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

WSTS Reports June Semis: Lessens M/M Decline by Restating May

TSMC. Three Key Updates From A Remarkable Technology Symposium.

Global Equity Positioning:  Macro Overview.  Raising EU Overweights, Taiwan Vs India, UK Decouples

TSMC. Setting The Stage For Record Growth In 2020 And Beyond

TSMC's Curious Decision To Build A Fab In The US Is Largely A Box-Ticking Exercise.

A Bull Investment Case for TSMC (Summary Version)

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

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC</a> last week reported second quarter revenues of $10.38 billion, at the top of the forecasted range, up 34.1% YoY and a modest 0.8% increase sequentially. Net income amounted to just over $4 billion, flat sequentially but up almost 34% YoY. During the earnings call, TSMC executives presented a more optimistic outlook for the semiconductor industry, the foundry segment and for their own FY 2020 prospects, as compared to their quarter-ago outlook. They now expect flattish to slightly positive semiconductor growth, mid- to-high teens foundry growth and greater than 20% growth for themselves. Underpinning that bullish outlook was the news that they plan to increase current year CapEx by a further $1 billion to reach $16.5 billion at the midpoint. While TSMC may have COVID-19 and Huawei as headwinds, they are firing on all cylinders and taking those headwinds in their stride.

TSMC last week reported second quarter revenues of $10.38 billion, at the top of the forecasted range, up 34.1% YoY and a modest 0.8% increase sequentially. Net income amounted to just over $4 billion, flat sequentially but up almost 34% YoY. During the earnings call, TSMC executives presented a more optimistic outlook for the semiconductor industry, the foundry segment and for their own FY 2020 prospects, as compared to their quarter-ago outlook. They now expect flattish to slightly positive semiconductor growth, mid- to-high teens foundry growth and greater than 20% growth for themselves. Underpinning that bullish outlook was the news that they plan to increase current year CapEx by a further $1 billion to reach $16.5 billion at the midpoint. While TSMC may have COVID-19 and Huawei as headwinds, they are firing on all cylinders and taking those headwinds in their stride. 

TSMC. Strong Q2 & Improved FY 2020 Outlook Since Q1 Despite Twin Headwinds Of COVID-19 & Huawei Ban.