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.

ODDO BHF Small & MIDCAP MORNING NEWS - 09/05/2024

We host the 15th edition of the Corporate Conference in cooperation with Commerzbank on September 3rd & 4th 2024 in Frankfurt am Main. This year we are welcoming 90 German small, mid and large cap companies. - ...

ODDO BHF Small & MIDCAP MORNING NEWS - 05/09/2024

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ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/05/2024

We host the 15th edition of the Corporate Conference in cooperation with Commerzbank on September 3rd & 4th 2024 in Frankfurt am Main. This year we are welcoming 90 German small, mid and large cap companies. - ...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/09/2024

We host the 15th edition of the Corporate Conference in cooperation with Commerzbank on September 3rd & 4th 2024 in Frankfurt am Main. This year we are welcoming 90 German small, mid and large cap companies. - ...

ODDO : Semiconductor sales in July 2024 in line with forecasts, still ...

>Worldwide sales in July 2024 in line with our forecasts +18.7% y-o-y vs +18.5% in June - Worldwide semiconductor sales in July 2024 were published by the WSTS (World Semiconductor Trade Statistics) with the usual one-month lag. In terms of the 3-month moving average, sales were $ 51.3bn, in line with our estimate, i.e. +2.5% on a sequential basis and y-o-y growth of +18.7%, after 18.5% in June.Continued strong growth in memory thanks to prices, a slight...

ODDO : Ventes de semi-conducteurs de juillet 2024 en ligne avec nos at...

>Ventes mondiales de juillet 2024 en ligne avec nos attentes à +18.7% yoy vs +18.5% en juin - Les ventes mondiales de semiconducteurs de mai 2024 ont été publiées par WSTS (World Semiconductor Trade Statistics), avec (comme toujours) un mois de décalage. En donnée lissées (moyenne de 3 mois), elles ressortent à 51,3 Md$, en ligne avec notre prévision, à +2.5% en séquentiel et en croissance annuelle de +18.7%, après 18.5% en juin.Poursuite de la forte cr...

TSMC in 2025: the #1 growth driver won’t be AI! Buy, NT$ 1,300.

In 2025, consensus expects ~24% revenue growth for TSMC. We expect nearly 30%. Wall Street is likely overlooking TSMC’s #1 growth driver for next year: share gains in CPUs. With Intel increasing outsourcing to TSMC, AMD gaining share from Intel, and Arm gaining share from x86, we estimate TSMC’s CPU revenues will increase by $6.8 billion in 2025, exceeding the growth driven by datacenter AI or smartphones. TSMC is one of our top picks, and this idea has the advantage of not relying on continued ...

Bible 2Q24: Smartphones - Could consumer demand weaken while hopes for...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 01/08/2024

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ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/01/2024

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Arm Holdings plc : Investors should take advantage of the fall in the ...

>Q1 2024-25 results 14% > expectations - Q1 2024-25 sales came to $ 939m, up +39% y-o-y and +1% q-o-q, above the consensus forecast of $ 939m and the high point of the guidance range of $ 875-925m. This performance is attributable to licensing revenues of $ 472m, up +72% y-o-y (after +60% in Q4), well above the consensus at $ 421m. This results from long-term client commitments and the conversion of the backlog. Licence revenues remain volatile from one quarter to th...

Arm Holdings plc : Il va falloir profiter de la baisse du jour, alors ...

>Résultats T1 25 14% > aux attentes - Le CA du T1 25 ressort à 939 M$ à +39% yoy et +1% qoq, > au consensus de 912 M$ et au point haut de la guidance de 875/925 M$. Cette performance s’explique par des revenus de licences de 472 M$ à +72% yoy (après +60% au T4), nettement au-dessus du consensus de 421 M$. Cela résulte de la prise d’engagement LT des clients et de la conversion du carnet de commandes. Les licences restent volatiles trimestre après trimestre. L'ACV (va...

The AI PC, Part II: Refresh cycle – hype or reality?

OEMs have high expectations for AI PCs (equipped with a neural processing unit), viewing them as a catalyst for the next refresh cycle. In this note, we review where we stand in the PC cycle, and how valid arguments in favor of a refresh cycle are. Is the AI PC just a hype, or will they revolutionize the user experience and foster replacement?

Arm: Up another 75% - our take.

We had once the highest price target on the street for ARM, a business we like and understand well. The recent rally went well past our target and we offer today our best efforts to understand what happened and consider what to do next with the stock.

ODDO BHF Small & MIDCAP MORNING NEWS - 07/05/2024

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ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/05/2024

Professional activities are a support factor for organic growth and the sales mix should boost profitability. The regularity and strength of FCF coupled with a sound balance sheet (ND/EBITDA 1.6x) are additional advantages for expanding through acquisitions. We are reiterating our Outperform opinion and our target price of € 140. - ...