Yazılar

AMD and Super Micro Shares Slide as AI Growth Expectations Dim After Data Center Results Miss

/in /tarafından

Shares of Advanced Micro Devices (AMD.O) and server maker Super Micro Computer (SMCI.O) fell sharply in early trading Wednesday after both companies reported weaker-than-expected results in their data center segments, casting doubt on their AI growth prospects and competitive standing. AMD shares dropped 5.1%, while Super Micro plummeted 18.2%, with the latter potentially losing over $6 billion in market value.

AMD’s data center revenue, driven by Instinct AI chips and server CPUs, grew 14% to $3.2 billion in Q2—slightly below analyst forecasts—and lagged far behind rival Nvidia’s 73% jump to $39.11 billion in the same segment. Jefferies analysts said the AI outlook failed to deliver the strong upside some investors anticipated. CEO Lisa Su cited U.S. export restrictions on AMD’s MI308 AI chips to China as a factor in year-over-year AI revenue declines, with no clear timeline for lifting those limits. HSBC noted that expectations for revenue recovery from lifting export restrictions appear muted.

The chip sector faces additional risks from impending U.S. tariffs on semiconductor imports and supply chain vulnerabilities tied to Taiwan Semiconductor Manufacturing Company (TSMC), which produces AMD’s advanced 3-nanometer wafers. Analyst Michael Ashley Schulman warned any slowdown at TSMC could disproportionately impact AMD.

Super Micro missed Q4 estimates amid intense competition from larger server makers Dell and HP, suffering from execution issues and Nvidia chip supply delays. Analyst Gil Luria of D.A. Davidson noted signs of market share loss. While over 70% of Super Micro’s Q4 revenue is linked to AI platforms, the company’s margins remain pressured by high AI server production costs and fierce rivalry. Bank of America analysts highlighted ongoing uncertainty over the gross margin impact this quarter.

Super Micro CEO Charles Liang expressed optimism about improved chip availability driving better growth going forward. Dell’s shares also declined 1.7% on the news.

AMD trades at a forward price-to-earnings multiple of 32.39, compared to Super Micro’s 19.69.

Intel Faces Yield Problems in Key 18A Manufacturing Process for Next PC Chip

/in /tarafından

Intel’s ambitious push to regain leadership in high-end chip manufacturing has hit a significant hurdle. According to sources familiar with the matter, its next-generation “18A” production process — critical for the upcoming “Panther Lake” laptop chips — is struggling with low yields, raising concerns about profitability and competitiveness against industry leader TSMC.

The 18A process is central to Intel’s strategy of expanding its in-house chipmaking and building a competitive foundry business. Billions have been invested in factories and technology, aiming to close the gap with TSMC. Panther Lake, expected in high volumes in 2025, features next-gen transistors and a more efficient power delivery system.

However, early tests have shown disappointing results. Only a small fraction of chips have met required standards, with yields reportedly around 5% late last year and about 10% by mid-2024. Intel disputes these figures but has not disclosed official numbers. Industry norms suggest profitability usually requires yields between 70% and 80%. Without major improvements by the planned Q4 launch, Intel may face selling chips at reduced margins or even at a loss.

Intel CFO David Zinsner acknowledged yields “start off low and improve over time” and stressed that the product remains “fully on track.” Still, sources describe the 18A rollout as risky, likening it to a “Hail Mary” due to the simultaneous introduction of multiple untested technologies.

Compounding the challenge, defect rates per chip area are reportedly about three times higher than acceptable for mass production. While Intel is working to improve yields monthly, margins are not yet favorable even at current levels. The company has warned that without securing external business for 14A — the successor to 18A — it could exit advanced manufacturing altogether.

For now, Intel still relies partly on TSMC for some in-house designs. Its follow-up to Panther Lake, “Nova Lake,” is also expected to be produced partly by TSMC.

Taiwanese prosecutors detain three over alleged TSMC chip secret theft

/in /tarafından

Taiwanese prosecutors have detained three individuals — two current TSMC employees and one former staff member surnamed Chen — over allegations of stealing trade secrets from Taiwan Semiconductor Manufacturing Co (TSMC), the world’s largest chip foundry. The detentions took place late last month following a TSMC internal investigation that uncovered unauthorized access to company information.

Two additional suspects were released on bail, while another was released without bail. Authorities suspect the detained individuals of violating Taiwan’s national security law, though no detailed identities have been disclosed.

TSMC stated it initiated legal action and disciplinary measures against those involved after routine monitoring detected suspicious activity. The company’s early detection system prompted swift internal inquiries, leading to the identification of personnel linked to the breach. The matter is now under judicial review, preventing further public disclosure from TSMC.

According to Nikkei Asia, the case involves attempts by several former employees to obtain highly sensitive information related to TSMC’s 2-nanometer chip technology — considered the industry’s most advanced in density and energy efficiency. Investigations have not yet determined whether the stolen information was transferred to external parties or the full scope of the leak.

Taiwanese media outlet United Daily News reported that prosecutors also searched offices of Japanese chip equipment supplier Tokyo Electron, though both the company and prosecutors declined comment.

TSMC, a critical supplier to Nvidia, Apple, and Qualcomm, reiterated its zero-tolerance policy on trade secret violations, vowing to prosecute offenders to the fullest extent of the law.