Technology Infrastructure Earnings Wrap-up – Week ending November 1st

As always, during earnings season, we wrap-up what happened in the previous week.

Hynix, LAM, Besi, Tesla, Auto cycle, Enterprise AI, and more: Tech Wee...

As always, during earnings season, we wrap-up what happened in the previous week.

LAM 1FQ25: China set to decline; outlook for 2025still positive. Maint...

LAM reported 1FQ25 last night. Please click the link below for our take on the print.

Vermilion Short Shots: Technically Vulnerable Stocks

Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.

LAM model update. Neutral, $88.

We are updating our LAM model to reflect the 10:1 stock split, and update our TP to $88

Lam Research Corp. - June 2024 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

The Tech Infrastructure Quarterly Bible 2Q24

We publish today our comprehensive quarterly bible: 224 pages of detailed analyses on what happened in the last 3 months, and how we interpret it, in light of our current convictions. The first section acts as a PM summary, outlining our key findings, and latest thoughts on the semi cycle, in 6 slides.

Bible 2Q24 – Semicap: Recovering growth offset by China normalizing.

Today, we are publishing the Semicap Equipment 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, PCs, Enterprise IT, and Ride sharing & Delivery. Semicap equipment revenues were up 6% QoQ, wit...

AMD share gains, Intel downgrade, Cloud capex, Autos and Industrials, ...

LAM 4FQ24: Memory still soft; China trending down; full expectations. ...

The Tech Infrastructure Quarterly Bible 1Q24

We publish today our comprehensive quarterly bible: 224 pages of detailed analyses on what happened in the last 3 months, and how we interpret it, in light of our current convictions. The first section acts as a PM summary, outlining our key findings, and latest thoughts on the semi cycle, in 6 slides:

Lam Research Corp. - March 2024 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

KLA, LAM, AMAT, ASML, TEL model updates post 1Q24

Bible 1Q24 – Semicap: recovery on track, positive 2025 outlook in expe...

Today, we are publishing the Semicap 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, and Ride sharing & Delivery. Semicap equipment revenues were in line wi...

Tesla portfolio expansion; cloud revenues and capex accelerating; time...

As always, during earnings season, we start the week with a wrap-up of what happened in the previous week.

Chinese WFE imports down 17% in 1Q24. Our quick take.

Chinese customs released data on monthly WFE imports this morning.

Semicap and the AI cycle: How does the HBM boom impact WFE spending?

As part of our recent series of research on the deployment of AI datacenter clusters, we published an initial view on how the AI boom would affect WFE spending. We are updating our estimates today, to account for higher HBM (High Bandwidth Memory) content than we initially expected.

Chinese WFE spending: steep decline in February. Risk of a 1Q24 miss?

Chinese customs released data on monthly WFE imports this morning.

The Tech Infrastructure Quarterly Bible 4Q23

We publish today our comprehensive quarterly bible: 212 pages of detailed analyses on what happened in the last 3 months, and how we interpret it, in light of our current convictions. The first section acts as a PM summary, outlining our key findings, and latest thoughts on the semi cycle, in 6 slides:

AI services taking off, PC recovery second half weighted, uncertain ne...

As always, during earnings season, we start the week with a wrap-up of what happened in the previous week.