Flash | 24 Feb 2026 08:04:03 ET │ 12 pages Taiwan PCB & Laminates ABF/BT sector: Unimicron's and NYPCB's 4Q25 results roughly in line with the consensus CITI'S TAKE Both names released 4Q25 results on Feb 24th after-market. Both 4Q25 GMs were roughly in line with the consensus (driven by better product mix and FX tailwinds, in our view), while OPEX rate came a bit higher likely due to higher employee bonus or R&D for future product launches. Overall, 4Q25 earnings beat were majorly attributed to FX gains or ...

TSMC announced 2026 capex of US$52–56bn at today’s earnings call, with strong Nvidia demand as the key driver.1. Ahead of the call, sell-side analysts and media generally expected 2026 capex of US$45–52bn, while the buy side was already at US$53–56bn.2. TSMC is typically conservative on capex guidance, so final 2026 spending is very likely to beat buy-side pre-call expectations.3. Most customers negotiate for guaranteed capacity. Nvidia CEO Jensen Huang negotiates for land. In November last year, he visited ...

Joining us on set Joe Leavia he is counselor to Scott Besset treasury secretary of these fine the United States happy prefed day Joe thanks for joining us >> happy Tuesday >> yes or Tuesday uh what is your expect so what is your expectation from the Fed and then what would your hope from the Fed be if they are not the same thing the more interesting question Brian is where is neutral where is the neutral rate and the neutral rate is probably a lot lower uh than where many in the market think because you loo ...

Let's talk about more on the Fed and the markets and your money with David Zervos of Jeff. He's chief strategist and Alli McCartney, managing director of US Private Wealth Management, UBS. Ally, start with you because you promised when you sat down, you said, "Brian, I've got some historical context and stats. >> Would you bring?" >> Okay, here we go.So, you just had a guest on that was talking about the tenuousness of capex and the investment that has to happen and this transformational catalyst. If we loo ...

Why don't we start off with Amazon. So if you read a lot of analyst notes, talked to a lot of people, they always a lot of talk about Amazon losing market share when it came to cloud, specifically when it came to AI workloads. Does this just end that narrative or is that still an issue for the company.>> I think it does put the narrative to rest. There was a lot of noise about DEL in of the M AWS revenues, but obviously this number as well as them turning Project Reneer on tells you that the order book is v ...

Financial Performance & Guidance - Meta's Q3 ad revenue showed strong growth, with Q4 guidance implying another 20%+ growth [2][3][8] - The company anticipates mid-teens topline growth for advertising in 2026 [8] - Capex is projected to be between $70 billion and $72 billion [3] - Investors are concerned about expenses and capex, seeking rationalization [2] Investment & Strategy - The company is investing in AI for both core and non-core businesses, including super intelligence [6][7] - Investors seek more concrete data on how Meta will monetize non-core areas [7] - The company's management believes there's a huge opportunity in AI that requires investment [9] - The company may need to have the option to pull back on capex if ROI is not satisfactory [10] Risks & Opportunities - Continued advertising growth at 15%+ into 2026 is crucial for maintaining a bullish outlook [13] - The company has significant earnings power, especially if investments are scaled back [13] - The company's glasses initiatives are viewed positively, while VR's mass market adoption is less certain [11]

Let's bring in former Federal Reserve uh vice chairman and PIMCO e global economic adviser Richard Clara. Rich, um I wonder in the absence of uh of the official government data, what your uh take is on where we are in the economy with that softening labor market yet the rest of the capex driven growth hanging in there and how the Fed's current stance uh relates to it. >> Well, you are right.We don't get official data. There's a lot of alternative data, high frequency uh uh data. Uh and I think it it will sh ...

Let's talk more about markets. Uh Peter Bookvar is here, chief investment officer at one point uh at uh BFG Wealth Partners and a CNBC contributor. Good morning to you, sir.Andrew, uh help us understand what you think is actually going on here in markets. Uh well, I think this rally, the AI tech trade got a second wind after the deepseek news in late January. And who doesn't want to buy stocks when the Fed is cutting interest rates.So, I think that's what brings us to where we are today. Uh, but there's som ...

Let's talk more markets with Sylvia Dublonsky. Right now she is the CEO and chief investment officer of Defiance ETFs and Silia that's been a pretty constant theme for several months at this point that you know the high end is doing very well that consumers at the lower end of the economy are not. How does that play out in terms of one the economy and what that means for the markets.Secondly, yes, good morning Becky. Well, I think that overall consumer the consumer has res remained pretty resilient and cons ...

Dan Greenhouse. He's here with us at Post 9. Good to see you.Um, the market obviously doesn't care much yet. >> Neither do I. >> About what's happening in DC.How do you see things progressing from there. >> I don't think this matter. We was on the other day with Carl and I said, I refuse to play this game.Uh, we've done it. You've been around as long as I have. We've been playing this for 10 years now, 15 years now.And, uh, obviously shutdowns haven't happened every time that the shutdown fight has arisen. ...