Arm Q2 Results
Apologies for our limited publishing schedule last week. We were traveling in Asia on client work. Arm reported a strong quarter comfortably beating consensus for their fiscal Q2. They guided […]
Category Archives: Stocks
AMD acquires ZT ?!?
The strategic rationale behind AMD acquiring ZT makes sense, to a point, but $5 billion is a lot to pay, especially when the true value of the transaction relies heavily on the price AMD will get when they spin off ZT’s manufacturing unit.
What Should Intel Do Now?
We have spent much of the past week digging into Intel (and here and here). So we want to end the week, if not on a high note, at a […]
AMD Q2 – Building Momentum?
AMD reported a quarter with a lot of moving parts. Soft PC demand, a tight supply chain, uninspiring gross margins were offset by what sounds like good traction for new data center and AI products.
What is happening to semis stocks this quarter?
AI may wipe out humanity someday, but right now it is doing wonders for semis stocks.
Semi Cycles
This semi cycle is different in that each segment fell at different times, unfortunately we may have to wait until all the segments recover before we see broader recovery in their stocks.
Earnings Seasons Quick Recap
Themes we teased out from earnings season:
1) End-markets matter. Consumer bad, industrial good.
2) Everyone is putting a lot of faith in a 2H recovery
3) Inventories are still high, but fab utilization is holding steady
Stick a Fork in Them
Intel is in a very bad place. It needs to admit that, especially internally. We are not forecasting Doomsday, but we do think it is time to recognize that Intel will never be the force it once was, and probably has not been for a long time.
How the Mighty Have Fallen
This downturn in semis is different from past cycles in that each segment seems to be taking a beating at different times. This cycle is serial, not parallel, and we probably need to see all of that play out before the sector starts to recover.
The Photonics Football
Optical stocks are volatile even in the best market conditions. Someday they will find their value, but it is going to be hard to determine when that will be.