It’s Going to be a Cold and Rainy Spring
Order activity for semiconductor equipment fell by another point, hitting a new record low for the year. All segments moved lower as sentiment continued to weaken. ASML delivered another strong quarter and its guidance beat expectations. LAM Research revenues for the March quarter beat expectations but its guidance came in below consensus as the company grapples with a brutal memory downcycle. On the chipmaking front, TSMC trimmed its 2023 outlook, pointing to weaker than expected demand coupled with a sizable inventory overhang. Despite the weaker view, TSMC left its 2023 capex unchanged at $32B-$36B indicating that it sees this level of investment necessary to support future customer requirements.
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