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Semiconductors

Semiconductors. Presented by Aman Bansi Mark Thomlinson Barnard Choi. Agenda. Industry overview Intel AMD Applied Materials. A Brief History. Pre-1950’s - Vacuum tubes 1945 - ENIAC is developed for military application in WWII

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Semiconductors

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  1. Semiconductors Presented by Aman Bansi Mark Thomlinson Barnard Choi

  2. Agenda • Industry overview • Intel • AMD • Applied Materials

  3. A Brief History • Pre-1950’s - Vacuum tubes • 1945 - ENIAC is developed for military application in WWII • 1947 - Bell Telephone Laboratories develops the transistor • 1959 - Texas Instruments and Fairchild semiconductor separately develop the integrated circuit • 1965 – Moore’s Law • 1968 – Intel founded • 1970-72 – Intel introduces the 4004, and 8008 processors

  4. Terminology • Semiconductor -A material with an electrical conductivity between that of an insulator and a conductor Behaves as an insulator at very low temperature, and conducts electricity at room temperature -Silicon, germanium, and gallium arsenide • Integrated Circuit -A thin chip consisting of at least two interconnected semiconductor devices

  5. Terminology • Transistor -Semiconductor device which can be used for amplification, switching, voltage stabilization • Wafer -A thin (1-3mm) slice of a semiconductor ingot -The surface on which ICs are manufactured

  6. Business Models • Foundry -Manufacturing -Taiwan Semiconductor • Fabless -Development and Marketing -NEC, hundreds of other firms • Integrated Device Manufacturer (IDM) -Development, Manufacturing, Marketing -Intel, AMD

  7. Moore’s Law • Moore’s Law states, “Number of transistors on chip doubles about every two years” this has made reality by Intel

  8. Use of Semiconductors

  9. Semiconductor Industry Profile • U.S. 2003 Sales= $80 Billion • Worldwide 2003 Sales= $165 Billion • % of Sales outside U.S. Market 73% • Capital Equipment=$10 Billion, 14% of sales 14% • R & D Investment=$14 Billion, 17% of sales 17%

  10. Global Shipments

  11. Sales by Region

  12. Global Sales

  13. Integrated Circuit Production

  14. Capacity by Wafer Size

  15. Fabrication process

  16. Film Desposition • Layer of insulating or conducting film is deposited or grown on a wafer • Four main types of deposition • Atomic Layer Desposition (ALD) • Chemical Vapour Desposition (CVD) • Physical Vapour Desposition (PVD) • Electro Chemical Plating (ECP)

  17. Photolithography • Photolithography • Etch • Ion Implantation • Rapid Thermal Processing

  18. Photolithography • A layer of light sensitive photo resist is applied to the previously deposited layer • A mask (pattern) is placed on top of the photo resist • Ultraviolet light is flashed through the mask, dissolving the exposed photo resist

  19. Etch • Process to selectively remove material from the surface of a wafer • The original film which was under the photo resist is then dissolved by microscopic droplets of chemical • This process leaves the circuit’s pattern on the wafer

  20. Ion Implantation • Silicon wafers are bombarded by a beam of ions that penetrate (implant) the film surface to a desired depth • Used during transistor fabrication to change electrical properties of a material • Important for enabling the fabrication of smaller structures with faster transistor performance • Systems to perform 45 and 65 nm implantation

  21. Rapid Thermal Processing • Rapid bursts of intense heat • Room temperature to more than 1,000 degrees Celsius in seconds • Used for modifying the properties of the implanted ions

  22. Chemical Mechanical Polishing • Removes material from a wafer to create a flat surface • This process allows subsequent photolithography patterning steps to occur with greater accuracy • Enables film layers to build with minimal height variations.

  23. Metrology and Wafer Inspection • Scanning Electron Microscopes • Imaging of critical dimensions • Determination of defect’s source • High speed, laser-based technology

  24. Regulatory Environment • The U.S. government regulates exports and certain uses of some types of semiconductors due to their potential use in military applications • Intellectual property laws mainly in the area of patents • Environmental management has become an important factor in the production and delivery of semiconductor components to end users -reduce emission of PFC's

  25. Semiconductor Trends • Cost-per-function of ICs will drop long after Moore’s Law is obsolete, due to various future design and fabrication innovations • As Moore's Law assumptions become less valid, something will have to change • Future area of cost reduction may be verification, a major source of bottle neck in IC production • The methods for achieving higher quality and lower costs will change

  26. Trends (cont.) • Innovative assembly and packaging of multiple-chip modules • Power-aware design rules • Design-for-manufacturing (DFM) improvements • Lithography-friendly tools to enable designers to analyze the effects of manufacturing variability • The integration of physical verification and test to enhance debugging and improve yields. • A learning curve that will tell us what needs to happen beyond just shrinking the design rules

  27. Growth segments • High growth application areas for automotive semiconductors: • Safety features (airbags, cruise control, collision avoidance) • Cockpit electronics (phones, entertainment) • Consumer Electronics • accounts for 50% of the total sales of semiconductors • digital cameras, camcorders, DVD players and CD players • Digital televisions and wireless communication equipment with wideband data capability

  28. Presented by:Aman Bansi

  29. Agenda • A Brief history • Underlying Business • Management • Fundamental’s • Financial Analysis • Quarterly Update • Financial Ratios • Value Drivers • Fisher • Recommendation

  30. Corporate Mission, Values, Objectives • Our Mission -Do a great job for our customers, employees, and stockholders by being the preeminent building block supplier to the worldwide digital economy • Our Values -Customer & Results orientation, risk taking, great place to work, quality, discipline • Our Objectives -Extend silicon leadership and manufacturing capability, deliver architectural innovation for platforms & pursueworldwide opportunities

  31. A Brief History • Founded in 1968 by Bob Noyce & Gordon Moore to build semiconductor memory products • 1970-1980 -Introduction of the first microprocessor and initial public offering -Microprocessor 8080 introduced, 10 times faster then previous microprocessors & used in the first personal computers -Intel wins the IBM PC account • 1980-1990 -Intel 386 processor launched, 275k transistors -Intel enters flash memory business -Reincorporated in Delaware

  32. Brief History Continued • 1990-2000 -Bob Noyce passed away of heart attack -Intel becomes household name & logo begins appearing on PC’s world wide -Becomes largest semiconductor supplier in the world -Introduces Pentium processor, 3.1million transistors -Intel chips power 85% of all desktops -Intel celeron processor introduced • 2000-Present -Pentium 4 processor introduced, 42-mill. Transistors -hyper threading technology is introduced -introduced Intel centrino mobile technology

  33. Business Segments and Products • Intel Architecture Business -Microprocessors -Chipsets -Motherboard Products

  34. Business Segments and Products Continued • Intel Communications Group -Flash Memory -Application Processors & Components for Handheld Computing & Communication Devices -Wired & Wireless Connectivity Products -Networked Storage

  35. New Business Segments • Mobility Group • Digital Enterprise Group • Digital Home Group • Digital Health Group • Channel Platforms Group

  36. Customers • Original Equipment Manufactures (OEMs) & Original Design Manufactures (ODMs) • PC and Network Communication product users • Other Manufacturers

  37. Intel Architecture Business Competitors • AMD • IBM • Hewlett-Packard Company • Sun Microsystems • ATI technologies • Silicon Integrated Systems Corporation (SIS)

  38. Intel Communications Group Competitors • QUALCOMM • Samsung Electronics Company LTD • Spansion LLC (subsidiary of AMD) • Texas Instruments INC • Applied Micro Circuits • Atheros Communications

  39. Future Growth “Using Core Strengths for Worldwide Growth” • Manufacturing & Technology • Architecture & Platforms • Ecosystem Development -Intel Capital • Global Presence • Our Brand • Corporate Excellence

  40. Management • Craig Barrett, chairman of the Board since May 2005 -Previously CEO (1998-2005) • Paul Otellini, (CEO) since May 2005 -Previously served as COO & President (2002-2005)

  41. Management Continued • Andy D. Bryant, Chief Financial & Enterprise Services Officer -Previously CFO (1994-1999) • Sean Maloney, Executive VP General manager, Mobility Group -Previously senior vice president (1999-2001)

  42. Executive Compensation

  43. Executive Options

  44. Fundamental Trade Date: 10-18-05 TICKER INTC Recent Price 25.30 EPS 1.33 P-E Ratio 18 Dividend Yield 1.59% Annual Dividend .40 Beta (5-Year) 2.08 Share Related: Market Cap (millions) 151509 Shares Outstanding (millions) 6029

  45. One Year Stock Performance

  46. Five Year Stock Performance

  47. 20 Year Stock Performance

  48. INTC vs. SOX

  49. Financial Analysis

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