Semi Equipment Analysis Message Board

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Technology Stocks : Semi Equipment Analysis

SOXX 296.74

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Nov 28 4:00 PM EST

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From: Elroy	3/16/2023 12:35:57 PM
	of 95490

I'm looking at Tower Semiconductor - I think they're an Israeli foundry (for analog chips?). They're being acquired by Intel, if the Chinese approve. The thing that stands out to me (not knowing much about their business other than the above brief sentence or two) is their balance sheet. They appear to have about $1 billion of "cash like" stuff (cash, marketable securities, short term deposits) and less than $300m of short and long term debt. So they've got about $6-$7 per share net cash. I would have expected a foundry to have a lot more debt. Is there something about "analog chip foundries" that they are not so capital intensive?

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