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>We talked about an environment of spending for wafer fab equipment that was roughly $140 billion plus for this year. Now it feels like there's additional momentum there.</li>
<li>Advanced packaging feels like it's accelerating. Initially we thought the packaging market might have been somewhere in the plus 20% overall. Now I think it's in excess of 30%.</li>
<li>2027 visibility is very good. I've been CFO here since 2013. I can't recall this level of visibility into the next year in the early May timeframe.</li>
</ul>


We talked about an environment of spending for wafer fab equipment that was roughly $140 billion plus for this year. Now it feels like there's additional momentum there.
Advanced packaging feels like it's accelerating. Initially we thought the packaging market might have been somewhere in the plus 20% overall. Now I think it's in excess of 30%.
2027 visibility is very good. I've been CFO here since 2013. I can't recall this level of visibility into the next year in the early May timeframe.


KLAC @ JPM 54th Annual TMC 2026. Key Takeaways & Full Transcript

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>KLA Corporation reported strong financial performance for the full year 2025 and the December quarter, marked by revenue growth, robust profitability, and sustained free cash flow generation.</li><li>For the full year, revenue increased 17% to a record $12.745 billion, with process control systems revenue expanding 19% and services growing 15%.</li><li>Earnings per share rose 29% year-over-year, supported by industry-leading gross and operating margins of 62.8% and 43.6%, respectively.</li></ul>

KLA Corporation reported strong financial performance for the full year 2025 and the December quarter, marked by revenue growth, robust profitability, and sustained free cash flow generation.For the full year, revenue increased 17% to a record $12.745 billion, with process control systems revenue expanding 19% and services growing 15%.Earnings per share rose 29% year-over-year, supported by industry-leading gross and operating margins of 62.8% and 43.6%, respectively.

KLAC US - KLA Corporation: 17% Revenue Growth Cannot Shield Margins From Supply Chain Pressure!

<ul>
<li>KLAC reported Q3 FY2026 revenue of $3.415 billion, above the $3.35 billion guidance midpoint. Non-GAAP EPS was $9.40, also ahead of the guide. </li>
<li>Gross margin printed at 62.2%, 45 basis points above the guidance midpoint.</li>
<li>Looking ahead, the company guided for current quarter revenues of $3.575 billion, up 6.7% sequentially and up ~13% YoY. Stock sold off slightly on the news, a nothing burger really</li>
</ul>


KLAC reported Q3 FY2026 revenue of $3.415 billion, above the $3.35 billion guidance midpoint. Non-GAAP EPS was $9.40, also ahead of the guide. 
Gross margin printed at 62.2%, 45 basis points above the guidance midpoint.
Looking ahead, the company guided for current quarter revenues of $3.575 billion, up 6.7% sequentially and up ~13% YoY. Stock sold off slightly on the news, a nothing burger really


KLA Q3 FY2026. First $15 Billion Year Incoming.

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Guided down: ASML, Applied Materials, Tokyo Electron. Revised up: LAM. A number of reasons are mentioned for a slower outlook. China slowdown. TSMC lumpy. Export licenses. Geo-Globo uncertainty. </li>
<li>Yes, But: 1) Chinese firms bought too much equipment in 2022-24  2) Logic Capex of Intel Samsung will decline further  3) Chinese SPE vendors are gaining share </li>
<li>AI is real, HBM is real, SOCAMM is real, but TSMC and SK Hynix are not revising up Capex in 2025. Expect higher Capex in 2026 and 2027. </li>
</ul>


Guided down: ASML, Applied Materials, Tokyo Electron. Revised up: LAM. A number of reasons are mentioned for a slower outlook. China slowdown. TSMC lumpy. Export licenses. Geo-Globo uncertainty. 
Yes, But: 1) Chinese firms bought too much equipment in 2022-24  2) Logic Capex of Intel Samsung will decline further  3) Chinese SPE vendors are gaining share 
AI is real, HBM is real, SOCAMM is real, but TSMC and SK Hynix are not revising up Capex in 2025. Expect higher Capex in 2026 and 2027. 


SPE – Semi Production Equipment: The Big Reset Is Happening. SPE Firms Expectations Is the Problem

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

<ul><li>KLA had a rare miss. The guidance was a bit light for the inspection execution machine.</li><li>KLA rarely misses and is by far the best financially managed of the large-cap semicap companies.</li><li>KLA reports Q2 EPS $6.16 ex-items vs FactSet $5.91</li></ul>

KLA had a rare miss. The guidance was a bit light for the inspection execution machine.KLA rarely misses and is by far the best financially managed of the large-cap semicap companies.KLA reports Q2 EPS $6.16 ex-items vs FactSet $5.91

KLA & LaserTec, AMD, Hyperscaler Capex, SK Hynix, SWKS and QRVO, WOLF, MCHP

United States

KLA-Tencor Corporation manufactures yield management and process monitoring systems for the semiconductor industry.  The Company's systems are used to analyze product and process quality at critical steps in the manufacture of circuits and provide feedback so that fabrication problems can be identified. KLA-Tencor operates sales, service, and application centers worldwide.

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KLA-Tencor Corp (KLAC US)

KLAC @ JPM 54th Annual TMC 2026. Key Takeaways & Full Transcript

2027 visibility is very good. I've been CFO here since 2013. I can't recall this level of visibility into the next year in the early May timeframe.

William Keating

KLAC US - KLA Corporation: 17% Revenue Growth Cannot Shield Margins From Supply Chain Pressure!

KLA Corporation reported strong financial performance for the full year 2025 and the December quarter, marked by revenue growth, robust...

Baptista Research

KLA Q3 FY2026. First $15 Billion Year Incoming.

Looking ahead, the company guided for current quarter revenues of $3.575 billion, up 6.7% sequentially and up ~13% YoY. Stock sold off slightly on...

William Keating

SPE – Semi Production Equipment: The Big Reset Is Happening. SPE Firms Expectations Is the Problem

Slower outlook for semiconductor equipment industry due to China slowdown, TSMC uncertainty, and export licenses. Expect higher Capex in 2026 and...

Nicolas Baratte

KLA & LaserTec, AMD, Hyperscaler Capex, SK Hynix, SWKS and QRVO, WOLF, MCHP

Another week of earnings, with KLA having a rare miss and the guidance being a bit light for the inspection execution machine.

Fabricated Knowledge

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KLAC @ JPM 54th Annual TMC 2026. Key Takeaways & Full Transcript

2027 visibility is very good. I've been CFO here since 2013. I can't recall this level of visibility into the next year in the early May timeframe.

William Keating

KLAC US - KLA Corporation: 17% Revenue Growth Cannot Shield Margins From Supply Chain Pressure!

KLA Corporation reported strong financial performance for the full year 2025 and the December quarter, marked by revenue growth, robust...

Baptista Research

KLA Q3 FY2026. First $15 Billion Year Incoming.

Looking ahead, the company guided for current quarter revenues of $3.575 billion, up 6.7% sequentially and up ~13% YoY. Stock sold off slightly on...

William Keating

SPE – Semi Production Equipment: The Big Reset Is Happening. SPE Firms Expectations Is the Problem

​Slower outlook for semiconductor equipment industry due to China slowdown, TSMC uncertainty, and export licenses. Expect higher Capex in 2026 and...

Nicolas Baratte

KLA & LaserTec, AMD, Hyperscaler Capex, SK Hynix, SWKS and QRVO, WOLF, MCHP

Another week of earnings, with KLA having a rare miss and the guidance being a bit light for the inspection execution machine.

Fabricated Knowledge

Slower outlook for semiconductor equipment industry due to China slowdown, TSMC uncertainty, and export licenses. Expect higher Capex in 2026 and...