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

Equity Bottom-Up

<ul>
<li>Competition in the High Bandwidth Memory (HBM) space is intensifying; Micron shares have rallied after it announced HBM3e mass production; SK Hynix has outperformed since its earnings release.</li>
<li>Nvidia's H200, its most advanced chip for generative AI, leans heavily on HBM3e memory for its increased performance vs. the previous H100 generation. Memory leaders are key for Nvidia's success.</li>
<li>Taiwan's Nanya Tech appears to be watching HBM competition between Micron, SK Hynix, and Samsung from the sidelines; can its shares get back into the game?</li>
</ul>


Competition in the High Bandwidth Memory (HBM) space is intensifying; Micron shares have rallied after it announced HBM3e mass production; SK Hynix has outperformed since its earnings release.
Nvidia's H200, its most advanced chip for generative AI, leans heavily on HBM3e memory for its increased performance vs. the previous H100 generation. Memory leaders are key for Nvidia's success.
Taiwan's Nanya Tech appears to be watching HBM competition between Micron, SK Hynix, and Samsung from the sidelines; can its shares get back into the game?


Memory Monitor: Competition Is Hotting Up for Key Memory Chips Nvidia Depends On

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

Thematic (Sector/Industry)

<ul>
<li>2023 DRAM + NAND revenues declined 36% YoY from $140.3 billion to $89.2 billion. This followed a 14% decline YoY in 2022.</li>
<li>Forecasting ~40% YoY growth in 2024, bringing overall memory revenues back to roughly 2022 levels</li>
<li>ASML's Memory-related WFE revenue in 2023 was an all time record high at $5.9 billion. Much of that was spent in China and its impact remains to be seen..</li>
</ul>


2023 DRAM + NAND revenues declined 36% YoY from $140.3 billion to $89.2 billion. This followed a 14% decline YoY in 2022.
Forecasting ~40% YoY growth in 2024, bringing overall memory revenues back to roughly 2022 levels
ASML's Memory-related WFE revenue in 2023 was an all time record high at $5.9 billion. Much of that was spent in China and its impact remains to be seen..


Semiconductor Memory 2023 In Review, 2024 Outlook

Product Marketing Manager, Criat

Raghav Chandra Mathur

Product Marketing Manager

Next-Generation Credit Analytics Provider

Criat

Criat specializes in new-generation data-driven credit analytics. Leveraging our industry-leading DeepCredit analytical technologies, we produce daily-updated forward-looking credit assessment and valuation to help financial institutions stay ahead of risks. Coupled with use-case-driven applications, we extract insights, answer questions and enable smarter credit decisions.

<ul><li>Chipmakers and chip-making tool providers are set to continue benefitting from the surge in demand that has rallied the equity prices for the companies that are at the forefront of AI-related semiconductor research, development, and production.</li><li>One of the key drivers in the resurgence of new chip demand is the acceleration of upgrade demand for PCs and smartphones to meet the novel generative AI needs, while companies build up storage and data center capabilities to transition to utilizing generative AI capabilities in their operations.</li><li>However, so far, the benefit of the market rally has been disproportionately felt across the industry.</li></ul>

Chipmakers and chip-making tool providers are set to continue benefitting from the surge in demand that has rallied the equity prices for the companies that are at the forefront of AI-related semiconductor research, development, and production.One of the key drivers in the resurgence of new chip demand is the acceleration of upgrade demand for PCs and smartphones to meet the novel generative AI needs, while companies build up storage and data center capabilities to transition to utilizing generative AI capabilities in their operations.However, so far, the benefit of the market rally has been disproportionately felt across the industry.

AI-Driven Semiconductor Rally Leaves Small-Cap Chipmakers Behind

Silicon Motion Technology / Equity Bottom-Up

<ul>
<li>Silicon Motion reported results last week that beat consensus; Moreover, the company expects strong growth not just in 2024E, but also in 2025E.</li>
<li>The company's growth will significantly exceed PC and mobile phone market growth thanks to strong memory demand trends within these segments.</li>
<li>The company sees NAND Flash in shortage into 2025E based on visibility into its client ecosystem. We continue to view SIMO as a next-wave play on the Memory recovery.</li>
</ul>


Silicon Motion reported results last week that beat consensus; Moreover, the company expects strong growth not just in 2024E, but also in 2025E.
The company's growth will significantly exceed PC and mobile phone market growth thanks to strong memory demand trends within these segments.
The company sees NAND Flash in shortage into 2025E based on visibility into its client ecosystem. We continue to view SIMO as a next-wave play on the Memory recovery.


Silicon Motion Memory Readthrough: NAND Flash to Remain In Shortage; Up-Cycle to Persist

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>Samsung's earnings was recently reported, with memory revenues up nearly 50% in the fourth quarter</li>
<li>This gain has been driven by very strong growth in AI and a normalization of inventory levels</li>
<li>The memory business is approaching positive margins once again, and SK hynix is already profitable</li>
</ul>


Samsung's earnings was recently reported, with memory revenues up nearly 50% in the fourth quarter
This gain has been driven by very strong growth in AI and a normalization of inventory levels
The memory business is approaching positive margins once again, and SK hynix is already profitable


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)

Memory Monitor: Competition Is Hotting Up for Key Memory Chips Nvidia Depends On

Memory competition is intensifying with Micron and Samsung's latest HBM3e production announcements. Nvidia's GPUs lean heavily on performance...

Vincent Fernando, CFA

Semiconductor Memory 2023 In Review, 2024 Outlook

2023 memory revenues -36% YoY from $140.3 billion to $89.2 billion. This followed a 14% decline YoY in 2022. Forecasting >40% YoY growth in 2024,...

William Keating

AI-Driven Semiconductor Rally Leaves Small-Cap Chipmakers Behind

Chipmakers and chip-making tool providers are set to continue benefitting from the surge in demand that has rallied the equity prices for the...

Criat

Silicon Motion Memory Readthrough: NAND Flash to Remain In Shortage; Up-Cycle to Persist

Silicon Motion beats expectations and predicts strong growth for NAND flash in 2024E and 2025E plus new enterprise data center products....

Vincent Fernando, CFA

Samsung Memory Revenues Up Impressively

Samsung's memory business sees significant growth in Q4, driven by AI and inventory stabilization, nearing positive margins while SK hynix turns...

Jim Handy

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Memory Monitor: Competition Is Hotting Up for Key Memory Chips Nvidia Depends On

​Memory competition is intensifying with Micron and Samsung's latest HBM3e production announcements. Nvidia's GPUs lean heavily on performance...

Vincent Fernando, CFA

Semiconductor Memory 2023 In Review, 2024 Outlook

2023 memory revenues -36% YoY from $140.3 billion to $89.2 billion. This followed a 14% decline YoY in 2022. Forecasting >40% YoY growth in 2024,...

William Keating

AI-Driven Semiconductor Rally Leaves Small-Cap Chipmakers Behind

Chipmakers and chip-making tool providers are set to continue benefitting from the surge in demand that has rallied the equity prices for the...

Criat

Silicon Motion Memory Readthrough: NAND Flash to Remain In Shortage; Up-Cycle to Persist

​Silicon Motion beats expectations and predicts strong growth for NAND flash in 2024E and 2025E plus new enterprise data center products....

Vincent Fernando, CFA

Samsung Memory Revenues Up Impressively

​Samsung's memory business sees significant growth in Q4, driven by AI and inventory stabilization, nearing positive margins while SK hynix turns...

Jim Handy

Memory competition is intensifying with Micron and Samsung's latest HBM3e production announcements. Nvidia's GPUs lean heavily on performance...

Silicon Motion beats expectations and predicts strong growth for NAND flash in 2024E and 2025E plus new enterprise data center products....

Samsung's memory business sees significant growth in Q4, driven by AI and inventory stabilization, nearing positive margins while SK hynix turns...