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.

Thematic (Sector/Industry)

<ul><li><p>This earnings post will be a bit less detailed than usual. I just finished a move mid-earnings, and it was insanely distracting. So, I’ll start with the spark notes before I go into depth.</p></li><li><p>Industrial (TXN) is possibly bottoming, Automotive is probably bottoming (TXN), but SiC (STM) is doing much worse, and mobile (TER) hasn’t changed quite much. Consumer (NOD) got a substantial call out.</p></li><li>Telecom (MXL, INTC) is about to bottom imminently. I continue to like MaxLinear and other companies that are exposed to telecom. HBM (TER, SK) continues to be strong. In Semicap, Logic is strong, HBM is strong, and China is declining less than expected.</li></ul>

This earnings post will be a bit less detailed than usual. I just finished a move mid-earnings, and it was insanely distracting. So, I’ll start with the spark notes before I go into depth.Industrial (TXN) is possibly bottoming, Automotive is probably bottoming (TXN), but SiC (STM) is doing much worse, and mobile (TER) hasn’t changed quite much. Consumer (NOD) got a substantial call out.Telecom (MXL, INTC) is about to bottom imminently. I continue to like MaxLinear and other companies that are exposed to telecom. HBM (TER, SK) continues to be strong. In Semicap, Logic is strong, HBM is strong, and China is declining less than expected.

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

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Texas Instruments (TI) reported a first quarter of 2024 revenue that met expectations, despite witnessing a 10% sequential and 16% year-over-year decrease to $3.7bn.</li><li>Revenue declined across all of its end markets as customers continued to pare their inventory levels.</li><li>In terms of individual revenue components, Analog revenue declined 14% year-over-year, Embedded Processing declined 22%, and the Other segment declined 33% from the year-ago quarter.</li></ul>

Texas Instruments (TI) reported a first quarter of 2024 revenue that met expectations, despite witnessing a 10% sequential and 16% year-over-year decrease to $3.7bn.Revenue declined across all of its end markets as customers continued to pare their inventory levels.In terms of individual revenue components, Analog revenue declined 14% year-over-year, Embedded Processing declined 22%, and the Other segment declined 33% from the year-ago quarter.

Texas Instruments: Fresh Investments In Manufacturing & Technology & 5 Critical Growth Drivers

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Taiwan Tech Shares Fell Sharply Along With Global Selling -- Semiconductor and AI Names Most Exposed</li>
<li>What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference? </li>
<li>ASE Technology Holding (3711 TT) Wins iPhone 16 System-in-Package Order from Apple (AAPL US)</li>
</ul>


Taiwan Tech Shares Fell Sharply Along With Global Selling -- Semiconductor and AI Names Most Exposed
What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference? 
ASE Technology Holding (3711 TT) Wins iPhone 16 System-in-Package Order from Apple (AAPL US)


Taiwan Tech Weekly: Semi/AI Darlings Slammed; TSMC Supply Chain Insights; ASE Wins Key IPhone Order

<ul>
<li>Apple supply chain names are falling due concerns about weak iPhone shipments. Global PC shipments returned to growth as per IDC data.</li>
<li>TSMC and ASML results this week and will be cruical for the market. Can TSMC rally again to achieve new highs or will it continue trading lower?</li>
<li>Nanya Technology sees DRAM Industry pricing rising through 2024E; but is underperforming financially.</li>
</ul>


Apple supply chain names are falling due concerns about weak iPhone shipments. Global PC shipments returned to growth as per IDC data.
TSMC and ASML results this week and will be cruical for the market. Can TSMC rally again to achieve new highs or will it continue trading lower?
Nanya Technology sees DRAM Industry pricing rising through 2024E; but is underperforming financially.


Taiwan Tech Weekly: Apple Suppliers Slump on IPhone; PC Volumes Back to Growth; TSMC & ASML Results

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Horizon Robotics / Equity Capital Markets

<ul>
<li>Horizon Robotics, a consumer-centric and fast-growing provider of integrated ADAS and AD solutions for passenger vehicles, filed for an IPO and plans to raise up to $500M in Hong Kong.</li>
<li>Horizon Robotics was founded in 2015 by Dr. Yu Kai, Dr. Chang Huang, Ms. Feiwen Tao, and a group of scientists and tech entrepreneurs. </li>
<li>I have a positive view of an upcoming IPO and believe Horizon Robotics is in a great position to capitalize on rapidly growing smart vehicles market in China and worldwide.</li>
</ul>


Horizon Robotics, a consumer-centric and fast-growing provider of integrated ADAS and AD solutions for passenger vehicles, filed for an IPO and plans to raise up to $500M in Hong Kong.
Horizon Robotics was founded in 2015 by Dr. Yu Kai, Dr. Chang Huang, Ms. Feiwen Tao, and a group of scientists and tech entrepreneurs. 
I have a positive view of an upcoming IPO and believe Horizon Robotics is in a great position to capitalize on rapidly growing smart vehicles market in China and worldwide.


Horizon Robotics IPO Preview: “Journey Together”, Strong Business Position and Market Share Gains

United States

Texas Instruments Incorporated operates as a semiconductor design and manufacturing company. The Company develops analog ICs and embedded processors. Texas Instruments has manufacturing or sales operations worldwide.

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Texas Instruments (TXN US)

Earnings Week of April 26th

TXN, NOD, TER, INTC, MXL, ASM, STM, ON, KLA, LRCX, VRT, Aixtron, MXL. This earnings post will be a bit less detailed than usual....

Fabricated Knowledge

Texas Instruments: Fresh Investments In Manufacturing & Technology & 5 Critical Growth Drivers

Texas Instruments (TI) reported a first quarter of 2024 revenue that met expectations, despite witnessing a 10% sequential and 16% year-over-year...

Baptista Research

Taiwan Tech Weekly: Semi/AI Darlings Slammed; TSMC Supply Chain Insights; ASE Wins Key IPhone Order

Taiwan tech shares drop sharply due to global selling, with semiconductor and AI companies most affected. TSMC sheds light on the semiconductor...

Vincent Fernando, CFA

Taiwan Tech Weekly: Apple Suppliers Slump on IPhone; PC Volumes Back to Growth; TSMC & ASML Results

Apple supply chain names are dropping due to weak iPhone shipments, while global PC shipments are growing. TSMC and ASML results will be crucial...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Earnings Week of April 26th

TXN, NOD, TER, INTC, MXL, ASM, STM, ON, KLA, LRCX, VRT, Aixtron, MXL. This earnings post will be a bit less detailed than usual....

Fabricated Knowledge

Texas Instruments: Fresh Investments In Manufacturing & Technology & 5 Critical Growth Drivers

Texas Instruments (TI) reported a first quarter of 2024 revenue that met expectations, despite witnessing a 10% sequential and 16% year-over-year...

Baptista Research

Taiwan Tech Weekly: Semi/AI Darlings Slammed; TSMC Supply Chain Insights; ASE Wins Key IPhone Order

​Taiwan tech shares drop sharply due to global selling, with semiconductor and AI companies most affected. TSMC sheds light on the semiconductor...

Vincent Fernando, CFA

Taiwan Tech Weekly: Apple Suppliers Slump on IPhone; PC Volumes Back to Growth; TSMC & ASML Results

​Apple supply chain names are dropping due to weak iPhone shipments, while global PC shipments are growing. TSMC and ASML results will be crucial...

Vincent Fernando, CFA

Horizon Robotics IPO Preview: “Journey Together”, Strong Business Position and Market Share Gains

China’s Horizon Robotics, a leading provider of ADAS and AD solutions for smart vehicles, filed for an IPO and may raise up to $500M in Hong Kong.

Andrei Zakharov

Taiwan tech shares drop sharply due to global selling, with semiconductor and AI companies most affected. TSMC sheds light on the semiconductor...

Apple supply chain names are dropping due to weak iPhone shipments, while global PC shipments are growing. TSMC and ASML results will be crucial...