2025 outlook for datacenter AI, BEVs slow, Hybrids accelerate, AMD GPU...

Wolfspeed 3FQ24: Downcycle in industrials overshadows progress in Moha...

Wolfspeed reported 3FQ24 yesterday.

What if the EV slowdown were not a headwind on auto semi growth?

EV adoption is slowing in the West, but to the benefit of hybrids. Is this well understood by those investing in auto semi stocks?

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.

Wolfspeed: who could buy? At what price?

JANA Partners recently urged Wolfspeed management to consider a sale or explore other strategic alternatives. Execution delays at Mohawk Valley and Siler City over the years, combined with a slowdown in end-demand make the question legitimate. We review the situation, including potential acquirers and acquisition price.

Semi 1Q24 Update: AI shortcuts the cycle, while diversified semis find...

In advance of the upcoming earnings season, we provide an updated view on the semiconductor cycle and give our views on how investors should be positioned into earnings.

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:

Bible 4Q23 – Autos: Production at a high, EVs slowing, correction in S...

Auto semiconductor revenues experienced their first sequential decline since 2Q20, reflecting the start of an inventory correction. Most companies and consensus anticipate a short cycle, with revenues rebounding strongly from the trough in the first quarter of 2024. We remain more cautious and anticipate further incremental downward revisions. For more details, refer to the report.

Bible 4Q23 – Industrials: Still more pain to come

Today, we are publishing the Industrial semiconductor section of our 22nd 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. The industrial semiconductor downcycle is in full swing, with revenues down 14% YoY in 4Q23, and weakness is expected to persist through the first half of 2024. While further downside may b...

Wolfspeed 2FQ24: Early Mohawk ramp on track. Next step is Siler City e...

Wolfspeed reported 2FQ24 yesterday.

Wolfspeed: How much can the downturn in industrials hit?

Industrial semis are going through an inventory-driven downcycle. We review on a single slide likely implications for Wolfspeed, and what the company may report and guide in a couple of weeks.

Renewable deployments accelerating. Implication for Technology Infrast...

The International Energy Agency reported that >500GW of renewables were deployed in 2023, up ~50% YoY, and >40% above its prior forecast.

Wolfspeed: Could Siler City & crystal growth delay the Mohawk ramp? Im...

Wolfspeed’s stock suffered in 2023 as the company experienced delays in ramping its 200mm device fab in Mohawk Valley. In today’s note, we review the implications of a similar delay in the ramp of its new 200mm materials fab in Siler City.

Semi Cycle 4Q23 Update: Strong upcycles for HPC and Memory; Semicap s...

In advance of the upcoming earnings season, we provide an updated view on the semiconductor cycle and give our views on how investors should be positioned into earnings.

The Tech Infrastructure Quarterly Bible 3Q23

We publish this morning our comprehensive quarterly bible: 218 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.

IBM & Meta launch an AI alliance. Our Quick take.

IBM & Meta launched the AI Alliance overnight, in collaboration with over 50 founding members, to advance open, safe, responsible AI.

Bible 3Q23 – Industrials: Inventory correction now in full swing

Bible 3Q23 – Autos: The cyclical pullback we were expecting in semis i...

Auto & Industrial semi correction, Smartphone semi rebound, IT spendin...

Wolfspeed 1FQ24: ramp progressing. Buy $60.

Wolfspeed reported 1FQ24 yesterday.