SShiroSora
2020-12-08T03:31:16+00:00
Global iPhone and semis (iPhone 12 chip order cuts begin)
Sebastian Hou expected an iPhone 12 inventory correction but the order cut is now happening and is earlier than expected, starting from the A14 chip and likely cutting TSMC 5nm utilisation from 100% (2H20) to 80% (1H21). While this could be partly seasonal, we note that it is the first order cut and the first utilisation rate drop in the past few months. Sector stock performance may pause, while it will be interesting to monitor if Apple’s cut causes ripple effects for the tech food chain.
机翻：
[img]https://img.nga.178.com/attachments/mon_202012/11/c4Q5-agh0K1bT1kSc8-bb.jpg[/img]
Sebastian Hou expected an iPhone 12 inventory correction but the order cut is now happening and is earlier than expected, starting from the A14 chip and likely cutting TSMC 5nm utilisation from 100% (2H20) to 80% (1H21). While this could be partly seasonal, we note that it is the first order cut and the first utilisation rate drop in the past few months. Sector stock performance may pause, while it will be interesting to monitor if Apple’s cut causes ripple effects for the tech food chain.
机翻：
[img]https://img.nga.178.com/attachments/mon_202012/11/c4Q5-agh0K1bT1kSc8-bb.jpg[/img]