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.

Thematic (Sector/Industry)

<ul>
<li>This week will be a lightning-fast one. I need to cover a lot, so I’ll give high-level summaries instead of going deep unless necessary. I will be honest - it’s a bit scuffed, but if I don’t put it out, I’ll get further behind on semiconductor earnings.</li>
<li>On semiconductor beat on Chinese industrial strength. It looks cheap.</li>
<li>Lattice is likely stuffing the channel, and the divergence between AMD’s embedded and Lattice means their channel is worse off. Amkor saw real weakness in industrial, and that’s what made the guide miss. Arista had a clean beat; I think they are sandbagging forward revenue.</li>
</ul>


This week will be a lightning-fast one. I need to cover a lot, so I’ll give high-level summaries instead of going deep unless necessary. I will be honest - it’s a bit scuffed, but if I don’t put it out, I’ll get further behind on semiconductor earnings.
On semiconductor beat on Chinese industrial strength. It looks cheap.
Lattice is likely stuffing the channel, and the divergence between AMD’s embedded and Lattice means their channel is worse off. Amkor saw real weakness in industrial, and that’s what made the guide miss. Arista had a clean beat; I think they are sandbagging forward revenue.


Earnings: ON, LSCC, RMBS, AMKR, ANET, AMD

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

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Equity Bottom-Up

<ul><li>Lattice Semiconductor Corporation witnessed a dip in its Q1 '24 results due to softening demand across most of its segments and end customers reducing their inventory levels.</li><li>Sequentially, the Industrial and Automotive segment was down by 25%, while the Communications and Computing segment declined by 7%.</li><li>Even Computing performance was affected by weaker demand in the Communications segment.</li></ul>

Lattice Semiconductor Corporation witnessed a dip in its Q1 '24 results due to softening demand across most of its segments and end customers reducing their inventory levels.Sequentially, the Industrial and Automotive segment was down by 25%, while the Communications and Computing segment declined by 7%.Even Computing performance was affected by weaker demand in the Communications segment.

Lattice Semiconductor Corporation: Increasing Server Share

<ul><li>Lattice Semiconductor Corp.</li><li>achieved solid financial results in 2023, with robust revenue growth and record gross margins.</li><li>The semiconductor industry's cyclical correction had a slight impact on the company's 2023 Q4 progress, which could continue into early 2024.</li></ul>

Lattice Semiconductor Corp.achieved solid financial results in 2023, with robust revenue growth and record gross margins.The semiconductor industry's cyclical correction had a slight impact on the company's 2023 Q4 progress, which could continue into early 2024.

Lattice Semiconductor: A Tale Of An Expanding Market & An Increasing Client Base! - Major Drivers

<ul><li>Lattice is just too expensive for what it is. It’s one of the highest multiples in the space, but I acknowledge we are closer to the trough than the peak.</li><li><p>Tokyo Electron continues to be bullish high aspect etch and reports that they are winning in DRAM and hopefully in NAND in the future.</p></li><li><p>Arista says that AI revenue is yet to come, and 800G will mostly be in 2025, not 2024. The market got ahead of itself.</p></li></ul>

Lattice is just too expensive for what it is. It’s one of the highest multiples in the space, but I acknowledge we are closer to the trough than the peak.Tokyo Electron continues to be bullish high aspect etch and reports that they are winning in DRAM and hopefully in NAND in the future.Arista says that AI revenue is yet to come, and 800G will mostly be in 2025, not 2024. The market got ahead of itself.

Earnings (LSCC, ANET, GFS, Tokyo Electron, SITM, ENTG, AMAT)

<ul><li>Lattice Semiconductor managed to exceed analyst expectations in terms of revenue as well as earnings.</li><li>In the third quarter, they achieved a noteworthy 11% year-over-year growth in revenue, maintaining robust gross and operating margins.</li><li>In the industrial and automotive market, revenue saw a 5% sequential decline but surged by 28% year-over-year.</li></ul>

Lattice Semiconductor managed to exceed analyst expectations in terms of revenue as well as earnings.In the third quarter, they achieved a noteworthy 11% year-over-year growth in revenue, maintaining robust gross and operating margins.In the industrial and automotive market, revenue saw a 5% sequential decline but surged by 28% year-over-year.

Lattice Semiconductor Corporation: Surpassing Expectations with AI - What's Their Secret? - Major Drivers

United States

Lattice Semiconductor Corporation designs, develops, and markets high speed programmable logic devices.  The Company's products provide electronic systems customers with quickly designed, easily configured components.  Lattice markets its products to original equipment manufacturers of communication, computing, industrial, and military systems.

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Lattice Semiconductor (LSCC US)

Earnings: ON, LSCC, RMBS, AMKR, ANET, AMD

This week will be a lightning-fast one. I need to cover a lot, so I’ll give high-level summaries instead of going deep unless necessary. I will be...

Fabricated Knowledge

Lattice Semiconductor: A Tale Of An Expanding Market & An Increasing Client Base! - Major Drivers

Lattice Semiconductor Corp. achieved solid financial results in 2023, with robust revenue growth and record gross margins. The semiconductor...

Baptista Research

Earnings (LSCC, ANET, GFS, Tokyo Electron, SITM, ENTG, AMAT)

Lattice is just too expensive for what it is. It’s one of the highest multiples in the space, but I acknowledge we are closer to the trough than...

Fabricated Knowledge

Lattice Semiconductor Corporation: Surpassing Expectations with AI - What's Their Secret? - Major Drivers

Lattice Semiconductor managed to exceed analyst expectations in terms of revenue as well as earnings. In the third quarter, they achieved a...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Earnings: ON, LSCC, RMBS, AMKR, ANET, AMD

This week will be a lightning-fast one. I need to cover a lot, so I’ll give high-level summaries instead of going deep unless necessary. I will be...

Fabricated Knowledge

Lattice Semiconductor Corporation: Increasing Server Share

Lattice Semiconductor Corporation witnessed a dip in its Q1 '24 results due to softening demand across most of its segments and end customers...

Baptista Research

Lattice Semiconductor: A Tale Of An Expanding Market & An Increasing Client Base! - Major Drivers

Lattice Semiconductor Corp. achieved solid financial results in 2023, with robust revenue growth and record gross margins. The semiconductor...

Baptista Research

Earnings (LSCC, ANET, GFS, Tokyo Electron, SITM, ENTG, AMAT)

Lattice is just too expensive for what it is. It’s one of the highest multiples in the space, but I acknowledge we are closer to the trough than...

Fabricated Knowledge

Lattice Semiconductor Corporation: Surpassing Expectations with AI - What's Their Secret? - Major Drivers

Lattice Semiconductor managed to exceed analyst expectations in terms of revenue as well as earnings. In the third quarter, they achieved a...

Baptista Research