U.S. Semiconductors Primer AMERICAS SEMICONDUCTORS EQUITY RESEARCH December 11, 2013 Chip-by-Chip: Semiconductor ABCs Sector view Remains Neutral Sector Primer In this detailed industry report, we provide a framework for longer- Research analysts term analysis by examining the market size, competitive landscape, and growth drivers for the semiconductor industry. Separately, we Americas Semiconductors have published an outlook piece, titled “Comfortably Numb,” with Romit Shah - NSI themes, catalysts, and best ideas for 2014.
[email protected] +1 212 298 4326 Sidney Ho, CFA, CPA - NSI This report offers historical analysis, a discussion of key themes, and an
[email protected] outlook for each of the major sub-segments including Microprocessors, +1 212 298 4329 Wireless, Logic, Memory, Analog, and Graphics. We also detail the Sanjay Chaurasia - NSI
[email protected] semiconductor manufacturing processes, Moore’s Law, and new +1 212 298 4305 production technologies such as FinFET, double and quadruple patterning, and 450mm. We discuss in the Microprocessor section: new product roadmaps, Intel’s leadership position in servers, and ARM’s 64-bit architecture. We provide a PC model forecast with analysis of the weakening correlation between unit growth and GDP. We also examine integrated CPU graphics, PC gaming, and applications that will support GPU in cloud (GRID). In addition, we look at the evolution of cellular standards, economics of baseband processors, and Qualcomm’s leadership position in LTE. Emerging market smartphone adoption along the S-curve, increasing complexity of RF, and the number 2 player in LTE are key themes we discuss in the Wireless section.