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>Intel's "AI Everywhere" event turned out to be little more than last minute launches client and server products promised for 2023</li>
<li>While these products have little new in the way of ground-breaking AI hardware, the entire event was infused with AI marketing to the highest degree</li>
<li>Ostensibly Intel's great hope in AI hardware acceleration, Gaudi, featured solely as a last minute gimmick announcing that Gaudi3 was "out of the fab and into the lab". Yawn!</li>
</ul>


Intel's "AI Everywhere" event turned out to be little more than last minute launches client and server products promised for 2023
While these products have little new in the way of ground-breaking AI hardware, the entire event was infused with AI marketing to the highest degree
Ostensibly Intel's great hope in AI hardware acceleration, Gaudi, featured solely as a last minute gimmick announcing that Gaudi3 was "out of the fab and into the lab". Yawn!


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

Thematic (Sector/Industry)

<ul>
<li>Objective Analysis has released its 2024 semiconductor forecast, calling for growth of below 5%</li>
<li>Other forecasters currently call for 11% to 17% growth, which would require another super cycle to accomplish</li>
<li>We do not see any event that will drive a 2024 super cycle, even with the current rapid adoption of AI in the data center</li>
</ul>


Objective Analysis has released its 2024 semiconductor forecast, calling for growth of below 5%
Other forecasters currently call for 11% to 17% growth, which would require another super cycle to accomplish
We do not see any event that will drive a 2024 super cycle, even with the current rapid adoption of AI in the data center


2024 High Conviction: Low Semiconductor Growth

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Overall, it was a strong week for Taiwan Tech. TSMC and Mediatek showed strong performances, as well as key names we like such as Yageo and Himax.</li>
<li>AI-Related Taiwan plays showed relative weakness. This weakness interestingly happened during a week when <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US) </a>performed well.</li>
<li>According to insight provider Patrick Liao, MediaTek WiFi 7 chip competition is likely to become fierce in 2024.</li>
</ul>


Overall, it was a strong week for Taiwan Tech. TSMC and Mediatek showed strong performances, as well as key names we like such as Yageo and Himax.
AI-Related Taiwan plays showed relative weakness. This weakness interestingly happened during a week when NVIDIA Corp (NVDA US) performed well.
According to insight provider Patrick Liao, MediaTek WiFi 7 chip competition is likely to become fierce in 2024.


Taiwan Tech Weekly: AI Plays Weak Despite Strong Taiwan Tech Market Performance

Advanced Micro Devices / Equity Bottom-Up

<p>With critically acclaimed launches of next-generation consumer and server processors, growing GPU sales to the data center, steadily increasing market share, impressive supercomputing design wins, a strategically significant GPU partnership with Samsung, even tacit acknowledgement of competitive progress by <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel</a>,  <a href="https://www.smartkarma.com/entities/advanced-micro-devices" target="_blank" data-smartkarma-citation="entities:19009:1" rel="noopener">Advanced Micro Devices</a> has arguably just experienced the most exciting three months in the company's 50-year history. Yet, this same period saw the company's stock fall by almost 18% on the back of a weaker than expected full year outlook coupled with broader market uncertainties related to trade wars and an increasingly gloomy global economic growth outlook. Despite this setback, we remain convinced in our view that the best is yet to come for AMD. Here's why. </p>

With critically acclaimed launches of next-generation consumer and server processors, growing GPU sales to the data center, steadily increasing market share, impressive supercomputing design wins, a strategically significant GPU partnership with Samsung, even tacit acknowledgement of competitive progress by Intel,  Advanced Micro Devices has arguably just experienced the most exciting three months in the company's 50-year history. Yet, this same period saw the company's stock fall by almost 18% on the back of a weaker than expected full year outlook coupled with broader market uncertainties related to trade wars and an increasingly gloomy global economic growth outlook. Despite this setback, we remain convinced in our view that the best is yet to come for AMD. Here's why. 

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>On December 8th, GUC reached its daily limit at the closing price, but the company did not consistently demonstrate an agreeable attitude.</li>
<li>The "AI" is an explicit knowledge for today, while GUC is a company of project based. </li>
<li>GUC's monthly revenue decreased by 22.15% YoY in November 2023.</li>
</ul>


On December 8th, GUC reached its daily limit at the closing price, but the company did not consistently demonstrate an agreeable attitude.
The "AI" is an explicit knowledge for today, while GUC is a company of project based. 
GUC's monthly revenue decreased by 22.15% YoY in November 2023.


GUC (3443.TT): Why the Company Did Show a Bit Cautious Attitude with the Market Price?

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's AI Everywhere In New York

Ostensibly Intel's great hope in AI hardware acceleration, Gaudi, featured solely as a last minute gimmick announcing that Gaudi3 was "out of the...

William Keating

2024 High Conviction: Low Semiconductor Growth

2024 semiconductor revenue growth will be muted despite forecasts predicting strong growth. This post explains why the year will not see another...

Jim Handy

Taiwan Tech Weekly: AI Plays Weak Despite Strong Taiwan Tech Market Performance

AI-Related Taiwan plays showed relative weakness. This weakness interestingly happened during a week when NVIDIA Corp (NVDA US) performed well.

Vincent Fernando, CFA

AMD.The Best Is Yet To Come!

We've been writing about AMD's resurgence for > 5 years. This article from mid 2019 chronicles a critical time in AMD's comeback. Despite having...

William Keating

GUC (3443.TT): Why the Company Did Show a Bit Cautious Attitude with the Market Price?

GUC's daily limit reached, but company's attitude inconsistent. GUC's project-based nature contrasts with the prominence of "AI" knowledge....

Patrick Liao

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52-week Range

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Intel's AI Everywhere In New York

Ostensibly Intel's great hope in AI hardware acceleration, Gaudi, featured solely as a last minute gimmick announcing that Gaudi3 was "out of the...

William Keating

2024 High Conviction: Low Semiconductor Growth

2024 semiconductor revenue growth will be muted despite forecasts predicting strong growth. This post explains why the year will not see another...

Jim Handy

Taiwan Tech Weekly: AI Plays Weak Despite Strong Taiwan Tech Market Performance

AI-Related Taiwan plays showed relative weakness. This weakness interestingly happened during a week when NVIDIA Corp (NVDA US) performed well.

Vincent Fernando, CFA

AMD.The Best Is Yet To Come!

We've been writing about AMD's resurgence for > 5 years. This article from mid 2019 chronicles a critical time in AMD's comeback. Despite having...

William Keating

GUC (3443.TT): Why the Company Did Show a Bit Cautious Attitude with the Market Price?

​GUC's daily limit reached, but company's attitude inconsistent. GUC's project-based nature contrasts with the prominence of "AI" knowledge....

Patrick Liao

GUC's daily limit reached, but company's attitude inconsistent. GUC's project-based nature contrasts with the prominence of "AI" knowledge....