TSMC 2Q25; Beats the high-end of rev guidance, despite FX impact, GM close to high-end of the guidance and OPM > high-end guidance.
2Q25 vs 2Q24
Revenue: $30.070B (+44%)
Gross Margin: 58.6% (53.2%)
Operating Margin: 49.6% (42.5%)
CapEx: $9.6B (+51%)
Wafer Shipments: 3.718 m (+19%)
Wafer ASP: $7027 (+21%) Advanced node revenue (N7 and below) up 19% q/q and 59% y/y to $19.3B. N3: +29% q/q; N5:+18%; N7: +10%. Android drove N3 despite Apple seasonality.

TSMC monthly revenue trend observations.
- October is the greenest and Feb is the reddest when it comes to monthly revenue weights
- Aug to Dec above average in terms of revenue weight while Feb to May below average
- 45/55 split between 1H/2H (last 5 yr average) - In terms of month on month growth, March and August often see strong DD % growth
- December inevitably sees MSD% m/m decline despite as shipments cool off
- In the last 5 years, on ana average January saw 9% month on month growth

NVIDIA's forward days of inventory stand at 69 days (healthy) by the end of 3QFY25, meaning it can flush the current inventory on hand quickly (no surprise). Its outstanding inventory purchase & long-term supply obligations inched up again to $29B. This is where HBM procurement sits. Prepaid supply & capacity agreements stood at $5.2B. Multi-yr cloud service agreements grew 15% q/q to $11.3B.


DC revenue grew q/q for every single quarter since 1QFY15 (except for 3 quarters). Networking is down this quarter but will be up next quarter.

Qualcomm 1QCY23
- Revenue down -2 % q/q and -17% y/y to $9.2b (closer to the high-end of the guidance)
- QCT (semiconductor) revenue up 0.6% q/q and down -17% y/y;
-Premium Android, Apple pre-purchases drive handset growth $QCOM - 6th straight quarter of double-digit y/y growth for auto
- Inventory issues continued in handset & IoT
- QCT EBT takes a hit again but came in at the high end of the guidance
- Android and auto to stay flat in 2QCY23 while IoT to see mid-single-digit growth vs 1QCY23

Qorvo 4QFY23:
- Revenue down -15% q/q and -33% y/y to $633m
- Smartphone RFFE revenue from Android up q/q but will decline in the June quarter
- Smartphone RFFE revenue down -46% y/y to $418m
- Android revenue was up sequentially as guided, driven by Samsung $QRVO - Not seeing any pickup from China reopening (consistent with $QCOM)
- March was the bottom for China Android and will grow sequentially in June quarter
- 40% attach rate in Android 5G & expects it to grow double-digit CAGR
- 10 percentage points of GM hit due to underutilization

AMD 1Q23:
- Revenue down -4.4% q/q and -9.1% y/y to $5.35b (above the mid-pt of the guidance)
- Classic AMD revenue down -10% q/q to $3.8b
- Client and data center down q/q and y/y while gaming and embedded grew; semi-custom did well in a seasonally down quarter, surprisingly - Flat q/q guidance for 2Q23; 2H > 1H in revenue in 2023; DC will see double-digit y/y growth in 2023
- DC & client will grow sequentially in 2Q while gaming and embedded will be down
- Within DC, cloud was strong y/y in 1Q. Enterprise weak. Cloud is a low-margin business. $AMD

SK Hynix 1Q23:
- Revenue down for the 3rd straight quarter. Will decline further in 1Q23
- negative margins
- Revenue down -35% q/q & -58% y/y to $3.8b
- 2023 CapEx : -50%+ y/y
- All end markets declined
- Revenue bottomed in 1Q and will grow in 2Q
- Inventory will peak in 2Q - 2H revenue to be greater than 1H
- DRAM bit shipments down -20% q/q while NAND down by mid-teen %
- PC, smartphone and data center weakness
- DRAM industry saw -ve margins in 1Q23

UMC 1Q23: Revenue down -20% to $1.78 b. Lowest margins in 7 quarters. ASPs held up. $UMC
GM: 35.5 % (vs 43.4% in 1Q22)
Operating margin: 26.7% (35.2% in 1Q22)
Wafer shipments (12''): 811.6 m (-27% y/y)
Utilization rate: 72% (vs 104% in 1Q22)
Wafer ASP: $2107 (+10%) 2Q23 guidance: Rev flat q/q and low 70% utilization rate. Mid-30s GM affected by underutilization. 2023 CapEx guidance remains unchanged - $3b (+11%)

ASML 1Q23: Revenue accelerates. Reiterates 25%+ y/y growth in 2023.
Revenue €6.7b (>€200m high-end of the guidance)
Gross margin: 50.6% (above the guidance of 49-50%) Operating margin: 32.7%
EUV units: 17
2Q23 guidance: €6.5-€7b $ASML EUV revenue was better than expected. The company originally guided DUV will do better. 60 EUV unit target for 2023.

Analog Devices 1QFY23
- Revenue up 21% to $3.25 b. A minor seq growth
- Three-fourths of revenue from auto & industrial, which grew double-digit for 9 straight quarters
- Auto & industrial will grow again sequentially in the March quarter
- Communications & consumer weak $ADI - The book-to-bill ratio was <1 and will be the case for the next quarter or two
- Flat sequential growth guidance for 2QFY23
- Industrial, the core of $ADI, has multiple growth vectors (defense, health care, automation, energy & instrumentation); performing better than peers

GlobalFoundries 4Q22:
Revenue: $2.1b (+1% q/q & 14% y/y/ above the high end of the guidance)
Gross margin: 27.6% (up 12.2 percentage points y/y)
Wafer shipments: 580k (-7% y/y)
Wafer ASP: $3198.27 (+20%)
Auto & personal computing up sequentially while smartphone down. $GFS 1Q23 revenue will decline -13% q/q and -6% y/y to $1.83b. TSMC, UMC and SMIC also guided a double-digit sequential decline.

Amkor 4Q22: Revenue down -8.5% q/q & up 10.5% y/y to $1.91b (above the high end of the guidance). Communications and auto & industrial were strong while consumer and computing were weak. Finishes 2022 with $908m CapEx (13% capital intensity). $AMKR 1Q23 revenue will see more than a seasonal decline (-24% q/q). Gross margins will take a hit due to underutilization. All hopes on 2H23 recovery. Amkor expects to outperform the semi industry in 2023.

MediaTek's smartphone AP shipments declined q/q for the 4th straight quarter in 3Q22. The company's shipments took a significant hit due to Chinese customers' inventory adjustments, especially in the mid-range 5G segment. Despite a 23 percent unit shipment decline, Qualcomm posted a 32 percent revenue growth, driven by high average selling prices (ASPs) for its premium tier APs. $QCOM

Skyworks 1QFY23: Revenue down -5.5% q/q and -12% y/y to $1.33b (above the mid-pt of the guidance). Apple accounted for 68% of the total. Samsung <10%. Apple revenue up 2% q/q while non-Apple down -18%. Mar quarter will be down by -13% q/q. $SWKS BAW filter annual run-rate close to $2b and has a lead. Samsung and Chinese OEMs continued to be weak. Hopes on 2HCY23 recovery. As such, Skyworks' exposure to China OEMs dropped to a low single-digit % in the quarter.

AMD 4Q22:
- Revenue up 1% q/q and 16% y/y to $5.6b (above the mid-pt of the guidance)
- Classic AMD revenue down 14% y/y to $4.2b
- 2022 revenue grew 44% to $23.6b. 2023 revenue will likely decline by 6%
- Data center and embedded to grow while PC and gaming to decline in 2023 - Decent guidance for 1Q23 (-5% q/q)
- Data center revenue to be down double-digit while PC and gaming to be down by single digit. Embedded to be up by single-digit
- Share gains in data center and PC in 4Q22
- AMD will under ship for 3rd straight quarter in 1Q23 $AMD

SK Hynix 4Q22:
- Revenue down for the 2nd straight quarter. Will decline further in 1Q23
- Revenue down 30% q/q & 38% y/y to $6.3b, driven by pricing and inventory
- 2022 CapEx grew 8 % to $15.5b
- 2023 CapEx will be -50%+ y/y
- Huge inventory in server followed by PC & mobile - Like $MU, SK Hynix adjusts wafer starts, cuts CapEx and reduces bit supply growth for 2023 to bring balance
- Focus on DDR5, HBM and LPDDR5/x; less emphasis on legacy nodes
- Weak server in 1H;
- DDR5, 2H China smartphone growth and PC recovery offer hope

Samsung 4Q22:
- Memory revenue down for the 2nd straight quarter. Will decline once again in 1Q23.
- Memory revenue down 20% q/q to $19.8b
- A record quarter for logic (includes foundry) chip division; revenue up 2% q/q to $6.4b
- 2022 CapEx up 10% to $35b $SSNLF - 2023 CapEx will be roughly flat; comments indicate most of it will be spent on clean rooms, advanced nodes and EUV
- Foundry utilization rates took a hit in 4Q and the trend will continue in 1Q23
- 2nd gen 3nm (3GAP) traction from mobile and HPC customers in 2024

NXP 4Q22: Revenue down 4% q/q & up 9% y/y to $3.3b. Gross margins held up well (57% in 4Q; flat vs 3Q). Core auto revenue grew q/q for the 10th consecutive quarter but decelerates. Industrial takes a hit and declines y/y and q/q. 40% of $NXPI's industrial is consumer. Auto and true industrial together accounted for two-thirds of total revenue. Mobile up y/y but decelerates on a q/q basis. Apple is the largest customer.

Lam Research 2QFY23:
- 2nd straight $5b+ quarter; Mar quarter revenue will decline 28% q/q to $3.8b
- WFE spending in 2022: mid $90 billion better than the previous forecast
- CY23 WFE spending will decline to mid $70 b (>-20%+); memory will see much steeper decline
$LRCX - No change in $2-$2.5b impact from China restrictions
- Revenue is first-half weighted
- 7% reduction (1,300) in full-time employee base/1,400 reduction in temp
- R&D as a % of rev will grow
- Supply chain constraints improved dramatically

STMicro 4Q22: Revenue up 2.4% q/q & 24.4% y/y to $4.4b.
GM: 47.5%, up 230bps y/y
2022 revenue grew 26.4% to $16.1b
1Q23 revenue guidance: $4.2b, down -5.1% q/q; 48% GM
2023 revenue: $16.8-$17.8b, up 4-10%
Days of inventory up 5 days to 101 days vs 2Q
$3.5b CapEx for 2022 $STM $4b CapEx in 2023; Capital intensity of 23%, up from 22%. 80% of CapEx will be on 300mm and SiC expansion. $20b revenue target by 2025-27.

ASML 4Q22: (above the mid-pt of the guidance)
Gross margin: 51.5% (above the guidance of 49%)
Operating margin: 33%
EUV units: 13
4Q22 guidance: €6.1-€6.5b
2023 guidance: 25% revenue growth & GM >50.5% $ASML ASML 2022
Revenue: €21.173 (+13.76%)
Gross margin: 50.5% (52.7% in 2021)
Operating margin: 30.7% (36.7% in 2021)
EUV units (revenue recognized): 40 (42 in 2021)
EUV revenue: €7b (45% of systems revenue)
€3.1b fast shipment revenue pushed into 2023.