Bible 4Q22: Leading Edge manufacturing & Semicap: Visibility on a recovery emerging already.
We publish today the sixth section on the Leading Edge & Semicap Equipment market. Memory is going through the steepest correction on record since 2008 and profitability likely materially improves only in 2024. In Logic all signs point to a weak first half of 2023 followed by a recovery in the second half of the year. Supported by backlogs, Semicap Equipment revenues have been resilient so far, but with aggressive memory capex cuts and logic capex also down, we expect a pullback in the coming quarters.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 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.
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