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.

Equity Bottom-Up

<ul>
<li>Mobileye surprised markets with <a href="https://substack.com/redirect/3fc360ae-f88e-43b3-82aa-f1bfc3fe83c0?j=eyJ1IjoiMmh6Z2Z6In0.muIDtmM5oyqUKBSSZiLNsipOMwhSsKSSacAB3JlN14Y" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/3fc360ae-f88e-43b3-82aa-f1bfc3fe83c0?j%3DeyJ1IjoiMmh6Z2Z6In0.muIDtmM5oyqUKBSSZiLNsipOMwhSsKSSacAB3JlN14Y&amp;source=gmail&amp;ust=1704936787096000&amp;usg=AOvVaw3gN2WPAAz1H7pZBsCshbzm" rel="noopener">an extensive guide down to their results</a>.</li>
<li>Shares reacted poorly, but at first blush, it makes sense given the magnitude of the guide.  Let’s walk through the release.</li>
<li>It starts with inventory, and it’s clear their customers have too much inventory.</li>
</ul>


Mobileye surprised markets with an extensive guide down to their results.
Shares reacted poorly, but at first blush, it makes sense given the magnitude of the guide.  Let’s walk through the release.
It starts with inventory, and it’s clear their customers have too much inventory.


Mobileye Guides Down; Automotive Inventory, Memory Strength, and Marvell

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>Marvell Technology managed to surpass Wall Street's revenue and earnings expectations, achieving a commendable revenue of $1.42 billion, marking a 6% sequential growth above the midpoint of the provided guidance.</li><li>The data center end market witnessed revenue of $556 million in the third quarter, surpassing expectations, mainly driven by robust AI revenue.</li><li>Despite the anticipated decline in enterprise on-premise revenue, Marvell's diverse product portfolio, including PAM4 optical products and Teralynx Ethernet switches, contributed to the broad-based growth.</li></ul>

Marvell Technology managed to surpass Wall Street's revenue and earnings expectations, achieving a commendable revenue of $1.42 billion, marking a 6% sequential growth above the midpoint of the provided guidance.The data center end market witnessed revenue of $556 million in the third quarter, surpassing expectations, mainly driven by robust AI revenue.Despite the anticipated decline in enterprise on-premise revenue, Marvell's diverse product portfolio, including PAM4 optical products and Teralynx Ethernet switches, contributed to the broad-based growth.

Marvell Technology Inc.: AI and Cloud Growth - Are They the New Tech Leaders? - Major Drivers

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

Thematic (Sector/Industry)

<ul>
<li>Objective Analysis has released its 2024 semiconductor forecast, calling for growth of below 5%</li>
<li>Other forecasters currently call for 11% to 17% growth, which would require another super cycle to accomplish</li>
<li>We do not see any event that will drive a 2024 super cycle, even with the current rapid adoption of AI in the data center</li>
</ul>


Objective Analysis has released its 2024 semiconductor forecast, calling for growth of below 5%
Other forecasters currently call for 11% to 17% growth, which would require another super cycle to accomplish
We do not see any event that will drive a 2024 super cycle, even with the current rapid adoption of AI in the data center


2024 High Conviction: Low Semiconductor Growth

<ul><li>Marvell reported earnings recently, and I wanted to mention that at least before I continued onwards because that is a good context-setting event for the industry day.</li><li>Revenue exceeded expectations, but the mix beneath the results was illustrative.</li><li>Datacenter revenue grew 20% QoQ, cloud over 30% QoQ; while networking was strong, they guided for a 40% QoQ decline, consistent with networking OEM results.</li></ul>

Marvell reported earnings recently, and I wanted to mention that at least before I continued onwards because that is a good context-setting event for the industry day.Revenue exceeded expectations, but the mix beneath the results was illustrative.Datacenter revenue grew 20% QoQ, cloud over 30% QoQ; while networking was strong, they guided for a 40% QoQ decline, consistent with networking OEM results.

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Microsoft unveiled two major custom-designed chips for cloud computing at its Ignite developer conference on 15 Nov 2023, Maia 100 AI accelerator and Cobalt 100 CPU.</li><li>Maia 100 was specifically designed with consideration of Azure hardware. It will be mainly used for AI tasks and generative AI for maximized utilization of hardware.</li><li>It will power some of Microsoft’s largest internal AI workloads running on Azure. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Microsoft unveiled two major custom-designed chips for cloud computing at its Ignite developer conference on 15 Nov 2023, Maia 100 AI accelerator and Cobalt 100 CPU.Maia 100 was specifically designed with consideration of Azure hardware. It will be mainly used for AI tasks and generative AI for maximized utilization of hardware.It will power some of Microsoft’s largest internal AI workloads running on Azure. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United States

Marvell Technology, Inc. develops and produces semiconductors and related technology. The Company offers security and networking platform, secure data processing, networking, and storage solutions. Marvell Technology serves customers worldwide.

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Marvell Technology (MRVL US)

Mobileye Guides Down; Automotive Inventory, Memory Strength, and Marvell

Mobileye surprised markets with an extensive guide down to their results. Shares reacted poorly, but at first blush, it makes sense given the...

Fabricated Knowledge

Marvell Technology Inc.: AI and Cloud Growth - Are They the New Tech Leaders? - Major Drivers

Marvell Technology managed to surpass Wall Street's revenue and earnings expectations, achieving a commendable revenue of $1.42 billion, marking a...

Baptista Research

2024 High Conviction: Low Semiconductor Growth

2024 semiconductor revenue growth will be muted despite forecasts predicting strong growth. This post explains why the year will not see another...

Jim Handy

Marvell Industry Analyst Day

I went to this year’s Marvell Industry Analyst Day, and the topic de jour was AI. Compared to last year , this year’s industry day just discussed AI.

Fabricated Knowledge

Technology (Hardware/Semi)

Microsoft unveiled two major custom-designed chips for cloud computing at its Ignite developer conference on 15 Nov 2023, Maia 100 AI accelerator...

CMB International

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