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2022-05-24220524 sk하이닉스 비롯한 it하드웨어 약세 코멘트
- 버프 텔레그램 https://t.me/bufkr
미국 페이스북을 필두로 클라우드에 대규모로 투자하는 소위 hyperscaler들의 실적 부진과 해고 등 비용감축으로 투자에 대한 불안감 증가 중
CLOUD SEMI FEEDBACK: Taiwan supply chain stocks were weak on Friday (Aspeed -6%, Accton -3%, Wiwynn flat) on the back of sellside d/g. There was a few d/g but the impact was bigger this time around because there's more yellow flags in cloud semis vs. 2-3 months ago despite US hyperscalers' positive cloud capex spending guide during Mar Q earnings call.
There has been rising concern that data center and hardware investment will be the most likely areas to be cut in terms of IT budgets for the reminder of year and recent news report on FB's hiring freeze & more opex control also reignited concern over cape cut eventually. As illustrated earlier, hyperscalers have enough (normal) memory inventories already and this could be a pressure to 2H negotiation but cloud semi companies continue to witness aggressive inventory accumulation so far in view of persisting supply chain disruption. Sapphire rapids shipment delay that we talked about (by Atif Malik) is also not a positive event for cloud semi supply chain and during earnings call SK Hynix already confirmed that DDR5 penetration delay in 2H due to Sapphire rapid ramp pushout. It's clearly a crowded long among HF & LO community in Asia and multiple contraction could be fast & furious given current market dynamics.
- 버프 텔레그램 https://t.me/bufkr
미국 페이스북을 필두로 클라우드에 대규모로 투자하는 소위 hyperscaler들의 실적 부진과 해고 등 비용감축으로 투자에 대한 불안감 증가 중
CLOUD SEMI FEEDBACK: Taiwan supply chain stocks were weak on Friday (Aspeed -6%, Accton -3%, Wiwynn flat) on the back of sellside d/g. There was a few d/g but the impact was bigger this time around because there's more yellow flags in cloud semis vs. 2-3 months ago despite US hyperscalers' positive cloud capex spending guide during Mar Q earnings call.
There has been rising concern that data center and hardware investment will be the most likely areas to be cut in terms of IT budgets for the reminder of year and recent news report on FB's hiring freeze & more opex control also reignited concern over cape cut eventually. As illustrated earlier, hyperscalers have enough (normal) memory inventories already and this could be a pressure to 2H negotiation but cloud semi companies continue to witness aggressive inventory accumulation so far in view of persisting supply chain disruption. Sapphire rapids shipment delay that we talked about (by Atif Malik) is also not a positive event for cloud semi supply chain and during earnings call SK Hynix already confirmed that DDR5 penetration delay in 2H due to Sapphire rapid ramp pushout. It's clearly a crowded long among HF & LO community in Asia and multiple contraction could be fast & furious given current market dynamics.