ASML reported EUR2.78B in revenues with EUR2.08B in systems. 58% was for memory. EUV was EUR513M with 5 systems. Importantly orders were for EUR2.20B in systems at 64% memory and 5 EUV tools. This was likely better than expectations given the overall industry weakness. EPS of EUR1.60 was more or less in line with expectations. Guidance… Read More
Author: Robert Maire
The Shape of Semiconductor Things to Come
Given that the semiconductor industry is clearly in the midst of a down cycle (even though there are cycle deniers, also members of the flat earth society…), most investors and industry participants want to know the timing of the down cycle and the shape of the recovery as we want to know when its safe to buy the stocks again. … Read More
The real race for superiority is TSMC vs Intel
Recent talk of AMD vs Intel market share share is misguided, the real race for superiority is TSMC vs Intel underlying that, tech dominance between US & China.
There has been much discussion of late about market share between Intel and AMD and how much market share AMD will gain at Intel’s expense due to Intel’s very… Read More
More Negative Semiconductor News
The amount of negative news and information about the semiconductor industry seems to be increasing at a faster rate. Micron put up a better quarter than expected but more importantly guided less than expected. We are surprised that the street is surprised as the decline in memory pricing is well known and Micron has been clear about… Read More
Is the Q4 Bounce Back now a 2009 Recovery?
Last week saw a unique confluence of events that continue the negative news flow in semicap following the story about GloFo. At a financial conference, Micron’s CFO said NAND prices were declining, this was on top of an analyst note in the morning about the same issue. Even though this should be no surprise as memory has had … Read More
GloFo dropping out of 7NM race?
Could this be more bad news for semicap spend? Negative for US chip independence & AMD costs ? Rumors of Global Foundries dropping out of the 7NM race have been increasing rapidly. What could be a fatal blow to the GloFo 7NM program was AMD deciding to go with TSMC for 7NM first for one product and finally for its next generation CPUs.… Read More
AMAT down 10% as expected Foundry spending slow down unexpected
Applied reported a more or less in line quarter, slightly beating weaker expectations. As we had projected, the October quarter is expected to have revenues down 10% which is at the low end of our expected 10-15% drop in business. Applied services helped partially make up for some of the equipment sales weakness. Revenue came in … Read More
Chip Stocks have been Choppy but China may return
Applied Materials (AMAT) is batting clean up in a quarter that has not been pretty. Lately semi stocks seem to have been hit by not only stock specific issues but continued and increasing memory concerns coupled with more macro issues. On top of all this, China trade issues which have in the meantime taken a back burner to other issues… Read More
KLAC gets an EUV Kicker
KLAC put up a great quarter coming in at revenues of $1.07B and EPS of $2.22. Guidance is for $1.03B to $1.1B with EPS of $2 to $2.32. Both reported and guided were at the high end of the range and above consensus. We had suggested in our preview notes that KLAC would be the least impacted of the big three (AMAT, LRCX & KLAC) semi equipment… Read More
Samsung Memory is easy come easy go but for how low?
Lam Research (LRCX) reported a great June quarter coming in at $3.126B in revenues and $5.31 in EPS easily beating the street’s $3.06B and EPS of $4.94. However no one will care as guidance for the September quarter is for $2.3B in revs and EPS of $3.20, way, well below the already downward revised estimates of $2.77B and $3.88.… Read More
Intel and the IFS Dilemma: Stuck Between a Rock and a Hard Place – Should They attempt to Sell Intel Foundry Services