ASML – Strong DUV Throwback While EUV Slows- Logic Dominates Memory

ASML – Strong DUV Throwback While EUV Slows- Logic Dominates Memory
by Robert Maire on 01-24-2021 at 6:00 am

ASML SMIC TSMC EUV DUV

ASML has good quarter driven by DUV & Logic (@72%)
– SMIC & other major customer slow EUV plans
– Logic (read that as TSMC) remains key demand led driver
– We are happy memory remains muted given cyclical potential

A very solid quarter with a continued road to growth
The quarter came in at Euro4,254B… Read More


Apple’s Priority On Improved OLED Encapsulation For Foldable Smartphones Will Impact Applied Materials

Apple’s Priority On Improved OLED Encapsulation For Foldable Smartphones Will Impact Applied Materials
by Robert Castellano on 01-21-2021 at 6:00 am

Apple Ion beam t6

Smartphone shipments have been dropping over the past few years, as shown in Chart 1, as a result of several factors, but primarily the slowdown in smartphone innovation while at the same time prices have kept increasing. Even with the much anticipated 5G in 2020, unimpressive speed gains coupled with a Covid-19 backdrop, smartphones… Read More


SMIC Blacklist puts ASML in Jam

SMIC Blacklist puts ASML in Jam
by Robert Maire on 12-20-2020 at 6:00 am

SMIC Blacklisted US

US BIS confirms our prediction of “blacklisting” SMIC
SMIC embargoed from 10NM or better technology
Likely related to ASML pressure & WH scorched earth

Not just the stock

We had received a lot of feedback on our Nov 30th note regarding blacklisting of SMIC suggesting that we were wrong and the only thing blacklisted… Read More


How Line Cuts Became Necessarily Separate Steps in Lithography

How Line Cuts Became Necessarily Separate Steps in Lithography
by Fred Chen on 12-08-2020 at 10:00 am

How Line Cuts Became Necessarily Separate Steps in Lithography

Pretty much all the semiconductor nodes in the last two decades have had at least one layer where the minimum pitch pushes the limitation of the state-of-the-art lithography tool, with a k1 factor < 0.5, i.e., the half-pitch is less than 0.5*wavelength/numerical aperture. A number of published reports [1-4] have touched upon… Read More


Applied Materials Will Regain Semiconductor Equipment Lead From ASML in 2020

Applied Materials Will Regain Semiconductor Equipment Lead From ASML in 2020
by Robert Castellano on 11-29-2020 at 10:00 am

2020 WFE Share

On December 2, 2019, I posted a SemiWiki article entitled “ASML Will Take Semiconductor Equipment Lead from Applied Materials in 2019.”Since losing its dominance for the first time since 1990 in 2019, Applied Materials is poised to lose its retake the 2020 lead in the semiconductor equipment market. ASML led the… Read More


Downplaying SMIC – Uplaying TSMC

Downplaying SMIC – Uplaying TSMC
by Robert Maire on 11-01-2020 at 6:00 am

SMIC China TSMC
  • KLAC sports solid QTR & Guide- Foundry & Logic drivers
  • Management remains dismissive of SMIC embargo
  • Execution & financials are solid but macro headwinds remain
  • Nice September Quarter

KLA reported revenue of $1.54B and Non GAAP EPS of $3.03 versus street expectations of $1.49B and EPS of $2.77. Guidance is for revenues… Read More


ASML is Strong Because TSMC is Hot!

ASML is Strong Because TSMC is Hot!
by Robert Maire on 10-15-2020 at 10:00 am

TSMC ASML EUV 2020
  • ASML has strong quarter lead by great Taiwan and EUV
  • EUV “crossed over” DUV as revenue leader- signaling new era
  • Taiwan doubles, China grows, Korea weaker, US further behind

ASML hits great numbers
ASML reported revenues of Euro 4B, with income of Euro 2.54EPS, both beating estimates handily. Ten EUV systems were … Read More


AMAT- Solid QTR & Great Guide- Share gains- Memory?

AMAT- Solid QTR & Great Guide- Share gains- Memory?
by Robert Maire on 08-16-2020 at 10:00 am

Applied Materials AMAT

Higher Foundry/logic exposure helps-
Little or no Covid or China trade impact-
Nice quarter but even better guide-

Applied reported revenues of $4.4B and NonGAAP EPS of $1.06, nicely above street estimates of $4.2B and $0.95 in EPS. Guidance is for revenues $4.6B +-$200M and EPS of $1.17+- $0.06, versus current expectations of… Read More


EUV faces Scylla and Charybdis

EUV faces Scylla and Charybdis
by Fred Chen on 08-03-2020 at 6:00 am

EUV faces Scylla and Charybdis

It is now time for the EUV community to realize they are caught between the proverbial Scylla and Charybdis. In Greek mythology, the two monsters terrorized ships that were unlucky enough to pass between them. By avoiding one, you approached the other.

S for Scylla, or Stochastics

Scylla was a former beautiful nymph turned into

Read More

LRCX Strong Beat and Guide

LRCX Strong Beat and Guide
by Robert Maire on 08-02-2020 at 6:00 am

Robert Maire

Lam reported strong beat & guide, memory returns-
China trade and Covid impact near zero-
Looking at a strong H2 with WFE in mid $50B+-

Back on Cruise Control

Lam reported a great quarter, easily beating expectations coming in at $2.79B and $4.78 in non GAAP EPS-
Guide is for $3.1B +-$200M and EPS of $5.06+-$0.40-
Margins and all… Read More