From sand to chip: how is a modern semiconductor made?

Reading time: approx. 10min

1) INTRODUCTION

Since 2023 at the latest and the rapid rise of Nvidia $NVDA (+2,01 %) semiconductors and "AI chips" in particular have been the talk of the town. Since then, investors have been chasing after almost every company that has something to do with the manufacture of chips, driving share prices to unimagined heights. However, hardly any investors really know how complex the value chain is within the production of modern chips.

In this article, I will give you an overview of the entire manufacturing process and the companies involved. Even if many of you have a vague idea that the production of modern chips is complex, you will certainly be surprised by how complex it really is in reality.

2) BASIC

The starting point for every chip are so-called wafers [1] - i.e. thin wafers, which usually consist of so-called high-purity monocrystalline silicon. In the field of power semiconductors, which primarily comprises chips for applications with higher currents and voltages, silicon carbide (SiC) or galium nitride (GaN) has recently also been used as the base material for the wafers.

In the so-called front end the actual core components of the chips - the so-called dies - are created and applied to the wafers. The dies are rectangular structures that contain the actual functionality of the later chip. The finished dies are then tested for their functionality and electrical properties. Each die that is found to be good is then integrated into the so-called backend where the individual dies are separated on the wafer. This is followed by the so-called packaging. The individual dies from the front end are then electrically contacted and integrated into a protective housing. In the end, this housing with the contacted die is what is usually called a chip chip.

Now that we have a rough overview of the overall process, let's take a closer look at the individual processes involved in producing the dies on the wafer. This is the area in which most highly complex machines are used and which is usually the most sensitive.

3) FROM SAND TO WAFER

Before wafers made of high-purity silicon can even be produced and the actual process for manufacturing dies can begin, the actual wafer must first be manufactured in almost perfect quality. To do this, quartz sand, which consists largely of silicon dioxide, is reduced with carbon at high temperatures. This produces so-called raw siliconwhich, with a purity of around 96%, is not yet anywhere near the quality required for the production of wafers.

In several chemical processes, which are carried out by Wacker Chemie
$WCH (+1,9 %) or Siltronic
$WAF (-3,21 %) are used to turn the "impure" silicon into so-called polycrystalline silicon with a purity of 99.9999999%. For every billion silicon atoms, there is then only one foreign atom in the silicon. However, this pure polycrystalline silicon is still not suitable for the production of wafers, as the crystal structure in the silicon is not uniform enough. In order to create the right crystal structure, the polycrystalline silicon is then melted again and a so-called ingotwhich is made from monocrystalline silicon is produced. A comparison between raw silicon and the ingot can be found in the following image [3]:

This ingot is then sawn into thin slices, which are then the final wafers for semiconductor production. The best-known wafer producers are Shin Etsu
$4063, (-1,14 %)
Siltronic or GlobalWafers
$6488.

4) FROM THE WAFER TO THE DIE

The wafers described in the previous section can now be used to produce dies. The overall process for producing dies basically consists of applying a large number of layers using various chemical, mechanical and physical processes. The overall process (depending on the product) takes approx. 80 different layers on the wafer, requiring almost 1000 different process steps and 3 months
non-stop production are required [4].

A macroscopic analogy is useful here, which I have also taken from [4]. You can compare the overall process for producing dies with baking a large multi-layer cake. This cake has 80 layers and the recipe for baking consists of 1000 steps. It takes 3 months to make the cake and if even one layer of the cake deviates from the recipe by more than 1%, the whole cake collapses and has to be thrown away.

In the first process steps, the wafer is covered with billions tiny little transistors are created on the wafer, which are then all individually electrically contacted in the following steps. The final steps consist of electrically connecting the transistors to each other, resulting in a complete electrical circuit [4]:

Each individual layer of the approximately 80 layers in the die requires highly specialized processes, which can be roughly summarized as:

• Applying masks: Photolithography, photoresist coating (applying photoresist)
• Apply material: Chemical Vapor Deposition (CVD), Physical Vapor Deposition (PVD), Atomic Layer Deposition
• Remove material: Plasma annealing, Wet annealing, Chemical Mechanical Planarization (CMP)
• Modify material: Ion Implanting, Annealing
• Material cleaning
• Inspecting the layers: Optical, Microscopical, Focused Ion Beam, Defect Inspection

Apply masks

Ultimately, a mask can be thought of as an enlarged copy of the structure of a special layer in the die. These so-called photomasks are then scanned using so-called scanners or steppers "copied" in reduced size onto the wafer. The best-known manufacturer of such lithography systems is ASML
$ASML (-1,59 %). It is currently the only producer of lithography systems that make it possible to produce structures smaller than 10 nanometers on the wafer. In today's powerful and modern chips, such as those found in smartphones, AI chips and processors, the smallest structures are around 3 nanometers in size. Other manufacturers of lithography systems for larger structures (10nm and larger) are Canon Electronics
$7739 or Nikon $7731 (+1,29 %) .

The photomasks - i.e. the enlarged "copies" of the structures - are produced by companies such as Toppan $7911 (-7,06 %) , Dai Nippon Printing
$7912 (-1,09 %) or Hoya $7741 (-3,54 %) manufactured. Systems for cleaning the photomasks or for applying the photoresist are produced, for example, by Suss Microtec
$SMHN (+0,76 %) for example.

Apply/remove/modify/clean material

As can be seen in the overview above, there are a variety of methods and processes for modifying the material of a particular layer. As a result, there is a lot of different equipment that can handle a process very well with incredible specialization. The best-known and most successful equipment manufacturers include Applied Materials $AMAT (+0,53 %), LAM Research
$LRCX (+0,38 %), Tokyo Electron (TEL)
$8035, (-0,76 %)
Suss Mictrotec, Entegris
$ENTG (-0,55 %) and Axcelis $ACLS (-0,8 %).

The material - for example, highly specialized chemicals - is of course also required for production. Companies such as Linde
$LIN (+0,54 %), Air Liquide
$AI (-0,22 %), Air Products
$APD (+0,04 %) and Nippon Sanso
$4091 (+0,26 %) are major manufacturers of process gases such as nitrogen, hydrogen and argon.

Inspect

As mentioned, every single layer in the manufacturing process of a die must be perfect in order to obtain a functional die at the end. Any small deviation or foreign particles can impair the functionality of the die. As the function of the die can only be checked precisely on the finished die, it is advantageous to inspect the individual layers for defects and deviations during production. Special machines are required for this, which must be able to do different things depending on the layer. Manufacturers of such machines include KLA
$KLAC (+0,46 %) or Onto Innovation
$ONTO (-0,62 %).

The following applies to almost all of the companies mentioned in this section: the companies are highly specialized and have quasi-monopolies on the machines for certain process steps. quasi-monopolies. Suitable equipment therefore usually costs several million dollars. In addition, some of the systems are so complex that they can only be serviced by the manufacturer's own service staff, which results in recurring service revenues for every machine sold. As a rule, each machine requires several highly specialized engineers to ensure long-term stable operation.

5) FROM THE DIE TO THE FINISHED CHIP

Once the wafer has been processed, the dies on the wafer are checked for functionality. There is highly specialized equipment for this, so-called probers. These probers test each individual chip several times, if necessary, to check the functionality implemented in the design. Manufacturers of such probers include Teradyne $TER (-0,02 %), Keysight Technologies
$KEYS (+1,5 %), Onto Innovation or Tokyo Electron. These probers have to control each individual die, some of which are only a few square millimetres in size, and contact the corresponding much smaller test structures with tiny needles. The testing process is sometimes outsourced to entire companies that offer die testing as a complete package. One example of such providers is Amkor Technology
$AMKR (-0,58 %).

The processed and tested wafer is now sawn to obtain individual dies. The dies that are found to be good are then integrated into a protective housing in the backend. The dies that have not passed the functionality test are either sorted out or (depending on the error pattern) processed as a variant with reduced functionality similar to those with full functionality. After a final functional test in the package, the chip is ready for use.

6) FOUNDRIES, FABLESS & SOFTWARE

Now that we have an overview of the complex process of manufacturing a chip, let's zoom out a little further to understand which companies perform which tasks in the semiconductor industry.

It's funny that not once in the manufacturing process has the name Nvidia $NVDA (+2,01 %) or Apple $AAPL (+1,34 %) has been mentioned? Yet they have the most advanced chips, don't they?

The pure production of the chips is done by other companies - so-called foundries. Companies like Nvidia and even AMD $AMD (-0,35 %) are in fact fablessThis means that they do not have their own production facilities but only supply the chip design and let the foundries manufacture the actual chip according to their design.

The design of a chip is like the blueprint for production - the foundries then take over the recipe creation and the actual production. There is special software for designing chips. Companies known for this software include Cadance Design
$CDNS (+0,16 %) and Synopsys $SNPS (-1,06 %). But also the industrial giant Siemens
$SIE (-0,29 %) now also supplies software for designing integrated circuits. Synopsys also offers other software for data analysis within foundry production.

Speaking of foundries; the best known foundry is probably TSMC
$TSM, (+0,43 %) which is the global market leader in foundries. TSMC designs itself no chips itself and specializes exclusively in the production of the most advanced generations of chips. Another major player that also masters the most advanced structure sizes is Samsung $005930. In contrast to TSMC manufactures Samsung also produces its own designs. Other large foundries are Global Foundries
$GFS, (+0,33 %) which was originally a spin-off from AMD and the Taiwanese company United Micro Electronics
$UMC. (-0,79 %)

The best-known fabless companies - i.e. companies without their own chip production - are Nvidia, Apple, AMD, ARM Holdings
$ARM, (-2,66 %)
Broadcom $AVGO (+0,31 %), MediaTek $2454 and Qualcomm $QCOM. (+2,48 %) In the meantime Alphabet $GOOGL, (+0,94 %)
Microsoft $MSFT, (-1,05 %)
Amazon $AMZN (+0,26 %) and Meta $META (-2,23 %) have designed their own chips for certain functionalities and then have them manufactured in foundries.

In addition to foundries and fabless companies, there are of course also hybrid models, i.e. companies that take on both production and design. The best-known examples of this are, of course, companies such as Intel
$INTC (+1,8 %) and Samsung. There is also a whole range of so-called Integrated Device Manufacturer (IDM)which for the most part only manufacture their own designed chips and do not accept customer orders for production. Well-known companies such as Texas Instruments
$TXN, (-0,01 %)
SK Hynix
$000660,
STMicroelectronics
$STMPA, (-0,02 %)
NXP Semiconductors
$NXPI, (+0,87 %)
Infineon $IFX (-1,35 %) and Renesas $6723 (+2,12 %) are among the IDMs.

FINAL WORD

The aim of this article was to provide an overview of the complexity of the semiconductor industry. I do not, of course no claim to be complete, as there are of course many other companies that are part of this value chain. As Getquin thrives on active exchange, I'll give you some food for thought to discuss in the comments below the article:

• feel free to link any other companies in the comments if you think I've forgotten any relevant ones
• what was the most surprising new information for you from the article?
• which companies from the article have you never heard of?
• before reading the article, did you know approximately how a modern chip is produced and what steps are necessary for this?

In general, I can recommend the 20-minute YouTube video at [4] to any interested reader. It provides an excellent animated overview of the manufacturing process of modern chips.

Stay tuned,

Yours Nico Uhlig (aka RealMichaelScott)

SOURCES:

[1] Wikipedia: https://de.wikipedia.org/wiki/Wafer

[2] https://www.halbleiter.org/waferherstellung/einkristall/

[3] https://solarmuseum.org/wp-content/uploads/2019/05/solarmuseum_org-07917.jpg

[4] Branch Education on YouTube: "How are Microchips Made?" https://youtu.be/dX9CGRZwD-w?si=xeV0TYgJ2iwNOKyO

Of Topic - Smartphone decision aid

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I don't know of any other place where there are as many people with an affinity for software and technology as in this forum. I would therefore like to ask you for advice on my first major purchase in 2024, namely a new Android smartphone. Indirectly, the whole thing even has to do with finances, because on the one hand the purchase will reduce my savings rate for December and on the other hand a smart purchase can represent an "investment" 🧐

In order to be able to make a specific recommendation, I will now describe my usage behavior:

I don't have WiFi at home. In the beginning, I had a little box where you could put the SIM card in and Wi-Fi came out. But now I prefer to have two cell phones, one is my iPhone, which I use for a lot of things but not everything, and the other is the Android cell phone I'm looking for, which I now want to replace and call a WLAN donor.

Why Android?

With the software versions I know, Android has the advantage that you can switch on the hotspot permanently and it remains active even when no devices are connected. I also have apps that are only available for the iPhone and only for Android.

Budget:

I'm aiming for around €200 if it makes sense, it could also be €250 🤭

Main tasks WLAN dispenser:

Hotspot, e-reader, telephone

It would be important to me:

The WLAN dispenser should have a powerful battery, as it supplies all my devices with WLAN 24/7.

The WLAN dispenser should have a relatively large and eye-friendly display, as I use it a lot for reading, but still fit in my handbag. (Smartphones of 6-7 inches are probably ideal here)

It would be great if the WLAN dispenser costs little, has a minimalist design, looks and feels good, doesn't have any huge structures or protruding lenses on the back and has advantageous software.

So am I looking for the jack of all trades and cheap to boot?

No, you can make compromises in many areas, for example, the quality of the camera/s is irrelevant, the speed and manufacturer of the chip are irrelevant, NFC is not needed, the charging speed is unimportant and all the other popular features are not needed either.

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Thanks if you've read this far and now I'm looking forward to one or two smartphone recommendations.

.

.

.

over

.

.

.

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$1810 (+2,98 %)

$GOOGL (+0,94 %)

$AAPL (+1,34 %)

$NOKIA (-0,2 %)

$MSI (+0,44 %)

$005930

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Additional question:

I have already noticed that certain apps and subscriptions have different prices between Germany and Austria. It should be even cheaper with countries like Poland, Turkey or Brazil...

The new smartphone would be the chance to set up everything with the cheapest country... Which countries would be a good choice for getting apps and subscriptions at a good price and what should I bear in mind?

Thanks again

$CPNG (+0,67 %)
$000660
$005380
$005930

South Korea's president declares martial law - parliament sealed off

In the midst of a budget dispute with the opposition, South Korea's President Yoon has declared martial law - ostensibly to protect "state order". Protests erupt in front of parliament and police cordon off the building.

https://www.spiegel.de/ausland/suedkorea-praesident-yoon-suk-yeol-ruft-kriegsrecht-aus-a-bf47eddf-6f8c-4856-a33e-68655c5eb595

Samsung Electronics Q3 2024 $005930

Financial performance

• Revenue: The company's total revenue increased by 7% quarter-on-quarter to KRW 79.1 trillion in the third quarter of 2024
• Operating profitOperating profit : Operating profit decreased by KRW 1.3 trillion quarter-on-quarter to KRW 9.18 trillion, with an operating margin of 11.6
• Net profitNet profit increased to KRW 10.10 trillion, corresponding to a net profit margin of 12.8%.

Balance sheet overview

• Total assetsReached KRW 491.3 trillion as of September 30, 2024.
• LiabilitiesAmount to KRW 105.0 trillion, which corresponds to a debt ratio of 4%.
• EquityKRW 386.3 trillion.

Details of the profit and loss account

• Gross profitGross profit amounted to KRW 30 trillion, which corresponds to a gross margin of 37.9%.
• Selling, general and administrative expenses (SG&A)Increased to KRW 20.8 trillion, accounting for 26.3% of sales.

Cash flow overview

• Cash flow from operating activitiesKRW 22.2 trillion.
• Cash flow from investing activitiesKRW 14.3 trillion, mainly due to investments in property, plant and equipment (PP&E).
• Cash flow from financing activitiesminus KRW 2.18 trillion.

Key figures and profitability ratios

• Return on equity (ROE): 11 %.
• EBITDA margin: 27 %.
• Liquidity ratio (current ratio): 252 %.

Segment information

• MX Division: Recorded growth of 13 % due to new smartphone models.
• DS Division: Sales increased by 3 %, driven by demand for high-quality memory products.
• Display segment: Sales increased by 5 % thanks to new product launches.

Competitive position

• Brand equitySamsung Electronics ranked 5th in Interbrand's list of the top 100 global brands, with a brand value of USD 100.8 billion.

Forecasts and management comments

• Forecast Q4: Expected improvement in semiconductor business, with focus on value-added products.
• Outlook 2025: Expects positive market development, with strategic focus on AI and premium segments.

Risks and opportunities

• Risks: Macroeconomic uncertainties, exchange rate effects and competition in the mass market segment.
• Opportunities: Growth opportunities in the areas of AI and high-density storage products as well as expansion into the IT and automotive sectors.

Summary of the results

Samsung Electronics delivered a strong performance in the third quarter of 2024, driven by new product launches in the MX and DS divisions. Despite a decline in operating profit caused by one-off costs, the company maintained solid profitability metrics. The balance sheet remains healthy, with a low debt-to-equity ratio, and operating cash flow is strong. Going forward, Samsung is focusing on growth through AI innovation and high-quality products, while monitoring risks from macroeconomic factors and competition.

Positive aspects

• Sales growthSamsung Electronics achieved sequential sales growth of 7% to KRW 79.1 trillion in the third quarter of 2024, driven mainly by strong performances in MX and DS.
• Brand awareness: The company consolidated its position as a #5 brand in Interbrand's top 100 global brands and increased its brand value by 10% to USD 100.8 billion. This underlines Samsung's strong brand loyalty and market presence.
• Cash flow from operating activitiesCash flow from operating activities remained robust at KRW 22.2 trillion, demonstrating Samsung's high operational efficiency and strong cash generation capacity.
• Segment performance: The MX division recorded impressive growth of 13%, supported by the launch of new smartphone models, contributing significantly to overall sales.
• Strategic focus on AISamsung is strategically focusing on AI and high-value products and plans to increase sales of AI-powered home appliances and enhance AI connectivity experiences. This positions the company well for future growth in new technologies.

Negative aspects

• Decline in operating profitOperating profit decreased by KRW 1.3 trillion to KRW 9.18 trillion compared to the previous quarter, mainly due to one-time costs including provisions for incentives in the DS division.
• Currency effectThe appreciation of the Korean won against the US dollar impacted operating profit by approximately KRW 0.5 trillion and affected the components business.
• Increased selling, general and administrative (SG&A) costsSG&A costs increased to KRW 20.8 trillion and now represent 26.3% of sales. Without targeted control, these costs could weigh on margins.
• Conservative outlook for Display segmentAlthough sales have increased, the outlook for the Display segment remains cautious due to intense competition, which could affect profitability.
• Inventory adjustmentsThe Mobile segment faced challenges in inventory adjustments, resulting in lower demand and an imbalance between supply and demand, especially in the Chinese market.

Samsung
$005930 has placed orders with ASML
$ASML (-1,59 %) for its planned chip factory in Texas indefinitely due to weak demand.

The 17 billion dollar project in Taylor has so far failed to attract any major customers, prompting other suppliers to withdraw their local staff. These delays are a setback for Samsung's ambition to produce specialty chips for mobile and artificial intelligence and enter contract manufacturing, a market currently dominated by TSMC. -Handelsblatt

Photo: Image: Asia Times Files / AFP

$QCOM (+2,48 %) - The Next Generation

Qualcomm is responding to the growing use of artificial intelligence (AI) in smartphones with a new generation of processors. The world's largest

supplier of cell phone chips announced that it would also be using technologies originally developed for the desktop processor "Snapdragon Elite X" in its products for mobile devices. These were used to execute some of the calculations of AI programs directly on the smartphone. Customers for the Snapdragon 8 Elite include cell phone manufacturers such as Samsung $005930 and Xiaomi $1810 (+2,98 %) .

The ASML share fell 20% after after poor quarterly figures and a lowered outlook. Major customers such as Samsung and Intel are buying fewer machines because they are postponing investments. Buy, hold or sell ASML? What do you think?

In the Podcast episode 61 "Buy High. Sell Low" we talked about ASML in detail. Link in the profile description.

$ASML (-1,59 %)
$INTC (+1,8 %)
$005930
$AMD (-0,35 %)
$NVDA (+2,01 %)
$2330
$AMAT (+0,53 %)
$MU (+2,58 %)
$KLAC (+0,46 %)
$LRCX (+0,38 %)

First day of vacation, 32°C and a 30km walk towards Stuttgart. I was able to find over 35 stock companies along the route.

Highlight, $BTC (-0,26 %) Bitcoin logo on the wheel arch of the Jeep.

In addition to the car brands, $MBG (-0,07 %)
$DTG (-0,16 %)
$VOW (+1,96 %)
$BMW (+0,87 %)
$VOLV B (-0,76 %)
$TSLA (-4,58 %)
$1211 (-0,27 %)
$P911 (-0,41 %)
$F (+0,74 %)
$8058 (+0,45 %) I was able to discover numerous other companies that were new to me.

New for me was $6971 (+0,88 %) Kyocera, a manufacturer of electronic devices from Japan and $WLK (-0,91 %) Westlake Chemical from the USA.

From Germany there were also $SIX2 (+0,72 %) Sixt $DTE (-0,92 %) Telekom $TUI1 (+2,78 %) Tui $AGCO (+2,63 %) (Fendt) $256940 Eberspächer (supplier to the automotive industry) $SIE (-0,29 %) Siemens $EBK ENBW $DHL (+0,13 %) Post and $ALV (-0,66 %) in the process.

Other companies:

$CAT (+0,86 %) Caterpillar $HEIA (-1,33 %) Heineken $HOG (+1,83 %) Harley Davidson $PM (+0,48 %) Philip Morris $NKE (-6,85 %) Nike $AAPL (+1,34 %) Apple $005930 Samsung $UPS (+0,66 %) UPS $SHEL (-0,74 %) Shell $V (-0,14 %) Visa $MA (-0,34 %) Mastercard $KER (+0,06 %) Kering

$KO (-0,4 %) Coca-Cola $QSR (+1,31 %) Restaurant Brands (Burger King)

$O (+1,22 %) Reality Income (leased to Decathlon)

Would you have recognized everything? It's interesting what you discover when you consciously look around.

Out of interest, please link if you post something similar 🫡 or use the #aktienmarsch

07.08.2024 + China's companies stockpile AI chips from Samsung + AIRBNB misses expectations and outlook + Siemens Energy reduces losses + Japan's central bank inspires confidence + Super Micro Comp. misses expectations

Airbnb $ABNB (+3,68 %) posted EPS of USD 0.86 in the second quarter of 2024. This was less than analysts had expected (USD 0.91). A year ago, the company reported earnings of USD 1.02 per share. Q2 turnover amounted to 2.75 billion US dollars, according to the press release. Experts had forecast a figure of 2.74 billion US dollars, after Airbnb had generated 2.484 billion US dollars in the same quarter of the previous year. On the NASDAQ, Airbnb shares reacted to the presentation of the financial statements with a temporary drop of 13.67 percent to 112.64 US dollars.

The energy technology group Siemens Energy $ENR (+2,08 %) made further progress in the third quarter and reduced its losses. The company benefited from good business in its grid business, which was able to significantly increase revenue and earnings. In the three months to the end of June, sales rose by 18.5 percent on a comparable basis to 8.8 billion euros, as the company announced in Munich on Wednesday.

From Japan, where the leading index Nikkei-225 plummeted by more than twelve percent on Monday in the wake of the stronger yen and fears of interest rate hikes, the central bank has now sent out reassuring signals. The central bank would not raise interest rates if the market proved unstable, it said. This was enough to give share prices in Tokyo a further significant boost.

Super Micro $SMCI posted EPS of USD 6.01 in the fourth quarter of the 2024 financial year. Experts had expected a jump to USD 8.136 per share after USD 3.67 per share in the same quarter of the previous year. For the year as a whole, the company posted earnings of USD 21.73 per share. After USD 12.09 per share in the previous fiscal year, analysts' forecasts were USD 23.89. According to the statement, turnover in the past three months amounted to USD 5.308 billion, compared to USD 2.185 billion in the same quarter of the previous year. Experts had previously expected sales to increase to 5.327 billion US dollars. Super Micro puts the 12-month turnover at 14.943 billion US dollars. This is in line with analysts' estimates of 14.94 billion US dollars.

Due to the threat of a US embargo, Chinese companies are stocking up on a large scale according to several insiders. Samsung's $005930 high-performance memories for artificial intelligence. In the first half of the year, they bought up around 30 percent of the production of so-called HBM (High Bandwidth Memory) chips, said one of the people familiar with the matter.

https://www.n-tv.de/wirtschaft/der_boersen_tag/Bunkern-Chinas-Firmen-KI-Chips-von-Samsung-article25139343.html

Wednesday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

Intel USD 0.13

Ford Motor USD 0.15

Quarterly figures / company dates USA / Asia

06:00 Mazda quarterly figures

08:00 Sony | Honda quarterly figures

09:00 Softbank quarterly figures

22:05 Walt Disney quarterly figures

Quarterly figures / Company dates Europe

07:00 Commerzbank | Siemens Energy | ABN Amro | Kontron Quarterly figures

07:30 Sixt | Continental | Gea Group | Voestalpine | Novo Nordisk Quarterly figures

07:40 Elringklinger | Zeal Network | Ahold Delhaize quarterly figures

07:50 Süss Microtec half-year figures

08:00 Beiersdorf | Puma | A.P. Moeller-Maersk quarterly figures

08:30 Siemens Energy PK

09:00 Commerzbank Analyst Conference | Beiersdorf PK

09:30 Gea Group PK

10:00 Siemens Energy Analyst Conference

10:30 Commerzbank | Sixt | Voestalpine PK

12:30 Continental Analyst Conference

14:00 Gea Group | Elringklinger Analyst Conference

18:00 Freenet quarterly figures

Economic data

• 08:00 DE: Trade balance June trade balance calendar and seasonally adjusted PROGNOSE: +21.5 bn Euro previous: +24.9 bn Euro Exports PROGNOSE: -1.5% yoy previous: -3.6% yoy Imports PROGNOSE: +2.5% yoy previous: -6.6% yoy
• 08:00 DE: Manufacturing production June seasonally adjusted PROGNOSE: +0.9% yoy previous: -2.5% yoy

A federal judge has ruled that Google's
$GOOGL (+0,94 %) payments of 26 billion dollars to set its search engine as the standard on smartphone web browsers violates the antitrust law of the USA 🇺🇸.

Judge Amit Mehta found that these payments effectively prevented other competitors from succeeding in the market.

US antitrust-authorities accuse Google of illegally maintaining a monopoly in the field of online search and related advertising.

The government stated that Google had allowed Apple $AAPL (+1,34 %), Samsung
$005930 and others billions over decades in order to be able to advertise on smartphones and web browsers to be given preferential placement on smartphones and web browsers.