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

Thematic (Sector/Industry)

<ul>
<li>China is considering banning gallium and germanium shipments to the US</li>
<li>Semiconductors consume well under 20% of world gallium production, and an almost immeasurably small amount of germanium</li>
<li>Very little of the consumption is in the US, indicating that the impact of a boycott should be very small</li>
</ul>


China is considering banning gallium and germanium shipments to the US
Semiconductors consume well under 20% of world gallium production, and an almost immeasurably small amount of germanium
Very little of the consumption is in the US, indicating that the impact of a boycott should be very small


Is China's Boycott of Germanium Gallium to the US Meaningful?

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

<ul>
<li>Q2’23 revenues of NT$ 7,027 million, up 9.4% sequentially but down 61% YoY. Net losses declined QoQ, mainly due to favourable Fx and Income tax charges</li>
<li>Similar to Micron, while bit shipments increased QoQ, ASPs declined. This is not a road to recovery out of the memory segment downturn</li>
<li>While customer inventories have largely normalised, supplier inventories remain elevated. Until this corrects or demand surges, Nanya and peers will remain in the doldrums. </li>
</ul>


Q2’23 revenues of NT$ 7,027 million, up 9.4% sequentially but down 61% YoY. Net losses declined QoQ, mainly due to favourable Fx and Income tax charges
Similar to Micron, while bit shipments increased QoQ, ASPs declined. This is not a road to recovery out of the memory segment downturn
While customer inventories have largely normalised, supplier inventories remain elevated. Until this corrects or demand surges, Nanya and peers will remain in the doldrums. 


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.

<ul>
<li>Micron said we bottomed, wrung their hands a ton about gross margins and comparability, and said oh, inventory accounting has helped us out</li>
<li>Oracle had a huge announcement that majorly snubbed Intel.</li>
<li>There’s another rumored AI winner. Amkor was rumored (heavy emphasis, Digitimes can be untrustworthy) to be helping Nvidia with packaging.</li>
</ul>


Micron said we bottomed, wrung their hands a ton about gross margins and comparability, and said oh, inventory accounting has helped us out
Oracle had a huge announcement that majorly snubbed Intel.
There’s another rumored AI winner. Amkor was rumored (heavy emphasis, Digitimes can be untrustworthy) to be helping Nvidia with packaging.


Micron, Oracle Database Spending, GPU Restrictions, MLPerf, Amkor, and V Icor

<ul>
<li>The extent to which Smartphone &amp; PC unit shipments will rebound in H2 is as yet unknown. </li>
<li>Most semi companies forecasted a muted H2 recovery. After earnings, we downgraded our FY'23 outlook for Foundry, PC, Smartphone and Silicon Wafer segments.</li>
<li>Many semi stocks are priced for a H2 rebound that's proving notoriously elusive but there are still some bargains to be found</li>
</ul>


The extent to which Smartphone &amp; PC unit shipments will rebound in H2 is as yet unknown. 
Most semi companies forecasted a muted H2 recovery. After earnings, we downgraded our FY'23 outlook for Foundry, PC, Smartphone and Silicon Wafer segments.
Many semi stocks are priced for a H2 rebound that's proving notoriously elusive but there are still some bargains to be found


Semiconductors H2 Rebound? Curb Your Enthusiasm!

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The MV US Semiconductor 25 index represents the performance of the biggest US-listed companies in the semiconductor industry.</li>
<li>There will be no index changes for the December 2025 rebal event.</li>
<li>We expect a one-way flow of US$2.9bn and a turnover of ~7.5% for December 2025.</li>
</ul>


The MV US Semiconductor 25 index represents the performance of the biggest US-listed companies in the semiconductor industry.
There will be no index changes for the December 2025 rebal event.
We expect a one-way flow of US$2.9bn and a turnover of ~7.5% for December 2025.


[Quiddity Index] MV US Semiconductor25 Dec25 Rebalance Results: Flow Expectations

United States

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.

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Micron Technology (MU US)

Is China's Boycott of Germanium Gallium to the US Meaningful?

Although China has threatened to boycott shipments of germanium and gallium to the US, the impact of such a move is likely to be very small. This...

Jim Handy

Nanya Q2'23 Results. Doldrums Ahoy!

Q2’23 revenue NT$ 7,027 million, +9.4% QoQ , -61% YoY. Customer inventories ~normalised, supplier inventories remain ++. Until this corrects or...

William Keating

Micron, Oracle Database Spending, GPU Restrictions, MLPerf, Amkor, and V Icor

Micron's earnings are boring. And a Vicor signal boost. Micron said we bottomed, wrung their hands a ton about gross margins and comparability...

Fabricated Knowledge

Semiconductors H2 Rebound? Curb Your Enthusiasm!

The H2'23 recovery will likely be muted. Downgraded our FY'23 outlook for Foundry, PC, Smartphone and Silicon Wafer segments. While most semis are...

William Keating

[Quiddity Index] MV US Semiconductor25 Dec25 Rebalance Results: Flow Expectations

There are no ADDs or DELETEs to the MV US Semiconductor 25 Index for December 2025 but there is US$6bn to trade, which adds flow to an otherwise...

Travis Lundy

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