In today’s briefing:
- Semiconductor Events Deserving Your Attention @ 16/7/23
- Japan Screen | Nice Niche Names
- Semicon West: Big Shifts in the NAND Market
- Weekly Stock Bullfinder – Week of 7/17
- SPAC TALK – SPACs and Disappearing Projections
Semiconductor Events Deserving Your Attention @ 16/7/23
- Gartner reports Q2’23 PC unit shipments amounted to 59.7 million units, a decrease of 16.6% YoY, but an increase of ~8% QoQ
- TSMC Q2’23 revenue will marginally exceed midpoint of the guided range.
- Intel CEO second trip to China in 3 months heightens speculation about China’s approval of the pending Tower Semi acquisition.
Japan Screen | Nice Niche Names
- METI identified 113 Japanese companies that were global niche winners – high market share, high margins, and high ratio of overseas sales
- METI has done a pretty good job of selecting “quality companies” – the group enjoys higher margins and returns on capital than the average Japanese company
- We screen for the “best of the best” and pick out MANI, one company that has underperformed this year
Semicon West: Big Shifts in the NAND Market
- Semicon West is “back”! Participation this year was up 65% compared to 2022, and I believe it’s an all-time high for visitors! Over 25,000 attendees came to Semicon this year, and that’s the best sign that semiconductor manufacturing in the US is back!
- Amid Applied Material’s new tool Vistara, Lam Research talking about their simulation platform, and Tokyo Electron talking about a new etch tool, there was a flurry of news and product announcements.
- The most exciting piece of news is Tokyo Electron’s cryogenic etch product. Their new product is a big deal.
Weekly Stock Bullfinder – Week of 7/17
- After witnessing a parabolic advance at the beginning of the Federal Reserve’s tightening cycle in early 2022, the US dollar has decisely break down below prior weekly support levels in a large bearish engulfing candle last week.
- This breakdown can serve as a tailwind for multi-nationals (especially technology names), commodities, emerging markets, treasuries, and cryptos.
- The dollar is now sitting at a 15 month low. This decline may not be over as the MACD indicator is now crossing down.
SPAC TALK – SPACs and Disappearing Projections
- A quiet July…so far. July has been a relatively quiet month to date.
- Two SPAC IPOs have been priced, which is par for the course in the context of the low-single digit numbers we have been reporting the past twelve months.
- The exit doors also seem to be less crowded this month, with only nine SPACs scheduled for liquidations vs the average twenty per month that elected to liquidate their trust funds in the first half of the year.
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