Amareos

Ryan Shea

Thematic (Sector/Industry)

The EU decision to order the Irish government to collect EUR13bn in back taxes from Apple has been a hot topic of debate in recent days.With many fed up with what they see as the ability of large supra-national companies to engage in tax regulation arbitrage the ruling has populist support. However, the Irish government is not pleased and finance minister Noonan has announced that he intends to appeal against the ruling even though the revenue it would generate equates to a quarter of annual government spending in Ireland – not an everyday occurrence.For Apple the decision, while significant – EUR 13bn is not pocket change even for a company renowned for its large cash reserves – is hardly a game changer and this is how the crowd appears to be viewing it based on the sentiment data we track. But, for Ireland, the EU’s actions are extremely significant.Saying that the low tax regime is the keystone of Irish macroeconomic policy hardly constitutes hyperbole. It is also a key element of national sovereignty. The Irish have no desire to see the EU encroach further in this area, but for the EU to complete its grand plan of monetary and fiscal union, encroach it must.It is these longer-term political and economic tensions that flow from the EU’s ruling on Apple’s tax bill that makes this such an important event for investors.

The EU decision to order the Irish government to collect EUR13bn in back taxes from Apple has been a hot topic of debate in recent days.With many fed up with what they see as the ability of large supra-national companies to engage in tax regulation arbitrage the ruling has populist support. However, the Irish government is not pleased and finance minister Noonan has announced that he intends to appeal against the ruling even though the revenue it would generate equates to a quarter of annual government spending in Ireland – not an everyday occurrence.For Apple the decision, while significant – EUR 13bn is not pocket change even for a company renowned for its large cash reserves – is hardly a game changer and this is how the crowd appears to be viewing it based on the sentiment data we track. But, for Ireland, the EU’s actions are extremely significant.Saying that the low tax regime is the keystone of Irish macroeconomic policy hardly constitutes hyperbole. It is also a key element of national sovereignty. The Irish have no desire to see the EU encroach further in this area, but for the EU to complete its grand plan of monetary and fiscal union, encroach it must.It is these longer-term political and economic tensions that flow from the EU’s ruling on Apple’s tax bill that makes this such an important event for investors.

Asia and Global Semiconductor and Tech Research

Andrew Lu

Post <a href="https://www.smartkarma.com/entities/21591" target="_blank" data-smartkarma-citation="entities:21591:1">Bayerische Motoren Werke AG (BMW GR)</a>, <a href="https://www.smartkarma.com/entities/16764" target="_blank" data-smartkarma-citation="entities:16764:1">Intel Corp (INTC US)</a> , and Mobileye announced new self-driving car to launch by 2021 together with multiple road tests of <a href="https://www.smartkarma.com/entities/11369" target="_blank" data-smartkarma-citation="entities:11369:1">Alphabet Inc Cl C (GOOG US)</a> self-driving car, we estimate semiconductor usage for automotive industry will grow substantially for next few years and outpace semiconductor usage growth for PC, notebook, tablet, and smartphone and outpace semiconductor market size for AR/VR, internet of Things, and robotics. Due to a paradigm shift of automotive industry from gasoline car to electronic car and self-driving car, we estimate semiconductor value per car will exceed US$500 by 2020-2025 (from US$315 in 2012 and US$385 in 2017) by accounting 20-30% of global logic semiconductor market. In net, we see three structural changes like automotive industry consolidation is coming on rising R&amp;D, new semiconductor vendors are emerging, and value per car rising at 5-6% CAGR for next 5-10 years in automotive industry.

Post Bayerische Motoren Werke AG (BMW GR), Intel Corp (INTC US) , and Mobileye announced new self-driving car to launch by 2021 together with multiple road tests of Alphabet Inc Cl C (GOOG US) self-driving car, we estimate semiconductor usage for automotive industry will grow substantially for next few years and outpace semiconductor usage growth for PC, notebook, tablet, and smartphone and outpace semiconductor market size for AR/VR, internet of Things, and robotics. Due to a paradigm shift of automotive industry from gasoline car to electronic car and self-driving car, we estimate semiconductor value per car will exceed US$500 by 2020-2025 (from US$315 in 2012 and US$385 in 2017) by accounting 20-30% of global logic semiconductor market. In net, we see three structural changes like automotive industry consolidation is coming on rising R&amp;D, new semiconductor vendors are emerging, and value per car rising at 5-6% CAGR for next 5-10 years in automotive industry.

Andrew on Tech: Automotive Semis the Next Wave

Sweden

Telefonaktiebolaget LM Ericsson develops and manufactures network equipment and software, as well as services for network and business operations. The Company's portfolio also includes products for the enterprise, cable, mobile platform and power module markets.

Telefonaktiebolaget Lm Ericsso (ERICB SS)

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Telefonaktiebolaget Lm Ericsso (ERICB SS)

# AppleTax

The EU decision to order the Irish government to collect EUR13bn in back taxes from Apple has been a hot topic of debate in recent days.With many...

Amareos

Andrew on Tech: Automotive Semis the Next Wave

Post Bayerische Motoren Werke AG (BMW GR), Intel Corp (INTC US) , and Mobileye announced new self-driving car to launch by 2021 together with...

Andrew Lu

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