Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

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

Fermi LLC operates as an energy development company. The Company focuses on building electric grids that deliver redundant power at gigawatt scale to create next-generation artificial intelligence.

<ul>
<li>On October 1, Texas-based startup Fermi raised $682.5 million through the sale of 32.5 million shares at $21/share in a remarkable dual listing on both the NASDAQ and LSE</li>
<li>The company claimed to have a prospective first tenant who had already "put down" a $150 million prepayment</li>
<li>On December 12, Fermi issued a SEC filing clarifying that <em><strong>no</strong></em> money had been drawn down and the the prospective tenant had terminated their agreement. Currently trading @ ~$9/share</li>
</ul>


On October 1, Texas-based startup Fermi raised $682.5 million through the sale of 32.5 million shares at $21/share in a remarkable dual listing on both the NASDAQ and LSE
The company claimed to have a prospective first tenant who had already "put down" a $150 million prepayment
On December 12, Fermi issued a SEC filing clarifying that no money had been drawn down and the the prospective tenant had terminated their agreement. Currently trading @ ~$9/share


Alphabet, Inc. operates as a holding company. The Company, through its subsidiaries, provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products.

<ul>
<li>Marc Benioff on Gemini 3: I’ve used ChatGPT every day for 3 years. Just spent 2 hours on Gemini 3. I’m not going back. The leap is insane</li>
<li>Anthropic on expansion of Google Cloud TPU:  The expansion is worth tens of billions of dollars and is expected to bring well over a gigawatt of capacity online in 2026.</li>
<li>DeepMind is Alphabet's dark horse. AlphaFold is one of the most significant AI-related accomplishments ever. What will they turn their attention to next? Let's see...</li>
</ul>


Marc Benioff on Gemini 3: I’ve used ChatGPT every day for 3 years. Just spent 2 hours on Gemini 3. I’m not going back. The leap is insane
Anthropic on expansion of Google Cloud TPU:  The expansion is worth tens of billions of dollars and is expected to bring well over a gigawatt of capacity online in 2026.
DeepMind is Alphabet's dark horse. AlphaFold is one of the most significant AI-related accomplishments ever. What will they turn their attention to next? Let's see...


Alphabet. More Of The AI, Less Of The Drama

Synopsys, Inc. supplies electronic design automation solutions to the global electronics market.  The Company provides design technologies to creators of advanced integrated circuits, electronic systems, and systems on a chip. Synopsys also provides consulting services and support to its customers to streamline the overall design process and accelerate time to market.

<ul>
<li>NVIDIA &amp; Synopsys announced a new strategic partnership on Dec 1, mostly covering topics they were already strategically partnering on, with one exception, Cloud-Ready Solutions</li>
<li>The partnership sees NVIDIA purchase $2 billion worth of Synopsys stock in a private placement. Other, recent, similar strategic partnerships e.g. Siemens &amp; GM, involved no such investment</li>
<li>They plan to start enabling cloud access for GPU-accelerated engineering solutions. Could this be where that $2 billion finds a home? Is this a new Neocloud in disguise? Let's see</li>
</ul>


NVIDIA &amp; Synopsys announced a new strategic partnership on Dec 1, mostly covering topics they were already strategically partnering on, with one exception, Cloud-Ready Solutions
The partnership sees NVIDIA purchase $2 billion worth of Synopsys stock in a private placement. Other, recent, similar strategic partnerships e.g. Siemens &amp; GM, involved no such investment
They plan to start enabling cloud access for GPU-accelerated engineering solutions. Could this be where that $2 billion finds a home? Is this a new Neocloud in disguise? Let's see


NVIDIA Invests $2 Billion In Synopsys. But Why?

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

<ul>
<li>After taking short positions against Palantir &amp; NVIDIA, Michael Burry has closed his hedge fund and taken to substack to continue his assault on the AI bubble</li>
<li>While he makes some valid points, these are mainly things everybody already knows and in the end he's missing the forest for the trees</li>
<li>There are key structural issues surrounding the AI Infrastructure build out (grid, foundry, memory capacity to mention a few). These will drive course corrections, all by themselves.</li>
</ul>


After taking short positions against Palantir &amp; NVIDIA, Michael Burry has closed his hedge fund and taken to substack to continue his assault on the AI bubble
While he makes some valid points, these are mainly things everybody already knows and in the end he's missing the forest for the trees
There are key structural issues surrounding the AI Infrastructure build out (grid, foundry, memory capacity to mention a few). These will drive course corrections, all by themselves.


NVIDIA. Burry's Claims Miss The Forest For The Trees. The Real Issues Are Structural, Not Legal

Thematic (Sector/Industry)

<ul>
<li>Maybe it’s 10, 20 years something like that. For me that’s long term. Um my prediction is that work will be optional.</li>
<li>The evidence speaks for itself uh but but but AI and humanoid robots will actually eliminate poverty and Tesla won’t be the only one that makes them.</li>
<li>There will still be constraints on power like electricity. The fundamental physics elements will still be constraints. Um but um I think at some point uh currency becomes irrelevant.</li>
</ul>


Maybe it’s 10, 20 years something like that. For me that’s long term. Um my prediction is that work will be optional.
The evidence speaks for itself uh but but but AI and humanoid robots will actually eliminate poverty and Tesla won’t be the only one that makes them.
There will still be constraints on power like electricity. The fundamental physics elements will still be constraints. Um but um I think at some point uh currency becomes irrelevant.


Did The Elon & Jensen Clown Show Just Crater The AI Narrative?

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.