Report
Pierre FerraguÊ

CoreWeave profitability; DeepSeek’s ASIC try; Semicap; PC pull-forward and more.

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 9 names we followed last week, follow the link below.
Underlyings
Alchip Technologies Inc.

Alchip Technologies, Ltd. is principally engaged in the research, development, design and manufacturing of application specific integrated circuits (ASICs) and system-on-chip (SoC) products. The Company is also involved in the non-recurring engineering of wafers, which provides IC design component database and semiconductor intellectual property (SIP), and designs and tests products produced by its original equipment manufacturer for clients. The Company also offers wafer back-end manufacturing, packaging and testing services. The Company's main products are mainly applied in digital televisions, communications network, other consumer electronics, communication equipment, medical devices and automobile electronics, among others. The Company distributes its products in domestic markets, and to Japan and mainland China.

Applied Materials Inc.

Applied Materials provides manufacturing equipment, services and software to the semiconductor, display and related industries. The company's segments are: Semiconductor Systems, which develops, manufactures and sells a range of manufacturing equipment used to fabricate semiconductor chips; Applied Global Services, which provides integrated solutions to support equipment and fab performance and productivity; and Display and Adjacent Markets, which is comprised of products for manufacturing liquid crystal displays, organic light-emitting diodes and other display technologies for TVs, monitors, laptops, personal computers, electronic tablets, smart phones, and other consumer-oriented devices.

ASML Holding N.V.

ASML Holding NV

ASML Holding provides lithography systems for the semiconductor industry, manufacturing machines that are used in the production of integrated circuits or chips. Co. develops, produces, markets, sells and services advanced semiconductor equipment systems exclusively consisting of lithography systems. Co. sells its products to micro-processor manufacturers and Foundries, NAND-Flash memory and DRAM memory chipmakers. Co.'s products line includes the following: PAS 5000 lithography systems, which Co. no longer manufactures but continues to refurbish; PAS 5500 products; TWINSCAN DUV systems and TWINSCAN EUV systems based on a new platform utilizing the concepts of the TWINSCAN platform.

Cisco Systems Inc.

Cisco Systems designs and sells a range of technologies that power the Internet. The company's business is organized into the following three geographic segments: Americas; Europe, Middle East, and Africa; and Asia Pacific, Japan, and China. The company's products and technologies are grouped into the following categories: Infrastructure Platforms; Applications; Security and Other Products. In addition to its product offerings, the company provides a range of service offerings, including technical support services and other services. The company delivers its technologies through software and services. The company's customers include businesses of all sizes, public institutions, governments, and service providers.

Coherent Inc.

Coherent is a provider of lasers, laser-based technologies and laser-based system solutions in a range of commercial, industrial and scientific applications. The company reporting segments are: OEM Laser Sources (OLS) and Industrial Lasers and Systems (ILS). The company's OLS business segment is focused on laser sources and optical sub-systems primarily used in microelectronics manufacturing, medical diagnostics and therapeutic medical applications, as well as in scientific research. The company's ILS business segment delivers laser sources, sub-systems and tools used for industrial laser materials processing, serving end markets like automotive, machine tool, consumer goods and medical device manufacturing.

HUAWEI TECHNOLOGIES CO

Lenovo Group Limited

Lenovo Group is an investment holding company. Through its subsidiaries, Co. is engaged in: manufacturing and distribution of IT products and provision of IT services; manufacturing of computers and peripheral equipment; provision of business planning, management, global supply chain, finance, and administration support services; R&D of mobile software; and distribution of IT products as well as mobile phone, smart phone and tablet, server and storage. Co. also provides a full complement of ENERGY STAR® qualified notebooks, desktops, workstations, monitors, and servers. As of Mar. 31, 2015, Co. oeprated four geographical segments, China, Asia Pacific, Europe-Middle East-Africa and Americas.

Lumentum Holdings Inc.

Lumentum Holdings is a provider of optical and photonic products addressing a range of end-market applications including Optical Communications (OpComms) and Commercial Lasers (Lasers) for manufacturing, inspection and life-science applications. The company's segments are: OpComms, which include a range of components, modules and subsystems to support customers including carrier networks of access, metro, long-haul and submarine applications; and Lasers, which provides lasers for the industrial and scientific markets used in a range of original equipment manufacturer applications including diode-pumped solid-state, fiber, diode, direct-diode and gas lasers such as argon-ion and helium-neon lasers.

NVIDIA Corporation

NVIDIA engages in graphics processing unit (GPU)-based visual computing and accelerated computing platforms. The company has two segments, GPU and Tegra Processor, which are based on a single underlying architecture. The company's GPU product brands are aimed at markets including GeForce for gamers; Quadro for designers; Tesla and DGX for artificial intelligence data scientists and big data researchers; and GRID for cloud-based visual computing users. The company's Tegra brand integrates an entire computer onto a single chip, and incorporates GPUs and multi-core CPUs to drive supercomputing for autonomous robots, drones, and cars, as well as for game consoles and mobile gaming and entertainment devices.

Tencent Holdings Ltd.

Tencent Holdings Limited is an investment holding company principally involved in the provision of value-added services (VAS) and online advertising services. The Company operates through three main segments. The VAS segment is mainly involved in provision of online/mobile games, community value-added services and applications across various Internet and mobile platforms. The Online Advertising segment is mainly engaged in display based and performance based advertisements. The Others segment is mainly involved in provision of payment related services, cloud services and other services.

Tesla Inc

Tesla designs, develops, manufactures, sells and leases electric vehicles and energy generation and storage systems, and provides services related to its products. The company operates as two reportable segments: automotive, which includes the design, development, manufacturing, sales, and leasing of electric vehicles as well as sales of automotive regulatory credits; and energy generation and storage, which includes the design, manufacture, installation, sales, and leasing of solar energy generation and energy storage products, services related to such products, and sales of solar energy system incentives.

Provider
New Street Research
New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

  • Pan European Telecom Services and Cable
  • US Telecoms, Cable, Satellite and Towers
  • Global Emerging Market Telecoms
  • Japan Telecoms
  • Asian Internet
  • Pan European Healthcare
  • Global healthcare thematic research

We provide debt research on:

  • Pan European Telecom Services and Cable


Analysts
Pierre FerraguÊ

Other Reports on these Companies
Other Reports from New Street Research

ResearchPool Subscriptions

Get the most out of your insights

Get in touch