Imagination Technologies Blasts Through Another Barrier
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Fri, Mar. 7, 9:40 AM
- GT Advanced (GTAT +4.8%) has been upgraded to Outperform by Credit Suisse, and is making new 52-week highs. Goldman started shares at Buy on Tuesday.
- JA Solar (JASO +2.6%) has been started at Buy by Sidoti. The company was one of several Chinese solar names to post big gains yesterday.
- Polycom (PLCM +3.3%) has been upgraded to Buy by Citi.
- AppliedMicro (AMCC +1.1%) has been started at Buy by Roth.
- Quality Systems (QSII +3.6%) has been upgraded to Market Perform by FBR.
- Imagination (IGNMF) has been cut to Sell by Canaccord. Shares are down 1.7% in London.
Thu, Feb. 6, 7:20 PM
- A week after uncovering documents suggesting Apple (AAPL) is set to begin sapphire production at its Mesa, AZ facility in February, 9to5 Mac reports manufacturing partner GT Advanced (GTAT) has received delivery of 518 sapphire furnace/chamber systems.
- Analyst Matt Margolis estimates that's enough capacity to produce sapphire cover glass for 103M-116M 5" iPhone displays per year. Another 420 systems are said to be on order (good for 84M-94M additional displays). GT Advanced shares are up 4.7% AH.
- Apple has extended its multi-year licensing deal with leading GPU core developer Imagination (IGNMF), whose PowerVR cores are found within Apple's A-series processors.
- The deal is a blow to ARM (ARMH), which has been hoping Apple would adopt its Mali GPU cores. 400M Mali GPUs were shipped in 2013, up from 150M in 2012.
- Apple plans to open its first Brazilian store on Feb. 15 in Rio de Janeiro. The company's sales to Latin America's largest market have been limited by steep taxes and tariffs.
- Wal-Mart is once more discounting Apple hardware: The retail giant is selling the 16GB Wi-Fi-only iPad 2 for $299 ($100 below its regular price).
Dec. 13, 2013, 6:48 PM
- ARM (ARMH) has bought Geomerics, a provider of global illumination lighting tech for 3D games. Terms are undisclosed. (PR)
- ARM states the acquisition will allow Geomerics to strengthen its existing partnerships with developers such as Electronic Arts, and will "accelerate" its mobile development efforts.
- Look for ARM to optimize Geomerics' technology for its Mali GPU cores, which have been gaining share against market leader Imagination (IGNMF) over the last two years.
- The deal comes three months after ARM bought display controller core IP from chip design software vendor Cadence.
Oct. 25, 2013, 1:35 PM
- IBM (IBM -0.6%) is licensing four ARM (ARMH +2.1%) Cortex CPU cores to offer to clients of its custom ASIC business, as well as ARM's Mali GPU cores. (PR)
- The deal is notable both due to the size of IBM's custom ASIC ops - clients include Cisco and Juniper - and the fact the business has thus far relied on Big Blue's proprietary Power CPU cores.
- The deal comes shortly after Broadcom (BRCM +0.7%), which has traditionally relied on cores from Imagination's (IGNMF) MIPS unit, announced it would build 64-bit network processors (NPUs) based on ARM cores using a next-gen 16nm process. Broadcom has taken out a costly ARM architectural license to build custom cores, and promises unmatched performance.
- ARM-based cores have historically had a small presence in the NPU space, which has been dominated by Power, MIPS, and (largely Intel-based) x86 offerings. But the tide is turning: In addition to IBM and Broadcom, NPU vendors Cavium, Freescale, and LSI have embraced ARM.
- NPUs are bound to be a lower-volume business for ARM than mobile processors. But they also carry higher ASPs, and potentially (if 64-bit cores are widely used) higher royalty rates.
- IBM's chip unit, which faces tough competition from foundry rivals such as TSMC and GlobalFoundries, posted 1% Y/Y sales growth in Q3.
Jun. 18, 2013, 5:27 PMIn a strategy shift, Nvidia (NVDA) is offering to license its Kepler GPU architecture, as well as "visual computing" IP, to other chipmakers looking to power mobile hardware. Kepler serves as the foundation for much of Nvidia's PC/workstation GPU lineup, as well the GPU within its next-gen Tegra 5 (Logan) processor. Nvidia's move puts it into competition with GPU core licensing leader Imagination (IGNMF.PK), and also ARM's (ARMH) fast-growing Mali GPU core business. Potential licensees include Qualcomm (uses home-grown GPUs), Intel (ditto), Apple (Imagination client), and Samsung (Imagination and Mali client). Tough competition for Tegra may have influenced Nvidia's decision. | 4 Comments
May. 2, 2013, 5:34 PMARM (ARMH +0.1%) largely missed out on today's rally after GPU core rival Imagination (IGNMF.PK) fell 25.7% in London thanks to a warning. Imagination expects its FY13 (ended in April) licensing revenue to fall 22% Y/Y to £27M due to delayed deal closings, something it blames on "structural and organisational changes" at licensees. FY14 licensing revenue (exc. MIPS) is expected to total £30m- £35m, also below expectations. The damage to ARM was likely limited due to the fact ARM's share gains might be partly responsible for the warning - ARM's Mali GPU core shipments rose 5x Y/Y in Q1, and 3 new licenses were signed (raising the total to 75). (also) | Comment!
Feb. 5, 2013, 5:28 PMMIPS (MIPS) announces shareholders will get a total consideration of $8.01/share in cash for the sale of the company's IP to a consortium led by ARM, and the company's CPU core business to Imagination Tech (IGNMF.PK). A shareholder meeting to approve the deals has been set for Feb. 6. MIPS closed today at $7.90. | Comment!
Dec. 17, 2012, 9:41 AMIt looks like the bidding war is finally over. MIPS (MIPS +0.9%) and Imagination (IGNMF.PK) have again agreed to a revised purchase price for MIPS' CPU core business. This time it comes in at $100M, up from last week's $80M and November's $60M. CEVA (CEVA -1%), which made a $90M offer 6 days ago, says it will refrain from further bids. MIPS' total consideration for its asset sales now stands at $7.94/share. | Comment!
Dec. 10, 2012, 4:00 PMImagination Tech (IGNMF.PK) will now be paying MIPS (MIPS +1.2%) $80M to buy what will remain of it (i.e. its CPU core business) following a patent sale. Imagination's new offer trumps a $75M bid from CEVA (CEVA -0.3%), which in turn was above Imagination's original $60M offer. ARM (ARMH) would probably prefer that CEVA acquire what passes for its largest CPU core rival, rather than GPU core leader Imagination. MIPS' total proceeds from the two sales now stand at $7.64/share. (PR) | 2 Comments
Nov. 20, 2012, 5:11 PMMIPS has resumed trading following news of CEVA's offer for its CPU core licensing business, and is currently up 5% AH. That translates into nearly a $20M increase in market cap even though the difference between CEVA and Imagination's (IGNMF.PK) offers is only $15M. The Street seems to think a bidding war is on the way. | 1 Comment
Nov. 20, 2012, 4:44 PMMIPS discloses it has received an unsolicited bid from CEVA to acquire what will remain of the company after a patent sale to an ARM-led consortium is finished for $75M in cash. That trumps a $60M offer from GPU core developer Imagination (IGNMF.PK). MIPS' board is evaluating the offer. If CEVA's offer wins out, MIPS' CPU core business would complement CEVA's DSP core business, and could also yield synergies for its chip platform business. MIPS halted. CEVA -0.6% AH. (PR) | 2 Comments
Nov. 6, 2012, 9:42 AMMore on MIPS: While a consortium featuring ARM (ARMH -0.1%) is buying most of MIPS' (MIPS +1.6%) patents, GPU core developer Imagination Tech (IGNMF.PK) is buying its CPU core licensing business and 82 patents for $60M. The purchase will allow Imagination, whose GPU core leadership is being challenged by ARM, to return fire by going after ARM's CPU core hegemony. MIPS' proceeds from the two deals amount to $7.31/share, a 4% premium from yesterday's close. Shares had already been bid up on M&A expectations. (PR) | 2 Comments
Aug. 31, 2012, 12:20 PMWill MIPS' (MIPS +3.8%) efforts to find a buyer soon bear fruit? Benchmark's Gary Mobley thinks so: he claims a meeting with management left him remaining confident the CPU core developer/patent holder's "assets will be broken up and sold within the next four months." Mobley, who has a $10 PT, sees U.K.-based graphics core developer Imagination (IGNMF.PK) as the most logical buyer, but thinks a bid from ARM (ARMH), CEVA, or Synopsys (SNPS) is also possible. | Comment!
Jun. 22, 2012, 4:33 PMDon't think of ARM (ARMH) as a mere CPU core developer. Shipments of chips containing ARM's Mali graphics processor (GPU) cores are expected to double this year to 100M, according to marketing exec Kevin Smith. Smith adds Mali cores are now found in 70% of "graphics-enabled" HDTVs, 50% of Android tablets, and 20% of Android phones. Mali competes with GPU cores from Imagination (IGNMF.PK), which are used in Apple's A5 and many other mobile processors. | 2 Comments
Apr. 23, 2012, 10:06 AMQualcomm (QCOM) has licensed IP from Imagination Technologies (IGNMF.PK - best known for its GPU licensing deals with Apple and Samsung) related to Imagination's Ensigma cores, which are used to handle mobile TV, FM radio, and Wi-Fi processing. Qualcomm has been trying to strengthen the multimedia capabilities of its Snapdragon processors, and also to challenge Broadcom's leadership in the mobile phone Wi-Fi chip market. | Comment!
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