We attended ASML’s analyst day in New York on Halloween. We were very impressed with the quality, content and clarity of the presentations and thought it was one of the best strategic positioning presentations we have seen in the semi industry. We also had an opportunity to meet with several members of senior management after… Read More
Author: Robert Maire
Foundry is Majority of KLAC Business!
As we had projected, with KLA having the highest exposure to foundry/logic of any tool company, they are seeing the most near term strength as foundries (read that as TSMC) spend big for 10NM and 7NM. In addition the first tools you buy are yield management/metrology tools which KLA is the king of.
KLA put up numbers well above estimates….Generating… Read More
Foundry CAPEX Jumped from 17% to 37% of LAM Business
Lam- in line qtr but guides above street over near term. As with ASML, foundry is driver with subdued memory, The Math implies biz peaking-Looking for DRAM in 2017.
Lam reported another great, record quarter, more or less in line with expectations with revenues coming in at $1.632B and shipments of $1.708B, generating EPS of $1.81.… Read More
What is the impact of missing the 7NM node with EUV?
ASML reported a quarter that was slightly below expectations coming in at Euro 1.815B in revenues and Euro 0.93 EPS. Orders were a bit soft at Euro 1.4B but well within the normal quarterly variation of a lumpy business. Euro 28M was lost in a currency adjustment associated with the Hermes acquisition.
The guidance for Q4 was between… Read More
What’s the Intel Capex Outlook?
Intel has terrific QTR & slightly light guide Intel is recovering & transforming at the same time. Whats the Capex outlook? Impact on ASML KLAC LRCX?
Intel reported revenues of $15.78B and earnings of $0.80 for the quarter beating expectations and previous upward guidance. CCG (PCs) were up 21% Q/Q and 5% Y/Y. Data center… Read More
DOJ takes victory Lap in KLAC / LRCX deal post mortem (3 of 3)
The KLA deal died due to fox guarding the hen house.
Fox can’t guard Hen House…
In an industry where there are relatively few widget makers and only one, very dominant, widget inspector, the thought of one of the widget makers buying the most crucial widget inspector obviously would be anti-competitive. Not only would… Read More
The KLAM deal has died now how will KLAC and LRCX recover? (2 of 3)
As we had been suggesting the merger deal between KLAC and LRCX has failed. It obviously ran into too many complications, costs or other issues to continue. Unlike the Applied TEL deal which went on for a staggering 18 months before calling it quits in this case 12 months was enough to figure out it wasn’t getting done.
In our … Read More
KLAC & LRCX – Fall Out from the deal Falling Apart (1 of 3)
The odds of deal completion has fallen to low levels. Whats the fallout on the companies and stocks? Is there life after a failed merger?
“A quagmire wrapped up inside an enigma” – LRCX & KLAC’s merger is the talk of the town, both in the semiconductor equipment industry as well as DOJ watchers in Washington… Read More
KLAM Kommentary – Assessing the political landscape of approval
LRCX & KLAC’s merger continues to be closely watched given the recent turns and reversals we have seen which call into question the ability to get the deal done. The deal was announced in October of 2015 and we are on our second request from the DOJ and the deal will almost certainly go beyond the Oct 20th, one year deadline… Read More
AMAT reports strong Q and even better guidance
Last quarter we said that AMAT got its mojo back and it appears to have even picked up speed going into the end of a strong year.
The display business which had been less than reliable in years past has come up with back to back home runs. Applied is growing both its top and bottom line at well above the sluggish market rates and is clearly… Read More
Has ASML Reached the Great Wall of China