments in US companies. If it becomes law, this could severely hamper Ant Financial's US aspirations. 

Alibaba: Ant Financial's US Aspirations in Jeopardy

United States

Xcerra Corporation designs, manufactures, and markets automatic test equipment for the semiconductor industry.  These products are used to test system-on-a-chip, digital, analog, and mixed-signal integrated circuits.  The Company also sells service and applications support for its test systems.

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Xcerra Corp (XCRA US)

China Semiconductor Progress & Opportunities Review 2020

Since the launch of China's ‘Made in China 2025’ strategic plan in 2015, billions of dollars have been invested to bolster the country's...

William Keating

Alibaba: Ant Financial's US Aspirations in Jeopardy

On Tuesday Ant Financial, Alibaba Group Holding Ltd (BABA US)’s payments affiliate, issued a press release stating that its proposed $1.2bn...

Arun George

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