KLA 3FQ24: Gradual recovery on track, positive 2025 outlook. Maintain ...

KLA reported 3FQ24 last night.

Chinese WFE imports down 17% in 1Q24. Our quick take.

Chinese customs released data on monthly WFE imports this morning.

Semicap and the AI cycle: How does the HBM boom impact WFE spending?

As part of our recent series of research on the deployment of AI datacenter clusters, we published an initial view on how the AI boom would affect WFE spending. We are updating our estimates today, to account for higher HBM (High Bandwidth Memory) content than we initially expected.

Chinese WFE spending: steep decline in February. Risk of a 1Q24 miss?

Chinese customs released data on monthly WFE imports this morning.

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:

Moody's announces completion of a periodic review of ratings of KLA Co...

Moody's Investors Service (Moody's) has completed a periodic review of the ratings of KLA Corporation and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 27 February 2024 in which Moody's reassessed the appropriateness of the ratings i...

AI services taking off, PC recovery second half weighted, uncertain ne...

As always, during earnings season, we start the week with a wrap-up of what happened in the previous week.

Vital Signs: Actionable charts

In this product we rank the most positive and negative domestic stocks, filter the symbols by market-cap and trading volume, and then divide the companies into sectors and groups. We then manually look through charts leadership/changes, bottoms-up/top-down ideas, short-term patterns that may have long-term significance, etc. We believe you will find this product valuable as significant price and relative moves begin in the daily charts.

Bible 4Q23 – Semicap: is AI enough to offset a trailing edge pull-back...

Today, we are publishing the Semicap Equipment 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. WFE spending was up 5% QoQ in 4Q23, with sustained elevated spending from Chinese customers and a recovery in DRAM. The growth outlook for 2024 is modest, with a recovery in memory and leading-edg...

$400bn spent on datacenter AI chips in 2027? Part III: Implications fo...

Lisa Su, AMD’s CEO, pitched a target addressable market for datacenter AI chips of $400bn. In Part I and II of our series on AI chip spending, we did our best to make sense of this number, describe what the world around us would look like, and took a view on what $400bn in AI chips would mean for infrastructure providers in our coverage. In this third part, we look at implications for the top 5 wafer fab equipment (WFE) vendors: ASML, AMAT, LAM, TEL, and KLA. How much WFE is needed for the AI bo...

KLA Corporation - December 2023 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Our cloud & hyperscale capex theses play out, fleshing out AMD’s $400b...

As always, during earnings season, we start the week with a wrap-up of what happened in the previous week.

Moody's rates KLA's new senior unsecured notes at A2

Moody's Investors Service (Moody's) rated KLA Corp.'s (KLA) new senior unsecured notes (New Notes) at A2.  The A2 rating on KLA's existing senior unsecured notes and the stable outlook are unchanged. Net proceeds from the New Notes will be used for general corporate purposes, including debt repaym...

Hexagon AB - Mergers & Acquisitions (M&A), Partnerships & Alliances

Summary Marketline's Hexagon AB Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Hexagon AB - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer...

China WFE? Auto & Industrial correction? 5G spending? Intel? Tesla? An...

As always, during earnings season, we start the week with a wrap-up of what happened in the previous week.

KLA 2FQ24: Modest growth in 2024, China peaking. Maintain Buy, $730.

KLA reported 2FQ24 last night.

Vital Signs: Actionable charts

In this product we rank the most positive and negative domestic stocks, filter the symbols by market-cap and trading volume, and then divide the companies into sectors and groups. We then manually look through charts leadership/changes, bottoms-up/top-down ideas, short-term patterns that may have long-term significance, etc. We believe you will find this product valuable as significant price and relative moves begin in the daily charts.

Chinese December WFE imports: 4Q23 de-risked, but 2024 outlook still m...

The latest in semicap equipment: Take-aways, replay & preferred slides...

We hosted Risto Puhakka, GM of TechInsights, yesterday (16 January) for a webinar on the state of the semicap equipment market.

Early signs of a pullback in Chinese Semicap equipment spending?

Chinese customs released monthly WFE imports this morning.