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>Massive AI Revenue Growth: Total revenue reached a record $22.2 billion, up 48% year-on-year, driven by insatiable demand for AI semiconductors which hit a record $10.8 billion.</li>
<li>Long-Term Customer Commitments: Broadcom secured major AI compute and XPU partnerships with Google, Meta, OpenAI, and Anthropic, firmly underpinning their guidance of over $100 billion AI revenue for fiscal 2027.</li>
<li>The AI XPU Platform Launch: Broadcom is partnering with Apollo and Blackstone to deploy a 20-gigawatt AI platform through 2028, with Apollo currently launching the first $35 billion tranche.</li>
</ul>


Massive AI Revenue Growth: Total revenue reached a record $22.2 billion, up 48% year-on-year, driven by insatiable demand for AI semiconductors which hit a record $10.8 billion.
Long-Term Customer Commitments: Broadcom secured major AI compute and XPU partnerships with Google, Meta, OpenAI, and Anthropic, firmly underpinning their guidance of over $100 billion AI revenue for fiscal 2027.
The AI XPU Platform Launch: Broadcom is partnering with Apollo and Blackstone to deploy a 20-gigawatt AI platform through 2028, with Apollo currently launching the first $35 billion tranche.


Broadcom Q2 FY2026. The $100 Billion AI Trajectory Remains On Track.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

The S&amp;P 500 continues its march higher, however the troops have been unable to keep up with the generals and with this is an ounce of concern. Sending the generals into battle often ends up with no more leaders. Our view of the markets is to deploy a barbell approach of growth and safety. While growth continues to outperform, it does so without the small-caps. Meanwhile utilities and staples continue to march just behind the growth areas of the market, and have been unable to reach new RS highs since the December decline. In this report we detail our investment thesis and outlook for U.S. equities, highlighting our favorite sectors and bottoms up ideas.

The S&amp;P 500 continues its march higher, however the troops have been unable to keep up with the generals and with this is an ounce of concern. Sending the generals into battle often ends up with no more leaders. Our view of the markets is to deploy a barbell approach of growth and safety. While growth continues to outperform, it does so without the small-caps. Meanwhile utilities and staples continue to march just behind the growth areas of the market, and have been unable to reach new RS highs since the December decline. In this report we detail our investment thesis and outlook for U.S. equities, highlighting our favorite sectors and bottoms up ideas.

U.S. Equity Strategy: Growth And Safety Are The Plays To Stay With

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/marvell-technology-inc" target="_blank" data-smartkarma-citation="entities:15837:1" rel="noopener">Marvell Technology (MRVL US)</a> is the main candidate for addition from TMI but has a reduced probability of inclusion due to sector balance.</li>
<li>
<a href="https://www.smartkarma.com/entities/flex-ltd" target="_blank" data-smartkarma-citation="entities:36680:1" rel="noopener">Flex (FLEX US)</a> and <a href="https://www.smartkarma.com/entities/technipfmc-plc-2f8326ad-9188-44ca-bada-c9b9144835fd" target="_blank" data-smartkarma-citation="entities:13457:1" rel="noopener">TechnipFMC (FTI US)</a> are in MidCap and the top candidates for addition based on high eligibility scores.</li>
<li>
<a href="https://www.smartkarma.com/entities/flex-ltd" target="_blank" data-smartkarma-citation="entities:36680:1" rel="noopener">Flex (FLEX US)</a> is projected for double inclusion to S&amp;P500 and Nasdaq100 on 19 June.</li>
</ul>



Marvell Technology (MRVL US) is the main candidate for addition from TMI but has a reduced probability of inclusion due to sector balance.

Flex (FLEX US) and TechnipFMC (FTI US) are in MidCap and the top candidates for addition based on high eligibility scores.

Flex (FLEX US) is projected for double inclusion to S&amp;P500 and Nasdaq100 on 19 June.


S&P500 June 2026 Forecast: FLEX, FTI & MTZ Leading the Pack

Of the ten items highlighted in last week’s Compass that we would like to see in order to turn more bullish, two have happened -- equal-weighted Energy and UK/European Financials are breaking out. This only serves to add to our already positive outlook as U.S. equities are poised to test all-time highs. We are upgrading equal-weight Energy to market weight. Also in today’s report, we highlight attractive Groups and stocks within Technology: Large-, Mid-, and Small-Cap Semiconductors.

Of the ten items highlighted in last week’s Compass that we would like to see in order to turn more bullish, two have happened -- equal-weighted Energy and UK/European Financials are breaking out. This only serves to add to our already positive outlook as U.S. equities are poised to test all-time highs. We are upgrading equal-weight Energy to market weight. Also in today’s report, we highlight attractive Groups and stocks within Technology: Large-, Mid-, and Small-Cap Semiconductors.

U.S. Equity Strategy: Upgrading Equal-Weight Energy Sector; Semis Are Leading Tech

Relative strength for the PHLX Semiconductor index began a bottoming process in November of 2018. In mid-December. Since then we have expanded our recommendations substantially and upgraded Technology to overweight in late-January. Despite four months of outperformance, we believe the move for semis is just beginning. In today’s report we highlight our favorite technical setups, including: AMAT, MRVL, AMBA, STM, ON, MU, NVDA, SWKS, MCHP, TXN, AVGO, LRCX, NXPI, ASML, TER, MKSI, ICHR, ACLS, and TSEM.

Relative strength for the PHLX Semiconductor index began a bottoming process in November of 2018. In mid-December. Since then we have expanded our recommendations substantially and upgraded Technology to overweight in late-January. Despite four months of outperformance, we believe the move for semis is just beginning. In today’s report we highlight our favorite technical setups, including: AMAT, MRVL, AMBA, STM, ON, MU, NVDA, SWKS, MCHP, TXN, AVGO, LRCX, NXPI, ASML, TER, MKSI, ICHR, ACLS, and TSEM.

Semiconductors Are Breaking Out -- Add Exposure/Overweight

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)

Broadcom Q2 FY2026. The $100 Billion AI Trajectory Remains On Track.

The AI XPU Platform Launch: Broadcom is partnering with Apollo and Blackstone to deploy a 20-gigawatt AI platform through 2028, with Apollo...

William Keating

U.S. Equity Strategy: Growth And Safety Are The Plays To Stay With

The S&P 500 continues its march higher, however the troops have been unable to keep up with the generals and with this is an ounce of concern....

Vermilion Research

S&P500 June 2026 Forecast: FLEX, FTI & MTZ Leading the Pack

MRVL faces reduced probability due to sector balance; FLEX and FTI are top candidates for addition based on high eligibility scores, with FLEX...

Dimitris Ioannidis

U.S. Equity Strategy: Upgrading Equal-Weight Energy Sector; Semis Are Leading Tech

Of the ten items highlighted in last week’s Compass that we would like to see in order to turn more bullish, two have happened -- equal-weighted...

Vermilion Research

Semiconductors Are Breaking Out -- Add Exposure/Overweight

Relative strength for the PHLX Semiconductor index began a bottoming process in November of 2018. In mid-December. Since then we have expanded our...

Vermilion Research

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Broadcom Q2 FY2026. The $100 Billion AI Trajectory Remains On Track.

The AI XPU Platform Launch: Broadcom is partnering with Apollo and Blackstone to deploy a 20-gigawatt AI platform through 2028, with Apollo...

William Keating

U.S. Equity Strategy: Growth And Safety Are The Plays To Stay With

The S&P 500 continues its march higher, however the troops have been unable to keep up with the generals and with this is an ounce of concern....

Vermilion Research

S&P500 June 2026 Forecast: FLEX, FTI & MTZ Leading the Pack

​MRVL faces reduced probability due to sector balance; FLEX and FTI are top candidates for addition based on high eligibility scores, with FLEX...

Dimitris Ioannidis

U.S. Equity Strategy: Upgrading Equal-Weight Energy Sector; Semis Are Leading Tech

Of the ten items highlighted in last week’s Compass that we would like to see in order to turn more bullish, two have happened -- equal-weighted...

Vermilion Research

Semiconductors Are Breaking Out -- Add Exposure/Overweight

Relative strength for the PHLX Semiconductor index began a bottoming process in November of 2018. In mid-December. Since then we have expanded our...

Vermilion Research

MRVL faces reduced probability due to sector balance; FLEX and FTI are top candidates for addition based on high eligibility scores, with FLEX...