Semiconductor & Technology Specialist, Ingenuity

William Keating

Dr. William Keating is a highly experienced senior executive with over 25 years experience in the IT/Semiconductor Industry. The majority of Dr. Keating's career was spent at Intel Corporation where he held senior leadership positions in Europe, the US and Asia from 1992 through 2014. He served as Intel's IT Director for APAC, China & Japan from 2005 through 2014 when he was based in Hong Kong and was responsible for the IT systems (Infrastructure, Networks, Data Centres, ERP, Sales & Marketing systems, Business Intelligence etc. ) for all of Intel's offices & factories through the region. From 1998 through 2005, he was the founder & director of an internal IT Consulting Organisation (IT Flex Services), a 500-person team which remains a core part of the Intel IT Organisation to this day. Dr. Keating's first 6 years at Intel were spent in charge of the Factory Automation Systems (Robotics, Databases, Networks, Servers, Clients etc.) supporting Intel's then state-of-the-art 200mm factory network. Since leaving Intel in 2014, Dr Keating established his own Technology Research & Consulting Company (www.ingenuity.hk) where he focuses on the products, roadmaps & technologies of companies such as Intel, AMD, Samsung, Apple, Micron- as well as the key equipment suppliers to those companies e.g. ASML, AMAT, Canon, Nikon etc. Dr. Keating specializes in niche topics of high significance within the semiconductor industry. These include the future of Moore's Law and in particular the significance of Lithography in maintaining Moore's Law (EUV, SDA, NanoImprint), the role & growth of the GPU in specialised applications such as Deep Learning (Neural Networks) for Voice, Image & Pattern recognition at companies such as Facebook, Google & Baidu. He also holds regular discussions on the future of memory, in particular the rise of 3D NAND and the emergence of new memory technologies such as 3D Xpoint.

Semiconductor & Technology Specialist

United Microelectronics: Underperform; Exposed to China Competition Avoiding Tech Restrictions

TSMC. Robust Defence Of Process Technology Leadership

UMC. Calling Q1'23 The Trough Despite Limited Forward Visibility

A Bull Investment Case for TSMC (Summary Version)

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

Equity Bottom-Up

United Microelectronics Corp / Equity Bottom-Up

<ul>
<li>Q323 revenues of NT$57 billion, up 1.4% QoQ but down 24.3% YoY. For 2023 YTD, revenues have amounted to NT$167,575 billion, down 20.5% YoY.</li>
<li>Net income was NT$15.97, essentially flat QoQ. Gross margin came in at 35.9%, also flat QoQ. Utilisation for the quarter was 67%, down from 71% in the prior quarter.</li>
<li>Utilization set to further decline to low 60% levels in Q423, the lowest since the downturn began.</li>
</ul>


Q323 revenues of NT$57 billion, up 1.4% QoQ but down 24.3% YoY. For 2023 YTD, revenues have amounted to NT$167,575 billion, down 20.5% YoY.
Net income was NT$15.97, essentially flat QoQ. Gross margin came in at 35.9%, also flat QoQ. Utilisation for the quarter was 67%, down from 71% in the prior quarter.
Utilization set to further decline to low 60% levels in Q423, the lowest since the downturn began.


Semiconductor Manufacturing International Corp (SMIC) (981 HK)

Semiconductor Manufacturing International Corp (SMIC)

UMC. Automotive Weakness Prolongs Downturn