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 is my quarterly piece, where I round up all of my favorite ideas (more explicitly) and explain some semiconductor jargon. This is a meta piece of content.</p></li><li>First and foremost, I’ll start with performance. SMH returned 14% this quarter, among the best quarters in history for the semiconductor universe (again).</li><li>This quarter's leader was AOSL, who is rumored to have won a socket at Nvidia.</li></ul>

This is my quarterly piece, where I round up all of my favorite ideas (more explicitly) and explain some semiconductor jargon. This is a meta piece of content.First and foremost, I’ll start with performance. SMH returned 14% this quarter, among the best quarters in history for the semiconductor universe (again).This quarter's leader was AOSL, who is rumored to have won a socket at Nvidia.

Fabricated Knowledge Q2 2024 Quarterly Review

<ul><li>Like last week, I will do a meta-level overview summary. That’s why I read these calls; to understand the whole, you must understand the parts.</li><li>Smartphone markets continue to recover, but the demand is sluggish, and handsets should be flattish for the year. Industrial is bottoming at multiple companies, and Skyworks looks like it lost RF share to Qorvo. Telecom looks to be bottoming (NXPI).</li><li>I think it's pretty clear that the automotive cycle should be bought, not sold. And we continue to see strength in consumers (AMKR, QCOM). I am starting to like the Rambus story again, as I think their client business, the PMIC, and potentially CXL businesses could add 200m+ incremental revenue on top of the DDR5 share story in the coming years.</li></ul>

Like last week, I will do a meta-level overview summary. That’s why I read these calls; to understand the whole, you must understand the parts.Smartphone markets continue to recover, but the demand is sluggish, and handsets should be flattish for the year. Industrial is bottoming at multiple companies, and Skyworks looks like it lost RF share to Qorvo. Telecom looks to be bottoming (NXPI).I think it's pretty clear that the automotive cycle should be bought, not sold. And we continue to see strength in consumers (AMKR, QCOM). I am starting to like the Rambus story again, as I think their client business, the PMIC, and potentially CXL businesses could add 200m+ incremental revenue on top of the DDR5 share story in the coming years.

Earnings (AMKR, RMBS, NXPI, SWKS, ENTG, QCOM, WOLF, QRVO, ACLS)

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>Wolfspeed Inc., the leading vertically integrated silicon carbide company, has reported an encouraging Q2 fiscal year 2024 earnings.</li><li>The company has shown substantial progress in its strategic initiatives.</li><li>The Mohawk Valley Fab exhibited improved performance and is expected to achieve 20% utilization by June quarter.</li></ul>

Wolfspeed Inc., the leading vertically integrated silicon carbide company, has reported an encouraging Q2 fiscal year 2024 earnings.The company has shown substantial progress in its strategic initiatives.The Mohawk Valley Fab exhibited improved performance and is expected to achieve 20% utilization by June quarter.

Wolfspeed Inc.: Is There A Chance The Demand For Silicon Carbide Will Wane? - Major Drivers

<ul>
<li>This is the first edition of a quarterly summary piece to highlight my ideas and best pieces quarterly.</li>
<li>This is one of the 16th-best quarters in SOXX since 2002. While it’s a pretty solid showing at a 17% quarterly return, this doesn’t compare to the incredible returns in 2020 and 2023.</li>
<li>Now, the misleading thing is that SMH, a broader ETF, is up 30%.</li>
</ul>


This is the first edition of a quarterly summary piece to highlight my ideas and best pieces quarterly.
This is one of the 16th-best quarters in SOXX since 2002. While it’s a pretty solid showing at a 17% quarterly return, this doesn’t compare to the incredible returns in 2020 and 2023.
Now, the misleading thing is that SMH, a broader ETF, is up 30%.


Product Marketing Manager, Criat

Raghav Chandra Mathur

Product Marketing Manager

Next-Generation Credit Analytics Provider

Criat

Criat specializes in new-generation data-driven credit analytics. Leveraging our industry-leading DeepCredit analytical technologies, we produce daily-updated forward-looking credit assessment and valuation to help financial institutions stay ahead of risks. Coupled with use-case-driven applications, we extract insights, answer questions and enable smarter credit decisions.

<ul><li>Chipmakers and chip-making tool providers are set to continue benefitting from the surge in demand that has rallied the equity prices for the companies that are at the forefront of AI-related semiconductor research, development, and production.</li><li>One of the key drivers in the resurgence of new chip demand is the acceleration of upgrade demand for PCs and smartphones to meet the novel generative AI needs, while companies build up storage and data center capabilities to transition to utilizing generative AI capabilities in their operations.</li><li>However, so far, the benefit of the market rally has been disproportionately felt across the industry.</li></ul>

Chipmakers and chip-making tool providers are set to continue benefitting from the surge in demand that has rallied the equity prices for the companies that are at the forefront of AI-related semiconductor research, development, and production.One of the key drivers in the resurgence of new chip demand is the acceleration of upgrade demand for PCs and smartphones to meet the novel generative AI needs, while companies build up storage and data center capabilities to transition to utilizing generative AI capabilities in their operations.However, so far, the benefit of the market rally has been disproportionately felt across the industry.

AI-Driven Semiconductor Rally Leaves Small-Cap Chipmakers Behind

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.

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Wolfspeed (WOLF US)

Fabricated Knowledge Q2 2024 Quarterly Review

Here's everything that happened this quarter, and some thoughts and ideas. This is my quarterly piece, where I round up all of my favorite ideas...

Fabricated Knowledge

Earnings (AMKR, RMBS, NXPI, SWKS, ENTG, QCOM, WOLF, QRVO, ACLS)

Like last week, I will do a meta-level overview summary. That’s why I read these calls; to understand the whole, you must understand the parts....

Fabricated Knowledge

Wolfspeed Inc.: Is There A Chance The Demand For Silicon Carbide Will Wane? - Major Drivers

Wolfspeed Inc., the leading vertically integrated silicon carbide company, has reported an encouraging Q2 fiscal year 2024 earnings. The company...

Baptista Research

Fabricated Knowledge Quarterly Review

This is the first edition of a quarterly summary piece to highlight my ideas and best pieces quarterly. This is one of the 16th-best quarters in...

Fabricated Knowledge

AI-Driven Semiconductor Rally Leaves Small-Cap Chipmakers Behind

Chipmakers and chip-making tool providers are set to continue benefitting from the surge in demand that has rallied the equity prices for the...

Criat

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