Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Stoxx Europe Small 200 Price Eur / Technical Analysis

Stoxx Europe Small 200 Price Eur (SCXP INDEX)

With further consolidation likely for the broad indexes, we want to stick with areas of the market that have shown an ability to outperform despite the broader consolidation. For that we are returning to Technology and Services. Roughly half of today’s individual stock recommendations are domiciled in Japan, while the remainder hail from India and Russia.

With further consolidation likely for the broad indexes, we want to stick with areas of the market that have shown an ability to outperform despite the broader consolidation. For that we are returning to Technology and Services. Roughly half of today’s individual stock recommendations are domiciled in Japan, while the remainder hail from India and Russia.

Global Equity Strategy U.S. Fed Cut, Now What?

Relative strength for the PHLX Semiconductor index began a bottoming process in November of 2018. In mid-December. Since then we have expanded our recommendations substantially and upgraded Technology to overweight in late-January. Despite four months of outperformance, we believe the move for semis is just beginning. In today’s report we highlight our favorite technical setups, including: AMAT, MRVL, AMBA, STM, ON, MU, NVDA, SWKS, MCHP, TXN, AVGO, LRCX, NXPI, ASML, TER, MKSI, ICHR, ACLS, and TSEM.

Relative strength for the PHLX Semiconductor index began a bottoming process in November of 2018. In mid-December. Since then we have expanded our recommendations substantially and upgraded Technology to overweight in late-January. Despite four months of outperformance, we believe the move for semis is just beginning. In today’s report we highlight our favorite technical setups, including: AMAT, MRVL, AMBA, STM, ON, MU, NVDA, SWKS, MCHP, TXN, AVGO, LRCX, NXPI, ASML, TER, MKSI, ICHR, ACLS, and TSEM.

Semiconductors Are Breaking Out -- Add Exposure/Overweight

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>GlobalFoundries reported Q126 revenue of $1.634 billion, up 3% YoY, but down 11% sequentially, which is the normal seasonal pattern for the business</li>
<li>Non-IFRS gross margin hit 29.0%, a record for a first quarter, beating guidance by around 200 basis points and topping the prior-year period by 510 basis points</li>
<li>SiGe capacity is oversubscribed through well into 2027. Silicon photonics revenue is on track to roughly double in 2026..</li>
</ul>


GlobalFoundries reported Q126 revenue of $1.634 billion, up 3% YoY, but down 11% sequentially, which is the normal seasonal pattern for the business
Non-IFRS gross margin hit 29.0%, a record for a first quarter, beating guidance by around 200 basis points and topping the prior-year period by 510 basis points
SiGe capacity is oversubscribed through well into 2027. Silicon photonics revenue is on track to roughly double in 2026..


GlobalFoundries Q1 2026. Pivoting To The AI Networking Bottleneck

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) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Over the trailing 12 months and the last month, the suppliers feeding the AI buildout have run multiples of NVDA and TSMC themselves. </li>
<li>I pulled fresh price performance across Zero One's broad coverage universe — 190 AI and semiconductor names tracked daily across Taiwan, Korea, Japan, and the US.</li>
<li>We explore five key themes that arise from the data and recent events.</li>
</ul>


Over the trailing 12 months and the last month, the suppliers feeding the AI buildout have run multiples of NVDA and TSMC themselves. 
I pulled fresh price performance across Zero One's broad coverage universe — 190 AI and semiconductor names tracked daily across Taiwan, Korea, Japan, and the US.
We explore five key themes that arise from the data and recent events.


AI's Biggest Winners Aren't NVDA and TSMC — They're the Suppliers

Research Coverage on Small and Micro-Cap Companies, Zacks Small Cap Research

Zacks Small Cap Research

Research Coverage on Small and Micro-Cap Companies

Zacks Small Cap Research provides research coverage on small- and micro-cap companies that are “under-followed” or “under-valued” by Wall Street. We produce high quality equity research for the institutional and retail investor on microcap firms we believe are well positioned for future growth. The Zacks SCR analyst team has an average of 20 years of experience in investment research. We conduct significant due diligence in an effort to maintain the highest quality small-cap universe.

<ul><li>Tower is a pure-play analog semiconductor wafer foundry that manufactures SiGe, Silicon Photonics, MEMS, RF, embedded flash-based memory, analog/mixed-signal, and CMOS image-sensor devices in the US, Israel, Japan and Italy.</li><li>It is serving markets in mobile such as RF High Position analog, as well as in CMOS image sensors, and power management.</li><li>Its new fab in Italy in partnership with STMicro started shipping product and its capacity will continue to ramp over the next two years.</li></ul>

Tower is a pure-play analog semiconductor wafer foundry that manufactures SiGe, Silicon Photonics, MEMS, RF, embedded flash-based memory, analog/mixed-signal, and CMOS image-sensor devices in the US, Israel, Japan and Italy.It is serving markets in mobile such as RF High Position analog, as well as in CMOS image sensors, and power management.Its new fab in Italy in partnership with STMicro started shipping product and its capacity will continue to ramp over the next two years.

TSEM: Tower Semiconductor Reports Q2 On Target  Revenues to Accelerate from RF Infrastructure and Mobile Handsets

Israel

Tower Semiconductor Ltd. (TowerJazz) is an independent foundry providing semiconductor integrated circuits manufacturing & related design services. The Company manufactures wafers using its technologies & production capability and the proprietary designs of its customers. TowerJazz's integrated circuits are incorporated into a wide range of products in diverse markets.

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Tower Semiconductor (TSEM US)

Global Equity Strategy U.S. Fed Cut, Now What?

With further consolidation likely for the broad indexes, we want to stick with areas of the market that have shown an ability to outperform despite...

Vermilion Research

Semiconductors Are Breaking Out -- Add Exposure/Overweight

Relative strength for the PHLX Semiconductor index began a bottoming process in November of 2018. In mid-December. Since then we have expanded our...

Vermilion Research

GlobalFoundries Q1 2026. Pivoting To The AI Networking Bottleneck

SiGe capacity is oversubscribed through well into 2027. GF is designed into three of the top four pluggable transceiver companies. Silicon...

William Keating

AI's Biggest Winners Aren't NVDA and TSMC — They're the Suppliers

Suppliers in the AI buildout have outperformed NVDA and TSMC. We scanned our 190 AI/semiconductor coverage universe for key themes emerging from...

Vincent Fernando, CFA

TSEM: Tower Semiconductor Reports Q2 On Target Revenues to Accelerate from RF Infrastructure and Mobile Handsets

Tower is a pure-play analog semiconductor wafer foundry that manufactures SiGe, Silicon Photonics, MEMS, RF, embedded flash-based memory,...

Zacks Small Cap Research

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Global Equity Strategy U.S. Fed Cut, Now What?

With further consolidation likely for the broad indexes, we want to stick with areas of the market that have shown an ability to outperform despite...

Vermilion Research

Semiconductors Are Breaking Out -- Add Exposure/Overweight

Relative strength for the PHLX Semiconductor index began a bottoming process in November of 2018. In mid-December. Since then we have expanded our...

Vermilion Research

GlobalFoundries Q1 2026. Pivoting To The AI Networking Bottleneck

SiGe capacity is oversubscribed through well into 2027. GF is designed into three of the top four pluggable transceiver companies. Silicon...

William Keating

AI's Biggest Winners Aren't NVDA and TSMC — They're the Suppliers

​Suppliers in the AI buildout have outperformed NVDA and TSMC. We scanned our 190 AI/semiconductor coverage universe for key themes emerging from...

Vincent Fernando, CFA

TSEM: Tower Semiconductor Reports Q2 On Target Revenues to Accelerate from RF Infrastructure and Mobile Handsets

Tower is a pure-play analog semiconductor wafer foundry that manufactures SiGe, Silicon Photonics, MEMS, RF, embedded flash-based memory,...

Zacks Small Cap Research

Suppliers in the AI buildout have outperformed NVDA and TSMC. We scanned our 190 AI/semiconductor coverage universe for key themes emerging from...