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Ticker Symbol
Research Notes Date
We View Applied Materials’ FY ’19 Display Guide as Consistent with a Looming Cliff in ELA System Deliveries, Both Collectively Problematic for Coherent May 18, 2018
With Inputs Already Suggesting Improved Capacitor Availability and Rising Inventories, Taiwanese ODMs Secure Contracted Supply from Japanese MLCC Vendors May 17, 2018
NTGR: Sharpest Drop in Inventory Purchase Commitments in Over Two Years; US Arlo Sales Smaller than our Estimates Further our Share Confusion May 16, 2018
SMCI: Our Estimates Remain Above Consensus as New Revenue Drivers Layer In, Component Availability Improves May 15, 2018
Taiyo Yuden Joins Murata in Guiding to Post Recession High Capex; Mainstream Capacitor Lead Times Drop Slightly W/W May 14, 2018
Synaptics CQ1 ’18 Results: We View OLED Optimism as Confusing, Share Loss as Root Cause for TDDI Issues, and GM Pressures as Mounting May 11, 2018
Ubiquiti CQ1 ’18 First Look: Results / Guide Below Consensus; WISP Sales Back to Contraction, Enterprise Slows Again May 10, 2018
Infinera CQ1 ’18 Results: Sharpest Drop in Deferred in 10 Years; Estimates Reduced as a Range of Concerns Surface Sooner than Expected May 10, 2018
Coherent CQ1 ’18 Deferred Again Down Substantially, Flat Panel / ELA Contribution to Backlog Lowest in Two Years May 10, 2018
We Add Infinera to Our Idea Framework: Things Are Good For Now, but We See Challenges to Attaining / Sustaining Requisite Earnings Power May 9, 2018
CY ’18 Small Panel OLED Unit Outlook Again Down Sharply; We Believe a Key Equipment Vendor is Bracing for CY ’18 Orders Down Meaningfully May 8, 2018
Arista CQ1 18 Results: Guidance Again Underwhelming as Deferred Again Drops Sharply, Billings Move to Y/Y Contraction for the First Time May 4, 2018
Super Micro CQ1 ’18: Well Above Consensus for the Third Time Since Filing Issues Materialized; New CFO’s Focus to CF a Welcome Addition May 4, 2018
Arista to Report CQ1 18 Results: 1H CY ’18 Certainly Better Be Good; Focus Remains to Shifting Consumption and Key Account Saturation May 3, 2018
Intel / Altera Comfortably Outgrows Xilinx for a 3rd Straight Quarter, including Advanced Node Outperformance; Updating Xilinx Estimates Apr 27, 2018
XLNX CQ1 ’18 First Look: CQ1 ’18 Helped by First Growth in Legacy Products in Nearly Three Years, Scope for CQ2 ’18 Help From Accounting Shift to be Material Apr 26, 2018
Netgear CQ1 ’18 Results: Promotional Spending Reduced, Arlo Loses 300bps of Share; CQ1 ’18 Included Largest Drop in ST Deferred on Record Apr 26, 2018
Netgear to Report CQ1 ’18 Results: Best Buy’s FQ4 ’18 Inventory Build a Consideration Near Term; Longer Term Competitive Developments Arguably More Concerning Apr 25, 2018
Xilinx to Report CQ1 ’18 Results Post Close: The Basis For Xilinx to Invert from Underperforming to Outperforming the SAM Remains Unclear to Us Apr 25, 2018
Super Micro’s Borrowing Terms Not Materially Changed on Refinanced Credit Facility Apr 25, 2018
STMicro to Report CQ1 ’18 Results Overnight: NT Smartphone Concerns Digested; Duration / Cycle Risks Less So Apr 24, 2018
Google Nest Outgrew Arlo, and Exited CY ’17 > 2x Larger than Arlo; Tolerance for Nest Operating Losses Concerning Apr 24, 2018
Ahead of Nasdaq Listing Hearing, Supermicro Successfully Completes Refinancing Apr 20, 2018
In-Display FP Sensors: Qualcomm’s Second Gen Ultrasonic FP Sensor Adopted by Huawei Apr 19, 2018
Concerns Mounting: LCD Pricing Was Supposed to Have Stabilized by Now; Instead, Declines in Premium Panel ASPs Have Worsened Apr 18, 2018
Updating and Re-Engaging on Arista Networks: Revenue Composition Joins Our Concerns, Alongside Key Customer Exposure and Shifting Competitive Dynamics Apr 12, 2018
Semi Industry Posts First Below Seasonal Month in Nearly Two Years Apr 3, 2018
In-Display FP Sensors: Synaptics Appears to Have Moved from Sole Sourced, to Dual Sourced, to Omitted Entirely Mar 28, 2018
3rd Party Data Confirms Challenges Faced by a Key Coherent Partner, Scope For Notable Industry Slowing Despite Continued China Spending Mar 22, 2018
A Clarification on In-Display FP Sensors We Do Not Believe Meaningfully Alters the Implications Mar 22, 2018
Synaptics In-Display FP Sensor is Displaced in Roughly 60 Days; We Suspect Some TDDI Pull Forward in 1H CY ’18 as Competitive Dynamics Intensify Mar 21, 2018
Our Work Suggests Headwinds in Korea Persist; Adoption of Micro / Mini LED Would Materially Worsen Already Problematic Intermediate Term Dynamics Mar 20, 2018
Super Micro’s Nasdaq Compliance Process Moves to Procedural Hearing; Timeline, To Date, Closely Mirrors Marvell Two Years Earlier Mar 19, 2018
VGA Card Demand Trends Appear Fine For Now, However, Increasingly Tenuous Beyond the Near Term Mar 15, 2018
Ubiquiti’s Share Repurchases vs. Disclosed Authorizations Tough to Square as Exhaustion of the Recently Revised Credit Availability Looms Mar 14, 2018
Grizzlies’ Minority Investor Developments Suggest Potential for Additional Share Sales by Ubiquiti’s CEO Mar 13, 2018
Finisar FQ3 ’18 Results: Not Good Near Term, but, We See Scope for Improvements, and View Optionality as Significant Mar 9, 2018
Finisar to Report FQ3 ’18 Results: We Struggle with Data Center TX Negativity Given Server Trends, Seems a Decent Time to Own Domestic VCSEL Capacity Mar 8, 2018
UniFi Access Point CQ4 ’17 Detail: Sales Slow Notably for a 4th Straight Quarter, ASP Down Materially for a 2nd Consecutive Quarter Mar 7, 2018
Tough to Find Evidence of Distractions as Super Micro Takes Close to 100bps of Server Share Again in CQ4 ’17 Mar 5, 2018
Ambarella FQ4 ’18 Results: Another DJI Loss Appears Confirmed by Omission; Estimates Do Not Appear De-Risked, to Us Mar 2, 2018
Ambarella to Report FQ4 ’18 Results: Multiple within Throwing Distance of Nvidia Remains Confusing to Us Given Challenges in Existing and Aspirational Markets Mar 1, 2018
Super Micro Nasdaq Extension Procedural, but March 13th Attainment Unlikely; We See Illogical Market Cap Disconnect to Peers as Business Momentum Continues Mar 1, 2018
A/R DSO More Confusing to Us Post Netgear 10K Review; Amazon Appears Increasingly Committed to Compete Aggressively in Home IP Cameras Feb 28, 2018
Ubiquiti’s First “LTU” Product Released: Checks Suggest Ample Availability, Confusing / Concerning Pricing Feb 27, 2018
(AAOI) Thesis Attained – Removing From Our Idea Generation Framework Feb 26, 2018
Inconsistencies Mount with Universal Display’s Below Consensus Guide, Implying Either Looming Weakness, or a Secular Peak Feb 23, 2018
Applied Opto CQ4 17 Results: CNY Matters for the First Time Ever, 40G / 100G vs. Inventory Concerning, Facebook Disclosures Arguably More Concerning than Reassuring Feb 22, 2018
Ubiquiti: Broad Ranging SEC Subpoenas Arrive Feb 20, 2018
Synaptics’ CQ4 ’17 Sales to Samsung Collapsed; TDDI Margin / ASP Pressures Mounting ; We Continue to Question CoF Benefits / Duration, and Marvell Sustainability Feb 16, 2018
Applied Materials’ Display Segment Slows Sharply, Shift to Large Display TVs of Little / No Relevance to Coherent Given Backplane Technology Feb 15, 2018
Himax’ CQ4 17 Results: If Himax Can’t Sort Out TDDI or OLED DDIC, We Remain Confused as to How They Emerge a Vendor of Relevance in Full Solution 3D Sensing Feb 14, 2018
Himax to Report CQ4 ’17 Results: Margin Pressures in LDDI, Lack of Traction in TDDI, 3D Sensing Adoption Slow but Competitive Landscape Evolving Fast Feb 12, 2018
UBNT CQ4 ’17 Results First Look: Biggest Jump in DSO on Record as North America Sales Slow Materially, CQ1 ’18 / CQ2 ’18 Guidance Both Well Below Consensus Feb 8, 2018
Synaptics CQ4 ’17 Results: In-Line Quarter, Below Consensus Guide Despite Including First Up Q/Q CQ1 for PCs Ever, We Have Doubts on Optical FP Sensors and COF Feb 8, 2018
Coherent CQ4 17 Results: CQ1 ’18 EPS Guide Light on Weaker Margins; Biggest Q/Q Drop in Deferred in > 10 Years, First Y/Y Decline in Deferred Since 2015 Feb 8, 2018
Coherent to Report CQ4 ’17 Results: Income Statement Likely Ok For Now, But We Suspect First Bookings Decline Since 2015 Amidst Softer AMOLED Backdrop Feb 7, 2018
Netgear CQ4 ’17 Results: Arlo IPO Announced as Arlo Growth Rate Touch All-Time Low, Gross Margin Hits All-Time Low, and DSO Hits All-Time High Feb 7, 2018
Oclaro Estimates Down Again, Including Tax; We Continue to See Growth Challenges, and See Scope for 400Gbps TXs to be More Price Competitive vs. 100G Feb 7, 2018
Oclaro CQ4 17 Results: Guidance Down, Confusion Up; Not Clear Oclaro’s Margin Ambitions are Consistent with Industry Realities Feb 6, 2018
Oclaro to Report CQ4 17 Results: We Continue to See Cyclical and Secular Revenue Headwinds, Scope for Gross Margin Pressures Feb 5, 2018
Challenges Mount: 16 Weeks of GoPro Channel Inventory, Scope for Two More DJI Drone Losses This Year, More Apps Processors in Surveillance Feb 5, 2018
We Question Sustaining Utopian GPU Conditions as Ethereum Risks Loom; We Question AMD Sustaining Share as Nvidia’s Consumer Volta Looms Feb 2, 2018
Post Quarter Follow Up with Super Micro: Existing Filing Timeline Appears Intact, Scope for Upward Bias to Our Above Consensus Estimates Feb 1, 2018
SuperMicro Preliminary CQ4 ’17 Results: Broadly Favorable Results Since Investigation Commenced Argues Against Problematic Prospective Implications From Executive Departures Jan 31, 2018
Super Micro Business Update Post Close: Filing Process Appears On Track, Scope for Headwinds to Progressively Ease and Tax Rate to Decline Jan 30, 2018
Intel CQ4 ’17: Strong DCG as EPYC Inputs Remain Weak, Altera Outgrows Xilinx for a 2nd Straight Year Jan 26, 2018
Xilinx CQ4 ’17 Results: Crypto-Mining Helps (Saves) Guidance; Underperformance in a Massive Industry Upcycle Leaves Concerned with an Eventual Downcycle Jan 25, 2018
STMicro to Report CQ4 ’17 Results Overnight: Cycle Concerns, Revenue Exposure Concerns, Capacity Concerns Jan 24, 2018
TI’s First Below Seasonal Trending Since Current Industry Upcycle Started; SOX Delta to Semi Growth Back to Recent Correction Level Jan 24, 2018
Korean Press Report Suggests Scope for Downside Sooner to AMOLED Capacity Additions Jan 24, 2018
3rd Party Data Suggests Interim Display Spending Peaks Reached, Or Loom Jan 23, 2018
Cyclical and Secular Revenue Headwinds Remain for Oclaro, We Continue to See Mounting Scope for Gross Margin Challenges Jan 19, 2018
GoPro Cuts CQ4 ’17 and Exits Drones; Ambarella’s CV Offering Continues to Appear Somewhat Underwhelming for Auto ADAS Use Cases Jan 11, 2018
Weak Close to CQ4 ’17 Across the Display Supply Chain Jan 10, 2018
UniFi Access Point CQ3 ’17 Detail: If Ubiquiti Never Cuts Price, We are Confused as to Why UniFi ASPs are Collapsing Jan 3, 2018
We Add Coherent to Our Idea Framework: Markets Already Appear Concerned with Coherent’s Customers, Scope for Material AMOLED Oversupply Looms Dec 26, 2017
Synaptics’ 2017 CMD: We Believe TDDI Pressure is Already Here, We Have Doubts on In-Display, An Industry Back End Process Change as a Material Growth Driver Confuses Us Dec 14, 2017
Finisar Estimates Reduced, But Navigating 100G Dynamics Better Than Most, While Product Initiatives Progress Dec 11, 2017
First Look at Finisar’s FQ2 ’18: QSFP 28 / CWDM4 and China Dynamics Not Good for Finisar, Arguably Much Worse for Optical Peers Dec 8, 2017
Finisar to Report FQ2 ’18 Results: Still Very Few Near Term Industry Positives, But, Finisar Could / Should Have Some Offsets Dec 7, 2017
Applied Opto Pushing Out Laser Capacity as Data Center TX Sales Set to Slow Notably; We Continue to Believe Sustaining Gross Margin will be Challenging Dec 6, 2017
UniFi Access Point Sales ~ 800bps Below Our Estimate, Decelerating for a 3rd Straight Quarter; AmpliFi Does Not Appear a Valid Offset Dec 1, 2017
Ambarella FQ3 18 Results: CY ’18 Consensus Estimates Again Head Lower; Demo of CV Silicon Roughly 6 Months Behind ARM’s C71 Auto ISP Dec 1, 2017
SIMO Thesis Relevance Diminishing – Removing From Our Idea Generation Framework Nov 30, 2017
MRVL Price Target Attained – Removing From Our Idea Generation Framework Nov 30, 2017
Marvell FQ3 ’18 Results: Into CY ’18 Networking Positively Inflects, Headwinds from HDD Controller Inventories Dissipate Nov 29, 2017
AMD Estimated Back to Pre-Polaris GPU Share following CQ3 ’17 Share Loss; We Continue to See Scope for Notable Slowing in GPU Units in 2018 Nov 27, 2017
Marvell Guides FQ3 ’18 Marginally Above the Consensus; Confirms Planned Acquisition of Cavium Nov 21, 2017
AMD Hemorrhages CPU Share on Steam in October, MB / VGA Card Inputs Soften Post Asus’ Caution Nov 17, 2017
Updating SYNA Estimates: Acquired Marvell Assets Join Our List of Concerns; TDDI Market Deteriorating Faster than We Prior Contemplated Nov 15, 2017
Himax CQ3 17 Results: Alarming Core Biz Share Loss; Apple Dynamics Perplexing; Unclear Why Android OEMs Will Pay 20% More than Apple for 3D Sensing Nov 13, 2017
Ubiquiti CQ3 ’17 Results: Working Capital Growth Slows, Sales Guided > 500bps below Consensus; Opex per Employee Hits All Time Low Nov 9, 2017
Two Years After Losing the Head of CPUs to Tesla, AMD Loses the Head of GPUs to Intel; We Are Skeptical of Benefits from Custom GPU for Intel Nov 9, 2017
Himax to Report CQ3 ’17 Results: DDIC Trends Soft, Sharp Growth in Touch Controllers Not Sustainable, We Are Less Optimistic on 3D Sensing Nov 8, 2017
Synaptics CQ3 ’17 Results: FY 18 Sales Guide Cut on Confirmed Samsung Loss; Marvell Contribution Ranges from Confusing to Concerning Nov 8, 2017
Applied Opto CQ3 17 Results: 40Gbps Sales ex-AMZN Appear to Have Grown Q/Q; > 50% of DC Sales Still Subject to Ongoing Pressures; Earnings Quality Erodes Nov 8, 2017
Applied Opto to Report CQ3 17 Results: Sustaining Facebook a NT Concern; Sustaining GM as LR4 Vendors Crowd into CWDM4 an Intermediate Term Concern Nov 7, 2017
Synaptics to Report CQ3 ’17 Results: Close of Marvell Deal Does Not Appear in CQ3 ’17 Estimates; Continued Share and ASP Concerns in Organic Businesses Nov 7, 2017
Oclaro CQ3 17 Results: Near Term is Worse; Intermediate Term is Arguably Much More Concerning Nov 2, 2017
Oclaro to Report CQ3 17 Results: Softness Beyond China Near Term; Elevated Component Capex Intersects Reduced Port Consumption Intermediate Term Nov 1, 2017
Silicon Motion CQ3 17 Results: Estimates Down Again; Market Risks and Market Share Risks Remain Oct 31, 2017
Super Micro Preliminary CQ3 ’17 Results: Filing Delay Still Doesn’t Overly Problematic; CY ’18 Should Bring Tailwinds Oct 30, 2017
Netgear CQ3 17 Results: Estimates Down Again; Amazon’s Entry and Swann’s Wire Free SKU Leave Us Concerned Competition May Not Cooperate Oct 27, 2017
Xilinx CQ3 ’17 Results: CY ’18 Estimates Remain Below Consensus on Comms Contraction, Industrial Sustainability, Competitiion Oct 26, 2017
Xilinx to Report CQ3 17 Results: Scope for Elongated 5G Spend and Crowding DB Inferencing Landscape to Pressure Elevated Multiple Oct 25, 2017
AMD CQ3 ’17 Results: Suspect Quality, Our View Remains More Challenging Conditions Loom Oct 25, 2017
AMD to report CQ3 17 Results: VGA Cards Help CQ3 17 but We See Some Slowing, Scope for Tailwinds to Fade as Competitive Responses Mount Oct 24, 2017
Preliminary AAOI CQ3 ’17 Results: Sharpest Cut to Sales Guide Since Coming Public, Competitive Crowding in 100Gbps Does Not Appear Transitory Oct 13, 2017
Data Center Transceiver Discussion Focuses to “Very Challenging Economics”, Competitive Crowding Oct 6, 2017
Silicon Motion Preliminary CQ3 ’17 Results Due: Near Term Dynamics Appear Challenging, Slope of NAND Supply Remains an Intermediate Term Concern Oct 5, 2017
Super Micro Filing Delay Unexpected and Unwanted, But Does Not Appear Structurally Problematic Sep 28, 2017
Ubiquiti CMD: Comfort with Low End of Guidance Perhaps the Lone Tangible Takeaway; Many Issues Unaddressed Sep 27, 2017
Scope for Focus to Shift from Optical Component “Catch-Up”, to Slowing Optical Systems Demand in China Sep 26, 2017
Possible Tesla AI SoC, Developed by Engineers Who No Longer Work for AMD Sep 21, 2017
UniFi CQ2 ’17 Sales and Shipment Detail: Ranging from Confusing to Alarming Sep 18, 2017
Panel Trends Range from Soft to Concerning; A/R Initiatives from Apple and Google Do Not Require Dedicated 3D Scanning Sep 15, 2017
FocalTech’s CQ3 ’17 Sales Tracking Well on TDDI Ramp; We Continue to See TDDI Inverting to Headwind for Synaptics Sep 14, 2017
Finisar FQ1 ’18 Results: Not Good for Finisar, Arguably Worse for Peers Sep 8, 2017
AMD’s Biggest Drop in CPU Share on Steam since the Ryzen Launch Sep 7, 2017
Finisar to Report FQ1 ’18 Results: Again Very Few Industry Positives Near Term; Again Post-Recession Trough Multiple Sep 7, 2017
Ambarella FQ2 ’18 Results: Drones Appear to Have Become Sports Cameras, Multiple Expansion Amidst Eroding Fundamentals Remains Perplexing Sep 1, 2017
Super Micro Delays 10K Filing: Appears Benign vs. Two Years Ago, While Fundamental Backdrop Appears Far More Favorable vs. Two Years Ago Aug 31, 2017
Oclaro Addresses China Mobile Tender, but Discussion of Data Center Dynamics Perhaps More Interesting Aug 29, 2017
Ubiquiti FY 17 10K: First Ever Annual Guide Comes with Intent to Sell Disclosure from CEO; Ex-Ingram DSO Expands Again Aug 29, 2017
Marvell FQ2 ’18 Results First Look: Scope for Today’s Headwinds to be Tomorrow’s Tailwinds Aug 25, 2017
China Mobile OTN Tender: Shift to Metro and Significantly Higher Industry Capacity Likely Carry Pricing Implications Aug 25, 2017
Marvell to Report FQ2 ’18 Results: HDD Headwinds NT, but, Nidec’s Revised Outlook Implies Well Above Seasonal CQ1 ’18 HDD TAM Aug 24, 2017
Oclaro’s FY ’17 10K: Customer / Competitor Disclosures Shift, Gross Margin Disclosures Puzzling, A Notable Risk Factor is Reordered Aug 22, 2017
Post-Recession High Taiwan PC OEM and PC MPU Inventories: Last Time Inventories Did This, Both Intel and AMD Cut Guidance Aug 14, 2017
Updating Synaptics Estimates: We Continue to See Risks to Downwardly Revised Organic Sales Guidance Aug 7, 2017
Applied Opto CQ2 17 Results: Amazon / 40G / ASP Concerns Now; Competition / Industry Capacity / Margin Concerns Later Aug 4, 2017
Synaptics CQ2 ’17 Results: CQ3 ’17 Well Below Consensus, with Acquisitions and a 14th week; Tough to Square Guide w/ Optical FP Sensor at Key Customer Aug 4, 2017
Oclaro CQ2 17 Results: CQ3 ’17 Guide Marginally Above, But Implied CQ4 ’17 Below; Balance Sheet Strain and ZTE Trending Concerning Aug 3, 2017
Ubiquiti Receivables Again Well Outpace Sales, Another Spike in LatAm; FY ’18 Guidance Perplexing / Aggressive Aug 3, 2017
Synaptics to Report CQ2 ’17 Results: Share Concerns Continue Aug 3, 2017
We See Risks to Sharply Reduced SIMO CY ’17 Guidance Given Apple’s Ramp, Sources of NAND Supply, and Share Considerations Aug 2, 2017
Ubiquiti to Report CQ2 ’17 Results: Slowing Enterprise, Difficult LatAm Compare Aug 2, 2017
Oclaro to Report CQ2 17 Results: China and Forex Near Term; Pricing, Product Transitions and Share Longer Term Aug 2, 2017
Silicon Motion CQ2 ’17 Results: Guidance Well Below Consensus; Market Conditions Appear Amplified by SSD Controller Share Loss Aug 1, 2017
Silicon Motion to Report CQ2 ’17 Results: Well Below Seasonal Hynix eMMC Sales Alongside SSD Headwinds Jul 31, 2017
AUO CQ2 ’17 Results: Demand Outlook Down, Panel ASP’s Down, Capacity Up Jul 28, 2017
Xilinx CQ2 ’17 Results: India Joins Comms Softness, No Backlog Disclosure for First Time in Years Jul 27, 2017
Netgear CQ2 17 Results: DSO Hits All Time High as GM Matches All Time Low; We See Arlo Share Tailwind Dissipating Prospectively Jul 27, 2017
AMD CQ2 ’17 Results: Higher Sales on Tenuous Crypto Boost Yields Lower NG EPS; Things Get Harder From Here Jul 26, 2017
Xilinx to Report CQ2 17 Results: 5G and DB Inferencing Landscapes Remain Unsettled Jul 26, 2017
We Add Super Micro to Our Framework: One Year Later, Several Headwinds with Scope to Become Tailwinds Jul 25, 2017
AMD to report CQ2 17 Results: Crypto-Currency Now, Coffee Lake Later Jul 25, 2017
Innolight’s Merger Likely Closes in CQ2 ’17: 40G / 100G Gross Margin Contracted as Amazon Became > 10% of Sales Jul 20, 2017
Applied Opto Preliminary CQ2 ’17 Results: Challenges Loom as Applied Opto’s Operating Margin Now Approximates Finisar’s Average Gross Margin Jul 14, 2017
1H CY ’17 PC Units Nearly Exactly Seasonal Despite Kaby Lake and Ryzen, NB Builds Continue to Look Problematic to Us Jul 13, 2017
Well Above Seasonal June 2017 VGA Card Sales Intersect a 50% Decline in Ethereum From Interim Peak Jul 11, 2017
UniFi Access Point Units Slowed Sharply during CQ1 ’17 , We See Scope for ASP Tailwinds to Fade Prospectively Jul 10, 2017
AU Optronics’ CQ2 ’17 Sales Below Guidance: Short Respite Possible Near Term, but Capacity Ramps are Now Underway Jul 7, 2017
AMD Loses CPU Share on Steam for a 4th Consecutive Month, Share Loss Across All Clock Speeds Jul 6, 2017
AMD Launches EPYC, Footnote Disclosures Seem Relevant Ahead of Intel’s Purley Release Jun 22, 2017
Large UK WISP Moves From Trialing Cambium’s Elevate to Displacing Ubiquiti in Roughly 3 Months Jun 16, 2017
Finisar FQ4 ’17 Results: Positive Optionality Surfacing, But Industry Developments Remain Broadly Concerning Jun 16, 2017
Finisar to Report FQ4 ’17 Results: Very Few Positives Near Term, but Scope for Valuation and Optionality to Provide Offsets Jun 15, 2017
Synaptic’s CQ2 ’17 Guide Cut Amidst TDDI and FP Sensor Cross Currents; Concurrent Acquisitions Questionable Given Underwhelming Track Record Jun 13, 2017
40Gbps Switch Ports Decline Q/Q for a 3rd Straight Quarter, Y/Y Decline Worsens Materially Jun 12, 2017
AMD Loses CPU Share on Steam for a 3rd Consecutive Month, High-End Share Hardest Hit Jun 9, 2017
Ambarella FQ1 ’18 Results: Share Loss Also Includes Nest, Multiple Expansion Amidst Eroding Fundamentals Remains Confusing to Us Jun 7, 2017
April 2017 Semi Industry Sales Again Above Seasonal; Revised Forecast Suggests Scope for Notable Slowing Prospectively Jun 7, 2017
We Add STMicro to Our Idea Framework: Scope for Less Favorable Cyclical Dynamics as Focus Shifts from Pursuing to Sustaining Key Smartphone Sockets Jun 6, 2017
Ambarella to Report FQ1 ’18 Results: Competitive Pressure Extends to Drones; ARM an Incremental Problem for Auto Ambitions Jun 6, 2017
Discrete GPU Unit Market Moves Back to Y/Y Contraction Off an Easy Compare; Console Gaming Headwinds Mount May 30, 2017
Marvell FQ1 ’18 Results: Estimates Marginally Higher Despite Near Term Concerns Materializing; Product Cycle Benefits Still Pending May 26, 2017
Marvell to Report FQ1 ’18 Results: Some Near Term Concerns, But Intermediate Term A Rare Combination of Potential Positives May 25, 2017
Dycom Guides Well Below Consensus on Capex Pull-Forward, Backlog Moves into Y/Y Contraction May 25, 2017
We Add Finisar to Our Idea Framework: Six Months Later, Trough Multiple Despite Optionality on Several Product Opportunities May 22, 2017
Indications of Potentially Problematic Supply Chain Volatility in Ubiquiti’s Enterprise Products May 19, 2017
AMD’s 2017 CMD: We View Competitive Responses as More Salient, Difficult to Spot Intel License Deal in Gross Margin Guide May 17, 2017
Scope for Capacity Shifting to QSFP28 and Ramping SiPhotonics to Challenge 100G Data Center Supply / Demand Balance May 16, 2017
Roughly Two Months Post Launch, Ryzen Price Cuts Start Surfacing May 15, 2017
Himax CQ1 17 Results: Estimates Down, Risks Up; Substantial Premium to 3D Sensing Exposed Peers Confusing to Us May 12, 2017
AUO’s CQ1 ’17 Results Above Our Estimates, but March / April Sales Soften Significantly May 10, 2017
Post Ryzen 7 and Ryzen 5 Availability, AMD Loses CPU Share on Steam for a 2nd Consecutive Month May 8, 2017
Ubiquiti CQ1 ’17 Results: Smallest Sales Upside in a Year, A/R DSO Jumps Again while A/R DSO to Largest Customer Nears 90 Days May 5, 2017
Applied Opto CQ1 17 Results: Concerns Heightened as Collapsing CFP Sales Accelerate Competitors’ Pushes to QSFP28 May 5, 2017
Ubiquiti to Report CQ4 ’17 Results: Scope for Slowing Enterprise Sales with Ubiquiti Over-Indexed to a Declining 802.11N Market May 4, 2017
Oclaro CQ1 17 Results: 2H CY ’17 Sales Guide ~ 1,000bps Below Consensus; Scope for Pricing and Margin Risks to Follow Demand Deterioration May 3, 2017
AMD CQ1 17 Results: One Quarter into Ryzen Launch — Inventory Days to > 10 Years High, Gross Margin Guided Down May 2, 2017
Oclaro to Report CQ1 17 Results: Mounting Challenges to Sustaining All Time High Margins May 2, 2017
AMD to report CQ1 17 Results: Disruption From AMD’s Initiatives Remains Difficult for us to Spot May 1, 2017
Synaptics CQ1 ’17 Results: TDDI Sales Again Miss Our Model, TDDI Share Loss Likely Starting in CQ2 ’17 Apr 28, 2017
Netgear CQ1 ’17 Results: NG EPS Guide Well Below Consensus; Margins Compress as Competitive Dynamics Intensify Apr 27, 2017
Synaptics to Report CQ1 ’17 Results: Concerns Mounting, Our 2H CY ’17 Estimates Well Below Consensus Apr 27, 2017
AMS Doubles 2017 Capex Plan, Now > 5x Larger Than Himax’ 2017 Capex Budget Apr 26, 2017
Netgear to Report CQ1 ’17 Results: Largest End Market Contracting and Crowding Apr 26, 2017
FNSR: Price Target Attained – Removing From Our Idea Generation Framework Apr 24, 2017
AU Optronics’ CQ1 ’17 Sales Marginally Above Our Estimate; Positives Thinning Out from CQ2 ’17 Onward Apr 19, 2017
TSMC Flags “Quite Severe PC Inventory Adjustment”; AMD’s Ryzen Rankings Further Deteriorate Apr 17, 2017
Hikvision CQ1 ’17 Sales Below Consensus, A/R DSO to Post Recession High, DOI Up Again Apr 13, 2017
Applied Opto Raises CQ1 ’17 Guide Although Magnitude Less Than Recent Periods, Sustainability Concerns Unchanged Apr 13, 2017
CQ1 ’17 PC Units Marginally Below Our Estimate, Price Hikes to be a “Much Bigger Problem” Prospectively Apr 12, 2017
AMD Loses CPU Share on Steam in First Month of Ryzen Availability Apr 7, 2017
Scope for First Ever Decline in China’s 4G LTE BTS Installations Apr 4, 2017
Huawei Raw Material Up Again, Payments to Suppliers Down, R&D Highlights Silicon Optics Apr 3, 2017
We Add Applied Opto to Our Idea Framework: Sailing Potentially Less Smooth as 40Gbps Demand Drops, 100Gbps Supply Increases Mar 30, 2017
Console Gaming Headwinds Continue as Ryzen Inputs Remain Underwhelming Mar 27, 2017
Apple Pushing Further into Video Content Creation, Editing and Distribution Mar 22, 2017
Negligible Momentum Detected for Ubiquiti’s AmpliFi Home WiFi Systems Mar 20, 2017
Scope for AMS to Target Apple’s 3D Sensing with In-House VCSEL’s and In-House Optical Packaging Mar 17, 2017
Scope for Samsung Developments to Place Strain on Our Below Consensus SYNA Estimates Mar 16, 2017
AUO: February Sales Above Our Estimate, Demand / Supply Risks Loom Mar 15, 2017
Finisar FQ3 ’17 Results: Headwinds Afflict the Other ~ 90% of Sales as Record Capacity Addtions Continue Mar 10, 2017
Finisar to Report FQ3 ’17 Results: Gross Margin Estimates 2 SD’s Above Mean as Capacity Adds Continue and Products Crowd Mar 9, 2017
AMD’s Ryzen Day 1: Problematic Misfire on Gaming, Intel Holds 4 of Top 5 CPU Spots on Amazon post Ryzen Release Mar 3, 2017
Marvell FQ4 ’17 Results: Further Gross Margin Progress, Further SSD Controller Share Gains Mar 3, 2017
Competitive Responses Begin Ahead of AMD’s Ryzen / Vega Launches Mar 2, 2017
Ambarella FQ4 ’17 Results: Share Loss in Existing Core Markets Problematic as Presence in Aspirational Markets Appears Far From Secure Mar 1, 2017
Ambarella to Report FQ4 ’17 Results: Notable GoPro Differences vs. 2016; Home IP Cams Likely Face At Least Seasonal Pressure Feb 28, 2017
ACIA: Price Target Attained – Removing From Our Idea Generation Framework Feb 27, 2017
Acacia CQ4 ’16 Results: Weak Guide With or Without Adva, We Believe ZTE is the Next Problem Feb 24, 2017
Acacia to Report CQ4 ’16 Results: Largest Customers at Multi-Year DOI Highs; DCI Refreshes Pending from Non-ACIA Vendors Feb 23, 2017
Arista CQ4 ’16 Results: Microsoft Contribution Well Above Plan, Sales Growth ex-Microsoft Slows For 3rd Straight Year Feb 17, 2017
Himax to Report CQ4 ’16 Results: DDIC Share Pressure the Next Problem Feb 15, 2017
AUO: Excellent CQ4 ’16 results, But, China Inventory Up and Panel ASP’s Decelerating Prior to Sustained Industry Capacity Additions Feb 14, 2017
UBNT: A Number of Cautionary Inputs During a Quarter in Which Ubiquiti Dismissed Their Audtior Feb 10, 2017
Ubiquiti to Report CQ4 ’16 Results: WISP 802.11AC Demand Remains Tepid, Hopeful for Discussion of Latest Legal Development Feb 9, 2017
Netgear CQ4 16 Results: Sales Up, Receivables Up, Channel Inventory Up, Guide Down Feb 8, 2017
GoPro CQ4 16 Results: Sales Miss, Balance Sheet Inventory Up, Excess Hero5 Channel Inventory, Well Below Consensus Guide Feb 3, 2017
Reducing SIMO Estimates, But Full Range of Concerns Not Yet Reflected Feb 2, 2017
AMD CQ4 ’16 Results: Material Line Item Volatility with Another Multi-Year High in Channel GPU’s, Intel’s View the Next Input Feb 1, 2017
First Look at Oclaro’s CQ4 ’16 Results: Capex Guided Up, GM Guided Down, Sales Guided to Slow Feb 1, 2017
AMD to report CQ4 16 Results: Game Consoles NT Focus, Intel’s Pending CMD May Inform on Competitive Response(s) Jan 31, 2017
Synaptics CQ4 ’16 Results: TDDI Sales Sharply Miss Our Model, Risks Mount on Samsung / China / Apple Jan 27, 2017
Xilinx CQ4 16 Results: Sales Marginally Better, but Advanced Products Slow Sharply; 2nd Spike in A/R DSO in 4 Quarters Jan 26, 2017
Synaptics to Report CQ4 ’16 Results: NT Consensus Est’s Confusing, We Do Not Expect Much Help from Samsung FP Sensors Jan 26, 2017
Xilinx to Report CQ4 16 Results: Multiple at 10 year high as Communications Slows, AI Landscape Unsettled Jan 25, 2017
First Look at SIMO’s CQ4 ’16 Results: CQ4 ’16 Quality Low, CQ1 ’17 Guidance Well Below Consensus Jan 24, 2017
OCLR: Another Look at Gross Margin: Benefit from 100Gbps Mix Had Already Softened Materially in CQ3 ’16 Jan 20, 2017
TDDI Unit Aspirations from Synaptics + Focaltech Sum to > 100% of the CY ’17 TDDI Unit Market Jan 19, 2017
Oclaro Marginally Raises Sales Guide as Peer Notes CY 17 Procurement Cut from Huawei; Operating Model Unsustainable Jan 19, 2017
GameStop’s FQ4 ’17 Guide Cut Follows TSMC’s Sharply Lower CQ4 ’16 Consumer Sales Jan 17, 2017
AMD: TSMC’s CQ4 ’16 Consumer Segment Perhaps Problematic, CQ4 ’16 PC Units Largely a Non-Event Jan 13, 2017
INTC: Removing From Our Idea Generation Framework Jan 13, 2017
SYNA: Sustaining 70% TDDI Share Implies Scope for 2H CY ’17 TDDI Sales Decline, Samsung Share Risks Increase Jan 12, 2017
AMBA: GoPro Dynamics a Bit More Concerning Than We Thought, Concerns Extend Beyond GoPro Jan 11, 2017
We Add Advanced Microdevices to Our Idea Framework: Transition from “It Could be Great” to “It Better Be Great” Looms Jan 9, 2017
Fingerprint Cards Secures First Design Wins at Samsung on NB PC’s Dec 21, 2016
Neophotonics Cuts CQ4 ’16 Sales Guide, Raises CQ4 ’16 Opex Guide on CFP-DCO Launch Dec 20, 2016
China’s Optical Market Slows by ~ 800bps in CQ3 ’16; ZTE Loses Share Globally Dec 14, 2016
FINGB: Price Target Attained – Removing From Our Idea Generation Framework Dec 14, 2016
Ubiquiti’s Auditor the Latest Departure; A/R DSO of Ubiquiti’s Largest Customer Well Above Standard Credit Terms Dec 12, 2016
Finisar FQ2 ’17 Results: CY ’16 Was Outstanding, but Margin Compression and Growth Deceleration Loom Dec 9, 2016
We Add Finisar to Our Idea Framework: Tougher From Here, as Problematic Industry Inputs Continue Dec 8, 2016
Fingerprint Cards Cuts CY ’16 Guidance, Guides CY ’17 EPS Below Consensus Dec 8, 2016
Ambarella FQ3 ’17 Results: Exposure to Volatile and Short Cycle Consumer End Markets is Increasing, Not Decreasing Dec 2, 2016
Cambium Directly Targets Ubiquiti’s WISP Installed Base with ePMP Elevate Dec 1, 2016
Ambarella to Report FQ3 ’17 Results: Movidius’ Win at Hikvision Caps a Series of Problematic Inputs Nov 30, 2016
Marvell FQ3 ’17 Results: Gross Margin Progression Accelerates, SSD Sales Imply Marvell Has Regained Merchant Lead Nov 18, 2016
Cisco’s Service Provider Orders Decline Matches Sharpest Decline Since the 2008 / 2009 Recession Nov 17, 2016
Marvell to Report CQ3 ’16 Results: We Are More Interested in the Pending Analyst Day Nov 17, 2016
Netgear CY ’16 Analyst Day: Underwhelming New Product, Cut to Forecasted CAGR in Web Managed Switching Nov 16, 2016
Updating HIMX Estimates: We Believe Premium Valuation Will Prove Difficult to Sustain Given Challenging Growth Outlook Nov 15, 2016
Acacia CQ3 ’16 Results: Sales to Adva and ZTE ~ 2.5x Faster than 100G Port Growth, Sales ex-Adva and ZTE Slow Notably Nov 11, 2016
Acacia to Report CQ3 ’16 Results: Component Narrative Remains, But Cautionary Inputs Spreading Nov 10, 2016
HIMX: First Look at CQ3 ’16 Results: Hololens Expectations Slashed, AMOLED DDIC at Samsung Shelved Nov 10, 2016
Himax to Report CQ3 ’16 Results: Ahead of Results, Consensus Forward Estimates Again Move Appreciably Lower Nov 9, 2016
NTGR: Lowest Retail Segment Operating Margin On Record as Discounts Spread to Arlo Cameras Nov 8, 2016
FFIV: Price Target Attained – Removing From Our Idea Generation Framework Nov 4, 2016
GoPro CQ3 ’16 Component Inventory Increases ~ 4x Q/Q, CY ’16 Guidance Cut Nov 4, 2016
First Look at UBNT CQ3 ’16 Results: First Two Quarters Under New Chief Accounting Officer Strongly Resemble Those Under the Former CFO Nov 4, 2016
Pre-Holiday Dynamics Concerning at Both GoPro and DJI Nov 3, 2016
Oclaro CQ3 16 Results: Capex Again Revised Higher, Model Leverage Joins Our CY ’17 Concerns Nov 2, 2016
Silicon Motion Outshipping Hynix’ MCP’s while Hynix Depletes NAND Inventory Create Scope for 1H CY ’17 Challenges Nov 1, 2016
Oclaro Will Report FQ1 ’17 Results Post the Close Nov 1, 2016
First Look at SIMO’s CQ3 ’16 Results: Seeking Clarity on Loan Required for Unwind of Intercompany Transactions Oct 28, 2016
Synaptics CQ3 16 Results: Gross Margin Collapses Ahead of CY ’17 Risks Oct 28, 2016
Netgear CQ3 ’16 Results: Revenue Quality Again Suspect, Gross Margin Compression Tough to Square with Seasonal Trending Oct 27, 2016
F5 CQ3 ’16 Results: Strongest Q/Q Product Growth in 5 Years, Product Cycle Tailwinds Loom Oct 27, 2016
Optical: Adva Guides CQ4 ’16 Sales Well Below Consensus; Continued Softness at Nokia and Infinera Oct 27, 2016
Silicon Motion to Report CQ3 ’16 Results: Current Supply / Demand Tightness and Competitive Pressures Key Risks into CY ’17 Oct 27, 2016
II-VI’s Optical Bookings and Sales Both Decline Sequentially Oct 26, 2016
Netgear to Report CQ3 ’16 Results: Retail Compares Progressively Tougher as WiFi Category Crowds Oct 26, 2016
F5 to Report CQ3 ’16 Results: Some Positive Inputs Emerging, CQ4 ’16 Estimates Remain Above Consensus Oct 25, 2016
Axis’ First Y/Y Decline in Video Sales In Over a Decade; Hikvision’s Inventory Grows ~ 3x Faster Than Sales Oct 21, 2016
Xilinx CQ3 16 Results: Backlog Down for 3rd Straight Quarter, Attaining FY ’17 Sales Guide Requires Best Quarter in > 5 Years Oct 20, 2016
Intel CQ3 ’16 Results: DCG Sales to Miss Guidance for 4th Time in 6 Years, Balance Sheet Remains Concerning Oct 19, 2016
Xilinx to Report CQ3 16 Results: Consumption Headwinds Mount as Advanced Node Competition Escalates Oct 19, 2016
Intel to Report CQ3 ’16 Results: Scope for PC’s to Invert Back to Risk, We Remain Below Intel’s CY ’16 DCG Guide Oct 18, 2016
XLNX: Adjusting CQ3 ’16 Estimates; Altera’s 14nm Stratix 10 Now Sampling Oct 17, 2016
DLink Q3 16 Sales Miss; Netgear and Ubiquiti Prices Below List Oct 13, 2016
AUO’s CQ3 ’16 Sales Marginally Above Our Estimates; Panel Pricing Momentum Starting to Wane Oct 12, 2016
One Month After ZTE Warned of Difficult 2H CY ’16, Ericsson Guides CQ3 ’16 Sharply Below Consensus Oct 12, 2016
FINGB: Share Pressures Mount as Smartphone Saturation Looms Oct 7, 2016
Dialog Raises CQ3 ’16 Guide: Heightened Supply Chain Volatility Near Term, Probable Apple Share Gains Intermediate Term Oct 6, 2016
Home Mesh WiFi Category Crowds Further as Netgear’s Arlo Compares Grow Progressively Tougher Oct 5, 2016
Adjusting OCLR FY ’17 Estimates Post Secondary and Peer Inputs, Remain Below Consensus Oct 4, 2016
Parrot Cuts Outlook on Mid-Range Drone Market Pricing Pressure Sep 26, 2016
FINGB: Valid Interest From a Company 20% Smaller Appears Low Probability Sep 22, 2016
INTC: Estimates Higher on PC Channel Stocking, But Quality Suspect Sep 19, 2016
SIMO: Softer China Smartphone Inputs, While Apple Keeps the NAND Market Tight Sep 15, 2016
Softer China Smartphone Inputs, Our 2H CY ’16 Estimates (FINGB) Remain Below Consensus Sep 14, 2016
Synaptics Unable to File Form 10K On Time Aug 26, 2016
ZTE’s Carrier Networks Sales Slow Sharply, Inventory Jumps, 2H Outlook Cautious Aug 26, 2016
We Add Acacia Communications to Our Idea Framework: ZTE Now Squarely in Estimates, Market Cap Implies / Requires Tier One Penetration Aug 25, 2016
Silicon Motion’s Largest eMMC Customer Now Mass Producing UFS 2.1 with Internally Sourced Controllers Aug 22, 2016
We Add AU Optronics to Our Idea Framework: Brief Respite Now, More Chinese Capacity and OLED Threats Later Aug 19, 2016
Cisco’s 2nd Consecutive Decline in Router Sales, Service Provider Orders Turn Negative Aug 18, 2016
Intel’s Project Alloy Another Non-Himax Based Alternative for AR / VR Consumption Aug 17, 2016
Acacia’s Results Appear a Lot Closer to In-Line Normalized for ZTE; CFP-DCO Traction in North America a Risk to CFP2-ACO Aug 12, 2016
Himax CQ2 ’16 Results Initial Look: Poor Quality Heightens Near Term Estimate Risk Aug 11, 2016
China Mobile’s 4G LTE and Transmission Capex Poised for 2H CY ’16 Declines Aug 11, 2016
July 2016 PC Channel Sales Broadly Below Seasonal Amidst Cautionary Server Inputs Aug 10, 2016
Soft DDIC Outlook From A Second Key Foundry as AMOLED DDIC Competition Escalates Aug 9, 2016
Arista CQ2 ’16 Results: Microsoft Tailwinds to Fade, White Box Headwinds to Mount, Margin Compression Likely Aug 5, 2016
Ubiquiti CQ2 ’16 Results: Curious Spike in WISP Sales to South America, Sequential Momentum Fading as Inventory Days Jump Aug 5, 2016
For the 6th Consecutive Quarter, FiberHome’s Inventory Growth Comfortably Exceeds Sales Growth Aug 4, 2016
Arista to Report CQ2 ’16 Results: Key Cloud Customers Implied 2H Capex Spend Below Seasonal Aug 4, 2016
Ubiquiti to Report CQ2 ’16 Results: Later Innings on UniFi Refresh as R&D Spend Atrophies Aug 4, 2016
Oclaro CQ2 ’16 Results: China 100G Port Growth Outlook Down, Capex Sharply Up Aug 3, 2016
Xilinx CQ2 16 Results: Highest Turn Fill in Nearly 3 Years Required; Huawei Displacing IDTI with Internal ASICs Worth Noting Aug 2, 2016
Oclaro to Report FQ4 16 Results: Narrative Likely Reiterated, But Cracks Emerging Aug 2, 2016
FINGB: Pre-Dating Looming Headwinds, FPC’s 1H CY ’16 Sales Undershoot the Consensus by ~ 800bps Aug 1, 2016
Synaptics CQ2 16 Results: Sales to Samsung Collapse, Qualitative Guide Again Aggressive Jul 29, 2016
Netgear CQ2 ’16 Results: Channel Stocking Aids CQ2 Sales, Guide Well Below Seasonal Jul 28, 2016
Marvell FQ1 ’17 Results: First Double Digit Networking Growth in over 5 Years, Recouping SSD Controller Share Jul 28, 2016
Amidst “Sold Out” Optical Components, Infinera’s Bookings Drop Sharply on Excess Systems Inventory Jul 28, 2016
We Add Silicon Motion to Our Idea Framework: Scope For One or More Recent Tailwinds To Invert to Headwinds Jul 27, 2016
LLTC: Thesis Invalidated – Removing From Our Idea Generation Framework Jul 27, 2016
Netgear to Report CQ2 ’16 Results: Elevated Insider Selling As Home WiFi Competition Mounts Jul 27, 2016
Xilinx to Report CQ2 16 Results: Prior to China Slowing, Altera Appears to Have Gained PLD Share in 1H CY ’16 Jul 27, 2016
Check Point CQ2 ’16 Results: Low Quality Results, Guide Below Consensus With our Without Deferred Impact Jul 26, 2016
Linear to Report CQ2 ’16 Results: We Model a Seasonal CQ3 ’16 as Linear Returns to Shipping Above Consumption Jul 26, 2016
Check Point to Report CQ2 ’16 Results: Above Seasonal CQ3 ’16 Required Jul 25, 2016
Maxim CQ2 ’16 Results: Distribution Inventory Jumps to Post-Recession High, Automotive Slows Jul 22, 2016
F5 CQ2 ’16 Results: Targeted Installed Base is ~ 70% Larger Now vs. the Prior Product Refresh Cycle Jul 21, 2016
Intel CQ2 16 Results: 2H CY ’16 Data Center Risks, Balance Sheet Again Deteriorates Jul 21, 2016
Fingerprint Cards to Report CQ2 ’16 Results: Softer Key Customer Demand and China Pull-Ins are 2H Risks Jul 21, 2016
Marvell FQ4 ’16 Results: Transitioning From Defense to Offense, Increasing Fair Value Jul 20, 2016
SMCI: Price Target Attained – Removing From Our Idea Generation Framework Jul 20, 2016
F5 to Report CQ2 ’16 Results: Compares Progressively Ease as Product Introductions and Refreshes Commence Jul 20, 2016
Super Micro Cuts CQ2 ’16 Guide: 3rd Miss in 4 Quarters, Sharpest Cut Since Recession Jul 19, 2016
Ericsson CQ2 ’16 Results: First Y/Y Sales Decline in China in 3 Years; Inventory Days to 4 Year High Jul 19, 2016
Western Digital’s CQ2 ’16 Sales Marginally Above Guide; Severe HDD Headwinds May Subside as Reorganization Moves to Completion Jul 7, 2016
Himax’ DDIC Test Vendor ChipMOS Cuts 2H CY ’16 Sales Guide on Small Panel DDIC Softness Jul 7, 2016
Himax Updates CQ2 ’16 Guide: Sales Below High-End of Guide Prior to Key End Markets Softening, Did LCoS Sales Miss? Jul 5, 2016
Multi-Sourcing Continues as Fingerprint Sensor Market Competitively Crowds Jul 1, 2016
Divergence Between Park Electro’s PCB Materials and Xilinx’ Comms Segment Widest Since Early CY ’14 Jun 30, 2016
High End Smartphone Order Cuts Spreading Jun 27, 2016
UBNT: Elevated Channel Inventories Suggest 2H CY ’16 UniFi Risk Jun 24, 2016
ANET: ITC Rules Against Arista In ‘944 Case; Cisco Aggressively Questions US Manufacturing Workaround Jun 24, 2016
Consumer WiFi Router Landscape at Best Buy to Crowd Further as Luma Joins Eero Jun 16, 2016
Synaptics’ Fingerprint Sensor Share Loss At Samsung Begins; Problem Likely Expands to China Jun 15, 2016
HIMX: Augmented Reality The Key Selling Feature of Google’s First Project Tango Smartphone Jun 10, 2016
F5’s Installed Base Targeted for Refresh Is ~ 25% Larger vs. 2 years Ago Jun 9, 2016
Netgear Loses Consumer WLAN Share For 3rd Consecutive Quarter; Insider Sales Hit 5 Year High Jun 8, 2016
F5 Reportedly Hires Advisors Following Takeover Approaches Jun 8, 2016
Ambarella FQ1 ’17 Results: Are We Sure Competitors Won’t Seize on Sony Shortages? Jun 3, 2016
Consistent with Peers in Asia, Semtech Sees Weaker Base Station and Optical Demand Jun 2, 2016
Fingerprint Cards’s CEO Surprisingly Dismissed as Fingerprint Cards is Displaced at LG Jun 2, 2016
Ambarella to Report FQ4 ’16 Results: Hikvision’s CQ1 Was Their Worst Quarter in 5 Years; CY ’17 Estimates Remain Aggressive Jun 2, 2016
NTGR: Best Buy and NetApp CQ1 16 Results; Eero Home WiFi Distribution Expanding to Best Buy May 27, 2016
XLNX: We Suspect Analyst Day Guidance Will Again Prove Optimistic; We View Acquisition Probability As Low May 25, 2016
Google Looks to Eliminate Passwords; Samsung’s Iris Scanning Tablet; China Tablet with Precise Biometrics and Synaptics May 25, 2016
Google’s Daydream VR Does Not Appear Particularly Positive for Himax May 20, 2016
Google Unveils Internally Developed ASIC for Machine Learning May 19, 2016
Cisco’s Weakest CQ1 Routing + Switching Growth Since the 2008 / 2009 Recession May 19, 2016
We Add Oclaro to Our Idea Framework: The Other Side of Capacity Constrained Is Generally Less Enjoyable May 18, 2016
We Add Himax Technologies to Our Idea Framework: Large Display Concerns Now, Concerns Elsewhere Later May 16, 2016
FINGB SS: 2nd Largest Executive Shareholder Parts with 15% of His Equity May 11, 2016
Taiwan IC Distribution Below Seasonal April Sales as Manufacturing PMI Softens May 11, 2016
XLNX: Nokia Guides CY ’16 Networks Sales Down Y/Y; ZTE Weak CQ1 ’16 as Inventory Days Jump May 10, 2016
Ubiquiti Networks: Post CQ1 ’16 Financials The Outgoing CAO Did Not Sign, A New Consumer Division in Latvia May 10, 2016
Netgear CQ1 16 10Q: CQ1 ’16 Results Lower Quality Than We Prior Thought, Key Commercial Segment Partners Struggled in CQ1 ’16 May 9, 2016
Ubiquiti CQ1 ’16 Results: Balance Sheet Weakens as Y/Y Contraction Spreads From Service Provider Sales to R&D Spend May 6, 2016
Synaptics 10Q Review; FocalTech Ramping TDDI and On-Cell / In-Cell Touch in CQ2 ’16 May 5, 2016
Ubiquiti to Report CQ1 ’16 Results: Steep Compare at Flytec, Pricing Softness in UniFi AP’s May 5, 2016
Arista to Report CQ1 ’16 Results: Microsoft Tailwind to Headwind? May 5, 2016
Fingerprint Cards CQ1 ’16 Results: If Mediatek Is Worried About a Weak 2H CY ’16, Why Isn’t Fingerprint Cards? May 4, 2016
Intel Didn’t Grow DCG Sales by 15% in 2015, and Inputs Continue to Appear Softer Now vs. Then May 4, 2016
CQ1 ’16 Combined Arrow + Avnet Inventory Days: Largest Q/Q Increase in 10 Years; Fresh Post-Recession High May 3, 2016
Avnet Inventory Days Jump to 10 Year High, Components Results and Guide Well Below Seasonal May 2, 2016
SMCI CQ1’16 Results: Share Gains Continue to Require Free Cash Burn; Data Center Pricing Pressure Apr 29, 2016
SYNA CQ1 16 Results: Quarterly EPS Now Back to Pre-Validity and RSP Level; Materials Share Risks Remain Apr 29, 2016
Xilinx CQ1 ’16 Results: CQ2 ’16 Guidance Soft; Estimates Down, Risk Up Apr 28, 2016
Netgear CQ1 ’16 Results: Several Unsustainable One-Offs; Retail Segment Marginally Undershoots, Set to Slow Notably Apr 28, 2016
Synaptics to Report CQ1 ’16 Results: If Still Stand-Alone, We Focus to Apple’s OLED Intent & 2nd FP Source at Samsung Apr 28, 2016
NTGR Earnings Preview: Price Declines in Key Products, Very Difficult Best Buy Compares Apr 27, 2016
SYNA: May 2016 Options Activity Muted vs. April Activity Apr 27, 2016
XLNX Earnings Preview: Did Altera Gain Material Share in CQ1 16?; Secular Challenges Beyond 1H CY ’16 Apr 27, 2016
FINGB SS Earnings Preview: We Have Already Seen Competitive Displacements; Focus NT to Divergence w/ Module Vendors Apr 27, 2016
LLTC Q1’16 Review: Auto Risks as China’s 2015 Tax Cuts Expire, China’s EV Subsidiy Cuts Loom, BMS Competition Materializes Apr 26, 2016
XLNX: Ericsson Weak CQ1 16 Before China Rolls Over; Inventory Days Jump Apr 25, 2016
Risks to Intel’s Share Mounting; Intel + AMD Inventory Days Back to Post Recession High Apr 22, 2016
FFIV Q1’16 Results: More Aggressive Share Repurchase Lifts EPS, Multiple Product Initiatives Loom Apr 21, 2016
FINGB SS/SYNA: CQ1 ’16 Divergence b/t CrucialTec and Fingerprint Cards; Additional Wins for Qualcomm, Goodix, EgisTec Apr 21, 2016
INTC CQ1 ’16 Results: CQ2 ’16 DCG Sales Down Y/Y Again Suggests Risk to Annual DCG Target; Inventory Ex-ALTR Again Increases Apr 20, 2016
FFIV Earnings Preview: Peak Anxiety, Trough Valuation Apr 20, 2016
INTC Earnings Preview: Executive Departures Material, PC MPU Shipments Set to Comfortably Outpace PC Units Apr 19, 2016
ANET: Applied Opto’s Guide Cut Worth Noting Given Microsoft Exposure Apr 19, 2016
LLTC Earnings Preview: Relevant Cautionary Inputs Across Auto, Comms and Industrial Apr 19, 2016
The Latest “China Interest” Installment Intersects Reports of Apple OLED Adoption in 2017 Apr 15, 2016
The Latest “China Interest” Installment Intersects Reports of Apple OLED Adoption in 2017 Apr 15, 2016
Super Micro Cuts CQ1 ’16 Sales Guide: 2nd Cut in 3 Quarters, 3rd Miss to Guide Mid-Point in 5 Quarters Apr 15, 2016
Juniper’s CQ1 ’16 Guidance Cut Not a Great Input, But Recent F5 Checks Constructive Apr 13, 2016
Juniper’s Largest Sales Miss Since the Recession Follows Sharp Jump in Component Inventory Apr 12, 2016
WPG Holdings CQ1 ’16 Sales Well Below Seasonal and Below Guided Mid-Point Apr 11, 2016
FINGB / SYNA: Mediatek’s MStar Subsidiary Licenses Precise’s BioMatch Mobile; Elan Set to Ramp in CQ2 16 Apr 6, 2016
National Instruments Cuts Guide on Soft Industrial Post Anritsu’s Cut on Base Station Slump Apr 5, 2016
China Carrier Capex: CY ’16 Contraction Notably Worse Than Our Prior Estimates Mar 24, 2016
SMCI: We Add Super Micro to Our Idea Framework: Benefit From ASP’s and Softlayer Waning, Competitors Focused to Share Gains vs. Margins Mar 18, 2016
XLNX: China Unicom Guides to CY ’16 Capex Collapse as 4G LTE Spending Peak Passed Mar 16, 2016
XLNX: We Add Xilinx to Our Idea Framework: Forward Multiple Back to Peak as China’s 4G LTE Procurement Moves Late Innings Mar 7, 2016
AMBA: FQ4’16 Review: Gross Margin Compression Begins, Our Biggest Estimate Cut is to IP Security Cameras Mar 4, 2016
AMBA Earnings Preview: Set Up Doesn’t Seem Great In Either Direction, Focus to Gross Margin Commentary Mar 3, 2016
WLAN Competiton Mounts as Amazon Launch Pad Partner Eero Starts Shipping Home WiFi Mesh System Feb 24, 2016
NTGR 10K Review: At Least 50% Sales Growth and 86% A/R Dollar Growth to Best Buy During CY ’15; Adjusting Estimates on Tax Rate Feb 23, 2016
ANET: Lowering FV Target: Narrow Beat Despite Microsoft, Opex Again Materially Below Plan Is Arguably Concerning Feb 19, 2016
MRVL: CMU Settlement Another Incremental Positive: Elimination of Royalties Materially Outweighs Interest Income Feb 18, 2016
ANET Earnings Preview: LinkedIn The Latest Cloud Operator To Embrace White Box Switching Feb 18, 2016
January 2016 NB ODM Sales: Top 3 Vendors See Worst M/M Decline Since Recession, By A Wide Margin Feb 16, 2016
INTC: Cisco FQ2 ’16 UCS / Server Sales: First Ever Q/Q Decline During a FQ2, First Ever Y/Y Decline in Any Quarter Feb 11, 2016
FINGB SS: Lowering FV Target – CQ4 ’15 Results: Last Year Guidance Was Raised by 50%; This Year the Low End Was Bumped Up Feb 5, 2016
UBNT: Quality Suspect Again as Sales to Flytec Up At Least 48% Q/Q, A/R Dollars to PW Batna Up 42% Q/Q Feb 5, 2016
SYNA CQ4’15 10Q Filing: Amkor Lawsuit Disclosed, Validity Contingent Consideration Down Again; Force Touch Competitors Out Ahead Feb 4, 2016
NTGR Earnings Preview: Peak Arlo Growth, Retail Outlet Contraction, Focus to Service Provider Cadence Feb 4, 2016
UBNT Earnings Preview: Late Innings of UniFi Product Transitions, WISP Related Headwinds Intensify From Here Feb 4, 2016
IDTI: Target Attained – Removing Short From Our Idea Generation Framework Feb 3, 2016
MRVL: External Pressure Arrives While Marvell Underships HDD Consumption Feb 3, 2016
FINGB SS Earnings Preview:We Believe MWC Will Prove More Informative Than CQ4 ’15 Results Feb 3, 2016
IDTI CQ4’15 Results: Secular Slowing and Structural Pressures in Communications, Memory Interface More Challenging Prospectively Feb 2, 2016
SLAB Earnings Preview: We Believe Sustaining Premium Multiple For Inorganic Growth Will Prove Challenging Feb 2, 2016
IDTI Earnings Preview: Wireless Charging NT Wildcard, We Believe an Intermediate Term Comms Peak Looms Feb 1, 2016
SYNA: Synaptics CQ4 ’15 Results: No Growth Before Samsung Multi-Sources Fingerprint Sensors and AMOLED Adoption Broadens Jan 29, 2016
Semis: Avnet’s CQ1 ’16 Components Guide Well Below Seasonal, Highest Year-End Inventory Days Since 2008 Jan 28, 2016
SYNA Earnings Preview: Synaptics to Report CQ4 ’15 Results: Growth Pressures Mount, We Believe Margins Pressures Next Jan 28, 2016
CHKP Earnings Preview: Past The Billings Growth Peak, Scope For Below Consensus Margin Progression Jan 27, 2016
TXN Earnings Preview: Above Seasonal Sales Required For Each Quarter of CY ’16 Jan 27, 2016
AMBA: Axis CQ4 ’15 Results: Asia Pacific Sales Collapse on China, Inventory Days Spike Higher Jan 26, 2016
MXIM CQ4’15 Results: Highest Turns Required In Over A Decade, Risks Shift To Non-Consumer Beyond CQ1 ’16 Jan 25, 2016
INTC: Nidec Cuts CQ1 ’16 HDD TAM Outlook By ~ 1,200bps, Implies Steeper Q/Q TAM Decline vs. CQ1 ’15 Jan 22, 2016
SYNA: “State-Backed Chinese Group” Report Resurfaces: Insider Sales Were Noteworthy Last Time, Hurdles Remain Substantial Jan 21, 2016
FFIV: F5 CQ4 ’15 Results: 1H CY ’16 Product Trough Appears Set to Outperform 1H CY ’13 Product Trough Jan 21, 2016
MXIM Earnings Preview: Industrial Exposure Set to Decline, Samsung’s Bio-Processor Set to Debut Jan 21, 2016
INTC: Intel + AMD Combined Inventory Days Back Return to Historically Problematic Level Jan 20, 2016
FFIV Earnings Preview: F5 to Report CQ4 ’15 Results: Shares Within Throwing Distance of 2009 Trough Multiple Jan 20, 2016
FINGB SS: Sony Omits Fingerprint Sensor in US bound Z5; Two More Precise BioMatch Licensees Jan 19, 2016
ADI: Price Target Attained – Removing From Our Idea Generation Framework Jan 19, 2016
LLTC Earnings Preview: Moving Past 14 Week Quarter; Sales Acceleration Required as ASP Stagnates Jan 19, 2016
INTC CQ4’15 Review: CQ4 Balance Sheet Metrics Weakest Since Recession, 3rd DCG Sales Miss in 4 Quarters Jan 15, 2016
Scope For Incremental China Carrier Capex Pressure as Unicom & Telecom To Share 4G LTE Equipment Jan 14, 2016
AMBA: GoPro Price Cuts Did Not Help, We Remind Hikvision Was Also Cutting Price Late in CQ4 ’15 Jan 14, 2016
INTC Earnings Preview: If DCG Didn’t Grow 15% in 2015, Unclear to Us Why It Will Happen in 2016 Jan 14, 2016
MXIM: Meter Reader Sale To Silergy Potentially EPS Dilutive, Bio-Processors Remain A Notable Risk Jan 8, 2016
FINGB / SYNA: Qualcomm’s First Commerical SenseID Deployment, EgisTec Area Sensor Progress Jan 6, 2016
UBNT: Ubiquiti’s WISP Product Struggles Continue; Competitive and Secular Pressures Mount Jan 6, 2016
Semis: December 2015 Global Manufacturing Detail: US Manufacturing Deterioiration Remains Most Noteworthy Jan 5, 2016
FINGB / SYNA: Precise Biometrics Licenses to China’s Largest Touch Controller and DDIC Vendor Dec 23, 2015
FINGB / SYNA: Precise Biometrics Wins Fingerprint Sensor Socket with Silead, Signs Another Chinese Licensee Dec 18, 2015
UBNT: Channel Frustration with UniFi WLAN Product Transitions; Brazil’s 2nd Cut to Junk Worth Noting for CY ’16 Dec 17, 2015
ADI / SYNA: Dialog Cuts CQ4 ’15 Sales Guide Following Pegatron’s Worst November Since 2008 Dec 15, 2015
FINGB SS: We Add Fingerprint Cards to Our Idea Framework: Software Industry Operating Margins Selling Fingerprint Sensors Not Likely To Last Long Dec 10, 2015
UBNT: One Year Removed From Last Major Distributor Addition, Ubiquiti Undergrows the Enterprise WLAN Market For the First Time Ever Dec 7, 2015
AMBA FQ3’16 Review: Are We Sure Drones in 2016 Aren’t GoPros in 2015? Aggressive Assumptions Yield No FY ’17 EPS Growth Dec 4, 2015
AMBA Earnings Preview: Unclear To Us Why FQ1 ’17 Will Be Well Above Seasonal, We Question Sustaining Gross Margin Dec 3, 2015
MXIM: Caution on Top Line, Potential Caution on Opex, No Reference to Samsung LSI’s Heart Rate Monitor Dec 2, 2015
ADI: We Add Analog Devices to Idea Our Framework: Apple FY ’15 Base, Structural 4G LTE Declines Causes for Caution Nov 30, 2015
NTGR: We Add Netgear to Our Idea Framework: Significant Arlo Channel Stocking in 2015 Creates Challenges in 2016 and Beyond Nov 23, 2015
SYNA: 2015 Analyst Day: TDDI Forecast Cut, Share Loss Across All Segments, Estimate Risks Remain Nov 18, 2015
FFIV: We Add F5 Networks To Our Idea Framework: Multiple at 5 Year Low as Product Growth Acceleration Looms Nov 17, 2015
INTC / TXN: Compal’s NB Unit Guide Even Worse Than Peers as “Market Demand Becomes Very Soft” Nov 12, 2015
INTC / TXN: Taiwan NB ODM Inventory Days Rise to Multi-Years High, Tawain PC OEM Inventory Days Hold Near Multi-Years Highs Nov 11, 2015
UBNT: Ubiquiti CQ3 ’15 Results: “Saturation” and “Stocking the Shelves” Intersect Biggest Decline in R&D Spend on Record Nov 6, 2015
FEYE: Price Target Attained – Removing From Our Idea Generation Framework Nov 6, 2015
UBNT Earnings Preview: WISP Industry Pressures Set to Increase Meaningfully Nov 5, 2015
ANET Earnings Preview: Slowest Domestic Cloud Capex Growth in > 3 Years Nov 5, 2015
FEYE Earnings Preview: Risks to Sustaining Growth As Parabolic Opex Slows, Demand Normalizes and Competition Intensifies Nov 4, 2015
AMBA: Ambarella’s Largest Distributor Guides CQ4 ’15 Sales Down Q/Q, Again Below Seasonal, Again Below Consensus Nov 4, 2015
IDTI 10Q Review: Sell-INTO Uniquest Declines ~ 20% Q/Q, Fortuitously Offset By Hynix Appearing as > 10% Customer For The First Time Nov 3, 2015
UBNT FY ’15 Proxy: Share Repurchases Since CQ2 ’15 Appear to Exceed Domestic Cash, What Happened to the CTO? Oct 30, 2015
IDTI: Cavium’s Ramping Fusion-M Suggests Secular Risk Potential to IDT’s SRIO Switches in CY ’16 Oct 29, 2015
AMBA: GoPro’s Sell Through Well Below Plan, Excessive Channel Inventory, All Time High Inventory Days Oct 29, 2015
ANET: Broadcom’s CQ3 ’15 Ethernet Switch Sales Decline as Cloud Capex Hits a Soft Patch Oct 29, 2015
TXN / MXIM: Latest Report Would Require Mr. Templeton to Have Notably Changed His Thinking Oct 29, 2015
TXN / LLTC: Arrow CQ3 ’15 Component Sales ~ 200bps Below Guide, Inventory Days Hold Near Post-Recession Highs Oct 28, 2015
IDTI CQ3’15 Review: Several Other Points in the Comms Supply Chain See 2H CY ’15 Quite Differently Oct 27, 2015
AMBA: Qualcomm Competition Extends to IP Security Cameras Oct 27, 2015
IDTI Earnings Preview: Near Term Inputs At Best Mixed, Intermediate Term Growth Progressively More Challenging Oct 26, 2015
MXIM CQ3’15 Review: 5th Revenue Miss in 6 Quarters Oct 26, 2015
CHKP Earnings Preview: In-Line Quarter and Guide From Fortinet Not Well Received Oct 23, 2015
SYNA CQ3’15 Review: Downwardly Revised FY ’16 Guide Suggests Lower Probability on GS7 Force Touch, Renesas Restructuring? Oct 23, 2015
SYNA Earnings Preview: Several Moving Pieces, Insider Selling Noteworthy Oct 22, 2015
TXN CQ3’15 Review: > 15% Customer in Analog a Risk for CQ1 ’16 and CY ’16, Opex More Noteworthy Than Sales Oct 22, 2015
TXN Earnings Preview: Above Seasonal Sales Modeled Through CQ1 ’17, Inventory In Focus Oct 21, 2015
AMBA: Hikvision CQ3 ’15 Sales Again Below Consensus, DSO Rises, Gross Margin Declines Oct 21, 2015
AMBA: Ambarella Announces New Drone SoC’s as US Reportedly Set to Impose Mandatory Drone Registration Oct 19, 2015
UBNT: Another Director and Audit Commitee Member Removes Himself from Ubiquiti’s Board Oct 19, 2015
SYNA: September 2015 Sales Well Below Seasonal, Scope for Continued CQ4 ’15 Softness Oct 16, 2015
MXIM: Analog Devices’ Reported Interest In a Lower Quality Asset At a Premium Valuation Confusing to Us Oct 15, 2015
INTC CQ3’15 Review: Data Center Group To Miss CAGR Target for 3rd Time in 5 Years Oct 14, 2015
UBNT: WISP Response to Ubiquiti’s SunMax: “It Might As Well Have Been a Line of Pool Products” Oct 14, 2015
LLTC Earnings Preview: Unclear to Us Why All 4 Quarters of CY ’16 Will Be Above Seasonal Oct 13, 2015
INTC Earnings Preview: We Believe PC Optimism Will Fade, Server Concerns Will Rise Oct 13, 2015
INTC: EMC CQ3 ’15 Total Sales Below Consensus With or Without $100M in Unshipped Storage Products Oct 12, 2015
IDTI: In First Quarter Post Win2003 Server Suport Expiring, SuperMicro Cuts Guide For First Time in 3 Years Oct 9, 2015
INTC: CQ3 ’15 PC Shipments Underwhelming Despite Lenovo Price Hikes, PC Build Momentum Softens Into CQ4 ’15 Oct 9, 2015
LLTC / TXN: Global Manufacturing Detail for September 2015: US Manufacturing Data Arguably Most Concerning Oct 2, 2015
SYNA: If CFIUS Has Hung Up NXP over ~ 1% of RF Revenues, How Would Selling Fingerprint Authentication to China Fare? Oct 1, 2015
MRVL: Mobile Restructuring: Decent First Step, Base Business R&D Spend Should Be The Next Area Of Meaningful Cost Savings Sep 25, 2015
MRVL: We Add Marvell Technology to Idea Our Framework: E/V to Sales Needed Actions Sep 18, 2015
GPRO: Price Target Attained – Removing From Our Idea Generation Framework Sep 14, 2015
ANET: ITC Staff Favors Cisco in 944 Hearing with Presiding Judge a Former ITC Staff Attorney Sep 11, 2015
AMBA 10Q Review: Purchase Commits Down; AllWinner Added to Competitor Roster Sep 9, 2015
Semiconductor Industry Enters Y/Y Contraction; If Sustained, History Suggests Not A Great Time to Own Semiconductor Shares Sep 9, 2015
AMBA FQ2’16 Review: First Below Consensus Sales Guide On Record; Heightened Competition Likely Intersects Slowing Consumption Sep 2, 2015
10th Consecutive Month of Y/Y Contraction in Global Manufacturing PMI; US New Orders Deteriorate Sharply Sep 1, 2015
AMBA Earnings Preview: Scope For Less Seasonal 2H CY ’15 Trending; ISP’s Unlikely to Sustain as Most Profitable Fabless Category Sep 1, 2015
CQ2 ’15 Server Units Below Seasonal Ahead of WinServer2003 Expiry, Gartner Suggests International Budgets Pulled Forward on Currency Concerns Aug 27, 2015
SYNA 10K Review: Validity Contingent Consideration Reduced for 4th Consecutive Quarter Aug 26, 2015
UBNT: As EM Currencies Collapse QTD, Cambium Joins Ruckus and Google in Offering 802.11AC WLAN AP’s Cheaper than Ubiquiti’s UniFi Aug 26, 2015
INTC: HP’s PC Channel Inventory Commentary the Opposite of Intel’s, HP’s Inventory Days to Post Recession High Aug 21, 2015
Analog Devices’ FQ3 ’15: Ex-Consumer Sales Guide Implies Sharpest Drop since 2012, Asian Distributors All Sink to 52 Week Lows Aug 19, 2015
UBNT: Google Now a WLAN Competitor, Google Partners with Vivint as SunMax Trademark Application Is Suspended Aug 19, 2015
IDTI: Uniquest CQ2 ’15 Results: Sharpest Q/Q Sales Decline in At Least 3 Years, Inventory Days Again Rise Sharply Aug 13, 2015
China’s Passenger Car Sales Decline Y/Y For 2nd Consecutive Month For First Time Since 2008 Aug 12, 2015
INVN: Price Target Attained – Removing From Our Idea Generation Framework Aug 11, 2015
Asustek Guides CQ3 ’15 NB Units Below Seasonal; Acer + Asus Inventory Days to Fresh All Time High Aug 11, 2015
AMBA / GPRO: Chicony June 2015 Sales: CQ3 ’15 Starts Out Slowly Aug 7, 2015
UBNT CQ2’15 Review: Not The First Mention of Ubiquiti and a Hong Kong Bank, Risks Broadly Escalating Aug 7, 2015
UBNT Earnings Preview: D-Link Trajectory Relevant, Regulatory and Competitive Headwinds Mount Aug 6, 2015
IDTI 10Q Review: High Wire Act Manifests in Collapse In Memory Interface Sales, Spike in Legacy Comms Sales Aug 6, 2015
AMBA: Ambarella’s Largest Distributor Guides CQ3 ’15 Sales Down Q/Q, Meaningfully Below Seasonal Aug 5, 2015
INVN CQ2’15 Review: If Samsung is Multi-Sourcing, Why Won’t Apple? Aug 5, 2015
INVN Earnings Preview: Growth Challenges At Odds With Valuation Premium to RF Vendors Aug 4, 2015
IDTI CQ2’15 Review: Line Item High Wire Act Extends to Communications Guide, Increased Cause for Concern into CY ’16 Aug 4, 2015
IDTI Earnings Preview: DDR3 Also Matters, Communications Headwinds Mount Aug 3, 2015
Mediatek Guides CQ4 ’15 Smartphone Units Down Q/Q, Citing “Anti-Seasonality” Jul 31, 2015
Synaptics CQ2’15 Review: Organic Sales Down > 20% Y/Y Before Area Sensor ASP Declines; FY ’16 Guide Low Probability Jul 31, 2015
FEYE Earnings Preview: No Reason Results Shouldn’t Be Above Guide; Duration Remains Our Concern Jul 30, 2015
Synaptics Earnings Preview: Sustaining 100% Share of Samsung and Apple In Perpetuity Required Jul 30, 2015
Hikvision CQ2 ’15 Sales: Growth Still Elevated, But Decelerating; Slowing China Factory Automation Spend Noteworthy Jul 29, 2015
SLAB Earnings Preview: TV Panels Remain Soft into CQ3 ’15, Estimates A High Bar If (When) Access Sales Revert Jul 28, 2015
GoPro CQ2’15 10Q Review: Factored Receivables Up, BestBuy Sell-IN Up, Raw Materials Inventory Up Jul 27, 2015
MXIM CQ2’15 Review: 4th Revenue Miss in 5 Quarters, 3rd Restructuring in 4 Quarters Jul 24, 2015
Y/Y Declines Worsen in Both China’s and Germany’s Flash Manufacturing PMI Jul 24, 2015
MXIM Earnings Preview: How 30% Operating Margin is as Relevant as Attainment Itself Jul 23, 2015
TXN CQ2’15 Review: First Consecutive Revenue Misses Since 2008, Inventory Up Again, R&D Down Again Jul 23, 2015
TXN Earnings Preview: Above Seasonal Sales Modeled Through 2016, Inventory In Focus Jul 22, 2015
Apple iPhone Units ~ 10% Below Expectations, Difficult to See Reduction in Channel Inventory As Positive Jul 22, 2015
GPRO CQ2’15 Review: 60% Growth in Retail Outlets Over Roughly One Year, A Pace ~ 3x Faster Than Netgear Jul 22, 2015
LLTC Earnings Preview: Consumption Headwinds Intersect Above Seasonal 2H ’15 Estimates Jul 21, 2015
CHKP Earnings Preview: Tides Eventually Go Out, Evolving Competitive Landscape Pressures Profitability Jul 21, 2015
GPRO Earnings Preview: Previously Undisclosed Products Aid Near Term Sell-IN, Hero 4 Sessions Underwhelms Enthusiasts Jul 21, 2015
INTC CQ2’15 Review: Balance Sheet More Noteworthy Than Income Statement, Risk Shifts to Data Center and Mobile Jul 19, 2015
Google’s CQ2 ’15 Capex: First Consecutive Q/Q Declines Since 2009, First Y/Y Decline Since 2012 Jul 17, 2015
TSM CQ2’15 Results: TSM Will Beat Intel to 10nm, Weak CQ3 ’15 Guide, Record DOI Jul 16, 2015
INTC Earnings Preview: Near Term, Well Vetted; Long Term, Less So Jul 15, 2015
UBNT: Checks Show Anemic AirFiber 5X Volumes; 2 Latin American Resellers’ Websites Dead-End as Venezuelan Users Complain of Currency Restrictions Jul 15, 2015
AMBA: Leading IP Security Camera Vendor Axis Local Currency Sales Growth Goes Negative Jul 10, 2015
8th Consecutive Month of Y/Y Contraction in Global Manufacturing PMI; US Auto Consumption Joins Softness Elsewhere Jul 7, 2015
GoPro Mimics Polaroid’s Cube For > 2x the Price; Chicony’s CQ2 ’15 Sales Underwhelm Jul 7, 2015