PSA Semiconductors: Readthrough from Nvidia’s Q3 Results

While the FY25 Q3 results constituted a beat, they came in quite close to what the share price implied. However, the guidance for Q4 surprised on the upside. Pelham Smithers reviews the performance and outlook, with a readacross to beneficiaries in Japan and the numbers from China.

Samsung Electronics: 1 director

A director at Samsung Electronics bought 1,000 shares at 111,800.000KRW and the significance rating of the trade was 55/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two yea...

Apple: iPhone cycle emerging strong; but valuation is full. Neutral, $...

Apple reported 4FQ25 on Thursday. Please click the link below for our take on the print.

SK Hynix Inc: 3 directors

Three Directors at SK Hynix Inc sold/sold after exercising options 1,609 shares at between 327,500.000KRW and 338,000.000KRW. The significance rating of the trade was 58/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by...

Bible 2Q25 – Memory: margins of conventional DRAM to expand as HBM gro...

Today, we are publishing the Memory section of our 28th 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, Hyperscale & Cloud, Telecom Equipment, PCs, Enterprise IT, Foundry and Semicap Equipment. DRAM COGS up 25% YoY and 21% QoQ, driven by seasonality,...

Bible 2Q25 - Smartphones: 2025 weak and front-loaded. Increasing conce...

Dear all, ​​ Today, we are publishing the Smartphones section of our 28th 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, Memory, Hyperscale & Cloud, Telecom Equipment, Industrials, PCs, Enterprise IT, Ride sharing & Delivery, Foundry, and Semicap Equ...

AI capex & replatforming; semicap into 2026; Apple, Arm & more.

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 34 names we followed last week, follow the link below.

Apple 3FQ25: What drove the iPhone beat? Neutral, $220 TP

Hynix 2Q25: Pressure on HBM pricing and margins still far from being a...

SK Hynix reported 2Q25 yesterday. Please see attached for our one-slide take on the print and its implications for the broader industry.

Memory: China XPU ban lifted. Samsung most exposed. All benefit

Nvidia announced it can resume shipping XPUs to China. We’ve prepared a one-slider summarising the implications for memory vendors.

PSA Technology: May Global Semiconductor Shipments +20% YoY to Record ...

Pelham Smithers reviews the May data and notes that the 2025 forecast by WSTS now looks very conservative.

Bible 1Q25 – PCs: Refresh still elusive; CPU expectations growing slig...

Today, we are publishing the PC 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. In the coming days we will publish a section on Enterprise IT, followed by the full Bible. PC pull-ins noted across major OEMs, outlook uncertain for rest of the year. The Windows 10 & AI PC refresh cycle remai...

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...

Autos & industrials, OpenAI/io deal, NVLink Fusion, AI cloud & capex, ...

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 5 names we followed last week, follow the link below.

PSA Technology: Memory Prices / MLCC Production Data Series Shows Impr...

Pelham Smithers comments on the continued rise in memory prices and an increase in MLCC production, with a readacross to who might benefit.

Bible 2Q25 - Smartphones: 2025 weak and front-loaded. Increasing conc...

Dear all, ​​ Today, we are publishing the Smartphones section of our 28th 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, Memory, Hyperscale & Cloud, Telecom Equipment, Industrials, PCs, Enterprise IT, Ride sharing & Delivery, Foundry, and Semicap Equ...

Tariffs: UK & China deals – our quick update on recent developments

The tariff situation is evolving in line with our expectations. Follow the link below for our perspective on the latest developments.

AI re-platforming, tariff pull-ins, autos, weak iPhone cycle, HBM, and...

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 33 names we followed last week, follow the link below.

Apple 2FQ25: minimal tariff impact, weak iPhone, Intelligence debacle....

Apple reported 2FQ25 last night.

Hynix 1Q25 – sneak peak into the upcoming HBM run

SK Hynix reported 1Q25 this morning. Please see the attached slide for our take on the print.