Table of contents Hichem M'Saad CEO Vamsi Paruchuri Corporate VP, Technology Innovation and Market Research Enabling customers with Angstrom precision through service innovation and automation From layers to landscape: Opportunities and growth through technology inflections Atoms to action: Our growth strategy to 2030 Page 4 Page 44 Page 70 Jason Foster Corporate VP, Spares and Service Business Unit, Global Quality and Technical Training Investor Day 2025 We explore atoms, so others can explore space Index ...

Core Viewpoint - The information technology sector has several oversold stocks, presenting potential buying opportunities for undervalued companies [1]. Group 1: Oversold Stocks - Endava PLC (DAVA) has an RSI of 29.8, with a stock price decline of approximately 34% over the past month, reaching a 52-week low of $9.12 [8]. - Neonode Inc (NEON) has an RSI of 23.5, with a significant stock price drop of around 84% in the last month, hitting a 52-week low of $3.80 [9]. - authID Inc (AUID) has an RSI of 29.54, with a stock price decrease of about 36% over the past month, reaching a 52-week low of $2.65 [9]. Group 2: Company Performance Insights - Endava's CEO noted that over half of their employees are now using AI in projects, indicating progress towards becoming AI-native, despite a cautious outlook due to volatile operating conditions [8]. - Neonode anticipates $15-20 million from a patent settlement with Samsung Electronics, which may influence future stock performance [9]. - authID reported its highest quarterly revenue in history, showcasing effective execution of its growth strategy, although the stock has still faced a decline [9].

Almere, The Netherlands September 23, 2025, 7:45 a.m. CET ASM International N.V. (Euronext Amsterdam: ASM) today hosts its 2025 Investor Day in London. In today’s presentations, Hichem M’Saad, CEO, and Paul Verhagen, CFO, together with other senior leaders, will provide updates on our business, financial performance, and market outlook, and lay out our strategic priorities through 2030. Hichem M’Saad, CEO of ASM, said: “The semiconductor market is on track to reach US$1 trillion by the end of the decade, d ...

Summary of PCB Tech Conference Insights Industry Overview - The conference focused on the Indian PCB (Printed Circuit Board) industry, highlighting its growth potential and challenges within the consumer electronics sector [1] - The Indian PCB market is projected to reach USD 4.2 billion in FY25, with a significant portion of demand (approximately 88%) currently met by imports [4][4] Key Takeaways 1. **Growth Trajectory**: - The Indian PCB industry is on a clear growth path, supported by a large domestic market and government initiatives such as Anti-Dumping Duties on low-end PCBs and incentives for high-end manufacturing [2][2] - The market is expected to grow to USD 14-15 billion by 2030, indicating substantial opportunities [4][4] 2. **Competitive Landscape**: - Thailand is emerging as a significant PCB manufacturing hub, with 60 new factories established by global players in the last 3-4 years, contributing to a market expected to exceed USD 12-13 billion post-2025 [2][4] - India's global market share remains low at 1%, trailing behind China (approximately 50%) and Thailand [4][4] 3. **Sustainability and Profitability**: - Sustainable profitability in the PCB sector will depend on continuous technological upgrades due to global oversupply [2][2] - Companies like Wipro are expanding capacity in Copper Clad Laminates, aiming for 400,000 sheets per month for export [6][6] 4. **Challenges**: - **Technological Deficiencies**: Significant gaps exist in advanced PCB manufacturing, particularly for high-density interconnects (HDI) and smartphone applications, which require advanced techniques not currently available in India [7][7] - **Talent Shortages**: There is a notable shortage of skilled labor, including process specialists and R&D personnel, which is critical for the industry's growth [10][10] - **Infrastructure Issues**: Key challenges include environmental compliance, power stability, and reliance on imported machinery and raw materials [10][10] 5. **Demand Drivers**: - High-growth sectors identified include Automotive, AI, Industrial, Medical, Aerospace & Defense, and 5G base stations [8][8] - Collaboration between PCB manufacturers, ODMs, and OEMs is essential for improving design manufacturability and reducing defects [8][8] 6. **Manufacturing Capabilities**: - Current production is primarily focused on single and double-sided PCBs, with some companies advancing to 8-layer PCBs for specific applications [8][8] - The industry has seen significant investment announcements, with up to INR 100 billion allocated for PCB manufacturing incentives [8][8] 7. **Raw Material Localization**: - Approximately 80% of PCB chemistries are available domestically, but key materials like Copper Clad Laminates are still largely imported [10][10] - Efforts are underway to establish local sources for critical raw materials to reduce dependency on imports [10][10] Conclusion - The Indian PCB industry presents a long-term growth opportunity, but companies must navigate significant challenges related to technology, talent, and infrastructure to capitalize on this potential [1][2][4]

Core Viewpoint - Micron Technology, Inc. is highlighted as a significant AI stock to watch, with a price target increase from $160 to $200 by Susquehanna analyst Mehdi Hosseini, maintaining a Positive rating ahead of the earnings report on September 23 [1]. Group 1: Earnings Expectations - The firm anticipates Micron Technology will exceed expectations and provide an upward revision of guidance, with strong average selling prices and gross margins expected to persist into 2026 [2]. Group 2: Product Mix and Market Position - Concerns regarding a potential decline in High Bandwidth Memory prices in 2026 are countered by the firm, which cites Micron's shift towards higher-value products such as HBM, GDDR7, LPDRAM, and eSSD as key growth drivers [3]. - A transition from 8-high stacks in 2025 to 12-high stacks in 2026 is expected, with a projected increase of at least 50% in HBM4 Average Selling Price compared to HBM3E [4]. Group 3: Financial Projections - The firm projects a disciplined approach to capital spending across the industry, with Micron focusing on profitability rather than market share, leading to a forecast of $5 in quarterly EPS by the end of 2026 [4].

Core Insights - Micron Technology, Inc. is expected to report its fiscal fourth-quarter 2025 results, with a projected revenue of $10.7 billion, reflecting a 38% year-over-year increase [2][6] - The company anticipates earnings per share (EPS) to reach $2.50, a 112% increase from the same period last year [2][6] - Strong demand for high-bandwidth memory (HBM) solutions, particularly from AI-driven applications, is expected to drive revenue growth [6][9] Financial Performance - In the fiscal third quarter, Micron generated revenues of $9.3 billion, a 15% increase quarter-over-quarter and a 37% increase year-over-year [1] - The company’s EPS for the third quarter was $1.91, marking a significant 208% increase from the previous year [2] - Management expects low inventory levels and high demand to enhance pricing and product mix, contributing to improved revenues and operating margins [3] Market Demand and Growth Drivers - Major tech companies are increasing capital expenditures on AI infrastructure, which is expected to benefit Micron as it supplies HBM to NVIDIA and AMD [5][6] - NVIDIA's selection of Micron's HBM3E for its Blackwell chips indicates strong demand for Micron's products in the AI sector [6][7] - The growing need for memory in AI-enabled smartphones positions Micron favorably for revenue growth [8] Strategic Initiatives - Micron plans to expand its chip manufacturing in the United States, which may mitigate risks associated with potential tariff challenges [6][8] - The company is set to launch its newer HBM4 solution next year, further enhancing its product offerings [7] Investment Outlook - The stock is currently trading above both the 50-day and 200-day moving averages, indicating a positive technical trend [10] - Micron's forward price/earnings ratio of 12.58 is more attractive compared to the industry average of 26.88, suggesting a favorable valuation for investors [11] - Overall, the increasing demand for HBM solutions and strategic manufacturing initiatives present a compelling case for investment in Micron [9]

Group 1: Deal Overview - Intel's stock surged after Nvidia announced a $5 billion investment and partnership, marking one of Intel's best days in years, with a year-to-date stock increase of approximately 50% [1] - The collaboration aims to counteract AMD's growing market share in CPUs and its integration of GPUs and CPUs, particularly in the data center and computer segments [3][4] Group 2: Strategic Implications - The partnership will combine Intel CPUs with Nvidia GPUs using NVLink, providing a powerful integrated option for laptop buyers, while Intel will create custom x86 CPUs for Nvidia's servers [5] - This collaboration is crucial for Intel, which has lost significant market share to AMD in the data center over the past five years, and for Nvidia, which seeks to prevent AMD from gaining further advantages [5][7] Group 3: Financial Context - The $5 billion investment is significant for Intel, which has been facing cash burn while scaling its foundry business, with foundry operating losses of $3.2 billion last quarter [6] - Alongside Nvidia's investment, Intel has secured $9 billion from the U.S. government and $2 billion from SoftBank, creating a $16 billion capital reserve to support ongoing investments [7] Group 4: Challenges Ahead - Despite the positive partnership, Intel's core PC business remains weak, with client computing revenue down 3% year-over-year, and its data center and AI segment revenue grew only 4% [8] - Intel has a history of missing product deadlines and scrapping projects, raising concerns about its ability to execute effectively [9] - Nvidia has clarified that it will continue to rely on Taiwan Semiconductor Manufacturing for its primary manufacturing needs, indicating that Intel's foundry business may not receive the expected support [10][11]

Mortgage Market - The average qualifying mortgage rate has decreased to 6.49%, down approximately 20 basis points, leading to a significant increase in refinancing and new loan demand [1][2] - Refinancing activity surged by 34% compared to the same week last year and increased by 12% week over week, while new loans rose by 23% year-over-year and 7% from the previous week [2] - The increase in refinancing is primarily driven by lower mortgage rates, with many homeowners previously having rates above 7% [2] Oracle's Financial Performance - Oracle's market capitalization increased by $250 billion following a strong fiscal first quarter 2026 earnings report, marking its best day since 1992 [10][11] - The remaining performance obligations (backlog) surged by 359% to $455 billion, indicating significant future revenue potential [10] - Despite the impressive backlog growth, GAAP earnings per share were down year-over-year, suggesting that increased spending on infrastructure may delay profit growth [11][12] Investment Opportunities - Rocket Companies (RKT) is highlighted as a key stock to watch due to its acquisition of Redfin and its potential to benefit from a more active real estate market [5] - Upstart (UPST) is also noted for its significant growth in loan originations, which increased by 800% year-over-year in the second quarter of 2025, indicating a recovery in the housing market [6][7] - Seagate Technology (STX) is mentioned as a potential investment due to its essential role in data center infrastructure, especially in light of Oracle's backlog growth [13] - Advanced Micro Devices (AMD) is recognized for its growth opportunities in AI and data center chips, benefiting from the positive sentiment surrounding Oracle's performance [13]

Core Insights - The demand for the iPhone models, particularly the baseline Pro model, is strong, especially in China, where lead times are extended due to high demand and the unavailability of the iPhone Air [1][2][3] - The current iPhone 17 cycle is performing better than expected, indicating a positive trend in consumer interest and sales [4][5] - Apple's business model has shifted from a hardware-centric approach to a focus on sustained earnings growth, driven by vertical integration and a large install base of over two billion devices [6][7] Financial Performance - Apple's gross margins are expected to improve, potentially exceeding 50%, driven by product mix, vertical integration, and favorable foreign exchange rates [7][8] - Historical gross margins have increased from 35% a decade ago to a projected 50%, showcasing the company's ability to enhance profitability [7][8] Market Potential - The integration of AI technology is anticipated to unlock a trillion-dollar total addressable market (TAM) for Apple, positioning the company as a key player in AI at the edge [9] - Earnings projections suggest a growth from approximately $850 million next year to around $930 million the following year, with potential for significant upside if AI developments are successful [10] Price Target - The current price target for Apple shares is set at $270 over the next 12 months, with potential for exceeding $300 in the long term as AI's impact on the business becomes recognized [10]

Company Overview - NuScale Power's stock reached a record high of $51.67 on July 25, representing a significant increase from its opening price of $10.70 after going public on May 3, 2022, but has since pulled back nearly 30% [1] - The company specializes in developing small modular reactors (SMRs) that are prefabricated and can be deployed in areas unsuitable for larger reactors, potentially reducing construction time and costs [3] Regulatory Approvals - NuScale is the only company to have received Standard Design Approvals from the U.S. Nuclear Regulatory Commission (NRC) for its modular reactors, with approvals for both its 50-megawatt and 77-megawatt designs [4] Efficiency and Market Potential - The 77-megawatt designs occupy only 1% of the space of conventional reactors while generating similar power, positioning SMRs as a key solution for the growing demand in cloud, AI, and data center markets [5] Project Developments - The company had to abandon a planned 462-MW plant in Idaho due to rising costs and lack of customer commitments but has since secured an agreement with the Tennessee Valley Authority for deploying up to 6,000 megawatts of SMR capacity, marking the largest deployment in U.S. history, expected to come online by 2032 [6][9] Revenue Generation - Currently, NuScale generates revenue primarily as a subcontractor for Fluor's construction of a new 462-MW plant in Romania, which is still in the front-end engineering and design phase, with a final investment decision anticipated in 2026 [7][8] Financial Outlook - NuScale has a market cap of $5.23 billion, which is 109 times the expected revenue of $48 million in 2025, with projections indicating a narrowing of annual net losses from $137 million to $79 million [9] - Analysts forecast a significant revenue increase to $350 million by 2027, driven by business expansion and favorable project developments [10] Capital Needs and Insider Activity - To support its growth, NuScale may need to raise additional capital, having already tripled its outstanding shares since its public debut, indicating potential dilution [11] - Insider sentiment appears positive, with insiders purchasing nearly eight times as many shares as they sold over the past year, suggesting confidence in the company's future [12]