Semiconductor & Technology Specialist, Ingenuity

William Keating

Dr. William Keating is a highly experienced senior executive with over 25 years experience in the IT/Semiconductor Industry. The majority of Dr. Keating's career was spent at Intel Corporation where he held senior leadership positions in Europe, the US and Asia from 1992 through 2014. He served as Intel's IT Director for APAC, China & Japan from 2005 through 2014 when he was based in Hong Kong and was responsible for the IT systems (Infrastructure, Networks, Data Centres, ERP, Sales & Marketing systems, Business Intelligence etc. ) for all of Intel's offices & factories through the region. From 1998 through 2005, he was the founder & director of an internal IT Consulting Organisation (IT Flex Services), a 500-person team which remains a core part of the Intel IT Organisation to this day. Dr. Keating's first 6 years at Intel were spent in charge of the Factory Automation Systems (Robotics, Databases, Networks, Servers, Clients etc.) supporting Intel's then state-of-the-art 200mm factory network. Since leaving Intel in 2014, Dr Keating established his own Technology Research & Consulting Company (www.ingenuity.hk) where he focuses on the products, roadmaps & technologies of companies such as Intel, AMD, Samsung, Apple, Micron- as well as the key equipment suppliers to those companies e.g. ASML, AMAT, Canon, Nikon etc. Dr. Keating specializes in niche topics of high significance within the semiconductor industry. These include the future of Moore's Law and in particular the significance of Lithography in maintaining Moore's Law (EUV, SDA, NanoImprint), the role & growth of the GPU in specialised applications such as Deep Learning (Neural Networks) for Voice, Image & Pattern recognition at companies such as Facebook, Google & Baidu. He also holds regular discussions on the future of memory, in particular the rise of 3D NAND and the emergence of new memory technologies such as 3D Xpoint.

Semiconductor & Technology Specialist

Semiconductor WFE Outlook. Things Are Worse Than They Appear And Won't Get Better Any Time Soon.

Korea Stock Market Monthly Recap #36 (May 2019)

Semiconductors. Latest WSTS Forecast Predicts 2019 Sales Down 12.1% YoY. Here's Why They Are Wrong!

Semiconductor Bellwether ASML Reaps The Rewards Of Its Unique EUV Lithography Capability

Lithography Leader ASML's Latest Record Results & Outlook Reinforces A Virtually Unassailable Moat

Global Semiconductor Sales Increase 20% YoY in April, 2018 Forecast Revised Upwards

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

Equity Bottom-Up

<p>Dutch lithography bellwether <a href="https://www.smartkarma.com/entities/21097" target="_blank" data-smartkarma-citation="entities:21097:1">ASML</a> is unique among its WFE peers in forecasting 2019 as yet another growth year for the company, making it eight such years in a row. While the likes of <a href="https://www.smartkarma.com/entities/283" target="_blank" data-smartkarma-citation="entities:283:1">Applied Materials </a> and <a href="https://www.smartkarma.com/entities/1116" target="_blank" data-smartkarma-citation="entities:1116:1">Lam Research</a> anticipate YoY revenue declines in the mid-to-high teens, ASML is sheltered from the worst excesses of the downturn by virtue of its technological moat, namely its EUV lithography tools. Customers like <a href="https://www.smartkarma.com/entities/11230" target="_blank" data-smartkarma-citation="entities:11230:1">Taiwan Semiconductor Manufacturing Company</a>, <a href="https://www.smartkarma.com/entities/191" target="_blank" data-smartkarma-citation="entities:191:1">Samsung Electronics</a> and <a href="https://www.smartkarma.com/entities/16764" target="_blank" data-smartkarma-citation="entities:16764:1">Intel </a> are critically depending on ASML to deliver thirty of those tools in 2019 in order to ramp their latest process nodes. </p><p>On the latest earnings call, ASML underscored its confidence in the company's prospects by proposing a 50% increase in dividends to €2.10 per share. Currently trading at a 17% discount to its 52-week high, ASML is a safe harbor in the current semiconductor storm. </p>

Dutch lithography bellwether ASML is unique among its WFE peers in forecasting 2019 as yet another growth year for the company, making it eight such years in a row. While the likes of Applied Materials  and Lam Research anticipate YoY revenue declines in the mid-to-high teens, ASML is sheltered from the worst excesses of the downturn by virtue of its technological moat, namely its EUV lithography tools. Customers like Taiwan Semiconductor Manufacturing Company, Samsung Electronics and Intel  are critically depending on ASML to deliver thirty of those tools in 2019 in order to ramp their latest process nodes. On the latest earnings call, ASML underscored its confidence in the company's prospects by proposing a 50% increase in dividends to €2.10 per share. Currently trading at a 17% discount to its 52-week high, ASML is a safe harbor in the current semiconductor storm. 

ASML Holding NV

ASML. Safe Harbor In A Semi Storm.