Are memory makers colluding against China?

Are memory makers colluding against China?
by Robert Maire on 06-07-2018 at 12:00 pm

Maybe OMEC is the new OPEC? A bargaining chip in June trade show down?

China has started an apparent investigation into pricing of DRAM memory with Samsung, Micron and SK Hynix as targets. We find this somewhat coincidental given the current trade issues. Memory pricing has been unusually strong for a very long time. Much longer … Read More


China Chips Taiwan and Technology

China Chips Taiwan and Technology
by Robert Maire on 05-28-2018 at 12:00 pm

Three critical China issues; Trade, Taiwan & Technology. China is a “double edge sword” of risk & opportunity. These issues greatly impact stock valuations. We have recently given a presentation at both the SEMI ASMC conference in Saratoga Springs and The Confab conference in Las Vegas. Both conferences… Read More


China Semiconductor Equipment China Sales at Risk

China Semiconductor Equipment China Sales at Risk
by Robert Maire on 05-27-2018 at 7:00 am

We have been on a roller coaster ride of on again off again trade talk between China and the US. It is unclear where we are on a day by day basis but of late it appears that we are not seeing a lot of progress and some progress we thought we had made may not have actually happened.… Read More


Chip Equipment where to from here?

Chip Equipment where to from here?
by Robert Maire on 05-20-2018 at 12:00 pm

We may know the top, do we know the bottom? What is the downside in NAND, DRAM, Foundry. Can China help or is risk worse than upside?

It would appear that our concerns in our preview piece prior to the AMAT call came true as the stock now has a “4” handle, NAND is in question and display is down.

However its not like business … Read More


AMAT has OK Q2 but Q3 flat to down

AMAT has OK Q2 but Q3 flat to down
by Robert Maire on 05-20-2018 at 7:00 am

“Puts & Takes” “Reduced NAND Expectations” 2019 to be down from 2018. Applied Materials reported a good quarter coming in at $1.22 EPS and $4.567B in revenues versus street of $1.14 and $4.45B.

However if we back out the buy back of 4% it would have been around $1.17 so a slight beat. Guidance was for … Read More


ZTE Caving shows China Trade Tirade is Hollow

ZTE Caving shows China Trade Tirade is Hollow
by Robert Maire on 05-18-2018 at 7:00 am

We have been watching the ZTE saga play out on the public stage as we think it is an extremely important leading example of how the administration will truly act. As we all know, actions speak louder than words, and in the case of ZTE our words said one thing and our actions said something else. We need to analyze what the actions really… Read More


Data Center Powers Intel but 10NM Still Slow

Data Center Powers Intel but 10NM Still Slow
by Robert Maire on 04-29-2018 at 12:00 pm

Intel (INTC) blew away expectations based on strong performance in the data center. Revenues of $16.1B versus street of $15.05B and EPS of $0.93 versus street of $0.72. While revenue was up 9% over prior year, earnings were 50% higher. Guidance is for Q2 revenue of $16.3B and EPS of $0.85 versus street of $15.55B and EPS of $0.81. IOT,… Read More


Samsung has another record quarter in chips

Samsung has another record quarter in chips
by Robert Maire on 04-29-2018 at 7:00 am

Samsung throws further gas on the fire of weak handset and CAPEX not set but will be down versus 2017. Samsung reported revenues of KRW 60.56 Trillion and KRW 15.64 Trillion operating profit ($56B and $15B). Chips accounted for whopping KRW 11.55 Trillion in operating profit on revenues of KRW 20.78 Trillion ( $11B and $19B)….a… Read More


EUV Continues Roll Out With Lumpy Quarters Ahead

EUV Continues Roll Out With Lumpy Quarters Ahead
by Robert Maire on 04-20-2018 at 12:00 pm

ASML put up good results with revenues of Euro2.285B versus street of Euro2.22B and EPS of Euro1.26 versus street of Euro1.17. Guide is for Euro2.55B versus street of Euro2.46B but EPS of Euro1.16 versus street EPS of Euro1.35 on lower gross margins, slipping from 48% to 43%.

A couple of EUV systems have slipped out. This is not surprising… Read More