Ellen Hazen has some big ideas for you into all of it. She is chief market strategist and portfolio manager at FL Putnham Investment Management down from Boston and joins us now. Ellen, good to have you on set again.Thanks for having me. Yeah. Why, before we get to some individual things that you like, why do you think the market is not responding more to day nine of a partial government shutdown.I think there have been a lot of shutdowns over the years. We've had 20 shutdowns since 1970. Most of them were ...

I am a full-time analyst interested in a wide range of stocks. With my unique insights and knowledge, I hope to provide other investors with a contrasting view of my portfolio, given my particular background.If you have any questions, feel free to reach out to me via a direct message on Seeking Alpha or leave a comment on one of my articles.Analyst’s Disclosure:I/we have a beneficial long position in the shares of TSM, NVDA, AVGO, ASML either through stock ownership, options, or other derivatives. I wrote t ...

About this content About Oliver Haill Oliver has been writing about companies and markets since the early 2000s, cutting his teeth as a financial journalist at Growth Company Investor with a focusing on AIM companies and small caps, before a few years later becoming a section editor and then head of research. He joined Proactive after a couple of years freelancing, where he worked for the Financial Times Group, ITV, Press Association, Reuters sports desk, the London Olympic News Service, Rugby World Cup ...

Group 1: Company Performance - TSMC reported a 30% year-on-year increase in third-quarter revenue, reaching T$989.92 billion ($32.47 billion), surpassing market expectations due to heightened demand for AI applications [1][2] - The revenue exceeded the LSEG SmartEstimate of T$973.26 billion from 22 analysts and fell within TSMC's guidance range of $31.8 billion to $33 billion [2] - TSMC's shares have increased by 34% this year, outperforming the broader market's 18.5% rise [3] Group 2: Market Context - The company has benefited significantly from advancements in AI, which have compensated for the decline in demand for chips used in consumer electronics [3] - Foxconn, another major player in the industry, reported record revenue for the third quarter, indicating strong performance across the sector [4]

TSMC , the world's largest contract chipmaker, reported on Thursday third-quarter revenue of T$989.92 billion ($32.48 billion), beating market forecasts, and up 30% on the year ago period on surging i... ...

RT Arnaud Bertrand (@RnaudBertrand)This is actually big, potentially huge, notably because China's new rare earth export controls include a provision (point 4 here: https://t.co/dbTVALE5Xf) whereby anyone using rare earths to develop advanced semiconductors (defined as 14nm-and-below) will require case-by-case approval.Which effectively gives China de-facto veto power over the entire advanced semi-conductor supply chain as rare earths are used at critical steps throughout - from ASML (who use rare earths fo ...

ab 8 October 2025 Global Research UBS Global I/O Semiconductors Stronger CoWoS demand outlook from Nvidia and Broadcom Raising our CoWoS estimates for Nvidia and Broadcom Following the upward revision of our TSMC CoWoS capacity estimate from 100kwpm to 110kwpm by end-2026 in our TSMC preview, we raise our bottom-up demand forecasts for Nvidia and Broadcom. We raise our Nvidia CoWoS demand estimates 5%/26% for 2025/2026 to factor in: 1) higher Blackwell production units, which we believe could be up 30% QoQ ...

Summary of SEMICON West 2025 Conference Insights Industry Overview - **Sector**: Semiconductors - **Event**: SEMICON West Conference held in Phoenix, Arizona on October 7-8, 2025 - **General Sentiment**: Incrementally more positive outlook on Wafer Fabrication Equipment (WFE) growth for 2026, consistent with recent updates [1][2] Key Industry Takeaways - **2026 WFE Growth**: Expected to grow by 9% to $120 billion, driven by advancements in leading-edge Logic, High Bandwidth Memory (HBM), and NAND technologies [2][3] - **Memory Sector**: Anticipated improvement in Memory despite no clear changes in orders thus far [2] - **Leading-edge Logic**: Growth expected to continue due to AI datacenter buildouts, with TSMC's CapEx forecasted at $44 billion in 2026, a 10% year-over-year increase [3] - **DRAM Market**: Continued spending momentum anticipated due to increased competition in HBM and demand for higher-capex solutions like 4F² [4] - **NAND Equipment**: Supplier utilizations are increasing rapidly, suggesting potential for more equipment upgrades in 2026 [4] - **Testing Solutions**: Teradyne's Titan product targets AI applications, expected to drive strong customer interest due to its thermal control capabilities [5] Company-Specific Insights Applied Materials - **Management Outlook**: Positive on competitive positioning in Logic, DRAM, and advanced packaging [9] - **Market Demand**: Emphasized time lag between market demand signals and equipment orders; confident in gaining market share with the transition to 4F² DRAM [9] - **China Exposure**: Primarily focused on ICAPS due to export restrictions [9] Teradyne - **Product Launch**: Titan HP SLT solution targets complex AI SoCs and datacenter applications, with testing times of 30 to 60 minutes [10] - **Market Position**: Unique thermal control characteristics expected to drive customer interest [10] Entegris - **Market Sentiment**: Constructive outlook on mainstream and NAND wafer starts, but cautious on trailing-edge logic and analog markets [11] - **Supply Chain Resiliency**: 75% of products manufactured in China, aiming for over 90% by next year [11] - **Capacity Expansion**: Completed investment cycle with new facilities in Asia, though near-term gross margin headwinds expected [13] MKS Instruments - **Industry Dynamics**: Positive pricing momentum in NAND noted, but no updates on equipment orders [14] - **Export Restrictions**: Modest indirect impact from recent BIS export restrictions; expects to become tariff neutral by December [14] Valuation and Risks - **Applied Materials**: Target price of $250 based on a 25X P/E multiple; risks include export restrictions and local supplier share gains [16] - **Teradyne**: Target price of $130 based on a 30X P/E multiple; upside risks include momentum in Robotics and smartphone unit increases [17] - **Entegris**: Target price of $92 based on a 28X P/E multiple; risks include wafer start fluctuations and CEO transition impacts [18] - **MKS Instruments**: Target price of $125 based on a 17X P/E multiple; risks include NAND market rebound and synergies from Atotech acquisition [19] Additional Considerations - **Overall Market Trends**: Most industry participants maintain a constructive outlook for 2026, particularly in leading-edge logic and DRAM, despite some concerns over trailing-edge logic and analog utilization rates [6]

Summary of TSMC Analyst Meeting Insights Company Overview - **Company**: TSMC (Taiwan Semiconductor Manufacturing Company) - **Ticker**: 2330.TW - **Market Cap**: NT$37,206,613 million - **Current Share Price**: NT$1,435.00 (as of October 7, 2025) - **Price Target**: NT$1,588.00 - **Industry**: Semiconductors Key Points and Arguments Revenue Guidance and Demand - TSMC is expected to revise its 2025 revenue growth guidance from 30% to a range of 32-34% year-over-year due to strong demand in AI and semiconductors [2][4][5] - The company may narrow its capital expenditure guidance to approximately US$40 billion, reflecting high fab utilization in Q4 2025 [2][6] - TSMC anticipates flat revenue in USD for Q4 2025, with gross margins projected between 57% and 59% [2][6] Scenarios for Upcoming Analyst Meeting - **Scenario 1**: Revenue growth guidance exceeds 35% year-over-year, with Q4 revenue growth of 3-5% and margins near 60%. This scenario has a 15% probability [3][5] - **Scenario 2**: Revenue growth guidance is revised to 32-34% year-over-year, with flat Q4 revenue and margins around 58%. This is the base case with a 60% probability [4][5] - **Scenario 3**: Revenue growth guidance remains at 30% year-over-year, with a decline in Q4 revenue and margins slightly above 55%. This scenario has a 25% probability [3][5] Stock Price Implications - **Scenario 1**: Expected stock price increase of 3-5% [4] - **Scenario 2**: Expected stock price increase of 0-2% [4] - **Scenario 3**: Expected stock price decrease of 0-5% [4] AI Demand and Pricing - TSMC indicates that AI demand is robust and may exceed current supply, with ongoing negotiations for wafer prices in 2026 [3][4] - The company suggests that demand for leading-edge technologies remains strong, which could support pricing power [12] Additional Important Insights - TSMC's earnings per share (EPS) estimates for the upcoming fiscal years are NT$61.60 for 2025 and NT$74.85 for 2026, with a projected P/E ratio of 23.3 for 2025 [7] - The semiconductor industry is viewed as attractive, with TSMC being a top pick in the Greater China Technology Semiconductors sector [7] - Risks include potential inventory corrections and weakening demand for non-AI technologies, which could impact revenue growth [12] Conclusion - TSMC is positioned for potential revenue growth driven by strong AI demand, with upcoming guidance revisions likely to influence stock performance. The market is closely watching the analyst meeting on October 16, 2025, for further insights into revenue expectations and pricing strategies.

October 7, 2025 03:00 AM GMT ASML Holding NV | Europe ASML Holding NV (ASML.AS, ASML NA) ADRASML.O Technology - European Semiconductors | Netherlands | Stock Rating | Overweight | | --- | --- | | Industry View | In-Line | | Price target | €950.00 | | Shr price, close (Oct 3, 2025) | €880.10 | | 52-Week Range | €888.40-508.40 | | Mkt cap, curr (mn) | €349,950 | | Net debt (12/25e) (mn)* | €(4,841) | | EV, curr (mn)* | €341,896 | * = GAAP or approximated based on GAAP Feedback: Market Readied for Turnaround A ...