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>Q124 revenues of 2.36 billion, $60 million above the guided midpoint, down 5% QoQ and down 3% YoY.</li>
<li>Current quarter revenue guidance of $2.5 billion representing a ~6% QoQ increase and about the same YoY.</li>
<li>Share price close to record highs yet CY2024 outlook is tepid while the massive over reliance on China just keeps on going</li>
</ul>


Q124 revenues of 2.36 billion, $60 million above the guided midpoint, down 5% QoQ and down 3% YoY.
Current quarter revenue guidance of $2.5 billion representing a ~6% QoQ increase and about the same YoY.
Share price close to record highs yet CY2024 outlook is tepid while the massive over reliance on China just keeps on going


KLAC. Priced For Perfection In 2025 & Beyond

<ul>
<li>Q124 revenues of $3.79 billion, pretty much flat sequentially both QoQ and YoY, and also marginally better than guidance.</li>
<li>Looking ahead, the company forecasted Q224 revenues $3.8 billion, i.e. flat QoQ. Still no full year 2024 outlook</li>
<li>Technology transitions such as GAA, Backside Power, molybdenum replacing tungsten &amp; the rise of generative AI will all be growth drivers in 2025 &amp; beyond </li>
</ul>


Q124 revenues of $3.79 billion, pretty much flat sequentially both QoQ and YoY, and also marginally better than guidance.
Looking ahead, the company forecasted Q224 revenues $3.8 billion, i.e. flat QoQ. Still no full year 2024 outlook
Technology transitions such as GAA, Backside Power, molybdenum replacing tungsten &amp; the rise of generative AI will all be growth drivers in 2025 &amp; beyond 


LRCX. Mounting Tailwinds Bode Well For 2025 & Beyond

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Luxshare Precision Industry / Equity Bottom-Up

<ul><li>Apple diversifies supply chain, focusing on Southeast Asia, led by Vietnam, while also shifting suppliers in India.</li><li>MediaTek plans to boost market presence and R&amp;D in India, targeting 30% market share in China by 2H24 with Dimensity 9400 SoC.</li><li>US probe into China's RISC-V role could impact Samsung's AI chip ambitions, while STMicroelectronics aims for 100% renewable electricity by 2027.</li></ul>

Apple diversifies supply chain, focusing on Southeast Asia, led by Vietnam, while also shifting suppliers in India.MediaTek plans to boost market presence and R&amp;D in India, targeting 30% market share in China by 2H24 with Dimensity 9400 SoC.US probe into China's RISC-V role could impact Samsung's AI chip ambitions, while STMicroelectronics aims for 100% renewable electricity by 2027.

Tech Supply Chain Tracker (29-Apr-2024): Apple expands supply chain in Southeast Asia, led by Vietnam.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>ASML Holding N.V., a Europe-based semiconductor company, reported its 2024 first quarter financial results in a recent conference call.</li><li>Notably, the total net sales for the period were EUR 5.3 billion, matching the midpoint of the company's guidance.</li><li>The company shipped 12 EUV systems and recognized revenue from 11 such units, amounting to EUR 1.8 billion in revenue.</li></ul>

ASML Holding N.V., a Europe-based semiconductor company, reported its 2024 first quarter financial results in a recent conference call.Notably, the total net sales for the period were EUR 5.3 billion, matching the midpoint of the company's guidance.The company shipped 12 EUV systems and recognized revenue from 11 such units, amounting to EUR 1.8 billion in revenue.

ASML Holding: Surge In Demand due to Electrification & AI But What Are The Real Challenges? - Major Drivers

<ul>
<li>ASML reported Q124 revenues of €5.3 billion, in line with expectations, down 27% QoQ and down 21% YoY.</li>
<li>Guided Q224 for €5.95 billion, down ~23% YoY. This implies H224 will have to be much stronger than H124 in order to maintain full year 2024 guidance of flat YoY</li>
<li>New order intake was €3.6 billion, down significantly from the €9.2 billion in the prior quarter, and challenging the narrative of a strong growth year in 2025</li>
</ul>


ASML reported Q124 revenues of €5.3 billion, in line with expectations, down 27% QoQ and down 21% YoY.
Guided Q224 for €5.95 billion, down ~23% YoY. This implies H224 will have to be much stronger than H124 in order to maintain full year 2024 guidance of flat YoY
New order intake was €3.6 billion, down significantly from the €9.2 billion in the prior quarter, and challenging the narrative of a strong growth year in 2025


ASML. Maintaining 2024 Guidance Despite Sharp Decline In New Bookings

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.

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ASML Holding NV (ASML US)

KLAC. Priced For Perfection In 2025 & Beyond

Q124 revenue $2.36 billion, -5% QoQ & -3% YoY. Current quarter guidance $2.5 billion, +6% QoQ, same YoY. China revenue rose to 42%, same as for...

William Keating

LRCX. Mounting Tailwinds Bode Well For 2025 & Beyond

Q124 revenues $3.79 billion, flat QoQ and YoY. Current quarter revenue guide also flat. China revenues up 2 points to 42%. I can see this becoming...

William Keating

Tech Supply Chain Tracker (29-Apr-2024): Apple expands supply chain in Southeast Asia, led by Vietnam.

Apple diversifies supply chain to Southeast Asia, MediaTek aims for market share growth in China, US probe into China's RISC-V role could impact...

Tech Supply Chain Tracker

ASML Holding: Surge In Demand due to Electrification & AI But What Are The Real Challenges? - Major Drivers

ASML Holding N.V., a Europe-based semiconductor company, reported its 2024 first quarter financial results in a recent conference call. Notably,...

Baptista Research

ASML. Maintaining 2024 Guidance Despite Sharp Decline In New Bookings

Q124 revenues of €5.3 billion, in line, -27% QoQ & -21% YoY. Q224 guidance of €5.95 billion, -23% YoY > H2 will must be ++ versus H1.New orders of...

William Keating

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