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>On March 1, ex Intel CEO Craig Barrett posted a rebuttal of his former board members opinion piece on the subject of the company’s future</li>
<li>He claims that Intel is back, the company must not be broken up, the board should be fired and Mr. Gelsinger should be rehired to finish the job he started</li>
<li>Meanwhile, Intel has put its Ohio fab on hold until the end of the decade, its German fab on hold for two years, both damning indictments of Mr Gelsinger's strategy</li>
</ul>


On March 1, ex Intel CEO Craig Barrett posted a rebuttal of his former board members opinion piece on the subject of the company’s future
He claims that Intel is back, the company must not be broken up, the board should be fired and Mr. Gelsinger should be rehired to finish the job he started
Meanwhile, Intel has put its Ohio fab on hold until the end of the decade, its German fab on hold for two years, both damning indictments of Mr Gelsinger's strategy


Former CEO Claims Intel Is Back & Says Can We Please Stop Talking About Breaking It Up?

<ul>
<li>Four former, long term Intel board members yesterday warned against any plans to have TSMC take over Intel Foundry, their second time weighing in on the future of the company</li>
<li>They posit that TSMC is under pressure from the US Administration with Taiwan security being used as a bargaining chip</li>
<li>They're not wrong in their assertions that it would be a terrible idea, both for the US and for TSMC, but these are days where anything can happen. Let's see</li>
</ul>


Four former, long term Intel board members yesterday warned against any plans to have TSMC take over Intel Foundry, their second time weighing in on the future of the company
They posit that TSMC is under pressure from the US Administration with Taiwan security being used as a bargaining chip
They're not wrong in their assertions that it would be a terrible idea, both for the US and for TSMC, but these are days where anything can happen. Let's see


Intel Former Board Members Warn Against Rumoured TSMC Takeover Of Intel Foundry

<ul>
<li>Carving out IFS &amp; taking it private is the most likely outcome for Intel. However, it's complicated by the SCIP deals and restrictions attached to the CHIPS money.  </li>
<li>Intel Products Group most likely stays with Intel, maintaining the iconic brand and doubling down on efficiency and innovation. I don't think it gets sold. </li>
<li>TSMC is unlikely to have any technical role in a spun out Intel Foundry due to a myriad of reasons including monopoly, conflict of interest, insufficient bandwidth etc.</li>
</ul>


Carving out IFS &amp; taking it private is the most likely outcome for Intel. However, it's complicated by the SCIP deals and restrictions attached to the CHIPS money.  
Intel Products Group most likely stays with Intel, maintaining the iconic brand and doubling down on efficiency and innovation. I don't think it gets sold. 
TSMC is unlikely to have any technical role in a spun out Intel Foundry due to a myriad of reasons including monopoly, conflict of interest, insufficient bandwidth etc.


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 reported a decline in fourth-quarter revenue and projected another loss in the first quarter of 2025.</li><li>The company generated $14.3 billion in sales, representing a 7% year-over-year decline but exceeding analyst expectations of $13.8 billion.</li><li>The net loss for the quarter was $126 million, while management provided a revenue outlook of $11.7 billion to $12.7 billion for the next quarter, falling short of consensus estimates of $12.9 billion.</li></ul>

Intel reported a decline in fourth-quarter revenue and projected another loss in the first quarter of 2025.The company generated $14.3 billion in sales, representing a 7% year-over-year decline but exceeding analyst expectations of $13.8 billion.The net loss for the quarter was $126 million, while management provided a revenue outlook of $11.7 billion to $12.7 billion for the next quarter, falling short of consensus estimates of $12.9 billion.

Intel’s AI Ambitions Face A Reality Check – Why It May NEVER Be In The Same League As NVIDIA?

<ul>
<li>Q424 revenues of $14.3 billion which was $500 million above the guided midpoint, down 7% YoY but up 7.5% QoQ.</li>
<li>Forecasted Q125 revenues of $12.2 billion at the midpoint, down $500 million YoY and down 15% QoQ</li>
<li>Transition to EUV abysmally slow, Falcon Shores cancelled, Clearwater Forest delayed, GMs will see <em>some</em> improvement or <em>mixed</em> improvement in 2026. </li>
</ul>


Q424 revenues of $14.3 billion which was $500 million above the guided midpoint, down 7% YoY but up 7.5% QoQ.
Forecasted Q125 revenues of $12.2 billion at the midpoint, down $500 million YoY and down 15% QoQ
Transition to EUV abysmally slow, Falcon Shores cancelled, Clearwater Forest delayed, GMs will see some improvement or mixed improvement in 2026. 


Intel Q424. It's A Journey, Not A Destination

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)

Former CEO Claims Intel Is Back & Says Can We Please Stop Talking About Breaking It Up?

Ex Intel CEO claims that Intel is "back", the company must not be broken up, the board should be fired and Mr. Gelsinger should be rehired to...

William Keating

Intel Former Board Members Warn Against Rumoured TSMC Takeover Of Intel Foundry

Four former Intel board members yesterday warned against having TSMC take over Intel Foundry, their second time weighing in on the topic of Intel....

William Keating

Intel. What's Really Going On?

TSMC is unlikely to have any technical role in a spun out Intel Foundry due to a myriad of reasons including monopoly concerns, conflict of...

William Keating

Intel’s AI Ambitions Face A Reality Check – Why It May NEVER Be In The Same League As NVIDIA?

Intel reported a decline in fourth-quarter revenue and projected another loss in the first quarter of 2025. The company generated $14.3 billion in...

Baptista Research

Intel Q424. It's A Journey, Not A Destination

Transition to EUV abysmally slow, Falcon Shores cancelled, Clearwater Forest delayed, GMs will see some improvement or mixed improvement in 2026....

William Keating

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