Investment bank Morgan Stanley has estimated that an astonishing 77% of all globally produced silicon wafers dedicated to AI accelerators will be consumed by none other than NVIDIA. Often, investment research by large investment banks like Morgan Stanley includes information from the semiconductor supply chain, which is constantly expanding to meet NVIDIA's demands. When looking at wafer volume for AI accelerators, it is estimated that in 2024, NVIDIA captured nearly 51% of wafer consumption for its chips, more than half of all demand. With NVIDIA's volume projected to grow to 77%, this represents more than a 50% year-over-year increase, which is incredible for a company of NVIDIA's size. Right now, NVIDIA is phasing out its H100 accelerators in favor of Blackwell 100/200 and the upcoming 300 series of GPUs paired with Grace CPUs.

NVIDIA is accelerating its product deployment timeline and investing a lot in its internal research and development. Morgan Stanley also projects that NVIDIA will invest almost $16 billion in its R&D budget, enough to endure four to five years of development cycles running three design teams sequentially and still delivering new products on an 18-24 month cadence. The scale of this efficiency and development rivals everyone else in the industry. With all this praise, NVIDIA's Q4 revenue report is coming in exactly a week on February 26, so we have to see what its CEO, Jensen Huang, will deliver and show some estimates for the coming months.

The telecom industry's efforts to drive efficiencies with AI are beginning to show fruit. An increasing focus on deploying AI into radio access networks (RANs) was among the key findings of NVIDIA's third annual "State of AI in Telecommunications" survey, as more than a third of respondents indicated they're investing or planning to invest in AI-RAN.

The survey polled more than 450 telecommunications professionals worldwide, revealing continued momentum for AI adoption—including growth in generative AI use cases—and how the technology is helping optimize customer experiences and increase employee productivity. Of the telecommunications professionals surveyed, almost all stated that their company is actively deploying or assessing AI projects.

ASE Technology Holding Co., Ltd., the leading provider of semiconductor assembly and testing services ("ATM") and the provider of electronic manufacturing services ("EMS"), today reported its unaudited net revenues of NT$162,264 million for 4Q24, up by 1.0% year-over-year and up by 1.3% sequentially. Net income attributable to shareholders of the parent for the quarter totaled NT9,312 million, down from NT$9,392 million in 4Q23 and down from NT$9,733 million in 3Q24. Basic earnings per share for the quarter were NT$2.15 (or US$0.134 per ADS), compared to NT$2.18 for 4Q23 and NT$2.25 for 3Q24. Diluted earnings per share for the quarter were NT$2.07 (or US$0.129 per ADS), compared to NT$2.13 for 4Q23 and NT$2.18 for 3Q24.

For the full year of 2024, the Company reported unaudited net revenues of NT$595,410 million and net income attributable to shareholders of the parent of NT$32,483 million. Basic earnings per share for the full year of 2024 were NT$7.52 (or US$0.470 per ADS). Diluted earnings per share for the full year of 2024 were NT$7.23 (or US$0.452 per ADS).

GlobalFoundries Inc. (GF), today announced preliminary financial results for the fourth quarter and fiscal year ended December 31, 2024.

"In the fourth quarter, the GF team delivered solid financial results that exceeded the Non-IFRS midpoint of the guidance ranges we provided in our November earnings release," said Dr. Thomas Caulfield, President and CEO of GF. "2024 presented a unique set of challenges for our industry, but thanks to our focus on operational excellence, we generated over $1 billion of Non-IFRS adjusted free cash flow. As we look to 2025, we are encouraged by our strong design win momentum across our end markets and product portfolio as we position GF for a growth year."

The Semiconductor Industry Association (SIA) today announced global semiconductor sales hit $627.6 billion in 2024, an increase of 19.1% compared to the 2023 total of $526.8 billion. Additionally, fourth-quarter sales of $170.9 billion were 17.1% more than the fourth quarter of 2023, and 3.0% higher than the third quarter of 2024. And global sales for the month of December 2024 were $57.0 billion, a decrease of 1.2% compared to the November 2024 total. Monthly sales are compiled by the World Semiconductor Trade Statistics (WSTS) organization and represent a three-month moving average. SIA represents 99% of the U.S. semiconductor industry by revenue and nearly two-thirds of non-U.S. chip firms.

"The global semiconductor market experienced its highest-ever sales year in 2024, topping $600 billion in annual sales for the first time, and double-digit market growth is projected for 2025," said John Neuffer, SIA president and CEO. "Semiconductors enable virtually all modern technologies - including medical devices, communications, defense applications, AI, advanced transportation, and countless others - and the long-term industry outlook is incredibly strong."

AMD today announced financial results for the fourth quarter and full year of 2024. Fourth quarter revenue was a record $7.7 billion, gross margin was 51%, operating income was $871 million, net income was $482 million and diluted earnings per share was $0.29. On a non-GAAP basis, gross margin was 54%, operating income was a record $2.0 billion, net income was a record $1.8 billion and diluted earnings per share was $1.09.

For the full year 2024, AMD reported record revenue of $25.8 billion, gross margin of 49%, operating income of $1.9 billion, net income of $1.6 billion, and diluted earnings per share of $1.00. On a non-GAAP basis, gross margin was a record 53%, operating income was $6.1 billion, net income was $5.4 billion and diluted earnings per share was $3.31.

Report with market evolution powered by AI—The global artificial intelligence (AI) chips market size is estimated to grow by USD 902.6 billion from 2025-2029, according to Technavio. The market is estimated to grow at a CAGR of over 81.2% during the forecast period. Increased focus on developing AI chips for smartphones is driving market growth, with a trend towards convergence of AI and IoT. However, dearth of technically skilled workers for ai chips development poses a challenge. Key market players include Advanced Micro Devices Inc., Baidu Inc., Broadcom Inc., Cerebras, Fujitsu Ltd., Google LLC, Graphcore Ltd., Huawei Technologies Co. Ltd., Intel Corp., International Business Machines Corp., MediaTek Inc., Microchip Technology Inc., NVIDIA Corp., NXP Semiconductors NV, Qualcomm Inc., SambaNova Systems Inc., Samsung Electronics Co. Ltd., SenseTime Group Inc., Taiwan Semiconductor Manufacturing Co. Ltd., and Tesla Inc.

Apple is off to a great start in 2025, thanks to a record-breaking fourth quarter. Net revenue soared to a whopping $124.3 billion - the highest ever for the Cupertino giant - with iPhones driving 55.6% of revenue. Macs and iPads, as usual, appear to be a drop in the bucket compared to iPhones, with $8.98 and $8.088 billion in net sales respectively. Services witnessed commendable growth, adding $26.34 billion to Apple's pile.

Of course, this does not mean that the grass is all green for the company. Apple Intelligence witnessed a tumultuous launch, suffering from multiple setbacks and lukewarm reviews. Tim Cook does believe that there is still a lot of innovation on the table for the iPhone, which he revealed in a recent interview. Considering that the company is widely rumored to be preparing a major redesign for the iPhone, along with a brand-new Air/Slim variant, it does appear that this year will turn out to be quite an interesting one for iPhone enthusiasts.

Samsung Electronics today reported financial results for the fourth quarter and the fiscal year 2024. The Company posted KRW 75.8 trillion in consolidated revenue and KRW 6.5 trillion in operating profit in the quarter ended December 31, 2024. For the full year, it reported KRW 300.9 trillion in annual revenue and KRW 32.7 trillion in operating profit.

Although fourth quarter revenue and operating profit decreased on a quarter-on-quarter (QoQ) basis, annual revenue reached the second-highest on record, surpassed only in 2022. Meanwhile, operating profit was down KRW 2.7 trillion QoQ, due to soft market conditions especially for IT products, and an increase in expenditures including R&D. In the first quarter of 2025, while overall earnings improvement may be limited due to weakness in the semiconductors business, the Company aims to pursue growth through increased sales of smartphones with differentiated AI experiences, as well as premium products in the Device eXperience (DX) Division.

Intel Corporation today reported fourth-quarter and full-year 2024 financial results. "The fourth quarter was a positive step forward as we delivered revenue, gross margin and EPS above our guidance," said Michelle Johnston Holthaus, interim co-CEO of Intel and CEO of Intel Products. "Our renewed focus on strengthening and simplifying our product portfolio, combined with continued progress on our process roadmap, is positioning us to better serve the needs of our customers. Dave and I are taking actions to enhance our competitive position and create shareholder value."

"The cost reduction plan we announced last year to improve the trajectory of the company is having an impact," said David Zinsner, interim co-CEO and chief financial officer of Intel. "We are fostering a culture of efficiency across the business while driving toward greater returns on our invested capital and improved profitability. Our Q1 outlook reflects seasonal weakness magnified by macro uncertainties, further inventory digestion and competitive dynamics. We will remain highly focused on execution to build on our progress and unlock value."

Western Digital Corp. today reported fiscal second quarter 2025 financial results.

"As we finalize the separation of our businesses, we are confident that both Western Digital and Sandisk will continue driving innovation and providing compelling storage solutions to customers while delivering long-term shareholder value," said David Goeckeler, Western Digital CEO. "We expect that our strong performance in HDD and our strategic approach to managing our Flash business within the New Era of NAND will allow each company to capture the growing demand for storage driven by the AI Data Cycle."

Microsoft Corp. today announced the following results for the quarter ended December 31, 2024, as compared to the corresponding period of last fiscal year:

• Revenue was $69.6 billion and increased 12%
• Operating income was $31.7 billion and increased 17% (up 16% in constant currency)
• Net income was $24.1 billion and increased 10%
• Diluted earnings per share was $3.23 and increased 10%

"We are innovating across our tech stack and helping customers unlock the full ROI of AI to capture the massive opportunity ahead," said Satya Nadella, chairman and chief executive officer of Microsoft. "Already, our AI business has surpassed an annual revenue run rate of $13 billion, up 175% year-over-year."

Today, ASML Holding NV (ASML) has published its 2024 fourth-quarter and full-year results.

• Q4 total net sales of €9.3 billion, gross margin of 51.7%, net income of €2.7 billion
• Quarterly net bookings in Q4 of €7.1 billion of which €3.0 billion is EUV
• 2024 total net sales of €28.3 billion, gross margin of 51.3%, net income of €7.6 billion
• ASML expects Q1 2025 total net sales between €7.5 billion and €8.0 billion, and a gross margin between 52% and 53%
• ASML expects 2025 total net sales to be between €30 billion and €35 billion, with a gross margin between 51% and 53%

CEO statement and outlook
"Our fourth-quarter was a record in terms of revenue, with total net sales coming in at €9.3 billion, and a gross margin of 51.7%, both above our guidance. This was primarily driven by additional upgrades. We also recognized revenue on two High NA EUV systems. We shipped a third High NA EUV system to a customer in the fourth quarter.

Logitech International today announced financial results for the third quarter of Fiscal Year 2025. "We're excited to deliver strong, profitable growth once again, in our biggest quarter of the year," said Hanneke Faber, Logitech chief executive officer. "Our growth was driven by our strategic priorities. We delivered superior innovation. Gaming sales were near pandemic-high levels, thanks to an outstanding set of innovations launched ahead of the holidays. We delivered near record sales in our premium Pro Gaming and MX portfolios. Logitech for Business made excellent progress. And our teams fielded effective marketing campaigns and excellent holiday retail execution to drive broad-based geographic progress."

"Q3 marks another disciplined quarter," said Matteo Anversa, Logitech chief financial officer. "Thanks to our strong operational performance, we again delivered year-over-year expansion of gross margin. While we expect fourth quarter currency headwinds, the strong demand in the third quarter and the continued promotional and operational discipline of our teams give us confidence about the trajectory of our business, and we are increasing our full-year outlook."

SK hynix Inc. announced today that it recorded best-ever yearly performance with 66.1930 trillion won in revenues, 23.4673 trillion won in operating profit (with an operating margin of 35%), and 19.7969 trillion won in net profit (with a net margin of 30%). Yearly revenues marked all-time high, exceeding the previous record in 2022 by over 21 trillion won and operating profit exceeded the record in 2018 during the semiconductor super boom.

In particular, fourth quarter revenues went up by 12% to 19.7670 trillion won, operating profit up 15% to 8.0828 trillion won (with an operating margin of 41%) from the previous quarter and net profit recorded 8.0065 trillion won (with a net margin of 41%). SK hynix emphasized that with prolonged strong demand for AI memory, the company achieved all-time high result through world-leading HBM technology and profitability-oriented operation. HBM continued its high growth in fourth quarter marking over 40% of total DRAM revenue and eSSD also showed constant increase in sales. With remarkable product competitiveness based profitability-oriented operation, the company established a stable financial condition which led to improved outcome.

Seagate Technology Holdings plc (the "Company" or "Seagate"), a leading innovator of mass-capacity data storage, today reported financial results for its fiscal second quarter ended December 27, 2024. "Seagate ended calendar 2024 on a strong note as we grew revenue, gross margin and non-GAAP EPS successively in each quarter of the year.

Our results demonstrate structural improvements in the business and our focus on value capture in an improving demand environment, highlighted by decade-high gross margin performance exiting the December quarter," said Dave Mosley, Seagate's chief executive officer. "We are advancing our technology roadmap to meet our customers' growing need for scalable, cost efficient and sustainable storage solutions in the age of AI. We began ramping HAMR-based Mozaic products to our lead cloud customer in the December quarter and are already sampling in capacities of up to 36 terabytes. Looking ahead, we believe Seagate is in a great position to deliver profitable growth in fiscal 2025," Mosley concluded.

Nanya Technology Corporation, today announced its results of operations for the fourth quarter, ended December 31, 2024. Nanya's quarterly sales revenue was NT$ 6,575 million, a 19.2 percent decrease compared to that in the third quarter of 2024. In the fourth quarter of 2024, average selling prices (ASP) decreased by low-teens percent and bit shipment decreased by high-single digit percent quarter over quarter.

Gross loss of the quarter was NT$ 695 million; gross margin was -10.6 percent, a 13.8 percentage points decrease from that in the previous quarter. Operating loss of the quarter was NT$ 2,812 million; operating margin was -42.8 percent; a 12.0 percentage points decrease from that in the last quarter. Non-operating income of the quarter was NT$ 900 million. The Company had net loss of NT$ 1,574 million, with net margin of -23.9 percent. Earnings per share (EPS) was NT$ -0.51 in the fourth quarter (based on weighted average outstanding shares of 3,099 million).

Dell Technologies announces financial results for its fiscal 2025 third quarter. Revenue was $24.4 billion, up 10% year over year. Operating income was $1.7 billion and non-GAAP operating income was $2.2 billion, both up 12% year over year. Diluted earnings per share was $1.58, and non-GAAP diluted earnings per share was $2.15, up 16% and 14% year over year, respectively.

"We continued to build on our AI leadership and momentum, delivering combined ISG and CSG revenue of $23.5 billion, up 13% year over year," said Yvonne McGill, chief financial officer, Dell Technologies. "Our continued focus on profitability resulted in EPS growth that outpaced revenue growth, and we again delivered strong cash performance."

NVIDIA today reported revenue for the third quarter ended October 27, 2024, of $35.1 billion, up 17% from the previous quarter and up 94% from a year ago. For the quarter, GAAP earnings per diluted share was $0.78, up 16% from the previous quarter and up 111% from a year ago. Non-GAAP earnings per diluted share was $0.81, up 19% from the previous quarter and up 103% from a year ago.

"The age of AI is in full steam, propelling a global shift to NVIDIA computing," said Jensen Huang, founder and CEO of NVIDIA. "Demand for Hopper and anticipation for Blackwell—in full production—are incredible as foundation model makers scale pretraining, post-training and inference.

Lenovo Group Limited (HKSE: 992) (ADR: LNVGY), together with its subsidiaries ('the Group'), today announced Q2 results for fiscal year 2024/25, reporting significant increases and growth in net income, year-on-year revenue growth for the 4th consecutive quarter, and strong double-digit year-on-year revenue increases from all its business groups. Group revenue increased 24% year-on-year to US$17.9 billion. Net income was up 48% year-on-year to US$404 million on a non-Hong Kong Financial Reporting Standards (non-HKFRS)[1] basis, and non-PC revenue mix was up five points year-to-year to 46%. The Group's results reflect its clear strategy, operational excellence, investment in R&D, innovations in hybrid AI, and global footprint.

The Group's hybrid AI strategy and years of continuous investment in R&D and innovations are paying off, with its first phase of AI PCs, launched in China in May 2024, already reaching double digit share of its total notebook shipments in the China market. Recent launches of AI PCs for the global market with Lenovo AI Now have also been received positively. For enterprise AI, the Group is leveraging its full-stack hybrid infrastructure as well as Lenovo Hybrid AI Advantage to capture growth opportunities. This relentless focus on AI innovation as well as investment in R&D (up 10% year-on-year to US$548 million) is firmly establishing the Group's market differentiation and industry leadership.

Semiconductor Manufacturing International Corporation (SMIC), one of the leading semiconductor foundries in the world, today announced its consolidated results of operations for the three months ended September 30, 2024.

Third Quarter 2024 Highlights

• Revenue was $2,171.2 million in 3Q24, compared to $1,901.3 million in 2Q24, and $1,620.6 million in 3Q23.
• Gross profit was $444.2 million in 3Q24, compared to $265.1 million in 2Q24, and $321.6 million in 3Q23.
• Gross margin was 20.5% in 3Q24, compared to 13.9% in 2Q24 and 19.8% in 3Q23.

Asetek reported third-quarter revenue of $12.2 million compared with $20.5 million in the same period of 2023. Revenue for the first nine months was $37.1 million compared with $59.7 million in the same period of 2023. The change in both periods reflects fewer shipments of liquid cooling products, partly offset by an increase in shipments of SimSports products. Gross margin was 36% for the third quarter and 42% for the first nine months, compared with 46% and 45% in the respective periods of 2023. The change in gross margin reflects the write-off of certain inventory that was adversely affected by a supply chain quality issue that has since been rectified.

"Our SimSports business experiences strong traction with new acclaimed products, new strategically important distribution agreements and a clear pathway to millions of new simulation gamers in the console market. We are also taking action to stabilize the Liquid Cooling business and position for future growth with a lower cost base and a wider offering addressing the changing market preferences," says André S. Eriksen, the CEO of Asetek.

GlobalFoundries Inc. (GF) today announced preliminary financial results for the third quarter ended September 30, 2024.

Key Third Quarter Financial Highlights

• Revenue of $1.739 billion
• Gross margin of 23.8% and Non-IFRS gross margin of 24.7%
• Operating margin of 10.6% and Non-IFRS operating margin of 13.6%
• Net income of $178 million and Non-IFRS net income of $229 million
• Non-IFRS adjusted EBITDA of $627 million
• Cash, cash equivalents and marketable securities of $4.3 billion
• Year to date net cash provided by operating activities of $1,265 million and Non-IFRS adjusted free cash flow of $779 million

Apple today announced financial results for its fiscal 2024 fourth quarter ended September 28, 2024. The Company posted quarterly revenue of $94.9 billion, up 6 percent year over year, and quarterly diluted earnings per share of $0.97. Diluted earnings per share was $1.64,1 up 12 percent year over year when excluding the one-time charge recognized during the fourth quarter of 2024 related to the impact of the reversal of the European General Court's State Aid decision.

"Today Apple is reporting a new September quarter revenue record of $94.9 billion, up 6 percent from a year ago," said Tim Cook, Apple's CEO. "During the quarter, we were excited to announce our best products yet, with the all-new iPhone 16 lineup, Apple Watch Series 10, AirPods 4, and remarkable features for hearing health and sleep apnea detection. And this week, we released our first set of features for Apple Intelligence, which sets a new standard for privacy in AI and supercharges our lineup heading into the holiday season."

Intel Corporation today reported third-quarter 2024 financial results.

"Our Q3 results underscore the solid progress we are making against the plan we outlined last quarter to reduce costs, simplify our portfolio and improve organizational efficiency. We delivered revenue above the midpoint of our guidance, and are acting with urgency to position the business for sustainable value creation moving forward," said Pat Gelsinger, Intel CEO. "The momentum we are building across our product portfolio to maximize the value of our x86 franchise, combined with the strong interest Intel 18A is attracting from foundry customers, reflects the impact of our actions and the opportunities ahead."