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

<a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel's</a> newly appointed CEO Pat Gelsinger this week unveiled his plans to address the issues that have plagued the company for the better part of a decade. Dubbed "IDM 2.0", the plan comprises three key elements. Firstly, a reaffirmation of Intel's commitment to their existing, internal manufacturing operations. Secondly, an increased reliance on leading edge, external foundry capacity. Thirdly, the decision to re-enter the foundry business and become a leading supplier of U.S. and Europe-based capacity. Underpinning these three initiatives is a commitment to invest $20 billion in the construction of two new fabs in Phoenix, Arizona. Is Gelsinger's IDM 2.0 initiative a bold move or a desperate gamble? Here's what we think.

Intel's newly appointed CEO Pat Gelsinger this week unveiled his plans to address the issues that have plagued the company for the better part of a decade. Dubbed "IDM 2.0", the plan comprises three key elements. Firstly, a reaffirmation of Intel's commitment to their existing, internal manufacturing operations. Secondly, an increased reliance on leading edge, external foundry capacity. Thirdly, the decision to re-enter the foundry business and become a leading supplier of U.S. and Europe-based capacity. Underpinning these three initiatives is a commitment to invest $20 billion in the construction of two new fabs in Phoenix, Arizona. Is Gelsinger's IDM 2.0 initiative a bold move or a desperate gamble? Here's what we think. 

Intel IDM 2.0: Bold Move Or Desperate Gamble?

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

Intel's new CEO, Pat Gelsinger, today revealed a plan whereby Intel hopes to regain process leadership by building new fabs and becoming an important semiconductor foundry.  There are questions about this plan's likelihood of success.

Intel's new CEO, Pat Gelsinger, today revealed a plan whereby Intel hopes to regain process leadership by building new fabs and becoming an important semiconductor foundry.  There are questions about this plan's likelihood of success.

Intel Reveals Plan to Restore Process Leadership

Thematic (Sector/Industry)

The SIA released its semiconductor figures for January - sales were up 13.2% over January of 2020 and 0.9% over a record December.  The year is off to a good start, despite COVID issues, shortages, earthquakes, and extreme weather.

The SIA released its semiconductor figures for January - sales were up 13.2% over January of 2020 and 0.9% over a record December.  The year is off to a good start, despite COVID issues, shortages, earthquakes, and extreme weather.

<a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA</a> this week reported record revenues of just over $5 billion together with an upbeat outlook for the current quarter. However, CEO Jensen Huang played down the prospects of a boom in crypto currency mining for the company, noting that current quarter revenues would be in the order of just $50 million. He further noted that crypto mining would be just a small part of the company's business in the future. Given that events related to this part of their business wreaked six months of havoc on the company just two short years ago, we found his somewhat cavalier approach and comments worrying. So too did investors it would appear and, together with a bearish night on markets overall, NVIDIA's share price fell 8% the following day. Here's our thoughts on the matter.

NVIDIA this week reported record revenues of just over $5 billion together with an upbeat outlook for the current quarter. However, CEO Jensen Huang played down the prospects of a boom in crypto currency mining for the company, noting that current quarter revenues would be in the order of just $50 million. He further noted that crypto mining would be just a small part of the company's business in the future. Given that events related to this part of their business wreaked six months of havoc on the company just two short years ago, we found his somewhat cavalier approach and comments worrying. So too did investors it would appear and, together with a bearish night on markets overall, NVIDIA's share price fell 8% the following day. Here's our thoughts on the matter.

NVIDIA. Cavalier Approach To Crypto Mining Overshadows Record Breaking Quarter.

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Event-Driven

With Softbank’s holdco discount shrinking to historically low levels, we examine each of the components of its NAV, most of which are themselves rather overvalued in our opinion. First up, we examine Arm which is seeing a lot of pushback against its potential acquisition by Nvidia.

With Softbank’s holdco discount shrinking to historically low levels, we examine each of the components of its NAV, most of which are themselves rather overvalued in our opinion. First up, we examine Arm which is seeing a lot of pushback against its potential acquisition by Nvidia.

Softbank – Looking at the NAV Components - ARM

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

Intel IDM 2.0: Bold Move Or Desperate Gamble?

Intel's new CEO Pat Gelsinger this week laid out his plans for the future of the company. Dubbed IDM 2.0, is the plan a bold move or a desperate...

William Keating

Intel Reveals Plan to Restore Process Leadership

Can Intel restore the process leadership that it has lost to TSMC and Samsung? The company certainly hopes so. This Insight explores Intel's plan...

Jim Handy

January Semiconductors Up 13.2% Y/Y

Semiconductor revenues broke records in both December and January, and the business seems poised to continue to fare very well over 2021. This...

Jim Handy

NVIDIA. Cavalier Approach To Crypto Mining Overshadows Record Breaking Quarter.

NVIDIA reported record revenues of $5 billion & delivered a robust forecast. Yet, their share price dropped by over 8% the following day. Here's why.

William Keating

Softbank – Looking at the NAV Components - ARM

With Softbank’s holdco discount shrinking to historically low levels, we examine each of the components of its NAV starting with Arm

Mio Kato

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