Bible 2Q24 – Foundries: leading-edge accelerates, trailing-edge finds a bottom.
Today, we are publishing the Foundry section of our 24th 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 140 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.Leading-edge foundry demand has recovered fast, particularly supported by AI, and now exceeds the previous peak of 4Q22. Trailing-edge revenues have bottomed with a 6% QoQ increase, but remain well below peak.
The 2025 outlook strengthens, with an acceleration of revenue growth on all fronts. Leading-edge capex is set to recover materially, but trailing-edge capex should continue to decline, as excess capacity built in recent years is absorbed, in line with our thesis.
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
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