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

ASML Holding N.V. develops, produces, and markets semiconductor manufacturing equipment, specifically machines for the production of chips through lithography. The Company services clients worldwide.

<ul>
<li>ASML today reported Q326 net sales of €11.66 billion, up 25.0% QoQ and up 55.2% YoY, near the high end of guidance</li>
<li>Q4 2026 guided for total net sales between €14.2 billion and €15.2 billion,  up 26% QoQ, with a gross margin around 57%</li>
<li>ASML now expects they won't be able to meet customer demand in 2027 &amp; 2028 and are investigating ways to increase 2028 capacity beyond the 30% increase they previously communicated.</li>
</ul>


ASML today reported Q326 net sales of €11.66 billion, up 25.0% QoQ and up 55.2% YoY, near the high end of guidance
Q4 2026 guided for total net sales between €14.2 billion and €15.2 billion,  up 26% QoQ, with a gross margin around 57%
ASML now expects they won't be able to meet customer demand in 2027 &amp; 2028 and are investigating ways to increase 2028 capacity beyond the 30% increase they previously communicated.


ASML Q326 Earnings Review. TSMC Confirmed On High NA EUV By 2030. Phew!

Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

ING Groep N.V. offers financial services to individuals, corporations, and other institutions.  The Company offers corporate, investment, and private banking services, asset and portfolio management, treasury services, and insurance.  ING Groep has offices throughout the world.

<ul><li>In this edition: • Ahold Delhaize | cybersecurity incident disrupts operations across the Atlantic • ING | offloads EUR 5bn project finance credit risk to PGGM in Dutch SRT • TomTom | expands EV suite to accelerate deployment for automakers</li></ul>

In this edition: • Ahold Delhaize | cybersecurity incident disrupts operations across the Atlantic • ING | offloads EUR 5bn project finance credit risk to PGGM in Dutch SRT • TomTom | expands EV suite to accelerate deployment for automakers

What's News in Amsterdam - 13 October (Ahold Delhaize | ING | TomTom)

Thematic (Sector/Industry)

<ul>
<li>The Enterprise Chamber will not launch an in-depth inquiry into the actions of Philips' management regarding issues with malfunctioning ventilators.</li>
<li>According to the court, there are insufficient grounds to believe that the company withheld crucial information or treated complaints lightly.</li>
<li>With this decision, the court rejects a request filed by parties including the Dutch Investors' Association (VEB) and the Belgian litigation funder Deminor. </li>
</ul>


The Enterprise Chamber will not launch an in-depth inquiry into the actions of Philips' management regarding issues with malfunctioning ventilators.
According to the court, there are insufficient grounds to believe that the company withheld crucial information or treated complaints lightly.
With this decision, the court rejects a request filed by parties including the Dutch Investors' Association (VEB) and the Belgian litigation funder Deminor. 


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.

ASML Holding N.V. develops, produces, and markets semiconductor manufacturing equipment, specifically machines for the production of chips through lithography. The Company services clients world wide.

<ul><li>Every factory making the most advanced AI chips needs EUV machines, and ASML, a Dutch company, is the only maker.</li><li>It expects to ship about 65 of its standard model this year, its full capacity, and says next year's machines are already close to fully ordered.</li><li>Its output can grow only as fast as its German optics supplier allows, so a chipmaker that wants more must order a year or two ahead, much as a data centre books its grid connection.</li></ul>

Every factory making the most advanced AI chips needs EUV machines, and ASML, a Dutch company, is the only maker.It expects to ship about 65 of its standard model this year, its full capacity, and says next year's machines are already close to fully ordered.Its output can grow only as fast as its German optics supplier allows, so a chipmaker that wants more must order a year or two ahead, much as a data centre books its grid connection.

ASML's EUV machines are booked a year or two ahead, like a grid connection

PostNL NV collects, transports, stores, sorts, and distributes letters, printed matter, parcels, documents, and freight items.  The Company provides mail and logistics services domestically and internationally.

<ul><li>In this edition: • Aegon | EGM Clears Path to US Redomiciliation • Ahold Delhaize | still holding the top-2 positions in e-commerce in the Netherlands • AkzoNobel/Axalta | EU remedies signal path to Axalta clearance • dsm-firmenich | policy uncertainty increasingly viewed as an investment constraint • Dutch housing market | supply improves; new-build affordability more of a challenge • Dutch household consumption | momentum strengthens, led by durable goods • E-com & Logistics | InPost: AI-driven customer service offers a second wave of efficiency gains</li></ul>

In this edition: • Aegon | EGM Clears Path to US Redomiciliation • Ahold Delhaize | still holding the top-2 positions in e-commerce in the Netherlands • AkzoNobel/Axalta | EU remedies signal path to Axalta clearance • dsm-firmenich | policy uncertainty increasingly viewed as an investment constraint • Dutch housing market | supply improves; new-build affordability more of a challenge • Dutch household consumption | momentum strengthens, led by durable goods • E-com & Logistics | InPost: AI-driven customer service offers a second wave of efficiency gains