Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Equity Bottom-Up

<ul>
<li>SK hynix earnings were announced, with a 10% Q/Q revenue increase driving a 734% increase in operating profit</li>
<li>Although the company cited AI demand as the basis for this, its DRAM revenues, which are very AI dependent, increase very little</li>
<li>NAND SSD demand increased significantly, with a 30% increase in revenues, largely attributable to price increases</li>
</ul>


SK hynix earnings were announced, with a 10% Q/Q revenue increase driving a 734% increase in operating profit
Although the company cited AI demand as the basis for this, its DRAM revenues, which are very AI dependent, increase very little
NAND SSD demand increased significantly, with a 30% increase in revenues, largely attributable to price increases


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>Q224 revenues of $5.8 billion, up 23% QoQ and up 58% YoY. It also well above the high end of the guided range of $5.5 billion.</li>
<li>Net income turned positive &amp; amounted to $476 million. This compares to a loss of $1 billion in Q124</li>
<li>Forecasting current quarter revenues of $6.6 billion &amp; gross margin of 26.5% at their respective midpoints</li>
</ul>


Q224 revenues of $5.8 billion, up 23% QoQ and up 58% YoY. It also well above the high end of the guided range of $5.5 billion.
Net income turned positive &amp; amounted to $476 million. This compares to a loss of $1 billion in Q124
Forecasting current quarter revenues of $6.6 billion &amp; gross margin of 26.5% at their respective midpoints


Micron. Back In The Black & No Going Back

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Silicon Motion Technology / Equity Bottom-Up

<ul>
<li>Recent results from Micron and SK Hynix did not only signal a recovery for DRAM but also for NAND flash memory. Micron expects improving NAND pricing through CY2025E.</li>
<li>Latest data shows a surge in NAND pricing -- 512GB NAND pricing is now up 116% from its 2023 lows.</li>
<li>Silicon Motion shares are down 5% over the last year. They have been weighed down by their terminated acquisition by MaxLinear, but now could offer a laggard play.</li>
</ul>


Recent results from Micron and SK Hynix did not only signal a recovery for DRAM but also for NAND flash memory. Micron expects improving NAND pricing through CY2025E.
Latest data shows a surge in NAND pricing -- 512GB NAND pricing is now up 116% from its 2023 lows.
Silicon Motion shares are down 5% over the last year. They have been weighed down by their terminated acquisition by MaxLinear, but now could offer a laggard play.


Silicon Motion: Next Wave of the Memory Recovery; High-End NAND Prices More Than Doubled From Lows

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Overall, it was a strong week for Taiwan Tech. TSMC and Mediatek showed strong performances, as well as key names we like such as Yageo and Himax.</li>
<li>AI-Related Taiwan plays showed relative weakness. This weakness interestingly happened during a week when <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US) </a>performed well.</li>
<li>According to insight provider Patrick Liao, MediaTek WiFi 7 chip competition is likely to become fierce in 2024.</li>
</ul>


Overall, it was a strong week for Taiwan Tech. TSMC and Mediatek showed strong performances, as well as key names we like such as Yageo and Himax.
AI-Related Taiwan plays showed relative weakness. This weakness interestingly happened during a week when NVIDIA Corp (NVDA US) performed well.
According to insight provider Patrick Liao, MediaTek WiFi 7 chip competition is likely to become fierce in 2024.


Taiwan Tech Weekly: AI Plays Weak Despite Strong Taiwan Tech Market Performance

<ul>
<li>Improving outlook with Q1F24 revenue forecast slightly above the high end of the guided range</li>
<li>2024 is being positioned as a "recovery year", helping reset investor expectations about the nature and speed of the recovery</li>
<li>Micron's share price typically rallies strongest into record revenue years. 2024 will not be a record revenue year. As such, we think the present rally is premature. </li>
</ul>


Improving outlook with Q1F24 revenue forecast slightly above the high end of the guided range
2024 is being positioned as a "recovery year", helping reset investor expectations about the nature and speed of the recovery
Micron's share price typically rallies strongest into record revenue years. 2024 will not be a record revenue year. As such, we think the present rally is premature. 


Japan

Kioxia Holdings Corporation manufactures semiconductor memory products. The Company develops, produces, and sells flash memory cards, solid state drives, secure digital memory cards, and other products. Kioxia Holdings also operates group management strategy formulation and management.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Kioxia Holdings (285A JP)

SK Hynix: AI Is Still the Main Driver

Today's SK hynix earnings show the continued strength of AI demand, but not in HBM as most industry observers expected. This time NAND flash is...

Jim Handy

Micron. Back In The Black & No Going Back

Q224 revenues $5.8 billion, +23% QoQ & +58% YoY. Net income turned positive & amounted to $476 million. Q324 revenues of $6.6 billion & gross...

William Keating

Silicon Motion: Next Wave of the Memory Recovery; High-End NAND Prices More Than Doubled From Lows

Silicon Motion shares are down 5% over the last year. They have been weighed down by their terminated acquisition by MaxLinear, but now could offer...

Vincent Fernando, CFA

Taiwan Tech Weekly: AI Plays Weak Despite Strong Taiwan Tech Market Performance

AI-Related Taiwan plays showed relative weakness. This weakness interestingly happened during a week when NVIDIA Corp (NVDA US) performed well.

Vincent Fernando, CFA

Micron. The Rally Is Premature

Micron's share price typically rallies strongest into record revenue years. 2024 will not be a record revenue year. As such, we think the present...

William Keating

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)