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Non-Tech : Kirk's Market Thoughts -- Ignore unavailable to you. Want to Upgrade?

To: Elroy who wrote (12293)	10/26/2021 11:13:53 PM
From: Kirk ©	Respond to of 26763

Ah... yes. That is why I believe we need to eliminate the step-up in basis. Hammer heirs with taxes is fine with me and keep the productive working and only tax them when they cash in. I'm glad Musk rolled over his PayPal profits to invent a new industry that has the US ahead of the Germans in quality autos with great performance again. Also, it WOULD be an easy matter to change the laws to require one to pay capital gains taxes on any assets used as collateral for a loan. Someone with $100m in equity can borrow $300k per year on margin to live of off, It would make far more sense to make their stock pay a 1% dividend and get $1M a year to live off. Truth is most of these CEOs can have nearly all their expenses paid for by the company and take just enough salary to live on.

To: Elroy who wrote (12293)	11/10/2021 8:11:14 PM
From: Kirk ©	Respond to of 26763

Finally someone is talking about being cautious and burning some inventory After Strong Gains, DRAM Prices Expected To Retreat in 4Q21 DRAM buyers cautious about placing significant orders; opting instead to keep inventory in check. DRAM prices soared 41% through the first eight months of 2021, rising from $3.37 in January to $4.77 in August. September’s DRAM ASP slipped 3% to $4.62, which still was a 37% increase from the beginning of the year (Figure 1). Such a strong price increase and market rebound were expected in 2020 following a very difficult year in 2019 when the DRAM average selling price (ASP) fell 44%. But major challenges—chief among them, the global Covid-19 pandemic—clouded and disrupted the market for DRAM in 2020. In early 2021, vaccines were approved and were widely distributed in many developed countries. This allowed several national/regional economies to begin recovering to pre-pandemic levels. Throughout the first three quarters of the year, DRAM suppliers scrambled to meet pent-up demand from all end-use segments. Lead times stretched as buyers, eager to have enough chips in stock for their systems, bought early and ordered extra, adding more fuel to the price rally. Figure 1 Specifically, PC and server manufacturers purchased large quantities of DRAM in the first half of 2021 to help alleviate potential manufacturing and shipping delays later in the year. They are expected to curtail their high level of DRAM purchases in 4Q21 in order to burn through existing inventory. PC and server DRAM prices are expected to slip 0-5% in 4Q21. IC Insights projects global shipments of new-generation 5G smartphones will grow to 575 million units in 2021. However, in light of an uncertain holiday buying season and lower mobile DRAM prices that are anticipated in 2022, smartphone makers remain cautious about purchasing too much DRAM in 4Q21 and have opted instead to focus on reducing their inventory supplies. IC Insights believes this will keep prices flat for mobile DRAM in 4Q21. In some cases, shortages of other IC components have impacted DRAM pricing. For example, some of the strongest demand for graphics DRAM originates from graphics cards used in notebook computers. In the final quarter of this year, severe shortages of driver ICs, power management ICs, and other peripheral circuitry are expected to limit graphics card production, which has lessened procurement activity for graphics DRAM. As a result, the price of graphics DRAM is also expected to be down 0-5% in 4Q21. Figure 2 shows the quarterly DRAM market and the sizeable gains made through the first three quarters in 2021. It is worth noting that after falling to a three-year low of $14.8 billion in 1Q20, the DRAM market registered growth in each quarter through the corona virus-outbreak year of 2020 and the first three quarters of 2021. DRAM sales in 3Q21 registered their highest quarterly sales volume ($26.0 billion) since 3Q18 when quarterly DRAM sales reached their all time record high of $28.2 billion. Figure 2 Report Details: The 2021 McClean Report The 2021 edition of The McClean Report—A Complete Analysis and Forecast of the Integrated Circuit Industry was released in January 2021. A subscription to The McClean Report includes free monthly updates from March through November (including a 180+ page Mid-Year Update), and free access to subscriber-only pre-recorded webcasts through November. An individual user license to the 2021 edition of The McClean Report is available for $5,390 and a multi-user worldwide corporate license is available for $8,590. The Internet access password and the information accessible to download will be available through November 2021. icinsights.com More Information Contact For more information regarding this Research Bulletin, please contact Brian Matas, Vice President at IC Insights. Phone: +1-480-348-1133 email:bmatas@icinsights.com PDF Version of This Bulletin A PDF version of this Research Bulletin can be downloaded from our website at icinsights.com