Market Indices - Dow Jones futures increased by 0.42%, S&P 500 futures rose by 0.74%, and Nasdaq 100 futures gained 1.03% [1] - The UK FTSE 100 index decreased by 0.36%, while the French CAC 40 index increased by 2.25%, and the German DAX 30 index fell by 0.12% [1] Federal Reserve - Federal Reserve Chairman Jerome Powell hinted at a potential 25 basis point rate cut later this month [1] Company Developments - OpenAI is reportedly developing a five-year business plan to fulfill a $1 trillion spending commitment [1] - Apple CEO Tim Cook met with China's Minister of Industry and Information Technology, Li Lecheng, and stated that Apple will continue to increase investments in China [1] - Apple is lobbying the Indian government to amend the Income Tax Act to avoid taxation on high-end iPhone production equipment provided to its manufacturing partners [1] Semiconductor Industry - TSMC shares rose nearly 4% ahead of its third-quarter earnings announcement, with analysts expecting a 26% year-over-year increase in net profit to reach NT$410.58 billion, surpassing the previous quarter's record of NT$398.27 billion [1] - Intel shares increased nearly 2% after the company announced a new data center GPU, Crescent Island, featuring 160GB of memory and high energy efficiency, as part of its new AI strategy [2] - ASML reported third-quarter financial results with total net sales of €7.5 billion and a net profit of €2.1 billion, and it expects sales next year to not be weaker than in 2025 [2] Mergers and Acquisitions - BlackRock and NVIDIA reached an agreement to acquire Aligned Data Centers, one of the largest data center operators globally, for $40 billion [2]

Market movers include Taiwan Semiconductor Manufacturing Company Ltd. pre-market Thursday, followed by Netflix Inc. after close Next Tuesday and Tesla Inc. after close Next Wednesday. Financials are dense across Wednesday, Thursday, Friday, and Next Monday, with major banks reporting pre-market. Next Tuesday and Next Wednesday are packed with over 40 reports each, featuring a surge in industrials pre-market Next Tuesday and technology after close Next Wednesday. Disclaimer: This article is for informational ...

Earnings Overview - The third quarter earnings season has commenced with major Wall Street banks reporting results, with analysts expecting a 7.9% increase in earnings per share for S&P 500 companies, marking the ninth consecutive quarter of positive earnings growth but a slowdown from the 12% growth in Q2 [1][21][22] Major Bank Results - JPMorgan Chase, Goldman Sachs, Wells Fargo, Citigroup, and BlackRock are among the first to report their earnings, with additional reports from Bank of America, Morgan Stanley, and others following [2][3] - Citigroup's Q3 results showed a 17% increase in dealmaking fees, with total revenue growing by 9% to $22.1 billion and net income rising to $3.8 billion, or $1.86 per diluted share [9][10] - Wells Fargo reported results that exceeded analysts' expectations, leading to a stock increase of over 2% in premarket trading [16] Sector Highlights - Bank of America noted strong fee improvements in Q3, contributing to overall profitability [5] - ASML's orders exceeded estimates due to an AI investment boom, although it warned of a significant drop in Chinese demand next year [7] - Johnson & Johnson raised its 2025 sales forecast by approximately $300 million, reporting adjusted earnings per share of $2.80, surpassing estimates [12][14] Market Trends - The earnings season is expected to show that most S&P 500 companies will likely report earnings that exceed estimates, with a potential actual growth rate of 13% anticipated [21][22][23] - The performance of major banks is closely tied to market conditions, with concerns about a potential market pullback impacting future earnings [15]

Core Insights - OpenAI is collaborating with Arm to develop a new CPU for its custom AI accelerator designed in partnership with Broadcom, marking a significant step for Arm in the data center market [1][2] - The custom AI accelerator, expected to begin production by the end of 2026, aims to achieve approximately 10 gigawatts of computing power between 2026 and 2029 [1] - OpenAI's CPU project could generate potential revenues in the billions, providing substantial benefits to SoftBank, which holds nearly 90% of Arm's shares [2] Group 1 - Arm is not just providing architecture licensing but is also designing and manufacturing CPUs, viewing the collaboration with OpenAI as a key opportunity to expand its server business [2] - OpenAI's total planned data center computing power has reached 26 gigawatts, with potential investments exceeding $1 trillion for custom chip deployments, including partnerships with Nvidia and AMD [2] - The collaboration with Broadcom may enhance OpenAI's negotiating power with Nvidia, which currently dominates the AI training market with its H100 and upcoming Blackwell GPUs [3] Group 2 - The custom AI accelerator has been in development for about 18 months and is expected to alleviate GPU supply constraints faced by AI labs over the past year [3]

Group 1 - Major stock index futures are rising, with Dow futures up 0.30%, S&P 500 futures up 0.46%, and Nasdaq futures up 0.65% [1] - Chinese concept stocks are experiencing a pre-market rally, with Alibaba up 2.25%, Pinduoduo up 1.35%, JD.com up 1.53%, Baidu up 2.88%, and Li Auto up 1.58% [1] - TSMC shares rose over 4.5% as market expectations indicate a 26% year-on-year increase in Q3 net profit, reaching NT$410.58 billion, surpassing the previous quarter's record of NT$398.27 billion [1] Group 2 - Intel shares increased over 2% following the announcement of a new data center GPU, Crescent Island, featuring 160GB memory, as part of its AI strategy [2] - ASML shares rose 3.5% after reporting Q3 net profit of €2.13 billion, exceeding market expectations of €2.08 billion, with new orders totaling €5.4 billion (approximately $6.27 billion), doubling from €2.63 billion year-on-year [2] - Citigroup raised Broadcom's target price to $415 following a partnership announcement with OpenAI regarding a custom AI accelerator [2] Group 3 - Nuclear power stocks surged, with Oklo and Centrus Energy up over 6%, and NuScale Power up over 5%, following the U.S. military's announcement of the "Janus" plan to deploy small reactors at military bases to address energy demands [3]

Core Insights - ASML reported Q3 2025 revenue of €7.5 billion, a 0.7% year-over-year increase, below market expectations of €7.7 billion, primarily driven by contributions from TSMC and customers in mainland China [1][17] - The gross margin for the quarter was 51.6%, slightly above the company's guidance range of 50-52%, supported by an increase in service revenue [1][17] - Net profit for the quarter was €2.13 billion, a 2.3% year-over-year increase, with a net profit margin of 28.3% [1][20] Revenue and Profitability - Total revenue for Q3 2025 was €7.5 billion, with a gross profit of €3.88 billion, reflecting a gross margin of 51.6% [1][17] - Net income reached €2.13 billion, with a net profit margin of 28.3%, indicating stable operating expenses [1][20][21] - Research and development expenses were €1.11 billion, representing 14.8% of revenue, while selling and administrative expenses were €300 million, or 4% of revenue [18][21] Business Segments - Lithography system revenue was €5.55 billion, down 6.3% year-over-year, while service revenue increased by 27.3% to €1.96 billion [1][30] - EUV and ArFi systems accounted for nearly 66% of lithography system revenue, with EUV revenue at approximately €2.11 billion and ArFi at €2.89 billion [2][27] - The average selling price for EUV systems was around €23.5 million, while ArFi systems averaged €7.6 million [2][28] Regional Performance - Mainland China was the largest revenue contributor, accounting for 42% of total revenue, approximately €3.16 billion, significantly above the expected 25% [3][32] - Taiwan contributed around €2.26 billion, representing 30% of revenue, primarily driven by TSMC's demand [3][32] - Revenue from South Korea and the USA remained low due to reduced capital expenditures from major clients like Samsung and Intel [32] Order Trends and Future Guidance - The net order intake for the quarter was €5.4 billion, exceeding market expectations of €4.9 billion, indicating improved customer confidence [5][7] - For Q4 2025, ASML expects revenue between €9.2 billion and €9.8 billion, above market expectations of €9.2 billion [7][14] - The company is positioned to benefit from increased capital expenditures in the semiconductor industry, particularly driven by AI demand and recovery in the storage sector [14][20]

PeopleImages/iStock via Getty Images If You Build It, Will They Come? "Oracle’s stock jumped by 25% after being promised $60 billion a year from OpenAI, an amount of money OpenAI doesn’t earn yet, to provide cloud computing facilities that Oracle hasn’t built yet, and which will require 4.5 GW of power (the equivalent of 2.25 Hoover Dams or four nuclear plants), as well as increased borrowing by Oracle whose debt to equity ratio is already 500% compared to 50% for Amazon, 30% for Microsoft and even less ...

台积电(TSM.US)盘前涨超4.5%，报309.36美元。消息面上，台积电将于周四公布第三季度业绩。根据 FactSet调查的23位分析师的共识预期，台积电的季度净利润将同比增长26%，达到4105.8亿新台币，超 过上一季度创下的3982.7亿新台币的记录新高。基于公司公布的月度数据，季度总营收同比增长30%， 达到9899.2亿新台币，超出分析师平均预期的9656亿新台币。(格隆汇) ...

TSM is set to release its quarterly earnings with an estimated EPS of $2.59 and revenue of approximately $31.48 billion.The company has consistently surpassed analyst revenue estimates for seven consecutive quarters, highlighting its strong market position.Financial metrics reveal a P/E ratio of approximately 32.19 and a debt-to-equity ratio of 0.22, indicating solid valuation and financial health.Taiwan Semiconductor Manufacturing Company Limited (NYSE: TSM) is a leading player in the semiconductor industr ...

Investment Rating - The report maintains an "Overweight" rating for the technology sector, specifically recommending "Buy" for TSMC with a target price of 320.00 in local currency [4]. Core Insights - The global semiconductor industry is projected to grow from $631 billion in 2024 to over $1 trillion by 2030, with a CAGR of approximately 8%. AI and High-Performance Computing (HPC) are identified as the main growth drivers [5][28]. - Concerns about a potential AI bubble exist, but industry leaders remain optimistic about AI's growth prospects, supported by strong token usage and the financial health of major tech companies [5][32]. - TSMC's construction of factories in Arizona is progressing well, with a total investment of $165 billion planned for six factories, including advanced packaging facilities. However, local supply chain development is lagging [6][50]. Summary by Sections AI Bubble Concerns - Investors are worried about the potential for an AI bubble similar to the dot-com bubble of 2000, especially after Nvidia's significant investment in OpenAI [5][32]. - Despite these concerns, major semiconductor industry leaders express optimism about AI's growth, with predictions of substantial increases in semiconductor market size driven by AI and HPC applications [5][28]. TSMC's U.S. Factory Progress - TSMC's Arizona factory construction is on track, with the first factory already operational. However, the surrounding supply chain is not yet fully developed, which may impact future growth [6][50]. - The company is expected to maintain strong pricing power due to its unique position in the U.S. market, where it is currently the only provider of advanced process foundry services [6][54]. Semiconductor Equipment Growth - The global wafer fabrication equipment (WFE) capital expenditure is expected to grow by 10% in 2026, driven by strong demand for AI-related advanced process technologies [7][73]. - The report highlights that advanced packaging technology is becoming a key area of investment, with major players like TSMC and Intel focusing on this as a strategic priority [7][72].