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

Thematic (Sector/Industry)

The latest Wafer Fab Equipment (WFE) from SEMI, details <a href="http://www.semi.org/en/494-billion-semiconductor-equipment-forecast-new-record-korea-top" target="_blank" rel="noopener">here</a>, reported that worldwide sales of new semiconductor manufacturing equipment are projected to increase 19.8 percent to total $49.4 billion in 2017, marking the first time that the semiconductor equipment market has exceeded the market high of $47.7 billion set in 2000. Analysts are mixed on the extent to which this cycle will continue through the coming year and concerns are growing that the leading WFE companies have peaked in terms of shareholder returns. In this Insight, we review the reasons why we believe that the current growth cycle will continue strongly through 2018. We examine in detail a selection of key companies from the top ten players globally. We also explore some hidden gems, niche players we expect to surprise on the upside in the next twelve months.

The latest Wafer Fab Equipment (WFE) from SEMI, details here, reported that worldwide sales of new semiconductor manufacturing equipment are projected to increase 19.8 percent to total $49.4 billion in 2017, marking the first time that the semiconductor equipment market has exceeded the market high of $47.7 billion set in 2000. Analysts are mixed on the extent to which this cycle will continue through the coming year and concerns are growing that the leading WFE companies have peaked in terms of shareholder returns. In this Insight, we review the reasons why we believe that the current growth cycle will continue strongly through 2018. We examine in detail a selection of key companies from the top ten players globally. We also explore some hidden gems, niche players we expect to surprise on the upside in the next twelve months.

A Brief Analysis of Semiconductor Wafer Fab Equipment's Current Growth Cycle

Asia and Global Semiconductor and Tech Research

Andrew Lu

Event-Driven

<h2>What's new?</h2>According to Bloomberg News today, US President <a href="https://www.bloomberg.com/billionaires/id/1252249" target="_blank">Donald Trump</a> blocked a Chinese-backed Canyon Bridge Capital Partners from buying <a href="https://www.smartkarma.com/entities/7855" target="_blank" data-smartkarma-citation="entities:7855:1">Lattice Semiconductor Corp (LSCC US)</a>, a tier three FPGA/PLD semiconductor vendor, for security risk. "Consistent with the administration’s commitment to take all actions necessary to ensure the protection of U.S. national security, the president issued an order prohibiting the acquisition," Treasury Secretary Steven Mnuchin said in a statement.The Trump…

What's new?According to Bloomberg News today, US President Donald Trump blocked a Chinese-backed Canyon Bridge Capital Partners from buying Lattice Semiconductor Corp (LSCC US), a tier three FPGA/PLD semiconductor vendor, for security risk. "Consistent with the administration’s commitment to take all actions necessary to ensure the protection of U.S. national security, the president issued an order prohibiting the acquisition," Treasury Secretary Steven Mnuchin said in a statement.The Trump…

US Trump Blocks Lattice Acquisition for Security Risk - China Will Have to Build Its Own Now

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

Technicals continue to endorse a bullish outlook. And with the S&amp;P 500 breaking out to new highs yesterday, and insurance stocks recovering from last week, we are benefitting from renewed clarity following the muddled, past two months.In today’s report we highlight actionable ideas in the following Groups:<ul><li>Semis... see page 14-20</li><li>Insurers... see page 8-13</li></ul>

Technicals continue to endorse a bullish outlook. And with the S&amp;P 500 breaking out to new highs yesterday, and insurance stocks recovering from last week, we are benefitting from renewed clarity following the muddled, past two months.In today’s report we highlight actionable ideas in the following Groups:Semis... see page 14-20Insurers... see page 8-13

U.S. Equity Uptrend Resumes; Outlook Remains Bullish

Thematic Investing in Tech and Media, CM Research

Cyrus Mewawalla

Thematic Investing in Tech and Media

Thematic TMT investing

CM Research

CM Research is an independent research house based in London, England. We provide global thematic research in the Technology, Media and Telecoms (TMT) sectors. 

Our focus is on disruptive technologies: how will they unfold; which industries will be impacted; and who will be the ultimate winners and losers. 

Our aim is to help investors predict share prices and corporate executives stay one step ahead of the technology trends that are shaping their industry. 

We research technology investment themes in detail and then feed the results into a scorecard system to quantify the impact of several conflicting themes on individual stocks. 

Recent themes covered include internet TV, the Internet of Things, Big Data, Mobile payments, crowdfunding, artificial intelligence, the cloud, software defined networking and Generation Hashtag.

We cover the top 500 global TMT stocks by market capitalisation and several technology start-ups and pre-IPO companies too. 

In 2015, CM Research analysts outperformed the Bloomberg Benchmark Analyst Index - which measures how good analysts are at predicting stock prices - by 7.1%.

<h2>AI is the next big computing wave. </h2>After transitioning from mainframes to PCs to servers to Cloud-based data centres, computing is about to make another transition: Artificial intelligence (AI) is the next computing wave. As demand for chips from the PC and smartphone industry subsides, demand for high-end processors to power AI-based platforms such as voice interfaces, robots, augmented reality, driverless cars, smart homes and advanced cybersecurity systems will rise. This new semiconductor industry is led by Microsoft, Google, Apple and Huawei. They increasingly tell their merchant suppliers what chips to make or do it better themselves, building custom, algorithmic chips and creating their own AI supercomputers in the Cloud.And Intel has got the message.So how should investors respond?

AI is the next big computing wave. After transitioning from mainframes to PCs to servers to Cloud-based data centres, computing is about to make another transition: Artificial intelligence (AI) is the next computing wave. As demand for chips from the PC and smartphone industry subsides, demand for high-end processors to power AI-based platforms such as voice interfaces, robots, augmented reality, driverless cars, smart homes and advanced cybersecurity systems will rise. This new semiconductor industry is led by Microsoft, Google, Apple and Huawei. They increasingly tell their merchant suppliers what chips to make or do it better themselves, building custom, algorithmic chips and creating their own AI supercomputers in the Cloud.And Intel has got the message.So how should investors respond?

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

Equity Bottom-Up

A couple of years ago, <a href="https://www.smartkarma.com/entities/7245" target="_blank" data-smartkarma-citation="entities:7245:1">Nidec (6594 JP)</a> unveiled a small elongated haptic device, perfect for fitting into smartphones, and <a href="https://www.smartkarma.com/entities/666" target="_blank" data-smartkarma-citation="entities:666:1">Apple (AAPL US)</a> fell in love with it. At the time, the company was trialing its new touch technology where changes in pressure from the finger onto the device would activate the menu system. Makers of VCM systems like Hong Kong's <a href="https://www.smartkarma.com/entities/6544" target="_blank" data-smartkarma-citation="entities:6544:1">AAC Technologies (2018 HK)</a> and Japan's <a href="https://www.smartkarma.com/entities/12001" target="_blank" data-smartkarma-citation="entities:12001:1">Alps Electric (6770 JP)</a> had such haptic devices but they proved difficult to manufacture in the quantities…

A couple of years ago, Nidec (6594 JP) unveiled a small elongated haptic device, perfect for fitting into smartphones, and Apple (AAPL US) fell in love with it. At the time, the company was trialing its new touch technology where changes in pressure from the finger onto the device would activate the menu system. Makers of VCM systems like Hong Kong's AAC Technologies (2018 HK) and Japan's Alps Electric (6770 JP) had such haptic devices but they proved difficult to manufacture in the quantities…

United States

Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), very fast static random access memory chips (SRAMs), Flash Memory, other semiconductor components, and memory modules.

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Micron Technology (MU US)

A Brief Analysis of Semiconductor Wafer Fab Equipment's Current Growth Cycle

The latest Wafer Fab Equipment (WFE) from SEMI, details here, reported that worldwide sales of new semiconductor manufacturing equipment are...

William Keating

US Trump Blocks Lattice Acquisition for Security Risk - China Will Have to Build Its Own Now

What's new?According to Bloomberg News today, US President Donald Trump blocked a Chinese-backed Canyon Bridge Capital Partners from buying Lattice...

Andrew Lu

U.S. Equity Uptrend Resumes; Outlook Remains Bullish

Technicals continue to endorse a bullish outlook. And with the S&P 500 breaking out to new highs yesterday, and insurance stocks recovering...

Vermilion Research

Semiconductors in the Age of AI

AI is the next big computing wave. After transitioning from mainframes to PCs to servers to Cloud-based data centres, computing is about to make...

CM Research

WDC Gets Apple in a Huff

A couple of years ago, Nidec (6594 JP) unveiled a small elongated haptic device, perfect for fitting into smartphones, and Apple (AAPL US) fell in...

Pelham Smithers Associates

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