In today’s briefing:
- Intel Terminates Tower Semi Deal
- Workday: The Rough Path Towards Profitability
- NOW, Inc. – Fulfillment Model to Meet Customers’ Evolving Needs August 16, 2023 Jeff Robertson
Intel Terminates Tower Semi Deal
- Tower to collect a cool $353 million termination fee from Intel
- Intel claims its foundry ambition to become the global #2 by end of the decade remains unchanged
- The key thing Intel needed from Tower was access to its broad, diverse portfolio of specialty process technologies. These will take Intel years to develop on their own.
Workday: The Rough Path Towards Profitability
- Workday’s share price is at risk of a downward multiple repricing.
- GAAP profitability would be very hard to achieve, according to recent rhetoric.
- An outside deal is a highly likely scenario that would resolve the company’s current disadvantage to its larger peers.
NOW, Inc. – Fulfillment Model to Meet Customers’ Evolving Needs August 16, 2023 Jeff Robertson
DistributionNOW gained share during 2Q23 as US drilling activity slowed. US revenue per rig averaged ~$631k, up from ~$561k in 1Q23 and ~$570k in 2Q22.
Gains reflect the benefits of the company’s fulfillment model, geared to make DistributionNOW the supply chain solution provider of choice for customers by supplying the products they require in the quantities they need by increasing the efficiency of their procurement process, lowering transactions costs, and increasing returns on their investments.
2Q23 total revenue grew 10% Y/Y and 2% from 1Q22 revenue.
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