Seagate Technology Holdings plc (NASDAQ: STX) today reported financial results for its fiscal fourth quarter and fiscal year ended June 30, 2023. "Our fourth quarter and fiscal 2023 performance reflected the uneven pace of economic recovery in China, cloud inventory digestion, and cautious enterprise spending amid the uncertain macroeconomic environment. The proactive actions we've taken to lower costs, manage production output, reduce debt and drive operational leverage have underpinned resilient performance and solid cash generation, while continuing to advance our revolutionary HAMR technology," said Dave Mosley, Seagate's chief executive officer.

"Through our actions, Seagate is now leaner, our balance sheet healthier, and our product roadmap even stronger, positioning the company to weather the near-term business environment, deliver financial leverage, and capture attractive long-term opportunities for Mass Capacity storage."

SK hynix Inc. today reported financial results for the second quarter of 2023. The company recorded revenue of 7.306 trillion won, operating loss of 2.882 trillion won (with operating margin of negative 39%), and net loss of 2.988 trillion won (with net margin of negative 41%) for the three-month period ended June 30, 2023.

"Amid an expansion in generative artificial intelligence (AI) market, which has largely been centered on ChatGPT, demand for AI server memory has increased rapidly," the company said. "As a result, sales of premium products such as HBM3 and DDR5 increased, leading to a 44% sequential increase in revenue for the second quarter, while operating loss narrowed by 15%."

Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced financial results for the first quarter of Fiscal Year 2024. "While the markets are still challenging, I am proud of the team's achievements during our first quarter," said Guy Gecht, Logitech interim chief executive officer. "Our high-caliber seasoned team, design-led engineering and strong execution truly sets us apart. Our latest innovations and elevated outlook are just a glimpse of Logitech's full potential as we execute our strategic vision."

"This solid first quarter highlights steady progress on many important metrics," said Charles Boynton, Logitech chief financial officer. "We delivered another quarter of reduced inventory and operating expenses while continuing to drive strong cash generation, further fortifying our balance sheet. With one quarter completed, we are pleased to provide a full-year and updated first-half outlook."

CD Projekt has responded to this weekend's rumors of a possible takeover bid by Sony's gaming division (Interactive Entertainment) - a leaker well known within the Destiny 2 community suggested that the (publicly traded) Polish games publishing and development group was on the cusp of signing up as first party entity. CD Projekt president and CEO Adam Kiciński addressed this matter in a company earnings meeting, he affirmed that no change in operations was incoming: "Nothing has changed in our end...So, I can repeat what we have been saying throughout the years - CD Projekt is not for sale. We want to remain independent. We have, I believe an excellent strategy. Not easy to execute, for sure, but it's very exciting to follow our own path. So it's a pure rumor." One of the company's PR representatives, Ola Sondej, also denied (on Twitter) that acquisition negotiations were in-progress: "Yah, we're not in such talks with Sony."

The earnings call also resulted in an announcement of The Witcher 3 selling more than 50 million copies - pointing to it being the ninth highest-selling game of all time. The Witcher franchise (consisting of three main line titles) has achieved lifetime sales of more than 75 million units. Despite this good news, CD Projekt has experienced a decline of 20% in net sales (for Q1 2023) - it seems that a reliance on continued revenue from older games can only go so far. Half of the main development team is committed to supporting Cyberpunk 2077, and finalizing a DLC campaign - Phantom Liberty, although CD Projekt has not yet set a firm release date for this extra content. Preview code is destined to make an appearance at this year's Summer Game Fest (June 9 to 10). Multiple Witcher games are in the pipeline, as well as a Cyberpunk sequel.

NVIDIA today reported revenue for the first quarter ended April 30, 2023, of $7.19 billion, down 13% from a year ago and up 19% from the previous quarter. GAAP earnings per diluted share for the quarter were $0.82, up 28% from a year ago and up 44% from the previous quarter. Non-GAAP earnings per diluted share were $1.09, down 20% from a year ago and up 24% from the previous quarter.

"The computer industry is going through two simultaneous transitions—accelerated computing and generative AI," said Jensen Huang, founder and CEO of NVIDIA. "A trillion dollars of installed global data center infrastructure will transition from general purpose to accelerated computing as companies race to apply generative AI into every product, service and business process.

Lenovo Group today announced full-year results, reporting Group revenue of US$62 billion and net income of US$1.6 billion, or US$1.9 billion on a non-Hong Kong Financial Reporting Standards (HKFRS) [1] basis. Profitability was stable with gross margin and operating margin both delivering 18-year highs and non-HKFRS net margin flat year-to-year. While Group revenue was impacted due to the softness in the device market, revenue from non-PC businesses reached a fiscal year high of nearly 40%, fueled by Lenovo's diversified growth engines of Solutions and Services Group (SSG) and Infrastructure Solutions Group (ISG) growing revenue to record highs of US$6.7 billion and US$9.8 billion respectively, up 22% and 37% year-on-year.

After a year of industry and global uncertainties, Lenovo sees positive signs of the market stabilizing. The Group expects the entire PC and smart devices market to resume year-to-year growth in the second half of 2023, and for the IT services market to resume relatively high growth - together these will drive the total IT market in 2023 back to moderate growth. In the mid-to-long term, digital and intelligent transformation will continue to accelerate, leading to a big growth potential for cloud and computing infrastructure.

NVIDIA's co-founder and current CEO Jensen Huang will be receiving a slightly reduced salary this year, due to his company not meeting some financial goals. Team Green has published their report for the financial year of 2023, and several tech news outlets have been poring over the details - The Register was the first to spot that the intrepid leather jacketed leader was not being as handsomely compensated (when cross-referenced with previous FY results). Huang's pay has been cut by almost $2.5 million, so a 10% fall from before - given that he is already a billionaire, going into double digits, this verdict is a minor sting to the proverbial (matching leather?) wallet.

The company's annual review (for FY 2023) document provides a reason for select executive pay cuts: "Fiscal 2023 was a challenging year, with macroeconomic headwinds, channel inventory corrections, COVID-19 and product architecture transitions affecting several of our businesses. As a result, our Fiscal 2023 revenue and non-GAAP Operating Income performance fell short of the CC's (compensation committee's) pre-established goals for executive compensation." Huang will not be hurting too much from the small pay cut since he is set to earn $21.356 million in total, thanks to generous stock awards and miscellaneous benefits outside of his base salary (now a mere $996,216). NVIDIA is expected to rake in even more cash across the coming year, or two, due to growing interest in artificial intelligence (AI) processing. Tech companies are snapping up NVIDIA's enterprise-grade H100 GPUs in anticipation of an AI-powered future.

Electronic Arts has not included Dragon Age: Dreadwolf in its projected release schedule for the ongoing financial year (2023 to 2024) - industry insiders have previously suggested that the fourth entry in the series was marked down for a later-in-2023 launch. EA's day old financial report details a number of already announced games within a rundown that ends in April 2024. The schedule includes the recently released Star Wars Jedi: Survivor game, as well as Immortal of Aveum, a Lord of the Rings mobile title, F1 23, Madden '24, Sports FC (a FIFA successor) and extra content for Apex Legend and Sims 4. A mystery pair of games are due sometime after April 2024 - a mainline EA Sports title and an unnamed racing sim.

An in-progress Skate sequel joins Dragon Age: Dreadwolf in the far off fields of mid-2024 or beyond. Bioware started to hint about a potential fourth game in late 2018 - with vague promotional material popping up during the autumn Game Awards event. The Edmonton, Canada-based development team has been quietly working on Dragon Age: Dreadwolf since then, with very little preview material issued in the interim - a non-gameplay teaser trailer was shown off way back in 2020. Gary McKay, general manager at BioWare, revealed last autumn that the game was fully playable from beginning to end, and recent information suggests that the Dreadwolf team has expanded in size to include Mass Effect series staffers. A former franchise and Bioware veteran, Mark Darrah, was added on as an external (expert) consultant on the project.

The NAND memory industry is not in great shape at the moment, with the big three (Micron, Samsung, SK Hynix) having reported significant financial losses in this area recently. If you include Kioxia and Western Digital as part of this collective picture, a grand total of over $10 billion has been lost in the flash memory segment. According to DigiTimes Asia this week, Pua Khein-Seng - the chief executive officer of Phison Electronics Corporation - has warned that parts of the industry could collapse due to potential company bankruptcies.

Khein-Seng informed attendees at a press conference that forced NAND price cuts are not feasible in the current market environment, and that supply chains could be affected if related companies start to shutdown - due to operational losses. He expects 3D NAND manufacturers to cutback on output in order to soften the market, and unit price increases are also a possibility. Phison has experienced a drop in revenues for the first quarter of 2023, but the CEO insists that his company is not willing to cutback on research and development costs - 80% of its annual expense budget will be invested in future projects. Khein-Seng states that rival companies have reduced spending on R&D by 20%, yet Phison remains committed to its clients by providing cutting edge technology (for example the E26 SSD memory controller).

Earlier today Nintendo released its financial/earning reports for the fiscal year ending March 2023, and company president Shuntaro Furukawa has briefed investors about sales forecasts, according to a report published by Bloomberg. Furukawa-san predicts that the Switch gaming console will only sell 15 million units over the next fiscal year - sales have been slowing down for a while according to Nintendo's figures, with almost 18 million units purchased throughout 2022-23. The numbers are still very impressive when you consider that Nintendo's flagship gaming platform has been on the market for just over six years - across that span of time, total unit sales have hit the 125.62 million mark.

Furukawa also informed shareholders about the prospect of a Switch console successor arriving within the next fiscal period - Bloomberg's article brings the bad news at this point - it seems that Nintendo is not anticipating a new hardware launch within that time frame. Nintendo's software release schedule - especially in regards to first party titles - looks very threadbare for the rest of the year. The much anticipated Legend of Zelda: Tears of the Kingdom arrives on Friday (May 12) followed by Pikmin 4 in July, but things look to be quiet after that - unless Nintendo has a few surprises lined up for June's preview event season. Rumors of a next generation Switch have been doing the rounds since 2020, back then a "Pro" model was often touted - fans later found out that Nintendo had simply refreshed the system with an OLED panel, some tweaks to chipset efficiency, and updated the docking system to modern output standards - this premium model hit the market in late 2021.

Western Digital Corp. (Nasdaq: WDC) today reported fiscal third quarter 2023 financial results. "Over the last several years, our team has focused on enhancing business agility and delivering a range of innovative, industry-leading products that address the increasing data storage demands of our customers," said David Goeckeler, Western Digital CEO. "The groundwork we laid, combined with the actions we have taken since the beginning of this fiscal year to right-size and refocus our businesses, have enabled us to navigate a dynamic environment. I am pleased that we delivered non-GAAP gross margin at the higher end of our guidance range due to strong execution across both our HDD and Flash businesses."

Acer Inc. announced its financial results for the first quarter of 2023. Consolidated revenues reached NT$52.46 billion, gross profits reached NT$5.36 billion and maintained a margin of 10.2%, while inventory was further reduced to NT$39.46 billion in value. Operating income was NT$239 million and net income was NT$515.17 million with earnings-per-share (EPS) of NT$0.17. According to third-party data, Acer's PC market share held up at about the same level as during the first quarter last year.

Acer expects its business to have reached a low point in the first quarter, and that moving on, the computer and displays business will start to regain business momentum. Meanwhile, Acer's multiple businesses are gaining traction; based on the business progress, several more businesses will go public during 2023.

AMD CEO Dr Lisa Su, in her Q1-2023 Financial Results call with investors and analysts, confirmed that the company plans to expand the Radeon RX 7000 series with the addition of new "mainstream" GPUs based on the RDNA3 graphics architecture in this quarter (Q2-2023). This confirms the launch of the Radeon RX 7600 XT later this month, but could also hint at other SKUs the company considers mainstream, such as the RX 7500 XT. AMD has for long considered the RX x700 series as performance-segment, and the RX 7600 XT launch right after the high-end RX 7900 series would hint that the company is still figuring out the economics of its RX 7700 series and RX 7800 series.

"In gaming graphics, channel sell-through of our Radeon 6000 and Radeon 7000 series GPUs increased sequentially. We saw strong sales of our high-end Radeon 7900 XTX GPUs in the first quarter, and we're on track to expand our RDNA 3 GPU portfolio with the launch of new mainstream Radeon 7000 series GPUs this quarter," said Dr Lisa Su. With GPU prices in free-fall since the GPU-accelerated crypto-mining crash, AMD is in the process of clearing out its Radeon RX 6000 series inventory as it creates room for the RX 7000 series. Enthusiast-segment SKUs of the yesteryear, such as the RX 6900 series, could be had at prices under $600.

AMD (NASDAQ:AMD) today announced revenue for the first quarter of 2023 of $5.4 billion, gross margin of 44%, operating loss of $145 million, net loss of $139 million and diluted loss per share of $0.09. On a non-GAAP basis, gross margin was 50%, operating income was $1.1 billion, net income was $970 million and diluted earnings per share was $0.60.

"We executed very well in the first quarter as we delivered better than expected revenue and earnings in a mixed demand environment," said AMD Chair and CEO Dr. Lisa Su. "We launched multiple leadership products and made significant progress accelerating our AI roadmap and customer engagements in the quarter. Longer-term, we see significant growth opportunities as we successfully deliver our roadmaps, execute our strategic data center and embedded priorities and accelerate adoption of our AI portfolio."

Sony has had a very good year when it comes to PlayStation 5 sales, as the company sold no less than 19.1 million units in FY22, which exceeded the forecasted volume of 18 million units by a fair margin. Sony's financial year runs from April to March, so the first three months of 2023 was the last three months of its FY22, during which the company sold no less than 6.1 million consoles. That's up from a mere two million units in the last quarter of FY21, which is no small increase and shows the popularity of the PS5. Sony also mentioned that they've caught up with demand and are able to deliver PS5s to customers without the need to pre-order or having to wait for their orders to arrive, in almost all locations globally. As for FY23, Sony is hoping to sell even more consoles, with a target of 25 million units. To date, Sony has sold around 38.4 million PlayStation 5 consoles.

That said, it's not all good news, as game sales were down from US$70.5 million to US$68 million a year ago quarter to quarter and dropped from 303.2 million to 264.2 million FY21 vs FY22. Sony also lost some four million users of its PlayStation Network service, but the company saw a slight increase in its PS Plus subscription base. Sony saw a boost in revenue in its Gaming and Networking Services business unit from US$4.9 billion in FY21 to US$7.9 billion in FY22. As a whole, Sony had sales of some US$29 billion, or 3.9 trillion Yen if you prefer, despite struggling with a weak Yen vs. the US Dollar.

Facebook's parent company, Meta, has announced that revenues generated by advertisement sales have improved fortunes, following on from three quarters of consistent slumps. It has reported an operating profit of $5.7 billion for the first quarter of 2023, this announcement arrives as a surprise to business analysts - their calculations predicted yet another decline in advertising sales for Q1 '23. Mark Zuckerberg - co-founder, executive chairman and CEO of Meta Platforms - has informed his investors that artificial intelligence-assisted systems have directed more user traffic to its social media platforms. Reels and Instagram have experienced the most user population growth, thanks to Meta's AI-driven recommendation system boosting engagement by 24% for the latter platform. The company's leader stated that AI-related operations are set to expand into generative tasking, visual creation tools (for Instagram) and business chatbots.

Meta is continuing to streamline its operations in 2023 - Zuckerberg has previously outlined plans for a year of "efficiency" with extensive plans already underway to reduce company-wide headcounts. 10,000 positions are set to be cut this year, and press coverage from last week revealed that Meta's gaming divisions being hit hard in terms of layoffs. Reports suggest that a third of the team at Ready at Dawn, an Oculus Rift-oriented development studio, were let go throughout that period. The social media and technology let go of 13,000 employees last year due to reduced profits margins. A return to better fortunes has not resulted in an immediate slowdown of headcount reduction - Meta is expected to carry on implementing its 2023 efficiency initiative.

SK hynix Inc. (or "the company", www.skhynix.com) today reported financial results for the first quarter ended March 31, 2023. The company recorded revenues of 5.088 trillion won, operating loss of 3.402 trillion won (with operating margin of negative 67%), and net loss of 2.586 trillion won (with net profit margin of negative 51%) in the first quarter of 2023.

"As the memory chip downturn continued through the first quarter, the company posted a sequential drop in revenues and widened operating loss on sluggish demand and falling products prices," SK hynix said. "But we expect revenues to rebound in the second quarter after bottoming out in the first, driven by a gradual increase in sales volume."

Seagate is celebrating the debut shipment of very sophisticated storage solutions to a preferred client (dealing in the cloud data center sector). These 30+ terabyte hard drives are based on heat-assisted magnetic recording (HAMR) technology - the American data storage company is setting up its next generation Corvault range with the thermal magnetic recording methodology. The first shipment of HAMR-based drives is reported to consist of final qualification samples, but Seagate is anticipating that fully verified equipment - after trial customers give this new product lineup a thumbs-up - will be generating revenue in the coming weeks.

According to a transcript of a recent Seagate financial meeting conference call, CEO Dave Mosley mentioned a dip in business as well as a costly legal settlement, but expects company fortunes to rise due to client uptake of breakthrough storage technologies: "Beyond this cycle, we remain excited about the long-term opportunities presented by the secular growth of data and the relevance of mass capacity storage as new data-centric applications emerge and more workloads migrate to the cloud. We continue to make strong progress on our industry-leading technology road map, including launching HAMR-based products this quarter, which we believe put us in outstanding longer-term position."

Today, ASML Holding NV (ASML) has published its 2023 first quarter results.

The company reported Q1 net sales of €6.7 billion, with gross margin of 50.6%, and net income of €2.0 billion. Quarterly net bookings in Q1 2023 were at €3.8 billion of which €1.6 billion is EUV. ASML expects Q2 2023 net sales between €6.5 billion and €7.0 billion and a gross margin between 50% and 51%. ASML expects 2023 net sales to grow over 25% compared to 2022.

Samsung Electronics will be cutting back on memory chip production, following a worrying drop in its operational profits. Estimates for the first quarter point to a 96% year-on-year decline - the silicon mega-corporation's lowest profit result in 14 years (since the first quarter of 2009). Samsung's operating profits fell to 600 billion won ($456 million) in January to March 2023, from 14 trillion won the previous year. The company has confirmed that a slump in sales is the main cause behind the smaller margins - with a slow global economy and a drop in demand after the chip shortages of 2020 - 2022. Manufacturers of computer and server equipment have reduced expenditure on procurements of RAM and storage solutions.

In a statement released last week, the company confirmed that it was adjusting its manufacturing output in reaction to the drop in demand: "We are lowering the production of memory chips by a meaningful level, especially that of products with supply secured." Industry analysts in South Korean are foreseeing that Samsung's chip business will post heavy losses (into the billions of dollars) during the first three months of 2023. Samsung is expected to publish detailed financial results later this month. The analysts have spotted similar patterns at other South Korea-based memory chip markers - SK Hynix and Micron have recorded heavy financial losses across recent quarters.

CD Projekt has revealed that 2022 was its second-best year in terms of financial results - it cites an uptick in sales of action role-playing shooter Cyberpunk 2077 as the main reason behind the nice boost to its earnings - around $222 million in revenue, leading to about $80 million in net profit. The Cyberpunk intellectual property has expanded beyond the scope of the video games format and onto the small screen - evidently a combination of the Netflix anime series adaptation and continued efforts into polishing and expanding the game has spread a positive word of mouth. The company states: "In 2022 CD PROJEKT RED carried out intensive work on Cyberpunk 2077, which resulted in successive updates and the next-gen console edition of the game. An important event was the well-received Netflix premiere of Cyberpunk: Edgerunners. It attracted many new players to the game, and convinced many others to revisit Night City."

Adam Kiciński, CEO of CD PROJEKT was buoyed by these results and set expectations for continuations in both fields in the future: "The popularity of the series and the positive reception of the update, released a week before the premiere, had a notable effect on Cyberpunk sales and general sentiment around the game, as evidenced by gamers' reviews. This is a clear sign that deeper involvement in our franchises and expanding their reach is the right way to go. Another important event supporting the Cyberpunk franchise will be the release of Phantom Liberty - a large expansion scheduled for this year."

CD Projekt has admitted to writing off the development funds spent so far expended on Project Sirius - a codename for a satellite studio produced spin-off game in its best selling The Witcher series. The Polish development and publishing group is restarting Project Sirius from scratch, and it is not clear whether their East Coast USA-based outfit, Molasses Flood, will remain as part of the rebooted cycle. Within a recently released company financial report its reasoning was made clear: "The aforementioned decision is based on results of evaluation of the scope and commercial potential of the original concept of Project Sirius, and ongoing work on formulating a new framework for this project."

CD Projekt had spent over $7 million in 2022 on development costs for Project Sirius. More than $2.2 million has been spent in 2023, presumably right up until the decision to bin all currently completed work. Project Sirius was announced in the autumn of 2022, and at around that time Molasses Flood was undertaking a large scale recruitment drive. The game was in a pre-production phase by the end of the year, with over sixty members of staff confirmed to be working on it. Development was also being supported by members of CD Projekt RED's team at their Warsaw headquarters, and now it is very apparent that the overseers were not happy with what was going on in New England.

Sony executive deputy president and CFO Hiroki Totoki made a number of declarations at the Morgan Stanley Technology, Media & Telecom Conference that took place on March 6, 2023. Totoki-san outlined corporate strategies for the Japanese technology and entertainment giant. During a discussion about Sony Group Corporation's investment budgets, he stated that 700 billion Yen has been allocated to spend strategically across several company divisions in 2023, this converts to just over 5 billion US dollars. This represents the remainder of a 2 trillion Yen budget that was announced back in 2021, as a three year long strategic investment plan.

According to a Square Enix Outline of Results Briefing from February 2023, Forspoken sales numbers are lower than anticipated. Square Enix company president Yosuke Matsuda stated: "Reviews of "FORSPOKEN," which we released on January 24, 2023, have been challenging. However, the game has also received positive feedback on its action features, including its parkour and combat capabilities, so it has yielded results that will lead to improvement of our development capabilities of other games in the future. That said, its sales have been lackluster, and while the performance of new titles with February and March release dates will be the ultimate determinant, we see considerable downside risk to our FY2023/3 earnings."

GlobalFoundries Inc. (GF) (Nasdaq: GFS) today announced preliminary financial results for the fourth quarter and fiscal year ended December 31, 2022.

Key Fourth Quarter Financial Highlights
Revenue of $2,101 million, up 14% year-over-year.
Gross margin of 29.6% and adjusted gross margin of 30.1%.
Net income of $668 million.
Adjusted EBITDA of $821 million.
Cash, cash equivalents and marketable securities of $3,346 million.