July 1, 2025 03:00 AM GMT Technology - European Semiconductors | Europe Our takes from Taiwan We spent last week meeting contacts in Taiwan and left feeling confident that robust China spending will lift WFE estimates. EDA is attractive, but we acknowledge a wide range of potential outcomes on key debates: China and AI. The latter drives strong growth in the power segment, but a nuanced view is required. Key Takeaways WFE equipment (ASML, ASM, VAT Group) China stays stronger for longer… If there was one con ...

Most investors are now aware of the remarkable rallies that have been locked inside the technology sector of the United States. However, those extraordinary overnight gains have mainly been confined to the artificial intelligence level, with a few exceptions in the semiconductor and chipmaking industries. In today’s market, investors need to start figuring out where the next wave of innovation and excitement might come from. There are arguably three areas of innovation in the global economy, and artificial ...

Sandisk (SNDK) 2025 Conference June 11, 2025 11:15 AM ET Speaker0 Everybody, thank you for joining us on day two of the Mizuho Tech Conference. Joining me today I'm Vijay Rakesh, senior semis analyst at Mizuho, and joining me today is David Geklev. David is chairman and CEO of Sandisk Corporation. With over twenty five years of transformational leadership across semis, global networking, enterprise software, David has established himself as one of the industry's most visionary executives. David is also inst ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha Asia Pacific Equity Research 03 June 2025 Global Memory Market J P M O R G A N DRAM Dynamics: Historical Insights, Current Trends, and Future Prospects • Long-term DRAM dynamics; Achieving higher ASP/bit becoming critical. Tracing DRAM dynamics over the past 40 years, we see DRAM bit demand growth decelerating on maturing end-applications, compensated by a slowing ASP/bit decline. Conversely, DRAM TAM growth has been accelerating, especially in the past 10 and 5 years, achiev ...

Core Insights - ASML has developed the High NA machine, the world's most advanced and expensive chipmaking machine, with a cost exceeding $400 million, which is set to transform microchip production [1][4][12] - The first commercial installation of High NA occurred at Intel's Oregon chip fabrication plant in 2024, with only five machines shipped to date [3][4] - High NA is expected to be utilized by all ASML's EUV customers, including major chipmakers like TSMC, Samsung, and Micron, enhancing chip production efficiency and yield [4][21] Technology and Development - High NA machines are larger than a double-decker bus and consist of four modules manufactured in different locations, requiring significant logistics for delivery [2] - The technology behind High NA allows for higher resolution projections of chip designs, reducing the need for multiple patterning and improving yield [7][13] - ASML's High NA machines have shown significant improvements over previous EUV machines, with Intel reporting a 100% increase in reliability and Samsung noting a 60% reduction in cycle time [6][7] Market Position and Strategy - ASML holds a dominant position in the EUV lithography market, being the exclusive manufacturer of these machines, which are essential for producing advanced microchips [4][5] - The company sold 44 EUV machines in 2024, with a starting price of $220 million, while its older DUV machines accounted for 60% of its business [16][17] - ASML's sales to China peaked at 49% of its business in Q2 2024, but are expected to normalize to 20%-25% in 2025 due to U.S. export controls on EUV technology [17][18] Future Outlook - ASML plans to ship at least five more High NA systems in the current year and aims to ramp up production capacity to 20 machines in the coming years [24] - The company is also developing the next generation of machines, Hyper NA, expected to be needed between 2032 and 2035, with draft optical designs already in progress [23][24] - ASML is establishing a training center in Arizona to train 1,200 individuals annually on EUV and DUV technologies, addressing the growing demand for skilled labor in the semiconductor industry [23]