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

<ul>
<li>AMAT Q124 revenues of $6.65 billion, in line with guidance and essentially flat both QoQ and YoY. Current quarter guidance also flat sequentially</li>
<li>WFE valuations are at all time record highs while revenues remain on life support from China</li>
<li>If China revenues fall off before non-China returns to growth, the WFE segment could be in for a world of pain.</li>
</ul>


AMAT Q124 revenues of $6.65 billion, in line with guidance and essentially flat both QoQ and YoY. Current quarter guidance also flat sequentially
WFE valuations are at all time record highs while revenues remain on life support from China
If China revenues fall off before non-China returns to growth, the WFE segment could be in for a world of pain.


AMAT. No Beat, No Raise, No Slump. But Why?

<ul>
<li>Q124 revenues of 2.36 billion, $60 million above the guided midpoint, down 5% QoQ and down 3% YoY.</li>
<li>Current quarter revenue guidance of $2.5 billion representing a ~6% QoQ increase and about the same YoY.</li>
<li>Share price close to record highs yet CY2024 outlook is tepid while the massive over reliance on China just keeps on going</li>
</ul>


Q124 revenues of 2.36 billion, $60 million above the guided midpoint, down 5% QoQ and down 3% YoY.
Current quarter revenue guidance of $2.5 billion representing a ~6% QoQ increase and about the same YoY.
Share price close to record highs yet CY2024 outlook is tepid while the massive over reliance on China just keeps on going


KLAC. Priced For Perfection In 2025 & Beyond

<ul>
<li>Q124 revenues of $3.79 billion, pretty much flat sequentially both QoQ and YoY, and also marginally better than guidance.</li>
<li>Looking ahead, the company forecasted Q224 revenues $3.8 billion, i.e. flat QoQ. Still no full year 2024 outlook</li>
<li>Technology transitions such as GAA, Backside Power, molybdenum replacing tungsten &amp; the rise of generative AI will all be growth drivers in 2025 &amp; beyond </li>
</ul>


Q124 revenues of $3.79 billion, pretty much flat sequentially both QoQ and YoY, and also marginally better than guidance.
Looking ahead, the company forecasted Q224 revenues $3.8 billion, i.e. flat QoQ. Still no full year 2024 outlook
Technology transitions such as GAA, Backside Power, molybdenum replacing tungsten &amp; the rise of generative AI will all be growth drivers in 2025 &amp; beyond 


LRCX. Mounting Tailwinds Bode Well For 2025 & Beyond

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Lam Research Corporation delivered a strong start to 2024, with the Q1 earnings surpassing the midpoint of their guidance.</li><li>Although the business environment prospers as predicted, the company acknowledges ongoing risks and uncertainties reflected in SEC public filings.</li><li>The quarter witnessed stability in Lam's overcall 2024 revenue profile, with spending mainly driven by lithography shipments into China and enduring investment in domestic China.</li></ul>

Lam Research Corporation delivered a strong start to 2024, with the Q1 earnings surpassing the midpoint of their guidance.Although the business environment prospers as predicted, the company acknowledges ongoing risks and uncertainties reflected in SEC public filings.The quarter witnessed stability in Lam's overcall 2024 revenue profile, with spending mainly driven by lithography shipments into China and enduring investment in domestic China.

Lam Research Corporation: NAND Market Recovery & Critical Opportunities That Lie Ahead! - Major Drivers

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Thematic (Sector/Industry)

<ul><li><p>This earnings post will be a bit less detailed than usual. I just finished a move mid-earnings, and it was insanely distracting. So, I’ll start with the spark notes before I go into depth.</p></li><li><p>Industrial (TXN) is possibly bottoming, Automotive is probably bottoming (TXN), but SiC (STM) is doing much worse, and mobile (TER) hasn’t changed quite much. Consumer (NOD) got a substantial call out.</p></li><li>Telecom (MXL, INTC) is about to bottom imminently. I continue to like MaxLinear and other companies that are exposed to telecom. HBM (TER, SK) continues to be strong. In Semicap, Logic is strong, HBM is strong, and China is declining less than expected.</li></ul>

This earnings post will be a bit less detailed than usual. I just finished a move mid-earnings, and it was insanely distracting. So, I’ll start with the spark notes before I go into depth.Industrial (TXN) is possibly bottoming, Automotive is probably bottoming (TXN), but SiC (STM) is doing much worse, and mobile (TER) hasn’t changed quite much. Consumer (NOD) got a substantial call out.Telecom (MXL, INTC) is about to bottom imminently. I continue to like MaxLinear and other companies that are exposed to telecom. HBM (TER, SK) continues to be strong. In Semicap, Logic is strong, HBM is strong, and China is declining less than expected.

United States

Lam Research Corporation manufactures, markets, and services semiconductor processing equipment used in the making of integrated circuits.  The Company's products are used to deposit special films on a silicon wafer and etch away portions of various films to create a circuit design.  Lam sells its products around the world.

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Lam Research (LRCX US)

AMAT. No Beat, No Raise, No Slump. But Why?

Q124 revenues $6.65 billion, in line & flat QoQ and YoY. Q224 guidance also flat QoQ. If China revenues fall before non-China grows, the WFE...

William Keating

KLAC. Priced For Perfection In 2025 & Beyond

Q124 revenue $2.36 billion, -5% QoQ & -3% YoY. Current quarter guidance $2.5 billion, +6% QoQ, same YoY. China revenue rose to 42%, same as for...

William Keating

LRCX. Mounting Tailwinds Bode Well For 2025 & Beyond

Q124 revenues $3.79 billion, flat QoQ and YoY. Current quarter revenue guide also flat. China revenues up 2 points to 42%. I can see this becoming...

William Keating

Lam Research Corporation: NAND Market Recovery & Critical Opportunities That Lie Ahead! - Major Drivers

Lam Research Corporation delivered a strong start to 2024, with the Q1 earnings surpassing the midpoint of their guidance. Although the business...

Baptista Research

Earnings Week of April 26th

TXN, NOD, TER, INTC, MXL, ASM, STM, ON, KLA, LRCX, VRT, Aixtron, MXL. This earnings post will be a bit less detailed than usual....

Fabricated Knowledge

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