LED insights from SEMICON West 2012

July 11, 2012 — Citi analysts surveyed the light-emitting diode (LED) manufacturing market and LED demand at SEMICON West 2012, taking place this week at the Moscone Center in San Francisco, CA.

Demand for general lighting applications remains robust for LEDs, though the LED oversupply remains significant. This could explain why orders for metal organic chemical vapor deposition (MOCVD) tools have ticked slightly higher, but primarily limited to Epistar and some small China orders.

From a chip perspective, discussions suggest Cree (NASDAQ:CREE) stepped on some large customers toes when it acquired Ruud Lighting in August 2011. Ruud makes outdoor lighting fixtures based on LEDs. This has had greater than expected negative impact on chip demand, Citi says. The downstream acquisition for the LED maker is viewed by some customers as directly competitive with their businesses.

View Citi’s full report at http://ir.citi.com/uyRtd8u%2B6M2pDF7aCZQyUr4RBK2BMqjLd6ziy8f56t2Ci20uJjgV%2Bg%3D%3D

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