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Edgewater Research: Electronic Weekly Digest - 9/1/23

Dennis Reed
|  Created: September 1, 2023  |  Updated: July 1, 2024
|  Open as PDF

 

Edgewater Research

Important Disclosures in the Appendix

A weekly collection of news summaries, survey results and channel insights, and report summaries from Edgewater Research

DATAPOINT OF THE WEEK:

S&P reported Eurozone Aug mfg PMI of 43.5 vs. 42.7 in July and Germany mfg PMI of 39.1 vs. 38.8 in July both reflecting continued suppressed conditions with plummeting new orders, rapidly depleting backlogs decline in employment levels and slashed purchasing activity as companies focus on running down stocks. In the US, S&P reported Aug mfg PMI of 47.9 vs. 49.0 in July signaling worsening conditions with a sharper fall in new orders, output, and backlog but still stable employment and improving inflationary pressure. Conversely, ISM reported Aug PMI of 47.6 vs 46.4 in July signaling a slight improvement but continued sluggishness with a continued drop in new orders but an uptick in output. In China mfg PMI numbers were more encouraging with government data for Aug showing an uptick to 49.7 from 49.5 in July and private Caixin PMI increasing to 51.0 from 49.2 in July, marking the return to expansion territory for the first time in 4 months.  

Headlines:

Auto

  • BYD to buy Jabil’s mobile electronics manufacturing business in China
  • BYD remains confident it can reach its 2023 target of selling 3 million cars
  • Bosch has started production of new 800v power train system for EVs
  • New Auto sales in Europe increased 17% Y/Y in July says ACEA. Sequentially sales declined 19& M/M vs seasonality of -10%
  • China retail sales from Aug 1 to 27 tracking 3% higher vs prior month; NEV sales tracking up 2% says CPCA
  • Japan is doubling its target of EV Chargers installations by 2023 to 300k
  • Ford Motor made a contract offer to the United Auto Workers (UAW), the company said on Thursday.
  • Hyundai Motor’s union workers voted in favor of strike in Korea
  • VW to halt production of its best-selling cross-over in Europe due to flooding of engine parts suppliers in Slovenia
  • Toyota halted production for 3 days in Japan due to a system failure  
  • Stellantis to start European network dealer revamp next week by transitioning to agency/direct model
  • UAW filed unfair labor practice charges against GM and Stellantis
  • Auto delinquency rates have reached levels last seen in the financial crisis despite strong jobs market
  • US administration offers $12 billion to auto makers, suppliers to help with the transition to EVs
  • Tesla releases refreshed Model 3 with longer driving range in China
  • Xpeng announced the acquisition of EV development business of Didi

Aerospace

  • Boeing is preparing to restart deliveries of 737 Max jets to China

Datacenter

  • Dell reported strong results and lifted its full-year on AI demand for servers
  • Google extended its partnership with Nvidia and announced a swath of AI technology
  • HPE reported in-line results on strength for networking equipment; Oct-Q outlook slightly below consensus

IP&E

  • Murata announced the completion of its new facility in Vietnam

Semiconductors

  • AMD acquires French FPGA software group Mipsology
  • Chinese company iFLYTEK claims it has developed an AI GPU chip rivaling the performance of Nvidia’s GPUs
  • ASML has received a license to continue to ship DUV equipment for mature processes to China until 2023 year end
  • Broadcom reported in-line results but outlook disappointed as bleak enterprise and CE demand outweigh benefits from AI demand strength
  • Diodes workers in the UK have voted to strike against the company due to unfair pay increase
  • GlobalFoundries announced enhancement to its 5G and auto power management technology wafer services
  • The US administration has placed additional restrictions on Nvidia on selling AI chips to the Middle East
  • ST Micro announced a SiC supply agreement with BorgWarner
  • Intel will invest $1.2B in Costa Rica over the next two years
  • Intel is reportedly speeding up the construction of its fab in Arizona upon securing orders for 18A process node

Consumer

  • HPQ reported in-line July-Q results but a dissapointing outlook on slower than expected PC sales recovery
  • IDC forecasts a return to PC growth in 2024 albeit still below 2019 levels
  • Neo announced plans to launch self-developed mobile phone in September
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About Author

About Author

Dennis Reed is a Senior Research Analyst in Technology. Dennis started in the industry in 2005 at FTN Midwest Research on the technology & semiconductor team. In 2006, he was a founding member of Cleveland Research Company and continued to develop and extensive network of technology industry professionals in the semiconductor, distribution, memory and HDD industries throughout the world. Dennis worked at KeyBanc Capital markets in New York, on teams covering Consumer Staples and Paper & Packing companies. Dennis also brings wide level of experience working in various roles with Travelers Insurance, including Market Research and various product roles supporting business unit growth in targeted end markets. Dennis is a 2002 graduate of Ohio University with a major in Sports Management.

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