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Its all about the Transistors- 57 Billion reasons why Apple/TSMC are crushing it

Its all about the Transistors- 57 Billion reasons why Apple/TSMC are crushing it
by Robert Maire on 10-20-2021 at 8:00 am

Apple M1

The Apple event today was essentially a reveal of the latest and greatest silicon coming out of the Apple/TSMC partnership and how far ahead of everything else it is. The Mac was simply an aluminum container for the new silicon.

More importantly the event and specs of the TWO new chips, the M1 Pro and the M1 Max demonstrate that the M1… Read More


Semiconductors – Limiting Factors; Supply Chain & Talent- Will Limit Stock Upside

Semiconductors – Limiting Factors; Supply Chain & Talent- Will Limit Stock Upside
by Robert Maire on 10-07-2021 at 6:00 am

Semiconductor shortage

– If chips are “as good as it gets” so are the stock prices
– Are we at a near term ceiling that stocks have bounced off of?
– If growth slows do valuations also slow?
– Are we in a holding pattern waiting for a down cycle?

Second order derivative investing

As we have said many times in the past, investors… Read More


ASML is the key to Intel’s Resurrection Just like ASML helped TSMC beat Intel

ASML is the key to Intel’s Resurrection Just like ASML helped TSMC beat Intel
by Robert Maire on 09-09-2021 at 6:00 am

TSMC INTEL ASML Hurricane 1

-Intel’s access to high-NA EUV tools may be their elixir of life
-TSMC’s EUV adoption helped it vault faltering Intel & Samsung
-Maybe ASML should invest in Intel like Intel invested in ASML
-Shoe is on the other foot- But cooperation helps chip industry

Intel is dependent upon ASML for its entire future
If Intel… Read More


KLA – Chip process control outgrowing fabrication tools as capacity needs grow

KLA – Chip process control outgrowing fabrication tools as capacity needs grow
by Robert Maire on 08-01-2021 at 10:00 am

KLA Tencor SemiWiki

-KLA dominates process control like ASML dominates litho
-Industry in “panic mode” over capacity drives process control
-Like others, KLA tool supplies are in demand & tight supply
-Balance of 2021 “filled out” – now booking for 2022

Solid numbers and very solid guide for a better second Read More


LAM – Surfing the Spending Tsunami in Semiconductors – Trailing Edge Terrific

LAM – Surfing the Spending Tsunami in Semiconductors – Trailing Edge Terrific
by Robert Maire on 08-01-2021 at 6:00 am

Lam Research

-$80B + in WFE with strong back half in 2021
-Trailing edge strength adds to overall great demand
-Supply side headwinds require effort- Malaysia now open
-It just comes down to execution which Lam has done well

Nice beat and sandbagged guide
As Lam has done consistently for many quarters now, they beat numbers with Revenues of $4.15B… Read More


ASML- A Semiconductor Market Leader-Strong Demand Across all Products/Markets

ASML- A Semiconductor Market Leader-Strong Demand Across all Products/Markets
by Robert Maire on 07-25-2021 at 6:00 am

asml logo 20120410 1

– Strong demand across logic/memory & leading/trailing edge
– Customers want units fast-no time to test
– The main question is can ASML ramp to meet demand?

Revenue & Earnings low due to systems being rushed to customers
ASML reported Euro 4B in sales and Euro 1B in net income which while within guidance… Read More


GloFo inside Intel? Foundry Foothold and Fixerupper- Good Synergies

GloFo inside Intel? Foundry Foothold and Fixerupper- Good Synergies
by Robert Maire on 07-18-2021 at 6:00 am

Intel GlobalFoundries Acquisition

Intel reportedly talking to Abu Dhabi to buy GloFo for $30B
Would jumpstart Intel Foundry but require investment & repair
Avoids IPO risk – Allows Abu Dhabi escape- NY benefits
Doesn’t impact near term shortage or market share

Reported by WSJ- Intel in talks to buy GloFo
The Wall Street Journal reported that Intel… Read More


Chips for America Act – Funding Failures & Foreigners or Saving Semiconductors?

Chips for America Act – Funding Failures & Foreigners or Saving Semiconductors?
by Robert Maire on 06-06-2021 at 6:00 am

Government Bailout

-A repeat of the auto industry bailout of self inflicted issues?
-Not just money but systemic change is needed
-Perhaps chips need an Elon led revolution like autos & space
-Govt $ need focus not thrown into existing spend avalanche.

 

Are chips a replay of the auto industry bailout a decade ago? Deja Vu all over again.

The… Read More


AMAT Nice Beat Strong Growth for Both 2021 & 2022

AMAT Nice Beat Strong Growth for Both 2021 & 2022
by Robert Maire on 05-23-2021 at 6:00 am

Applied Materials Q2 2021 1

-Strong beat & guide- WFE up in 2021 & 2022-$160B combined
-Taking share in conductor etch & CVD
-Traditional Moore Scaling – No More?
-Foundry Logic leads followed by DRAM with weak NAND

Nice beat & guide & raise
Applied reported revenues of $5.58B with GM of 47.5% resulting in non-GAAP EPS of $1.63. … Read More


You know you have a problem when 60 Minutes covers it!

You know you have a problem when 60 Minutes covers it!
by Robert Maire on 05-03-2021 at 2:00 pm

60 Minutes Chip Shortage

-Chip shortage on 60 Minutes- Average Joe now aware of chip issue
-Intel sprinkling fairy dust (money) on New Mexico & Israel
-Give up on buy backs and dividends
-Could Uncle Sam give a handout to Intel?

You normally don’t want to answer the door if 60 Minutes TV crew is outside as it likely doesn’t mean good things.… Read More