In today’s briefing:
- Meta 1Q’25 Update
- Intel Foundry. Lowering 18A Expectations, Moving Away From Copy Exactly? What’s Going On?
- Qualcomm 2Q25 (March 25): Boring and Cheap
- SES AI Corp. – MU-0 Shows the Future for SES AI Across Multiple Battery Markets
Meta 1Q’25 Update
- Digital advertising has surpassed the days of “Mad Men” a while ago and thanks to AI, it seems even better positioned to unlock new markets and more opportunities.
- Meta is, of course, one of the companies leading this march.
- Here are my highlights from today’s call. Daily Active People (DAP) across its Family of Apps (FOA) accelerated to 80 mn QoQ in 1Q’25.
Intel Foundry. Lowering 18A Expectations, Moving Away From Copy Exactly? What’s Going On?
- On April 29, Intel hosted the latest in a series of “Direct Connect” events, this time focusing on the company’s Foundry progress and plans
- They talked about “ups and downs” with 18A, seeming to lower expectations for the process node which former CEO Gelsinger “bet the company on”. Lots of emphasis on 14A instead.
- Foundry chief Naga Chandrasekaran casually announced that the company was “walking away” from Copy Exactly and “democratizing innovation” at the fabs to fix yield, reliability, predictability and cost challenges. Wow!
Qualcomm 2Q25 (March 25): Boring and Cheap
- Qualcomm Inc (QCOM US) 2Q25 (March-25) spot inline with expectations, 4Q guidance inline with expectations. Revenue growth is slowing down sharply in June. Consensus expects further slowdown in 2H25.
- QCOM is losing iPhone modem, Android is not growing in units but chips become more expensive with AI, new revenue streams (AI PC, Auto, Industrial IoT) are not well understood.
- The result is Consensus forecasting basically no EPS growth in FY26-27 and the stock is trading at 12x EPS, almost -1 standard deviation below average PEx
SES AI Corp. – MU-0 Shows the Future for SES AI Across Multiple Battery Markets
- SES AI, a leader in AI-powered battery research, released the first version of Molecular Universe MU- 0 on April 29.
- The live demo explained MU-0’s features and pricing structures. Molecular Universe is for mass- produced material discovery and development services, SES AI’s largest and most profitable revenue component.
- The company expects the platform to deliver commercially practical winning solutions that help users compete.
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