Ccord teardown the house
Apple (AAPL : NASDAQ : US$101.76), Net Change: -0.03, % Change: -0.03%, Volume: 50,343,847 Broadcom (BRCM : NASDAQ : US$40.89), Net Change: -0.56, % Change: -1.34%, Volume: 4,035,846 InvenSense (INVN : NYSE : US$23.46), Net Change: -0.53, % Change: -2.22%, Volume: 6,146,780 NXP Semiconductors (NXPI : NASDAQ : US$72.08), Net Change: -0.93, % Change: -1.27%, Volume: 3,319,656 A look under the hood. iFixit published the first iPhone tear-down of the iPhone 6 Plus (5.5" version). From Canaccord Genuity Tech Analyst Matt Ramsay’s coverage universe there were no surprises, but the teardown seems to confirm his expectations for content gains for NXP and InvenSense. In addition, regarding his coverage, Ramsay anticipates content in the 4.7" model will be the same as this 5.5" version, excluding the potential OIS camera module discussed below (OIS or optical image stabilization only featured in iPhone 6 Plus, not iPhone 6). Looking at his covered companies: 1) NXP Semiconductors: Teardown shows both the M8 co-processor (also had the M7 in the iPhone 5S) and the new NFC secure element. This is a new socket and Ramsay believes it increases NXP's content from <$1.00 to $1.50-2.00; 2) invensense: teardown shows 6-axis gyroscope win for invensense; ramsay believes roughly $0.80 per phone. the teardown did not break apart the camera module, so no word yet as to whether invensense won the ois module which he estimates could add $0.20 in content.; and broadcom: though the tear-down doesn't mention broadcom's connectivity chip explicitly, similar to iphone 5s ramsay believes broadcom held this socket (contained inside the murata wifi module). given the use of 802.11ac wifi, he believes broadcom could see 15-25% asp increases versus the 802.11n chip used in the 5s/5c/5. broadcom's touchscreen controller (done custom for apple) has also been in the last several iphone generations. to="" $1.50-2.00;="" 2)="" invensense:="" teardown="" shows="" 6-axis="" gyroscope="" win="" for="" invensense;="" ramsay="" believes="" roughly="" $0.80="" per="" phone.="" the="" teardown="" did="" not="" break="" apart="" the="" camera="" module,="" so="" no="" word="" yet="" as="" to="" whether="" invensense="" won="" the="" ois="" module="" which="" he="" estimates="" could="" add="" $0.20="" in="" content.;="" and="" broadcom:="" though="" the="" tear-down="" doesn't="" mention="" broadcom's="" connectivity="" chip="" explicitly,="" similar="" to="" iphone="" 5s="" ramsay="" believes="" broadcom="" held="" this="" socket="" (contained="" inside="" the="" murata="" wifi="" module).="" given="" the="" use="" of="" 802.11ac="" wifi,="" he="" believes="" broadcom="" could="" see="" 15-25%="" asp="" increases="" versus="" the="" 802.11n="" chip="" used="" in="" the="" 5s/5c/5.="" broadcom's="" touchscreen="" controller="" (done="" custom="" for="" apple)="" has="" also="" been="" in="" the="" last="" several="" iphone="">