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Q3 2023 Revenue: $5.8 billion, 4% YoY increase, 8% QoQ increase -
Segment Performance: Datacenter: $1.6 billion, flat YoY, 21% QoQ increase; Client: $1.5 billion, 42% YoY increase, 46% QoQ increase; Gaming: $1.5 billion, 8% YoY decrease, 5% QoQ decrease; Embedded: $1.2 billion, 5% YoY decrease Q4 2023 Outlook: revenue: $6.1 billion, 9% YoY increase; Datacenter business expected to grow 50% in H2 2023 compared to H1 2023; Datacenter GPU revenue expected at $400 million, targeting 50% CAGR in coming years, 2024 expected to be $2bn revenue
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Segment Q4 QoQ Growth Expectations: Growth: Datacenter and Client/ PC segments; Decline: Gaming and Embedded segments -
PC Market: 2023 market size: 250-255 million units; Some growth expected in 2024; Inventory levels relatively normalized
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Q3 revenue: $1.1 billion; 33% annual growth projection for CY 2023 (up from 25%) -
Q4 guidance: ~33% YoY revenue growth; Double-digit growth expected next year and beyond -
Strong enterprise demand; QoQ drop in cloud titan business; Cloud titan shift to AI and classic cloud networking mix; AI prioritized; anticipation for traditional infrastructure to pick up in the future -
AI networking moving to Ethernet; Pilot AI deployments in 2024; meaningful volumes in 2025 -
AI fabric network spend: 10-15% of total compute spend -
Tier 1 & 2 cloud providers building AI clusters; Tier 2 activities are scaled-down versions of Tier 1; Growing AI enterprise projects, but smaller in scale.
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Generative AI and data-intensive workloads boost DDR5 demand in high-performance servers. -
DDR4 headwinds ongoing; inventories to normalize by early 2024. -
Memory interface chips: $52M product revenue in Q3. -
Robust DDR5 demand; diminished DDR4 demand. -
Q4 expected product mix: growth in DDR5, minimal DDR4 shipments; Market crossover to DDR5 projected in 1H 2024. -
DDR5's ASP erosion impacts margins; stabilization expected in Q4; Each DDR5 generation offers ASP reset opportunity.
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Q3 2023 revenue: $1.82 billion, up 25% QoQ -
Growth driven by advanced packaging for premium-tier smartphones -
Communication end market revenue: $1 billion with 3% YoY growth and 69% sequential growth -
Automotive and industrial markets: flat sequentially -
Computing markets: 14% sequential decline with inventory correction signs and positive outlook next year -
Consumer markets: stable but demand improving, not yet balanced -
Expected Q4 2023 revenue: $1.675 billion (midpoint of guidance), softer than seasonal norms due to inventory cautiousness -
High-performance computing plans: triple capacity by mid-next year, confident in capacity utilization
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Q3 2023: 11% YoY revenue growth -
Communications and Computing: 6% QoQ growth, 6% YoY decline; Growth potential in servers, softer demand in 5G telecom, Q4 forecast: flat to sequentially down -
Industrial and Automotive: 5% QoQ decline, 28% YoY growth; Continued softness expected next quarter, Q4 forecast: sequentially down -
Pricing: expected to remain stable -
Lead times: back to normal; Semiconductor supply chain stabilizing.
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Revenue Q3 2023: $474.9 million; Up 7.6% QoQ; Down 4.1% YoY -
Enterprise data: 106.2% QoQ, 31.4% YoY; Storage & computing: 3.9% QoQ, 14.7% YoY; Consumer revenue: 4.3% QoQ, 30.1% YoY; Lagging sectors: automotive, industrial, communications -
Q4 Outlook: Slower growth in most sectors; AI and some automotive segments as growth drivers -
Inventory Strategy: Preparing for uptick in CPU and GPU demand; Building inventory for upcoming quarters; Reduction in overall inventory in anticipation of 2024 demand.
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Revenue drops for first time in several quarters; no growth for H1 2024; December sees sequential decline due to lower LTSA consumption. -
Caution arises from European Tier 1 softness, high interest rates in automotive, single OEM's demand drop, and broad-based weak demand, notably among European tier-ones. -
Silicon carbide demand to grow but at slower rate; major factor in Q4 weakness -
Industrial and large-scale energy storage demand robust; challenges in residential sector -
Inventory level up by $120 million sequentially; days of inventory at 166 days -
Pricing stable; not a factor in revenue decline -
2024 CapEx revised to low teens percentage of sales, down from high teens
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Western Digital splitting into HDD and Flash companies -
NAND: Revenue +13% QoQ, -10% YoY; strong consumer/client demand; sequential bit growth 26%, +49% YoY; FY'24 exabyte demand acceleration by end '23; High teens growth expected for 2024; positive pricing trend; expected to be gross margin positive -
HDD: Revenue -8% QoQ, -41% YoY; consumer/client demand high; subdued cloud demand; broad recovery; China market slower recovery pace; Exabyte growth mid-high 20s expected -
Inventory down $201M to $3.5B; gradual inventory decline expected; healthy Flash inventory levels -
Fiscal '24 H2: Quarterly cash flow positive; 2024 CapEx lower than 2023
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2023 CapEx forecast $50B, down from $59B in 2022. Lower fulfillment & transport CapEx, offset by higher AWS infrastructure CapEx for generative AI and large language models -
Q3 revenue $143.1B, up 11% YoY; AWS up 12% YoY, strong pipeline but elevated customer optimization -
High interest in Bedrock AI, Trainium, Inferentia chips
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Revenue beat high-end guidance; EPS strong due to operating leverage, expense discipline. Q4 guidance $14.6B-$15.6B; moderate growth in DCAI, CCG. Q3 gross margin just below 46%; Q4 aiming for normalized 60% fall-through -
Q3 Revenue Growth: CCG 16% QoQ, DCAI sequential rise, NEX 6% QoQ, Mobileye 18% YoY, 17% QoQ. High confidence in long-term 60% gross margin due to improvements, new products, internal foundry -
Customer inventory healthy; market on track for 2023. Commercial, gaming strong; network, telco weak. Rising AI, high-performance computing demand. Advanced packaging interest from top AI firms -
Meteor Lake shipments started; high-volume EUV in Oregon, Ireland. Intel Foundry Services progress, new customers. Intel 20A manufacturing readiness H1 2024 -
Inventory down $500M, projected healthy year-end; CCG healthy, network, telco elevated. -
China export impact on Gaudi minimal; working with BIS in 60-day comment period
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Q3 revenue up 24% QoQ to KRW9.07T; -20% operating margin. Memory industry nearing full recovery despite global uncertainties. Key product prices stabilizing -
Server systems: 20% QoQ shipment increase. DRAM back to profitability -
DRAM: 20% QoQ shipment increase, 10% ASP rise; NAND: Mid-single-digit QoQ bit growth, slight ASP drop -
High demand for DDR, LPDDR5, HBM; slow DDR4 recovery. DRAM growth led by high-value DDR5, HBM3E. Longer NAND recovery due to high inventory, limited AI impact -
HBM CAGR 60-80% next 5 years. Q2 inventory down, normalization by H1 next year. DDR5 computing segment crossover ongoing -
China regulatory issues resolved
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ATM business: Q4 2023 revenues expected to decline low to mid-single digits QoQ. Gross margin flattish to Q3 2023. Inventory digestion needed in auto, industrial sectors -
EMS business: Q4 2023 revenues to rise low teens QoQ. Operating margin similar/higher than YTD 2023's 3.3%. Nearing end of inventory digestion cycle -
Outlook: Cautiously optimistic, expecting YoY growth -
Key Equipment Utilization: ATM factories mid-60s, slightly lower than 65% for Q4 -
CapEx: Investments planned for de-bottling capacity. Next year CapEx higher, focused on advanced packaging tech -
Pricing: Resilient. Effective margin management -
Advanced Packaging: Stronger pickup -
COAS/substrate advanced packaging revenue expected to double next year
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CapEx $6.8B focused on servers, data centers, network infra. 2023 guidance $27-29B, upper range revised down; 2024 $30-35B, mainly in AI -
Widened Q4 guidance due to geopolitical risks -
Increased platform engagement credited to AI, new features like Meta AI and business AIs -
Strong revenue from China ad demand targeting North America, Brazil -
Reality Labs down 26%, operating loss $3.7B -
Resuming hiring focused on AI, infrastructure, Reality Labs, monetization
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Q3 revenue TWD 57.1B, up 1.4% QoQ due to better product mix and favorable exchange rates. GM steady at 35.9%. Utilization rate 67% -
OLED drivers, WiFi, ISP, SoC processors on 22 and 28 nm strong. Rush orders from PC and Chinese smartphone sectors. Automotive to decline in Q4 due to high inventory; correction through 2024 -
Q4 wafer shipments expected to decline ~5%, GM in low 30s% due to reduced utilization. LTA coverage 25-30% -
8-inch under pressure; recovery and better product composition expected in 12+ months. UMC adjusting pricing strategy for 8-inch -
Investment in interposer tech and AI, doubling interposer capacity to 6K/month by Q1 2024. CapEx on track at $3B for 2023; ramp profile may be moderated -
2023 depreciation likely lowest in recent years, will rebound in 2024 due to Tainan and Singapore expansions -
12 nm process to complete by early 2025, revenue to follow
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CapEx: 11.2bn, 70% YoY, 5% QoQ, expected to increase sequentially, driven by investments in cloud and AI; Increasing cost, expense, and capital investment are aligned with the demand -
Azure revenue up 29% YoY, beat, higher-than-expected AI consumption; 18,000 organizations using Azure OpenAI services, up from 11,000 in July -
Microsoft 365 Copilot general availability on November 1st, already in preview with 40% of the Fortune 100 -
GitHub Copilot has 1 million paid users, copilot users at 37,000 organizations, up 40% QoQ -
PC market unit volumes back to pre-pandemic levels -
Upcoming Ignite conference with over 100 new products and capabilities, introducing new AI-driven features across businesses
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Q3 CapEx $8 billion, 11% YoY, 17% QoQ, muted due to timing of supplier payments; expected to ramp up, mainly in AI and technical infrastructure -
CapEx is expected to increase in Q4 2023; The total aggregate CapEx for 2024 will be higher than the full year 2023. Focus on making AI models more efficient to control the capital intensity -
Google Cloud: miss, started seeing customers looking to optimize spend, but could be stabilizing; revenue at $8.4 billion, up 22% YoY -
Launched 'Bard' and 'Assistant with Bard'; integrates across Google services like Maps, Workspace, YouTube -
DeepMind's Gemini as a key growth driver; Vertex AI projects grew over 7x
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Analog revenue declined 16%, Embedded Processing grew 8% YoY -
QoQ Industrial market down mid-single digits, auto up mid-single digits, personal electronics up about 20% off a low base, communications equipment down upper teens, enterprise systems grew upper single digits -
Inventory continued increase, and factory starts were lowered in Q3 and continue in Q4 -
Pricing not a main concern now, expect low single digit decline, Asia market worth watching -
The demand in the industrial sector, particularly in China, remains weak -
Almost all catalog products are available for immediate shipment
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High design activity in AI, 5G, hyperscale computing, and autonomous driving -
Tripled revenue from AI products like Cerebrus, Verisium, JedAI YoY -
Incorporating AI and LLMs to formalize the front-end of the design process, seen to de-risk schedules and potentially boost design activity -
No significant impact from new regulations/entity lists, China stable -
Expects strong Q4 bookings and backlog increase -
No 2024 outlook; details to be provided in February earnings call