This is the second of a five part series
Consumer retail spending in the first 10 months of 2019 rose 8 percent year on year, ahead of income growth of roughly 6 percent. Over 10 million new jobs were created. With moderate house price growth and a positive year in domestic stock markets over the last year, the wealth impact on consumer… Read More
This is the first of a five part series
2019 in China brought together long running challenges, such as uncertainty over US-China tariff levels and ever more intrusive regulation of business in China, with a few unexpected ones as well: the crisis in Hong Kong and the flare up triggered by tweets from an NBA coach, to mention just two.… Read More
In this second article about China’s role in the global semiconductor industry I analyse the impact of the Chinese government’s Big Fund and compare Chinese investments in semiconductor R&D with those in other countries. In my previous article, I looked at the possible effects of a US-China decoupling in the… Read More
Surrogate Wars
Is GloFo using the trade war as an excuse?
Does TSMC get lumped in with China on trade?
Does this alienate TSMC into China’s embrace?
Much like Vietnam and Korea before it, there have been a number of “surrogate” wars between the US and China as well as many other wars between the US and Russia using… Read More
Watching the boats go by in Shanghai-
As I write this note I happen to be looking out my hotel window over the Bund onto the brightly lit party boats cruising the Huangpu river that meanders through Shanghai. All is well here in China and the parties on the boats with millions of LEDs go on……
The view from China is that the… Read More
Last week we warned of a further down leg due to China trade. We were surprised how quickly our prediction came true as it appears we are now in the midst of giving back all the upside built in to stocks based on a peaceful resolution of the trade conflict which obviously isn’t happening.
Many of the semi stocks we cover were down… Read More
For those who have been paying any attention to the semiconductor industry its no surprise that memory demand and therefore pricing is down from its peak earlier in the year. Its not getting better any time fast.
After several strong years of demand and pricing, which was followed by enormous CAPEX spending we are seeing the standard… Read More
I read with interest the US Chamber of Commerce’s assessment of the Made in China (MIC) 2025 plan to transform the world’s most populous nation into an Advanced Manufacturing leader. MIC 2025 covers 10 strategic industries that China identifies as critical to economic growth in the 21[SUP]st[/SUP] century, including next-gen… Read More
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
