英特尔越南总经理谢建国对科技部代表团到访表示欢迎，并高度评价越南推动半导体产业的积极政策。 他表示，英特尔将深度参与越南半导体发展战略的实施，分享生态系统建设与高端人才培养经验，并助 力开发面向数字化转型的专用芯片。 此外，裴还建议英特尔参与集成电路设计开发工程师培训，提供强化课程、实习或奖学金，并与高校及 研究机构合作培养半导体高素质人才。 越南《越南经济时报》12月22日报道，越南科技部副部长裴黄芳近期访问胡志明市英特尔越南封装测试 厂时表示，建议英特尔扩大在越芯片封装测试领域的投资，并积极参与越南半导体战略实施。他还鼓励 英特尔扩大在越研发中心或与本地伙伴合作，投资实验室、仿真与测试设施，聚焦数字化转型所需专用 芯片的研发，并拓展在越南的制造与ATP(组装、测试、封装)业务。 ...

Core Insights - The quantum hardware sector, including companies like IonQ and D-Wave, is seen as a long-term growth opportunity but lacks guaranteed near-term earnings for 2026 [2] - Quantum enablers, which provide necessary infrastructure and services for quantum adoption, present more immediate investment opportunities [3][4] Quantum Enablers - Companies such as Intel, Broadcom, and Teradyne are identified as quantum enablers with projected earnings growth exceeding 40% in 2026 [4] - Advanced Micro Devices (AMD) is collaborating with IBM on quantum workloads, with an estimated earnings growth of 58% in 2026, primarily driven by data center demand [6] Post-Quantum Cryptography - There is a growing demand for post-quantum cryptography as governments and enterprises seek to secure data against future quantum threats [7] - SEALSQ Corp. has commercialized secure chips with post-quantum cryptography, projecting earnings growth of 66.7% in 2026 [8] Company-Specific Insights - Lockheed Martin (LMT) is advancing quantum technologies for defense applications, with a projected earnings growth of 34.8% in 2026 [9] - Intel is expected to achieve 83.4% earnings growth in 2026, leveraging its CMOS manufacturing for quantum advancements [14] - Broadcom is positioned for 42.5% earnings growth in 2026, driven by demand for quantum-resilient infrastructure [16] - Teradyne is projected to report nearly 45% earnings growth in 2026, supported by its expansion in photonics and semiconductor testing [19]

Core Insights - The article emphasizes the importance of identifying high-potential investment opportunities before they experience significant growth, focusing on asymmetric opportunities with a potential upside of 3-5 times the downside risk [1] Investment Strategy - The investment approach prioritizes leveraging market inefficiencies and contrarian insights to maximize long-term compounding while safeguarding against capital impairment [1] - A strong margin of safety is sought to protect against potential capital losses, ensuring that risk management is a key component of the investment strategy [1] - The investment horizon is set at 2-3 years, allowing the company to endure market volatility and emphasizing the importance of patience, discipline, and intelligent capital allocation for achieving superior returns over time [1]

Core Insights - The article emphasizes the importance of identifying high-potential investment opportunities before they experience significant growth, focusing on asymmetric opportunities with a potential upside of 3-5 times the downside risk [1]. Investment Strategy - The investment approach prioritizes leveraging market inefficiencies and contrarian insights to maximize long-term compounding while safeguarding against capital impairment [1]. - A strong margin of safety is sought to protect against potential capital losses, ensuring that risk management is a key component of the investment strategy [1]. - The investment horizon is set at 2-3 years, allowing the company to endure market volatility and emphasizing the importance of patience, discipline, and intelligent capital allocation for achieving substantial returns over time [1].

If you enjoyed this, consider Ian's Insider Corner to enjoy access to similar initiation reports for all the new stocks that we buy. Membership also includes an active chat room, weekly updates, and my responses to your questions.The stock market has been enjoying a solid run into the holidays, and there's a decent chance that the so-called Santa Claus rally could keep running until the end of the year.Ian Bezek is a former hedge fund analyst at Kerrisdale Capital. He has spent the decade living in Latin Am ...

在芯片大厂英特尔(Intel) 目前正处于晶圆代工（Foundry） 业务转型的关键时刻之际，根据最新 的市场观察与Intel 前内部高层的观点，Intel 在争取顶尖代工客户的过程中，正面临一个巨大的结 构性障碍，那就是该公司同时身兼「竞争对手」与「合作伙伴」的双重身份。尽管Intel 正积极推 动intel 18A 与intel 14A 制程的量产，但如何赢得英伟达（NVIDIA）、超微（AMD） 及高通 （Qualcomm） 等竞争对手的信任，已成为其代工事业能否成功的核心议题。 而针对市场与内部的质疑，Intel 也并非毫无作为。 intel 副总裁John Pitzer 日前在瑞银（UBS） 会议上透露，Intel 晶圆代工正朝着建立独立法律实体的方向迈进。目前，Intel 已为代工部门设立 了专门的咨询委员会，并正逐步将其转变为独立实体，以确保各部门之间不会相互影响，这些动作 也正是为了回应外部客户对于业务分离的需求。他强调，如果执行长陈立武与董事会认为拆分能带 来更多价值，公司将会毫不犹豫地朝那个方向行动。目前的一系列行政与法律隔离措施，正是为了 创造这种选项。 有趣的是，Intel 本身多年来 ...

国家知识产权局信息显示，英特尔公司取得一项名为"用于点积操作的系统、方法和装置"的专利，授权 公告号CN114816530B，申请日期为2017年7月。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：情报员 ...

Summary of Semiconductor Industry Outlook Industry Overview - The semiconductor industry is expected to continue its growth trajectory into 2026, with a forecasted sales increase of **18% YoY**, reaching **$917.8 billion**. This growth is attributed to a **13% increase in units** (excluding discretes) and a **5% increase in average selling prices (ASPs)** [7][40]. Key Companies and Recommendations - **Microchip Technology Inc. (MCHP)** is highlighted as the top pick due to its potential for significant upside, as its sales and margins have fallen the most from their peak. Other companies rated as "Buy" include **Broadcom (AVGO)**, **Analog Devices (ADI)**, **Micron Technology (MU)**, **NXP Semiconductors (NXPI)**, and **Texas Instruments (TXN)** [8][50]. AI and Semiconductor Dynamics - The AI supercycle is projected to persist into 2026, although the risk/reward profile is diminishing. Increased volatility is anticipated as **OpenAI bills** come due in the second half of 2026, raising concerns about debt related to AI infrastructure funding [1][2]. - Companies with lower exposure to OpenAI, such as **NVIDIA (NVDA)**, **AVGO**, and **MU**, are favored over those with higher exposure like **AMD** [2][12]. Analog Sector Recovery - The **Analog sector** is expected to experience a significant comeback, driven by low inventory levels, low supply growth, and depressed margins. Companies like MCHP, TXN, NXPI, and ADI are expected to benefit from this recovery, with MCHP projected to see gross margins expand by over **1000 basis points** [6][34][37]. DRAM Market Insights - **Micron Technology (MU)** is anticipated to see continued upside due to increasing DRAM prices, with forecasts indicating a **28% YoY increase** in DRAM ASPs for 2025 and a **53% YoY increase** for 2026. The DRAM pricing environment is supported by strong server demand and a tight supply situation [25][26][28]. Capital Expenditure and Market Trends - The **Wafer Fabrication Equipment (WFE)** market is projected to grow to **$115.2 billion** in 2026, with a bull case of **$126 billion**. **Lam Research** is identified as a top pick in this segment [5][31]. - The overall semiconductor sales growth in 2026 would mark the third consecutive year of nearly **20% YoY growth**, a trend not seen in the past thirty years [7][40]. EDA Stocks and Physical AI - **Electronic Design Automation (EDA)** stocks are viewed as a defensive play to gain exposure to Physical AI, with expected sales growth at a low double-digit CAGR, lagging behind the semiconductor sector's growth [43]. Conclusion - The semiconductor industry is poised for robust growth, particularly in the Analog and DRAM sectors, with key players like MCHP and MU expected to outperform. However, the increasing volatility in the AI space and the associated financial risks warrant careful monitoring.

国家知识产权局信息显示，英特尔公司取得一项名为"用于点积操作的系统、方法和装置"的专利，授权 公告号CN114461276B，申请日期为2017年7月。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：情报员 ...

Core Insights - Intel's foundry business is facing challenges in attracting customers due to its dual role as both a competitor and a foundry partner [1][4] - The new CEO, Pat Gelsinger, believes Intel can improve its semiconductor business without splitting the foundry operations, despite external pressures for separation [1][4] - To build trust with potential foundry clients, Intel must clearly delineate between its product and foundry divisions [1][4] Customer Concerns - Companies like NVIDIA and AMD are considering Intel's foundry services as an alternative to TSMC due to TSMC's capacity constraints and U.S. manufacturing policies [3][7] - Concerns about "technology leakage" remain a significant barrier for customers when placing orders for core products [3][7] Intel's Response - Intel is taking steps to address these concerns by establishing an independent advisory board and moving towards becoming a separate legal entity for its foundry business [3][7] - The company is prepared to act quickly if the board and CEO determine that a split would create value [3][7]