In today’s briefing:
- Ohayo Japan | Cloud Concerns; Cellulose Nanofibers for Sustainability
- Top Foundries See Cut in Automotive Industry Wafer Sales, Implications
Ohayo Japan | Cloud Concerns; Cellulose Nanofibers for Sustainability
- Overseas: SPX -1.4%, Nasdaq -2.4%; Alphabet -9% on cloud miss; 10-y yield at 4.95%
- Today: NKY Futs -1% v cash. JPY 150.3; IHI cuts numbers, Honda cancels EV venture with GM
- JapanX: Yamaha Motor Company’s innovative use of Cellulose Nanofibers (CNF) in watercraft marks a ground breaking step towards sustainability and reduced carbon emissions
Top Foundries See Cut in Automotive Industry Wafer Sales, Implications
- Both TSMC and UMC saw about 20% cut in automotive industry wafer sales in 3Q23, which was 20% worse than customers’ guidance.
- Reasons for discrepancies: 1. IDMs cut foundry orders but keep in house utilization higher; 2. Worse than expected US auto factories strike; 3. Rate hike results in worse car sales.
- We suggest clients to be cautious on the investment of automotive supply chain for the next 3-6 months
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