Interview on Beyond Quant Invest Training
Click on the image below to see my interview on Beyond Quant’s website: Disclosures and Disclaimer
Read More
$AMD vs. $NVDA – Where’s the Discount?
Both AMD and NVDA offer exposure to GPU Compute, arguably a very desirable capability with growing applications in artificial intelligence, AR/VR and self-driving car. Both AMD and NVDA stocks have approximately tripled over the last couple of years, so it’s probably safe to assume that the average investor in either of these stocks directly or […]
Read More
aMP Performance Update 3Q16
The chart shows acteve Model Portfolio (aMP) indexed value (net of fees) vs. the S&P 500 market index (indexed to 10/31/15), as of 9/30/16. The chart also shows the cash allocation in the portfolio. As of 9/30/16, nearly 50% of aMP assets were held in cash, given my view that the market environment was generally […]
Read More
$MU Revenue and Gross Margin Inflections
Micron’s F4Q16 (C3Q16) earnings report highlights a YoY revenue inflection (chart below), with YoY revenue growth expected to turn positive next quarter. Both higher bit shipments and prices for DRAM appear to be driving the inflection. Micron’s gross margins are also inflecting up – the chart below shows quarterly corporate average gross margins, […]
Read More
Preparing for a Lithium Rush
My view is that catalysts for self-driving cars will also drive a transition to battery-powered electric vehicles. A shift from human driver to machine driver will initially add significant new computational costs to the vehicle bill of materials (BOM). One way to accommodate such costs in the BOM is to replace IC engine powertrain with […]
Read More
$PLAB AMOLED Inflection in 2017
Photronics (PLAB) makes photo masks for semiconductor and display panel manufacturing. The chart below shows PLAB’s revenue mix. Over the last 6 quarters, flat-panel display (FPD) revenues have grown on average at 18% YoY, while IC revenues grew at 4%. If the display industry inflects toward AMOLED, as I think it is likely to, PLAB’s […]
Read More
$INVN Valuation & Momentum Indicators
The chart below suggests that INVN stock price is tracking below NTM EPS projections, an understandable dynamic following severe dislocation in Invensense’s gyro/OIS market share, particularly in Samsung smartphone. Invensense experienced elevated pricing pressure surrounding its loss of market share at Samsung. Pricing pressure translated into lower gross margins. At EV/S of ~1.8x […]
Read More
$AMZN Valuation Risk
Let’s assume that sellside estimates are representative of investor expectations for $AMZN (as discussed in my book, that is not always the case). The NTM EPS chart below shows consensus projections through 2020. Sellside EPS estimates reflect expectations for continued strong, if not accelerating EPS growth over the next few years. Now look […]
Read More3 Reasons to Own $MU
I believe there are 3 reasons to continue to own $MU: 1) early stage of a cyclical recovery, 2) technology catch-up, and 3) inexpensive play on VR/AR and Self-Driving Car. Cyclical supply/demand recovery: A combination of supply cuts and demand upgrades has pushed the memory industry into a favorable supply/demand environment, which is […]
Read MoreSearch:
Categories
- 4SAFEt
- aMP Performance Update
- Books
- Cloud Services
- Crypto
- Deep Learning
- DRAM
- Equity Research Process
- Financial Services
- Industry Analysis
- NAND
- OLED
- Self-Driving Car
- Social Networks
- Stock Analysis
- VR/AR
Archives
- November 2020
- August 2019
- July 2017
- April 2017
- January 2017
- December 2016
- November 2016
- October 2016
- September 2016
- August 2016
- July 2016
- June 2016
- May 2016
