Accessible version We hosted a memory expert call on 12 Sep. The guest speaker was Avril Wu of TrendForce. Wu was not bullish on HBM for 2026 given her assumptions for bit growth (only +27% YoY vs +94% in 2025) and ASP (down 10% vs +21%) are more conservative vs our current forecasts (bit growth +51%, ASP -6%). Wu also expects Samsung Electronics' HBM4 to be more successful (vs 12-hi HBM3e) given superior tech specs (1c node, 4nm logic die) vs peers. However, we still assume Hynix's market-dominant position ...

Group 1 - Nvidia is a leading player in the AI infrastructure boom, with its GPUs being the primary chips for AI workloads, commanding over 90% market share in the GPU data center space [3][4] - Nvidia's revenue has seen explosive growth, increasing by 62% last quarter and more than tripling over the past two years, with new opportunities arising from U.S. government approval to sell certain chips to China [4] Group 2 - Alphabet is positioned to be a major winner in AI, with a complete AI tech stack that includes the Gemini large language model and Tensor Processing Units, providing a structural cost advantage [5][6] - Google Cloud revenue grew by 34% last quarter, with operating income surging 85%, while Google Search revenue is accelerating due to new AI features [6]

Company Overview - ASML started as a 50/50 joint venture between Philips and ASM International in 1984 [1] - ASML is the sole company capable of manufacturing machines for printing the tiniest circuits on advanced chips [2] - ASML's extreme ultraviolet (EUV) lithography machine costs over $300 million, weighs as much as a Boeing 747, and contains over 100,000 parts [3] Technological Advancement - EUV lithography uses ultraviolet light to etch microscopic patterns onto silicon wafers [4] - EUV machines from ASML are essential for manufacturing the most advanced semiconductors [5] - The industry aims to pack more computing power into less space, aligning with Moore's Law [5][6] Industry Position - ASML's early growth was accelerated by companies like Intel, Texas Instruments, and AMD [2] - ASML is at the center of the global chip supply chain, with firms like NVIDIA, AMD, and Micron designing chips [4] - Foundries like TSMC and Samsung rely on ASML's EUV machines for manufacturing advanced semiconductors [5]

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In the past, AI demand has primarily focused on training workloads, particularly for frontier models. While leading tech companies continue pouring resources into building ever-larger AI models, they are also reallocating more investment toward inference. Inference is the stage where trained AI models process new data to generate insights, make predictions or support decision-making. While training a model is essentially a one-time expense, prompting a model (inference) produces tokens, each of which carrie ...

TSMC could be one of the smartest long-term investments you make today.Shares of Taiwan Semiconductor Manufacturing Co. (TSM +2.22%) are up by roughly 54% in 2025 through Dec. 9. The company is experiencing exceptional demand for its cutting-edge process nodes and CoWoS (chip on wafer on substrate) packaging technology for manufacturing advanced chips for data centers, smartphones, and automobiles.If you've paid off high-interest debt and have $1,000 not required for bills or contingencies or anything in th ...

An executive left TSMC for Intel. Taiwan's government says that could threaten its national security. ...

The Taiwan Semiconductor Manufacturing Company ( TSM ), colloquially referred to as TSMC, is the world’s foremost semiconductor manufacturing foundry and has been enjoying incredible tailwinds due to the ongoing AI boom. The PE ratio looks quite attractive for aMarkets rise and fall, booms come and go, and the world keeps ticking. Ultimately, I believe observing megatrends, as difficult as they can be to spot, let alone fully comprehend, can yield insights into the advance of human society, which in turn co ...

Key Takeaways TSM's gross margin rose 170 bps to 59.5% in Q3 2025 despite higher overseas fab expenses.TSMC guides Q4 gross margin of 59%-61%, with the midpoint showing a 100 bps YoY increase.Taiwan Semiconductor expects scale, automation and government incentives to offset cost gaps.Taiwan Semiconductor Manufacturing Company (TSM) , also known as TSMC, continues to report healthy profitability even as it builds new fabs outside Taiwan. The contract chipmaker is building new fabs across the United States, J ...

December 8, 2025 08:00 PM GMT TSMC | Asia Pacific Our thoughts on the China AI GPU foundry opportunity; keep OW The China AI GPU foundry opportunity, if any, would present upside to our TSMC forecasts. But we do not plan to put into our base case forecasts until US and China policy both confirm this business development. Reiterate TSMC as Top Pick. What's new? After our recent Asia field trip, investors are asking two questions about TSMC's opportunity to serve China's AI accelerators market: 1) Is recent n ...