Seeking Alpha: FormFactor Coming Into Shape

In early December of 2013 I wrote that FormFactor (FORM) looked like an appealing risk-reward trade for more aggressive investors, as the market seemed to be very down on the prospects for the company to grow its SoC probe card business and improve its margins. Since then, the shares are up over 50%, with a big run over the past few weeks driven by improved guidance for the second quarter. There remain valid ongoing concerns as to whether FormFactor can improve margins enough to generate attractive long-term cash flow streams, but technology transitions in memory and logic could make the next couple of years very interesting for FormFactor.

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FormFactor Coming Into Shape

Seeking Alpha: Taiwan Semiconductor Keeps Building For The Next Act

If Glengarry Glen Ross gave us the motto of "always be closing", maybe Taiwan Semiconductor (or "TSMC") (TSM) can be said to follow a motto of "always be changing". TSMC not only has to stay at the edge in terms of process nodes, it has to keep pace with the volume needs and demands of its client base. This year will mark the fifth straight year of well above-average capital spending, as TSMC looks to keep its position as a leader foundry provider to communication chip designers and compete with Intel (INTC), Samsung, GlobalFoundries ("GloFo"), and United Microelectronics (UMC) in the emerging 10/nm14nm/16nm FinFET (or "FF") nodes.

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Taiwan Semiconductor Keeps Building For The Next Act

Investopedia: Reports Of TSMC's Imminent Demise May Be Greatly Exaggerated

There's really no such thing as “steady state” in the semiconductor industry, and fab operator Taiwan Semiconductor (NYSE:TSM) (aka “TSMC”) has the need to always stay on the leading edge of what its customers need and want in terms of chip manufacturing technology/capabilities. In addition to that constant pressure of migrating to the next generation, TSMC is facing the entrance of a major potential rival – Intel (Nasdaq:INTC).

While I think Intel's technological capabilities are not to be underestimated, the assumption that TSMC is in serious trouble seems misplaced. That isn't necessarily to say that the shares are cheap right now, but I see TSMC as a share-gainer in the fab space for the foreseeable future.

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Investopedia: Micron Still Searching For The New Normal

Commodity memory is an exceptionally volatile industry, and that's nothing new. That makes the concerns about Micron's (NYSE:MU) ASPs and weaker margins in the second quarter more or less par for the course. While it looks like the memory markets are on the road to recovery, investors have already seen a hefty rebound off the bottom and may want to ask themselves if they really need the turbulence and volatility that this stock is likely to produce in the coming year.

Fiscal Second Quarter Earnings Bring Trade-Offs  
Micron's earnings were a mix of good and bad news. Revenue performance (down 1% sequentially) was respectable, but investors may take a little issue with how that performance came about. Shipment growth was pretty strong, but ASPs were generally weaker than expected. While shipments (in bits) rose 21% in DRAM and 36% in NAND, prices fell 16 and 23%, respectively. The NOR business was also weak, as revenue fell 25% sequentially.

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http://stocks.investopedia.com/stock-analysis/2012/Micron-Still-Searching-For-The-New-Normal-MU-INTC-TSM0326.aspx