Memory Market Heats Up as Analog is Cooling

Semiconductor equipment order activity held at 70°F. Memory continues to lead in the recovery, jumping 2° last week. There were very minor changes made to our forecasts this month. The earnings so far are in line with our forecasts. TSMC beat expectations in the fourth quarter, owing to the ramp of their 3nm technology and strong demand for 5nm technology. Texas Instruments on the other hand, missed expectations in their guidance for the first quarter. Confirming our views of a further slowdown for the automotive and industrial markets. On the equipment manufacturing side, ASML beat expectations in the fourth quarter and saw a surge in bookings.