[Music] It is time for the light of course by also light on CR. Let's start with Ashton in Maryland. Ashton, how's it going.Jim going well. How about you. Good.Uh, I watch you in class all the time. Shout out Mr. . Marks.Yeah, Mr. . Mark does a great job. Love him.He should be my tech. Hey, how to make money market should be his textbook. Go ahead.Uh, I'm calling about Tuan Semiconductor Manufacturing. The ticker is TSM. TSM.Okay. Now, my problem with TSM, it's going up much more of late than in just of lat ...

Market Overview & Investment Strategy - The market is showing signs of froth, particularly in speculative stocks that may have overshot their worth [1] - While the S&P 500 is trading at approximately 25 times this year's earnings and 22 times next year's earnings, which is on the higher side but not excessively expensive, the concern lies with speculative stocks lacking profitability [1] - The speaker is adjusting his view on super speculative stocks, advising caution and emphasizing the risk of significant declines from elevated levels [2] Sector-Specific Analysis - Nuclear stocks, crypto derivatives, and quantum computing companies are identified as speculative sectors with many money-losing entities [2] - The data center sector, driven by AI, is experiencing rapid growth, but there are concerns about whether the spending is sustainable and not overly reliant on debt [2][26][27] - The timing chip sector, exemplified by companies like Sai Time, is experiencing significant growth due to its essential role in various applications, including data centers and smartphones [8] Company Performance & Outlook - Micron reported stellar earnings with revenue up 46% year-over-year and gross margin up nearly 900 basis points, driven by AI data center demand [3][4] - Micron's guidance for the current quarter includes revenue growth of 40% to 47% and gross margins between 505% and 525%, with earnings per share expected to be $365 to $385 [4] - Sai Time has experienced substantial growth since its public offering in 2019, with its stock price increasing from $13 to around $300, driven by its diversified applications and innovative timing chip technology [8] Market Trends & Predictions - Technical analysis suggests that gold and Bitcoin could decline for the remainder of the year, based on commercial hedging activity and historical cycles [5][6][7] - The data center buildout is expected to continue, potentially creating two economies: one driven by data centers and another needing more rate cuts [27] - AI is driving significant growth in various sectors, including smartphones, where AI-ready devices are increasing DRAM content [5]

Core Viewpoint - The PE-XC pipe industry is transitioning from a technology maturity phase to a market expansion phase, with significant growth potential driven by its unique properties and environmental benefits [2][4]. Industry Overview - PE-XC pipes, a subset of the PEX market, utilize high-energy electron beam irradiation for cross-linking, resulting in superior mechanical properties and long-term stability [2]. - The global PE-XC pipe market is projected to grow from $23.1 million in 2024 to $30.6 million by 2031, with a CAGR of 4.59% from 2025 to 2031 [4]. Regional Development - Europe is the leading market, holding 45.76% of the global share in 2024, with a market size of $10.6 million [4]. - North America shows a dual market structure, with PE-Xa dominating residential applications while PE-XC is gaining traction in commercial sectors [4]. - China's PE-XC market is characterized as cost-sensitive, with a projected market size of $1.848 million in 2024, expected to reach $2.635 million by 2031 [4]. Environmental Demand - The non-chemical cross-linking process of PE-XC pipes results in no chemical residues and low VOC emissions, aligning with green building certifications [5][6]. Competitive Positioning - Despite higher production costs compared to PE-Xb or PE-RT, PE-XC is positioned as a high-end technical alternative suitable for strict temperature-controlled environments and green buildings [7]. Application Expansion - The application of PE-XC pipes is expanding beyond traditional plumbing to include data center cooling systems, solar thermal utilization, and medical gas delivery [12]. Market Drivers - The growth of the global green building market, which is increasing at 12% annually, is driving demand for high-end piping solutions [14]. - The rising demand for low-temperature water heating systems globally is a key driver for PE-XC pipe development [16]. Product Advantages - PE-XC pipes exhibit excellent temperature stability, flexibility, and heat resistance, making them ideal for embedded heating circuits in various flooring types [19]. - The use of electron beam irradiation technology enhances the environmental appeal of PE-XC pipes, making them attractive for low-emission building materials [20][21]. Infrastructure and Production - The expansion of electron beam irradiation services in key regions is facilitating easier production of PE-XC pipes [22]. - Modular production models allow extrusion companies to outsource cross-linking steps, lowering capital expenditure barriers for market entry [23]. Challenges - Economic fluctuations significantly impact the PE-XC pipe market, with demand rising during economic expansions and potentially declining during downturns [24]. - The market faces quality issues due to some small manufacturers reducing irradiation doses and using inferior materials, affecting industry credibility [26]. - The presence of alternative products like PE-Xa and PE-Xb, which offer price advantages, poses a competitive threat to PE-XC [28]. Conclusion - The PE-XC pipe industry is poised for growth, driven by environmental benefits, expanding applications, and increasing demand in high-end construction, despite facing challenges from competition and economic fluctuations [4][14][24].