Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

Equity Bottom-Up

<ul><li>In this edition: • ABN Amro | NLFI to further reduce stake to approx. 20% • Ahold Delhaize | Delhaize to open 7 new supermarkets by early 2026 • ASML Holding | invests EUR 1.3bn in Mistral AI • X-FAB | presents its long-term financial ambition at its CMD • Household consumption | up 1.3% YoY in July</li></ul>

In this edition: • ABN Amro | NLFI to further reduce stake to approx. 20% • Ahold Delhaize | Delhaize to open 7 new supermarkets by early 2026 • ASML Holding | invests EUR 1.3bn in Mistral AI • X-FAB | presents its long-term financial ambition at its CMD • Household consumption | up 1.3% YoY in July

Sligro Food Group NV - What's New(s) in Amsterdam

Taiwan Tech Focused Senior Analyst

Patrick Liao

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a> has raised wafer prices, with 2nm wafers expected to cost at least 50% more—exceeding USD 30,000 per wafer.   </li>
<li>Rapidus plans to begin 2nm engineering production in 1Q26 and target mass production by 2027, likely one node behind TSMC.</li>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a> is expected to be ready for iPhone 17 production.</li>
</ul>



Taiwan Semiconductor (TSMC) - ADR (TSM US) has raised wafer prices, with 2nm wafers expected to cost at least 50% more—exceeding USD 30,000 per wafer.   
Rapidus plans to begin 2nm engineering production in 1Q26 and target mass production by 2027, likely one node behind TSMC.

Taiwan Semiconductor (TSMC) - ADR (TSM US) is expected to be ready for iPhone 17 production.


TSMC (2330.TT; TSM.US): TSMC Has Raised Wafer Prices; Rapidus Provides 2nm Milestone.

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>DISCO is the global leader in wafer dicing and grinding, holding ~70–80% market share in critical back-end semiconductor tools.</li>
<li>Anagement is expanding capacity via the Gohara Plant (FY2028) and upgrading innovation at the Haneda R&amp;D Center (FY2025–27) to secure its edge in hybrid bonding, PLP, and stealth dicing.</li>
<li>Revenues are projected to grow ~11% CAGR to FY2028, with EPS potentially reaching ¥1,500, but the stock trades at a premium ~33x FY26E P/E.</li>
</ul>


DISCO is the global leader in wafer dicing and grinding, holding ~70–80% market share in critical back-end semiconductor tools.
Anagement is expanding capacity via the Gohara Plant (FY2028) and upgrading innovation at the Haneda R&amp;D Center (FY2025–27) to secure its edge in hybrid bonding, PLP, and stealth dicing.
Revenues are projected to grow ~11% CAGR to FY2028, with EPS potentially reaching ¥1,500, but the stock trades at a premium ~33x FY26E P/E.


DISCO Corporation (TSE: 6146) – From Abrasive Wheels to AI Packaging Champion

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

<ul>
<li>AMAT reported FY Q325 revenues of $7.3 billion, up 3% QoQ, up 8% YoY and ~$100 million above the midpoint of the guided range</li>
<li>Looking ahead, AMAT forecasted current quarter revenues of $6.7 billion at the midpoint, down 8.3% QoQ and down 4.9% YoY</li>
<li>The China slump was not unexpected, but the leading edge logic drop was definitely a surprise</li>
</ul>


AMAT reported FY Q325 revenues of $7.3 billion, up 3% QoQ, up 8% YoY and ~$100 million above the midpoint of the guided range
Looking ahead, AMAT forecasted current quarter revenues of $6.7 billion at the midpoint, down 8.3% QoQ and down 4.9% YoY
The China slump was not unexpected, but the leading edge logic drop was definitely a surprise


AMAT Q325. Tanking On Tepid Leading Edge Outlook & China Woes

<ul>
<li>LRCX reported FY 25Q4 revenues of $5.17 billion, + 10% QoQ, + 33% YoY and up $170 million from the guided midpoint.  </li>
<li>For FY 2025 as a whole, revenue amounted to $18.44 billion, up 23% YoY and their highest ever annual revenue, exceeding the previous record by roughly $1 billion.</li>
<li>China revenues are climbing once again and now represent 35% of sales and are on track to go even higher in the current quarter. That's a concern..</li>
</ul>


LRCX reported FY 25Q4 revenues of $5.17 billion, + 10% QoQ, + 33% YoY and up $170 million from the guided midpoint.  
For FY 2025 as a whole, revenue amounted to $18.44 billion, up 23% YoY and their highest ever annual revenue, exceeding the previous record by roughly $1 billion.
China revenues are climbing once again and now represent 35% of sales and are on track to go even higher in the current quarter. That's a concern..


LRCX FY 25Q4. Record Quarter, Record Year But Beware Tariff Threats & China Exposure

Netherlands

ASML Holding N.V. develops, produces, and markets semiconductor manufacturing equipment, specifically machines for the production of chips through lithography. The Company services clients worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

ASML Holding NV (ASML US)

Sligro Food Group NV - What's New(s) in Amsterdam

In this edition: • ABN Amro | NLFI to further reduce stake to approx. 20% • Ahold Delhaize | Delhaize to open 7 new supermarkets by early...

The IDEA!

TSMC (2330.TT; TSM.US): TSMC Has Raised Wafer Prices; Rapidus Provides 2nm Milestone.

TSMC raises wafer prices for 2nm chips, with costs exceeding $30,000 per wafer, positioning itself ahead of Rapidus in production timeline and...

Patrick Liao

DISCO Corporation (TSE: 6146) – From Abrasive Wheels to AI Packaging Champion

DISCO is the global leader in wafer dicing and grinding, holding ~70–80% market share in critical back-end semiconductor tools.

Rahul Jain

AMAT Q325. Tanking On Tepid Leading Edge Outlook & China Woes

The China slump was not unexpected, but the leading edge logic drop was definitely a surprise. It might also not be the last surprise we see this...

William Keating

LRCX FY 25Q4. Record Quarter, Record Year But Beware Tariff Threats & China Exposure

China revenues are climbing once again and now represent 35% of sales and are on track to go even higher in the current quarter. That's a concern..

William Keating

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sligro Food Group NV - What's New(s) in Amsterdam

In this edition: • ABN Amro | NLFI to further reduce stake to approx. 20% • Ahold Delhaize | Delhaize to open 7 new supermarkets by early...

The IDEA!

TSMC (2330.TT; TSM.US): TSMC Has Raised Wafer Prices; Rapidus Provides 2nm Milestone.

​TSMC raises wafer prices for 2nm chips, with costs exceeding $30,000 per wafer, positioning itself ahead of Rapidus in production timeline and...

Patrick Liao

DISCO Corporation (TSE: 6146) – From Abrasive Wheels to AI Packaging Champion

DISCO is the global leader in wafer dicing and grinding, holding ~70–80% market share in critical back-end semiconductor tools.

Rahul Jain

AMAT Q325. Tanking On Tepid Leading Edge Outlook & China Woes

The China slump was not unexpected, but the leading edge logic drop was definitely a surprise. It might also not be the last surprise we see this...

William Keating

LRCX FY 25Q4. Record Quarter, Record Year But Beware Tariff Threats & China Exposure

China revenues are climbing once again and now represent 35% of sales and are on track to go even higher in the current quarter. That's a concern..

William Keating

TSMC raises wafer prices for 2nm chips, with costs exceeding $30,000 per wafer, positioning itself ahead of Rapidus in production timeline and...