Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<ul>
<li>During MOI correction period, global semi equipment and manufacturing vendors might under-perform semi product companies on sales/earnings and share price performance in next 6 months given utilization remains below 80%.</li>
<li>A healthy MOI correction in PC/smartphone semi might result in global logic MOI to fall to 3.7-3.8 months in 3Q23, down 15% q/q and 8% y/y, heading to historical low. </li>
<li>China fabless reduced MOI to 6.4 months in 3Q23, down 16% q/q and 26% y/y. Although 2x over 3.5 months low, we expect 4-5 months in future due to restrictions.</li>
</ul>


During MOI correction period, global semi equipment and manufacturing vendors might under-perform semi product companies on sales/earnings and share price performance in next 6 months given utilization remains below 80%.
A healthy MOI correction in PC/smartphone semi might result in global logic MOI to fall to 3.7-3.8 months in 3Q23, down 15% q/q and 8% y/y, heading to historical low. 
China fabless reduced MOI to 6.4 months in 3Q23, down 16% q/q and 26% y/y. Although 2x over 3.5 months low, we expect 4-5 months in future due to restrictions.


More Signs of Fab Utilization Recovery Starting Mid-2024 Post Current MOI Correction

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

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Equity Bottom-Up

<ul><li>Qorvo Inc., a leading provider of innovative radio frequency (RF) solutions, outlined its fiscal 2025 third-quarter results and offered insights into its strategic initiatives and market dynamics during its investor communications.</li><li>The company, with diverse end markets including automotive, consumer, defense, aerospace, industrial, enterprise infrastructure, and mobile, reports financial outcomes in both GAAP and non-GAAP measures.</li><li>This quarter saw specific emphasis on their non-GAAP results to provide clearer insights into operational performance.</li></ul>

Qorvo Inc., a leading provider of innovative radio frequency (RF) solutions, outlined its fiscal 2025 third-quarter results and offered insights into its strategic initiatives and market dynamics during its investor communications.The company, with diverse end markets including automotive, consumer, defense, aerospace, industrial, enterprise infrastructure, and mobile, reports financial outcomes in both GAAP and non-GAAP measures.This quarter saw specific emphasis on their non-GAAP results to provide clearer insights into operational performance.

Qorvo Inc.: Can It Successfully Move Beyond Mobile Communications To HPA & CSG?

<ul><li>The relationship between Qorvo and Starboard Value has captured the attention of investors and market observers alike, as recent developments signal a potential turning point for the chip maker.</li><li>On January 17, 2025, it was revealed that Starboard Value, one of Wall Street's most aggressive activist investors, has acquired a 7.7% stake in Qorvo, equating to a $500 million investment.</li><li>This announcement comes after a challenging year for Qorvo, during which its stock fell by 29%, weighed down by declining revenues in its mobile segment and an unfavorable product mix in the Android ecosystem.</li></ul>

The relationship between Qorvo and Starboard Value has captured the attention of investors and market observers alike, as recent developments signal a potential turning point for the chip maker.On January 17, 2025, it was revealed that Starboard Value, one of Wall Street's most aggressive activist investors, has acquired a 7.7% stake in Qorvo, equating to a $500 million investment.This announcement comes after a challenging year for Qorvo, during which its stock fell by 29%, weighed down by declining revenues in its mobile segment and an unfavorable product mix in the Android ecosystem.

Activist Spotlight: How Starboard Value Could Transform Qorvo’s Prospects

<ul><li>Qorvo, Inc. has reported its financial results for the second quarter of fiscal 2025, revealing a mixed performance across its various business segments.</li><li>During the quarter, Qorvo achieved a revenue of $1.047 billion, marking an 18% sequential increase and exceeding their guided midpoint.</li><li>This growth was driven by double-digit increases across all three operating segments: Advanced Connectivity and Sensors Group (ACG), High Performance Analog (HPA), and Connectivity Systems (CSG).</li></ul>

Qorvo, Inc. has reported its financial results for the second quarter of fiscal 2025, revealing a mixed performance across its various business segments.During the quarter, Qorvo achieved a revenue of $1.047 billion, marking an 18% sequential increase and exceeding their guided midpoint.This growth was driven by double-digit increases across all three operating segments: Advanced Connectivity and Sensors Group (ACG), High Performance Analog (HPA), and Connectivity Systems (CSG).

Qorvo Inc.: Can Its Operational Optimization & Cost Efficiency Give Them A Competitive Edge? - Major Drivers

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.

<ul><li>Let’s first talk about Intel. Intel reported earnings last week, and what a surprise; they managed to have a beat and raise!</li><li>I wrote about this in “<a href="https://www.fabricatedknowledge.com/p/is-this-the-intel-inflection" target="_blank" rel="noopener">Is this the Intel Inflection</a>,” noting that, for once, they had low enough hurdles to jump over.</li><li>Most of this quarter’s strength came from Client computing, while Datacenter looked better than feared. There is a slight restocking event with the back-to-school season, which implies that the worst is done for PC CPU inventories.</li></ul>

Let’s first talk about Intel. Intel reported earnings last week, and what a surprise; they managed to have a beat and raise!I wrote about this in “Is this the Intel Inflection,” noting that, for once, they had low enough hurdles to jump over.Most of this quarter’s strength came from Client computing, while Datacenter looked better than feared. There is a slight restocking event with the back-to-school season, which implies that the worst is done for PC CPU inventories.

Earnings: Intel, AMD, ANET, ON, RMBS, SITM, QCOM, QRVO

United States

Qorvo Inc, designs, develops, manufactures, and markets a variety of high performance analog and mixed signal integrated circuits for the communications markets. The Company's products are used for wireless communications applications such as cellular and PCS, cordless telephony, wireless LANs, industrial radios, wireless security and remote meter reading.

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Qorvo Inc (QRVO US)

More Signs of Fab Utilization Recovery Starting Mid-2024 Post Current MOI Correction

More Signs of Fab Utilization Recovery Starting Mid-2024 Post Current MOI Correction. During the period, global semi equipment and manufacturing...

Andrew Lu

Qorvo Inc.: Can It Successfully Move Beyond Mobile Communications To HPA & CSG?

Qorvo Inc., a leading provider of innovative radio frequency (RF) solutions, outlined its fiscal 2025 third-quarter results and offered insights...

Baptista Research

Activist Spotlight: How Starboard Value Could Transform Qorvo’s Prospects

The relationship between Qorvo and Starboard Value has captured the attention of investors and market observers alike, as recent developments...

Baptista Research

Qorvo Inc.: Can Its Operational Optimization & Cost Efficiency Give Them A Competitive Edge? - Major Drivers

Qorvo, Inc. has reported its financial results for the second quarter of fiscal 2025, revealing a mixed performance across its various business...

Baptista Research

Earnings: Intel, AMD, ANET, ON, RMBS, SITM, QCOM, QRVO

Let’s first talk about Intel. Intel reported earnings last week, and what a surprise; they managed to have a beat and raise! I wrote about this in...

Fabricated Knowledge

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