Greening Global Value Chains: A Conceptual Framework for Policy Action

This is Chapter 6 of the Global Value Chain Development Report 2023. The Global Value Chain (GVC) Development Report 2023 explores approaches to build resilient and sustainable GVCs. It provides an overview of the most recent trends in GVCs, assesses the effects of recent trade tensions and the COVID-19 pandemic on GVCs, and illustrates changes in the nature of supply chains. It also analyses the challenges of climate change to GVCs and proposes policy options for enhancing inclusive development through GVC participation

US Microelectronics Packaging Ecosystem: Challenges and Opportunities

The semiconductor industry is experiencing a significant shift from traditional methods of shrinking devices and reducing costs. Chip designers actively seek new technological solutions to enhance cost-effectiveness while incorporating more features into the silicon footprint. One promising approach is Heterogeneous Integration (HI), which involves advanced packaging techniques to integrate independently designed and manufactured components using the most suitable process technology. However, adopting HI introduces design and security challenges. To enable HI, research and development of advanced packaging is crucial. The existing research raises the possible security threats in the advanced packaging supply chain, as most of the Outsourced Semiconductor Assembly and Test (OSAT) facilities/vendors are offshore. To deal with the increasing demand for semiconductors and to ensure a secure semiconductor supply chain, there are sizable efforts from the United States (US) government to bring semiconductor fabrication facilities onshore. However, the US-based advanced packaging capabilities must also be ramped up to fully realize the vision of establishing a secure, efficient, resilient semiconductor supply chain. Our effort was motivated to identify the possible bottlenecks and weak links in the advanced packaging supply chain based in the US.Comment: 22 pages, 8 figure

An analysis of revenue and product planning for automatic test equipment manufacturers

Thesis (S.M.)--Massachusetts Institute of Technology, Sloan School of Management; and, Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Electrical Engineering and Computer Science, 1998.Includes bibliographical references (p. 71).by Paul D. DeCosta.S.M

La creación de campeones de la industria electrónica en Asia oriental

Sustained and high growth in East Asia was achieved by developing sophisticated export sectors, especially in electronics, spearheaded by national “champions.” Using the experience of four major East Asian semiconductor firms, we argue that four ingredients of state-firm cooperation were instrumental in their success—ambition, autonomy, accountability, and adaptability (4A). This state-firm interaction involved ambitious goals and policies of the state combined with firms’ operational autonomy, strict accountability for the support received, and adaptability to the changing environment. In addition, international and domestic competition, collaboration with multinationals and research consortiums, and own innovation pushed firms toward the technological frontierEn Asia oriental se logró un crecimiento sostenido y elevado mediante el desarrollo de sofisticados sectores de exportación, especialmente en electrónica, encabezados por “campeones” nacionales. Utilizando la experiencia de cuatro importantes empresas de semiconductores de Asia oriental, argumentamos que cuatro ingredientes de la cooperación entre empresas y Estado fueron fundamentales para su éxito: ambición, autonomía, rendición de cuentas y adaptabilidad. Esta interacción entre el Estado y la empresa implicó ambiciosos objetivos y políticas por parte del estado, combinados con la autonomía operativa de las empresas, una estricta rendición de cuentas por el apoyo recibido y la adaptabilidad al entorno cambiante. Además, la competencia nacional e internacional, la colaboración con multinacionales y consorcios de investigación y la innovación propia empujaron a las empresas hacia la frontera tecnológic

NVIDIA Corporation : equity valuation report

The main objective of this dissertation is to determine what the fair price of an NVIDIA Corporation share will be on January 29, 2023. After reviewing several articles on the different techniques for valuing a company’s equity, the Discounted Cash Flow method based on the WACC discount rate was deemed the most appropriate method for the objective of this dissertation. In a complementary way, the results of the chosen method were compared with those of a relative valuation method. The application of the first method resulted in a fair price of $252.57, which is 10.58the closing price on January 30, 2022, and as a result a BUY recommendation was presented to investors. The results of the second method proved inconclusive, showing that the company on that same day was trading at a discount in the case of the P/E multiple and at a premium in the case of the EV/EBITDA multiple. The application of both methods was supported by a comprehensive analysis of the semiconductor industry, NVIDIA’s historical performance, and thorough knowledge of the markets in which the company is positioned. In the end, a comparative analysis of the methods adopted as well as of the assumptions made in an Equity Report published by J.P. Morgan with those of this dissertation was performed. It was possible to conclude that although different approaches have been considered, the investment recommendation presented by the Report points in the same direction as that of this dissertation.Esta dissertação tem como objectivo principal determinar o preço justo de uma acção da NVIDIA Corporation ao dia 29 de Janeiro de 2023. Após uma análise dos diversos artigos sobre técnicas de avaliação do capital de uma empresa, o método do Fluxo de Caixa Descontado com base na taxa de desconto WACC foi considerado o mais adequado para o propósito desta dissertação. De forma complementar, os resultados do método escolhido foram comparados com os obtidos através de uma avaliação relativa da empresa. A aplicação do primeiro método resultou num preço justo de$252.57. Por se encontrar 10.58% acima do preço de fecho do dia 30 de Janeiro de 2022, foi apresentada aos investidores uma recomendação de COMPRA. Os resultados do segundo método revelaram-se inconclusivos, mostrando que a empresa nesse mesmo dia negociava com desconto no caso do múltiplo P/E e com um prémio no caso do múltiplo EV/EBITDA. Ambos os processos de avaliação se encontram suportados por uma análise minuciosa da indústria dos semicondutores, da performance histórica da empresa e um conhecimento aprofundado dos mercados em que a NVIDIA se posiciona. No final, foi realizada uma análise comparativa dos métodos adotados bem como dos pressupostos assumidos num “Equity Report” publicado pela J.P. Morgan com os desta dissertação. Conclui-se que apesar de terem sido consideradas diferentes abordagens, a recomendação de investimento apresentada aponta no mesmo sentido que a desta dissertação

Equity research –advanced micro devices (AMD)

Advanced Micro Devices (AMD) is a Silicon Valley-born semiconductor company,that had its IPO in 1972. Despiteits rough past, in the most recent years,AMD has beenable togaincompetitive advantage in relation to its industry peers,as well asmarket sharedue to its continuous innovative products’ lines of EPYC and Ryzen processors, and Radeon graphics.Furthermore, recentlyestablished partnerships and launched products give the company good growth prospects, in the near future.For these reasons an Equity Research Report was conducted on AMD, in order to get to a fair value of the stock.AMD’s valuationin the reportwas assessed through the Discounted Cash Flow (DCF)method, considering various factors that could affect the company’s financial statement lineitems.Among those factors are the Average Selling Price of its products, Units Shipments, Gross Margin, investments in innovation (R&D), and several partnerships alongside with the company’s Market Share.A scenario analysison the effects of the tariffs, comingfrom the Trade War,was also conductedon AMD’s price.The price target arrived for December 31, 2020 was $52.75, leading to a BUYinvestment recommendation, considering normal market conditions