President

Thomas Coughlin

Coughlin Associates

Thematic (Sector/Industry)

Solid state storage is now primary storage in many applications, driven by the wide-spread use of NAND flash.  NVMe is now the dominant SSD interface, enabling new network and storage architectures.  MRAM and 3D XPoint memory are appearing in many storage/memory products and the slow-down in NOR, SRAM and DRAM scaling are opening opportunities for RRAM and FRAM memories as well.  All these memory technologies are enabling established and startup companies.

Solid state storage is now primary storage in many applications, driven by the wide-spread use of NAND flash.  NVMe is now the dominant SSD interface, enabling new network and storage architectures.  MRAM and 3D XPoint memory are appearing in many storage/memory products and the slow-down in NOR, SRAM and DRAM scaling are opening opportunities for RRAM and FRAM memories as well.  All these memory technologies are enabling established and startup companies.

Solid State Storage and Memory in 2021:  New Opportunities for Leaders and Startups

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

<a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel'</a>s share price is currently down some 26% from its 52 week high, almost exactly where it was three years ago. Meanwhile, competitors <a href="https://www.smartkarma.com/entities/advanced-micro-devices-inc" target="_blank" data-smartkarma-citation="entities:19009:1" rel="noopener">Advanced Micro Devices</a> and <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA'</a>s share prices have more than doubled over the same time period. Paradoxically, demand for Intel's products has never been stronger and the company will likely deliver 5% YoY revenue growth compared to the 2% forecasted back in January. How did Intel find itself in this situation and where is the company heading from here? Here's our thoughts on the matter...

Intel's share price is currently down some 26% from its 52 week high, almost exactly where it was three years ago. Meanwhile, competitors Advanced Micro Devices and NVIDIA's share prices have more than doubled over the same time period. Paradoxically, demand for Intel's products has never been stronger and the company will likely deliver 5% YoY revenue growth compared to the 2% forecasted back in January. How did Intel find itself in this situation and where is the company heading from here? Here's our thoughts on the matter...

Intel. How Did We Get Here And Where Are We Going?

Intel’s latest 144-layer 3D NAND and 2nd and 3rd generation Optane SSDs will enable high performance storage for applications ranging from PCs to data center storage.  The Optane SSDs, combined with the company’s Optane DIMMS are enabling high data throughput for Intel’s current and future generation Xeon processors and providing value to their server processor line, even with the heavy subsidies to sell Optane for less than DRAM.  As Optane volumes increase however the cost of Optane will decrease, reducing Intel’s Optane losses.  Intel’s continued NAND flash products continue to enhance the value of its NAND memory and storage business, maintaining this value before the sale of this business to SK hynix closes.

Intel’s latest 144-layer 3D NAND and 2nd and 3rd generation Optane SSDs will enable high performance storage for applications ranging from PCs to data center storage.  The Optane SSDs, combined with the company’s Optane DIMMS are enabling high data throughput for Intel’s current and future generation Xeon processors and providing value to their server processor line, even with the heavy subsidies to sell Optane for less than DRAM.  As Optane volumes increase however the cost of Optane will decrease, reducing Intel’s Optane losses.  Intel’s continued NAND flash products continue to enhance the value of its NAND memory and storage business, maintaining this value before the sale of this business to SK hynix closes.

Intel’s New Optane and NAND SSDs Enhance Value Ahead of SK Hynix NAND Acquisition

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

In 2020 the semiconductor market defied the odds by thriving as a result of the COVID-19 pandemic, rather than suffering from it.  2021 is lining up to do similarly well, but the risk of a global economic collapse would drag the chip market in the opposite direction.  This Insight explores both possibilities.

In 2020 the semiconductor market defied the odds by thriving as a result of the COVID-19 pandemic, rather than suffering from it.  2021 is lining up to do similarly well, but the risk of a global economic collapse would drag the chip market in the opposite direction.  This Insight explores both possibilities.

2021 High Conviction: Semiconductor Growth with COVID Risk

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

The S&amp;P DJI Global Indices team <a href="https://www.spglobal.com/spdji/en/documents/indexnews/announcements/20201211-1277389/1277389_tes15aircaivspindnkn4.pdf?force_download=true" target="_blank" rel="noopener">confirmed</a> Friday night that <a href="https://www.smartkarma.com/entities/tesla-motors-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors (TSLA US)</a> would join the S&amp;P500 and the S&amp;P100 at the close of trading on 18 December, with <a href="https://www.smartkarma.com/entities/apartment-invt-mgmt-co-a" target="_blank" data-smartkarma-citation="entities:2193:1" rel="noopener">Apartment Invt &amp; Mgmt Co A (AIV US)</a> coming out of S&amp;P500 and its 14 December spin-out Apartment Income REIT replacing <a href="https://www.smartkarma.com/entities/dunkin-brands-group-inc" target="_blank" data-smartkarma-citation="entities:15866:1" rel="noopener">Dunkin' Brands Group (DNKN US)</a> in the S&amp;P Midcap 400, and <a href="https://www.smartkarma.com/entities/occidental-petroleum-corp" target="_blank" data-smartkarma-citation="entities:17075:1" rel="noopener">Occidental Petroleum (OXY US)</a> coming out of the S&amp;P100 but staying in the S&amp;P500. When the S&amp;P announced on the 16th of November that Tesla would be joining the S&amp;P500 in December, it said the pro-forma inclusion weight would be ~1.01% (without measuring what would come out). S&amp;P also said that it would update the pro-forma inclusion weight and trading value impact when the Deletion was announced, but they did not. My calc suggests it is 1.47% as of Friday's close. And the two-way trading value based on the S&amp;P's original US$51bn number is, as of today, ~US$152bn.Which is a lot.The arithmetic, and an explanation of why it matters, follow.

The S&amp;P DJI Global Indices team confirmed Friday night that Tesla Motors (TSLA US) would join the S&amp;P500 and the S&amp;P100 at the close of trading on 18 December, with Apartment Invt &amp; Mgmt Co A (AIV US) coming out of S&amp;P500 and its 14 December spin-out Apartment Income REIT replacing Dunkin' Brands Group (DNKN US) in the S&amp;P Midcap 400, and Occidental Petroleum (OXY US) coming out of the S&amp;P100 but staying in the S&amp;P500. When the S&amp;P announced on the 16th of November that Tesla would be joining the S&amp;P500 in December, it said the pro-forma inclusion weight would be ~1.01% (without measuring what would come out). S&amp;P also said that it would update the pro-forma inclusion weight and trading value impact when the Deletion was announced, but they did not. My calc suggests it is 1.47% as of Friday's close. And the two-way trading value based on the S&amp;P's original US$51bn number is, as of today, ~US$152bn.Which is a lot.The arithmetic, and an explanation of why it matters, follow.

Tesla Into S&P - Rebal Details, and Implications for Vol and Active Portfolio Reconstruction

United States

Intel Corporation designs, manufactures, and sells computer components and related products.  The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

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Intel Corp (INTC US)

Solid State Storage and Memory in 2021: New Opportunities for Leaders and Startups

Solid State Storage/Memory enables new applications in 2021, fueling storage systems and embedded device established and startup companies.

Thomas Coughlin

Intel. How Did We Get Here And Where Are We Going?

Despite unprecedented demand for their products and record revenues, Intel's share price is bouncing off its March pandemic lows, close to where it...

William Keating

Intel’s New Optane and NAND SSDs Enhance Value Ahead of SK Hynix NAND Acquisition

Intel’s latest 144-layer 3D NAND and 2nd and 3rd generation Optane SSDs will enable high performance storage for applications ranging from PCs to...

Thomas Coughlin

2021 High Conviction: Semiconductor Growth with COVID Risk

In 2021 either the chip market will grow or a COVID-driven collapse will cause it to decline. This Insight shows how to estimate either extreme,...

Jim Handy

Tesla Into S&P - Rebal Details, and Implications for Vol and Active Portfolio Reconstruction

The TSLA S&P500 inclusion involves $150bn of direct flows and perhaps another $200-300bn indirect flows. It really is a MAMMOTH trade. And index...

Travis Lundy

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