Bible 1Q24 – Foundries: leading-edge strong; Trailing-edge correction playing out.
Today, we are publishing the Foundries section of our 23rd Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 130 companies we track, providing an update on our key perspectives and convictions. In the coming weeks we will publish sections on Automotive, Cloud Infrastructure, Telecom Equipment, Industrials, PCs, Enterprise IT, Ride sharing & Delivery, and Semicap Equipment.In the foundry market, leading-edge demand remains strong, driven primarily by AI infrastructure. The outlook for the trailing-edge is more uncertain: customers’ inventories are still elevated, and visibility on a recovery in demand in the second half of the year is low. TSMC, as the industry’s only true leading-edge foundry, is set to outperform the broader market. As a result of weak demand, trailing-edge foundries are cutting capex, in line with our thesis.
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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
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