contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Nordic Semiconductor is a manufacturer of electronic components. The company develops integrated solutions for ULP (Ultra-Low Power), a technology used in short-range wireless communication. The company's products are used as components in electronic products, typically as peripherals in computers, game controllers and remote controls. Nordic Semiconductor was founded in 1983 and is headquartered in Oslo.

Nordic delivered strong results and robust guidance. This was rewarded with a solid gain during the day. Both YoY and compared to Q3, the trends were positive. It seems cellular didn’t soften at all. Similarly, the nRF54 series was said to account for about 15% of short-range sales. It’s on the rise. It was also mentioned that adoption has been slightly faster than expected and the feedback is very good. In the conference call, I think for the first time it was emphasized how NS sees itself as a full-service IoT solution provider, whereas previously they viewed themselves as a chip manufacturer. Fleet management and other support services generate recurring revenue after the chip sale, which is healthy. The technical capabilities of the nRF54 chips were also highlighted. In the ultra-low-power segment, it was mentioned that the NPUs in the nRF54 models are an order of magnitude more powerful than the competition, providing a clear technical backbone to lean on. And customers have noticed this as well. NPUs enable a power-efficient way to perform edge computing by significantly reducing the link budget. Additionally, perhaps NS’s only direct peer, Silicon Labs, was sold to TI. The CEO was asked about this in the conference call. It’s interesting to see if someone comes after NS. At these valuation multiples, I think the price is far too low even if you added a premium similar to the SL offer on top.

Nordic posted good Q2/H1 2025 results. Forecasts were met, even though some analyst houses offered downgrades in the spring. Guidance was also satisfactory. Both tier1 and other customers are performing well. The nRF54 series has been well received, and the newest smaller nRF91 is also performing well. YoY, the long range business saw 100% growth and stabilization compared to the previous quarter. Historically, long range development has gone up and down quite rapidly Q2Q. If this now stabilizes and starts a steady ascent, that would be quite amazing.

NS and eSIM manufacturer Kigen demonstrate their synergies: Massiivisia IoT-verkkoja helpommin

Acquisition of Novelda cancelled: NewsWeb and efficiency measures continue, including approximately 8% staff reductions NewsWeb

For me, the UWB side of short-range radios was quite unfamiliar. I did some research into both Novelda and UWB technology itself. Here are some observations: UWB  ~6-9GHz frequency range depending on the country and standard. In other words, truly high. Compare this to 2.4GHz for BT, for example. Correspondingly, the channel bandwidth is very wide, >500MHz. Again, for comparison: BT’s 2MHz and WLAN’s 20MHz (or multiples of 40/80 depending on the standard). Tx times are very, very short. They depend on the standard. Thanks to the short duration and wide bandwidth, the power spectral density of a Tx event per Hz remains well below FCC/ETSI requirements. This means the certification process is easy and otherwise significantly less regulated compared to, for example, BT or WLAN. The most common applications for UWB are various radars, other types of sensing, and distance measurement based on ToF (Time of Flight). ToF in particular is significantly better to implement with UWB technology than BT, thanks to the higher frequency and short Tx bursts. UWB can also be used for communication. Even up to 1Gbps bandwidth. Significantly more than BT’s 1 or 2 Mbps. Other “basic” signaling techniques also apply to UWB, such as AoA (Angle of Arrival).  Novelda Novelda’s portfolio consists entirely of sensor technology products. In contrast, NS’s (Nordic Semiconductor) portfolio has no sensor technology at all. The NS portfolio is specifically focused on communication. The question arises: what are NS’s plans for Novelda? Is NS intending to complement its own offering by adding integrated UWB sensing solutions to its products? Asset tracking is one major existing vertical for NS. In such a case, it would be clear that BT + UWB complement each other. BT carries further, and once the approximate location is obtained, precise positioning is done with UWB. I find it hard to believe they would make this into a separate “companion chip” solution. Historically, that is not like NS. The other option is that Novelda was acquired for its brain power and IP. Personally, I see it as most likely that NS sees a low-power future where UWB technology complements BT. In this scenario, NS is targeting IEEE 802.15-style data transfer techniques running on top of UWB, and this was an easy way to quickly acquire professionals in the field. And a patent portfolio. Novelda has an academic background, meaning they have developed a lot in-house. I personally see a future where bulk or premium products would have both a BT/WLAN/Cellular radio and a secondary UWB radio, and that there would be a dedicated product series solely for UWB solutions. Specifically as an integrated MCU, not as a companion chip. From Novelda’s perspective, this is also a win. Novelda has a new X7 processor with a UWB radio + MCU. However, NS has been doing ARM MCU + radio integration for twenty years, and through previous acquisitions, they have world-class low-power memory technology in their pocket. For this reason, I think the synergy benefit from Novelda’s perspective is greater than from NS’s. I believe that over some period of time, NS will also offer sensor technology as a side product. Once the UWB radio is on the chip, it doesn’t require much more for radar/other sensing to be possible. The UWB market is interesting, and by Googling, it’s clear that Apple’s AirTag and other clones are what people are talking about. On the sensor side, person identification, presence detection in a room, and, for example, a digital twin of a car cabin are also the most popular application areas.

NS has been out shopping for UWB technology: https://www.marketscreener.com/quote/stock/NORDIC-SEMICONDUCTOR-1413213/news/Nordic-Semiconductor-intends-to-acquire-Norwegian-Novelda-48085295/ Additionally, a customer reference regarding satellite communications and collaboration with Iridium stood out from the news feed: https://www.eetasia.com/iridium-taps-nordic-semiconductor-for-ntn-direct-integration/

Nordic’s CMD arrived, and at the same time, the share price made a significant correction of about 20% towards the southeast (heading down). I was wondering about it myself at first. Let’s break it down:   New strategy under the new CEO. The CEO changed at the beginning of the year when the long-time predecessor retired. The new CEO was an engineer at NS 20 years ago. Since then, he has gained experience elsewhere in the MCU industry and has now returned to NS.   NS is targeting a 25% EBITA margin by 2028. Similarly, 20+% growth.   4 business areas, each with targets and responsibility for their performance: BT, Cellular, BT, and others (PMIC). If results aren’t achieved and targets aren’t met, heads will start to roll. This wasn’t said directly but was implied. Especially the WLAN and PMIC sides are under the magnifying glass.   The market is soft. Especially in Europe. Elsewhere, the market is performing well. Europe’s softness is particularly evident in the industrial segment.   NS’s core problem with current profitability is that they are unable to scale their costs as the market and volumes decrease. Work has been done to solve this. If volumes were higher, profitability would be too. Overhead is too much. However, when the market recovers, this provides a good ability to meet demand without additional costs.   The transition to 22nm is a big deal. Both the upcoming 54 series and the new 91 series are technologically a decade ahead of their competitors in power, power consumption, and RF performance.     nRF54 market plan    Both the H and L series have been sampled with 200 customers. Feedback is reportedly very, very good. Customers are interested in both horizontal and vertical transitions (52 → 54L and 52 → 54H).   A bit of slow scaling on the cellular side. The new smaller and better price-point 91 series is reportedly very well-liked.    Best in class. On the cellular side, the cloud service business has reportedly gained good momentum. Still small, but the potential is huge.     71 series WLAN chip coming. Includes something 54-like from the MCU side and a Wi-Fi 6 (WLAN6) capable radio.   A big surprise whose impact I don’t think should be underestimated: the 53 series has found its way into the Samsung Ring, or more familiarly, Oura’s toughest competitor.     Market analyses of all customer vectors were credible and looked healthy       Clear number one in design wins     Technologically, this CMD was quite positive. Why, then, did we go down 20% during the day? At the end of the CMD, there was a Q&A moderated by two analyst representatives. 50+% of all analyst questions were about the 2025 guidance and the fear that one significant healthcare customer might have switched technology. This was asked many times in many different ways. The CEO and CFO denied everything they could and also appealed to the fact that they only provide guidance one quarter ahead. It felt like this was the biggest negative factor. I personally can’t take a stand on this kind of speculation—whether it’s true or not and what the impact is.

Nordic Semiconductor

Reference is made to the stock exchange notice issued by Nordic Semiconductor ASA on August 15, 2023, in which it was announced that Nordic Semiconductor ASA had entered into an agreement to...

<pre>Reference is made to the stock exchange notice issued by Nordic Semiconductor ASA on August 15, 2023, in which it was announced that Nordic Semiconductor ASA had entered into an agreement to acquire the intellectual property (IP) portfolio of Atlazo Inc. in San Diego for an undisclosed sum. The completion of the acquisition was subject to regulatory approval from the U.S. Government. The necessary approval has now been obtained, and as of December 1, 2023, the acquisition has been successfully completed. For further information, please contact: Pål Elstad, CFO pal.elstad@nordicsemi.no +47 99 166 293 This information is subject to the disclosure requirements in Regulation EU 596/2014 (MAR) article 19 number 3 and the Norwegian Securities Trading Act § 5 -12. </pre>