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>Cerabyte has a stated vision of achieving $1 per petabyte per month, a cost reduction of 1000x within the next two decades. That’s a bold vision.</li>
<li>Magnetic tape storage continues to play a crucial role in data centers and its technology continues to advance with the latest LTO-10 cassette announced by Fujifilm in June 2025</li>
<li>Microsoft's Project Silica, launched in 2019, appears to take a very similar approach albeit there are as yet no stated plans for commercialisation. </li>
</ul>


Cerabyte has a stated vision of achieving $1 per petabyte per month, a cost reduction of 1000x within the next two decades. That’s a bold vision.
Magnetic tape storage continues to play a crucial role in data centers and its technology continues to advance with the latest LTO-10 cassette announced by Fujifilm in June 2025
Microsoft's Project Silica, launched in 2019, appears to take a very similar approach albeit there are as yet no stated plans for commercialisation. 


Cerabyte. Forever Data Storage At A Fraction Of Current Costs?

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

Sumitomo Mitsui Trust Holdings / Equity Bottom-Up

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,200+ insights shared on Smartkarma.</li>
<li>In this cut, we survey the consumer staples sector at historic positioning lows, follow the rotation into (Asian) financials, and assess the sometimes mixed track record of spin-offs. </li>
<li>Want to dig deeper? Comment or message with the themes you'd like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,200+ insights shared on Smartkarma.
In this cut, we survey the consumer staples sector at historic positioning lows, follow the rotation into (Asian) financials, and assess the sometimes mixed track record of spin-offs. 
Want to dig deeper? Comment or message with the themes you'd like to see highlighted next.


Curator's Cut: Few Want Consumer Staples, Many Want Financials, & Spin-Off Lessons

<ul>
<li>Demand-Supply Mismatch: Demand for high-capacity hard disk drives (HDDs) is outstripping supply. Rather than narrowing, the gap between supply and demand is widening.  </li>
<li>Seagate is focusing on increasing exabytes through technology transitions rather than manufacturing higher unit volumes. They are targeting at least a 25% exabyte CAGR over the next 2–3 years.</li>
<li>Seagate plans to begin qualifying its 3rd-generation HAMR 50TB drive in roughly four quarters (mid-2027), representing a subsequent 25% capacity jump.  </li>
</ul>


Demand-Supply Mismatch: Demand for high-capacity hard disk drives (HDDs) is outstripping supply. Rather than narrowing, the gap between supply and demand is widening.  
Seagate is focusing on increasing exabytes through technology transitions rather than manufacturing higher unit volumes. They are targeting at least a 25% exabyte CAGR over the next 2–3 years.
Seagate plans to begin qualifying its 3rd-generation HAMR 50TB drive in roughly four quarters (mid-2027), representing a subsequent 25% capacity jump.  


Seagate Technology (STX) & Citi Global TMT Conference. Key Takeaways & Full Transcript

<ul>
<li>DRAM revenues amounted to $23.3 billion in Q224, representing increases of 28.3% QoQ and 110.5% YoY.</li>
<li>In the case of NAND, Q224 revenues amounted to $16.5 billion, representing increases of 17% QoQ and 83% YoY.</li>
<li>Unprecedented demand for HBM &amp; DDR5, robustly increasing content per box for both PC &amp; Smartphone, looming capacity constraints, more/better LTA coverage are all mounting tailwinds for the memory segment </li>
</ul>


DRAM revenues amounted to $23.3 billion in Q224, representing increases of 28.3% QoQ and 110.5% YoY.
In the case of NAND, Q224 revenues amounted to $16.5 billion, representing increases of 17% QoQ and 83% YoY.
Unprecedented demand for HBM &amp; DDR5, robustly increasing content per box for both PC &amp; Smartphone, looming capacity constraints, more/better LTA coverage are all mounting tailwinds for the memory segment 


Q224 DRAM, NAND Revenues Grow For The Fifth Quarter In a Row

<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

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)

Cerabyte. Forever Data Storage At A Fraction Of Current Costs?

Cerabyte has a stated vision of achieving $1 per petabyte per month, a cost reduction of 1000x within the next two decades. That’s a bold vision...

William Keating

Curator's Cut: Few Want Consumer Staples, Many Want Financials, & Spin-Off Lessons

In this Curator's Cut, we examine poor positioning in Consumer Staples, the (continued) rotation into (Asian) Financials and mixed views on spin...

Pranav Rao

Seagate Technology (STX) & Citi Global TMT Conference. Key Takeaways & Full Transcript

Seagate is focusing on increasing exabytes through technology transitions rather than manufacturing higher unit volumes. They are targeting at...

William Keating

Q224 DRAM, NAND Revenues Grow For The Fifth Quarter In a Row

Q224 DRAM $23.3 billion in Q224, +28.3% QoQ & +110.5% YoY. Q224 NAND $16.5 billion, +17% QoQ & +83% YoY. Multiple mounting tailwinds bode well for...

William Keating

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

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