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>Marvell set a long-term revenue target of $70B to $90B for FY31 ($80B at the midpoint), representing a 55%–60% CAGR and a 10x expansion over FY26 ($8.2B).</li>
<li>Newly installed CFO Dan Dern introduced the “30 in 30” milestone, projecting non-GAAP EPS of greater than $30 per share in calendar 2030 (FY31).</li>
<li>Marvell claims it can achieve these new financial targets  without needing any new home run design winds or any new sockets. Apparently, they have what they need today.</li>
</ul>


Marvell set a long-term revenue target of $70B to $90B for FY31 ($80B at the midpoint), representing a 55%–60% CAGR and a 10x expansion over FY26 ($8.2B).
Newly installed CFO Dan Dern introduced the “30 in 30” milestone, projecting non-GAAP EPS of greater than $30 per share in calendar 2030 (FY31).
Marvell claims it can achieve these new financial targets  without needing any new home run design winds or any new sockets. Apparently, they have what they need today.


Marvell Investor Day 2026. Key Takeaways & Full Transcript

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>Marvell Technology Inc. reported record second-quarter fiscal 2027 revenue of $2.739 billion, up 13% sequentially and 37% year-over-year, exceeding the midpoint of guidance.</li><li>Non-GAAP EPS reached $0.94.</li><li>Data center generated 79% of total revenue and grew 46% year-over-year.</li></ul>

Marvell Technology Inc. reported record second-quarter fiscal 2027 revenue of $2.739 billion, up 13% sequentially and 37% year-over-year, exceeding the midpoint of guidance.Non-GAAP EPS reached $0.94.Data center generated 79% of total revenue and grew 46% year-over-year.

Marvell Technology Targets $12 Billion — AI Infrastructure Reshapes The Growth Mix!

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Cross Asset Strategy

<ul>
<li>Thai electronics stocks continue to benefit from global technology gains, although prices increasingly reflect an Al valuation premium.</li>
<li>Oil supply tightness is easing, with September Middle East crude exports recovering to 81% of pre-war levels.</li>
<li>The World Bank raised its 2026 Thailand GDP growth forecast to 2.0% from 1.3%, driven by Al-related component exports.</li>
</ul>


Thai electronics stocks continue to benefit from global technology gains, although prices increasingly reflect an Al valuation premium.
Oil supply tightness is easing, with September Middle East crude exports recovering to 81% of pre-war levels.
The World Bank raised its 2026 Thailand GDP growth forecast to 2.0% from 1.3%, driven by Al-related component exports.


Technology / Semiconductor / Internet Research

Nicolas Baratte

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>This reports addresses the alarmist wrong conclusions over DeepSeek, especially over GPU usage and costs</li>
<li>This said, DeepSeek shows that Foundational models are commoditizing. Applications will be more resilient and profitable, ie customized with attached services</li>
<li>We are just at the beginning of the AI revolution with language models. Physical models are next and massive Application deployment.  </li>
</ul>


This reports addresses the alarmist wrong conclusions over DeepSeek, especially over GPU usage and costs
This said, DeepSeek shows that Foundational models are commoditizing. Applications will be more resilient and profitable, ie customized with attached services
We are just at the beginning of the AI revolution with language models. Physical models are next and massive Application deployment.  


DeepSeek and Market Over-Reaction. Nvidia, Broadcom, Marvell, TSMC, SK Hynix

Asia and Global Semiconductor and Tech Research

Andrew Lu

<ul>
<li>TSMC reiterates 2024 sales y/y growth of 20-25% but revises down 2024 global semiconductor y/y sales from over 10% to 10% and global foundry sales growth from 20% to 15-19%.</li>
<li>
No more Moore's Law: After 3 years ramp up gap between N5-N3, TSMC confirms 10-11 quarters of ramp up gap between N3 and N2 due to longer production cycle.</li>
<li>Driven by stronger digital consumer (33% q/q), HPC (3% q/q), IoT (5% q/q) sales but weaker smartphone IC (-16% q/q), TSMC reports 1Q24 sales decline of only 5% q/q.</li>
</ul>


TSMC reiterates 2024 sales y/y growth of 20-25% but revises down 2024 global semiconductor y/y sales from over 10% to 10% and global foundry sales growth from 20% to 15-19%.

No more Moore's Law: After 3 years ramp up gap between N5-N3, TSMC confirms 10-11 quarters of ramp up gap between N3 and N2 due to longer production cycle.
Driven by stronger digital consumer (33% q/q), HPC (3% q/q), IoT (5% q/q) sales but weaker smartphone IC (-16% q/q), TSMC reports 1Q24 sales decline of only 5% q/q.


What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference?

United States

Marvell Technology, Inc. develops and produces semiconductors and related technology. The Company offers security and networking platform, secure data processing, networking, and storage solutions. Marvell Technology serves customers worldwide.

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

Marvell Technology (MRVL US)

Marvell Investor Day 2026. Key Takeaways & Full Transcript

Marvell claims it can achieve these new financial targets without needing any new home run design winds or any new sockets. Apparently, they have...

William Keating

Marvell Technology Targets $12 Billion — AI Infrastructure Reshapes The Growth Mix!

Marvell Technology Inc. reported record second-quarter fiscal 2027 revenue of $2.739 billion, up 13% sequentially and 37% year-over-year,...

Baptista Research

SET Index Outlook

Thai electronics stocks continue to benefit from global technology gains, although prices increasingly reflect an Al valuation premium. Oil supply...

Krungthai XSpring

DeepSeek and Market Over-Reaction. Nvidia, Broadcom, Marvell, TSMC, SK Hynix

Article debunks alarmist claims about DeepSeek, especially GPU usage and cost. The AI revolution is just beginning, with physical models and...

Nicolas Baratte

What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference?

What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference? TSMC revises down 2024 global semi y/y sales from over 10% to...

Andrew Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Marvell Investor Day 2026. Key Takeaways & Full Transcript

Marvell claims it can achieve these new financial targets without needing any new home run design winds or any new sockets. Apparently, they have...

William Keating

Marvell Technology Targets $12 Billion — AI Infrastructure Reshapes The Growth Mix!

Marvell Technology Inc. reported record second-quarter fiscal 2027 revenue of $2.739 billion, up 13% sequentially and 37% year-over-year,...

Baptista Research

SET Index Outlook

Thai electronics stocks continue to benefit from global technology gains, although prices increasingly reflect an Al valuation premium. Oil supply...

Krungthai XSpring

DeepSeek and Market Over-Reaction. Nvidia, Broadcom, Marvell, TSMC, SK Hynix

​Article debunks alarmist claims about DeepSeek, especially GPU usage and cost. The AI revolution is just beginning, with physical models and...

Nicolas Baratte

What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference?

What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference? TSMC revises down 2024 global semi y/y sales from over 10% to...

Andrew Lu

Article debunks alarmist claims about DeepSeek, especially GPU usage and cost. The AI revolution is just beginning, with physical models and...