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

Thematic (Sector/Industry)

<ul>
<li>Q124 DRAM revenue $18.2 billion, up 6% QoQ and up 88% YoY. NAND revenue $14.1 billion, up 23.4% QoQ and 68.8% YoY</li>
<li>ASP increases, HBM, NAND for enterprise SSD and looming shortages for legacy products are all mounting tailwinds for the beleaguered memory segment</li>
<li>First quarter ASP increases for DRAM &amp; NAND for Micron, SK Hynix &amp; Samsung were almost identical. That's quite a coincidence..</li>
</ul>


Q124 DRAM revenue $18.2 billion, up 6% QoQ and up 88% YoY. NAND revenue $14.1 billion, up 23.4% QoQ and 68.8% YoY
ASP increases, HBM, NAND for enterprise SSD and looming shortages for legacy products are all mounting tailwinds for the beleaguered memory segment
First quarter ASP increases for DRAM &amp; NAND for Micron, SK Hynix &amp; Samsung were almost identical. That's quite a coincidence..


Semiconductor Memory. Profits Return & Tailwinds Mount On Surging (& Very Similar) ASP Increases

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>Peloton Interactive, Inc. delivered a mixed set of results for the previous quarter with revenues above the analyst consensus.</li><li>The company has witnessed a remarkable surge in engagement with Generation Z, successfully capturing individuals at the outset of their fitness journeys.</li><li>The introduction of Peloton for Business has been a notable success, contributing positively to the company's momentum.</li></ul>

Peloton Interactive, Inc. delivered a mixed set of results for the previous quarter with revenues above the analyst consensus.The company has witnessed a remarkable surge in engagement with Generation Z, successfully capturing individuals at the outset of their fitness journeys.The introduction of Peloton for Business has been a notable success, contributing positively to the company's momentum.

Peloton Interactive Inc.: Unveiling Peloton for Business - The Secret Weapon Fueling Momentum! - Major Drivers

<ul><li>Western Digital Corporation delivered an all-around beat in the quarter, with total revenue of $2.7 billion.</li><li>In the fourth quarter, cloud comprised 37% of all revenue at $1 billion, down 18% from the previous quarter and 53% from the previous year.</li><li>Shipments of nearline bits were 59 exabytes, a 26% sequential decline driven by persistent difficulties among cloud clients.</li></ul>

Western Digital Corporation delivered an all-around beat in the quarter, with total revenue of $2.7 billion.In the fourth quarter, cloud comprised 37% of all revenue at $1 billion, down 18% from the previous quarter and 53% from the previous year.Shipments of nearline bits were 59 exabytes, a 26% sequential decline driven by persistent difficulties among cloud clients.

Western Digital Corporation: How Cloud is Redefining Their Revenue Streams! - Major Drivers

<ul><li>Peloton Interactive delivered a mixed set of results in its most recent result, with revenues above Wall Street expectations but below-par earnings.</li><li>Their management believes they are in a considerably better situation from the cost structure standpoint.</li><li>We give Peloton Interactive, Inc. a 'Hold' rating with a revised target price.</li></ul>

Peloton Interactive delivered a mixed set of results in its most recent result, with revenues above Wall Street expectations but below-par earnings.Their management believes they are in a considerably better situation from the cost structure standpoint.We give Peloton Interactive, Inc. a 'Hold' rating with a revised target price.

Peloton Interactive Inc.: An App Update That Could Shake Up The Fitness World? – Key Drivers

Asia and Global Semiconductor and Tech Research

Andrew Lu

<ul>
<li>Y/Y improvement for LCD, PMIC, GaAs RF, gaming card, cooling system, semi equipment&amp;material, semi fab construction, memory, and foundry vendors but more y/y deterioration for WiFi and CMOS sensor vendors</li>
<li>After 6 vendors beating consensus, we might see AI server supply chain, large panel LCD driver, WiFi/networking, and NAND flash vendors in US to report a better than expected 1Q24.</li>
<li>We might see 8"/12" raw wafer (like Shin Etsu, SUMCO , National Silicon Industry, Siltronic AG) vendors in Japan, China, and Germany to report a worse than expected 1Q24.</li>
</ul>


Y/Y improvement for LCD, PMIC, GaAs RF, gaming card, cooling system, semi equipment&amp;material, semi fab construction, memory, and foundry vendors but more y/y deterioration for WiFi and CMOS sensor vendors
After 6 vendors beating consensus, we might see AI server supply chain, large panel LCD driver, WiFi/networking, and NAND flash vendors in US to report a better than expected 1Q24.
We might see 8"/12" raw wafer (like Shin Etsu, SUMCO , National Silicon Industry, Siltronic AG) vendors in Japan, China, and Germany to report a worse than expected 1Q24.


Early Signs from the Reported March/1Q24 Taiwan Semi/Tech Sales

United States

Western Digital Corporation is a global provider of solutions for the collection, storage, management, protection and use of digital content, including audio and video. The Company's products include hard drives, solid-state drives, and home entertainment and networking products.

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Western Digital (WDC US)

Semiconductor Memory. Profits Return & Tailwinds Mount On Surging (& Very Similar) ASP Increases

Q124 DRAM revenue $18.2 billion, up 6% QoQ and up 88% YoY. NAND revenue $14.1 billion, up 23.4% QoQ and 68.8% YoY. Q124 ASP increases for Micron,...

William Keating

Peloton Interactive Inc.: Unveiling Peloton for Business - The Secret Weapon Fueling Momentum! - Major Drivers

Peloton Interactive, Inc. delivered a mixed set of results for the previous quarter with revenues above the analyst consensus. The company has...

Baptista Research

Western Digital Corporation: How Cloud is Redefining Their Revenue Streams! - Major Drivers

Western Digital Corporation delivered an all-around beat in the quarter, with total revenue of $2.7 billion. In the fourth quarter, cloud...

Baptista Research

Peloton Interactive Inc.: An App Update That Could Shake Up The Fitness World? – Key Drivers

Peloton Interactive delivered a mixed set of results in its most recent result, with revenues above Wall Street expectations but below-par...

Baptista Research

Early Signs from the Reported March/1Q24 Taiwan Semi/Tech Sales

Early Signs from the Reported March/1Q24 Taiwan Semi/Tech Sales; we might see AI server, WiFi/networking, and NAND vendors in US to beat 1Q24 but...

Andrew Lu

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