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3Q production checks largely stable versus prior checks; Marvell
MRVL, Atheros
ATHR, Advanced Micro Devices
AMD weakest. We have a fresh look at
production start trends across the top foundry suppliers, FBR Capital reports.
In aggregate, 3Q production starts have remained largely stable since our prior checks as negative revisions by Atheros (-6%), AMD (-3%), and Nvidia
NVDA (-2%) were offset by slight production increases from Texas Instruments
TXN (+7%) and Marvell (+6%, small increase after large decline earlier in quarter). On a sequential basis, we see the most relative weakness from Atheros, Nvidia, Marvell, and Mediatek (TPE: 2454), while Texas Instruments and Qualcomm show the most relative strength. In aggregate, foundry starts should grow a few points sequentially in 3Q. Clearly, weakness in the computing sector has not yet eased and remains worse than other sectors, according to FBR.
FBR writes that for Qualcomm
QCOM, 3Q sequential growth of +12% and 4Q sequential growth of +18% suggest the firm needs more product as it ramps up its Snapdragon or other
smartphone solutions, and as it possibly prepares to begin shipping product into new iPhones soon.
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Posted In: Analyst ColorNewsInitiationAnalyst RatingsAdvanced Micro DevicesatherosFBR CapitalmarvellmediatekNVIDIAQualcommtexas instruments
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