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.

Equity Bottom-Up

<ul><li><a href="https://www.smartkarma.com/entities/entegris-inc" target="_blank" data-smartkarma-citation="entities:12493" rel="noopener">Entegris Inc (ENTG US)</a> - Memory spending is happening next year, but MSI remains weak.</li><li><a href="https://www.smartkarma.com/entities/astera-labs-inc" target="_blank" data-smartkarma-citation="entities:40921" rel="noopener">Astera Labs (ALAB US)</a> - This is now the second way to play a levered Trainium ramp, as they have extensive content with <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409" rel="noopener">Amazon.com Inc (AMZN US)</a>.</li><li><a href="https://www.smartkarma.com/entities/lattice-semiconductor-corp" target="_blank" data-smartkarma-citation="entities:7855" rel="noopener">Lattice Semiconductor (LSCC US)</a> - Standard kitchen sink; I like the stock long-term.</li></ul>

Entegris Inc (ENTG US) - Memory spending is happening next year, but MSI remains weak.Astera Labs (ALAB US) - This is now the second way to play a levered Trainium ramp, as they have extensive content with Amazon.com Inc (AMZN US).Lattice Semiconductor (LSCC US) - Standard kitchen sink; I like the stock long-term.

Earnings: ENTG, ALAB, LSCC, SITM, QCOM, MCHP, WOLF, ARM, ACLS, AAOI, ANET, LITE, COHR

Asia and Global Semiconductor and Tech Research

Andrew Lu

<ul>
<li>Microchip used to be the bellwether for semiconductor demand After many semis guided weaknesses in automotive, industrial, and digital consumer much earlier, Microchip's 19% miss in 1Q24 gives no surprise.</li>
<li>
Why the worst among all? We attributed Microchip to over 85% of its products on automotive, industrial, and digital consumer. Other semis have higher exposure on PC and comm.</li>
<li>
Priced in? We estimate over 20% y/y decline in 2024 sales vs. Bloomberg's -8% y/y. 2024E EPS of US$2.94 is likely below US$1. Price is only 10% below historical peak.</li>
</ul>


Microchip used to be the bellwether for semiconductor demand After many semis guided weaknesses in automotive, industrial, and digital consumer much earlier, Microchip's 19% miss in 1Q24 gives no surprise.

Why the worst among all? We attributed Microchip to over 85% of its products on automotive, industrial, and digital consumer. Other semis have higher exposure on PC and comm.

Priced in? We estimate over 20% y/y decline in 2024 sales vs. Bloomberg's -8% y/y. 2024E EPS of US$2.94 is likely below US$1. Price is only 10% below historical peak.


From the Bellwether to a Lagging Indicator- Why Does Microchip Guide the Worst Among All?

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.

<ul><li>Wolfspeed, Inc. reported third quarter fiscal year 2026 revenue of $150 million, aligning with guidance, with power device revenue contributing approximately $100 million and materials revenue around $50 million.</li><li>The majority of power device revenue originated from the 200-millimeter fab at Mohawk Valley, with residual sales from discontinued 150-millimeter inventory.</li><li>Gross margin remained negative at 20.6%, showing a double-digit percentage point improvement quarter-over-quarter, partly due to a better product mix and inventory accounting adjustments.</li></ul>

Wolfspeed, Inc. reported third quarter fiscal year 2026 revenue of $150 million, aligning with guidance, with power device revenue contributing approximately $100 million and materials revenue around $50 million.The majority of power device revenue originated from the 200-millimeter fab at Mohawk Valley, with residual sales from discontinued 150-millimeter inventory.Gross margin remained negative at 20.6%, showing a double-digit percentage point improvement quarter-over-quarter, partly due to a better product mix and inventory accounting adjustments.

Wolfspeed’s 10-Kilovolt MOSFET Launch Signals A Higher-Voltage Growth Push!

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

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

Research Reinvented

<ul>
 <li>
<a href="https://smartkarma.com/entities/wolfspeed-inc">Wolfspeed</a> is a leading manufacturer of Silicon Carbide (SiC) and Gallium Nitride (GaN) wide-bandgap semiconductors, critical components for high-growth markets such as electric vehicles (EVs), 5G infrastructure, and renewable energy.</li>
 <li>The company's vertically integrated business model, encompassing the entire SiC value chain from crystal growth to device fabrication, provides a significant competitive advantage in terms of quality control, supply assurance, and innovation.</li>
 <li>Despite its technological leadership and strong market position, <a href="https://smartkarma.com/entities/wolfspeed-inc">Wolfspeed</a> faces challenges related to significant financial losses, high capital expenditures for capacity expansion, and increasing competition, particularly from Chinese rivals.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Wolfspeed is a leading manufacturer of Silicon Carbide (SiC) and Gallium Nitride (GaN) wide-bandgap semiconductors, critical components for high-growth markets such as electric vehicles (EVs), 5G infrastructure, and renewable energy.
  The company's vertically integrated business model, encompassing the entire SiC value chain from crystal growth to device fabrication, provides a significant competitive advantage in terms of quality control, supply assurance, and innovation.
  Despite its technological leadership and strong market position, Wolfspeed faces challenges related to significant financial losses, high capital expenditures for capacity expansion, and increasing competition, particularly from Chinese rivals.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

<ul><li>Wolfspeed, Inc. has reported its fiscal first quarter results for 2026, highlighting both accomplishments and ongoing challenges amid a transforming organizational and market landscape.</li><li>The company has emerged from a financial restructuring, which CFO Gregor Issum detailed as a crucial turning point marked by the expected transition to fresh-start accounting in the upcoming quarter.</li><li>This change will redefine Wolfspeed's financial framework, reflecting a more sustainable capital structure and operating model.</li></ul>

Wolfspeed, Inc. has reported its fiscal first quarter results for 2026, highlighting both accomplishments and ongoing challenges amid a transforming organizational and market landscape.The company has emerged from a financial restructuring, which CFO Gregor Issum detailed as a crucial turning point marked by the expected transition to fresh-start accounting in the upcoming quarter.This change will redefine Wolfspeed's financial framework, reflecting a more sustainable capital structure and operating model.

Wolfspeed: What This Multi-Market Focus Really Means & How Diversification Could Reduce Risk!

United States

Wolfspeed, Inc. develops and manufactures semiconductor products. The Company offers silicon carbide and GaN solutions for both high power and RF applications. Wolfspeed serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Wolfspeed (WOLF US)

Earnings: ENTG, ALAB, LSCC, SITM, QCOM, MCHP, WOLF, ARM, ACLS, AAOI, ANET, LITE, COHR

What a week (I’m a bit late on this)! I wanted to give a quick overview of all the companies that reported last week. Lattice Semiconductor -...

Fabricated Knowledge

From the Bellwether to a Lagging Indicator- Why Does Microchip Guide the Worst Among All?

From the Bellwether to a Lagging Indicator- Why Does Microchip Guide the Worst Among All? For next six months, we like both Intel and Qualcomm more...

Andrew Lu

Wolfspeed’s 10-Kilovolt MOSFET Launch Signals A Higher-Voltage Growth Push!

Wolfspeed, Inc. reported third quarter fiscal year 2026 revenue of $150 million, aligning with guidance, with power device revenue contributing...

Baptista Research

Primer: Wolfspeed (WOLF US) - Apr 2026

Wolfspeed is a leading manufacturer of Silicon Carbide (SiC) and Gallium Nitride (GaN) wide-bandgap semiconductors, critical components for...

αSK Primers

Wolfspeed: What This Multi-Market Focus Really Means & How Diversification Could Reduce Risk!

Wolfspeed, Inc. has reported its fiscal first quarter results for 2026, highlighting both accomplishments and ongoing challenges amid a...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)