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>KLA’s annual revenue grew 12% in 2024, 17% in 2025, and is on track for low-20% growth in 2026. Operating profits have expanded by ~400 basis points over this timeframe.</li>
<li>I think growth rates into 2027 are probably in a similar range, maybe higher.  Our backlog is very strong. We just disclosed our backlog of $12.6 billion in our 10-K</li>
<li>KLA’s share of advanced packaging inspection/metrology market rose from ~2% in 2023 to roughly 7%–8% in 2026. This business is growing 70% YoY (~$1.1 billion), roughly 2x market growth rate.</li>
</ul>


KLA’s annual revenue grew 12% in 2024, 17% in 2025, and is on track for low-20% growth in 2026. Operating profits have expanded by ~400 basis points over this timeframe.
I think growth rates into 2027 are probably in a similar range, maybe higher.  Our backlog is very strong. We just disclosed our backlog of $12.6 billion in our 10-K
KLA’s share of advanced packaging inspection/metrology market rose from ~2% in 2023 to roughly 7%–8% in 2026. This business is growing 70% YoY (~$1.1 billion), roughly 2x market growth rate.


KLA Corporation (KLAC) @ Citi Global TMT Conference. Key Takeaways & Full Transcript

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

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Kim-Hwa Lim

CEO / Founder

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Crea8

Crea8 blends AI-driven precision, big data scalability, and rigorous quantitative frameworks with seasoned human insight. By extracting actionable intelligence from vast global datasets, we eliminate emotional bias and deliver optimal risk-adjusted returns. Our hybrid approach uncovers hidden market efficiencies and ensures your capital is dynamically positioned across markets.

Cross Asset Strategy

<ul><li>Dividend is a key component of overall returns.</li><li>The strategy seeks to invest in high dividend stocks globally.</li><li>By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.</li></ul>

Dividend is a key component of overall returns.The strategy seeks to invest in high dividend stocks globally.By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.

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 results for the June quarter of 2026, with revenue reaching a record $3.66 billion, representing a 7% sequential and 15% year-over-year increase.</li><li>The company attributes this growth to accelerating investments tied to artificial intelligence (AI) infrastructure, demand for leading-edge foundry and logic technologies, growing memory process control intensity, and rising advanced packaging requirements.</li><li>Alongside revenue growth, non-GAAP diluted earnings per share (EPS) stood at $1.05, near the upper range of guidance, accompanied by a gross margin of 62.4% and an operating margin of 43.7%.</li></ul>

KLA Corporation reported strong financial results for the June quarter of 2026, with revenue reaching a record $3.66 billion, representing a 7% sequential and 15% year-over-year increase.The company attributes this growth to accelerating investments tied to artificial intelligence (AI) infrastructure, demand for leading-edge foundry and logic technologies, growing memory process control intensity, and rising advanced packaging requirements.Alongside revenue growth, non-GAAP diluted earnings per share (EPS) stood at $1.05, near the upper range of guidance, accompanied by a gross margin of 62.4% and an operating margin of 43.7%.

KLAC US - KLA Corporation Hits Record $3.66 Billion Revenue — Here’s Why Process Control Leads!

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)

KLA Corporation (KLAC) @ Citi Global TMT Conference. Key Takeaways & Full Transcript

KLA’s share of advanced packaging inspection/metrology market rose from ~2% in 2023 to roughly 7%–8% in 2026. This business is growing 70% YoY...

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

Global Income Portfolio (14-Sep-2026)

Dividend is a key component of overall returns. The strategy seeks to invest in high dividend stocks globally. By adopting a portfolio of stocks...

Crea8

KLAC US - KLA Corporation Hits Record $3.66 Billion Revenue — Here’s Why Process Control Leads!

KLA Corporation reported strong financial results for the June quarter of 2026, with revenue reaching a record $3.66 billion, representing a 7%...

Baptista Research

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KLA Corporation (KLAC) @ Citi Global TMT Conference. Key Takeaways & Full Transcript

KLA’s share of advanced packaging inspection/metrology market rose from ~2% in 2023 to roughly 7%–8% in 2026. This business is growing 70% YoY...

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

Global Income Portfolio (14-Sep-2026)

Dividend is a key component of overall returns. The strategy seeks to invest in high dividend stocks globally. By adopting a portfolio of stocks...

Crea8

KLAC US - KLA Corporation Hits Record $3.66 Billion Revenue — Here’s Why Process Control Leads!

KLA Corporation reported strong financial results for the June quarter of 2026, with revenue reaching a record $3.66 billion, representing a 7%...

Baptista Research

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