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>Q324 revenues of $4.17 billion, marginally higher than guided, up 7.8% QoQ and up 19.8% YoY. </li>
<li>Guided Q424 revenues of $4.3 billion at the midpoint for a 3.1% QoQ increase and a 14.4% YoY increase.</li>
<li>Q324 was LRCX fifth consecutive growth quarter, however they are still down ~$1.1 billion from their peak quarterly revenue in Q422</li>
</ul>


Q324 revenues of $4.17 billion, marginally higher than guided, up 7.8% QoQ and up 19.8% YoY. 
Guided Q424 revenues of $4.3 billion at the midpoint for a 3.1% QoQ increase and a 14.4% YoY increase.
Q324 was LRCX fifth consecutive growth quarter, however they are still down ~$1.1 billion from their peak quarterly revenue in Q422


LRCX. Cautiously Optimistic For Growth & WFE Outperformance in 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 reported its results for the June 2024 quarter, demonstrating a solid performance with revenue, profitability, and earnings per share exceeding the midpoint of its guidance.</li><li>The quarter saw a significant 22% sequential increase in revenue from its Customer Support Business Group (CSBG), largely driven by its Reliant systems and spare parts sales.</li><li>Furthermore, the company celebrated a key operational milestone with its Malaysian factory shipping its 5,000th chamber, which is a critical step toward achieving long-term cost reduction goals through a more globalized manufacturing footprint.</li></ul>

Lam Research Corporation reported its results for the June 2024 quarter, demonstrating a solid performance with revenue, profitability, and earnings per share exceeding the midpoint of its guidance.The quarter saw a significant 22% sequential increase in revenue from its Customer Support Business Group (CSBG), largely driven by its Reliant systems and spare parts sales.Furthermore, the company celebrated a key operational milestone with its Malaysian factory shipping its 5,000th chamber, which is a critical step toward achieving long-term cost reduction goals through a more globalized manufacturing footprint.

Lam Research Corporation: How Are They Benefitting From Advanced Memory Technologies? - Major Drivers

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>AMAT mentions “tremendous architecture inflections” in Logic and Memory (GAA, BSPD, HBM), this is true. But reviewed yesterday, how much, how fast versus declining Mature Logic and China declining?</li>
<li>2025 China to decline -25%, RoW to increase +25% on AI. This should continue in 2026. Post China’s elevated capex in 2023-24, the SPE sector is a play on AI. </li>
<li>ASML and KLA are 1) quasi monopoly 2) in segments that outgrow the total market. ASML is cheapish, KAL at average valuations. Best 2 stocks: ASML, KLA</li>
</ul>


AMAT mentions “tremendous architecture inflections” in Logic and Memory (GAA, BSPD, HBM), this is true. But reviewed yesterday, how much, how fast versus declining Mature Logic and China declining?
2025 China to decline -25%, RoW to increase +25% on AI. This should continue in 2026. Post China’s elevated capex in 2023-24, the SPE sector is a play on AI. 
ASML and KLA are 1) quasi monopoly 2) in segments that outgrow the total market. ASML is cheapish, KAL at average valuations. Best 2 stocks: ASML, KLA


SPE Part 2: Growth in 2025-26 from AI Segment Only (Logic, HBM, Packaging). Best 2 Stocks: ASML, KLA

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>This is a very light note, given time constraints. <a href="https://www.bloomberg.com/news/articles/2024-11-28/us-readies-china-chip-curbs-that-stop-short-of-earlier-proposals?embedded-checkout=true" target="_blank" rel="noopener">It's rumored that on Monday, we will have new export controls</a>, which seem to be massively light.</li><li>Importantly, they are going to exclude CXMT altogether.</li><li>History is a pretty good guide. Almost every single export restriction has led to bad returns prior, bad returns on the week off, and positive returns almost 100% of the time 6 months after for SOXX. This applies doubly to Semicap.</li></ul>

This is a very light note, given time constraints. It's rumored that on Monday, we will have new export controls, which seem to be massively light.Importantly, they are going to exclude CXMT altogether.History is a pretty good guide. Almost every single export restriction has led to bad returns prior, bad returns on the week off, and positive returns almost 100% of the time 6 months after for SOXX. This applies doubly to Semicap.

Happy Thanksgiving Semicap & Semiconductors

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

<ul>
<li>August's WSTS semiconductor revenues registered a record high of more than $53 billion</li>
<li>Nobody seemed to notice, including the organization making the announcement</li>
<li>There's valid concern that the market is on the verge of a collapse, and this may be overshadowing record sales</li>
</ul>


August's WSTS semiconductor revenues registered a record high of more than $53 billion
Nobody seemed to notice, including the organization making the announcement
There's valid concern that the market is on the verge of a collapse, and this may be overshadowing record sales


Semis Just Broke a Record.  Why Did Nobody Notice?

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Lam Research (LRCX US)

LRCX. Cautiously Optimistic For Growth & WFE Outperformance in 2025 & Beyond

Q324 $4.17 billion, +7.8% QoQ, +19.8% YoY. Q424 guide $4.3 billion, +3.1% QoQ, +14.4% YoY. Despite it being their fifth growth quarter in a row,...

William Keating

Lam Research Corporation: How Are They Benefitting From Advanced Memory Technologies? - Major Drivers

Lam Research Corporation reported its results for the June 2024 quarter, demonstrating a solid performance with revenue, profitability, and...

Baptista Research

SPE Part 2: Growth in 2025-26 from AI Segment Only (Logic, HBM, Packaging). Best 2 Stocks: ASML, KLA

architectural advancements in Logic and Memory, but questions remain on growth rates and China's decline. ASML and KLA are top picks in the sector....

Nicolas Baratte

Happy Thanksgiving Semicap & Semiconductors

This is a very light note, given time constraints. It's rumored that on Monday, we will have new export controls, which seem to be massively...

Fabricated Knowledge

Semis Just Broke a Record. Why Did Nobody Notice?

August's semiconductor revenues hit a record high of over $53 billion, but concerns about a potential market collapse are overshadowing the...

Jim Handy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

LRCX. Cautiously Optimistic For Growth & WFE Outperformance in 2025 & Beyond

Q324 $4.17 billion, +7.8% QoQ, +19.8% YoY. Q424 guide $4.3 billion, +3.1% QoQ, +14.4% YoY. Despite it being their fifth growth quarter in a row,...

William Keating

Lam Research Corporation: How Are They Benefitting From Advanced Memory Technologies? - Major Drivers

Lam Research Corporation reported its results for the June 2024 quarter, demonstrating a solid performance with revenue, profitability, and...

Baptista Research

SPE Part 2: Growth in 2025-26 from AI Segment Only (Logic, HBM, Packaging). Best 2 Stocks: ASML, KLA

architectural advancements in Logic and Memory, but questions remain on growth rates and China's decline. ASML and KLA are top picks in the sector....

Nicolas Baratte

Happy Thanksgiving Semicap & Semiconductors

This is a very light note, given time constraints. It's rumored that on Monday, we will have new export controls, which seem to be massively...

Fabricated Knowledge

Semis Just Broke a Record. Why Did Nobody Notice?

​August's semiconductor revenues hit a record high of over $53 billion, but concerns about a potential market collapse are overshadowing the...

Jim Handy

August's semiconductor revenues hit a record high of over $53 billion, but concerns about a potential market collapse are overshadowing the...