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>GlobalWafers last month reported second quarter revenues of NT$15.2 billion, up 8.8% QoQ but down 5% YoY. Gross margin was 20.6%, flat sequentially but down 5.2 pp YoY</li>
<li>AI infrastructure remains main growth driver, supported by higher capital spending and continued growth in agentic AI inference and cloud‑edge integration. Memory supply remains tight; LTAs provide better demand visibility.</li>
<li>Our H1 gross margin was 20.7 %, -5.5 pp YoY. This mainly reflects pricing agreed during last year's weak market, as well as higher qualification and ramp‑up costs at our new sites.</li>
</ul>


GlobalWafers last month reported second quarter revenues of NT$15.2 billion, up 8.8% QoQ but down 5% YoY. Gross margin was 20.6%, flat sequentially but down 5.2 pp YoY
AI infrastructure remains main growth driver, supported by higher capital spending and continued growth in agentic AI inference and cloud‑edge integration. Memory supply remains tight; LTAs provide better demand visibility.
Our H1 gross margin was 20.7 %, -5.5 pp YoY. This mainly reflects pricing agreed during last year's weak market, as well as higher qualification and ramp‑up costs at our new sites.


GlobalWafers Q2 2026 Earnings Review & Full Transcript

Thematic (Sector/Industry)

<ul>
<li>The pace of recovery in 200 millimeters appears to have been very weak. Customers continue to respect LTA prices but we have to push out delivery timing which impacts volumes.</li>
<li>China appears to have developed their own capability to fabricate wafers. Quality does not necessarily appear to be very good but there is strong pressure to comply with “Buy China” </li>
<li>The recovery in legacy applications has been surprisingly slow. At this stage we don't know whether it is a slow recovery or in fact that there won't be a recovery.</li>
</ul>


The pace of recovery in 200 millimeters appears to have been very weak. Customers continue to respect LTA prices but we have to push out delivery timing which impacts volumes.
China appears to have developed their own capability to fabricate wafers. Quality does not necessarily appear to be very good but there is strong pressure to comply with “Buy China” 
The recovery in legacy applications has been surprisingly slow. At this stage we don't know whether it is a slow recovery or in fact that there won't be a recovery.


SUMCO Despairs On Legacy Rebound, EVs, China, Visibility Etc...

<ul>
<li>Silicon wafer area shipments in Q324 amounted to 3,214 million square inches (MSI), up 5.9% QoQ and up 6.8% YoY,</li>
<li>Q324 saw the combined revenues from the top four players in the segment reaching $2.5 billion, up 0.5% QoQ and up 6.5% YoY</li>
<li>Top 4 EBIT amounted to just $337 million, up 1.5% QoQ but down 38.9% YoY.</li>
</ul>


Silicon wafer area shipments in Q324 amounted to 3,214 million square inches (MSI), up 5.9% QoQ and up 6.8% YoY,
Q324 saw the combined revenues from the top four players in the segment reaching $2.5 billion, up 0.5% QoQ and up 6.5% YoY
Top 4 EBIT amounted to just $337 million, up 1.5% QoQ but down 38.9% YoY.


Silicon Wafers Q324 Area Shipments, Revenue, EBIT, Outlook & More

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Big Tesla move up may help sentiment for Panasonic, although gains are largely Trump related.</li>
<li>Lumentum strong numbers and big move up will continue to help sentiment for optical related plays in Japan.</li>
<li>Good numbers from Sony with solid performance from its mainstay games and imaging segments.</li>
</ul>


Big Tesla move up may help sentiment for Panasonic, although gains are largely Trump related.
Lumentum strong numbers and big move up will continue to help sentiment for optical related plays in Japan.
Good numbers from Sony with solid performance from its mainstay games and imaging segments.


Japan Morning Connection: Strong Earnings from Sony's Games and Sensors

<ul>
<li>Don't expect initial 'sell the fact' reaction to Fed's best-case 50 bps cut to weigh on Japan, with a lot of money on the sidelines in Asia to be deployed.</li>
<li>Shin-Etsu via its PVC sub Shintech and the Japanese home builders with high US exposure continue to look attractive as rate cut plays.</li>
<li>Further US export controls for allies on chip making equipment are imminent and names with lower China sales ratios remain the safer SPE plays.</li>
</ul>


Don't expect initial 'sell the fact' reaction to Fed's best-case 50 bps cut to weigh on Japan, with a lot of money on the sidelines in Asia to be deployed.
Shin-Etsu via its PVC sub Shintech and the Japanese home builders with high US exposure continue to look attractive as rate cut plays.
Further US export controls for allies on chip making equipment are imminent and names with lower China sales ratios remain the safer SPE plays.


Japan Morning Connection: Market Expected to Recover After Fed Announcement

Japan

SUMCO Corporation manufactures silicon wafers for the semiconductor industry. The Company produces silicon wafers used to produce solar batteries as well as ultra-high purity quartz used to produce vessels for silicon manufacturing process. SUMCO markets its products worldwide.

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SUMCO Corp (3436 JP)

GlobalWafers Q2 2026 Earnings Review & Full Transcript

GlobalWafers last month reported second quarter revenues of NT$15.2 billion, up 8.8% QoQ but down 5% YoY. Gross margin was 20.6%, flat sequentially...

William Keating

SUMCO Despairs On Legacy Rebound, EVs, China, Visibility Etc...

There isn't much point in speculating about things we don't understand. We don't know whether it is a slow recovery or if there won't be a...

William Keating

Silicon Wafers Q324 Area Shipments, Revenue, EBIT, Outlook & More

Q324 silicon wafer area shipments in 3,214 MSI , +5.9% QoQ & +6.8% YoY. Top 4 revenues $2.5 billion, +0.5% QoQ & + 6.5% YoY. Top 4 EBIT $337...

William Keating

Japan Morning Connection: Strong Earnings from Sony's Games and Sensors

Tesla's move may boost Panasonic sentiment, Lumentum's strong numbers will benefit optical plays, Sony reports good numbers driven by games and...

Andrew Jackson

Japan Morning Connection: Market Expected to Recover After Fed Announcement

Japan expected to recover this morning after Fed announcement. Japanese home builders continue to look attractive. Companies with lower China...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

GlobalWafers Q2 2026 Earnings Review & Full Transcript

GlobalWafers last month reported second quarter revenues of NT$15.2 billion, up 8.8% QoQ but down 5% YoY. Gross margin was 20.6%, flat sequentially...

William Keating

SUMCO Despairs On Legacy Rebound, EVs, China, Visibility Etc...

There isn't much point in speculating about things we don't understand. We don't know whether it is a slow recovery or if there won't be a...

William Keating

Silicon Wafers Q324 Area Shipments, Revenue, EBIT, Outlook & More

Q324 silicon wafer area shipments in 3,214 MSI , +5.9% QoQ & +6.8% YoY. Top 4 revenues $2.5 billion, +0.5% QoQ & + 6.5% YoY. Top 4 EBIT $337...

William Keating

Japan Morning Connection: Strong Earnings from Sony's Games and Sensors

​Tesla's move may boost Panasonic sentiment, Lumentum's strong numbers will benefit optical plays, Sony reports good numbers driven by games and...

Andrew Jackson

Japan Morning Connection: Market Expected to Recover After Fed Announcement

​Japan expected to recover this morning after Fed announcement. Japanese home builders continue to look attractive. Companies with lower China...

Andrew Jackson

Tesla's move may boost Panasonic sentiment, Lumentum's strong numbers will benefit optical plays, Sony reports good numbers driven by games and...

Japan expected to recover this morning after Fed announcement. Japanese home builders continue to look attractive. Companies with lower China...