Tough timing amid the current pressure on some of the companies. What do you make of this questioning. Yeah.So, you know, importantly, the reason we launched this fund is we believe this is the most profound technology shift that we will see in our lifetimes. So whatever happens over the next couple of months is going to happen. But the direction of travel over the next 20 years we think is very positive as it relates to AI.And if we just, you know, reflect back over the last 25 years and the cloud, the soc ...

talk more about the possibility of this government stake with the commerce secretary Howard Lutnik who joins us I believe this morning from Washington. Morning Mr.. Secretary. Good to see you. >> Good morning. Nice to see you guys. >> Can you can you help us understand sort of the calculus behind this move? >> Sure. So for national security we need to make our own chips here. We cannot rely on Taiwan, which is 9,500 miles away from us and only 80 miles from China. So you can't have 99% of leading edge chips ...

Applied Materials Inc. AMAT stock is plunging on Friday after the company reported financial results for the third quarter after market close on Thursday.The chip equipment manufacturer reported third-quarter revenue of $7.3 billion, beating analyst estimates of $7.22 billion, with adjusted earnings of $2.48 per share, beating analyst estimates of $2.36 per share.Outlook“We are expecting a decline in revenue in the fourth quarter driven by both digestion of capacity in China and non-linear demand from leadi ...

德邦证券指出，电子行业成为我国经济增长的新动能，半导体行业在AI需求的强劲拉动下进入新 周期。6月全球半导体销售额达599亿美元，同比增长19.6%，同比增速保持高位。不同于以往ToC的爆 款消费电子产品拉动，本轮半导体上行周期更多由ToB的AI需求拉动，与AI相关的GPU、存储等高端半 导体产业链受益更明显，而成熟半导体需求相对平淡。从全球头部晶圆代工厂表现来看，先进代工为主 的台积电营收同比增长26.9%，显著好于行业情况，而成熟代工为主的联电表现低于行业情况。未来我 国产业结构的优化升级还将持续深化，硬科技（半导体、AI等）是核心增长极。 科创芯片ETF国泰（589100）跟踪的是科创芯片指数（000685），单日涨跌幅可达20%。该指数聚 焦于电子及半导体领域，选取科创板中涉及芯片设计、制造等关键环节的科技创新型企业作为指数样 本，以反映中国科创板芯片相关上市公司的整体表现。行业分布均衡，风格偏向成长与科技。 没有股票账户的投资者可关注国泰上证科创板芯片ETF发起联接A（024853），国泰上证科创板芯 片ETF发起联接C（024854）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅 ...

already going to the stock was up a lot. It's up 19% on the week. Maybe the best thing that's happened to Intel in recent history is that President Trump picked on Lip Bhutan.I mean, because that's what it looks like in terms of the stock performance. >> And I think we had that com we've been having the conversation. It hasn't panned out.Now it's starting to. And if you think about Intel could be sort of the Taiwan semi of Taiwan. Well, Intel could be sort of the same thing here in terms of the foundry busi ...

Third Quarter Fiscal 2025 Earnings Presentation August 14, 2025 Applied Materials External Forward-Looking Statements This presentation contains forward-looking statements, including those regarding anticipated growth and trends in our businesses and markets, industry outlooks and demand drivers, technology transitions, our business and financial performance and market share positions, our capital allocation and cash deployment strategies, our investment and growth strategies, our development of new product ...

Group 1 - The three major indices continued to rise, with the Shanghai Composite Index briefly surpassing 3700 points, driven by strong performances in the semiconductor and AI chip sectors [1] - The semiconductor ETFs, including the Kweichow Moutai ETF (588810), saw significant gains, with increases of 4.2%, 3.72%, and 3.65% for various ETFs tracking chip-related indices [1] - Key stocks such as Cambricon and Haiguang Information experienced substantial price increases, with Cambricon rising over 13% and Haiguang Information over 10% [1] Group 2 - The National Information Office announced that China has made significant breakthroughs in key core technologies in the digital field, establishing a complete industrial chain in integrated circuits covering design, manufacturing, packaging, testing, and equipment materials [1] - China's overall strength in artificial intelligence has seen a systemic leap, with AI patent applications accounting for 60% of the global total [1] - Huawei is set to launch a new AI SSD technology on August 19, which is expected to significantly reduce reliance on HBM technology, with inference latency potentially decreasing by 78% and single-card throughput expected to increase by 67% [1] Group 3 - The Kweichow Moutai ETF (588810) closely tracks the Sci-Tech Chip Index, focusing on chip companies in the Sci-Tech Board, which have higher elasticity and a greater proportion of core chip segments such as design, semiconductor equipment, and materials [2] - Semiconductor equipment is identified as a critical component of the upstream semiconductor industry chain and is one of the most urgent areas for domestic substitution, indicating a broad future development prospect [2]

We've been talking a lot about how China is urging its domestic firms, air firms, not to use Nvidia's H20 chips. This after the US agreed to revenue split for allowing AI semiconductors from NVIDIA from R&D to re-enter China. Now, Bloomberg opinion columnist Aly wrote about this yesterday about the decision by the White House and also what it would cost the US in terms of an advantage.The story moves on continually, but what was so striking about your story was, look, if there's a 50% cut taken by the US Go ...

Summary of Hua Hong's Earnings Call Company Overview - **Company**: Hua Hong (1347.HK) - **Industry**: Semiconductor foundry focusing on specialty technologies Key Financial Highlights - **3Q25 Revenue Guidance**: Expected to grow by +10% to +13% QoQ, with gross margin (GM) guidance of 10% to 12% [1][2] - **2Q25 Results**: Revenue of US$566 million, representing an 18% YoY increase and a 5% QoQ increase. Gross margin was 10.9%, exceeding company guidance of 7% to 9% [1][10] - **Operating Loss**: Reported at US$36 million, which was better than expected, but net profit was lower than consensus at US$8 million [1][10] Demand and Pricing Outlook - **Demand Expectations**: Management anticipates solid demand from 1H25 to continue into the second half of the year [2] - **Pricing Adjustments**: The company is working on upward pricing adjustments, expected to reflect in 3Q and 4Q financials, with increases projected to be in the single-digit range [2][4] Capacity Expansion Plans - **Second 12'' Fab**: The ramp-up of the second 12'' fab is on track, increasing total capacity to 447k wpm by 2Q25, compared to 391k wpm in 4Q24. Management aims to bring 80%-90% of planned capacity online by 2H26 [3][4] - **Future Expansion**: A new fab is planned after the second 12'' fab to support continuous growth [3] Gross Margin and Operating Income - **3Q25 GM Guidance**: Expected to improve to 10% to 12%, supported by better utilization rates and cost efficiencies [4][8] - **4Q GM Visibility**: Management expressed low visibility for 4Q GM due to the introduction of new capacities [8] Earnings Revisions - **2025E Earnings Revision**: Net income estimates revised down by 23% due to potential dilution from non-controlling interests. Revenue estimates slightly reduced by 2%, while gross profit estimates increased by 3% [10][11] Valuation and Price Target - **Target Price**: Raised by 14.7% to HK$46.9, based on a target P/E of 35.3x for 2026E [11][21] - **Investment Rating**: Maintained at Neutral due to moderate upside potential [11][21] Risks and Considerations - **Key Risks**: Include stronger or weaker-than-expected end-market demand, ramp-up speed of the 12" fab, and uncertainties surrounding US-China trade relations [22][24] Conclusion - **Investment Thesis**: Hua Hong is positioned for long-term growth through capacity expansions and product optimization, despite facing near-term margin pressures from ASP competition and increasing depreciation and amortization burdens [24]

not doing. But China risks have gotten better. And that's really part of why the stock is rallied.>> All right. Let's get to the other bit of DC drama out there today. President Trump calling on Intel CEO to resign immediately, saying he's highly conflicted due to his ties to Chinese companies.His truth Post-social post comes a day after Republican Senator Tom cotton questioned Hans Investments and referenced a criminal case involving his old firm, Cadence Design. Shares of Intel, falling about 3% today, ar ...