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

Thematic (Sector/Industry)

<ul>
<li>Q424 revenues for the top 5 WFE players amounted to $28.7 billion, up 10% QoQ and up 21.7% YoY and an all time record high quarterly revenue for the segment</li>
<li>For the full year 2024, revenues amounted to $99.74 billion, up 7% sequentially, and slightly exceeding our forecasted 5% growth.</li>
<li>WFE growth in 2025 will be similar to 2024, with slowing China spending coupled with historic over capacity across the industry countering anticipated AI &amp; technology transition related increases </li>
</ul>


Q424 revenues for the top 5 WFE players amounted to $28.7 billion, up 10% QoQ and up 21.7% YoY and an all time record high quarterly revenue for the segment
For the full year 2024, revenues amounted to $99.74 billion, up 7% sequentially, and slightly exceeding our forecasted 5% growth.
WFE growth in 2025 will be similar to 2024, with slowing China spending coupled with historic over capacity across the industry countering anticipated AI &amp; technology transition related increases 


Semi WFE Revenues Increase ~7% YoY In 2024. 2025 Looks Much The Same. So, Where's The AI Effect?

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>ASML CEO suggests Trump's tariffs could give US tech industry an advantage, potentially benefiting India's tech sector as well.</li><li>Tongfu begins trial assembly of HBM2, signaling potential growth in India's tech industry in response to changing tariff policies.</li><li>India lowers tariffs in response to Trump's tariff policy, indicating a willingness to adapt and potentially increase trade opportunities.</li></ul>

ASML CEO suggests Trump's tariffs could give US tech industry an advantage, potentially benefiting India's tech sector as well.Tongfu begins trial assembly of HBM2, signaling potential growth in India's tech industry in response to changing tariff policies.India lowers tariffs in response to Trump's tariff policy, indicating a willingness to adapt and potentially increase trade opportunities.

Tech Supply Chain Tracker (11-Feb-2025): Can Trump's tariffs benefit India's tech?

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>Rapidus Corporation -- The Japan-based semiconductor startup has emerged as a key part of the country’s ambition to reclaim a foothold in the advanced semiconductor manufacturing space.</li>
<li>How Rapidus Compares to TSMC -- Rapidus’s challenge is not only in catching up with TSMC’s leading-edge process nodes but also in ensuring manufacturing maturity and cost competitiveness.</li>
<li>Maintain Structural Long rating for TSMC -- Accumulate on market weakness. TSMC is partially insulated from U.S. tariff risks thanks to its position producing the most advanced chips.</li>
</ul>


Rapidus Corporation -- The Japan-based semiconductor startup has emerged as a key part of the country’s ambition to reclaim a foothold in the advanced semiconductor manufacturing space.
How Rapidus Compares to TSMC -- Rapidus’s challenge is not only in catching up with TSMC’s leading-edge process nodes but also in ensuring manufacturing maturity and cost competitiveness.
Maintain Structural Long rating for TSMC -- Accumulate on market weakness. TSMC is partially insulated from U.S. tariff risks thanks to its position producing the most advanced chips.


Japan's Semiconductor Gamble: Can Rapidus Challenge TSMC?

Independent Investment Research, The IDEA!

The IDEA!

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.

<ul><li>In this edition: • AkzoNobel | 4Q24 shows a mixed picture; some bright spots ahead • ASML Holding | reiterates FY25 and long-term outlook / record quarterly FCF • InPost | AliExpress survey shows Polish shoppers are looking for 'engaging experiences'</li></ul>

In this edition: • AkzoNobel | 4Q24 shows a mixed picture; some bright spots ahead • ASML Holding | reiterates FY25 and long-term outlook / record quarterly FCF • InPost | AliExpress survey shows Polish shoppers are looking for 'engaging experiences'

What's New(s) in Amsterdam - 29 January (AkzoNobel | ASML Holding | | InPost)

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>After two years of significant investments in AI infrastructure, investors are counting 2025 to be a transformational year for AI.</li><li>As market leaders will continue to deploy a large amount of capital in AI infrastructure buildout to widen their competitive moats, new themes in the downstream are rising, including AI agents, humanoid robots, robotaxi, etc.</li><li>We remain bullish on AI demand. We continue to rank AI theme as our top pick for 2025. Market leaders will continue to enjoy the AI tailwind beyond 2025.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

After two years of significant investments in AI infrastructure, investors are counting 2025 to be a transformational year for AI.As market leaders will continue to deploy a large amount of capital in AI infrastructure buildout to widen their competitive moats, new themes in the downstream are rising, including AI agents, humanoid robots, robotaxi, etc.We remain bullish on AI demand. We continue to rank AI theme as our top pick for 2025. Market leaders will continue to enjoy the AI tailwind beyond 2025.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semiconductors -Stargate Poised to Accelerate Global AI Arms Race

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)

Semi WFE Revenues Increase ~7% YoY In 2024. 2025 Looks Much The Same. So, Where's The AI Effect?

Semi WFE growth in 2025 will be similar to 2024, with slowing China spending coupled with historic over capacity across the industry countering...

William Keating

Tech Supply Chain Tracker (11-Feb-2025): Can Trump's tariffs benefit India's tech?

ASML CEO believes US tariffs could benefit India's tech industry, Tongfu begins HBM2 trial as India reduces tariffs in response to Trump's policy.

Tech Supply Chain Tracker

Japan's Semiconductor Gamble: Can Rapidus Challenge TSMC?

Japan's Rapidus aims to boost country's semiconductor industry, but faces significant challenges in catching up to TSMC's advanced nodes and cost...

Vincent Fernando, CFA

What's New(s) in Amsterdam - 29 January (AkzoNobel | ASML Holding | | InPost)

In this edition: • AkzoNobel | 4Q24 shows a mixed picture; some bright spots ahead • ASML Holding | reiterates FY25 and long-term outlook /...

The IDEA!

Semiconductors -Stargate Poised to Accelerate Global AI Arms Race

We remain bullish on AI demand. We continue to rank AI theme as our top pick for 2025. Market leaders will continue to enjoy the AI tailwind beyond...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Semi WFE Revenues Increase ~7% YoY In 2024. 2025 Looks Much The Same. So, Where's The AI Effect?

Semi WFE growth in 2025 will be similar to 2024, with slowing China spending coupled with historic over capacity across the industry countering...

William Keating

Tech Supply Chain Tracker (11-Feb-2025): Can Trump's tariffs benefit India's tech?

ASML CEO believes US tariffs could benefit India's tech industry, Tongfu begins HBM2 trial as India reduces tariffs in response to Trump's policy.

Tech Supply Chain Tracker

Japan's Semiconductor Gamble: Can Rapidus Challenge TSMC?

​Japan's Rapidus aims to boost country's semiconductor industry, but faces significant challenges in catching up to TSMC's advanced nodes and cost...

Vincent Fernando, CFA

What's New(s) in Amsterdam - 29 January (AkzoNobel | ASML Holding | | InPost)

In this edition: • AkzoNobel | 4Q24 shows a mixed picture; some bright spots ahead • ASML Holding | reiterates FY25 and long-term outlook /...

The IDEA!

Semiconductors -Stargate Poised to Accelerate Global AI Arms Race

We remain bullish on AI demand. We continue to rank AI theme as our top pick for 2025. Market leaders will continue to enjoy the AI tailwind beyond...

CMB International

Japan's Rapidus aims to boost country's semiconductor industry, but faces significant challenges in catching up to TSMC's advanced nodes and cost...