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

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC</a> held a series of virtual technology symposia last week during which they provided key updates on their process technology roadmaps. While they reported numerous exciting developments, three key items stood out for us. Firstly, the extent of their leadership using EUV in high volume manufacturing. Secondly, the fact that their 5nm ramp, currently in progress, will be even faster than their 7nm ramp. This is made possible by the fact that they are experiencing lower defect density levels on 5nm at a comparable point in its ramp compared to 7nm. Thirdly, they revealed that, unlike their main competitors, they are going with an enhanced FinFET transistor design at 3nm rather than moving to Gate-All-Around. Here's a look in more detail at the background to these key announcements and why they matter.

TSMC held a series of virtual technology symposia last week during which they provided key updates on their process technology roadmaps. While they reported numerous exciting developments, three key items stood out for us. Firstly, the extent of their leadership using EUV in high volume manufacturing. Secondly, the fact that their 5nm ramp, currently in progress, will be even faster than their 7nm ramp. This is made possible by the fact that they are experiencing lower defect density levels on 5nm at a comparable point in its ramp compared to 7nm. Thirdly, they revealed that, unlike their main competitors, they are going with an enhanced FinFET transistor design at 3nm rather than moving to Gate-All-Around. Here's a look in more detail at the background to these key announcements and why they matter.

TSMC. Three Key Updates From A Remarkable Technology Symposium.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Our outlook remains bullish and we continue to believe that the path of least resistance remains higher for global equities (MSCI ACWI). As long as the MSCI ACWI (ACWI-US), ACWI ex-US (ACWX-US), EM (EEM-US), and EAFE (EFA-US) are above their respective intermediate-term support levels we believe a positive outlook is warranted. Support levels to watch include $75 on ACWI-US, $44 on ACWX-US, $41 on EEM-US, and $60 on EFA-US. We recap significant technical levels across major markets and highlight specific opportunities within the Technology and Materials Sectors.

Our outlook remains bullish and we continue to believe that the path of least resistance remains higher for global equities (MSCI ACWI). As long as the MSCI ACWI (ACWI-US), ACWI ex-US (ACWX-US), EM (EEM-US), and EAFE (EFA-US) are above their respective intermediate-term support levels we believe a positive outlook is warranted. Support levels to watch include $75 on ACWI-US, $44 on ACWX-US, $41 on EEM-US, and $60 on EFA-US. We recap significant technical levels across major markets and highlight specific opportunities within the Technology and Materials Sectors.

Global Equity Strategy: Bullish Outlook Intact

Our outlook remains status quo: we are bullish and we believe the path of least resistance remains higher. In today’s report we highlight attractive Groups and stocks within Technology: Semiconductor, Mid-Cap, Semiconductor Equip., Large/Mid-Cap, Semiconductor Equip., Small-Cap, and Software, Internet.

Our outlook remains status quo: we are bullish and we believe the path of least resistance remains higher. In today’s report we highlight attractive Groups and stocks within Technology: Semiconductor, Mid-Cap, Semiconductor Equip., Large/Mid-Cap, Semiconductor Equip., Small-Cap, and Software, Internet.

U. S. Equity Strategy: Status Quo: Bullish Outlook Intact

Dutch lithography giant <a href="https://www.smartkarma.com/entities/asml-holding-nv" target="_blank" data-smartkarma-citation="entities:21097:1" rel="noopener">ASML</a> this week reported second quarter revenues of $3.8 billion, up 35% sequentially and 31% YoY. While the company had not provided formal earnings guidance for the quarter, a combination of even higher expectations, a significantly reduced new order intake and changes in the payment schedules for future EUV purchase contracts saw the share price dip more than 5% in overnight trading. Here's what the company had to say and why it matters.

Dutch lithography giant ASML this week reported second quarter revenues of $3.8 billion, up 35% sequentially and 31% YoY. While the company had not provided formal earnings guidance for the quarter, a combination of even higher expectations, a significantly reduced new order intake and changes in the payment schedules for future EUV purchase contracts saw the share price dip more than 5% in overnight trading. Here's what the company had to say and why it matters. 

ASML. Solid Q2 But New Bookings Significantly Down As COVID-19 Clouds Medium Term Outlook.

US Treasury (10 Yr Generic) / Technical Analysis

Considering the absence of breakdowns for the major indexes and for individual Sectors, along with the Fed covering investors’ backs, we continue to have a bullish outlook and we believe that the path of least resistance remains higher. In this report we outline our bullish case and highlight actionable opportunities across all 12 sectors.

Considering the absence of breakdowns for the major indexes and for individual Sectors, along with the Fed covering investors’ backs, we continue to have a bullish outlook and we believe that the path of least resistance remains higher. In this report we outline our bullish case and highlight actionable opportunities across all 12 sectors.

U.S. Equity Strategy - Bullish Outlook Intact

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 world wide.

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ASML Holding NV (ASML NA)

TSMC. Three Key Updates From A Remarkable Technology Symposium.

TSMC held a series of virtual technology symposia last week during which they provided key updates on their process technology roadmaps. While they...

William Keating

Global Equity Strategy: Bullish Outlook Intact

Our outlook remains bullish and we continue to believe that the path of least resistance remains higher for global equities (MSCI ACWI). As long as...

Vermilion Research

U. S. Equity Strategy: Status Quo: Bullish Outlook Intact

Our outlook remains status quo: we are bullish and we believe the path of least resistance remains higher. In today’s report we highlight...

Vermilion Research

ASML. Solid Q2 But New Bookings Significantly Down As COVID-19 Clouds Medium Term Outlook.

Dutch lithography giant ASML this week reported second quarter revenues of $3.8 billion, up 35% sequentially and 31% YoY. While the company had not...

William Keating

U.S. Equity Strategy - Bullish Outlook Intact

Considering the absence of breakdowns for the major indexes and for individual Sectors, along with the Fed covering investors’ backs, we continue...

Vermilion Research

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