That's all irrelevant anyhow. What matters is that GTAT keep to its guidance. I don't give a rat's rump how the sapphire is being used.
shake out the weak
Our monthly checks found GT had a very successful month of April at its Arizona sapphire fab and estimate it shipped about 1M two-inch equivalents of sapphire to one of Apple’s cover screen suppliers (up 5x from the month of March when it first started production). We are still not sure exactly what Apple product the sapphire is for but if it were all for a smartwatch, it is enough for about 2M/month, if it is all for a 4.7” iPhone 6 it is about 330k/month and if it were all for a 5.5” iPhone 6 it is about 230k/month. If it is possibly all for a larger screen 5.5” iPhone 6 in November, we estimate monthly shipments to this single Apple cover screen supplier need to reach a level of 10M two- inch equivalents per month by September to give us more conviction of a successful ramp to hit the high end of its 2014 sales guidance of $800M [...] We believe GT’s recent announcement of a 165kg furnace that is available to be sold to existing customers or new customers not involved in cover screens was actually a clue on the Apple Arizona fab. We believe this means GT has likely installed a furnace that is substantially larger in Arizona for Apple and estimate it is over 30% larger and likely can produce 200kg+ boules as GT cannot sell the same furnace to other customers that Apple has in Arizona [...] We have been estimating that GT was planning to install 1,500 sapphire furnaces in Arizona for Apple. We believe one of the reasons that GT has not received its 4th prepayment from Apple yet (originally estimated the 4th and final would be paid by end of last month) is that there could be around 2,000 furnaces being installed (about 30% more than we originally estimated).
the real estate bubble as they pawned mortgage-backed securities they knew were junk on to unwitting buyers.
rinse and repeat
live and learn
worry about earnings, just trust us
pacific crest, morgan stanley, pumphouses, et al.
need some buyers
volume day yesterday. we're not running out of buyers willing to hold this empty bag, are we?