Wednesday, January 21, 2015

Clips from ASML's Earnings Presentation

I have yet to read the transcript of the ASML conference call but these clippings from the Earnings Presentation provide us with a few insights:

Memory spending ended this year with a bang.  Looks like the Korean memory manufacturers were pretty aggressive in Q4 of this year.   The Q4 '14 vs. Q3 '14 drop in IDM and Foundry purchases, as measured by End Use is striking - over 50% in both instances.   Extending this to other capital equipment players would suggest that good results are on tap for Lam Research and Applied Materials.     


Again, memory dominates the landscape in 2014.  705 million of the 2.225 billion spent on memory happened in Q4 or, 31% of 2014 spending by memory companies happened in the last quarter.  

While memory dominated actual spending in Q4, bookings shifted to the foundry sector.  The ramp of 14nm/16nm production   Flip-flop, flip-flop.

In the tech trade rags EUV gets a lot of attention even though it is unlikely it will be put to work before the 7nm node (even if then - see the earlier comments about thechatter from ISS).   In the interim, immersion lithography has much more work to do. 

The full presentation and some other bits are available at the ASML website:

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