KLA-Tencor Has Plenty Of Room To Run
The company has a nice niche and is well positioned for the Chinese efforts to build their own chips industry and the coming evolution towards EUV. The company has industry […]
Ctrip Will Rise Again
Heavy investment in its platform and acquisitions and some temporary headwinds cloud the company’s profitability. But for those who look under the hood, they see a purring machine that is […]
Booming Chips
We compare four chip equipment makers on various metrics as there are really substantial differences in performance, growth and valuation. We try to tease out some tentative conclusions from this. […]
Peak Earnings In Analog Devices?
After substantial growth in its biggest sector, industrial markets the company might face some near-term cooling off, especially in the consumer sector. We’re also not convinced margins can be stretched […]
ServiceNow: Growing In The Fast Lane
It looks like a combination of industry growth, new clients and up-sell opportunities to existing clients and new functionality will keep growth going for quite a while. Add to that […]
The Consequences Of Permanently Low Interest Rates
It is possible that, in the absence of rising inflation, interest rates remain extremely low for much longer. This has several important consequences for asset prices and the dollar, for […]
Should Microsoft Buy Workday?
Normally we’re not very keen on M&A, given their track record. However, Workday would offer several substantial benefits for Microsoft, more especially its efforts to spearhead its cloud platform Azure. […]
Marvell Buys Cavium, Shares Go Parabolic
Shareholders of the acquiring firm were unusually jubilant, suggesting they see enormous benefits of Marvell’s acquisition of Cavium. Benefits on top of an already substantial premium Marvell is paying for […]
The Applied Materials Super-Cycle Is In Full Swing
We believe the company is in the midst of a super-cycle, fueled by a secular increase in the demand for memory and compute from many more sources. That growth is […]
What China Can Teach Us About Economic Growth
After the enactment of US tax cuts supposedly comes infrastructure spending. As experiences go, the latter is likely to be a bigger booster for economic growth. While the US economy […]