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>Q224 revenues of $12.8 billion, in line with their updated May outlook, ~flat QoQ and down 1% YoY.</li>
<li>Gross margin (non-GAAP) was 38.7%, down 1.1 points YoY but down a whopping 4.8 points from the April outlook.</li>
<li>Shares tanked &gt;24% in after hours trading. What's really going on at Intel? </li>
</ul>


Q224 revenues of $12.8 billion, in line with their updated May outlook, ~flat QoQ and down 1% YoY.
Gross margin (non-GAAP) was 38.7%, down 1.1 points YoY but down a whopping 4.8 points from the April outlook.
Shares tanked &gt;24% in after hours trading. What's really going on at Intel? 


Intel Q224 Meltdown. Don't Say We Didn't Warn You...

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>Branded PC makers' shares have been mostly lower in April, however Intel and Microsoft developments are providing strong signals for a future PC upgrade cycle into AI PCs.</li>
<li>Over 60% of Fortune 500 companies are now using Microsoft's CoPilot AI assistant; Intel expects the industry to exceed its prior forecast for AI PC shipments in 2024E.</li>
<li>CoPilot is the killer app that will trigger a global enterprise PC upgrade cycle; The next generation of CoPilot will be an edge AI app that will require powerful hardware.</li>
</ul>


Branded PC makers' shares have been mostly lower in April, however Intel and Microsoft developments are providing strong signals for a future PC upgrade cycle into AI PCs.
Over 60% of Fortune 500 companies are now using Microsoft's CoPilot AI assistant; Intel expects the industry to exceed its prior forecast for AI PC shipments in 2024E.
CoPilot is the killer app that will trigger a global enterprise PC upgrade cycle; The next generation of CoPilot will be an edge AI app that will require powerful hardware.


PC Monitor: The Next Version of MSFT CoPilot Will Be the Killer App for a Global AI PC Upgrade Cycle

Asia and Global Semiconductor and Tech Research

Andrew Lu

<ul>
<li>We see early signs of recovery in PC and smartphone markets, stable server market (strengths in AI server, stable in non-AI server market), but weaknesses in automotive and industrial.</li>
<li>We expect the PC semi market recovery of more than 10% y/y in 2024/2025, driven by inventory rebuild and silicon contents increase by adding AI into PC.</li>
<li>We expect the smartphone semi market recovery of 7-8% y/y in 2024/2025, driven by inventory rebuild and adopting 3nE foundry node. But, Huawei/HiSilicon will take some of the growth.</li>
</ul>


We see early signs of recovery in PC and smartphone markets, stable server market (strengths in AI server, stable in non-AI server market), but weaknesses in automotive and industrial.
We expect the PC semi market recovery of more than 10% y/y in 2024/2025, driven by inventory rebuild and silicon contents increase by adding AI into PC.
We expect the smartphone semi market recovery of 7-8% y/y in 2024/2025, driven by inventory rebuild and adopting 3nE foundry node. But, Huawei/HiSilicon will take some of the growth.


First Run of Global Semis' Guidances to Tell Early Signs of Recovery

CEO / Founder, Crea8

Kim-Hwa Lim

CEO / Founder

Make an Impact

Crea8

Crea8 blends AI-driven precision, big data scalability, and rigorous quantitative frameworks with seasoned human insight. By extracting actionable intelligence from vast global datasets, we eliminate emotional bias and deliver optimal risk-adjusted returns. Our hybrid approach uncovers hidden market efficiencies and ensures your capital is dynamically positioned across markets.

Cross Asset Strategy

<ul>
<li>The strategy seeks to invest in a subset of stocks owned by globally renowned fund managers, but limited to those that are Shariah compliant.</li>
<li>
<p>By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.</p>
</li>
<li>
<p>Previous portfolio returned -3.5% vs. MSCI World (-1.3%) – underperformed the benchmark by</p>
</li>
</ul>


The strategy seeks to invest in a subset of stocks owned by globally renowned fund managers, but limited to those that are Shariah compliant.

By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.


Previous portfolio returned -3.5% vs. MSCI World (-1.3%) – underperformed the benchmark by



Global Top Fund Managers (Shariah) Portfolio (14-Sep-2026)

<ul>
<li>The strategy seeks to invest in Shariah compliant stocks and in themes that are driving returns globally.</li>
<li>By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.</li>
<li>Previous portfolio returned -9.3% vs. MSCI World (-1.3%) – underperformed the benchmark by -8%.</li>
</ul>


The strategy seeks to invest in Shariah compliant stocks and in themes that are driving returns globally.
By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.
Previous portfolio returned -9.3% vs. MSCI World (-1.3%) – underperformed the benchmark by -8%.


Global Thematic (Shariah) Portfolio (14-Sep-2026)

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)

Intel Q224 Meltdown. Don't Say We Didn't Warn You...

Q224 revenues $12.8 billion, in line, ~flat QoQ & down 1% YoY. GM of 38.7%, -1.1 points YoY but 4.8 points below forecast. >15% of workforce cut...

William Keating

PC Monitor: The Next Version of MSFT CoPilot Will Be the Killer App for a Global AI PC Upgrade Cycle

CoPilot, as an edge AI app, will drive a global PC upgrade cycle with its next-gen version requiring advanced hardware.

Vincent Fernando, CFA

First Run of Global Semis' Guidances to Tell Early Signs of Recovery

After the first Run of global semis' guidance, it tells early signs of recovery in PC and smartphone but weaknesses in automotive and industrial,...

Andrew Lu

Global Top Fund Managers (Shariah) Portfolio (14-Sep-2026)

The strategy seeks to invest in a subset of stocks owned by globally renowned fund managers, but limited to those that are Shariah compliant. By...

Crea8

Global Thematic (Shariah) Portfolio (14-Sep-2026)

The strategy seeks to invest in Shariah compliant stocks and in themes that are driving returns globally. By adopting a portfolio of stocks...

Crea8

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Intel Q224 Meltdown. Don't Say We Didn't Warn You...

Q224 revenues $12.8 billion, in line, ~flat QoQ & down 1% YoY. GM of 38.7%, -1.1 points YoY but 4.8 points below forecast. >15% of workforce cut...

William Keating

PC Monitor: The Next Version of MSFT CoPilot Will Be the Killer App for a Global AI PC Upgrade Cycle

​CoPilot, as an edge AI app, will drive a global PC upgrade cycle with its next-gen version requiring advanced hardware.

Vincent Fernando, CFA

First Run of Global Semis' Guidances to Tell Early Signs of Recovery

After the first Run of global semis' guidance, it tells early signs of recovery in PC and smartphone but weaknesses in automotive and industrial,...

Andrew Lu

Global Top Fund Managers (Shariah) Portfolio (14-Sep-2026)

The strategy seeks to invest in a subset of stocks owned by globally renowned fund managers, but limited to those that are Shariah compliant. By...

Crea8

Global Thematic (Shariah) Portfolio (14-Sep-2026)

The strategy seeks to invest in Shariah compliant stocks and in themes that are driving returns globally. By adopting a portfolio of stocks...

Crea8

CoPilot, as an edge AI app, will drive a global PC upgrade cycle with its next-gen version requiring advanced hardware.