Semicon West was Semicon Less….
We attended a “Hybrid” version of Semicon… Read More
KLA- great quarter driven by continued strong foundry/logic
No supply chain hiccups- Riding high in the cycle
Wafer inspection remains driver with rest along for the ride
Financials remain best in industry
A superb quarter
There was little to complain about in the quarter. Revenues of $2.1B and EPS of $4.64, both nicely beating… Read More
Lam- good quarter but supply chain headwinds limit upside
Memory seems OK for now but watch pricing
China will also weaken which may add caution
Performance remains solid as does technology prowess
The yellow caution flag in the Semi race impacts Lam as well
As we suggested two weeks ago and saw with ASML this morning, supply chain… Read More
ASML great QTR but supply chain will limit acceleration
Products are most complex with most extensive supply chain
Long term position fantastic but investors will be nervous
300M pushouts in DUV with EUV still on track
Good quarter but yellow caution flag is out for supply chain concerns
ASML reported great revenues of Euro5.2B… Read More
– 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
High-NA EUV has received a lot of attention ever since Intel put the spotlight on its receiving the first 0.55 NA EUV tool from ASML [1], expected in 2025. EUV itself has numerous issues which have been enumerated by myself and others, most notoriously the stochastic defects issue. There are also a host of issues related to the propagation… Read More
-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 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
-$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
– 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
