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

Thematic (Sector/Industry)

<ul>
<li>Q124 silicon wafer area shipments amounted to 2,834 MSI, down 5% QoQ and down 13.2% YoY. </li>
<li>In revenue terms, the top 4 global manufacturers reported revenues of $2.2 billion, down 10.4% QoQ and down 20.8% YoY.</li>
<li>Taiwan's recent earthquake did not impact Globalwafers shipments due to high inventory levels. However, tools were damaged, highlighting the risk of having so much wafer production in earthquake prone countries</li>
</ul>


Q124 silicon wafer area shipments amounted to 2,834 MSI, down 5% QoQ and down 13.2% YoY. 
In revenue terms, the top 4 global manufacturers reported revenues of $2.2 billion, down 10.4% QoQ and down 20.8% YoY.
Taiwan's recent earthquake did not impact Globalwafers shipments due to high inventory levels. However, tools were damaged, highlighting the risk of having so much wafer production in earthquake prone countries


Silicon Wafer Q124 Review, CY24 Outlook & Earthquake Risk

Chief Economist, Heteronomics

Phil Rush

Chief Economist

Heteronomics

Heteronomics represents a different kind of economics. We believe analysis should delve into the details of what is really going on, rather than using overly simplistic assumptions to quick-sell stories. Independence from myopic institutional pressures allows us to focus on the realities underlying your asset allocation decisions, without the conflicts of the old market structures. Heteronomics targets the themes driving UK asset prices, offering the benefits of depth, independence and ultimately price.

UK-centric macro research

Macroeconomics

<ul><li>UK wage data continues to surpass expectations, however, the Bank of England remains unfazed. There are concerns that premature rate cuts could lead to a financial bubble and policy reversal, akin to the situation in 1998. The UK does not benefit from the Euro Area's disinflationary data.</li><li>The upcoming week will be dominated by monetary policy speeches and rate decisions from the Reserve Bank of New Zealand, Indonesia, Korea, and Chile.</li><li>UK inflation data is the macro highlight of the week, with expectations aligning with the current CPI consensus. The release of Thursday’s flash PMIs is also of significance.</li></ul>

UK wage data continues to surpass expectations, however, the Bank of England remains unfazed. There are concerns that premature rate cuts could lead to a financial bubble and policy reversal, akin to the situation in 1998. The UK does not benefit from the Euro Area's disinflationary data.The upcoming week will be dominated by monetary policy speeches and rate decisions from the Reserve Bank of New Zealand, Indonesia, Korea, and Chile.UK inflation data is the macro highlight of the week, with expectations aligning with the current CPI consensus. The release of Thursday’s flash PMIs is also of significance.

<ul><li>The final EA HICP inflation print confirmed the unsurprising stability at 2.4% in the April flash release. Energy price base effects will probably push it higher again in May.</li><li>Underlying inflationary pressures have continued falling, with most statistical measures under 3% y-o-y with monthly impulses at or slightly below the ECB’s target.</li><li>Like the consensus, we expect inflation to stay close to 2%. This outlook and subdued underlying pressures will likely ease the ECB’s decision to start cutting rates in June.</li></ul>

The final EA HICP inflation print confirmed the unsurprising stability at 2.4% in the April flash release. Energy price base effects will probably push it higher again in May.Underlying inflationary pressures have continued falling, with most statistical measures under 3% y-o-y with monthly impulses at or slightly below the ECB’s target.Like the consensus, we expect inflation to stay close to 2%. This outlook and subdued underlying pressures will likely ease the ECB’s decision to start cutting rates in June.

External broker reports(aggregated public sources), ABN AMRO

ABN AMRO

External broker reports(aggregated public sources)

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<ul><li>Eurozone – German Industrial production is expected to have contracted moderately in March (-0.5%) in part because of payback for the strong increases of 2.1% m/m in February and 1.3% m/m in January.</li><li>The German manufacturing sector is still in contractionary territory although shows signs of bottoming out.</li><li>Last week’s GDP release showed foreign demand picking up as net exports rose on a quarterly basis. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Eurozone – German Industrial production is expected to have contracted moderately in March (-0.5%) in part because of payback for the strong increases of 2.1% m/m in February and 1.3% m/m in January.The German manufacturing sector is still in contractionary territory although shows signs of bottoming out.Last week’s GDP release showed foreign demand picking up as net exports rose on a quarterly basis. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>PVV, VVD, NSC and BBB came to a coalition agreement, the next step is to fill cabinet positions</li><li>The title of the agreement is ‘Hope, Courage and Pride’</li><li>The plan focusses on curtailing migration, lower taxation, business climate, the agricultural sector, housing construction and public policy</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PVV, VVD, NSC and BBB came to a coalition agreement, the next step is to fill cabinet positionsThe title of the agreement is ‘Hope, Courage and Pride’The plan focusses on curtailing migration, lower taxation, business climate, the agricultural sector, housing construction and public policyContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

First far-right government after agreement has been reached

Netherlands
Insights on Netherlands

Silicon Wafer Q124 Review, CY24 Outlook & Earthquake Risk

Q124 wafer shipments 2,834 MSI, -5% QoQ & -13.2% YoY. Revenues of top 4 were $2.2 billion, -10.4% QoQ & -20.8% YoY. Siltronic makes a good hedge...

William Keating

HEW: Resilient Data Test Dependency

UK wage data continues to surpass expectations, however, the Bank of England remains unfazed. There are concerns that premature rate cuts could...

Phil Rush

EA Inflation Eases ECB Cut in June

The final EA HICP inflation print confirmed the unsurprising stability at 2.4% in the April flash release. Energy price base effects will probably...

Phil Rush

The week ahead: 6 - 10 May 2024

Eurozone – German Industrial production is expected to have contracted moderately in March (-0.5%) in part because of payback for the strong...

ABN AMRO

First far-right government after agreement has been reached

PVV, VVD, NSC and BBB came to a coalition agreement, the next step is to fill cabinet positions. The title of the agreement is ‘Hope, Courage and...

ABN AMRO