– News that AMAT facing criminal charges for violating China sanctions
– Sounds like Ion implant tools sent to SMIC in China via South Korea
– Criminal probe goes back to shipments starting in 2021 & 2022
– Overshadows an otherwise OK quarter and outlook
Revenues came in at $3.48B… Read More
Many people either thought or assumed… Read More
-ASML reports better results & guide despite China restrictions
-Supports our view of China issues not that impactful longer term
-Industry recovery seems very far off with more delays
-ASML remains the best, most robust story in a weak industry
ASML reported revenues of Euro6.9B… Read More
The current slump in the electronics market began in 2021. Smartphone shipments versus a year earlier turned negative in 3Q 2021. The smartphone market declines in 2020 were primarily due to COVID-19 related production cutbacks. The current smartphone decline is due to weak demand. According to IDC, smartphone shipments were… Read More
-Lam reported in line results on reduced expectations
-Guidance disappoints as memory decline continues
-Memory capex down 50% but still sees “further declines”
-Lam ties future to EUV maybe not good idea after ASML report
We always … Read More
-Strength in trailing tools offsets weak memory resulting in flat
-Order book very volatile but backlog surprisingly still grew
-Trailing edge VS Leading edge = 50/50 – Foundry/logic over 2/3
-Not nearly as bad as Lam but not as good as ASML
Applied Materials… Read More
-Business will “drift down” over the course of 2023
-Not just memory is weak- China issue, foundry/logic slowing
-March guide worse than expected (Like Lam)
-Backlog likely saw push outs & cancelations but still long
Much as we saw with Lam, KLA reported a beat on the December quarter… Read More
