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1、29November2017Americas/UnitedStatesEquityResearchSemiconductorDevicesSemiconductorsResearchAnalystsCOMMENTJohnW.Pitzer2125384610john.pitzer@credit-suisse.com2017CSTMTConferenceDay1RecapFarhanAhmad4152497929■BottomLine:DayOneoftheCSTMTConferenceincluded16farhan.ahmad@credit-
2、suisse.comSemiconductorpresentations,specifically1keynote(INTC),6CharlesKazarianpresentationsduringmarkethours(AMD,MXIM,MU,TXN,LRCX,QRVO)2125384160charles.kazarian@credit-suisse.comand9presentationsaftermarketclose(AMAT,XLNX,MLNX,ENTG,IFX,StevenJozkowskiAMKR,CDNS,AMS,ASML),
3、followedby5companydinners(MCHP,2123252685ASML,CY,SLAB,CAVM).HeadingintoWednesdaywehave2keynotessteven.r.jozkowski@credit-suisse.com(ADIandNVDA),8companiespresentingduringmarkethours(MCHP,DarrenChenCY,KLAC,DLG,MRVL,GLW,IDTI,NVDA),and4companiespresenting2123252658darren.chen@
4、credit-suisse.comaftermarketclose(SLAB,SIMO,MXL,TER).WewouldhighlighttheSamuelXiaofollowingkeytakeaways:21232537671)C4QTrackingAtLeastIn-Line:Companieswhopresentedonsamuel.xiao@credit-suisse.comTuesdayseemtobetrackingatleastin-linewithguidanceforC4Q.Asareminderthissubsetofc
5、ompaniesguidedC4Q80bpsaboveseasonal.Inaddition,aftermarketcloseMCHPreiteratedDecQguidanceof$992m/$1.35atthemidpointvs.CS/Streetat$992m/$1.35and$992m/$1.34respectively.2)Memory/SemiCapMostBullish:MemoryandSemiCapcompanieshadthemostbullishpresentations.WewouldhighlightthatAMA
6、TandLRCXmaintainedastrongoutlookfor2017/2018withpotentialupside,andINTChighlightedthatMemoryisbecomingcentraltocomputeintheDataCenter.WhileWFEistrackingtoall-timehighs,wecontinuetoargueforsustainabilityascapitalintensityisontherise.3)iPhoneXSuppliersMaintainingC1QSoft-Guida
7、nce:BothQRVOandAMKRreiteratedsoftguidanceforC1QtodeclineBETTERthanseasonaldrivenmostlybyiPhoneXramptiming,consistentwithexpectationsforpeakbuildsinC1Q–albeitvisibilitybeyondCNYremainsmuted.NoteStreetiscurrentlymodelingSemiC1QRev50bpsbelowseasonal.4)CyclicalDefense,SecularOf
8、fense:Despitedisti/sell-inleverageandpocketsofelevatedleadtimesandinventorylevels–
