6 Comments

Thanks for the write-up! It's very interesting to peel back the layers on how semis are made. Correct me where I am wrong. The process you described is making one layer of the wafer. Do the # layers increase as nodes get smaller or that is not correlated? Would EUV be used in making all those layers or only the smallest patterns?

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Nov 22, 2020Liked by Doug O'Laughlin

Thanks for write-up, super helpful as always- may I ask, i get it’s purely illustrative but is there are a reason you’re using net income (so net of d&a) and still subtracting capex in your DCF?

Also referring to your previous posts - if they own 100% of the best incremental technology and we think demand for semis will grow exponentially (due to AI) I would have thought the CAGR implied by the 2025 target is not particularly impressive? Or I am missing something in the bargaining power they have with customers or how the demand for their product correlates with semis demand?

Many thanks

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