Columbia Semiconductor and Technology ETF (ARCA: SEMI)

Ultime notizie per Columbia Semiconductor and Technology ETF (ARCA:SEMI)

Technology

Industrials

Under normal market conditions, the Fund invests at least 80% of its net assets in securities of semiconductor, semiconductor equipment and related technology companies (Semiconductor and Tech Companies). A company is considered a Semiconductor and Tech Company if, at the time of Fund investment, the company is categorized by the Global Industry Classification Standard (GICS) as within the semiconductor and semiconductor equipment industry or at least 50% of the companys revenues, sales, earnings or assets arises from or is dedicated to the design, development, manufacturing process, distribution or sale of semiconductors, other integrated circuits (ICs) or semiconductor equipment. A Semiconductor and Tech Company may also include a company that primarily internally sources/develops (versus purchasing from third parties) its own semiconductors, ICs or semiconductor equipment for its technology products.

Lam Research Corp

Semtech Corp

Broadcom (equity)

Nvidia Corp.

Goldman Financial Sq Prime Oblig

Applied Materials, Inc.

Analog Devices, Inc.

Nxp Semiconductors Nv

Marvell Technology Inc

Kla Corp.

Columbia Seligman Semiconductor and Technology ETF

Columbia Semiconductor and Technology ETF

ISH MSCI ACWI SE ETF

SEMITEC Corp

SemiLEDs Corp

Semidux (Cayman) Holding Ltd

Semilux International Ltd. - Ordinary Shares

Semilux International Ltd

SEMIRARA MNG & PWR CP by SEMIRARA MINING & POWER CORP.

Semirara Mining and Power Corp

Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) is ramping up its 2nm technology development at home and beyond despite odds ranging from geopolitical tensions to supply chain constraints to natural calamities like earthquakes and hurricanes.
The contract chipmaker&#8217;s 2nm technology commercialization at the new Baoshan plant in Hsinchu is still on track for 2025.
According to the supply chain, the price for Huguoshengshan 2nm wafers will be double that of the 4nm and 5nm wafers, exceeding $30,000, highlighting its moat translating into the pricing power, the Commercial Times <a target="_blank" href="https://www.ctee.com.tw/news/20241004700052-439901" rel="noreferrer noopener">reports</a>.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/10/41168777/whats-going-on-with-nvidia-stock-on-thursday" rel="noreferrer noopener">What&#8217;s Going On With Nvidia Stock On Thursday?</a>
The <a target="_blank" href="https://www.benzinga.com/news/24/10/41163500/whats-going-on-with-taiwan-semiconductor-sock-on-thursday" rel="noreferrer noopener">contract chipmaker&#8217;s advanced</a> manufacturing remains in high demand for artificial intelligence and smartphones, but it faces pressure from industry selloffs and supply issues.
Investments in foundries are substantial; research institutions estimate that 3nm process R&amp;D costs $4 billion to $5 billion, while building a 3nm factory costs at least $15 billion to $20 billion.
Taiwan Semiconductor eyes <a target="_blank" href="https://www.benzinga.com/government/24/10/41140484/taiwan-semiconductor-has-soared-96-but-geopolitical-risks-persist" rel="noreferrer noopener">2nm chip production</a> in at least&nbsp;2 US fabs it is constructing.&nbsp; It committed over $65 billion toward the Arizona facility. The company&#8217;s critical clients at its&nbsp;Arizona plant&nbsp;include Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Advanced Micro Devices, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), and Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), the Nikkei Asia <a target="_blank" href="https://asia.nikkei.com/Business/Tech/Semiconductors/TSMC-Amkor-to-bring-advanced-chip-packaging-to-U.S.-for-first-time#:~:text=The%20Taiwanese%20chip%20giant%20has,services%20from%20Amkor's%20planned%20facility." rel="noreferrer noopener">reports</a>.&nbsp;
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/04041034/newplot-4.png" alt="" class="wp-image-580135" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/04041034/newplot-4.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/04041034/newplot-4-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
The contract chipmaker recently <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41175342/amkor-and-tsmc-to-expand-partnership-and-collaborate-on-advanced-packaging-in-arizona" rel="noreferrer noopener">expanded its collaboration</a> with chip packaging and testing service provider Amkor Technology, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMKR#NASDAQ">AMKR</a>) to migrate advanced packaging and test capabilities to Arizona to tap the AI frenzy. Amkor told Nikkei Asia it would invest in a $2 billion chip packaging and testing facility in Peoria, Arizona.
Taiwan Semiconductor and Amkor will jointly develop CoWoS (Chip on Wafer on Substrate) and Integrated Fan-Out (InFO).
Nvidia leverages Taiwan Semiconductor&#8217;s CoWoS chip packaging technology to boost computing power for its high-performance graphics processors. Apple employed InFO chip packaging tech for processors in its iPhone and Macbook core chips.
Taiwan Semiconductor stock is up over 107% in the last 12 months.
Investors can gain exposure to the semiconductor ETFs through EA Series Trust Strive US Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHOC#NYSE">SHOC</a>) and Columbia Semiconductor and Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SEMI#NYSE">SEMI</a>).
Price Action:&nbsp;TSM stock is down 0.21% at $179.10 premarket at last check Friday.
Also Read:
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41146507/apples-iphone-16-series-leads-growth-but-high-end-model-preference-declines-analyst" target="_blank" rel="noreferrer noopener">Apple&#8217;s iPhone 16 Series Leads Growth, But High-End Model Preference Declines: Analyst</a></li>
</ul>
Photo by wakamatsu.h via Shutterstock

News

Emerging Markets

Tech

Media

AAPL

AMKR

NVDA

SEMI

EA Series Trust Strive U.S. Semiconductor ETF

SHOC

What's Going On With Taiwan Semiconductor Stock On Friday?

Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) chief Lisa Su shared insight into the prospects of graphics processing units (GPUs) in the near term, almost to the extent of taking a dig at&nbsp;rival Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and hyperscalers like Amazon.com&nbsp;Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) and Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google.
As AI models become more standardized, there&#8217;s potential to create custom chips that offer greater energy efficiency, smaller sizes, and lower costs.
According to the WSJ <a target="_blank" href="https://www.wsj.com/articles/as-ai-matures-chip-industry-will-look-beyond-gpus-amd-chief-says-fec6776a" rel="noreferrer noopener">report</a>, Su highlighted this opportunity, noting that while GPUs remain the top choice for large language models due to their efficiency in parallel processing, the future will likely see a shift toward a broader range of chip architectures.
Also Read: <a target="_blank" href="https://www.benzinga.com/government/24/09/40938590/whats-going-on-with-ai-related-stocks-nvidia-amd-broadcom-and-super-micro-on-thursday" rel="noreferrer noopener">Nvidia, AMD, and Broadcom Stocks Jump, Fed Rate Cut Boosts AI Chip Sector</a>
Recent reports indicated AMD focusing on the mainstream and mid-range GPUs, <a target="_blank" href="https://www.benzinga.com/news/24/09/40820316/amd-gains-ground-in-ai-chip-market-oracle-exec-confirms-growing-demand-report" rel="noreferrer noopener">ditching the premium</a> gaming GPU market led by Nvidia.&nbsp;
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23063147/newplot-18.png" alt="" class="wp-image-560748" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23063147/newplot-18.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23063147/newplot-18-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Nvidia GPUs, designed for gaming graphics, have been instrumental in helping the company reach a trillion-dollar valuation and counting.
Tech investor James Anderson&nbsp;expects Nvidia&nbsp;to reach a market cap of $50 trillion <a target="_blank" href="https://www.benzinga.com/government/24/07/39790359/whats-going-on-with-nvidia-stock-on-tuesday" rel="noreferrer noopener">within&nbsp;the next decade</a>. JPMorgan analyst Harlan Sur&nbsp;expects AMD&#8217;s revenue from data center GPUs to grow&nbsp;by&nbsp;$5 billion&nbsp;in the current&nbsp;fiscal.
Su emphasizes that the future of AI computing will involve a combination of different chip types, including GPUs and new specialized chips.
For context, large cloud providers like&nbsp;Amazon and Google have developed their custom AI chips for internal use.
Rival hyperscalers, including Oracle Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) and&nbsp;Amazon, have been collaborating lately, which BofA Securities analyst Justin Post&nbsp;expects to unlock demand for infrastructure and applications, implying <a target="_blank" href="https://www.benzinga.com/news/24/09/40820316/amd-gains-ground-in-ai-chip-market-oracle-exec-confirms-growing-demand-report" rel="noreferrer noopener">higher demand for AI chips</a>.
AMD stock gained over 60% in the last 12 months versus Nvidia&#8217;s 175%.
Investors can gain exposure to the semiconductor sector through First Trust Nasdaq Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXL#NASDAQ">FTXL</a>) and Columbia Semiconductor and Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SEMI#NYSE">SEMI</a>).
Price Actions: AMD stock is up 0.28% at $156.39 premarket at the last check Monday.
Photo courtesy of AMD

AMZN

FTXL

GOOG

GOOGL

ORCL

AMD Chief Predicts Custom Chips Will Outperform GPUs, Sees Shift in AI Chip Demand: Report

Marvell Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>) shares are trading lower today. 
The company introduced its Structera line of Compute Express Link (CXL) devices, designed to address memory performance and scaling challenges in general-purpose <a href="https://www.benzinga.com/pressreleases/24/07/n40037355/marvell-introduces-breakthrough-structera-cxl-product-line-to-address-server-memory-bandwidth-and-" target="_blank" rel="noreferrer noopener">servers for cloud data centers</a>.
To tackle memory-intensive applications, data centers often add extra servers to increase memory bandwidth and capacity, which can lead to inefficiencies as additional computing power remains underutilized. The CXL industry-standard solves this by allowing new architectures to efficiently expand the memory of general-purpose servers.
Bob Wheeler, principal analyst at Wheeler&#8217;s Network stated, &#8220;Marvell has developed a long-term vision for CXL that capitalizes on this diversity of uses and will encourage hyperscalers and others to adopt CXL to scale the so-called memory wall.&#8221;
Raghib Hussain, president of products and technologies, said, &#8220;Our new Structera CXL product line will be a game-changer in enabling optimal resource utilization and lowering energy consumption for scaling memory-intensive workloads in the cloud.&#8221;
&#8220;Marvell is delivering on the promise of CXL and our commitment to customers to help them solve their most challenging issues. CXL will continue to be a critical technology enabler for accelerated infrastructure across our compute, connectivity and storage portfolios,&#8221; Hussain added.
&#8220;Marvell is an important CXL ecosystem partner to Micron, and our work together will help advance the adoption of memory expansion in the industry. Our collaboration on memory interoperability will enable flexible and scalable memory resources to match increasing processor core counts and data-intensive workloads,&#8221; said Vijay Nain, senior director of CXL Product Management at Micron. 
This week, Marvell announces the Teralynx 10 Ethernet switch device is in volume production <a target="_blank" href="https://www.benzinga.com/news/24/07/39967397/whats-going-on-with-marvell-stock" rel="noreferrer noopener">with customer deployments underway</a>.
Investors can gain exposure to the stock via Spear Alpha ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPRX#NASDAQ">SPRX</a>) and Columbia ETF Trust I Columbia Seligman Semiconductor And Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SEMI#NYSE">SEMI</a>).
MRVL Price Action: Marvell Technologies shares are down 1.52% at $63.50 at the last check Tuesday.
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/06/39527484/marvells-new-digital-signal-processor-technology-enhances-ai-data-centers" target="_blank" rel="noreferrer noopener">Marvell&#8217;s New Digital Signal Processor Technology Enhances AI Data Centers</a></li>
</ul>
Photo: Shutterstock

Equities

Large Cap

Movers

MRVL

SPRX

What's Going On With Marvell Stock Tuesday?

Rosenblatt analyst Hans Mosesmann reiterated a Buy rating on Arm Holdings Plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>) with a <a target="_blank" href="https://www.benzinga.com/quote/ARM/analyst-ratings" rel="noreferrer noopener">price target of $180</a>. The stock is trading higher on Monday.
Mosesmann considers the stock a top secular pick alongside Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>).
The analyst noted that the positive ARM PC and overall compute themes showcased last week at Computex in Taiwan will benefit the increasing pervasiveness of the company&#8217;s IP in the future.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/06/39170072/nvidia-amd-chips-to-get-dearer-as-taiwan-semi-eyes-ai-chip-price-hike" rel="noreferrer noopener">Nvidia, AMD Chips To Get Dearer as Taiwan Semi Eyes AI Chip Price Hike</a>
In this note, the analyst adjusted his licensing revenues in the out-quarters to better align with revenue recognition timing, but his full-year fiscal 2025 sales and adjusted EPS estimates remain unchanged.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/10125431/newplot-22.png" alt="" class="wp-image-380198" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/10125431/newplot-22.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/10125431/newplot-22-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Prior reports indicated CEO Rene Haas&#8217; <a target="_blank" href="https://www.benzinga.com/news/24/06/39157897/whats-going-on-with-arm-holdings-stock-tuesday" rel="noreferrer noopener">ambition to win</a> over 50% of the Windows PC market within five years following Microsoft Corp&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>)&nbsp;plans to launch a new generation of AI-enhanced PCs leveraging Arm&#8217;s technology.
Arm stock gained 120% in the last 12 months. Investors can gain exposure to the semiconductor sector via&nbsp;EA Series Trust Strive U.S. Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHOC#NYSE">SHOC</a>) and Columbia ETF Trust I Columbia Seligman Semiconductor And Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SEMI#NYSE">SEMI</a>).
ARM&nbsp;Price Action:&nbsp;Arm shares traded higher by 2.78% to $140.40 at the last check Monday.
Also Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39168191/nvidia-maintains-lead-as-key-ai-beneficiary-analyst-boosts-estimates-after-taiwan-e" target="_blank" rel="noreferrer noopener">Nvidia Maintains Lead As Key AI beneficiary, Analyst Boosts Estimates After Taiwan Event</a>
Photo via Wikimedia Commons

Price Target

Reiteration

Analyst Ratings

Trading Ideas

MSFT

Arm Is A Top Secular Pick Along With Nvidia: Analyst

STMicroelectronics NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STM#NYSE">STM</a>) and Geely Auto Group have signed a long-term Silicon Carbide (SiC) supply agreement to enhance their <a target="_blank" href="https://www.benzinga.com/pressreleases/24/06/g39151534/geely-auto-gears-up-nev-transformation-and-innovation-with-long-term-sic-supply-agreement-and-join" rel="noreferrer noopener">collaboration on SiC devices</a>. The chipmaker&#8217;s stock price gained after the update.
STMicroelectronics will provide SiC power devices for Geely&#8217;s mid-to-high-end battery electric vehicles, improving performance, charging speeds, and driving range.
They also established a joint lab to develop solutions for automotive electronics, advanced driver assistance systems, and new energy vehicles.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/05/39037776/amd-grabs-33-of-server-cpu-market-and-prepares-for-major-processor-launch-report" rel="noreferrer noopener">AMD Grabs 33% of Server CPU Market and Prepares for Major Processor Launch: Report</a>
Geely has adopted ST&#8217;s third-generation SiC MOSFET devices in its electric traction inverters, which are critical components in electric powertrains.
The partnership aims to accelerate innovation and boost both companies&#8217; positions in the electric vehicle market.
Geely Auto sold 1.68 million vehicles in 2023, with NEV sales reaching 480,000 units, up 48% year-on-year.
In April, STMicroelectronics reported&nbsp;a <a target="_blank" href="https://www.benzinga.com/news/earnings/24/04/38430303/not-all-chipmakers-are-doing-great-stmicroelectronics-lowers-annual-outlook-after-q1-performance" rel="noreferrer noopener">fiscal first-quarter 2024</a> revenue decrease of 18.4% year-on-year to $3.47 billion, missing the&nbsp;analyst consensus estimate of $3.62 billion, driven by lower revenues in the Automotive and Industrial segments.&nbsp;EPS of $0.54 missed the&nbsp;analyst consensus estimate of $0.59.
The company issued cautious outlooks for its second quarter and fiscal 2024.
STMicroelectronics&nbsp;stock lost over 5% in the last 12 months. Investors can gain exposure to the stock via Return Stacked Bonds &amp; Managed Futures ETF Veridien Climate Action ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLIA#NYSE">CLIA</a>) and Columbia ETF Trust I Columbia Seligman Semiconductor And Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SEMI#NYSE">SEMI</a>).
Price Action: STM shares are trading higher by 2.13% at $42.87 at&nbsp;the last check on Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

CLIA

STMicroelectronics Stock Gains After EV Deal With Geely Auto - What's Going On?

Piper Sandler analyst Harsh V. Kumar <a href="https://www.benzinga.com/quote/MCHP/analyst-ratings">reiterated a Neutral rating</a> on Microchip Technology Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHP#NASDAQ">MCHP</a>) with a price target of $80 on April 26.
The re-rating reflected the timing of a potential macro recovery.
Kumar noted that the company is continuing the inventory-clearing process and positioning itself for a recovery in the second half of the year for most of its business.&nbsp;
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38278467/marvell-analyst-tags-stock-as-top-pick-for-ai-boom-predicts-significant-industry-upswing" rel="noreferrer noopener">Marvell Analyst Tags Stock as Top Pick for AI Boom, Predicts Significant Industry Upswing</a>
Specifically, inventory clearances are progressing in the auto and industrial industries, and management is seeing green shoots in these markets.&nbsp;
The analyst noted that management intends to significantly undership demand at this time in order to reduce inventory across its channels. According to comments made within the quarter, MCHP still anticipates revenue to remain roughly flat as they enter the guidance for the second calendar quarter.
The inventory recovery, coupled with the operating expenditure actions, positions MCHP's model to benefit when demand trends swing up post-inventory clearances, according to Kumar. On the gross margin side, the company is adjusting its utilization accordingly due to the magnitude and sharpness of the downturn.
Kumar said that in the longer term, the company remains steadfast in aspiring to reach 68% gross margin levels along with 45% operating margins. The current margin levels are artificially low due to the current cycle, and the company is set to achieve increased leverage, as per the analyst. He said that margin recovery should be driven by mix and utilization improvements as revenue growth resumes.
&nbsp;The analyst highlighted that despite the downtrend in the business and demand outlook, Microchip is continuing to keep capex for the overall business at historical levels. Additionally, per media reports, the company has also won ~$162 million in a grant through the CHIPS Act. Kumar noted that this capex spend will position MCHP well for the next business cycle after the inventory recovery.&nbsp;
Kumar projected fourth-quarter revenue and EPS of $1.33 billion and $0.57.
Microchip Technology stock gained over 24% in the last 12 months. Investors can gain exposure to the stock via&nbsp;Columbia ETF Trust I Columbia Seligman Semiconductor And Technology ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SEMI#NYSE">SEMI</a>) and&nbsp;First Trust Nasdaq Semiconductor ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXL#NASDAQ">FTXL</a>).
Price Action: MCHP shares are down 0.16% at $93.45 premarket at the last check Monday.
Now Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38488420/broadcom-marvell-set-to-capitalize-on-ai-investments-from-microsoft-alphabet-meta-j">Broadcom, Marvell Set To Capitalize On AI Investments From Microsoft, Alphabet, Meta: JPMorgan</a>
Image generated using artificial intelligence via Midjourney.

MCHP

Microchip Technology's Path To Recovery: Analyst Sees Steady Margins With Ongoing Inventory Management

Benchmark&nbsp;analyst Mark Miller upgraded&nbsp;Western Digital Corp&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>) from Hold to Buy and a&nbsp;<a target="_blank" href="https://www.benzinga.com/quote/WDC/analyst-ratings" rel="noreferrer noopener">$85&nbsp;price target</a>.
Miller said Western Digital produced&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/04/38447222/western-digital-q3-earnings-revenue-beat-higher-asp-upbeat-q4-guidance-and-more" rel="noreferrer noopener">significant upside results</a>, driven by improving flash pricing and nearline drive sales.&nbsp;
He noted continued improvements in NAND pricing and Nearline sales as 2024 progresses.&nbsp;
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37968399/western-digital-poised-for-breakout-analyst-sees-10-estimate-beat-and-powerful-nand" rel="noreferrer noopener">Western Digital Poised For Breakout, Analyst Sees 10% Estimate Beat And Powerful NAND&nbsp;Recovery</a>
Miller now projects fiscal 2025 adjusted EPS of $6.84 on sales of $16.5 billion.&nbsp;
Western Digital's third-quarter adjusted EPS of $0.63 was an upside to investor expectations by $0.58, while sales of $3.46 billion were $100 million above investor expectations, the analyst stated.
HDD sales were up 28.2% sequentially and 17.1% year over year to $1.75 billion. Improving nearline sales aided results driven by&nbsp;hyperscale&nbsp;customers. Shipments of 24 TB and 28 TB SMR drives represented 50% of Nearline shipments, he noted.
Driven by higher ASPs, flash sales grew by 2.4% sequentially to $1.71 billion and were up by 30.5% year over year. Miller added that&nbsp;NAND ASPs sequentially increased by 18% on both a like-for-like and blended basis.
Cloud sales were up 43.1% year over year and 27.2% year over year to $1.53 billion, representing 44% of total sales. HDD ASPs increased by $23 sequentially to $145. Miller said the sequential growth&nbsp;was attributed&nbsp;to higher Nearline shipments and better pricing.
Client sales grew by 4.6% year over year to $1.17 billion and by 20.4% sequentially, representing 34% of March quarter sales. An increase in flash ASPs was more than offset by a decline in flash shipments.&nbsp;
Miller said the Y/Y increase&nbsp;was driven&nbsp;by growth in both flash and HDD ASPs and flash bit shipments.
Consumer sales fell 13% sequentially to $0.73 billion but were up 17.2% year over year. Flash and HDD were down by approximately similar rates and in line with seasonality.&nbsp;Miller added that the year-over-year increase&nbsp;was driven&nbsp;by&nbsp;growth in&nbsp;flash bit shipments and ASPs.
March quarter adjusted gross margins were 29.3% versus 15.5% in&nbsp;the&nbsp;December&nbsp;quarter.&nbsp;HDD adjusted&nbsp;gross margins sequentially improved from 24.8% to 31.1%, while&nbsp;Flash adjusted&nbsp;gross margins&nbsp;sequentially&nbsp;improved&nbsp;from 7.9% to 27.4%.&nbsp;
Miller projected fourth-quarter revenue and EPS of $3.75 billion and $1.17.
Western Digital stock gained over 113% in the last 12 months.&nbsp;Investors can gain exposure to the stock via&nbsp;IShares Future&nbsp;Cloud 5G And Tech ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IDAT#NYSE">IDAT</a>) and&nbsp;Columbia ETF&nbsp;Trust I Columbia Seligman Semiconductor And Technology ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SEMI#NYSE">SEMI</a>).
Price Actions: WDC shares traded higher by 1.87% at $70.74 on the last check Friday. 
Photo via Wikimedia Commons

Upgrades

IDAT

Western Digital Analyst Highlights Growth in Nearline Drive and NAND Market Recovery, Upgrades Stock

STMicroelectronics NV&nbsp;(NYSE:&nbsp;STM) reported&nbsp;a first-quarter revenue decline of 18.4% year-on-year to $3.47 billion, missing the&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/g38421803/stmicroelectronics-reports-2024-first-quarter-financial-results" rel="noreferrer noopener">consensus of $3.62 billion</a>.&nbsp;EPS of $0.54 missed the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">consensus of $0.59</a>.
Sales to OEMs decreased by 11.5% Y/Y, and Distribution sales fell&nbsp;by 30.8% Y/Y.
Analog products, MEMS, and&nbsp;Sensors (AM&amp;S) segment revenue declined 13.1% Y/Y to $1.22 billion, mainly&nbsp;due to a decrease in MEMS and&nbsp;Imaging.
Power and&nbsp;Discrete&nbsp;products (P&amp;D) segment revenue decreased 9.8% Y/Y to $820 million mainly due to a decrease in&nbsp;Discrete.
Microcontrollers (MCU) segment revenue reduced 34.4% Y/Y to $950 million, mainly&nbsp;due to a decrease in GP MCU.
Digital&nbsp;ICs and RF products (D&amp;RF) segment revenue decreased 2.1%&nbsp;Y/Y&nbsp;to $475 million due to a decrease in ADAS.
Margins:&nbsp;The gross margin declined by 800 bps to 41.7%, mainly due to the combination of the sales price and product mix, unused capacity charges, and reduced manufacturing efficiencies. The operating margin decreased by 1,240 bps to 15.9%.
STMicroelectronics used $(134) million in free cash flow and held $6.24 billion in cash and equivalents as of March 30, 2024. It generated an operating cash flow of $859 million.
Jean-Marc Chery, ST President &amp; CEO, commented: &#8220;Q1 net revenues and gross margin both came in below the midpoint of our business outlook range, driven by lower revenues in Automotive and Industrial, partially offset by higher revenues in Personal Electronics.&#8221;
&#8220;During the quarter, Automotive semiconductor demand slowed down compared to our expectations, entering a deceleration phase, while the ongoing Industrial correction accelerated.&#8221;
Outlook: STMicroelectronics expects fiscal second-quarter 2024 revenue of $3.20 billion, a decrease of about 7.6% sequentially, plus or minus 350 bps (<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">consensus $3.80 billion</a>). The company expects a gross margin of 40.0%, plus or minus 200 bps.
It now expects fiscal 2024 revenue of $14 billion&nbsp;&#8211; $15&nbsp;billion (<a target="_blank" href="https://www.benzinga.com/news/earnings/24/01/36778747/auto-sales-q4-growth-for-stmicroelectronics-more-than-offset-by-sensors-decline-expects-to-spill-ov" rel="noreferrer noopener">prior $15.9 billion&nbsp;– $16.9&nbsp;billion</a>) versus consensus of $16.12 billion and a gross margin in the low 40% (prior low to mid-40%).
For 2024, the company maintained a $2.5 billion net Capex outlook.&nbsp;
STMicroelectronics&nbsp;stock lost 7% in the last 12 months. Investors can gain exposure to the stock via&nbsp;Return Stacked Bonds &amp; Managed Futures ETF Veridien Climate Action ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLIA#NYSE">CLIA</a>) and&nbsp;Columbia ETF Trust I Columbia Seligman Semiconductor And Technology ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SEMI#NYSE">SEMI</a>).
Price Action:&nbsp;STM shares are trading higher by 1.50% at $42.77 premarket at&nbsp;the last check on Thursday.

Earnings

Guidance

Not All Chipmakers Are Doing Great; STMicroelectronics Lowers Annual Outlook After Q1 Performance

STMicroelectronics N.V.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STM#NYSE">STM</a>) inked a ten-year Power Purchase Agreement (PPA) with Centrica plc (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CPYYY#OTC">CPYYY</a>) unit Centrica Energy Trading A/S to supply renewable energy to its operations in Italy,&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/g38195924/stmicroelectronics-and-centrica-energy-sign-long-term-agreement-for-the-supply-of-electricity-prod" rel="noreferrer noopener">starting January 2025</a>.&nbsp;
The agreement is based on the sale by Centrica Energy of around 61 GWh of renewable energy per year, produced by a new solar farm in Italy.&nbsp;
STMicroelectronics operates two high-volume semiconductor manufacturing sites in Agrate (near Milan) and Catania as well as multiple R&amp;D, design, and sales and marketing sites in Italy.
Geoff West, EVP and Chief Procurement Officer, said, &#8220;This second power purchasing agreement in Italy marks yet another important step towards ST&#8217;s goal of becoming carbon neutral in its operations (Scope 1 and 2 emissions, and partially scope 3) by 2027, including the sourcing of 100% renewable energy by 2027.&#8221;&nbsp;
&#8220;PPAs will play a major role in our transition. Starting in 2025, this PPA with Centrica will provide a significant level of renewable energy for ST&#8217;s operations in Italy, which includes R&amp;D, design, sales and marketing and large-volume chip manufacturing.&#8221;
In November, STM inked a fifteen-year PPA with&nbsp;ERG&nbsp;for the supply of renewable energy to its&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/23/11/35938470/semiconductor-firm-stmicroelectronics-pens-deal-with-erg-for-renewable-energy-supply-in-italy" rel="noreferrer noopener">operations in Italy during 2024-2038</a>.&nbsp;
The company will release its first quarter&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">2024 results on April 25, 2024</a>.
Investors can gain exposure to the stock via&nbsp;Return Stacked Bonds &amp; Managed Futures ETF Veridien Climate Action ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLIA#NYSE">CLIA</a>) and&nbsp;Columbia ETF Trust I Columbia Seligman Semiconductor And Technology ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SEMI#NYSE">SEMI</a>).
Price Action: STM shares are up 0.09% at $42.33 premarket on the last check Thursday.

Contracts

CPYYY

STMicroelectronics Flips the Switch on Sustainability With Another Renewable Energy Agreement In Italy

Evercore ISI&nbsp;Group analyst Amit Daryanani initiated coverage on&nbsp;Western Digital Corp&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>) with an Outperform rating and a&nbsp;<a target="_blank" href="https://www.benzinga.com/quote/WDC/analyst-ratings" rel="noreferrer noopener">price target of $80</a>.
The analyst found the company uniquely positioned to outperform, given a host of tailwinds that could drive a sizable upside to estimates (his estimates are ~10% higher vs. street).&nbsp;
While investors have been somewhat skeptical of the name, given it is &#8220;too complicated,&#8221; Daryanani expects the story to get &#8220;less complicated&#8221; over the next ~2-3 quarters as WDC&nbsp;<a target="_blank" href="https://www.benzinga.com//node/35488753" rel="noreferrer noopener">splits into two distinct assets.&nbsp;</a>
His analysis suggests that, on a sum-of-the-parts basis, the asset should be worth $80-85, though there could be some stranded costs that will diminish this number as details get flushed out.&nbsp;
Beyond that, WDC will see a confluence of cyclical HDD recovery as hyperscalers are done with nearline digestion, as per the analyst. WDC should see exabyte (EB) demand shift higher (30%+) over the next few quarters.&nbsp;
NAND recovery could be more sizable per the analyst as NAND capex has been down &gt;75% from the peak. At the same time, there is less talk about new entrants making the economics of a NAND recovery more powerful as utilization rates improve, node migrations shift out, and capex remains muted.&nbsp;
Gross margins should recover materially, he noted. Daryanani modeled gross margins on the HDD side should end up close to 33% vs. last quarter at 25%, and NAND gross margins get close to 33%+ in fiscal 2025 vs. 8% last quarter.&nbsp;
As pricing improves in NAND and, to a lesser extent, HDD, coupled with better utilization rates, it could have a sizable tailwind.&nbsp;
Over the next ~6 months, as details of the split and business models are clearer, it will unlock value here and drive the stock higher, as per Daryanani.&nbsp;
Investors underestimate WDC&#8217;s capacity to pay down debt over the next six months before the spin, enabling the HDD business to carry less debt than expected. The analyst added that this could result in a more robust than anticipated capital return program.&nbsp;
The stock has gained over 91% in the last 12 months. Investors can gain exposure to the stock via&nbsp;IShares Future Cloud 5G And Tech ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IDAT#NYSE">IDAT</a>) and&nbsp;Columbia ETF Trust I Columbia Seligman Semiconductor And Technology ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SEMI#NYSE">SEMI</a>).
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37244117/micron-seagate-western-digital-poised-for-upswing-driven-by-nand-price-surge-analys" rel="noreferrer noopener">Micron, Seagate, Western Digital Poised for Upswing, Driven by NAND Price Surge, Analyst Forecasts</a>
Price Actions:&nbsp;WDC shares traded lower by 1.17% at $67.36 on the last check Wednesday.&nbsp;

Analyst Color

Initiation

Western Digital Poised For Breakout, Analyst Sees 10% Estimate Beat And Powerful NAND Recovery

Lam Research Corp&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>) is reportedly exploring its supply chain diversification amid concerns over the impact of U.S. export controls on its&nbsp;<a target="_blank" href="https://www.benzinga.com/news/23/11/35844625/lam-research-asml-lead-surge-in-revenue-from-china-despite-us-trade-curbs" rel="noreferrer noopener">business operations in China</a>.&nbsp;
The company&#8217;s Group Vice President of Global Operations, Karthik Rammohan, visited Hanoi for discussions with Vietnam&#8217;s Prime Minister Pham Minh Chinh, during which the Vietnamese government encouraged Lam Research to commit $1 billion to local production efforts. This initiative is part of Vietnam&#8217;s push to become a more significant player in the semiconductor industry, the Nikkei Asia&nbsp;<a target="_blank" href="https://asia.nikkei.com/Business/Tech/Semiconductors/Lam-Research-eyes-Vietnam-chip-supply-chain-as-China-curbs-bite" rel="noreferrer noopener">reports</a>.
On its official website, the Vietnamese government disclosed plans for Lam Research to collaborate with Seojin, a South Korean company with production facilities in Bac Ninh and Bac Giang provinces—areas known for&nbsp;Samsung Electronics Co., Ltd.&#8217;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) extensive phone and semiconductor manufacturing activities.&nbsp;
Despite Seojin&#8217;s reluctance to confirm this partnership, the move signifies Lam Research&#8217;s strategic shift towards minimizing its reliance on China, which accounted for 26% of its income in 2023, a decrease from the previous year, the report added.
Lam Research acknowledged the adverse effects of U.S. export restrictions on its revenues, which could worsen. Despite sourcing materials from eight Vietnamese companies, including the Alibaba Group Holding Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>)-supported Masan conglomerate, Lam Research has no immediate plans for expansion in Vietnam. Meanwhile, in 2023, Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) reportedly <a href="https://www.benzinga.com/government/23/11/35637540/whats-going-on-with-intel-stock-tuesday" target="_blank" rel="noreferrer noopener">abandoned its plans</a> for further investment in Vietnam, attributing the decision to worries over power supply stability and excessive bureaucracy. 
Previously, industry experts proposed that China&#8217;s strategy of advancing existing orders to circumvent possible future export restrictions might not hold up over the medium term for Lam Research, which has significant exposure to the country. They warned that tighter export regulations could hinder China&#8217;s capacity to sustain its robust growth rates in semiconductor equipment acquisitions.
Previously,&nbsp;<a target="_blank" href="https://www.benzinga.com/news/23/10/35335386/lam-research-faces-analyst-scrutiny-over-near-term-margin-and-china-demand-uncertainties" rel="noreferrer noopener">analysts remained divided</a>&nbsp;about Lam Research&#8217;s China prospects. Some flagged possibilities of China&#8217;s demand to moderate in upcoming quarters, yet see Lam benefiting from its advances in foundry and logic sectors. At the same time, some expected the company&#8217;s strong performance in China could extend beyond the second half of 2024 into the third quarter, potentially sustaining Lam&#8217;s recovery, which was initiated in Q1.
The stock surged over 94% in the last 12 months. Investors can gain exposure to the stock via&nbsp;Columbia ETF Trust I Columbia Seligman Semiconductor And Technology ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SEMI#NYSE">SEMI</a>) and&nbsp;Pacer US Cash Cows Growth ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BUL#NYSE">BUL</a>).
Price Action:&nbsp;LRCX shares traded higher by 0.61% at $988.60 premarket on the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

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Lam Research Eyes Vietnam To Diversify Supply Chain Away From China: Report

Citigroup upgrades SunEdison Semiconductor (NASDAQ: <a class="ticker" href="/stock/semi#NASDAQ">SEMI</a>) from Sell to Neutral and raises the price target from $5.50 to $12.00.

Citigroup Upgrades SunEdison Semiconductor to Neutral, Raises PT to $12.00, Cites GlobalWafers Buyout As Driver Of Upgrade

Macquarie downgrades SunEdison Semiconductor (NASDAQ: <a class="ticker" href="/stock/semi#NASDAQ">SEMI</a>) from Outperform to Neutral.

Downgrades

Macquarie Downgrades SunEdison Semiconductor to Neutral

Summit Research maintains SunEdison Semiconductor (NASDAQ: <a class="ticker" href="/stock/semi#NASDAQ">SEMI</a>) with a Hold and lowers the price target from $10.00 to $7.50.

Summit Research Maintains Hold on SunEdison Semiconductor, Lowers PT to $7.50

Goldman Sachs upgrades SunEdison Semiconductor (NASDAQ: <a class="ticker" href="/stock/semi#NASDAQ">SEMI</a>) from Sell to Neutral and lowers the price target from $5.00 to $3.80.

Goldman Sachs Upgrades SunEdison Semiconductor to Neutral, Lowers PT to $3.80

Citigroup downgrades SunEdison Semiconductor (NASDAQ: <a class="ticker" href="/stock/semi#NASDAQ">SEMI</a>) from Neutral to Sell.

Citigroup Downgrades SunEdison Semiconductor to Sell

Goldman Sachs downgrades SunEdison Semiconductor (NASDAQ: <a class="ticker" href="/stock/semi#NASDAQ">SEMI</a>) from Neutral to Sell.

Goldman Sachs Downgrades SunEdison Semiconductor to Sell

SunEdison Semiconductor Limited (Nasdaq: <a class="ticker" href="/stock/semi#Nasdaq">SEMI</a>) announced Wednesday, the pricing of an underwritten public offering of 15,935,828 ordinary shares on behalf of selling shareholders at a price to the public of $18.25 per share. SunEdison Semiconductor Limited will not receive any of the proceeds from the sale of the ordinary shares. The offering is expected to close July 1, 2015, subject to customary closing conditions.
	Deutsche Bank Securities Inc. and Goldman, Sachs &amp; Co. are acting as lead book-running managers for the offering. Barclays Capital Inc., Credit Suisse Securities (USA) LLC and Morgan Stanley &amp; Co. LLC are also serving as book-running managers for the offering.
	A registration statement relating to this offering was filed and declared effective by the Securities and Exchange Commission. The offering of these securities will be made only by means of a written prospectus supplement and base prospectus, copies of which may be obtained from: Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York, NY 10005-2836, telephone: (800) 503-4611, email: <a href="mailto:prospectus.cpdg@db.com">prospectus.cpdg@db.com</a> or Goldman, Sachs &amp; Co., Attention: Prospectus Department, 200 West Street, New York, NY 10282, telephone: (866) 471-2526, email: prospectus-ny@gs.com; Barclays Capital Inc., c/o Broadridge
 <a href="http://www.benzinga.com/pressreleases/15/06/g5623116/sunedison-semiconductor-limited-announces-pricing-of-public-offering-by">See full press release</a>

Offerings

SunEdison Semiconductor Prices ~15.935M Share Offering by Selling Shareholders @$18.25/Share

Citigroup downgrades SunEdison Semiconductor (NASDAQ: <a class="ticker" href="/stock/semi#NASDAQ">SEMI</a>) from Buy to Neutral and lowers the price target from $27.00 to $22.00.

Citigroup Downgrades SunEdison Semiconductor to Neutral, Lowers PT to $22.00

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Columbia Threadneedle Investments Launches Two Actively Managed Fixed Income ETFs

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