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Original, source-based guides to semiconductor industry for investors.
20 articles · Original research guides with primary sources and worked examples
Explore how DRAM prices affect earnings through shipment volume, product mix, and cost per bit. Calculations also show why applying spot price increases directly to quarterly profits can be misleading.
Read article →Learn to read NAND prices alongside cost per bit, bits stored per cell, and SSD product mix. Examine how revenue and profit can diverge when falling prices coincide with rising shipments.
Read article →HBM's high selling prices do not automatically mean high profits. Learn how to assess the quality of HBM revenue by connecting stacking, good-die yields, customer qualification, and production resource allocation.
Read article →For foundry utilization, available capacity by process node and fab matters more than the companywide average. Learn to distinguish changes in the capacity denominator from fixed-cost effects when interpreting earnings.
Read article →Compare leading-edge processes using power, performance, area, and cost per good die rather than node names alone. Learn how design conditions and production maturity affect the economics.
Read article →Semiconductor yield depends on how good units are counted and at which testing stage. Learn to distinguish wafer, die, and package yields and calculate cost per good unit.
Read article →Connecting wafer starts to finished-product shipments requires process lead times, die size, and yield. Reduce supply estimation errors by also accounting for wafer diameters and equivalent-wafer units.
Read article →Learn the differences between equipment orders, backlog, delivery, and revenue recognition in the order you would examine company disclosures. Explore how customer investment schedules and cancellation or modification terms affect equipment suppliers' earnings.
Read article →Semiconductor materials revenue depends on usage per process, material substitutions, and purchasing inventories as well as wafer starts. Calculations illustrate the different timing of equipment investment and materials consumption.
Read article →Understand packaging's interconnection and protection roles, then analyze product mix, utilization, and materials costs. Learn to distinguish higher package prices from actual profitability improvements.
Read article →Break down semiconductor testing revenue into chip shipments, test time, and the number of devices tested in parallel. Learn how test equipment sales differ from testing services and how to calculate equipment throughput.
Read article →Locate advanced packaging bottlenecks across wafers, memory, substrates, assembly, and testing. Learn why expanding one stage may not increase final shipments and how to calculate the effect of capacity additions.
Read article →Assess EUV equipment economics through hourly throughput, available operating time, and usable good output. Examine how new equipment affects process costs and equipment suppliers' revenue.
Read article →Understand the inventory days formula and its limits for semiconductor analysis. Separate cost-of-revenue changes, inventory write-downs, and work-in-process mix to distinguish inventory normalization from an actual demand recovery.
Read article →Memory bit shipments measure total storage capacity sold. Learn to interpret revenue growth and supply growth by checking capacity per product, the gap between bit production and sales, and unit conversions.
Read article →Memory average selling prices combine changes in individual product prices with changes in the sales mix. Distinguish ASP per bit from ASP per product and calculate the effect of a higher share of expensive products.
Read article →Semiconductor capital spending covers buildings, production equipment, and process transitions, each with different timing for supply. Trace the path from investment announcements to depreciation and cash recovery.
Read article →Understand how fabless companies design and sell chips while outsourcing manufacturing, and connect production reservations, inventory, and R&D costs. Explore why cash flow and profitability can fluctuate despite limited factory investment.
Read article →Analyze AI chip power and cooling through energy per task, rack power, and facility efficiency. Learn when chip performance improvements reduce data center costs and which units to use in the calculations.
Read article →Analyze semiconductor customer concentration by separating direct buyers from end users. Connect revenue shares, receivables, and supply commitments, and calculate how lower orders from a specific customer affect earnings.
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