Best investment decision in a long time: Siemens stocked up last week Monday, 8.5 days later the share has already gained 8%. I think $SIE (+1,45%) will be big this year! 🚀

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- EXANE BNP raises the price target for ALLIANZ SE from EUR 271 to EUR 295. Underperform. $ALV (+0,62%)

- BARCLAYS raises the target price for AIRBUS from EUR 166 to EUR 200. Overweight. $AIR (+0,66%)

- UBS raises its price target for SAP from EUR 237 to EUR 283. Buy. $SAP (+2,11%)

- BERENBERG raises the price target for LVMH from EUR 695 to EUR 720. Buy. $MC (+1,97%)

- EXANE BNP raises the target price for MUNICH RE from EUR 550 to EUR 560. Outperform. $MUV2 (+4,3%)

- RBC raises the target price for SIEMENS from EUR 205 to EUR 225. Outperform. $SIE (+1,45%)

- CITIGROUP raises the price target for STELLANTIS from EUR 12.40 to EUR 13. Neutral. $STLA

- KEPLER CHEUVREUX raises the target price for DOUGLAS from 28.60 EUR to 29.90 EUR. Buy. $DOU (-0,69%)

- CITIGROUP raises the target price for DWS from EUR 43 to EUR 44.70. Buy. $DWS (+0,97%)

- CITIGROUP raises the price target for FRAPORT from EUR 62 to EUR 72. Buy. $FRA (+0,32%)

- UBS upgrades AMADEUS IT from Neutral to Buy and raises target price from EUR 67 to EUR 80. $AMS (+0,26%)

- DEUTSCHE BANK RESEARCH raises target price for PHILIPS from EUR 25 to EUR 26. Hold. $PHIA (+1,16%)

- DEUTSCHE BANK RESEARCH raises the target price for MAN GROUP from GBP 2.65 to GBP 2.75. Buy.

- GOLDMAN raises the target price for RIO TINTO from GBP 67 to GBP 73. Buy. $RIO (-0,69%)

- JEFFERIES raises the price target for SIEMENS ENERGY from EUR 31 to EUR 50. Hold. $ENR (+7,61%)

- RBC raises the target price for SCHNEIDER ELECTRIC from EUR 195 to EUR 210. $SU (+3,05%) Underperform.

- EXANE BNP upgrades HANNOVER RÜCK from Neutral to Outperform and raises target price from EUR 265 to EUR 285. $HNR1 (+3,04%)

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- DEUTSCHE BANK RESEARCH lowers the price target for NOVO NORDISK from DKK 1000 to DKK 900. Buy. $NOVO B (+0,62%)

- BOFA lowers the target price for RWE from EUR 44 to EUR 42. Buy. $RWE (-1,73%)

- JPMORGAN lowers the price target for NETFLIX from USD 1010 to USD 1000. Overweight. $NFLX (+1,01%)

- MORGAN STANLEY lowers the price target for SYMRISE from EUR 137 to EUR 130. Overweight. $SY1 (-0,42%)

- KEPLER CHEUVREUX lowers the target price for REDCARE PHARMACY from EUR 145 to EUR 138. Hold. $RDC (-1,02%)

- WARBURG RESEARCH lowers the target price for BECHTLE from EUR 51 to EUR 45. Buy. $BC8 (-1,64%)

- STIFEL downgrades WACKER CHEMIE from Buy to Hold. $WCH (-2,45%)

- RBC lowers the price target for DAIMLER TRUCK from EUR 55 to EUR 51. Outperform. $DTG (+0,63%)

$SIE (+1,45%)

Industrial company Siemens is developing artificial intelligence to plan and maintain factories. At CES 2024, Siemens spoke about the Industrial Metaverse. In 2025, the keyword will be Industrial AI.

Siemens is already using artificial intelligence in industry. Smart energy management is already reducing CO2 emissions and can reduce the utilization of power grids by 30 percent, says Peter Koerte. The Siemens CTO is responsible for the digital business platform Siemens Xcelerator.

Another problem is the lack of skilled workers in industry. The experience of skilled workers decreases with shorter periods of employment. This is associated with a drop in productivity and an increased risk of accidents.

Siemens Industrial Copilot speaks the language of the machine

Siemens Industrial Copilot is designed to enable employees to make sensible decisions in production, even if they lack many years of experience with the systems. For example, if an industrial machine reports a fault during a thinly staffed shift, Siemens Industrial Copilot is designed to help rectify the problem.

It translates the machine's error codes into natural language and suggests solutions by searching through documents such as manuals or spare parts lists. This should reduce downtimes and make shift handovers more efficient.

Siemens provides the elements for automating the Industrial Copilot. The language model comes from OpenAI and uses Microsoft Azure.

Development teams are to automate repetitive and monotonous tasks such as sensor configuration. The industrial artificial intelligence is intended to provide information from the industrial plant in real time.

Digital twins of products and systems

One component of this is the mixed reality headset from Sony, which was presented last year. Siemens is cooperating with Nvidia to offer its service and to create photorealistic representations of the digital twins.

The poster customer is JetZero, a start-up that is developing a new type of aircraft whose wings merge into the fuselage. According to the US Federal Aviation Administration, it is airworthy. JetZero is working with Siemens for the subsequent factory planning, which is scheduled for 2030.

The digital twins are not just CAD representations in the virtual world. For example, Siemens can simulate how components or devices react when they are subjected to shocks. The co-pilot can optimize components during design in the CAD software Siemens NX (formerly Unigraphics), for example by removing material with the help of AI without compromising stability.

Siemens for startups

The "Siemens for Startups" initiative offers discounted access to Siemens products: a 90 percent discount in the first year, which decreases gradually over the coming years. Interested parties can register online.

https://www.heise.de/news/Siemens-Industrial-Copilot-KI-fuer-Fabrikanlagen-10229235.html

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- BERENBERG raises the price target for SIEMENS from EUR 215 to EUR 245. Buy. $SIE (+1,45%)

- BERNSTEIN raises the price target for SIEMENS ENERGY from EUR 15 to EUR 22. Underperform. $ENR (+7,61%)

- JPMORGAN PUTS SARTORIUS ON 'POSITIVE CATALYST WATCH' - 'OVERWEIGHT' $SRT (+1,86%)

- GOLDMAN raises the price target for FRAPORT from EUR 87 to EUR 90. Buy. $FRA (+0,32%)

- UBS raises the price target for NORDEA from EUR 145 to EUR 146. Buy. $NDA FI (-0,15%)

- BERNSTEIN raises the target price for SCHNEIDER ELECTRIC from EUR 275 to EUR 280. Outperform. $SU (+3,05%)

- UBS raises the target price for WPP from GBP 6.80 to GBP 7.20. Sell. $WPP (+0,28%)

- BERNSTEIN raises the price target for ALSTOM from EUR 17 to EUR 24. Market-Perform. $ALO (-2,1%)

- STIFEL upgrades HERMES from Hold to Buy and raises target price from EUR 2150 to EUR 2560. $RMS (+1,07%)

- INFINEON +4.2% - 'TOP PICK' OF THE UBS $IFX (-0,74%)

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- RBC downgrades UNILEVER from Sector-Perform to Underperform and lowers target price from GBP 48 to GBP 40. $ULVR (-0,09%)

- BERNSTEIN downgrades ABB from Market-Perform to Underperform and lowers price target from CHF 46 to CHF 45. $ABBN (+3,14%)

- BERNSTEIN downgrades SIGNIFY from Outperform to Market-Perform and lowers price target from EUR 30 to EUR 24. $LIGHT (+0,35%)

- DEUTSCHE BANK RESEARCH lowers the price target for UMICORE from EUR 10.50 to EUR 10. Hold. $UMICY

- DEUTSCHE BANK RESEARCH lowers the price target for DOCMORRIS from CHF 45 to CHF 25. Hold. $DOCM (-2,63%)

- BERENBERG lowers the price target for HORNBACH HOLDING from EUR 100 to EUR 94. Buy. $HBH (-0,41%)

- CITIGROUP downgrades ROLLS-ROYCE from Buy to Neutral. $RR. (+2,9%)

- JEFFERIES lowers the target price for BHP GROUP from GBP 22.50 to GBP 21.50. Hold. $BHP (-0,97%)

- JEFFERIES lowers the price target for GLENCORE from GBP 5.50 to GBP 4.50. Buy. $GLEN (-0,79%)

- JEFFERIES lowers the target price for RIO TINTO from GBP 64 to GBP 60. Buy. $RIO (-0,69%)

- BERENBERG lowers the target price for NOVO NORDISK from DKK 975 to DKK 725. Hold. $NOVO B (+0,62%)

Interview with Clemens Fuest - Germany on the brink? Ifo President finds: "Elon Musk is talking nonsense"

The German economy is stagnating and economic output is not rising above the 2019 level. That is the bitter outcome of a lost half-decade, as Clemens Fuest, President of the Ifo Institute, makes clear in an interview with the FAZ.

"We have real problems," says Fuest, adding that it is not just external circumstances that are weighing on Germany's economy, but also home-grown problems. In this tense economic environment, Fuest voices fierce criticism of Elon Muskthe CEO of Tesla. Musk, known for his sometimes controversial statements and visions, hatte zuletzt Vorschläge gemacht which Fuest describes as "gross nonsense". These proposals relate in particular to Musk's ideas on the industry of the future.

"Germany is not on the brink"

Musk has repeatedly emphasized that Germany must fundamentally change its industrial policy in order to remain competitive. Fuest replied: "Germany is not on the brink, wie er behauptet . Our country is stuck in stagnation, that's something completely different."

Fuest emphasizes in the interview that German economic policy should aim to further promote its strengths. "Depending on the count, there are between 1,000 and 1,500 companies in Germany that are world market leaders in a niche. No other country has this in this form. And that leads to the export strength that continues to characterize Germany."

The Ifo Director calls for political decision-makers in Germany and Europe to rethink and adapt their strategies. "The approach of relying heavily on subsidies to transform the economy" was wrong, he emphasizes. The "traffic light coalition has also failed to find an answer to the decline in investment in companies and housing construction".

"Depending on the count, there are between 1,000 and 1,500 companies in Germany that are world market leaders in a niche. No other country has this in this form. And that leads to the export strength that continues to characterize Germany."

My dears, which world market leaders can you think of here? And which German niche companies are you counting on?

$SIE (+1,45%)
$MUM (+1,14%)
$SAP (+2,11%)
$AIXA (+1,43%)
$ADS (+3,65%)
$RR. (+2,9%)
$FRE (+0,26%)

Interview mit Clemens Fuest - Deutschland am Abgrund? Ifo-Präsident findet: „Elon Musk redet groben Unfug“

$SIE (+1,45%)

The "American Pioneer" is set to race across the USA at 354 km/h - a prestige project for Siemens and a potential turning point for American rail transportation. But political risks and technical challenges threaten its success.

With a top speed of 354 kilometers per hour, the "American Pioneer" is set to connect the deserts of Nevada with the beaches of California - a high-speed train the likes of which the USA has never seen before.

Siemens plans to complete the billion-euro project by the 2028 Olympic Games, laying the foundations for high-speed transportation in the United States.

But while the technical basis is in place, funding remains uncertain under the Trump administration.

The market launch for high-speed in the USA

For Siemens, the Brightline West order is not only a deal worth over two billion euros, but also a historic opportunity: entering the American high-speed market could trigger further lucrative projects.

"There are at least ten city pairs in the USA that are suitable for similar connections," explains Michael Peter, CEO of Siemens Mobility.

With a new plant in New York and a platform that will be linked to the ICE of the future, Siemens is positioning itself for long-term expansion.

The special features of the "American Pioneer"

The train is based on the Velaro Novo platform, which combines state-of-the-art technology with maximum energy efficiency. 30% less energy consumption and the ability to effortlessly master steep inclines make the Pioneer ideal for routing through the Mojave Desert.

A wide carriage body enables barrier-free design and a new type of lounge design - a unique selling point in the international high-speed market.

However, it is precisely these advantages that could prove to be an obstacle in Germany: Deutsche Bahn has rejected the Velaro Novo for the ICE of the future, partly because of accessibility requirements. These challenges increase the development costs - and could delay the launch in Europe.

Political risks: Trump's possible blockade

The financing of the Brightline project depends not only on private investors, but also on three billion dollars in government funding.

However, following Donald Trump's election, there is growing concern that the former president could once again cut funding for rail projects - as he did during his first term in office in California.

"High-speed rail is critical to the future of mobility, but under Trump I see its realization in jeopardy," warns Karen Philbrick, Director of the Mineta Transportation Institute.

If the project fails, not only Siemens' plans for the USA but also the future of high-speed transportation in North America would be threatened.

Why the USA needs a high-speed network

Unlike Europe, the USA offers the ideal conditions for high-speed trains: long distances, low population density and cities that are often far apart.

The "American Pioneer" could be faster than an airplane on the route between Las Vegas and Los Angeles - including check-in and travel. Siemens' vision: high-speed trains could create a new means of transport that revolutionizes private transport.

The future of Siemens super trains

While the "American Pioneer" is causing a sensation in the USA, Siemens is struggling with the complex requirements of Deutsche Bahn in Europe. The development of the ICE 5 as a barrier-free high-speed train remains a technical and economic challenge. Competition with Alstom and political reluctance to provide funding could further delay the schedule.

Nevertheless, Siemens Mobility CEO Peter remains optimistic: "Whether in the USA or elsewhere - high-speed trains are the key to the mobility of the future." If the Pioneer gets off to a successful start, Siemens could have a decisive impact on the international market for high-speed technologies.

https://www.klamm.de/news/siemens-superzug-fuer-amerika-highspeed-debuet-unter-hochspannung-69N676ab61a1034a10001b52e8e.html

Siemens' Smart Infrastructure (SI)
$SIE (+1,45%) is the Group's most profitable division and has grown in the last 16 quarters continuously increased the margin.

Managing Board member Matthias Rebellius announced that the sales growth target will be raised to 6-9 % and to increase the operating margin to 16-20 % whereas the previous target was 11-16 % was.

This should make the division more competitive, as competitors such as Schneider Electric and Honeywell sometimes have margins of over 20 % achieve.

Rebellius' contract was extended until 2026 as he is valued for his leadership and expertise within the Group. -Handelsblatt

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 (+4,69%) 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 (-2,45%) or Siltronic
$WAF (-0,36%) 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, (+0%)
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 (+2,29%). 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 (-0,59%) .

The photomasks - i.e. the enlarged "copies" of the structures - are produced by companies such as Toppan $7911 (+2,23%) , Dai Nippon Printing
$7912 (-0,71%) or Hoya $7741 (+0,53%) manufactured. Systems for cleaning the photomasks or for applying the photoresist are produced, for example, by Suss Microtec
$SMHN (+3,75%) 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 (+0,9%), LAM Research
$LRCX (+1,45%), Tokyo Electron (TEL)
$8035, (+0,49%)
Suss Mictrotec, Entegris
$ENTG (+0,79%) and Axcelis $ACLS (+1,16%).

The material - for example, highly specialized chemicals - is of course also required for production. Companies such as Linde
$LIN (+0,12%), Air Liquide
$AI (+0,42%), Air Products
$APD (+0,1%) and Nippon Sanso
$4091 (+0,86%) 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 (+0,08%) or Onto Innovation
$ONTO (+0,95%).

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 (+0,54%), Keysight Technologies
$KEYS (+0,07%), 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 (+0,78%).

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 (+4,69%) or Apple $AAPL (-0,61%) 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 (+1,13%) 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 (+1,54%) and Synopsys $SNPS (+0,96%). But also the industrial giant Siemens
$SIE (+1,45%) 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, (+1,19%) 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, (+0,84%) which was originally a spin-off from AMD and the Taiwanese company United Micro Electronics
$UMC. (+0,43%)

The best-known fabless companies - i.e. companies without their own chip production - are Nvidia, Apple, AMD, ARM Holdings
$ARM, (+5,29%)
Broadcom $AVGO (+2,45%), MediaTek $2454 and Qualcomm $QCOM. (+0,52%) In the meantime Alphabet $GOOGL, (-1,07%)
Microsoft $MSFT, (+0,92%)
Amazon $AMZN (+0,7%) and Meta $META (+0,89%) 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 (-1,09%) 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, (+0,87%)
SK Hynix
$000660,
STMicroelectronics
$STMPA, (-0,33%)
NXP Semiconductors
$NXPI, (+0%)
Infineon $IFX (-0,74%) and Renesas $6723 (+2,86%) 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

Analsyst updates, 06.12.

⬆️⬆️⬆️

• BERNSTEIN raises the price target for SIEMENS from EUR 220 to EUR 227. Outperform. $SIE (+1,45%)
• JPMORGAN raises the target price for SIEMENS ENERGY from EUR 38.70 to EUR 44. Neutral. $ENR (+7,61%)
• JEFFERIES upgrades BMW from Hold to Buy and raises target price from EUR 80 to EUR 85. $BMW (+0,6%)
• ODDO BHF raises the price target for AURUBIS from EUR 70 to EUR 76. Neutral. $NDA (-1,23%)
• UBS raises target price for AUTO1 from EUR 9.80 to EUR 20.50. Buy. $AG1 (+1,61%)
• UBS raises the target price for NORDEA from SEK 144 to SEK 145. Buy. $NDA FI (-0,15%)
• DEUTSCHE BANK RESEARCH raises the price target for FREENET from EUR 34 to EUR 36. Buy. $FNTN (-1,2%)
• DEUTSCHE BANK RESEARCH raises the target price for DS SMITH from GBP 4 to GBP 5.80. Hold. $SMDS (-0,17%)
• JPMORGAN raises the price target for THYSSENKRUPP from EUR 3.80 to EUR 4.10. Neutral. $TKA (-1,6%)
• JPMORGAN raises the target price for SALZGITTER from EUR 11.50 to EUR 14.10. Underweight. $SZG (-2,68%)
• JPMORGAN raises the price target for SCHNEIDER ELECTRIC from EUR 270 to EUR 275. Overweight. $SU (+3,05%)
• JPMORGAN raises the price target for KNORR-BREMSE from EUR 88 to EUR 92. Overweight. $KBX (+1,66%)
• MORGAN STANLEY upgrades HANNOVER RÜCK to Overweight. Target price EUR 292. $HNR1 (+3,04%)
• JPMORGAN raises the target price for COMMERZBANK from EUR 18.40 to EUR 19.50. Overweight. $CBK (-1,03%)

⬇️⬇️⬇️

• GOLDMAN lowers the price target for LVMH from EUR 770 to EUR 720. Buy. $MC (+1,97%)
• MORGAN STANLEY downgrades MUNICH RE to Equal-Weight. Target price 523 EUR. $MUV2 (+4,3%)
• JEFFERIES downgrades MERCEDES-BENZ from Buy to Hold and lowers target price from EUR 73 to EUR 60. $MBG (+0,07%)
• ODDO BHF lowers the price target for DELIVERY HERO from EUR 43 to EUR 38. Neutral. $DHER (-3,39%)
• WARBURG RESEARCH lowers the price target for COMPUGROUP from EUR 31 to EUR 24.50. Buy. $COP (+0%)
• JPMORGAN lowers the price target for VESTAS from DKK 143 to DKK 123. Neutral. $VWS (-1,67%)
• JPMORGAN lowers the price target for KION from EUR 44 to EUR 43. Overweight. $KGX (+0,12%)
• MORGAN STANLEY downgrades ORSTED to Equal-Weight. Target price DKK 480. $ORSTED (-4,07%)

Analyst updates, 05.12.

⬆️⬆️⬆️

• HSBC upgrades SIEMENS to Hold. Target price EUR 185. $SIE (+1,45%)
• DEUTSCHE BANK RESEARCH raises the price target for MUNICH RE from EUR 450 to EUR 535. Hold. $MUV2 (+4,3%)
• DEUTSCHE BANK RESEARCH raises the price target for HANNOVER RÜCK from EUR 255 to EUR 294. Buy. $HNR1 (+3,04%)
• DEUTSCHE BANK RESEARCH raises the price target for TALANX from EUR 70 to EUR 76. Hold. $TLX (+1,16%)
• JEFFERIES raises the price target for ORACLE from 190 USD to 220 USD. Buy. $ORCL (+7,07%)
• HAUCK AUFHÄUSER IB raises the target price for MTU from EUR 264 to EUR 280. Sell. $MTX (+2,11%)
• BARCLAYS upgrades AUTO1 from Equal-Weight to Overweight and raises target price from EUR 9 to EUR 19. $AG1 (+1,61%)
• JPMORGAN raises the price target for HELLOFRESH from EUR 14 to EUR 16. Overweight. $HFG (-5,7%)
• JPMORGAN raises the target price for DELIVERY HERO from EUR 42 to EUR 55. Overweight. $DHER (-3,39%)
• JPMORGAN raises the price target for CTS EVENTIM from EUR 104 to EUR 112. Overweight. $EVD (-0,53%)
• JPMORGAN raises the target price for SCOUT24 from EUR 92 to EUR 105. Overweight. $G24 (+0,66%)
• JPMORGAN raises the target price for JUST EAT TAKEAWAY from GBP 16.02 to GBP 18.32. Overweight. $TKWY (-3,81%)
• JPMORGAN upgrades DELIVEROO from Neutral to Overweight and raises target price from GBP 1.70 to GBP 1.92. $ROO (-0,83%)
• JPMORGAN raises the price target for HEIDELBERG MATERIALS from EUR 150 to EUR 151. Overweight. $HEI (+0,53%)
• JPMORGAN raises the price target for FRAPORT from EUR 49 to EUR 59. Neutral. $FRA (+0,32%)

⬇️⬇️⬇️

• METZLER lowers the price target for HYPOPORT from EUR 220 to EUR 185. Sell. $HYQ (-3,89%)
• ODDO BHF lowers the target price for SCHOTT PHARMA from EUR 38 to EUR 37. Outperform. $1SXP (-1,06%)
• BARCLAYS lowers the target price for RIO TINTO from GBP 61 to GBP 60. Overweight. $RIO (-0,69%)
• JPMORGAN downgrades STRÖER from Overweight to Neutral and lowers target price from EUR 79 to EUR 57. $SAX (+0,83%)