Moody's Ratings changes ASML's outlook to positive; affirms A2 ratings

Moody's Ratings (Moody's) changed the outlook of ASML Holding N.V. ("ASML") to positive from stable. At the same time, Moody's affirmed ASML's A2 senior unsecured ratings. RATINGS RATIONALE Moody's changed ASML's outlook to positive from stable to reflect its strong operating performance and Moo...

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

Chinese customs released data on monthly WFE imports this morning.

ASML 1Q24: Pullback in orders; China revenues normalizing; limited nea...

ASML 1Q24 QT: Pullback in orders; China revenues normalizing; limited ...

ASML reported 1Q24 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.

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.

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:

ASML Holding N.V. - December 2023 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

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.

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...

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.

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.

ASML Holding N.V.: Solid full-year 2023 results and strong order book ...

The strong 2023 results and robust order book reflect favourable structural trends and a potential upturn in the semiconductor cycle.

ASML 4Q23: strong rebound in order intake, but risk of a pullback pers...

ASML 4Q23 QT: strong rebound in order intake, but risk of a pullback p...

ASML reported 4Q23 this morning.

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.

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.