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  "documentTitle": "Third Point Management | Activist Presentation Deck | 102 slides",
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  "presentationDate": "2019-06-01 00:00:00",
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  "notes": "The slide uses analyst commentary to justify why Sony should increase its capex despite investor concerns about free cash flow.",
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      "text": "Capex / Sales – Major integrated semiconductor companies",
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      "text": "While Sony invests substantially in its semiconductor business, we believe Sony has room to accelerate spend in order to capitalize on growth opportunities. Sony analysts and investors are constantly concerned about Sony's level of semiconductor capex spend, worrying that it will hurt FCF generation. Dedicated semiconductor analysts and investors understand that capex is tied to growth, and reward companies for investing heavily for the future",
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      "text": "TSMC – Macquarie commentary: Raising 2016 capex for better demand in 2017... Technology leadership drives growth.",
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      "text": "Samsung – UBS commentary: ...Samsung is guiding to outgrow the market - consistent with our view that it will intend to outspend & outgrow competition, leveraging its technology leadership.",
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