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>Q424 revenues of $14.3 billion which was $500 million above the guided midpoint, down 7% YoY but up 7.5% QoQ.</li>
<li>Forecasted Q125 revenues of $12.2 billion at the midpoint, down $500 million YoY and down 15% QoQ</li>
<li>Transition to EUV abysmally slow, Falcon Shores cancelled, Clearwater Forest delayed, GMs will see <em>some</em> improvement or <em>mixed</em> improvement in 2026. </li>
</ul>


Q424 revenues of $14.3 billion which was $500 million above the guided midpoint, down 7% YoY but up 7.5% QoQ.
Forecasted Q125 revenues of $12.2 billion at the midpoint, down $500 million YoY and down 15% QoQ
Transition to EUV abysmally slow, Falcon Shores cancelled, Clearwater Forest delayed, GMs will see some improvement or mixed improvement in 2026. 


Intel Q424. It's A Journey, Not A Destination

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>PC Monitor: Snapdragon’s Surge, AMD’s Gains, Intel’s Test; Long Asus &amp; Dell</li>
<li>Memory Monitor: Is DeepSeek a Problem for SK Hynix &amp; Micron's HBM DRAM Growth? </li>
<li>TSMC (2330.TT; TSM.US): Earthquake Impact Limited; Setting Newest Production Line Not Viable in US. </li>
</ul>


PC Monitor: Snapdragon’s Surge, AMD’s Gains, Intel’s Test; Long Asus &amp; Dell
Memory Monitor: Is DeepSeek a Problem for SK Hynix &amp; Micron's HBM DRAM Growth? 
TSMC (2330.TT; TSM.US): Earthquake Impact Limited; Setting Newest Production Line Not Viable in US. 


Taiwan Tech Weekly: How Apple Helped TSMC Become #1; Also Morris Chang Comments on TSMC ADR Premium

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>Considering of current financial outcome of <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a>, we cannot but favor <a href="https://www.smartkarma.com/entities/advanced-micro-devices-inc" target="_blank" data-smartkarma-citation="entities:19009:1" rel="noopener">Advanced Micro Devices (AMD US).</a>
</li>
<li>Currently, <a href="https://www.smartkarma.com/entities/advanced-micro-devices-inc" target="_blank" data-smartkarma-citation="entities:19009:1" rel="noopener">Advanced Micro Devices (AMD US)</a> has a more favorable competitive landscape compared to <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a>.</li>
<li>The competition in PC CPU emphasizes not only performance but also heat dissipation and other techniques related to supply management.    </li>
</ul>


Considering of current financial outcome of Intel Corp (INTC US), we cannot but favor Advanced Micro Devices (AMD US).

Currently, Advanced Micro Devices (AMD US) has a more favorable competitive landscape compared to Intel Corp (INTC US).
The competition in PC CPU emphasizes not only performance but also heat dissipation and other techniques related to supply management.    


Intel (INTC.US): Exploring a Tough Journey. (II)

<ul>
<li>Project Digits is a supercomputer on everybody's desk for $3000. Seems crazy but feels like 1977 Ken Olson moment "no reason anyone would want a computer in their home"</li>
<li>Lack of data center revenue growth predictions likely spooked investors and triggered a ~10% pullback. Just buy the dip, you know you want to...</li>
<li>Micron and MediaTek both jumped on news of their further involvement in NVIDIA's AI acceleration hardware supply chain. </li>
</ul>


Project Digits is a supercomputer on everybody's desk for $3000. Seems crazy but feels like 1977 Ken Olson moment "no reason anyone would want a computer in their home"
Lack of data center revenue growth predictions likely spooked investors and triggered a ~10% pullback. Just buy the dip, you know you want to...
Micron and MediaTek both jumped on news of their further involvement in NVIDIA's AI acceleration hardware supply chain. 


NVIDIA @ CES 2025. Forget The AIPC, We've Got A Supercomputer PC!

<ul>
<li>Latest TSMC Price Hike -- Introducing the $18,000 Wafer; Supports The Case That Management Margin Guidance is Overly Conservative</li>
<li>Mover Over Apple, Nvidia Could Become TSMC's Largest Customer in 2025E</li>
<li>SK Hynix(000660.KS): Insisting on HBM Technology and Continuing to Surpass Samsung in Net Earnings </li>
</ul>


Latest TSMC Price Hike -- Introducing the $18,000 Wafer; Supports The Case That Management Margin Guidance is Overly Conservative
Mover Over Apple, Nvidia Could Become TSMC's Largest Customer in 2025E
SK Hynix(000660.KS): Insisting on HBM Technology and Continuing to Surpass Samsung in Net Earnings 


Taiwan Tech Weekly: Latest TSMC Pricing for Apple Supports Bullish Margin Case; SK Hynix's HBM Win

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)

Intel Q424. It's A Journey, Not A Destination

Transition to EUV abysmally slow, Falcon Shores cancelled, Clearwater Forest delayed, GMs will see some improvement or mixed improvement in 2026....

William Keating

Taiwan Tech Weekly: How Apple Helped TSMC Become #1; Also Morris Chang Comments on TSMC ADR Premium

Also: Performance of Snapdragon, AMD, and Intel in the PC monitor market; potential challenges for SK Hynix and Micron in the memory monitor...

Vincent Fernando, CFA

Intel (INTC.US): Exploring a Tough Journey. (II)

Intel Corp's financial outcome favors Advanced Micro Devices in the competition for PC CPU market due to a more favorable competitive landscape.

Patrick Liao

NVIDIA @ CES 2025. Forget The AIPC, We've Got A Supercomputer PC!

Project Digits aims to put a supercomputer on everybody's desk for $3000. Seems crazy but feels like a 1977 Ken Olson moment "no reason anyone...

William Keating

Taiwan Tech Weekly: Latest TSMC Pricing for Apple Supports Bullish Margin Case; SK Hynix's HBM Win

TSMC's price hike and potential shift in top customers could impact margins, while SK Hynix maintains lead over Samsung in earnings with focus on...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Intel Q424. It's A Journey, Not A Destination

Transition to EUV abysmally slow, Falcon Shores cancelled, Clearwater Forest delayed, GMs will see some improvement or mixed improvement in 2026....

William Keating

Taiwan Tech Weekly: How Apple Helped TSMC Become #1; Also Morris Chang Comments on TSMC ADR Premium

Also: Performance of Snapdragon, AMD, and Intel in the PC monitor market; potential challenges for SK Hynix and Micron in the memory monitor...

Vincent Fernando, CFA

Intel (INTC.US): Exploring a Tough Journey. (II)

​Intel Corp's financial outcome favors Advanced Micro Devices in the competition for PC CPU market due to a more favorable competitive landscape.

Patrick Liao

NVIDIA @ CES 2025. Forget The AIPC, We've Got A Supercomputer PC!

Project Digits aims to put a supercomputer on everybody's desk for $3000. Seems crazy but feels like a 1977 Ken Olson moment "no reason anyone...

William Keating

Taiwan Tech Weekly: Latest TSMC Pricing for Apple Supports Bullish Margin Case; SK Hynix's HBM Win

​TSMC's price hike and potential shift in top customers could impact margins, while SK Hynix maintains lead over Samsung in earnings with focus on...

Vincent Fernando, CFA

Intel Corp's financial outcome favors Advanced Micro Devices in the competition for PC CPU market due to a more favorable competitive landscape.

TSMC's price hike and potential shift in top customers could impact margins, while SK Hynix maintains lead over Samsung in earnings with focus on...