reports
- Pierre FerraguÊ
- Pierre FerraguÊ
The Tech Infrastructure Quarterly Bible 3Q22
We publish this morning our comprehensive quarterly bible: 170 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 in 5 slides: The Bible presents our latest views on the semiconductor cycle and how we see the industry positioned for 2023.
ANET ARISTA NETWORKS INC.
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
TSLA TESLA INC
PANW PALO ALTO NETWORKS INC.
NVDA NVIDIA CORPORATION
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
CREE CREE INC.
AMAT APPLIED MATERIALS INC.
NOKIA NOKIA OYJ
2330 TSMC
IFCN INFICON HOLDING AG
9984 SOFTBANK GROUP CORP.
CSCO CISCO SYSTEMS INC.
ASML ASML HOLDING NV
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
AVGO BROADCOM INC.
SOH1 SOITEC
UBER UBER TECHNOLOGIES INC.
ERIC.B ERICSSON
ERIC-B ERICSSON LM-B SHS
ERICB EU GRABTAXI HOLDINGS PTE LTD
0967655D UBER TECHNOLOGIES INC
0084207D AEVA INC
AEVA AIRSPAN NETWORKS
- Pierre FerraguÊ
The Tech Infrastructure Quarterly Bible 2Q22
We publish this morning our comprehensive quarterly bible: 182 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 in 21 slides: • In PCs: demand is now weakening across the board with the beginning of a deterioration in demand in high-end and in commercial; a CPU inventory correction at OEMs is now in full swing. • Smartphone demand is deteriorating in t...
ANET ARISTA NETWORKS INC.
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
TSLA TESLA INC
PANW PALO ALTO NETWORKS INC.
NVDA NVIDIA CORPORATION
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
CREE CREE INC.
AMAT APPLIED MATERIALS INC.
NOKIA NOKIA OYJ
2330 TSMC
IFCN INFICON HOLDING AG
9984 SOFTBANK GROUP CORP.
CSCO CISCO SYSTEMS INC.
ASML ASML HOLDING NV
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
AVGO BROADCOM INC.
SOH1 SOITEC
UBER UBER TECHNOLOGIES INC.
ERIC.B ERICSSON
ERIC-B ERICSSON LM-B SHS
ERICB EU GRABTAXI HOLDINGS PTE LTD
0967655D UBER TECHNOLOGIES INC
0084207D AEVA INC
AEVA AIRSPAN NETWORKS
- Pierre FerraguÊ
- Pierre FerraguÊ
The Tech Infrastructure Quarterly Bible 1Q22
We publish this morning our comprehensive quarterly bible: 164 pages of detailed analyses on what happened in the last 3 months, and how we interpret it, in light of our current convictions. This quarter was in our view particularly telling for those wondering how the next cycle will play out: In Industrials and Autos, we see early signs of a peak, with inventories rebuilding and semi revenues as a percentage of end-product revenues multiple standard deviations above trend. In PCs and Smartpho...
ANET ARISTA NETWORKS INC.
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
TSLA TESLA INC
PANW PALO ALTO NETWORKS INC.
NVDA NVIDIA CORPORATION
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
CREE CREE INC.
AMAT APPLIED MATERIALS INC.
NOKIA NOKIA OYJ
2330 TSMC
IFCN INFICON HOLDING AG
9984 SOFTBANK GROUP CORP.
CSCO CISCO SYSTEMS INC.
ASML ASML HOLDING NV
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
AVGO BROADCOM INC.
UBER UBER TECHNOLOGIES INC.
ERIC.B ERICSSON
ERIC-B ERICSSON LM-B SHS
ERICB EU GRABTAXI HOLDINGS PTE LTD
0967655D UBER TECHNOLOGIES INC
0084207D AEVA INC
AEVA AIRSPAN NETWORKS
- Pierre FerraguÊ
Bible 1Q22 - Autos: Cyclical pullback approaching?
Our Tech Bible is a must-read for any tech investor. It wraps up everything the >130 companies we track have reported and said and provides an update on our key perspectives and convictions, in light of what we learnt. We publish today the sixth section of our 1Q22 Bible, on Autos. Auto semi momentum continued in 2Q22. However, a cyclical pullback now seems closer: semiconductor revenues per car keep going higher, well above the historic trend and inventories across the industry are starting to...
- Pierre FerraguÊ
Bible 1Q22: Industrials – Downcycle approaching
We publish today the fifth section of our 1Q22 Bible, on Industrials. Strong momentum continued, driven by electrification, renewables, and automation. However, we see a down cycle approaching as semi sales continue to outpace industrial equipment sales, and inventories at industrial companies continues to increase.
- Pierre FerraguÊ
- Pierre FerraguÊ
- Pierre FerraguÊ
- Pierre FerraguÊ
Soitec & silicon carbide: SmartSiC is on; Implications.
Soitec has invested years of research and development into adapting their SmartCut technology to silicon carbide. SmartSiC, the resulting process, should ramp up in the second half of next year and could have major implications for Soitec and the industry. In today’s research, we go deep into the economics of SmartSiC wafers to understand how the technology is likely to transform the silicon carbide value chain.
- Pierre FerraguÊ
Bible 4Q21: Industrials – continued strong demand, growth limited by p...
We publish today the fifth section of our 4Q21 Bible, on Industrials. Demand remains strong across the sector despite persisting supply constraints. The outlook for 2022 is solid: demand continues to outstrip supply and supply shortages will persist for the remainder of the year and into 2023. Momentum in structural growth areas such as clean energy and electrification is accelerating, aided by political support to achieve CO2 emission targets.
- Pierre FerraguÊ
Bible 4Q21: Autos – Semi momentum continues. No pullback expected as i...
Our Tech Bible is a must-read for any tech investor. It wraps up all what the >120 companies we track have reported and said and provides an update on our key perspectives and convictions, in light of what we learnt. We publish today the fourth section of our 4Q21 Bible, on automotive. Production recovered in 4Q21, but remains well below pre-pandemic levels. At the same time, auto semi revenues reached a record in 4Q21, and we see momentum sustaining this year, with production increasing, and in...
- Pierre FerraguÊ
- Pierre FerraguÊ
- Pierre FerraguÊ
- Pierre FerraguÊ
The Tech Infrastructure Quarterly Bible 3Q21
We publish today the latest edition of our Tech Bible. The Bible is a must-read for every tech investor, summarising our key learnings from following >120 companies in the tech universe and provides an updated view on how we see things playing out over the next year across the entire tech value chain (Cloud Infrastructure, Enterprise IT, Telcos, Automotive, Industrials, Ride-Sharing, PCs, Smartphones, Leading Edge Manufacturing, Memory and Semicap).
005930 SAMSUNG ELECTRONICS CO. LTD.
ANET ARISTA NETWORKS INC.
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
TSLA TESLA INC
PANW PALO ALTO NETWORKS INC.
NVDA NVIDIA CORPORATION
INTC INTEL CORPORATION
CREE CREE INC.
AMAT APPLIED MATERIALS INC.
NOKIA NOKIA OYJ
2330 TSMC
CSCO ASML HOLDING N.V.
ASML CISCO SYSTEMS INC.
AMD ASML HOLDING NV
AAPL ADVANCED MICRO DEVICES INC.
AVGO APPLE INC.
UBER BROADCOM INC.
ERIC.B UBER TECHNOLOGIES INC.
ERIC-B ERICSSON
ERICB EU ERICSSON LM-B SHS
0967655D GRABTAXI HOLDINGS PTE LTD
0812823D LYFT INC
2869Z SAMSUNG SEMICONDUCTOR INC
0084207D UBER TECHNOLOGIES INC
- Pierre FerraguÊ
Bible 3Q21: Industrials – strong momentum despite shortages and strong...
We publish today the fifth section on Industrial Semiconductors. We see that momentum remains strong across the sector despite supply constraints as renewables continue to be a strong growth driver. Strength will continue in 2022 supported by renewables, easing of supply constraints and lean inventories across the value chain.
- Pierre FerraguÊ
Bible 3Q21: Autos – Semis set for another strong year in 2022
We publish today the third section on automotive. Production was hampered by semiconductor supply challenges which will persist into 2022 but show gradual improvement from today’s levels. Auto semis recorded record revenues, as EV & ADAS momentum continued and OEMs prioritized production of premium vehicles with increased semi content. We remain bullish on the auto semi sector as production will rebound strongly next year, inventories will be replenished across the value chain, and EV/ADAS momen...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.