Will the Capital Markets Ever Come Back?
All the bankers we know are incredibly busy, but they do not have much to show for it. The capital markets are log-jammed and it is not clear what it will take to free them.
Category Archives: The Street
Qualcomm – Falling Behind or Laying in Wait?
Qualcomm’s analyst day was full of interesting numbers and business models, but offered little excitement.
Intel – Reality
The market will need an alternative to TSMC. Intel is the only viable path to that currently. Splitting up the company risks sinking both sides of the business.
Marvell Turns a Corner
After a long year of declines, Marvell’s catalog products have turned the corner and allowed the company to shift the focus away from the more volatile custom ASIC business.
Qualcomm Q3 – Gloom and Doom
Qualcomm’s earnings call did not go very well – continued cyclicality, weak end demand and the looming threat of losing Apple. Most critically, they are still working on an answer to the critical question “How will Qualcomm make money in AI?”
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.
NVDA as a Software Stock?
Should we value Nvidia as a software stock? Its CUDA software is a major competitive advantage in AI. Even if we do this, it is hard to get comfortable with the current share price.
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