Comparing Applied Materials with Lam Research

Comparing Applied Materials with Lam Research
by Robert Castellano on 10-13-2019 at 8:00 am

Lam Research (NASDAQ:LRCX) will announce its quarterly earnings on October 23, 2019, and Applied Materials (NASDAQ:AMAT) the following month on November 14, 2019. Both companies make equipment used to manufacture semiconductor devices. While private and institutional investors often own both individual stocks, this article… Read More


Semiconductor Equipment Revenues To Drop 17% In 2019 On 29% Capex Spend Cuts

Semiconductor Equipment Revenues To Drop 17% In 2019 On 29% Capex Spend Cuts
by Robert Castellano on 04-25-2019 at 7:00 am

The semiconductor equipment market grew 37.3% in 2017 on the heels of capex spend by memory companies in order to increase bit capacity and move to more sophisticated products with smaller nanometer dimensions. Unfortunately these companies overspent resulting in excessive oversupply of memory chips. As memory prices started… Read More


ASML and Memory Loss 2019

ASML and Memory Loss 2019
by Robert Maire on 01-25-2019 at 7:00 am

Image RemovedASML reported a more or less in line quarter as expected, coming in at EUR3.14B in revenues and EPS of EUR1.87. However, guidance was worse than most analysts were expecting with Q1 revenues expected to be EUR2.1B or down about one third.

This cut is something we have been talking about for a while as we have expected sharp… Read More


Apple as Apex of chip industry portends weaker 2019

Apple as Apex of chip industry portends weaker 2019
by Robert Maire on 01-04-2019 at 7:00 am

Image RemovedOn the first day of trading in the new year Apple just announced, after the close, that revenues will be lower than previously expected coming in at $84B versus the expected range of $89B to $93B and analyst estimates of the current quarter at $91.5B. Ugly….. The blame was laid squarely on China as slowing sales… Read More


The Shape of Semiconductor Things to Come

The Shape of Semiconductor Things to Come
by Robert Maire on 10-15-2018 at 7:00 am

Image RemovedGiven that the semiconductor industry is clearly in the midst of a down cycle (even though there are cycle deniers, also members of the flat earth society…), most investors and industry participants want to know the timing of the down cycle and the shape of the recovery as we want to know when its safe to buy the … Read More


GloFo dropping out of 7NM race?

GloFo dropping out of 7NM race?
by Robert Maire on 08-27-2018 at 12:00 pm

Image RemovedCould this be more bad news for semicap spend? Negative for US chip independence & AMD costs ? Rumors of Global Foundries dropping out of the 7NM race have been increasing rapidly. What could be a fatal blow to the GloFo 7NM program was AMD deciding to go with TSMC for 7NM first for one product and finally for its next… Read More


AMAT has OK Q2 but Q3 flat to down

AMAT has OK Q2 but Q3 flat to down
by Robert Maire on 05-20-2018 at 7:00 am

Image Removed“Puts & Takes” “Reduced NAND Expectations” 2019 to be down from 2018. Applied Materials reported a good quarter coming in at $1.22 EPS and $4.567B in revenues versus street of $1.14 and $4.45B.

However if we back out the buy back of 4% it would have been around $1.17 so a slight beat. Guidance… Read More


EUV Continues Roll Out With Lumpy Quarters Ahead

EUV Continues Roll Out With Lumpy Quarters Ahead
by Robert Maire on 04-20-2018 at 12:00 pm

ASML put up good results with revenues of Euro2.285B versus street of Euro2.22B and EPS of Euro1.26 versus street of Euro1.17. Guide is for Euro2.55B versus street of Euro2.46B but EPS of Euro1.16 versus street EPS of Euro1.35 on lower gross margins, slipping from 48% to 43%.

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A couple of EUV systems have slipped out.… Read More


Do investors understand the new memory paradigm?

Do investors understand the new memory paradigm?
by Robert Maire on 10-11-2017 at 7:00 am

Micron put up a great quarter beating both quarterly expectations and guidance. Even though the stock was up 8% and we still think it has a long way to go as investors have not fully embraced the upside ahead in the memory market.… Read More