Bible 2Q23 – Foundries: Inventory correction extending into 4Q23.

Today, we are publishing the Foundries section of our 20th 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.

Foundry customers' inventory levels are coming down more slowly than expected. As a result, most foundries now anticipate the correction to extend into the fourth quarter of 2023. Minor adjustments to capex budgets likely reflect continued confidence in a recovery next year. We have visibility on strong demand for leading edge products, and we still see no strong evidence of a pull back at the trailing edge, but we maintain our concern on that front. For more details, please follow the link below.