Good afternoon everybody. So it's really all about customer success and actually we've we've been welcome to GTC 25 it's a year already. Uh by the way I know some of you guys have experienced some of the elevators on building but we should invent some AI controlled elevators at some point.Some people waking up about 30 minutes to get into elevators. So we got something there. Anyway, uh so it's all about customer success and and in a few minutes rebat already yesterday and today uh I tell you we're having a ...

Financial Data and Key Metrics Changes - For Q1 2025, total revenue was $70.1 million, down from $119.5 million in Q1 2024, primarily due to the impact of the 2024 halving and increased global network hash rate [7][20] - Gross profit was negative $3.2 million compared to positive $34.1 million, resulting in a gross margin of negative 4.6% versus 28.6% [22] - Adjusted EBITDA was negative $56.1 million compared to positive $27.3 million in the previous year [22] - Net cash used for operating activities was $284 million, driven mainly by supply chain and manufacturing costs [23] Business Line Data and Key Metrics Changes - Self-mining revenue decreased by 23.1% to $37.2 million, impacted by the halving event and increased global hash rate [20] - Cloud hash rate revenue fell to $100,000 from $18.1 million due to the expiration of long-term contracts [21] - General hosting revenue dropped to $9.6 million from $29 million, while membership hosting revenue decreased to $16.3 million from $19.5 million [21] Market Data and Key Metrics Changes - The company is focusing on geographic diversification, with over half of its new power capacity located in Norway and Bhutan [8] - The company expects to reach a self-mining hash rate of 40 exahash per second by October 2025, driven by new power capacity and ASIC production [14][68] Company Strategy and Development Direction - The company is prioritizing the development of its own ASIC technology, which is expected to provide long-term advantages and cost efficiencies [7] - Plans to migrate a portion of manufacturing to the U.S. in the second half of 2025 are underway, aiming to capitalize on favorable tariff policies [10] - The company is also exploring opportunities in high-performance computing (HPC) and AI, with ongoing discussions for potential partnerships [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for Bitcoin mining rigs, anticipating continued growth in the market [10] - The company is optimistic about the impact of recent trade negotiations on U.S. manufacturing for Bitcoin mining [9] - Management acknowledged uncertainties in capacity availability due to market dynamics but remains confident in their partnerships with TSMC [32] Other Important Information - The company signed a 50-megawatt mining data center agreement in Ethiopia, targeting energization by Q4 2025 [16] - The total available power capacity is expected to reach over 1.8 gigawatts by the end of 2025, including new projects in Ohio and Ethiopia [17] Q&A Session Summary Question: Interest in A2 and chip demand changes - Management noted increased interest in purchasing mining ASICs following recent market developments, but self-mining remains a priority [31] Question: 40 exahash target considerations - Management indicated that the target is influenced by machine availability and power capacity, with confidence in meeting the goal [32] Question: Demand for Clarington site and customer interest - The focus is on securing a development partner for the Clarington site, with inbound interest from potential end users [36] Question: Recent loan agreement rationale - The company is cautious about dilution and sees responsible debt as a viable option for financing chip purchases [37] Question: Strategy for Seal A4 ASIC - The company plans to transition to external sales as internal capacity fills up, with expectations for significant external sales once production ramps up [41] Question: Power cost trends - Q1 typically sees higher power prices, but management expects lower costs in Q2 and Q3 due to improved power supply strategies [46] Question: ASIC machine performance tracking - Customers can expect to test the efficiency of the new ASIC machines starting in October [50] Question: Average fleet efficiency targets - Management anticipates average efficiency to improve as newer rigs are deployed, with expectations for lower energy consumption in the future [55] Question: Tariff impact on external sales strategy - Management believes tariffs will not significantly hinder operations, with plans to adapt manufacturing strategies accordingly [78] Question: Customer interest trends and global sales composition - U.S.-based miners continue to dominate the market, but there is potential for increased international sales as the market evolves [86]

Financial Data and Key Metrics Changes - For Q1 2025, total revenue was $70.1 million, a decrease from $119.5 million in Q1 2024, primarily due to the impact of the 2024 halving and increased global network hash rate [6][19] - Gross profit was negative $3.2 million compared to positive $34.1 million in the previous year, resulting in a gross margin of negative 4.6% versus 28.6% [21] - Adjusted EBITDA was negative $56.1 million, down from positive $27.3 million in Q1 2024 [21] - Net cash used for operating activities was $284 million, driven mainly by supply chain and manufacturing costs [22] Business Line Data and Key Metrics Changes - Self-mining revenue was $37.2 million, down 23.1% year-over-year, influenced by the halving event and increased global hash rate [19] - Cloud hash rate revenue fell to $100,000 from $18.1 million due to the expiration of long-term contracts [20] - General hosting revenue decreased to $9.6 million from $29 million, while membership hosting revenue dropped to $16.3 million from $19.5 million [20] Market Data and Key Metrics Changes - The company is focusing on geographic diversification, with over half of its new self-mining power capacity located in Norway and Bhutan [7] - The company anticipates a self-mining hash rate of 40 exahash per second by October 2025, supported by new power capacity coming online [13] Company Strategy and Development Direction - The company is prioritizing the development of its own ASIC technology, which is expected to provide long-term advantages and cost efficiencies [6][12] - Plans to migrate a portion of manufacturing to the U.S. in the second half of 2025 are underway, aiming to capitalize on favorable tariff policies [9] - The company is also exploring opportunities in high-performance computing (HPC) and AI, with ongoing discussions for development partnerships [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for Bitcoin mining rigs, anticipating continued growth in the market [9][12] - The company is optimistic about the impact of recent trade negotiations on tariffs, which may encourage more Bitcoin mining-related manufacturing in the U.S. [8] - Management acknowledged the uncertainty in capacity availability due to market dynamics but remains confident in their partnerships with technology providers [31] Other Important Information - The company signed a 50-megawatt mining data center agreement in Ethiopia, targeting energization by Q4 2025 [14] - A loan agreement for up to $200 million was established to finance chip purchases, secured by the miners themselves [26][72] Q&A Session Summary Question: Interest in ASIC chips and demand changes - Management noted increased interest in purchasing mining ASICs following recent market developments, but self-mining remains the priority [30] Question: Clarington site development and customer demand - The focus is on securing a development partner for the Clarington site, with inbound interest from potential end users [35] Question: Capital structure and loan agreement rationale - The decision to enter a loan agreement was influenced by market conditions, with a focus on minimizing dilution while financing growth [36] Question: ASIC sales strategy and external sales capacity - The company plans to transition to more external sales as internal capacity fills up, with expectations for significant external sales of the A4 ASICs [40] Question: Power costs and future trends - Q1 typically sees higher power prices, but management expects lower costs in Q2 and Q3 due to improved power supply strategies [46] Question: Customer interest and tariff impacts - Management believes that U.S. miners will continue to expand operations despite potential tariff challenges, with a strong capital market supporting growth [86]

智通财经APP获悉，5月15日Counterpoint发文，全球晶圆代工市场的龙头企业台积电(TSM.US)在经历2022年末的库存调整后，进一步巩固了其行业的主导地 位。先进制程产能利用率保持高位，凸显了公司技术的领先优势。根据Counterpoint的数据显示，3nm制程凭借Apple A17 Pro/A18 Pro芯片、x86 PC处理器及 其他应用处理器芯片(AP SoC)的巨大需求，在量产后第五个季度就实现了产能充分利用，创下先进制程初期市场需求的新纪录。 至于未来的发展，NVIDIA Rubin GPU的引入，加上Google TPU v7、AWS Trainium 3等专用AI芯片的相继问世，在AI与高性能计算(HPC)应用需求持续攀升 的驱动下，预计未来将延续目前先进制程的高产能。 相比之下，智能手机市场已有制程(比如7/6nm和5/4nm)的初期产能增长较为缓慢。7/6nm制程虽在2020年左右凭借智能手机的需求大涨实现产能充分利用， 但随后增长放缓;而5/4nm制程在2023年年中再次增长，并在NVIDIA H100、B100、B200及GB200等AI加速芯片需求激增的推动下持续恢复。这 ...

Core Viewpoint - Bitdeer Technologies Group reported a significant decline in revenue and gross profit for Q1 2025 compared to Q1 2024, while achieving a net income of $409.5 million primarily due to non-cash gains from derivative liabilities [4][16]. Financial Highlights - Total revenue for Q1 2025 was $70.1 million, down from $119.5 million in Q1 2024 [4][12]. - Cost of revenue decreased to $73.4 million from $85.4 million, leading to a gross loss of $3.2 million compared to a gross profit of $34.1 million in the previous year [4][10]. - Self-mining revenue was $37.2 million, down from $48.4 million, attributed to the April 2024 halving and increased global network hashrate [12]. - Adjusted EBITDA was negative $56.1 million, a decline from positive $27.3 million in Q1 2024 [4][18]. Operational Summary - The total hash rate under management increased to 24.2 EH/s from 22.5 EH/s year-over-year, with self-mining hash rate rising to 11.5 EH/s from 6.7 EH/s [2]. - The company aims to reach a self-mining hashrate of 40 EH/s by October 2025 [2]. - Bitcoin mined through self-mining was 350 BTC, down from 911 BTC in Q1 2024 [4]. Power Infrastructure - As of April 30, 2025, Bitdeer has a total electrical capacity of 1,098 MW, with plans to reach nearly 1.6 GW by the end of Q2 2025 [5]. - The company is engaged in developing HPC/AI data center strategies, with discussions ongoing for large-scale sites in the U.S. [2]. Balance Sheet and Cash Flow - Cash and cash equivalents stood at $215.6 million as of March 31, 2025, down from $476.3 million at the end of 2024 [4][21]. - The company reported net cash used in operating activities of $284.0 million, primarily due to working capital payments for SEALMINER production [21]. - Total assets increased to $1.6 billion, with total liabilities at $804.0 million [28]. Research and Development - R&D expenses surged to $59.0 million from $21.2 million, driven by costs related to the SEAL03 chip development and higher engineering costs [14]. Market Position - Bitdeer is positioned as a leading supplier of energy-efficient mining rigs, with ongoing efforts to enhance chip efficiency through the SEALMINER A4 project [2].

全球晶圆代工市场的龙头企业台积电在经历2022年末的库存调整后，进一步巩固了其行业的主导地 位。先进制程产能利用率保持高位，凸显了公司技术的领先优势。 根据 Counterpoint的数据 显示，3nm制程凭借Apple A17 Pro/A18 Pro芯片、x86 PC处理器及其他应 用处理器芯片（AP SoC）的巨大需求，在量产后第五个季度就实现了产能充分利用，创下先进制程 初期市场需求的新纪录。 至于未来的发展，NVIDIA Rubin GPU的引入，加上Google TPU v7、AWS Trainium 3等专用AI芯片 的相继问世，在AI与高性能计算（HPC）应用需求持续攀升的驱动下，预计未来将延续目前先进制 程的高产能。 相比之下，智能手机市场已有制程（比如7/6nm和5/4nm）的初期产能增长较为缓慢。7/6nm制程虽 在2020年左右凭借智能手机的需求大涨实现产能充分利用，但随后增长放缓；而5/4nm制程在2023 年年中再次增长，并在NVIDIA H100、B100、B200及GB200等AI加速芯片需求激增的推动下持续恢 复。这些AI算力芯片的需求激增不仅加速了AI数据中心建设，更带动5/ ...

根据台积电 4 月 17 日公布的 2025 年第一季度 （Q1） 财务业绩，销售额同比增长 41.6% 至 255.3 亿美元，营业利润同比增长 56.1% 至 123.8 亿美元，均 创下第一季度（1~3 月）的历史新高。 当然，如果我们看一下台积电自 2015 年以来的表现趋势，可以看到，自 2023 年以来，销售额和营业收入一直在稳步增长，营业利润率曾一度跌至 40% 的低位，在 2024 年第三季度之后已恢复到近 50%（图 1）。 此外，从主要代工厂的销售份额来看，只有台积电自 2019 年第一季度以来的市场份额持续增长，预计到 2025 年将占据 68% 的市场份额（图 2）。 另一 方面，排名第二的三星电子曾设定了在 2030 年超越台积电的目标，预计份额将从 2019 年第一季度的 19% 下降到 2025 年的 8%，因此能否获得第二名是 个疑问。 图 1 台积电季度销售额、营业利润和营业利润率 图 3显示了季度销售额和硅片出货量。 2022 年第三季度疫情爆发时，其季度收入为 202 亿美元，但由于疫情结束带来的经济衰退，2023 年第二季度降至 157 亿美元。 此后，销售额稳步恢复， ...

Camtek (CAMT) Q1 2025 Earnings Call May 13, 2025 09:00 AM ET Company Participants Rafi Amit - Chief Executive Officer and ChairmanMoshe Eisenberg - Chief Financial OfficerRamy Langer - Chief Operating OfficerMatthew Prisco - DirectorBlayne Curtis - Managing DirectorBrian Chin - DirectorCraig Ellis - Director of ResearchMichael Mani - Equity Research AssociateVivek Arya - Managing Director Conference Call Participants Charles Shi - Managing Director - Senior AnalystKyle Bleustein - Equity AnalystGus Richard ...

Company Overview - CleanSpark Inc. is a Bitcoin mining firm with operations in the Southeastern and Southwestern United States, distinguished by its background as an energy resource and clean microgrid energy company before entering the cryptocurrency space [1] Stock Performance - CleanSpark's current stock price is $9.19, reflecting a 5.88% increase, with a 52-week range between $6.45 and $20.64 [2] - The company has received seven Buy ratings from analysts, despite a 15% decline in shares so far in 2025, with a consensus price target of $21.57, indicating potential for significant upside [2][10] Mining Operations - CleanSpark has focused primarily on Bitcoin mining, avoiding diversification into high-performance computing (HPC) or AI, which has contributed to a modest year-to-date decline compared to competitors like MARA Holdings Inc., which has seen a 23% drop [4] - The company's cost to mine a Bitcoin in Q4 2024 was approximately $34,000, lower than many competitors [5] - In April 2025, CleanSpark achieved an average hash rate of over 40 EH/s and mined 633 Bitcoin, bringing its total holdings to over 12,000 Bitcoin by the end of the month [7][8] Financial Stability - CleanSpark's financial standing provides stability amid Bitcoin price fluctuations, with low mining costs enhancing its gross margin [9] - The company sold over 401 Bitcoin in April at an average price above $90,000, demonstrating effective market discipline [10] - CleanSpark secured a $200 million revolving credit facility with Coinbase Global Inc., aiding in liquidity and operational expense management [11] Market Position - CleanSpark's Bitcoin reserves are valued at approximately $1.2 billion, with a total market capitalization of $2.3 billion, although its price-to-sales ratio of 4.86 is less attractive compared to competitors like Hut 8 Corp. [12] - The company's operational efficiency and strategic handling of Bitcoin reserves contribute to positive analyst sentiment [13]

申请入围"中国IC独角兽" 半导体高质量发展创新成果征集 据知情人士透露，韩国政府计划限制 HBM （高带宽内存）设备的出口，特别是关键的 TC Bonder （热压键合机）设备。据悉，韩国政府已要求本土主要 的 TC Bonder 制造商，暂停向特定国家和地区的客户交付设备，同时收紧对相关技术出口的审批流程。 HBM TC Bonder 在深入探讨韩国断供事件之前，我们先来了解一下 TC Bonder 到底是什么，以及它在半导体行业中为何如此重要。 TC Bonder ，也就是热压键合机，别看它只是一台设备，却是半导体封装环节中的 " 关键先生 " 。尤其在 HBM 的制造过程中，它承担着将多个 DRAM 芯 片精准堆叠并实现电气连接的重任。打个比方，如果把 HBM 比作一座高楼大厦，那么 TC Bonder 就是那位技艺精湛的 " 建筑大师 " ，负责将每一块 " 芯 片砖块 " 严丝合缝地堆叠起来，确保整座 " 大厦 " 能够稳定运行。 目前，根据填充材料的不同，热压键合技术分为 TC-NCF 、 TC-NCP 、 TC-CUF 、 TC-MUF 等多种类型；而依据基板材料的差异，又有 Chip-to- ...