Weekly Top Ten Tech Hardware and Semiconductor – Jun 2, 2024

By Douglas O’Laughlin, Fabricated Knowledge

  • Nvidia reported earnings, and as expected, they beat earnings. Did you think that Jensen would fail us now?

  • On a more serious note, the guide was a bit light regarding buy-side bogeys, but there is almost nothing to complain about this result.

  • Below is the StreetAccount summary, and you can see it’s a clean beat by every metric.


By William Keating, Ingenuity

  • Microsoft last week launched their CoPilot+ PC category which enables their CoPilot to run locally on your PC, as long as it has an NPU with >40 TOPS
  • With Qualcomm being the only one currently offering such an NPU, their Snapdragon processors will be powering the first wave of CoPilot+ PC’s
  • It’s an extraordinary accomplishment for Qualcomm & likely an inflection point for Arm powered PCs. It’s also really bad news for Intel and not great for AMD

By Vincent Fernando, CFA, Zero One

  • TSMC’s Latest 2024E Industry Guidance Provided at Symposium in Taiwan
  • More Potential Details on Nvidia & Mediatek’s AI PC Chip to Compete with Qualcomm & Intel
  • Samsung’s HBM DRAM Chips Face Challenges in Meeting Nvidia’s AI Requirements

By Vincent Fernando, CFA, Zero One

  • We hosted a conference call recently with Himax management, the global leader in automotive touch display controllers; the company is experiencing a uniquely stronger automotive supply/demand environment than some peers.
  • Discussed in detail how larger or more sophisticated interior displays can drive higher dollar content of display controllers per vehicle. We examine trending new car designs with much larger displays.
  • We forecast an exponential jump-up in display controller content value per vehicle as beautiful display designs are becoming key USP for auto brands; Maintain our Structural Long rating for Himax.

By Patrick Liao

  • UMC is currently forecasting a flat to low single digit growth QoQ for 3Q24, which is slight lower than consensus.
  • UMC has received orders from domestic and international clients. However, we believe it couldn’t be able to compensate for the loss of Samsung’s 28nm orders so far this year.
  • With accelerated construction in Singapore in 2024, the full-year capital expenditure has slightly risen to $3.3 billion.

By William Keating, Ingenuity

  • Automotive revenues for Q1CY24 amounted to $603 million, up 35% YoY. This compares to MobilEye’s revenue of $239 million, down 48% YoY
  • Automotive design-win pipeline is now $45 billion, up from $30 billion less than two years ago
  • CEO Amon said “Every time we enter a new market, we end up building a very strong position”. That’s a shot across the bows for Intel and AMD…

By Vincent Fernando, CFA, Zero One

  • We hosted a conference call recently with ChipMOS management; the company continues to view 1Q24 as having been the bottom for the memory and display markets.
  • Memory customers are increasing utilization further. Since ChipMOS does not significantly serve the HBM DRAM market, this indicates that previously softer non-HBM memory segments are now showing improvement.
  • Display industry increasing utilization on expectation for 2H24 large display demand strength driven by sporting events such as the Paris Olympics. ChipMOS remains well below March highs, rate as Outperform.

By Douglas O’Laughlin, Fabricated Knowledge

  • I had the opportunity to talk about the CHIPS Act’s progress with two people at the program office.
  • I really think this is a great step in the right direction, and we talk about some of the misconceptions of the CHIPS program, and more.
  • Today will be a pretty special interview podcast, and I have Dan Kim and Hassan Khan from the CHIPS program.

By Vincent Fernando, CFA, Zero One

  • Market Largely Influenced by Macro Trends and Nvidia Movements This Past Week
  • Key Events: Computex, Apple WDC, Key Taiwan May Revenue Releases
  • Apple (AAPL US) Is Overhauling Siri In Order to Create a Beautiful Voice-based AI Interface for the iPhone

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