Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Thematic (Sector/Industry)

<ul>
<li>The worlds #1 producer of automotive MCUs has already launched a series of RISC-V solutions which replace Arm as the core ISA </li>
<li>A leading US semiconductor manufacturer has designed an FPGA based on RISC-V which has been chosen by NASA for use in the International Space Station</li>
<li>RISC-V has the potential to be seriously disruptive in the Automotive &amp; FPGA segments, and that's just for starters.</li>
</ul>


The worlds #1 producer of automotive MCUs has already launched a series of RISC-V solutions which replace Arm as the core ISA 
A leading US semiconductor manufacturer has designed an FPGA based on RISC-V which has been chosen by NASA for use in the International Space Station
RISC-V has the potential to be seriously disruptive in the Automotive &amp; FPGA segments, and that's just for starters.


RISC-V. Two Blue-Chip Names Betting Big On A Bright Future For The Upstart ISA

Research on Tech Companies

Evelyn Zhang

MCU (microcontroller) is the basic control unit for a large number of electronic devices. Large international manufacturers occupied a major market share. Since 2021, the global MCU market has been suffering from a persistent shortage of stock, and prices have soared. Many downstream companies, especially car makers, are experiencing severe shortage of MUC chips. Chinese downstream customers have begun to accelerate the localization of MCU supply chains.I am optimistic about the performance of China MCU manufacturers this year, and I suggest paying attention to <a href="https://www.smartkarma.com/entities/gigadevice-semiconductor-beijing-a" target="_blank" data-smartkarma-citation="entities:27253:1" rel="noopener">GigaDevice Semiconductor (Beijing)-A (603986 CH)</a> , <a href="https://www.smartkarma.com/entities/espressif-systems-shanghai-co" target="_blank" data-smartkarma-citation="entities:30311:1" rel="noopener">Espressif Systems Shanghai Co (688018 CH)</a> , <a href="https://www.smartkarma.com/entities/sino-wealth-electronic-ltd" target="_blank" data-smartkarma-citation="entities:14697:1" rel="noopener">Sino Wealth Electronic (300327 CH)</a>

MCU (microcontroller) is the basic control unit for a large number of electronic devices. Large international manufacturers occupied a major market share. Since 2021, the global MCU market has been suffering from a persistent shortage of stock, and prices have soared. Many downstream companies, especially car makers, are experiencing severe shortage of MUC chips. Chinese downstream customers have begun to accelerate the localization of MCU supply chains.I am optimistic about the performance of China MCU manufacturers this year, and I suggest paying attention to GigaDevice Semiconductor (Beijing)-A (603986 CH) , Espressif Systems Shanghai Co (688018 CH) , Sino Wealth Electronic (300327 CH) 

Independent Sell Side Equity Research Analyst, ChartSmarter

Douglas Busch

Independent Sell Side Equity Research Analyst

ChartSmarter

ChartSmarter is a service dedicated to the art of technical analysis.

On a daily basis we write up actionable ideas on a specific, major S&P sector on both the long and short side, in an easy yet thorough way. In the notes we give precise entries and exits, while looking to capture the "meat" of a trend.

Technical Analysis.

Technical Analysis

<ul>
<li>S&amp;P 5700 year end target remains intact after MONTHLY breakout. </li>
<li>Copper and silver rally to resume with dollar potentially falling.</li>
<li>Semis continue to lead tech and look for software to join.</li>
</ul>


S&amp;P 5700 year end target remains intact after MONTHLY breakout. 
Copper and silver rally to resume with dollar potentially falling.
Semis continue to lead tech and look for software to join.


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>I will start with a AMD section. Shares are down ~6-7% on last week’s result. Let’s talk about the result and why it was so disappointing.</li><li>AMD exactly matched EPS, was slightly light on revenue, and guided essentially in line with Q2 guidance.</li><li>This also was one of the slightest EPS and revenue beats in recent years. The last time this happened, the PC segment was imploding. This time it’s embedded revenue.</li></ul>

I will start with a AMD section. Shares are down ~6-7% on last week’s result. Let’s talk about the result and why it was so disappointing.AMD exactly matched EPS, was slightly light on revenue, and guided essentially in line with Q2 guidance.This also was one of the slightest EPS and revenue beats in recent years. The last time this happened, the PC segment was imploding. This time it’s embedded revenue.

AMD's MI300 Disappointment, Hyperscalers Capex, and FPGAs

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>Our base case valuation is market cap of US$5.4 billion or target price of US$35.9 per share, which is 20% higher than high end of the IPO price range (US$30).</li>
<li>We estimate Astera Labs (ALAB US) to generate revenue of $221.3 million (up 91.1% YoY) in 2024 and $304.5 million (up 37.5% YoY) in 2025.</li>
<li>Many investors are willing to take extra risk to invest in companies such as Astera Labs that could generate strong sales growth amid rush to aggressively expand AI capabilities.</li>
</ul>


Our base case valuation is market cap of US$5.4 billion or target price of US$35.9 per share, which is 20% higher than high end of the IPO price range (US$30).
We estimate Astera Labs (ALAB US) to generate revenue of $221.3 million (up 91.1% YoY) in 2024 and $304.5 million (up 37.5% YoY) in 2025.
Many investors are willing to take extra risk to invest in companies such as Astera Labs that could generate strong sales growth amid rush to aggressively expand AI capabilities.


United States

Microchip Technology Incorporated designs, manufactures, and markets microcontrollers, related mixed-signal and memory products, and application development systems for high-volume embedded control applications. The Company also designs, develops, and markets linear/mixed-signal, power management, and thermal management products.

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Microchip Technology (MCHP US)

RISC-V. Two Blue-Chip Names Betting Big On A Bright Future For The Upstart ISA

RISC-V has the potential to be seriously disruptive in the Automotive & FPGA segments, and that's just for starters. The floodgates are beginning...

William Keating

Cashing in the Chips

The Pandemic, buyer hording and supply chain issues all contributed to a perfect storm that's causing a global shortage of computer chips. I take a...

Evelyn Zhang

Commodity Comeback

S&P 5700 year-end target remains intact after breakout, copper and silver rally expected as dollar falls, semis leading tech with software to follow.

Douglas Busch

AMD's MI300 Disappointment, Hyperscalers Capex, and FPGAs

This is my earnings overview for the Hyperscalers, AMD, and thoughts specifically on FPGAs. I will start with a AMD section. Shares are down ~6-7%...

Fabricated Knowledge

Astera Labs IPO Valuation Analysis

Our base case valuation of Astera Labs is market cap of US$5.4 billion or target price of US$35.9 per share, which is 20% higher than high end of...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

RISC-V. Two Blue-Chip Names Betting Big On A Bright Future For The Upstart ISA

RISC-V has the potential to be seriously disruptive in the Automotive & FPGA segments, and that's just for starters. The floodgates are beginning...

William Keating

Cashing in the Chips

The Pandemic, buyer hording and supply chain issues all contributed to a perfect storm that's causing a global shortage of computer chips. I take a...

Evelyn Zhang

Commodity Comeback

​S&P 5700 year-end target remains intact after breakout, copper and silver rally expected as dollar falls, semis leading tech with software to follow.

Douglas Busch

AMD's MI300 Disappointment, Hyperscalers Capex, and FPGAs

This is my earnings overview for the Hyperscalers, AMD, and thoughts specifically on FPGAs. I will start with a AMD section. Shares are down ~6-7%...

Fabricated Knowledge

Astera Labs IPO Valuation Analysis

Our base case valuation of Astera Labs is market cap of US$5.4 billion or target price of US$35.9 per share, which is 20% higher than high end of...

Douglas Kim

S&P 5700 year-end target remains intact after breakout, copper and silver rally expected as dollar falls, semis leading tech with software to follow.