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>In a surprise move, Intel announced that its foundry chief Stuart Pann is to retire from the company effective end of May after just over one year in the role</li>
<li>He will be replaced by former IBM, Globalfoundries and Marvell executive Kevin O'Buckley, effective immediately</li>
<li>Mr. O'Buckley now has the dubious distinction of being the third leader of IFS in as many years. </li>
</ul>


In a surprise move, Intel announced that its foundry chief Stuart Pann is to retire from the company effective end of May after just over one year in the role
He will be replaced by former IBM, Globalfoundries and Marvell executive Kevin O'Buckley, effective immediately
Mr. O'Buckley now has the dubious distinction of being the third leader of IFS in as many years. 


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 has exhibited sturdy Q1 outcomes, with revenue delivery being on par and the Earnings Per Share (EPS) exceeding the set guidance.</li><li>This demonstrates the company's growth in revenue generation and effective cost management strategy.</li><li>However, the trends for the first half of the year were moderately weaker than originally forecasted, triggered by some near-term supply constraints.</li></ul>

Intel Corporation has exhibited sturdy Q1 outcomes, with revenue delivery being on par and the Earnings Per Share (EPS) exceeding the set guidance.This demonstrates the company's growth in revenue generation and effective cost management strategy.However, the trends for the first half of the year were moderately weaker than originally forecasted, triggered by some near-term supply constraints.

Intel Corporation: An Analysis Of AI and Accelerator as Revenue Drivers for Intel

<ul>
<li>Q124 revenue was $12.7 billion, down 17.5% QoQ but up 9% YoY.</li>
<li>Q224 revenue forecast of just $13 billion &amp; vague promise of full year YoY growth disappoints</li>
<li>Capacity constraints on wafer level assembly limited Meteor Lake shipments. So much for a maniacal focus on execution.</li>
</ul>


Q124 revenue was $12.7 billion, down 17.5% QoQ but up 9% YoY.
Q224 revenue forecast of just $13 billion &amp; vague promise of full year YoY growth disappoints
Capacity constraints on wafer level assembly limited Meteor Lake shipments. So much for a maniacal focus on execution.


Asia and Global Semiconductor and Tech Research

Andrew Lu

<ul>
<li>Intel misses 1H24 market consensus again, post market correction of over 7%. Can shifting focus away from foundry/manufacturing help?</li>
<li>Is the breakdown change for future spin off/IPO of foundry/manufacturing, and non focus businesses like Altera and Mobileye positive?</li>
<li>We disagree Intel foundry to breakeven in two years; we see AI product lagging behind competitors and non AI server CPU being squeezed by AI server GPU and GPU/CPU integration.</li>
</ul>


Intel misses 1H24 market consensus again, post market correction of over 7%. Can shifting focus away from foundry/manufacturing help?
Is the breakdown change for future spin off/IPO of foundry/manufacturing, and non focus businesses like Altera and Mobileye positive?
We disagree Intel foundry to breakeven in two years; we see AI product lagging behind competitors and non AI server CPU being squeezed by AI server GPU and GPU/CPU integration.


Intel Is Shifting Focus to Products, Away from Manufacturing/Foundry; Worth to Follow?

<ul>
<li>Intel launched a new segment reporting structure under which its newly created Foundry P&amp;L allegedly racked up operating losses of ~$17 billion over the past three years</li>
<li>The Foundry P&amp;L is not expected to reach breakeven until the '27/'28 timeframe</li>
<li>Intel's share price is down &gt;10% in the two days since the new financial model was launched. </li>
</ul>


Intel launched a new segment reporting structure under which its newly created Foundry P&amp;L allegedly racked up operating losses of ~$17 billion over the past three years
The Foundry P&amp;L is not expected to reach breakeven until the '27/'28 timeframe
Intel's share price is down &gt;10% in the two days since the new financial model was launched. 


Intel's New Segment Reporting. Transparency Or Obfuscation?

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's Foundry Chief Runs For The Hills

Intel foundry gets a new chief, its third in as many years. The speed of the transition suggests that this was not a long & carefully planned out...

William Keating

Intel Corporation: An Analysis Of AI and Accelerator as Revenue Drivers for Intel

Intel Corporation has exhibited sturdy Q1 outcomes, with revenue delivery being on par and the Earnings Per Share (EPS) exceeding the set...

Baptista Research

Intel. Just Check Back In Again In 2026

Q124 revenue $12.7 billion, -17.5% QoQ but +9% YoY. Q224 forecast of $13 billion, vague promise of full year YoY growth & capacity constraints on...

William Keating

Intel Is Shifting Focus to Products, Away from Manufacturing/Foundry; Worth to Follow?

Intel Is Shifting Focus to Products, Away from Manufacturing/Foundry; Three structural improvement check points to follow

Andrew Lu

Intel's New Segment Reporting. Transparency Or Obfuscation?

Intel's newly minted Foundry P&L racked up losses of ~$17 billion over the past three years.It's not expected to hit breakeven until '27/'28. Share...

William Keating

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