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>Micron this week reported revenues of $8.1 billion, down 8% QoQ but up 38% YoY, and at the top end of the guided range</li>
<li>Micron is expecting to reach an annual run rate of $7.8 billion by Q425. Wow!</li>
<li>NAND is headed for yet another downturn after six quarters of sequential growth. </li>
</ul>


Micron this week reported revenues of $8.1 billion, down 8% QoQ but up 38% YoY, and at the top end of the guided range
Micron is expecting to reach an annual run rate of $7.8 billion by Q425. Wow!
NAND is headed for yet another downturn after six quarters of sequential growth. 


Micron. HBM Gets Even Better, NAND Gets Even Worse

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>Micron's strong HBM and Data Center growth has nearly offset low revenues in the remainder of the company's business.</li>
<li>This HBM growth depends heavily upon continued strength in hyperscale data center AI CapEx</li>
<li>Micron outlined means to maintain stability in its industry, but China semiconductor goals are in conflict with these measures</li>
</ul>


Micron's strong HBM and Data Center growth has nearly offset low revenues in the remainder of the company's business.
This HBM growth depends heavily upon continued strength in hyperscale data center AI CapEx
Micron outlined means to maintain stability in its industry, but China semiconductor goals are in conflict with these measures


Micron 2QF25 Earnings Call Positive, But Tread with Caution

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>Key Memory Names Have Rebounded; Micron and SK Hynix Lead</li>
<li>NAND Flash Memory Prices to Increase; NAND Flash Pricing to Improve in 2H25E</li>
<li>Memory Monitor Universe: NAND Flash Price Improvement Favors Long SK Hynix and Micron vs. Short Nanya Tech</li>
</ul>


Key Memory Names Have Rebounded; Micron and SK Hynix Lead
NAND Flash Memory Prices to Increase; NAND Flash Pricing to Improve in 2H25E
Memory Monitor Universe: NAND Flash Price Improvement Favors Long SK Hynix and Micron vs. Short Nanya Tech


Memory Monitor: Multiple Reports Indicate Rising NAND & DRAM Prices

<ul>
<li>SK Hynix Expects 100% HBM Revenue Growth in 2025E After a Massive 2024 -- Which Means Traditional DRAM Doesn't Matter as Much Anymore</li>
<li>DeepSeek Market Fears -- A Problem for HBM &amp; Enterprise SSD Memory?</li>
<li>AI Industry Opportunities Are Not a Fixed Size Pie -- Will DeepSeek Impact HBM DRAM TAM? Why We Don't Think So</li>
</ul>


SK Hynix Expects 100% HBM Revenue Growth in 2025E After a Massive 2024 -- Which Means Traditional DRAM Doesn't Matter as Much Anymore
DeepSeek Market Fears -- A Problem for HBM &amp; Enterprise SSD Memory?
AI Industry Opportunities Are Not a Fixed Size Pie -- Will DeepSeek Impact HBM DRAM TAM? Why We Don't Think So


Memory Monitor: Is DeepSeek a Problem for SK Hynix & Micron's HBM DRAM Growth?

<ul>
<li>Micron's Q1F25 met expectations on key metrics but the ~9% downward guidance for the current quarter sent the share price into a tailspin</li>
<li>Consumer-Related inventory issues and China competition were highlighted as the root causes for the surprise downward guide</li>
<li>Micron is ok to cede legacy products to China competition and focus instead on the much more lucrative leading edge products, especially HBM. The transition could be rocky however</li>
</ul>


Micron's Q1F25 met expectations on key metrics but the ~9% downward guidance for the current quarter sent the share price into a tailspin
Consumer-Related inventory issues and China competition were highlighted as the root causes for the surprise downward guide
Micron is ok to cede legacy products to China competition and focus instead on the much more lucrative leading edge products, especially HBM. The transition could be rocky however


Micron. So Long Legacy & Hello There HBM, Data Center & Leading Edge

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)

Micron. HBM Gets Even Better, NAND Gets Even Worse

Micron has increased their HBM TAM by $5 billion in each of the past two quarters. They are now expecting to reach an annual HBM run rate of $7.8...

William Keating

Micron 2QF25 Earnings Call Positive, But Tread with Caution

Micron's strong HBM and Data Center growth helped offset declines elsewhere, but AI growth may slack, and China semi growth is a threat. #Micron...

Jim Handy

Memory Monitor: Multiple Reports Indicate Rising NAND & DRAM Prices

Micron and SK Hynix lead rebound in key memory names, NAND flash prices expected to increase in 2H25E, favoring long positions in SK Hynix and...

Vincent Fernando, CFA

Memory Monitor: Is DeepSeek a Problem for SK Hynix & Micron's HBM DRAM Growth?

SK Hynix predicts 100% HBM revenue growth in 2025E, signaling a shift away from traditional DRAM importance. DeepSeek fears raise concerns for HBM...

Vincent Fernando, CFA

Micron. So Long Legacy & Hello There HBM, Data Center & Leading Edge

Micron is ok to cede legacy products to China & focus instead on the much more lucrative leading edge products, especially HBM. The transition...

William Keating

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Micron. HBM Gets Even Better, NAND Gets Even Worse

Micron has increased their HBM TAM by $5 billion in each of the past two quarters. They are now expecting to reach an annual HBM run rate of $7.8...

William Keating

Micron 2QF25 Earnings Call Positive, But Tread with Caution

​Micron's strong HBM and Data Center growth helped offset declines elsewhere, but AI growth may slack, and China semi growth is a threat. #Micron...

Jim Handy

Memory Monitor: Multiple Reports Indicate Rising NAND & DRAM Prices

​Micron and SK Hynix lead rebound in key memory names, NAND flash prices expected to increase in 2H25E, favoring long positions in SK Hynix and...

Vincent Fernando, CFA

Memory Monitor: Is DeepSeek a Problem for SK Hynix & Micron's HBM DRAM Growth?

​SK Hynix predicts 100% HBM revenue growth in 2025E, signaling a shift away from traditional DRAM importance. DeepSeek fears raise concerns for HBM...

Vincent Fernando, CFA

Micron. So Long Legacy & Hello There HBM, Data Center & Leading Edge

Micron is ok to cede legacy products to China & focus instead on the much more lucrative leading edge products, especially HBM. The transition...

William Keating

Micron's strong HBM and Data Center growth helped offset declines elsewhere, but AI growth may slack, and China semi growth is a threat. #Micron...

Micron and SK Hynix lead rebound in key memory names, NAND flash prices expected to increase in 2H25E, favoring long positions in SK Hynix and...

SK Hynix predicts 100% HBM revenue growth in 2025E, signaling a shift away from traditional DRAM importance. DeepSeek fears raise concerns for HBM...