Bible 1Q23 – Foundry: prolonged inventory correction, second half recovery still on.
Today, we are publishing the Foundry section of our 19th 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.A deeper than expected inventory correction is taking place across most end-markets, driving lower shipments and profitability across the industry. Confidence in a second half recovery remains high but now at slower pace than previously expected. TSMC is a notable exception, guiding for sequential revenue growth of 25% in the second half of the year and we expect a material FCF beat in 2024.
Intel is a data-centric company. The company's operating segments are: Data Center Group, which develops platforms for compute, storage, and network functions; Internet of Things Group, which facilitates its customers creating, storing, and processing data; Mobileye, which provides assistance and automation solutions; Non-Volatile Memory Solutions Group, which provides memory and storage products based on Intel? Optane? technology and Intel? 3D NAND technology; Programmable Solutions Group, which provides programmable semiconductors; and Client Computing Group, which connects people to data, allowing each person to focus, create, and engage in ways that unlock their individual potential.
UMC ELECTRONICS CO., LTD. is a Japan-based company mainly engaged in the EMS (Electronics Manufacturing Service) business which is the contract development, manufacturing and sales of electronic equipment. The Company mainly operates in two segments. The EMS Business segment supplies vehicle-mounted equipment, industrial equipment, consumer products, OA equipment, and information and communication equipment, as well as plastic injection molding and molds and parts. The Others segment includes real estate leasing, temporary staffing and manufacturing contract, insurance agency business, and development of image processing recognition systems.
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