Ashraf Eassa
Long/short equity, contrarian, independent research, tech

Buy Ultratech: Significant Upside As Foundry FinFET Delay Offers Compelling Entry Point

General Background

The semiconductor equipment sector has been on a veritable tear over the last several years, as the explosive growth in smartphones and tablets has driven significant demand for semiconductor products. We are now in an environment in which there is significant demand for ever-increasing compute capability. This demand for compute is, by and large, satisfied by transistor scaling and switching speed improvements; the more transistors that can be packed in a given area, and the faster that these transistors can switch, the more capable the devices ultimately become.

To move to these ever-advancing process nodes, there needs to be significant investment in both process node R&D, as well as in manufacturing equipment in the form of significant capital...

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