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>Nvidia gave guidance for significantly slower Q/Q growth in Q2</li>
<li>Nvidia and its HBM suppliers have told of shortages, driving hyperscale datacenters to build excess inventory</li>
<li>At the first sign of softness, Nvidia's customers are likely to enter a digestion phase, drastically reducing orders</li>
</ul>


Nvidia gave guidance for significantly slower Q/Q growth in Q2
Nvidia and its HBM suppliers have told of shortages, driving hyperscale datacenters to build excess inventory
At the first sign of softness, Nvidia's customers are likely to enter a digestion phase, drastically reducing orders


Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

<ul>
<li>
Aehr had a messy print, with the core business actually weaker than expected as they incorporated their recent acquisition. It’s hard to stay bearish, as they have a lot of potential product launches coming.
</li>
<li>
TSMC beat gross margins despite everything because of higher utilization. The logic cycle is starting to kick off in earnest. I believe WFE Capex will be much higher next year.
</li>
<li>
ASML talked up high-NA DRAM insertion on 25/26. Only Samsung could do it. Good luck, Samsung!

</li>
</ul>



Aehr had a messy print, with the core business actually weaker than expected as they incorporated their recent acquisition. It’s hard to stay bearish, as they have a lot of potential product launches coming.


TSMC beat gross margins despite everything because of higher utilization. The logic cycle is starting to kick off in earnest. I believe WFE Capex will be much higher next year.


ASML talked up high-NA DRAM insertion on 25/26. Only Samsung could do it. Good luck, Samsung!




Earnings: TSMC, AEHR, ASML, VAT Group, Export Restrictions

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, the coming week  to see two more listing, with both likely to do well.</li>
<li>On the placement front, Japan continued to dominate the ECM flows, with India, Taiwan and Australia joining in.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, the coming week  to see two more listing, with both likely to do well.
On the placement front, Japan continued to dominate the ECM flows, with India, Taiwan and Australia joining in.


ECM Weekly (22nd July 2024) - Kokusai, Honda, ASICS, ZIP, Invincible, Hyundai, Premier, Timee, Sanil

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

Equity Bottom-Up

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Taiwan Stocks Fall On Potential New U.S. Tech Restrictions for China &amp; Potential Policy Shift from a Trump White House... Strong TSMC &amp; ASML Results Fail to Rally the Sector</li>
<li>Even Tighter Technology Restrictions for China?  -- US Could Use Special Rule to Restrict Selling of Products Made by Foreign Companies</li>
<li>We See TSMC's Margins Increasing Much Higher Than Guidance in Long-Term; 2Q24 Shows Apple Ramping Up </li>
</ul>


Taiwan Stocks Fall On Potential New U.S. Tech Restrictions for China &amp; Potential Policy Shift from a Trump White House... Strong TSMC &amp; ASML Results Fail to Rally the Sector
Even Tighter Technology Restrictions for China?  -- US Could Use Special Rule to Restrict Selling of Products Made by Foreign Companies
We See TSMC's Margins Increasing Much Higher Than Guidance in Long-Term; 2Q24 Shows Apple Ramping Up 


Taiwan Tech Weekly: Strong TSMC & ASML Data Fails to Rally the Semiconductor Sector

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)</a> is forecasted to experience slight growth in 3Q24 compared to 2Q24.  </li>
<li>
<a href="https://www.smartkarma.com/entities/qualcomm-inc" target="_blank" data-smartkarma-citation="entities:969:1" rel="noopener">Qualcomm Inc (QCOM US)</a> is expected to introduce AI PCs in 2024, while Mediatek Inc (2454 TT) scheduled for this product is anticipated to delivered in 2H25.  </li>
<li>The shipment forecast for the Dimensity 9400 is approximately 5 million sets in 2H24.</li>
</ul>



Mediatek Inc (2454 TT) is forecasted to experience slight growth in 3Q24 compared to 2Q24.  

Qualcomm Inc (QCOM US) is expected to introduce AI PCs in 2024, while Mediatek Inc (2454 TT) scheduled for this product is anticipated to delivered in 2H25.  
The shipment forecast for the Dimensity 9400 is approximately 5 million sets in 2H24.


MediaTek (2454.TT): 3Q24 Might Grow Slightly QoQ, While AI PCs Could Be Delivered in 2H25.

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

Is the AI Boom Over?

Nvidia's slower Q2 growth guidance and shortages in GPU and HBM supply could lead to excess inventory and reduced orders from customers, causing...

Jim Handy

Earnings: TSMC, AEHR, ASML, VAT Group, Export Restrictions

The first week of earnings lends us confirmation bias, and additional fears of export restrictions. Let’s start with the actual earnings order,...

Fabricated Knowledge

ECM Weekly (22nd July 2024) - Kokusai, Honda, ASICS, ZIP, Invincible, Hyundai, Premier, Timee, Sanil

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Taiwan Tech Weekly: Strong TSMC & ASML Data Fails to Rally the Semiconductor Sector

Taiwan stocks dropped last week as potential new US tech restrictions for China loom, despite strong TSMC and ASML results. Apple ramping up...

Vincent Fernando, CFA

MediaTek (2454.TT): 3Q24 Might Grow Slightly QoQ, While AI PCs Could Be Delivered in 2H25.

Mediatek Inc expected to see slight growth in 3Q24, while AI PCs are anticipated to delivered in 2H25. The shipment forecast for the Dimensity...

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Is the AI Boom Over?

​Nvidia's slower Q2 growth guidance and shortages in GPU and HBM supply could lead to excess inventory and reduced orders from customers, causing...

Jim Handy

Earnings: TSMC, AEHR, ASML, VAT Group, Export Restrictions

The first week of earnings lends us confirmation bias, and additional fears of export restrictions. Let’s start with the actual earnings order,...

Fabricated Knowledge

ECM Weekly (22nd July 2024) - Kokusai, Honda, ASICS, ZIP, Invincible, Hyundai, Premier, Timee, Sanil

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Taiwan Tech Weekly: Strong TSMC & ASML Data Fails to Rally the Semiconductor Sector

​Taiwan stocks dropped last week as potential new US tech restrictions for China loom, despite strong TSMC and ASML results. Apple ramping up...

Vincent Fernando, CFA

MediaTek (2454.TT): 3Q24 Might Grow Slightly QoQ, While AI PCs Could Be Delivered in 2H25.

​Mediatek Inc expected to see slight growth in 3Q24, while AI PCs are anticipated to delivered in 2H25. The shipment forecast for the Dimensity...

Patrick Liao

Nvidia's slower Q2 growth guidance and shortages in GPU and HBM supply could lead to excess inventory and reduced orders from customers, causing...

Taiwan stocks dropped last week as potential new US tech restrictions for China loom, despite strong TSMC and ASML results. Apple ramping up...

Mediatek Inc expected to see slight growth in 3Q24, while AI PCs are anticipated to delivered in 2H25. The shipment forecast for the Dimensity...