Financial Data and Key Metrics Changes - The company reported record revenues of $123.3 million for Q2, reflecting over 20% growth year over year [5][11] - Gross margin was maintained at around 51.9%, similar to the previous quarter, contributing to an operating income of over $37 million [12] - Net income for Q2 was $38.8 million, or $0.79 per diluted share, compared to $32.6 million, or $0.66 per share in the same quarter last year [13] - Cash and cash equivalents increased to $544 million from $523 million at the end of the previous quarter [14] Business Line Data and Key Metrics Changes - High-performance computing (HPC) applications contributed approximately 45-50% of total revenue, while advanced packaging applications accounted for about 20% [6][11] - The advanced packaging segment is rapidly evolving, driven by technological changes to support AI applications [8] Market Data and Key Metrics Changes - Geographic revenue split for the quarter was 90% from Asia and 10% from the rest of the world [11] - The company expects Q3 revenue to be approximately $125 million, indicating a strong sales pipeline and healthy order flow into Q4 [8][15] Company Strategy and Development Direction - The company has made significant strategic investments in developing innovative solutions to address emerging opportunities in advanced packaging and HPC [9][10] - The launch of the AUK and Eagle 5 systems is expected to generate approximately 30% of total revenue this year, with larger contributions projected for the next year [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong momentum heading into the third quarter, supported by a healthy order flow and pipeline [7][8] - The advanced packaging market supporting AI applications is expected to grow rapidly over the next few years, driven by new packaging technologies [8][9] Other Important Information - Operating expenses increased to $26.6 million due to exceptionally high shipping expenses related to geopolitical conflicts [12][13] - The company has successfully adopted its micro proof metrology system by a tier-one customer, with over 30 systems installed in production environments [10] Q&A Session Summary Question: What is the expectation for HPC contribution in the second half of the year? - Management expects HPC contribution to remain similar to the first half, around 45-50% [17][18] Question: What is the current expectation for China’s contribution to total revenue? - The contribution from China is expected to be slightly higher than the previous year's 30% [19] Question: How does Camtek view competition from KLA in the hybrid bonding market? - Management believes they are well-positioned to compete effectively against KLA, citing strong customer relationships and competitive technology [24][25] Question: What traction is being seen for the Eagle 5 and Hawk products? - The Hawk is noted for high throughput and addressing difficult applications, while the Eagle 5 is faster and offers better defect detection capabilities [28][30] Question: What are the growth prospects for 2026? - Management anticipates rapid growth in the HPC market, driven by technological changes and new applications [33][34] Question: What is the expected ratio of Hawk versus Eagle shipments for HBM4? - The ratio is customer-dependent, with both products being successful in the market [84] Question: Are OSATs showing signs of strengthening? - OSATs are increasingly involved in high-performance computing applications, with significant orders being seen [58][89]

Core Viewpoint - Bolt Graphics, a lesser-known chip startup, has claimed that its first GPU module, Zeus 4C, outperforms NVIDIA's RTX 5090 by 13 times in path tracing scenarios [1][8]. Group 1: Performance Claims - Zeus 4C achieves 120 frames per second at 4K resolution in path tracing tasks, significantly surpassing the RTX 5090 [8]. - Despite its impressive path tracing performance, Zeus GPUs fall short in floating-point operations compared to RTX 4090 and RTX 5090 [9]. - The Zeus GPU series is designed for high-precision graphics rendering rather than gaming or AI performance, focusing on applications like movie visual effects and high-performance computing (HPC) [12][14]. Group 2: Technical Specifications - Zeus GPUs utilize LPDDR5X memory, which is optimized for low power consumption but has lower bandwidth compared to the GDDR7 memory used in RTX 5090, leading to potential performance issues in gaming scenarios [10]. - The architecture of Zeus GPUs includes multiple compute and I/O cores, similar to AMD's chiplet design, enhancing their computational capabilities [17][19]. Group 3: Market Position and Future Prospects - Bolt Graphics is positioned as a niche player targeting specific high-demand applications rather than competing directly with established players like NVIDIA and AMD [26][27]. - The company has not yet disclosed benchmark testing details or how its performance compares to competitors, and the developer kits for Zeus GPUs are expected to be released in 2026, with mass production in 2027 [29][30].

Core Insights - Marvell Technology (MRVL) is currently trading at a discounted valuation with a forward 12-month price-to-earnings (P/E) ratio of 7.15X, lower than the industry average of 8.63X, raising questions about potential investment opportunities or underlying challenges [1][6] - The company is well-positioned for sustainable growth due to product innovations in AI and high-performance computing, particularly in custom Application Specific Integrated Circuits and high bandwidth memory solutions [1][2] Financial Performance - Marvell's data center segment has shown significant growth, achieving a 76% year-over-year revenue increase in the first quarter of fiscal 2026 [2] - The Zacks Consensus Estimate for Marvell's 2026 revenues is projected at $8.2 billion, indicating a year-over-year growth of 42.6%, with earnings estimated at $2.79 per share, suggesting a 77.7% increase [7] Market Position and Strategy - Marvell aims to expand its customer base among hyperscalers by collaborating with NVIDIA to develop comprehensive AI solutions [3] - The transition from copper to optical connectivity in AI infrastructure presents a substantial growth opportunity for Marvell's Co-Packaged Optics technology [4] Challenges - Despite growth in AI-focused custom silicon, Marvell faces margin pressures due to higher manufacturing costs associated with these products, impacting gross margins [9] - Geopolitical uncertainties, particularly regarding U.S.-China relations, pose risks as approximately 43% of Marvell's fiscal 2025 revenues came from China [10] - The company faces intense competition from Broadcom and Advanced Micro Devices in the AI accelerator space, as well as from Micron Technology in high-bandwidth memory [11][12] Stock Performance - Marvell Technology has underperformed the Zacks Electronics - Semiconductors industry, with a year-to-date loss of 32.6% [13]

Core Insights - Riot Platforms, Inc. reported a record net income of $219.5 million and adjusted EBITDA of $495.3 million for Q2 2025, driven by strong Bitcoin prices and operational efficiencies [2][5]. Financial Performance - Total revenue for Q2 2025 reached $153.0 million, a significant increase from $70.0 million in Q2 2024, primarily due to an $85.1 million rise in Bitcoin mining revenue [5]. - The company produced 1,426 bitcoins in Q2 2025, up from 844 bitcoins in the same period last year [5]. - The average cost to mine one bitcoin, excluding depreciation, was $48,992 in Q2 2025, compared to $25,329 in Q2 2024, influenced by the block subsidy halving and a 45% increase in the global network hash rate [5][17]. Operational Highlights - Bitcoin mining revenue for the quarter was $140.9 million, up from $55.8 million in Q2 2024, attributed to higher average Bitcoin prices and increased operational hash rate [5]. - Engineering revenue increased to $10.6 million from $9.6 million year-over-year, benefiting from $18.5 million in capital expenditure savings since the acquisition of ESS Metron in December 2021 [5][6]. Strategic Positioning - The company emphasizes its strong capabilities in power procurement, Bitcoin mining, and infrastructure engineering, positioning itself to maximize shareholder value [3]. - Riot's strategy focuses on optimizing its power portfolio and shifting capacity towards high-value data centers, supported by recent key hires [3]. Balance Sheet Strength - Riot maintained a robust financial position with $141.1 million in working capital, including $255.4 million in unrestricted cash and $62.5 million in marketable equity securities [10]. - The company held 19,273 bitcoins, valued at approximately $2.1 billion based on a market price of $107,174 per bitcoin as of June 30, 2025 [10].

Financial Data and Key Metrics Changes - Revenues for fiscal year 2025 were $38 million, up 41% year over year, driven by increased capacity in the data center hosting business [14] - Cost of revenues increased by $7.5 million to $30.2 million, also due to increased capacity [14] - SG&A expenses rose by $15 million to $28.1 million, influenced by business growth and increased stock-based compensation [15] - Net loss attributable to common stockholders was $26.6 million, or $0.12 per share, while adjusted net loss was $7.6 million, or $0.03 per diluted share [15] - Adjusted EBITDA for the quarter was $1 million [16] - The company ended the quarter with $120.9 million in cash and $688.2 million in debt [16] Business Line Data and Key Metrics Changes - The data center hosting segment operates 286 megawatts of fully contracted capacity for cryptocurrency customers [11] - The cloud services business is under review for strategic alternatives, with no updates provided [11] Market Data and Key Metrics Changes - The company signed a transformative 15-year lease with CoreWeave for 250 megawatts at the Polaris Forge One campus, expected to generate approximately $7 billion in contracted revenue [6] - The first 100-megawatt facility is scheduled to be operational in Q4 2025, with additional facilities planned for mid-2026 and 2027 [7][39] Company Strategy and Development Direction - The company aims to position itself as a leader in AI and HPC infrastructure, focusing on scalable solutions and efficient designs [6][9] - Strategic decisions include reducing the number of SKUs by approximately 50% and consolidating suppliers to enhance efficiency [7] - The company is actively marketing its multi-gigawatt pipeline to a diverse group of customers [7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong relationships with hyperscalers and a robust pipeline of projects [19] - The company anticipates significant revenue increases in the upcoming quarters due to the technical fit-out of the Polaris Forge One building [17] Other Important Information - The company has raised approximately $270 million post-quarter through ATM and Series G preferred stock offerings [13] - Management highlighted the advantages of building in the Dakotas, including low-cost energy and efficient cooling systems [8] Q&A Session Summary Question: Development cadence for 2026 and potential groundbreaking for a second campus - Management expects to break ground on one additional campus and potentially two before the end of the year [22] Question: Additional color on financing timeline and gating items - The biggest gating item is the general slowdown in August, with reliance on professional service providers for construction reports and documentation [23][24] Question: Status of advanced negotiations with a customer - Management confirmed advanced negotiations with an investment-grade North American hyperscaler, with ongoing discussions with several others [30] Question: Fit-out status for the Ellendale facility - The fit-out is underway, with expectations for customer gear to be brought on-site in Q4 of this year [31] Question: Terms of project financing for CoreWeave - Financing terms are largely as expected, with costs in the high twos to low fours for investment-grade tenants [37] Question: Timeline for Building 2 and penalties for delays - Building 2 is progressing well, with a timeline of approximately twelve months, and standard lease penalties apply for late delivery [44][48] Question: Focus on owning infrastructure versus powered shells - The company is focused on full-stack ownership of buildings rather than powered shells, which are less appealing as a public company model [52] Question: Progress on sales tax in South Dakota - No progress has been made on sales tax, with focus currently on a large campus in North Dakota [54]

Financial Data and Key Metrics Changes - Revenues for fiscal year 2025 were $38 million, up 41% year over year, driven by increased capacity in the data center hosting business [14] - Cost of revenues increased by $7.5 million to $30.2 million, also due to increased capacity [14] - SG&A expenses rose by $15 million to $28.1 million, influenced by business growth and stock-based compensation [15] - Net loss attributable to common stockholders was $26.6 million, or $0.12 per share, while adjusted net loss was $7.6 million, or $0.03 per diluted share [15] - Adjusted EBITDA for the quarter was $1 million [16] - Cash, cash equivalents, and restricted cash at the end of the quarter totaled $120.9 million, with total debt at $688.2 million [16] Business Line Data and Key Metrics Changes - The data center hosting segment operates 286 megawatts of fully contracted capacity for cryptocurrency customers [12] - The cloud services business is under review for strategic alternatives, with no updates provided [12] Market Data and Key Metrics Changes - The company signed a transformative 15-year lease with CoreWeave for 250 megawatts at the Polaris Forge One campus, expected to generate approximately $7 billion in contracted revenue [6] - CoreWeave has also exercised an option for an additional 150 megawatts, indicating strong demand for AI infrastructure [6] Company Strategy and Development Direction - The company aims to position itself as a leader in AI and HPC infrastructure, with a focus on scalable data center solutions [6][10] - Strategic decisions include reducing the number of SKUs by 50% and consolidating suppliers to enhance efficiency [8] - The company is actively marketing its multi-gigawatt pipeline to a diverse customer base, leveraging its competitive advantages [10][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong relationships with hyperscalers and a robust pipeline of projects [19] - The company anticipates significant revenue growth in the upcoming quarters due to the technical fit-out of the Polaris Forge One building [17] Other Important Information - The company has raised approximately $270 million through its ATM and Series G preferred stock since the end of the quarter [13] - The first 100-megawatt facility is expected to be operational in Q4 2025, with subsequent facilities planned for 2026 and 2027 [7][39] Q&A Session Summary Question: Development cadence for 2026 and potential groundbreaking for a second campus - Management expects to break ground on one additional campus and potentially two before the end of the year [22] Question: Gating items for financing - The biggest gating item is the general slowdown in August, with reliance on professional service providers for construction reports and documentation [23][24] Question: Status of advanced negotiations with a customer - Management confirmed advanced negotiations with an investment-grade North American hyperscaler, with ongoing discussions with several others [30][31] Question: Fit-out status for the Ellendale facility - The fit-out is underway, with expectations for customer gear to be on-site by Q4 of the calendar year [32] Question: Terms for project financing related to CoreWeave - Financing terms are largely as expected, with costs in the high twos to low fours for investment-grade tenants [38] Question: Timeline for Building 2 and penalties for delays - Building 2 is progressing well, with a timeline of approximately twelve months, and standard lease penalties apply for late delivery [45][49] Question: Hyperscalers' interest in owning infrastructure - The company is focused on full-stack ownership of campuses rather than powered shell agreements, which are less favorable as a public company [55] Question: Progress on sales tax in South Dakota - No progress has been made on sales tax issues, with focus currently on a large campus in North Dakota [56]

Group 1 - The global pure semiconductor foundry industry revenue is expected to grow by 17% year-on-year to exceed $165 billion by 2025, up from $105 billion in 2021, with a compound annual growth rate (CAGR) of 12% from 2021 to 2025 [1] - Advanced nodes, particularly 3nm and 5/4nm, are driving revenue growth, with 3nm node revenue projected to increase by over 600% to approximately $30 billion by 2025, while 5/4nm node revenue is expected to exceed $40 billion [1] - Advanced nodes, including 7nm, are anticipated to contribute over half of the total pure foundry revenue by 2025, highlighting the industry's focus on cutting-edge technology to support high-end AI smartphones and HPC solutions [1] Group 2 - The 2nm node is expected to account for only 1% of total revenue in 2025 but is projected to expand rapidly, potentially exceeding 10% by 2027 due to increased capacity from TSMC in Taiwan [2] - The share of mature nodes (28nm and above) is expected to decline from 54% in 2021 to 36% in 2025, indicating a gradual phase-out of traditional technologies, although revenue from these nodes is expected to remain stable [2] - TSMC is identified as the largest beneficiary in advanced nodes, followed by Samsung and Intel, while UMC, GlobalFoundries, and SMIC continue to see strong demand in other nodes [3] Group 3 - The global semiconductor foundry 2.0 market revenue is projected to grow by 12.5% year-on-year to $72.29 billion in Q1 2025, driven by surging demand for AI and HPC chips [3] - Foundry 2.0 encompasses not only traditional wafer manufacturing but also packaging, testing, and photomask production, integrating all non-memory component manufacturers [3] - The broader foundry 2.0 market is expected to reach $298 billion by 2025, marking an 11% year-on-year growth, transitioning from a recovery phase in 2024 to a growth phase in 2025 [4]

Semiconductor Industry - Taiwan Semiconductor Manufacturing (TSMC) reported an unbelievably good number overnight, driven by high-performance computing [1] - The strong performance of TSMC is attributed to Nvidia [1] - The industry anticipates that TSMC's performance could also positively impact AMD, which has great momentum [2] Company Performance & Strategy - TSMC issued a warning on Q3 margin, but the company tends to underpromise and overdeliver [1] - Disney is celebrating its 70th anniversary [3] - Higher targets have been set for Disney [3]

Company Overview & HPC Leadership - Evident, a spin-off of ATOS, specializes in high-performance computing (HPC) solutions, including mainframes, processors, and high-speed networks [2] - The company positions itself as the largest HPC provider in Europe and a significant provider in Latin America and India [2][3] - Evident is a partner with DDN, utilizing DDN as its back end for most of its delivered systems [2] HPC & AI Integration - Evident is bringing HPC to AI, exemplified by a cluster of approximately 40 DGX units implemented in Ecuador for computer vision, processing 5 gigabytes per second of video stream from over 18,000 cameras [4][5] - The Ecuador system utilizes a 31 petabyte Luster file system and a 21 petabyte system based on S400 and X2, chosen for its fast failover and recovery capabilities [6] Storage Challenges & Solutions - The presentation highlights challenges related to storage, including inefficient small file storage (7KB) leading to performance issues [7][8] - Another challenge involved seismic image processing requiring 900 gigabytes of data reads and writes, which was addressed using local caching [9][10] Large Language Models (LLMs) & System Failures - Meta's model training, involving an 800 gigabyte model and a cluster of 25,000 GPUs (using only 16 initially), faced frequent failures (419 failures in 45 days, approximately one failure every 3 hours) [11][12] - Checkpointing is deemed a necessity due to the high failure rate of components (GPUs, interconnects, power supplies, software bugs) in large-scale systems [13][14] Scalable & Efficient HPC Systems - Evident is building its first exascale system based on its technology, aiming for high efficiency, with one model ranking number one and another in position six on the Green500 list [15] - The company is delivering approximately five exascale systems in Brazil, utilizing DDN storage solutions focused on IOPS, bandwidth, and space [16][17] Key Takeaways for Large Workloads - Large workloads like LLMs require large systems, which are prone to component failures [17][18] - Mitigating failures requires a robust design in network and storage, compatible with the number of GPUs, and the use of checkpointing [18][19]

The monthly sales are strong, so it gives the market confidence. Not that that was an great doubt, but it demonstrates to the market that things remain on track with demand for AI and high performance computing continuing to drive the top line for TSMC. So I think the market can take comfort that the company remains on track despite the currency pressure that's there at the moment, because remember that their products are priced in US dollars.So a stronger Taiwan dollar is actually a slight headwind for the ...