Summary of Earnings Call Notes Industry Overview - **Industry**: Semiconductors in North America - **Context**: The earnings week is expected to show short-term strength in equipment revenues driven by geopolitical spending [1][6] Company-Specific Insights Astera Labs Inc (ALAB) - **Earnings Preview**: Expected strong quarter due to Amazon's Trainium ramp, with a projected revenue growth of +4% [2][17] - **Revenue Projections**: - December quarter revenue estimated at $128 million (up 13.2% q/q, 153.4% y/y) [18] - March quarter revenue projected at $133 million [18] - **Gross Margins**: Expected to be 75.0% for December quarter and 73.7% for March quarter [18] - **Key Drivers**: Upside from ASIC revenue and higher contributions from Ethernet AEC module and PCIe switch [2][17] - **Valuation**: Equal-weight on valuation despite strong growth story due to intensifying competition [2][17] Amkor Technology Inc (AMKR) - **Earnings Preview**: Mixed setup for 2025 with challenges in smartphone market and automotive resilience [3][42] - **Revenue Projections**: - December quarter revenue estimated at $1.652 billion (down 11.3% q/q, 5.7% y/y) [43] - March quarter revenue projected at $1.545 billion (down 6.5% q/q, up 13.1% y/y) [44] - **Gross Margins**: Expected to recover to 17% in the second half of 2025 [3][42] - **Challenges**: Device transition at Apple causing share loss and limited visibility into smartphone recovery [3][42] GlobalFoundries Inc (GFS) - **Earnings Preview**: Outlook is mixed; tariff and subsidy demand may provide upside, but weak outlook from SWKS could be a headwind [4][63] - **Revenue Projections**: - December quarter revenue estimated at $1.825 billion (up 4.9% q/q, down 1.6% y/y) [64] - March quarter revenue projected at $1.659 billion (down 9.1% q/q, up 7.1% y/y) [65] - **Key Drivers**: Geopolitical uncertainty may drive more business; focus on China handset market as a strength [9][63] - **Long-term Outlook**: Modest growth expected in 2025 after previous headwinds [9][63] MKS Instruments Inc (MKSI) - **Earnings Preview**: Anticipated to see a cyclical recovery, but questions remain about NAND demand [10][90] - **Revenue Projections**: - December quarter revenue estimated at $912 million (up 1.8% q/q, 2.1% y/y) [91] - March quarter revenue projected at $901 million (down 1.1% q/q, up 3.9% y/y) [92] - **Gross Margins**: Expected to be around 47.0% for both quarters [91][92] - **Challenges**: Inventory issues may delay demand uptick [10][90] Applied Materials Inc (AMAT) - **Earnings Preview**: Expected to benefit from TSMC's leading-edge logic spend, but mixed outlook on NAND upgrades [11][13] - **Revenue Projections**: Anticipated to guide above consensus due to TSMC [11][13] - **Key Drivers**: TSMC's capex expected to return to historical ranges [11][13] Additional Insights - **Market Dynamics**: The semiconductor industry is experiencing a mix of growth opportunities and challenges, particularly in automotive and smartphone sectors [3][4][9] - **Geopolitical Factors**: Ongoing geopolitical tensions are influencing demand and supply dynamics across the semiconductor landscape [9][63] - **Valuation Considerations**: Companies are facing varying degrees of valuation pressures, with some being viewed as overvalued despite strong growth prospects [2][3][10][11] This summary encapsulates the key points from the earnings call notes, highlighting the performance expectations and challenges faced by the semiconductor companies discussed.

本文档仅供上海信鱼私募基金管理有限公司18860455898研究使用，请勿外传 January 8, 2025 08:21 AM GMT Semiconductors | North America CES Day 1 Recap: NVDA MU INTC QCOM ON SLAB AEVA We provide a summary of several public or private meetings from the consumer electronics show. NVIDIA had the biggest news, though in consumer/auto (as should be expected given the nature of CES) rather than data center. Outside of AI, other markets remain mixed. NVDA: CEO Jensen Huang's keynote in front of 6,000, and Q&A session with a large group of financial ...

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