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>Intel's CFO says the company is going to "kind of skip over productizing 20A"</li>
<li>This decision removes an important, looming milestone from Intel's roadmap, i.e. the ramp of Arrow Lake later this year</li>
<li>The decision to outsource all Arrow Lake tiles, apart from final packaging, strongly suggests that Intel 3 and Intel 18A are not capable of a cost-competitive volume ramp</li>
</ul>


Intel's CFO says the company is going to "kind of skip over productizing 20A"
This decision removes an important, looming milestone from Intel's roadmap, i.e. the ramp of Arrow Lake later this year
The decision to outsource all Arrow Lake tiles, apart from final packaging, strongly suggests that Intel 3 and Intel 18A are not capable of a cost-competitive volume ramp


Intel Cancels 20A. Now Why Would They Go & Do That?

Taiwan Tech Focused Senior Analyst

Patrick Liao

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>
<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>  will benefit from <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a>'s decision to use their 20A processor, named Arrow Lake.  </li>
<li>Intel plans to stick with the 18A process and has identified about 5 potential customers.</li>
<li>As of now, TSMC remains the primary source for technology deliveries.</li>
</ul>



Taiwan Semiconductor (TSMC) - ADR (TSM US)  will benefit from Intel Corp (INTC US)'s decision to use their 20A processor, named Arrow Lake.  
Intel plans to stick with the 18A process and has identified about 5 potential customers.
As of now, TSMC remains the primary source for technology deliveries.


TSMC (2330.TT; TSM.US): Benefiting from Intel (INTC.US) Skipping 20A Process.

<ul>
<li>Intel faces two class action lawsuits, one of which has the potential to be many times worse than the "Pentium Flaw" fiasco in 1994</li>
<li>The resignation of Lip-Bu Tan from Intel's BoD is a significant blow particularly in view of his rumoured disagreements with the CEO and other BoD members</li>
<li>Intel's below book value market cap presents an attractive opportunity for any consortium with the vision to extract the value that Gelsinger's IDM 2.0 gambit has failed to unlock</li>
</ul>


Intel faces two class action lawsuits, one of which has the potential to be many times worse than the "Pentium Flaw" fiasco in 1994
The resignation of Lip-Bu Tan from Intel's BoD is a significant blow particularly in view of his rumoured disagreements with the CEO and other BoD members
Intel's below book value market cap presents an attractive opportunity for any consortium with the vision to extract the value that Gelsinger's IDM 2.0 gambit has failed to unlock


Intel. Could Things Get Any Worse? You Bet. Here's How.

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 Corporation finds itself at a critical juncture as it heads into its mid-September 2024 board meeting, grappling with a series of severe challenges that threaten the company's stability and future prospects.</li><li>Once a titan of the semiconductor industry, Intel has been beset by financial difficulties, including continuous losses, declining market share, and an increasingly competitive landscape.</li><li>The situation has been exacerbated by the recent departure of key executives, adding to the uncertainty surrounding the company’s strategic direction.</li></ul>

Intel Corporation finds itself at a critical juncture as it heads into its mid-September 2024 board meeting, grappling with a series of severe challenges that threaten the company's stability and future prospects.Once a titan of the semiconductor industry, Intel has been beset by financial difficulties, including continuous losses, declining market share, and an increasingly competitive landscape.The situation has been exacerbated by the recent departure of key executives, adding to the uncertainty surrounding the company’s strategic direction.

Intel’s Crisis Deepens: Is the Foundry Business Next on the Chopping Block?

<ul>
<li>TSMC's top 5 clients for 2024 are <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a>, <a href="https://www.smartkarma.com/entities/advanced-micro-devices-inc" target="_blank" data-smartkarma-citation="entities:19009:1" rel="noopener">Advanced Micro Devices (AMD US</a>, <a href="https://www.smartkarma.com/entities/qualcomm-inc" target="_blank" data-smartkarma-citation="entities:969:1" rel="noopener">Qualcomm Inc (QCOM US)</a>, <a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)</a> and <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a>.</li>
<li>Smartphone orders continue to dominate at TSMC, with QCOM and MediaTek being key clients.</li>
<li>Looking ahead to 2025, Intel Corp (INTC US) is expected to rely more on TSMC, potentially leading to changes in TSMC's client ranking.</li>
</ul>


TSMC's top 5 clients for 2024 are Apple (AAPL US), Advanced Micro Devices (AMD US, Qualcomm Inc (QCOM US), Mediatek Inc (2454 TT) and NVIDIA Corp (NVDA US).
Smartphone orders continue to dominate at TSMC, with QCOM and MediaTek being key clients.
Looking ahead to 2025, Intel Corp (INTC US) is expected to rely more on TSMC, potentially leading to changes in TSMC's client ranking.


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)

Intel Cancels 20A. Now Why Would They Go & Do That?

The de-facto cancellation of Intel 20A removes a critical milestone from the company's roadmap, namely the ramp of Arrow Lake on that process node...

William Keating

TSMC (2330.TT; TSM.US): Benefiting from Intel (INTC.US) Skipping 20A Process.

TSMC to benefit from Intel's decision to use their 20A processor, Arrow Lake, as Intel plans to stick with 18A process for now. TSMC remains...

Patrick Liao

Intel. Could Things Get Any Worse? You Bet. Here's How.

Class action lawsuits, key BoD resignation, recriminations, an open door for hostile takeovers and revisionist commentary from the CEO. Yes, things...

William Keating

Intel’s Crisis Deepens: Is the Foundry Business Next on the Chopping Block?

Intel Corporation finds itself at a critical juncture as it heads into its mid-September 2024 board meeting, grappling with a series of severe...

Baptista Research

TSMC (2330.TT; TSM.US): 2024 Top Clients

TSMC's top 5 clients for 2024 include AAPL, AMD, QCOM, Mediatek, and NVDA, with smartphone orders dominating and shifts in client ranking expected...

Patrick Liao

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Market Cap (USDm)

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Dividend (Yield)

Intel Cancels 20A. Now Why Would They Go & Do That?

The de-facto cancellation of Intel 20A removes a critical milestone from the company's roadmap, namely the ramp of Arrow Lake on that process node...

William Keating

TSMC (2330.TT; TSM.US): Benefiting from Intel (INTC.US) Skipping 20A Process.

​TSMC to benefit from Intel's decision to use their 20A processor, Arrow Lake, as Intel plans to stick with 18A process for now. TSMC remains...

Patrick Liao

Intel. Could Things Get Any Worse? You Bet. Here's How.

Class action lawsuits, key BoD resignation, recriminations, an open door for hostile takeovers and revisionist commentary from the CEO. Yes, things...

William Keating

Intel’s Crisis Deepens: Is the Foundry Business Next on the Chopping Block?

Intel Corporation finds itself at a critical juncture as it heads into its mid-September 2024 board meeting, grappling with a series of severe...

Baptista Research

TSMC (2330.TT; TSM.US): 2024 Top Clients

​TSMC's top 5 clients for 2024 include AAPL, AMD, QCOM, Mediatek, and NVDA, with smartphone orders dominating and shifts in client ranking expected...

Patrick Liao

TSMC to benefit from Intel's decision to use their 20A processor, Arrow Lake, as Intel plans to stick with 18A process for now. TSMC remains...

TSMC's top 5 clients for 2024 include AAPL, AMD, QCOM, Mediatek, and NVDA, with smartphone orders dominating and shifts in client ranking expected...