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 Bottom-Up

<ul>
<li>Hello from Kyoto! If there was a single big story from VLSI this year, it had to be Backside Power Delivery (BSPDN). VLSI is one of the premier conferences for semiconductor design and has been held since the 1980s.</li>
<li>Today it’s one of the best places to present cutting-edge research in circuit technology.</li>
<li>The key revolutionary announcement at VLSI this year was BSPDN. Let’s discuss.</li>
</ul>


Hello from Kyoto! If there was a single big story from VLSI this year, it had to be Backside Power Delivery (BSPDN). VLSI is one of the premier conferences for semiconductor design and has been held since the 1980s.
Today it’s one of the best places to present cutting-edge research in circuit technology.
The key revolutionary announcement at VLSI this year was BSPDN. Let’s discuss.


VLSI Japan : It’s Better on the Backside

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Steady loss of market share to AMD in x86 PC and Server. Single design win for the GPU Max, overall no AI or Accelerator roadmap.  </li>
<li>Steady deterioration of the financials. Collapse in NON-GAAP Operating Profits, leading to negative Free Cash Flow, leading to increasing Net Debt. </li>
<li>Most damaging, IMO was during 3Q24 conference call (1st Nov 2024) when the CFO David Zinsner said: don’t expect a recovery before 2026. CEO Gelsinger was gone 1 month later. </li>
</ul>


Steady loss of market share to AMD in x86 PC and Server. Single design win for the GPU Max, overall no AI or Accelerator roadmap.  
Steady deterioration of the financials. Collapse in NON-GAAP Operating Profits, leading to negative Free Cash Flow, leading to increasing Net Debt. 
Most damaging, IMO was during 3Q24 conference call (1st Nov 2024) when the CFO David Zinsner said: don’t expect a recovery before 2026. CEO Gelsinger was gone 1 month later. 


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>Whether Intel can achieve Process or Foundry leadership in a credible timeframe is something Mr. Tan has relatively little control over in the short term.</li>
<li>His most pressing challenge will be to address the corporate culture of entitlement that's rife throughout the company, starting with the BoD</li>
<li>Measure his success by the number of high profile resignations we see in the coming months. Those who created Intel's problems cannot be the ones to fix them. </li>
</ul>


Whether Intel can achieve Process or Foundry leadership in a credible timeframe is something Mr. Tan has relatively little control over in the short term.
His most pressing challenge will be to address the corporate culture of entitlement that's rife throughout the company, starting with the BoD
Measure his success by the number of high profile resignations we see in the coming months. Those who created Intel's problems cannot be the ones to fix them. 


Intel. Mr. Tan's Greatest Challenge Is Not Process Or Foundry Leadership. It's Something Far Bigger

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>Intel’s struggles in the semiconductor industry have reached a critical juncture.</li><li>The once-dominant chipmaker, which led the global semiconductor space for decades, has lost significant market share to competitors like Nvidia, AMD, and TSMC.</li><li>Manufacturing setbacks, market share declines, and massive losses in its foundry business have plagued Intel over the past few years.</li></ul>

Intel’s struggles in the semiconductor industry have reached a critical juncture.The once-dominant chipmaker, which led the global semiconductor space for decades, has lost significant market share to competitors like Nvidia, AMD, and TSMC.Manufacturing setbacks, market share declines, and massive losses in its foundry business have plagued Intel over the past few years.

Intel’s Last Chance: What Can New CEO Lip-Bu Tan Do To Save The Day?

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>
<a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> has hired Mr. Lip-Bu Tan as the new CEO effective March 18th. He was formerly a board member of Intel before resigning in June 2024.</li>
<li>The A18 technology node marks a new beginning for <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a>, which is believed to be the new hope, but we approach it with caution.</li>
<li>
<a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> should focus on developing its own technology and also consider using <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> as an insurance policy.  </li>
</ul>



Intel Corp (INTC US) has hired Mr. Lip-Bu Tan as the new CEO effective March 18th. He was formerly a board member of Intel before resigning in June 2024.
The A18 technology node marks a new beginning for Intel Corp (INTC US), which is believed to be the new hope, but we approach it with caution.

Intel Corp (INTC US) should focus on developing its own technology and also consider using Taiwan Semiconductor (TSMC) - ADR (TSM US) as an insurance policy.  


Intel (INTC.US): Exploring a Tough Journey. (III)

United States

Intel Corporation designs, manufactures, and sells computer components and related products.  The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

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Intel Corp (INTC US)

VLSI Japan : It’s Better on the Backside

If there was a single big story from VLSI this year, it had to be BSPDN. Intel announces its PowerVia technology, and scaling the backside is the...

Fabricated Knowledge

Intel: A Graphic Novel Of A Train Wreck

Everything that could go wrong did go wrong: losing market share to AMD, no success for GPU or Gaudi, financial deterioration, and finally CFO...

Nicolas Baratte

Intel. Mr. Tan's Greatest Challenge Is Not Process Or Foundry Leadership. It's Something Far Bigger

Intel's BoD awarded its co-interim CEO's $1.5 million each for the 3.5 months in the role. This compares to the new CEO's $1 million annual salary....

William Keating

Intel’s Last Chance: What Can New CEO Lip-Bu Tan Do To Save The Day?

Intel’s struggles in the semiconductor industry have reached a critical juncture. The once-dominant chipmaker, which led the global semiconductor...

Baptista Research

Intel (INTC.US): Exploring a Tough Journey. (III)

Intel Corp has a new CEO, Mr. Lip-Bu Tan, and is entering a new technology node cautiously, relying on its own technology and Taiwan Semiconductor...

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

VLSI Japan : It’s Better on the Backside

If there was a single big story from VLSI this year, it had to be BSPDN. Intel announces its PowerVia technology, and scaling the backside is the...

Fabricated Knowledge

Intel: A Graphic Novel Of A Train Wreck

Everything that could go wrong did go wrong: losing market share to AMD, no success for GPU or Gaudi, financial deterioration, and finally CFO...

Nicolas Baratte

Intel. Mr. Tan's Greatest Challenge Is Not Process Or Foundry Leadership. It's Something Far Bigger

Intel's BoD awarded its co-interim CEO's $1.5 million each for the 3.5 months in the role. This compares to the new CEO's $1 million annual salary....

William Keating

Intel’s Last Chance: What Can New CEO Lip-Bu Tan Do To Save The Day?

Intel’s struggles in the semiconductor industry have reached a critical juncture. The once-dominant chipmaker, which led the global semiconductor...

Baptista Research

Intel (INTC.US): Exploring a Tough Journey. (III)

​Intel Corp has a new CEO, Mr. Lip-Bu Tan, and is entering a new technology node cautiously, relying on its own technology and Taiwan Semiconductor...

Patrick Liao

Intel Corp has a new CEO, Mr. Lip-Bu Tan, and is entering a new technology node cautiously, relying on its own technology and Taiwan Semiconductor...