Asia and Global Semiconductor and Tech Research

Andrew Lu

Former Head of Asia ex-Japan Semiconductor and TFT-LCD/Touch Research at Barclays and Citi Bank, Former Head of Technology at 國金證券

More Signs of Fab Utilization Recovery Starting Mid-2024 Post Current MOI Correction

Takeaways Post Our Global Foundry Model Updated and Initial View on 2024

What Early Indicators from the Reported Oct 23 Taiwan Semi Sales

BOM Cost and CoWoS Demand Analysis on Nvidia AI GPU HGX for 2023-2025, Room to Raise Estimates

Top Foundries See Cut in Automotive Industry Wafer Sales, Implications

First Run of Global Semis' Guidances to Tell Early Signs of Recovery

Thematic (Sector/Industry)

China Semiconductors and semiconductor equipment / Thematic (Sector/Industry)

<ul>
<li>SEMI reports September front end and back end test/assembly equipment sales decline of 18% and 25% y/y, respectively, resulting 3Q23 sales decline of 17% and 28% y/y.</li>
<li>However, WSTS/SIA and US ISM Purchasing Managers Index reported more moderate 7% y/y decline in August global semi sales and 4% y/y decline in September index. </li>
<li>The discrepancy is due to global semi vendors are seeing PC and Smartphone IC improvement but need to consume earlier overbuilt inventories first before boosting in house or foundries' capex.</li>
</ul>


SEMI reports September front end and back end test/assembly equipment sales decline of 18% and 25% y/y, respectively, resulting 3Q23 sales decline of 17% and 28% y/y.
However, WSTS/SIA and US ISM Purchasing Managers Index reported more moderate 7% y/y decline in August global semi sales and 4% y/y decline in September index. 
The discrepancy is due to global semi vendors are seeing PC and Smartphone IC improvement but need to consume earlier overbuilt inventories first before boosting in house or foundries' capex.


Philadelphia Stock Exchange Semiconductor Index (SOX INDEX)

Philadelphia Stock Exchange Semiconductor Index

9월 미국 SEMI 장비와 8월 SIA/WSTS 글로벌 매출 전년 동기 대비 불일치는 무엇을 말해주는가?