In today’s briefing:
- Semiconductor Events Deserving Your Attention @7/10/23
- China’s Weight Loss Drug Market – The Investment Opportunities and the Risks Behind
- US Banks – Cash +USD90bn in Week, CRE -0.55% YoY, C&I +0.36% YoY, Book Value Growth Dwindles 3 Wks
- October Restrictions, AEHR Earnings, TSMC Monthly Revenue, and Intel’s PSG Spin
Semiconductor Events Deserving Your Attention @7/10/23
- TSMC reported revenues for September 2023 of ~NT$180.43 billion, a decrease of 4.4% MoM and a decrease of 13.4 % YoY.
- Intel announces intent to spin out its Altera division, its latest endeavour to unlock greater shareholder value
- Anthropic seeks yet further billions in funding after just closing an AWS deal worth up to $4 billion
China’s Weight Loss Drug Market – The Investment Opportunities and the Risks Behind
- Due to the popularity of GLP-1 target, the entire GLP-1 upstream and downstream industry chain has received great enthusiasm. We analyzed related investment opportunities but also concerns in this market.
- Domestic CXOs should focus on securing orders for overseas weight loss drugs. The market value increment brought by weight loss drugs to CXO should be higher than that of APIs.
- Due to increasing competition/potential price war, how big the real market space is uncertain. So, the market value increment of weight loss drugs business for pharmaceutical companies could be lower-than-expected.
US Banks – Cash +USD90bn in Week, CRE -0.55% YoY, C&I +0.36% YoY, Book Value Growth Dwindles 3 Wks
- US large banks’ new balance sheet data for 27 September show surging cash at +USD90bn in the week putting YoY growth highest all year, at 11.6%. This is risk aversion.
- Commercial & Industrial lending, shows another subdued week, down USD1bn to 27 Sept WoW, and YoY growth at 0.36% compared with 12.5% early this year. Suggests a weak underlying economy.
- CRE lending growth remains negative, and book value growth worsens in past 2 weeks, from +USD9.4bn to +USD4.0bn and now to +0.4bn WoW.
October Restrictions, AEHR Earnings, TSMC Monthly Revenue, and Intel’s PSG Spin
- Reuters reported on Monday that a new round of export controls just hit the Office of Management and Budget office.
- That means it’s already been finalized by the Departments of State, Defense, Commerce, and Energy.
- We are almost at the one-year anniversary of the October 7th export controls that tanked semiconductor stocks last year; this time, the stocks are looking way more sanguine.
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