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.

Tier 2 AI capex, PC pull-ins, Cisco downgrade. Our weekly wrap-up.

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 14 names we followed last week, follow the link below.

Auto/Industrial recovery; Enterprise IT slowdown; Chinese semicap; Rob...

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 29 names we followed last week, follow the link below.

Chinese Lithography: Recent newsflow confirms it is 15-20 years behind

Autos & Industrials, AI re-platforming, HBM, Tesla, Intel, LAM, and mo...

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 21 names we followed last week, follow the link below.

LAM 2FQ25: beat driven by NAND upgrades & GAA. We are cautious. Neutra...

LAM reported 2Q25 yesterday. Please click the link below for our take on the print.

TSMC & ASML signals, Auto semi recovery, and more. The Tech Weekly Wra...

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 14 names we followed last week, follow the link below.

ASML 1Q25 QT: FY25 guide maintained despite tariff uncertainty. We are...

ASML reported 1Q25 this morning. Please click the link below for our take on the print.

Tariffs: Smartphones, PC, semicap equipment, and others excluded - Our...

As a follow-up to the baseline thesis we published on Friday about U.S. tariffs, we provide below our assessment of latest developments announced on Friday.

Getting over Tariffs – Step back. Rethink. Move on.

Swings observed in the last 10 days has been second to none. The Great Financial Crisis and Covid didn’t get us in a worst spot. Make no mistake: The markets are panicking today even more than when the world came to a COVID standstill, with the individual contributors to the vast majority of the world’s GDP locked down. How reasonable is that? Very little, in our view. The polarization of the political landscape has created a global brain freeze. Few analyses calmly assess the U.S. administrati...

Moody's Ratings announces completion of a periodic review of ratings o...

Moody's Ratings (Moody's) has completed a periodic review of the ratings of ASML Holding N.V. and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 4 April 2025 in which we reassessed the appropriateness of the ratings in the context of ...

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...

Tokyo Electron’s 2025 CMD: What did we learn?

Tokyo Electron hosted its 2025 CMD. For a summary of our main takeaways, please follow the link below.

LAM Research 2025 CMD: What did we learn?

Lam Research hosted its 2025 CMD yesterday.

ASML 4Q24: Strong rebound in orders, but downside risk persists for 20...

ASML reported 4Q24 yesterday.

ASML 4Q24 QT: Strong rebound in orders, but downside risk persists fo...

ASML reported 4Q24 this morning. Please click below for our quick take on the print.

Chinese WFE imports almost doubled MoM in December. Our take.

Chinese customs released data on monthly WFE imports yesterday.

Semi cycle update 4Q24: Recovery weaker but still on for 2025

In today’s note we provide an updated view on the semiconductor cycle and give our views on how investors should be positioned in 2025.

The Tech Infrastructure Quarterly Bible 3Q24

We publish today our comprehensive Quarterly Bible: 238 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.: Key facts and statistics - LTM September 2024

A summary company profile, detailing ASML Holding N.V.’s business operations and financial highlights.