Podcast On the Business of Semiconductors, The Circuit

The Circuit

Podcast On the Business of Semiconductors

A Podcast On the Business of Semiconductors. With Jay Goldberg and Ben Bajarin

Thematic (Sector/Industry)

<ul><li>Semiconductor industry expected to grow by 10%</li><li>US semiconductor manufacturing expansion faces challenges</li><li>Trump and China agree to a 90-day pause on new tariffs, with uncertainty about future outcomes</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Semiconductor industry expected to grow by 10%US semiconductor manufacturing expansion faces challengesTrump and China agree to a 90-day pause on new tariffs, with uncertainty about future outcomesThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Episode 118: Weekly Update (Tariffs), AI Budget Spend, Semis and Saudi's

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>Typical Intel? 18A node was going to be a great success with customers lining up. CFO now says that revenues from external customers is "not significant", limited to packaging only.</li>
<li>Intel CFO toned expectation of significant external 18A revenues by 2027: some revenues with UMC, Tower, some packaging, some older gen Intel16 “not a ton has to come from 18A”.   </li>
<li>Clear admission that Intel Foundry won't be ready for external clients before 14A in 2028 due to lack of design tools (PDK). All that is good for TSMC.</li>
</ul>


Typical Intel? 18A node was going to be a great success with customers lining up. CFO now says that revenues from external customers is "not significant", limited to packaging only.
Intel CFO toned expectation of significant external 18A revenues by 2027: some revenues with UMC, Tower, some packaging, some older gen Intel16 “not a ton has to come from 18A”.   
Clear admission that Intel Foundry won't be ready for external clients before 14A in 2028 due to lack of design tools (PDK). All that is good for TSMC.


Intel 18A: Cracks in the Wall. Good for TSMC.

J Capital Research

Independent Insight Provider

J Capital Research, a U.S. company, publishes highly diligenced research reports on publicly traded companies, relying on deep, on-the-ground primary research. J Capital has particular expertise in the Chinese market, but we look at over-valued companies throughout the world. As an activist short- and long-research shop, when we form a clear view, we publish free, public reports to inform the investing public and never disguise our identity. We believe the internet has afforded an opportunity to small, unaffiliated investors to leapfrog the big banks, with their conflicts of interest, and obtain unbiased information on traded companies. We pride ourselves on our independence and the quality of our work. We hope the work speaks for itself.

KULR Technology Group  / Equity Bottom-Up

<ul><li>Kulr Technology (NASDAQ: KULR) makes technology to manage heat levels in batteries.</li><li>We believe KULR has failed at building a product relevant to a large market.</li><li>Now, with less than $11 mln in annual revenue after 12 years of trying, KULR appears to have built a cottage industry in promoting its own stock.</li></ul>

Kulr Technology (NASDAQ: KULR) makes technology to manage heat levels in batteries.We believe KULR has failed at building a product relevant to a large market.Now, with less than $11 mln in annual revenue after 12 years of trying, KULR appears to have built a cottage industry in promoting its own stock.

Kulr Technology: Battery Technology Company Looks Overheated

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Contemporary Amperex Technology (CATL) / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL) (300750 CH)</a> , one of the world’s largest battery solutions providers, aims to raise around US$4bn in its H-share listing.</li>
<li>CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.</li>
<li>We have looked at the company's past performance in our earlier notes. In this note, we talk about the IPO pricing.</li>
</ul>



Contemporary Amperex Technology (CATL) (300750 CH) , one of the world’s largest battery solutions providers, aims to raise around US$4bn in its H-share listing.
CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.
We have looked at the company's past performance in our earlier notes. In this note, we talk about the IPO pricing.


CATL A/H Listing - High Quality, Large Size Make It Unavoidable but Needs a Discount

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

<ul>
<li>
MediaTek and Nvidia expected to unveil joint ARM-based AI PC SoCs at Computex May 19 - 23; a major milestone for Mediatek expanding into the massive Windows PC market.</li>
<li>
We will be looking to see how the new chips are positioned; To highlight full local LLM inference; enabling private, real-time AI at the edge for PCs?</li>
<li>
We maintain our Structural Long view for Mediatek shares; MediaTek is evolving from mobile SoC leader to full-stack AI compute player across smartphones, PCs, and data centers.</li>
</ul>



MediaTek and Nvidia expected to unveil joint ARM-based AI PC SoCs at Computex May 19 - 23; a major milestone for Mediatek expanding into the massive Windows PC market.

We will be looking to see how the new chips are positioned; To highlight full local LLM inference; enabling private, real-time AI at the edge for PCs?

We maintain our Structural Long view for Mediatek shares; MediaTek is evolving from mobile SoC leader to full-stack AI compute player across smartphones, PCs, and data centers.


Mediatek Approaching Potential Share Catalyst at Computex Taiwan; Nvidia PC PC Announcement Expected

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)

Episode 118: Weekly Update (Tariffs), AI Budget Spend, Semis and Saudi's

The semiconductor industry is anticipated to grow by 10%, but US manufacturing expansion faces challenges and restrictions on Chinese chip makers,...

The Circuit

Intel 18A: Cracks in the Wall. Good for TSMC.

Intel's 18A node not expected to bring significant external revenues, CFO says limited to packaging only. Foundry won't be ready for external...

Nicolas Baratte

Kulr Technology: Battery Technology Company Looks Overheated

Kulr Technology (NASDAQ: KULR) makes technology to manage heat levels in batteries. We believe KULR has failed at building a product relevant to a...

J Capital Research

CATL A/H Listing - High Quality, Large Size Make It Unavoidable but Needs a Discount

Contemporary Amperex Technology (CATL) (300750 CH) , one of the world’s largest battery solutions providers, aims to raise around US$4bn in its H...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Episode 118: Weekly Update (Tariffs), AI Budget Spend, Semis and Saudi's

The semiconductor industry is anticipated to grow by 10%, but US manufacturing expansion faces challenges and restrictions on Chinese chip makers,...

The Circuit

Intel 18A: Cracks in the Wall. Good for TSMC.

​Intel's 18A node not expected to bring significant external revenues, CFO says limited to packaging only. Foundry won't be ready for external...

Nicolas Baratte

Kulr Technology: Battery Technology Company Looks Overheated

Kulr Technology (NASDAQ: KULR) makes technology to manage heat levels in batteries. We believe KULR has failed at building a product relevant to a...

J Capital Research

CATL A/H Listing - High Quality, Large Size Make It Unavoidable but Needs a Discount

Contemporary Amperex Technology (CATL) (300750 CH) , one of the world’s largest battery solutions providers, aims to raise around US$4bn in its H...

Sumeet Singh

Mediatek Approaching Potential Share Catalyst at Computex Taiwan; Nvidia PC PC Announcement Expected

​MediaTek and Nvidia likely to unveil joint ARM-based AI PC SoCs at Computex, marking a milestone for MediaTek in Windows PC market. Evolving from...

Vincent Fernando, CFA

Intel's 18A node not expected to bring significant external revenues, CFO says limited to packaging only. Foundry won't be ready for external...

MediaTek and Nvidia likely to unveil joint ARM-based AI PC SoCs at Computex, marking a milestone for MediaTek in Windows PC market. Evolving from...