reports
- Pierre FerraguÊ
Deep dive into Chinese Semicap: How much of a headwind for Western pla...
Chinese WFE spending quadrupled in five years to $41bn, driven by aggressive local deployments, while domestic vendors rapidly gained traction, capturing 13% of local spending already, mostly in deposition, etch, and CMP. In this deep dive, we assess the competitiveness of key Chinese vendors, including Naura, AMEC, and SiCarrier. We estimate first the pace (and the scope) at (and on) which they could close the gap with their western peers. On that basis we estimate the share they can gain ov...
- Pelham Smithers
- Pierre FerraguÊ
Bible 1Q25 – Memory: all set for the upcoming HBM run.
Today, we are publishing the Memory section of our 27th 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. DRAM COGS increased 9% YoY but was down 15% QoQ, along usual seasonality and with China curbs hurting Samsung’s HBM. The outlook remains strong, with all manufacturers expecting HBM revenues to more than d...
- Pierre FerraguÊ
Bible 1Q25 – Semicap: Not everyone can gain market share.
Today, we are publishing the Semicap section of our 27th 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. Semicap equipment revenues were down 7% QoQ, with Chinese spending declining 17% sequentially after two years of elevated demand. Vendors maintain their view of slight WFE spending growth, with memory and...
Advantest Ranks Global #1 in Assembly Test Equipment Supplier and Top ...
Advantest Ranks Global #1 in Assembly Test Equipment Supplier and Top 10 Customer Service Categories in 2025 Customer Satisfaction Survey Customers Report High Levels of Satisfaction in Partnering and Trust in Supplier SAN JOSE, Calif., May 22, 2025 (GLOBE NEWSWIRE) -- Leading semiconductor test equipment supplier Advantest Corporation (TSE: 6857) today announced it has once again received top ratings in the 2025 TechInsights Customer Satisfaction Survey, capturing the No. 1 spot on this prestigious annual survey of global semiconductor companies for the sixth consecutive year. Advante...
Advantest to Showcase Latest Test Solutions at SEMICON Southeast Asia ...
Advantest to Showcase Latest Test Solutions at SEMICON Southeast Asia 2025, May 20-22 TOKYO, May 12, 2025 (GLOBE NEWSWIRE) -- Leading semiconductor test equipment supplier (TSE: 6857) will feature its latest test solutions at SEMICON Southeast Asia 2025 on May 20-22 at the Sands Expo and Convention Centre in Singapore. A gold sponsor of this 30th year special edition, Advantest will showcase innovative, sustainable test technology guided by its new corporate vision, “Be the most trusted and valued test solution company in the semiconductor value chain.” Product and Solution HighlightsLo...
- Pierre FerraguÊ
Tariffs & Memory: the baseline & what’s next.
Evaluating the consequences of tariffs is challenging. As we strengthen our understanding of the tech supply chain, we follow-up with targeted deep dives across our coverage. This note follows recent ones we published on Nvidia, Broadcom, Intel & AMD, TSMC, and Semicap. Read also our broader notes on tariffs: our baseline thesis for an overall perspective, and our assessment of the macro risk.
Advantest Unveils SiConic Test Engineering: Unified, Scalable Bench En...
Advantest Unveils SiConic Test Engineering: Unified, Scalable Bench Environment for Debug and Validation Extends SiConic Ecosystem to Empower Test Engineers Across Development Lifecycle—from Structural Test Bring-up to ATE and SLT Deployment TOKYO, May 08, 2025 (GLOBE NEWSWIRE) -- Leading semiconductor test equipment supplier (TSE: 6857) today unveiled SiConic Test Engineering (TE), the newest addition to the SiConic family introduced in February 2025. SiConic TE offers test engineers the ability to bring up and validate structural and functional tests over high-speed I/O (HSIO) interf...
- Pierre FerraguÊ
- Pierre FerraguÊ
- Rolf Bulk
- Pierre FerraguÊ
- Rolf Bulk
- Pierre FerraguÊ
- Pierre FerraguÊ
Tariffs & Semicap equipment: the baseline & what’s next.
Evaluating the consequences of tariffs is challenging. As we strengthen our understanding of the tech supply chain, we follow-up on our initial analysis to evaluate the impact on semicap equipment with more precision. This follows our recent deep dives on the impact on Nvidia, Broadcom, and AMD/Intel. Read also our broader notes on tariffs: our baseline thesis for an overall perspective, and our assessment of the macro risk.
- Pierre FerraguÊ
Semiconductors in the crash: Relative valuations walked back 15 years...
As we brace for another tough Monday, we share with you this morning our usual quarterly and extensive review of where fundamentals, expectations, and valuations stand in semis, although, this time, in light of the steep pullback of the last couple of days, and the last couple of months. Over the next 30 slides. We did our best to articulate our expectations for earnings revisions with where we stand on valuation already, and the fundamental backdrop, segment by segment. We conclude with a very...
- Pelham Smithers
PSA Strategy: Japan Stock Market Quarterly for 2025 Q2
In this quarterly strategy report, we look to evaluate where we are with regards the bull market conditions, and where those indicators might be headed, factoring in the downside risks, from Trump tariffs and the US economy, BoJ actions, Japanese earnings and valuations.
AMAT APPLIED MATERIALS INC.
6146 DISCO CORPORATION
5108 BRIDGESTONE CORPORATION
7751 CANON INC.
9697 CAPCOM CO. LTD.
4519 CHUGAI PHARMACEUTICAL CO. LTD.
4755 RAKUTEN INC.
9684 SQUARE ENIX HOLDINGS CO. LTD.
8473 SBI HOLDINGS INC.
6954 FANUC CORPORATION
4324 DENTSU GROUP INC.
6861 KEYENCE CORPORATION
6869 SYSMEX CORPORATION
8306 MITSUBISHI UFJ FINANCIAL GROUP INC.
6501 HITACHI LTD.
6305 HITACHI CONSTRUCTION MACHINERY CO. LTD.
7267 HONDA MOTOR CO. LTD.
6301 KOMATSU LTD.
6503 MITSUBISHI ELECTRIC CORP.
6723 RENESAS ELECTRONICS CORPORATION
7974 NINTENDO CO. LTD.
6594 NIDEC CORPORATION
7731 NIKON CORP.
8604 NOMURA HOLDINGS INC.
7733 OLYMPUS CORP.
4666 PARK24 CO. LTD.
2371 KAKAKU.COM INC.
9984 SOFTBANK GROUP CORP.
1803 SHIMIZU CORPORATION
4063 SHIN-ETSU CHEMICAL CO LTD
6758 SONY CORPORATION
7269 SUZUKI MOTOR CORP.
1801 TAISEI CORP
6857 ADVANTEST CORP.
4186 TOKYO OHKA KOGYO CO. LTD.
8035 TOKYO ELECTRON LTD.
7203 TOYOTA MOTOR CORP.
2413 M3 INC.
2160 GNI GROUP LTD.
3659 NEXON CO. LTD.
6098 RECRUIT HOLDINGS CO. LTD.
3769 GMO PAYMENT
6460 JP SEGA SAMMY
4385 MERCARI INC.
3993 PKSHA TECHNOLOGY INC.
9434 SOFTBANK CORP.
78320 BANDAI NAMCO
45870 PEPTIDREAM INC
3491 JT GA TECHNOLOGIES
3394 JT MONEY FOWARD
6532 JT BAYCURRENT CONSULTING (6532 JT)
4483 JMDC
4180 JP APPIER GROUP
TSE: 2980 SRE HOLDINGS CORP
4194 VISIONAL INC
6526 SOCIONEXT INC
5032 JT ANYCOLOR INC
5838 RAKUTEN BANK LTD.
5253 JT COVER CORPORATION (5253 JT)
9616 JT KYORITSU MAINTENANCE (9616 JT)
- Pelham Smithers
PSA: Semiconductors / SPE: Disco (6146 JT) - Enjoying Its Near-Monopol...
PSA: Semiconductors / SPE: Disco (6146 JT) - Enjoying Its Near-Monopoly Disco's performance has improved due to better gross margins and sales growth. The company expects continued growth in revenue and gross profit, despite some challenges. Future growth is anticipated in the AI chip and SiC markets.
Advantest to Showcase Latest IC Test Solutions at SEMICON China 2025, ...
Advantest to Showcase Latest IC Test Solutions at SEMICON China 2025, March 26-28 in Shanghai TOKYO, March 18, 2025 (GLOBE NEWSWIRE) -- Leading semiconductor test equipment supplier Advantest Corporation (TSE: 6857) will showcase its latest test solutions at SEMICON China 2025 on March 26-28 at the Shanghai New International Expo Centre in Shanghai. Advantest will highlight its broad portfolio of leading-edge test technology for applications, including advanced memory, automotive, RF wireless communications and CMOS image sensors. Product DisplaysAdvantest will be located at booth #443...
- Pierre FerraguÊ
Bible 4Q24 – Memory: AI HBM accelerating, cycle elsewhere close to a b...
Today, we are publishing the Memory section of our 26th 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. DRAM COGS increased 7% QoQ, with HBM up 65%, accounting for virtually all the growth. HBM demand remains strong, with revenues expected to more than double in 2025. The non-datacenter outlook is still blea...
- Pelham Smithers
- Pierre FerraguÊ
Bible 4Q24 – Semicap: everyone aims to gain share in a muted WFE marke...
Today, we are publishing the Semicap Equipment section of our 26th 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. Semicap equipment revenues were up 10% QoQ with non-Chinese spending recovering and Chinese spending beginning to decline. Vendors expect Chinese spending to decline significantly in 2025 but st...
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