- Ukulinganisa okubili phakathi kwemodeli yokugeleza kwemali ehlisiwe kanye nesilinganiso se-PER.
- Ukuma ngendlela efanele emikhakheni ebalulekile njengokuvikela, izimoto kanye nezimboni.
- Umthelela omuhle woMthetho we-CHIPS kanye nezibonelelo zikahulumeni e-U.S.
- Amathemba okukhula okumaphakathi kanye nemigomo yentengo ekhuphukayo eya ku-2027.
Uma unentshisekelo kuma-semiconductors, cishe uqaphele ukuthi i-GlobalFoundries ibilokhu isenza izihloko zezindaba muva nje. Le nkampani, eyaqala njengenkampani yokukhiqiza ye-AMD ngaphambi kokuba izimele ngo-2009, isikhule yaba enye yezindawo zokukhiqiza ama-chip ezihamba phambili emhlabeni , ikakhulukazi isebenza ngobuchwepheshe bezinqubo ezivuthiwe obakha umgogodla wamadivayisi amaningi esiwasebenzisa nsuku zonke.
Isimo samanje senkampani, okungenani, siyamangaza. Ngemva kokulawulwa yiMubadala Investment, isikhwama semali esizimele sase-United Arab Emirates, futhi ngemva kokuthatha ibhizinisi le-IBM lama-chip ngo-2015, izithola isesimweni lapho ukuguquguquka kwemakethe kanye nezinqumo zamasu kuchaza inani lemakethe yayo yamasheya, okushiya abatshalizimali bengaqiniseki ngokuthi yisikhathi esifanele sokuthenga noma kungcono ukulinda.
Isithombe esincane sokulinganisa: Inkinga yamanani
Ukuhlaziya i-GlobalFoundries kufana nokuzama ukuxazulula iphazili lapho izingcezu zingabonakali zihlangana khona ekuqaleni. Ngakolunye uhlangothi, uma sibheka indlela ye-cash flow encishisiwe (i-DCF), izinto azibukeki kahle kangako. Lo modeli, okhombisa ukuthi inkampani izokhiqiza malini esikhathini esizayo, usikisela ukuthi isitoko sinenani elingaphezu kuka-47,3% , okubeka inani laso langaphakathi ngaphansi kakhulu kwentengo yamanje yemakethe.
Kodwa-ke, akukhona konke okuhle ngobubi. Uma sishintsha umbono wethu bese sibheka isilinganiso se-P/E (isilinganiso sentengo-kuya-kwenzuzo), isithombe sishintsha kakhulu. Le nkampani ihweba ngesilinganiso se-P/E esingaba ngu-33,2, inani elingaphansi kakhulu kwesilinganiso semboni ye-semiconductor esingaba ngu-47,3x, futhi ngisho nakude kakhulu neqembu layo lokulinganisa. Lokhu kusikisela ukuthi, ngokusekelwe kuphela enzuzweni, isitoko singaba yintengo ephansi.
Lokhu kungqubuzana yikho okwenza abahlaziyi bakhale. Ngokuyisisekelo, kuncike ekutheni ubeka phambili ukukhiqizwa kwemali ngokushesha noma ukuqhathaniswa nabancintisana nabo ngqo . Kuyindawo lapho ingozi yokwenziwa kwephrojekthi ingqubuzana khona nokwenzeka kokuthi imakethe ibukela phansi amandla ayo angempela.
Abashayeli bamasu kanye noMthetho we-CHIPS
Asikwazi ukukhuluma ngale nkampani ngaphandle kokukhuluma ngoMthetho we -US CHIPS . I-GlobalFoundries isanda kuthola isibonelelo samaRandi ayizigidi ezingama-300 sokucwaninga nge-silicon photonics. Lesi sinyathelo asikona nje ukufaka imali, kodwa ukusekelwa kwezikhungo okungathuthukisa ukuhamba kwemali kwayo kwesikhathi eside, yize kudinga ukutshalwa kwezimali okukhulu okungase kuphazamise abanye abatshalizimali.
Ngaphezu kwalokho, inkampani iphumelele ukushintshashintsha iphothifoliyo yayo ukuze igweme ukuthembela kuphela kumadivayisi eselula noma kumakhompyutha, okuyizimakethe ezishintshashintshayo neziguquguqukayo kakhulu. Bagxile ezindleleni zokusebenza zezimoto, zezimboni, nezokuvikela —imikhakha lapho isidingo sizinzile futhi singabikezelwa khona. Eqinisweni, ukubambisana kwabo noMnyango Wezokuvikela wase-US kubabeka njengabalingani ababalulekile bezokuphepha kwezwe, okubanikeza isivikelo esibalulekile samasu ngokumelene nomncintiswano.
Amathemba okukhula kanye nezingozi okufanele ziqashwe
Uma sibheka phambili ku-2027, abahlaziyi be-Wall Street basalokhu benethemba ngokuqapha. Njengoba intengo ilinganiselwa ku-$40, kulindeleke ukuthi isitoko sibe nokukhuphuka okulinganiselwa ku-10% . Amanye amamodeli anethemba kakhulu, asekelwe ekukhuleni kwemali engenayo yonyaka okungu-5,6% kanye nemikhawulo yokusebenza engu-18%, asikisela ukuthi isitoko singakhuphuka sifike ku-$49.
Kodwa qaphela, akukhona konke okuhamba kahle. Kukhona inkinga okudingeka siyicabangele. Ukuncintisana okuvela ezikhulwini ezinkulu ezifana ne-TSMC ne-Samsung kukhulu, kanti lokhu kunamandla amakhulu entengo. Uma isidingo se-elekthronikhi sabathengi siqhubeka nokuba buthaka, ukukhula kwesikhathi esifushane kungavimba, kushiye inkampani isesimweni esibi uma yehluleka ukusheshisa ukushintshela kwayo kuma-chip anenani eliphezulu.
Phakathi kwabatshalizimali bezikhungo, kuyaphawuleka ukuthi izibalo ezifana noGeorge Soros zigcina isabelo esikhulu enkampanini, zinamasheya angaphezu kuka-243.000. Lokhu ngokuvamile kuchazwa njengophawu lokuqiniseka ekuqineni kwenkampani, naphezu kokwehla okukhulu kwentengo yamasheya ezinyangeni zamuva.
Le nkampani iziveza njengomqhubi oqeqeshiwe, nakuba engathembisi ukukhula okufana nerokhethi, inikeza isu elilinganiselayo nelihlala isikhathi eside . Impumelelo yayo yokugcina izoncika ekutheni ingaguqula yini usizo lukahulumeni kanye nobuchwepheshe bayo obuhlukile bube yinzuzo yangempela, engandiswa eqinisekisa imakethe ukuthi inani layo lamanje alidluli kakhulu.