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

Advanced Micro Devices / Equity Bottom-Up

Advanced Micro Devices, Inc. (AMD) produces semiconductor products and devices. The Company offers products such as microprocessors, embedded microprocessors, chipsets, graphics, video and multimedia products and supplies it to third-party foundries, as well as provides assembling, testing, and packaging services. AMD serves customers worldwide.

<ul>
<li>Fermi announced that it has signed a credit support agreement with AMD, supporting a lease for phase one of Fermi's Project Matador energy and AI buildout with 222 MW  capacity</li>
<li>The announcement comes as TensorWave, Fermi's only prospective tenant, last month abruptly pushed out the closing date on its tenancy agreement to October 31</li>
<li>TensorWave is a key partner in AMD's Helios deployment and ramp, which began last month. AMD is effectively now bankrolling TensorWave's role in that very ramp.</li>
</ul>


Fermi announced that it has signed a credit support agreement with AMD, supporting a lease for phase one of Fermi's Project Matador energy and AI buildout with 222 MW  capacity
The announcement comes as TensorWave, Fermi's only prospective tenant, last month abruptly pushed out the closing date on its tenancy agreement to October 31
TensorWave is a key partner in AMD's Helios deployment and ramp, which began last month. AMD is effectively now bankrolling TensorWave's role in that very ramp.


Fermi Soars As AMD Signs Credit Support Agreement. Now, Why Would They Do That?

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The KOSPI is rolling over again, with foreign selling accelerating and technical indicators weakening.  Rising bond yields and massive retail losses from leveraged ETFs are adding to selling pressure.</li>
<li>The dominant technical picture is bearish, with the index in a confirmed downtrend across all major timeframes.  Momentum and trend indicators, Bollinger Bands, and Fibonacci levels are breaking down simultaneously.</li>
<li>The weight of evidence strongly supports the view that, for institutional allocators with risk management constraints, Korea is materially less investable today than at any point in the past decade.</li>
</ul>


The KOSPI is rolling over again, with foreign selling accelerating and technical indicators weakening.  Rising bond yields and massive retail losses from leveraged ETFs are adding to selling pressure.
The dominant technical picture is bearish, with the index in a confirmed downtrend across all major timeframes.  Momentum and trend indicators, Bollinger Bands, and Fibonacci levels are breaking down simultaneously.
The weight of evidence strongly supports the view that, for institutional allocators with risk management constraints, Korea is materially less investable today than at any point in the past decade.


KOSPI CRASHING AGAIN: S.O.S. - Save Our Seouls !!

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Plover Bay Technologies / Equity Bottom-Up

Plover Bay Technologies designs, develops, markets, and sells software-defined wide area network (SD-WAN) routers and related products globally under the Peplink and Pepwave brands. The company offers wired and wireless SD-WAN routers, networking peripherals, software licenses, and warranty and support services. It was founded in 2006 and is headquartered in Lai Chi Kok, Hong Kong.

<ul>
<li>Starlink's planned entry into US mobile carrier service adds another bondable network and should lower the cost of enterprise data plans, expanding the use case for Peplink's SpeedFusion multi-WAN bonding.</li>
<li>We expect 18% YoY growth in FY26, stable inventory, and deeper Starlink back-end integration; the NASDAQ spin-off of the North American business is now expected in 2Q 2027.</li>
<li>Based on FY26e net income of US$56.6m (+24% YoY), 44.0% EBITDA margin; FY25 ROE 78.9%; the stock trades at 19.0x P/E, 15.0x EV/EBITDA, 5.0% yield.</li>
</ul>


Starlink's planned entry into US mobile carrier service adds another bondable network and should lower the cost of enterprise data plans, expanding the use case for Peplink's SpeedFusion multi-WAN bonding.
We expect 18% YoY growth in FY26, stable inventory, and deeper Starlink back-end integration; the NASDAQ spin-off of the North American business is now expected in 2Q 2027.
Based on FY26e net income of US$56.6m (+24% YoY), 44.0% EBITDA margin; FY25 ROE 78.9%; the stock trades at 19.0x P/E, 15.0x EV/EBITDA, 5.0% yield.


Plover Bay Technologies (1523 HK): Starlink Mobile Is a Tailwind; Spin-Off Expected in 2027

Equity Long-Short

Mo Aziz

SK Hynix Inc. provides products and services for the electronic components industry. The Company manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

<ul>
<li>Solidigm IPO rumours have hurt: ₩129tn of MCAP erased since 26 Sep. Investors clearly dislike it; and management adding no value by stating "nothing decided yet."</li>
<li>
Our math: a US$100bn IPO moves value −1.7% to +1.1%; even a fire-sale costs 6.2%. Abandonment recovers ~₩176,000 per share.</li>
<li>
Maintain BULLISH, FV ₩2,700,000 (+60%). At 6.2x FY27E P/E, average down. Cyclicals are bought when the bad news is out.</li>
</ul>


Solidigm IPO rumours have hurt: ₩129tn of MCAP erased since 26 Sep. Investors clearly dislike it; and management adding no value by stating "nothing decided yet."

Our math: a US$100bn IPO moves value −1.7% to +1.1%; even a fire-sale costs 6.2%. Abandonment recovers ~₩176,000 per share.

Maintain BULLISH, FV ₩2,700,000 (+60%). At 6.2x FY27E P/E, average down. Cyclicals are bought when the bad news is out.


SK HYNIX (000660 KS / SKHY US): The Solidigm Confusion Is a Gift. Average Down.

AI and Energy Infrastructure, Explained Plainly, The Physical Layer

The Physical Layer

AI and Energy Infrastructure, Explained Plainly

A journal on the physical constraints behind the AI buildout: power, grid connection, data centres, cooling and the supply chains that gate them. Written to be understood by anyone.

Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), very fast static random access memory chips (SRAMs), Flash Memory, other semiconductor components, and memory modules.

<ul><li>Micron, one of three companies that make the stacked memory beside AI chips, commits most of each year's supply of it before that year starts.</li><li>By Micron's own account, each unit of it uses about three times the silicon of ordinary computer memory.</li><li>So while AI memory grows faster than the rest, it takes silicon away from the ordinary memory in phones, laptops and servers, and keeps that short too.</li></ul>

Micron, one of three companies that make the stacked memory beside AI chips, commits most of each year's supply of it before that year starts.By Micron's own account, each unit of it uses about three times the silicon of ordinary computer memory.So while AI memory grows faster than the rest, it takes silicon away from the ordinary memory in phones, laptops and servers, and keeps that short too.

Micron sells AI memory before the year starts, and each bit takes three times the wafer