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>NVIDIA reported Q1FY26 revenues of $44.1 billion, up 69% YoY and up 12% QoQ</li>
<li>NVIDIA forecasted current quarter revenues of $45.0 billion, marginally up QoQ and weighed down by the loss of around $8 billion in previously anticipated H20 revenues</li>
<li>Does China really wish to remain reliant on US infrastructure/platforms for its AI build out indefinitely? I think not. Gradually losing China market was inevitable, even without US restrictions.</li>
</ul>


NVIDIA reported Q1FY26 revenues of $44.1 billion, up 69% YoY and up 12% QoQ
NVIDIA forecasted current quarter revenues of $45.0 billion, marginally up QoQ and weighed down by the loss of around $8 billion in previously anticipated H20 revenues
Does China really wish to remain reliant on US infrastructure/platforms for its AI build out indefinitely? I think not. Gradually losing China market was inevitable, even without US restrictions.


NVIDIA Q126. China Restrictions Bring QoQ Growth Screeching To A Halt

Thematic (Sector/Industry)

<ul>
<li>A total of 154 submissions on proposed tariffs by the US authorities on semiconductors were received by the closing date of May 7, 2025</li>
<li>Key submissions were made by TSMC, Intel, Texas Instruments, Lam Research, Micron etc. Notable by their absence were Apple, AMD, Cadence, Synopsys, Broadcom, Marvell etc.</li>
<li>The submissions by key players were universally negative on any types of tariffs with many warnings about unintended consequences as well as the threat of reciprocal tariffs from other countries. </li>
</ul>


A total of 154 submissions on proposed tariffs by the US authorities on semiconductors were received by the closing date of May 7, 2025
Key submissions were made by TSMC, Intel, Texas Instruments, Lam Research, Micron etc. Notable by their absence were Apple, AMD, Cadence, Synopsys, Broadcom, Marvell etc.
The submissions by key players were universally negative on any types of tariffs with many warnings about unintended consequences as well as the threat of reciprocal tariffs from other countries. 


Semiconductor Tariffs. No Thanks, But If You Insist...

Technology / Semiconductor / Internet Research

Nicolas Baratte

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Reports of Samsung securing 2nm customers (Nvidia, Qualcomm), but AMD is saying that TSMC has the best and only 2nm, Nvidia saying there’s no alternative to TSMC CoWoS.   </li>
<li>Competition at 2nm / 18A is already over. Chips tape-out are rolling out. If Intel, Samsung can gain Foundry customers, it is for the next node 14A in 2027-28.</li>
<li>The difficulty for Intel and Samsung is that TSMC is a lot faster to develop PDK, qualify process, tape-out chips. The total cost of chipdesign at US$0.5-1bn is another hurdle.  </li>
</ul>


Reports of Samsung securing 2nm customers (Nvidia, Qualcomm), but AMD is saying that TSMC has the best and only 2nm, Nvidia saying there’s no alternative to TSMC CoWoS.   
Competition at 2nm / 18A is already over. Chips tape-out are rolling out. If Intel, Samsung can gain Foundry customers, it is for the next node 14A in 2027-28.
The difficulty for Intel and Samsung is that TSMC is a lot faster to develop PDK, qualify process, tape-out chips. The total cost of chipdesign at US$0.5-1bn is another hurdle.  


Just Listen to Jensen (And Lisa): TSMC, Intel, Samsung

Podcast On the Business of Semiconductors, The Circuit

The Circuit

Podcast On the Business of Semiconductors

A Podcast On the Business of Semiconductors. With Jay Goldberg and Ben Bajarin

<ul><li>Semiconductor industry expected to grow by 10%</li><li>US semiconductor manufacturing expansion faces challenges</li><li>Trump and China agree to a 90-day pause on new tariffs, with uncertainty about future outcomes</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Semiconductor industry expected to grow by 10%US semiconductor manufacturing expansion faces challengesTrump and China agree to a 90-day pause on new tariffs, with uncertainty about future outcomesThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Episode 118: Weekly Update (Tariffs), AI Budget Spend, Semis and Saudi's

<ul>
<li>Global semiconductor sales for the month of March 2025 amounted to $55.9 billion, up 1.8% MoM and up 21.8% YoY</li>
<li>TSMC last week announced that revenue for the month of April amounted to NT$349.57 billion, up 22.2% MoM, up 48.1% YoY and a all time record monthly high</li>
<li>The latest monthly Taiwan semi revenues show little signs of a semi slowdown. Lagging edge remains sluggish, wafer inventories are still too high but leading edge continues to rule</li>
</ul>


Global semiconductor sales for the month of March 2025 amounted to $55.9 billion, up 1.8% MoM and up 21.8% YoY
TSMC last week announced that revenue for the month of April amounted to NT$349.57 billion, up 22.2% MoM, up 48.1% YoY and a all time record monthly high
The latest monthly Taiwan semi revenues show little signs of a semi slowdown. Lagging edge remains sluggish, wafer inventories are still too high but leading edge continues to rule


Key Indicator Updates: Semi Sales, WFE Forecast, Latest Taiwan Monthlies & A Blow Out April For TSMC

United States

Advanced Micro Devices, Inc. (AMD) produces semiconductor products and devices. The Company offers products such as microprocessors, embedded microprocessors, chipsets, graphics, video and multimedia products and supplies it to third-party foundries, as well as provides assembling, testing, and packaging services. AMD serves customers worldwide.

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Advanced Micro Devices (AMD US)

NVIDIA Q126. China Restrictions Bring QoQ Growth Screeching To A Halt

Does China really wish to remain reliant on US infrastructure/platforms for its AI build out indefinitely? I think not. Gradually losing China...

William Keating

Semiconductor Tariffs. No Thanks, But If You Insist...

The submissions on proposed semiconductor tariffs were universally negative with many warnings about unintended consequences as well as the threat...

William Keating

Just Listen to Jensen (And Lisa): TSMC, Intel, Samsung

Samsung allegedly secures 2nm customers. AMD claims TSMC has the only 2nm. Competition at 2nm is over, chips rolling out. Intel, Samsung face...

Nicolas Baratte

Episode 118: Weekly Update (Tariffs), AI Budget Spend, Semis and Saudi's

The semiconductor industry is anticipated to grow by 10%, but US manufacturing expansion faces challenges and restrictions on Chinese chip makers,...

The Circuit

Key Indicator Updates: Semi Sales, WFE Forecast, Latest Taiwan Monthlies & A Blow Out April For TSMC

The latest monthly Taiwan semi revenues show little signs of a semi slowdown. Lagging edge remains sluggish, wafer inventories are still too high...

William Keating

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NVIDIA Q126. China Restrictions Bring QoQ Growth Screeching To A Halt

Does China really wish to remain reliant on US infrastructure/platforms for its AI build out indefinitely? I think not. Gradually losing China...

William Keating

Semiconductor Tariffs. No Thanks, But If You Insist...

The submissions on proposed semiconductor tariffs were universally negative with many warnings about unintended consequences as well as the threat...

William Keating

Just Listen to Jensen (And Lisa): TSMC, Intel, Samsung

​Samsung allegedly secures 2nm customers. AMD claims TSMC has the only 2nm. Competition at 2nm is over, chips rolling out. Intel, Samsung face...

Nicolas Baratte

Episode 118: Weekly Update (Tariffs), AI Budget Spend, Semis and Saudi's

The semiconductor industry is anticipated to grow by 10%, but US manufacturing expansion faces challenges and restrictions on Chinese chip makers,...

The Circuit

Key Indicator Updates: Semi Sales, WFE Forecast, Latest Taiwan Monthlies & A Blow Out April For TSMC

The latest monthly Taiwan semi revenues show little signs of a semi slowdown. Lagging edge remains sluggish, wafer inventories are still too high...

William Keating

Samsung allegedly secures 2nm customers. AMD claims TSMC has the only 2nm. Competition at 2nm is over, chips rolling out. Intel, Samsung face...