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

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>Q325 revenues of $9.3 billion, up 15% QoQ and up 37% YoY and $500 million above the guided midpoint. This represented a new quarterly revenue record for the company</li>
<li>Micron forecasted current quarter revenues of $10.7 billion, up 15% QoQ, with gross margin of 42%, up 300 basis points sequentially</li>
<li>HBM negotiations for 2026 supply &amp; pricing still ongoing. Could Micron be holding out for a better deal?</li>
</ul>


Q325 revenues of $9.3 billion, up 15% QoQ and up 37% YoY and $500 million above the guided midpoint. This represented a new quarterly revenue record for the company
Micron forecasted current quarter revenues of $10.7 billion, up 15% QoQ, with gross margin of 42%, up 300 basis points sequentially
HBM negotiations for 2026 supply &amp; pricing still ongoing. Could Micron be holding out for a better deal?


Micron Q325 Earnings: NAND's Surprising Rebound While HBM Already @$6 Billion Annual Run Rate.

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

<ul>
<li>Micron Results Beat Across the Board, AI Product Mix Drives Gross Margin Upside</li>
<li>No Evidence Yet of Hyperscaler Pullback, But No Significant Increase in Outlook Either</li>
<li>Conclusion: AI-Driven Strength Continues, But Divergence Across the Memory Supply Chain Persists</li>
</ul>


Micron Results Beat Across the Board, AI Product Mix Drives Gross Margin Upside
No Evidence Yet of Hyperscaler Pullback, But No Significant Increase in Outlook Either
Conclusion: AI-Driven Strength Continues, But Divergence Across the Memory Supply Chain Persists


Memory Monitor: Micron Reinforces AI Memory Tailwinds, But Broader Supply Chain Recovery Gradual

MediaTek Inc. is a fabless semiconductor company for wireless communications and digital multimedia solutions. The company provides SOC system solutions for wireless communications, high-definition TV, optical storage, DVD and Blu-ray products.

<ul>
<li>
1Q25 Smartphone Chipset Market Share Data -- Shows Growth Outperformance for Mediatek</li>
<li>
Nvidia Partnership Helping Mediatek Break Into PCs and Handheld Gaming Devices -- High End Graphics Performance for Small Form Factors</li>
<li>
Smartphones Expected to Rapidly Switch to Advanced Node Chipsets by 2026 -- This Plays to Mediatek's TSMC Advantage</li>
</ul>



1Q25 Smartphone Chipset Market Share Data -- Shows Growth Outperformance for Mediatek

Nvidia Partnership Helping Mediatek Break Into PCs and Handheld Gaming Devices -- High End Graphics Performance for Small Form Factors

Smartphones Expected to Rapidly Switch to Advanced Node Chipsets by 2026 -- This Plays to Mediatek's TSMC Advantage


Mediatek Rising in Smartphones and Beyond - Q1 Market Share, Nvidia Partnership, TSMC Node Advantage

Taiwan Tech Focused Senior Analyst

Patrick Liao

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

Taiwan Semiconductor (TSMC) - ADR (TSM US)

<ul>
<li>Japan’s <a href="https://www.smartkarma.com/entities/fujitsu-ltd" target="_blank" data-smartkarma-citation="entities:16968:1" rel="noopener">Fujitsu Ltd (6702 JP)</a> is currently developing a 2nm CPU named “MONAKA” (link). The CPU is planned to be manufactured by <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a>.  </li>
<li>Rapidus has to deal with high technical barriers, tight timelines, heavy R&amp;D costs, market and profitability challenges.</li>
<li>Talent shortage in Japan: A lingering pain for the Semiconductor industry</li>
</ul>


Japan’s Fujitsu Ltd (6702 JP) is currently developing a 2nm CPU named “MONAKA” (link). The CPU is planned to be manufactured by Taiwan Semiconductor (TSMC) - ADR (TSM US).  
Rapidus has to deal with high technical barriers, tight timelines, heavy R&amp;D costs, market and profitability challenges.
Talent shortage in Japan: A lingering pain for the Semiconductor industry


TSMC (2330.TT; TSM.US): Will Rapidus Threaten TSMC's 2nm Market? We Think It's Too Early to Say (II)

Thematic (Sector/Industry)

<ul>
<li>Cloud 2025 CapEx consensus increased 70% from January 2024 to the present day $365 billion</li>
<li>Google page views declined 8% since the launch of ChatGPT</li>
<li>Apart from the Mag7, Coatue is heavily focusing investment on companies involved in AI-required power delivery, AI software and AI semiconductors </li>
</ul>


Cloud 2025 CapEx consensus increased 70% from January 2024 to the present day $365 billion
Google page views declined 8% since the launch of ChatGPT
Apart from the Mag7, Coatue is heavily focusing investment on companies involved in AI-required power delivery, AI software and AI semiconductors 


Coatue Doubles Down On An AI Supercycle @ EMW 2025

Insights on Tech Hardware and Semiconductors

Tech Hardware and Semiconductor Research
Insights on Tech Hardware and Semiconductors

Micron Q325 Earnings: NAND's Surprising Rebound While HBM Already @$6 Billion Annual Run Rate.

Micron's HBM negotiations for 2026 supply & pricing are still ongoing. Could they be holding out for a better deal? Let's see...

William Keating

Memory Monitor: Micron Reinforces AI Memory Tailwinds, But Broader Supply Chain Recovery Gradual

Micron's strong results driven by AI products, but memory supply chain divergence persists with no significant outlook increase.

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): Will Rapidus Threaten TSMC's 2nm Market? We Think It's Too Early to Say (II)

Fujitsu developing 2nm CPU "MONAKA" with TSMC. Rapidus is facing technical barriers, talent shortage in Japan's Semiconductor industry.

Patrick Liao

Coatue Doubles Down On An AI Supercycle @ EMW 2025

Apart from the Mag7, Coatue is heavily focusing investment on companies involved in AI-required power delivery, AI software and AI semiconductors

William Keating

Micron Q325 Earnings: NAND's Surprising Rebound While HBM Already @$6 Billion Annual Run Rate.

Micron's HBM negotiations for 2026 supply & pricing are still ongoing. Could they be holding out for a better deal? Let's see...

William Keating

Memory Monitor: Micron Reinforces AI Memory Tailwinds, But Broader Supply Chain Recovery Gradual

​Micron's strong results driven by AI products, but memory supply chain divergence persists with no significant outlook increase.

Vincent Fernando, CFA

Mediatek Rising in Smartphones and Beyond - Q1 Market Share, Nvidia Partnership, TSMC Node Advantage

​Mediatek's growth outperformance in smartphone chipset market. Nvidia partnership delivering high-end graphics for Mediatek in PCs and handheld...

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): Will Rapidus Threaten TSMC's 2nm Market? We Think It's Too Early to Say (II)

​Fujitsu developing 2nm CPU "MONAKA" with TSMC. Rapidus is facing technical barriers, talent shortage in Japan's Semiconductor industry.

Patrick Liao

Coatue Doubles Down On An AI Supercycle @ EMW 2025

Apart from the Mag7, Coatue is heavily focusing investment on companies involved in AI-required power delivery, AI software and AI semiconductors

William Keating

Micron's strong results driven by AI products, but memory supply chain divergence persists with no significant outlook increase.

Mediatek's growth outperformance in smartphone chipset market. Nvidia partnership delivering high-end graphics for Mediatek in PCs and handheld...

Fujitsu developing 2nm CPU "MONAKA" with TSMC. Rapidus is facing technical barriers, talent shortage in Japan's Semiconductor industry.