Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Equity Capital Markets

<ul>
<li>ARM prices this Wednesday and trades on Thursday.</li>
<li>I have a lot of thoughts. This will be a great post if you want to learn about ARM. </li>
<li><span style="font-size: var(--content-font-size);">So, without further adieu, let’s dive into the most important IP company in the world.</span></li>
</ul>


ARM prices this Wednesday and trades on Thursday.
I have a lot of thoughts. This will be a great post if you want to learn about ARM. 
So, without further adieu, let’s dive into the most important IP company in the world.


Equity Long-Short

Mo Aziz

Equity Bottom-Up

<ul>
<li>GFS is one of a handful of foundries globally with commercial-scale silicon photonics capacity — the manufacturing layer co-packaged optics needs, not easily replicated by Asian peers.</li>
<li>Margin expansion is the re-rating lever: 29.0% Non-IFRS gross margin in Q1, guided to 40% by 2028, driven by CID mix shift away from commodity smart mobile.</li>
<li>Initiate with BUY and TP of USD 91.00, applying 19x FY26E EV/EBITDA — a modest premium to historical range, reflecting the CID growth trajectory and photonics option value. </li>
</ul>


GFS is one of a handful of foundries globally with commercial-scale silicon photonics capacity — the manufacturing layer co-packaged optics needs, not easily replicated by Asian peers.
Margin expansion is the re-rating lever: 29.0% Non-IFRS gross margin in Q1, guided to 40% by 2028, driven by CID mix shift away from commodity smart mobile.
Initiate with BUY and TP of USD 91.00, applying 19x FY26E EV/EBITDA — a modest premium to historical range, reflecting the CID growth trajectory and photonics option value. 


Global Foundries (GFS US) - Initiate with a BUY: Photonics Foundry Behind AI's Bandwidth Problem

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>GlobalFoundries demonstrated solid financial and operational performance in the first quarter of 2026, with revenue reaching $1.634 billion, marking a 3.1% year-over-year increase despite an 11% sequential decline.</li><li>The company shipped approximately 579,000 300-millimeter equivalent wafers, up 7% year-over-year but down 6% sequentially.</li><li>Manufacturing services remained the majority revenue contributor at 87%, while technology services, which include IP, licensing, and software, accounted for 13%, reflecting the company's expanding business scope following acquisitions such as MIPS and the impending Synopsys ARC IP purchase.</li></ul>

GlobalFoundries demonstrated solid financial and operational performance in the first quarter of 2026, with revenue reaching $1.634 billion, marking a 3.1% year-over-year increase despite an 11% sequential decline.The company shipped approximately 579,000 300-millimeter equivalent wafers, up 7% year-over-year but down 6% sequentially.Manufacturing services remained the majority revenue contributor at 87%, while technology services, which include IP, licensing, and software, accounted for 13%, reflecting the company's expanding business scope following acquisitions such as MIPS and the impending Synopsys ARC IP purchase.

GlobalFoundries: Expanding in High-Growth Technology Corridors—Can Capacity Investments Unlock a Powerful New Growth Phase?

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>GlobalFoundries reported Q126 revenue of $1.634 billion, up 3% YoY, but down 11% sequentially, which is the normal seasonal pattern for the business</li>
<li>Non-IFRS gross margin hit 29.0%, a record for a first quarter, beating guidance by around 200 basis points and topping the prior-year period by 510 basis points</li>
<li>SiGe capacity is oversubscribed through well into 2027. Silicon photonics revenue is on track to roughly double in 2026..</li>
</ul>


GlobalFoundries reported Q126 revenue of $1.634 billion, up 3% YoY, but down 11% sequentially, which is the normal seasonal pattern for the business
Non-IFRS gross margin hit 29.0%, a record for a first quarter, beating guidance by around 200 basis points and topping the prior-year period by 510 basis points
SiGe capacity is oversubscribed through well into 2027. Silicon photonics revenue is on track to roughly double in 2026..


GlobalFoundries Q1 2026. Pivoting To The AI Networking Bottleneck

<ul><li>GlobalFoundries Inc. recently reported its financial results for the fourth quarter and full year of 2025.</li><li>The company achieved revenue of $1.83 billion for the fourth quarter, which marked an 8% sequential increase and flat growth year-over-year.</li><li>For the full year, revenue was $6.791 billion, reflecting a modest 1% increase compared to 2024.</li></ul>

GlobalFoundries Inc. recently reported its financial results for the fourth quarter and full year of 2025.The company achieved revenue of $1.83 billion for the fourth quarter, which marked an 8% sequential increase and flat growth year-over-year.For the full year, revenue was $6.791 billion, reflecting a modest 1% increase compared to 2024.

GlobalFoundries: How Silicon Photonics Became a Core Differentiator in the AI Era!

United States

GLOBALFOUNDRIES Inc. operates as a semiconductor contract manufacturing and design company. The Company offers chips designed for markets such as mobility, automotive, computing and wired connectivity, and consumer internet of things (IoT). GLOBALFOUNDRIES serves customers worldwide.

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GLOBALFOUNDRIES (GFS US)

ARM IPO Breakdown

ARM prices this Wednesday and trades on Thursday. I have a lot of thoughts. This will be a great post if you want to learn about ARM. So, without...

Fabricated Knowledge