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

Thematic (Sector/Industry)

<ul>
<li>Cloud 2025 CapEx consensus increased 70% from January 2024 to the present day $365 billion</li>
<li>Google page views declined 8% since the launch of ChatGPT</li>
<li>Apart from the Mag7, Coatue is heavily focusing investment on companies involved in AI-required power delivery, AI software and AI semiconductors </li>
</ul>


Cloud 2025 CapEx consensus increased 70% from January 2024 to the present day $365 billion
Google page views declined 8% since the launch of ChatGPT
Apart from the Mag7, Coatue is heavily focusing investment on companies involved in AI-required power delivery, AI software and AI semiconductors 


Coatue Doubles Down On An AI Supercycle @ EMW 2025

<ul>
<li>Global semiconductor sales for the month of January 2025 hit $56.5 billion, an increase of 17.9% YoY, but down 1.7% MoM</li>
<li>TSMC is also off to an excellent start in 2025. YTD revenues through February are up 39.2%.</li>
<li>2025 Semi forecast? Think 2024 without the memory boom and way more volatility</li>
</ul>


Global semiconductor sales for the month of January 2025 hit $56.5 billion, an increase of 17.9% YoY, but down 1.7% MoM
TSMC is also off to an excellent start in 2025. YTD revenues through February are up 39.2%.
2025 Semi forecast? Think 2024 without the memory boom and way more volatility


Semiconductors. Key Indicator Updates, 2024 In Review, 2025 Forecasts

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,327/1,320 points and the resistance at 1,345/1,350 points.</li><li>In the short term, a breakout signal has emerged from the 1,334-1,364 point range in a downward direction, increasing the likelihood of a further decline toward 1,320/1,300 points, where the index may seek a bottom out signal.</li><li>The investment strategy remains selling on rallies and waiting to buy at support levels until a new breakout signal emerges.</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,327/1,320 points and the resistance at 1,345/1,350 points.In the short term, a breakout signal has emerged from the 1,334-1,364 point range in a downward direction, increasing the likelihood of a further decline toward 1,320/1,300 points, where the index may seek a bottom out signal.The investment strategy remains selling on rallies and waiting to buy at support levels until a new breakout signal emerges.

Equity Long-Short Analyst

Pyari Menon

<ul>
<li>Quantum computing's outlook is like Schrödinger’s cat: a varying mix of potential and challenges, with each breakthrough or setback collapsing possibilities and probabilities into a new, uncertain reality.</li>
<li>
<a href="https://www.smartkarma.com/entities/alphabet-inc-cl-c" target="_blank" data-smartkarma-citation="entities:11369:1" rel="noopener">Alphabet (GOOG US)</a>'s  "quantum supremacy" milestone shows quantum computing's transformative potential, but unresolved challenges despite decades of effort risks confining it to niche applications, limiting its broader impact.  </li>
<li>Among pure-plays <a href="https://www.smartkarma.com/entities/ionq-inc" target="_blank" data-smartkarma-citation="entities:36838:1" rel="noopener">IonQ (IONQ US)</a> , <a href="https://www.smartkarma.com/entities/d-wave-quantum-inc" target="_blank" data-smartkarma-citation="entities:37745:1" rel="noopener">D-Wave Quantum (QBTS US)</a> , <a href="https://www.smartkarma.com/entities/rigetti-computing-inc" target="_blank" data-smartkarma-citation="entities:37755:1" rel="noopener">Rigetti Computing (RGTI US)</a> stand out. IonQ's focus on high-fidelity, cloud and practical applications positions it particularly well.</li>
</ul>


Quantum computing's outlook is like Schrödinger’s cat: a varying mix of potential and challenges, with each breakthrough or setback collapsing possibilities and probabilities into a new, uncertain reality.

Alphabet (GOOG US)'s  "quantum supremacy" milestone shows quantum computing's transformative potential, but unresolved challenges despite decades of effort risks confining it to niche applications, limiting its broader impact.  
Among pure-plays IonQ (IONQ US) , D-Wave Quantum (QBTS US) , Rigetti Computing (RGTI US) stand out. IonQ's focus on high-fidelity, cloud and practical applications positions it particularly well.


Quantum Computing – The Future That’s Loading… and Not Loading

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>AI boom reflected in record fund ownership in ASML Holding NV (ASML NA), NVIDIA Corp and Taiwan Semiconductor (TSMC) (2330 TT).</li>
<li>The 'Magnificent 7' group of stocks have hit a record underweight of -6.83% below the MSCI ACWI index.  They collectively account for 11.2% of the average Global fund.</li>
<li>Recovery Stocks: The old guard of At&amp;T Inc (T US), International Business Machines (IBM US) and General Electric (GE US) appear to be gathering some support from active Global funds.</li>
</ul>


AI boom reflected in record fund ownership in ASML Holding NV (ASML NA), NVIDIA Corp and Taiwan Semiconductor (TSMC) (2330 TT).
The 'Magnificent 7' group of stocks have hit a record underweight of -6.83% below the MSCI ACWI index.  They collectively account for 11.2% of the average Global fund.
Recovery Stocks: The old guard of At&amp;T Inc (T US), International Business Machines (IBM US) and General Electric (GE US) appear to be gathering some support from active Global funds.


Global Stock Positioning:  MSFT Dominates, Mag7 Record U/W, Apple Inflows, Tobacco Uninvestable?

United States

International Business Machines Corporation (IBM) provides computer solutions through the use of advanced information technology. The Company's solutions include technologies, systems, products, services, software, and financing. IBM offers its products through its global sales and distribution organization, as well as through a variety of third party distributors and resellers.

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International Business Machines (IBM US)

Coatue Doubles Down On An AI Supercycle @ EMW 2025

Apart from the Mag7, Coatue is heavily focusing investment on companies involved in AI-required power delivery, AI software and AI semiconductors

William Keating

Semiconductors. Key Indicator Updates, 2024 In Review, 2025 Forecasts

2025 Semi forecast? Think 2024 without the memory boom and way more volatility. Chaos will ultimately beget opportunity, just not yet...

William Keating

Strategic Daily Picks

Technically, the SET Index is expected to weaken, with the support at 1,327/1,320 points and the resistance at 1,345/1,350 points. In the short...

Krungthai XSpring

Quantum Computing – The Future That’s Loading… and Not Loading

Quantum computing is like Schrödinger’s cat: a varying mix of potential and challenges. Each breakthrough or setback takes possibilities and...

Pyari Menon

Global Stock Positioning: MSFT Dominates, Mag7 Record U/W, Apple Inflows, Tobacco Uninvestable?

The latest in stock-level investor positioning among over 300 active Global funds. We explore the AI boom, key over/underweights, Tobacco's...

Steven Holden

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