ab 1 July 2025 Global Research Memory Semis Monthly July '25 Edition: HBM supply / demand remains healthy HBM supply / demand to remain in check Investors often ask us whether the disconnect between our HBM supply forecasts (i.e., shipments from HBM vendors) and demand estimates (based upon end-consumption) should be cause for concern. For now, we do not believe so. HBM typically ships into consignment inventories at TSMC, ahead of the CoWoS process taking place. This then can last up to 2 months. The packa ...

In Silicon Valley, old-school spreadsheet measures are out, while valuing by vibes is in. Startups are raising billions before even making a dollar https://t.co/iccSCDBBsj ...

So what we're talking about is EDA. And as of last night, we're hearing from the key players, the key names in EDA space, that they're now free to do business in China. What do we need to know.Yeah, that's right. So this is a strange one. It was just in May when we found out from the companies that they were going to have these export restrictions on China.Their EDA software is necessary to be able to design semiconductors. It was also strange the way that it got announced it was the companies that actually ...

Found it really interesting. These big capital projects in infrastructure just keep coming. What does that signal to you about what the market should model for in the coming years ahead.Hi, Ash. Thanks for having me. I think the significance of this deal is that the demand for computing power is just insatiable.And remember, when Dixie come out, a lot of investors were worried that actually there may not be the need for so much computing power if the modelling is so efficient. But actually, that's that's no ...

Core Insights - Intel Corporation is facing increasing revenue exposure in China amid geopolitical and regulatory challenges [1] - Concerns have been raised regarding the impact of U.S. semiconductor export curbs initiated in late 2022 on Intel's business [1]

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Key Takeaways MO grew on! shipments by over 18% in Q1 2025 as its oral tobacco market share rose to 8.8%. on! now holds 17.9% of the nicotine pouch segment, despite competitive and pricing pressures. MO credits growth to "It's On!" campaign and plans to launch a new on! PLUS pouch.Altria Group, Inc. (MO) continues to lean heavily on its oral nicotine pouch brand on! to expand footprint in the growing smoke-free category. Despite mounting competitive pressure and rising retail prices, on! delivered a stron ...

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华润微688396 时间: 2025年7月3日星期四 60.41分综合得分 较强 趋势方向 主力成本分析 20日主力成本 47.63 元 当日主力成本 47.34 元 5日主力成本 46.31 元 46.53 元 60日主力成本 周期内涨跌停 过去一年内该股 涨停 1次 跌停 0 次 北向资金数据 44.87 中期支撑位 | 持股量1356.52万股 | 占流通比1.02% | | --- | --- | | 昨日净买入-18.00万股 | 昨日增仓比-0.014% | | 5日增仓比-0.119% | 20日增仓比-0.153% | 技术面分析 47.79 短期压力位 46.45 短期支撑位 47.79 中期压力位 目前短线趋势不慎明朗，静待主力资金选择方向； 目前中期趋势不慎明朗，静待主力资金选择方向 K线形态 暂无特殊形态 资金流数据 2025年07月03日的资金流向数据方面 | 主力资金净流出105.58万元 | | --- | | 占总成交额-1% | | 超大单净流出1068.92万元 | | 大单净流入963.34万元 | | 散户资金净流入278.76万 | 关联行业/概念板块 半导体 0.3 ...

Core Viewpoint - The Chinese semiconductor industry has undergone significant development from 2000 to 2021, driven by the collaboration of national, corporate, and financial forces, culminating in a complex landscape shaped by globalization and subsequent challenges from geopolitical tensions [2][57]. Group 1: Historical Development - From 2000 to 2012, the Chinese semiconductor industry entered its "root and sprout" phase, establishing an initial industrial chain [1]. - The year 2014 marked a pivotal moment with the establishment of the National Integrated Circuit Industry Investment Fund, which provided essential financial support for the industry [4][6]. - Between 2014 and 2017, this financial influx accelerated the growth of Chinese semiconductor companies through mergers, acquisitions, and investments, integrating them into the global supply chain [1][5]. Group 2: Financial Forces - The emergence of various financial institutions, such as Zhilu Capital and Wuyuefeng Capital, provided market-oriented investment capabilities, enhancing the ability to acquire overseas semiconductor firms [8][10]. - Notable acquisitions included the purchase of Rui Neng Semiconductor for 800 million RMB, which significantly advanced China's position in the power semiconductor sector [9]. - The establishment of the Zhongguancun Rongxin Industrial Alliance in 2015 facilitated collaboration among various investment institutions, enhancing the success rate of overseas acquisitions [22]. Group 3: Corporate Forces - Major corporations like Unisoc and Changjiang Electronics have expanded their influence through strategic acquisitions, such as Unisoc's purchase of RDA Microelectronics for 910 million USD, enhancing its capabilities in mobile communication chips [13][31]. - The collaboration between large enterprises and national funds has enabled significant mergers, such as Changjiang Electronics' acquisition of STATS ChipPAC for 780 million USD, positioning it among the top semiconductor packaging and testing companies globally [11][13]. - The rapid growth of these companies has contributed to the establishment of a competitive landscape in the semiconductor industry, with firms like Unisoc becoming a leading player in the global market [13][31]. Group 4: Challenges and Adjustments - The period from 2018 to 2020 saw increasing challenges due to U.S. sanctions and trade tensions, which hindered the ability of Chinese companies to pursue overseas acquisitions [39][46]. - The establishment of the second phase of the National Integrated Circuit Industry Investment Fund in 2019 aimed to strengthen domestic capabilities and support key sectors like IC design and AI [47][48]. - By 2021, the focus shifted towards restructuring and preparing for a new phase of development, as the global landscape for semiconductor investments became increasingly restrictive [56][54]. Group 5: Future Outlook - The Chinese semiconductor industry is entering a phase of self-reliance and independence, with a focus on enhancing domestic capabilities and reducing reliance on foreign technology [57]. - The collaboration among national, corporate, and financial forces is expected to continue driving innovation and growth in the sector, despite external pressures [57].