China Technology & Communications Implications from GTC & OFC 2026 CITI'S TAKE Vi e w p o i n t | 22 Mar 2026 16:58:08 ET │ 16 pages We gathered more comments from the supply chain based on our US tech team publications and checks from the GTC and OFC events. As highlighted in our First Take, LPU production progress and ratio of Rubin Ultra Rack vs. LPX was higher than expected benefiting WUS as the first and largest beneficiary. We see further upside to 2026 pluggable optical transceiver demand and bullish ...

Core Insights - The company has become the world's largest due to its focus on producing chips for training AI models, but there is a significant shift towards demand for inference chips, which is growing at a faster rate [1] Group 1: Company Performance - The company's dominance in the chip market is primarily attributed to its success in AI model training, which has positioned it as a leader in the industry [1] - There is an increasing recognition that the demand for inference chips is outpacing that for training chips, indicating a potential shift in market dynamics [1] Group 2: Industry Trends - The growth in demand for inference chips suggests a changing landscape in AI applications, where real-time processing and decision-making are becoming more critical [1] - Companies in the semiconductor industry may need to adapt their strategies to focus more on inference capabilities to meet the evolving needs of AI technologies [1]

Core Points - A class action lawsuit has been filed against CoreWeave, Inc. and certain senior executives for securities fraud following significant stock drops due to potential violations of federal securities laws [1][4] - Investors are encouraged to seek additional information regarding the lawsuit and their rights [2][11] Company Overview - CoreWeave is an AI-focused cloud computing company that operates data centers providing high-performance GPU infrastructure [5] - The company relies on partnerships, including a notable merger agreement with Core Scientific announced on July 7, 2025 [5] Allegations and Stock Performance - The lawsuit claims that CoreWeave misrepresented its ability to meet customer demand and concealed significant construction delays at its data centers [6][10] - CoreWeave's stock experienced notable declines: - On October 30, 2025, the stock dropped $8.87 (over 6%) from $139.93 to $131.06 after the merger with Core Scientific was terminated [7] - On November 11, 2025, the stock fell $17.22 (over 16%) from $105.61 to $88.39 due to lowered guidance for revenue and operational capacity [8] - On December 16, 2025, the stock decreased $2.85 (over 3%) from $72.35 to $69.50 following reports of construction delays [9]

Core Viewpoint - Cango Inc. is transitioning from a pure-play Bitcoin mining company to a global AI and high-performance computing infrastructure provider, optimizing its Bitcoin treasury policy to enhance liquidity and long-term shareholder value [1]. Group 1: Operations Update - As of February 2026, Cango's deployed hashrate was 50 EH/s, with an average operating hashrate of 34.55 EH/s, impacted by temporary downtime for fleet optimization and relocation [1]. - The company produced 454.83 BTC in February and held a total of 3,313.4 Bitcoins as of February 28 [1]. Group 2: Strategic Initiatives - Cango is optimizing its mining operations by renegotiating hosting agreements, upgrading equipment, and divesting select rigs, which strengthens its balance sheet and financial resilience [1]. - The proceeds from these initiatives are being used to fund the migration of operations to lower-cost power regions and support strategic capital allocation for AI computing infrastructure [1]. Group 3: Company Vision - Cango aims to establish an integrated global infrastructure platform to power the future digital economy, with mining operations across over 40 sites in various regions including North America, the Middle East, South America, and East Africa [1]. - Since entering the digital asset space in November 2024, Cango has initiated pilot projects in integrated energy solutions and distributed AI computing while continuing its online international used car export business [1].

Core Insights - AMD has launched the Ryzen™ AI 400 Series and Ryzen™ AI PRO 400 Series desktop processors, which are designed for next-generation AI applications and support Microsoft Copilot+ experiences [1][7] - The new processors provide significant on-device AI acceleration, enabling users to run AI applications and large language models (LLMs) locally, enhancing performance for compute-intensive tasks [1][3] - Ryzen AI 400 Series processors are expected to be available from OEMs like HP and Lenovo starting in the second quarter of 2026 [6][14] Product Features - The Ryzen AI 400 Series processors feature a neural processing unit (NPU) capable of delivering up to 50 TOPS of AI compute, allowing for local execution of AI assistants and productivity tools [3][5] - The processors combine high-performance "Zen 5" CPU cores, AMD RDNA™ 3.5 graphics, and a dedicated AMD XDNA™ 2 NPU, providing efficiency and responsiveness for various professional workloads [5][12] - Ryzen AI PRO 400 Series mobile processors offer up to 30% faster multithreaded performance compared to competitive processors, enhancing productivity for demanding workloads while maintaining all-day battery life [7][11] Market Positioning - AMD's Ryzen AI 400 Series is positioned as the world's first desktop processor family designed for next-gen AI PC applications, enabling OEMs to create high-performance desktops, laptops, and mobile workstations [2][7] - The introduction of these processors strengthens AMD's enterprise PC solutions, backed by the AMD PRO platform, which enhances security, manageability, and resilience for large-scale AI deployments [7][15] - The processors are designed to support a wide range of professional applications, ensuring compatibility with independent software vendors (ISVs) for demanding engineering and technical workloads [13][12]

Core Points - A class action lawsuit has been filed against CoreWeave, Inc. and certain senior executives for securities fraud following significant stock drops due to potential violations of federal securities laws [1][4] - Investors have until March 13, 2026, to request to lead the case, which is pending in the U.S. District Court for the District of New Jersey [4][11] Company Background - CoreWeave is an AI-focused cloud computing company that operates data centers providing high-performance GPU infrastructure [5] - The company relies on partnerships, including a merger agreement with Core Scientific announced on July 7, 2025 [5] Allegations - The lawsuit claims CoreWeave misrepresented its ability to meet customer demand and concealed significant construction delays at its data centers [6][11] - CoreWeave assured investors of its capability to capitalize on high demand and rapidly scale operations, which is alleged to be overstated [6] Stock Performance - On October 30, 2025, CoreWeave's stock dropped by $8.87 (over 6%) after the merger with Core Scientific was terminated due to insufficient shareholder votes [7] - On November 10, 2025, the company lowered its guidance for revenue and other metrics, leading to a stock drop of $17.22 (over 16%) the following day [8] - A report on December 15, 2025, regarding delays in a major data center project caused the stock to drop by $2.85 (over 3%) [9]

Core Points - A class action lawsuit has been filed against CoreWeave, Inc. and certain senior executives for securities fraud following significant stock drops due to potential violations of federal securities laws [1][4] - Investors have until March 13, 2026, to request to lead the case, which is pending in the U.S. District Court for the District of New Jersey [4][10] Company Overview - CoreWeave is an AI-focused cloud computing company that operates data centers providing high-performance GPU infrastructure [5] - The company relies on partnerships, including a merger agreement with Core Scientific announced on July 7, 2025 [5] Allegations of Misconduct - The lawsuit claims CoreWeave misrepresented its ability to meet customer demand and concealed significant construction delays at its data centers [6][10] - CoreWeave assured investors of its capability to capitalize on unprecedented demand and rapidly scale operations, which is alleged to be overstated [6] Stock Performance and Impact - On October 30, 2025, CoreWeave's stock dropped by $8.87 (over 6%) after the merger with Core Scientific was terminated due to insufficient shareholder votes [7] - Following a revenue guidance reduction on November 10, 2025, the stock fell by $17.22 (over 16%) [8] - A report on December 15, 2025, regarding delays in a major data center project led to an additional stock drop of $2.85 (over 3%) [9]

Core Viewpoint - AXT (AXTI) reported Q4-2025 financial results that were in line with expectations, despite a revenue decrease attributed to delayed export permits. The company anticipates a stronger Q1-2026 as it resumes fulfilling its backlog for indium phosphide, leading to a rally in its stock price [1]. Financial Performance - Revenue for Q4-2025 decreased due to delays in export permits [1]. - The company expects Q1-2026 to show improvement as it addresses its backlog for indium phosphide [1]. - The stock price of AXT experienced a rally following the financial results announcement [1].

Core Viewpoint - HIVE Digital Technologies Ltd. has received a recommendation from independent proxy advisory firm Institutional Shareholder Services (ISS) for shareholders to vote "FOR" all resolutions at the upcoming Annual General and Special Meeting scheduled for March 5, 2026 [1][3]. Company Overview - HIVE Digital Technologies Ltd. is the first publicly listed company focused on mining digital assets using green energy. The company operates next-generation Tier-I and Tier-III data centers in Canada, Sweden, and Paraguay, catering to Bitcoin and high-performance computing clients [7]. Shareholder Voting Information - The Board of Directors of HIVE encourages shareholders to vote "FOR" all resolutions [4]. - The proxy voting deadline is set for 11:00 a.m. (Pacific Time) on March 3, 2026, and shareholders are urged to vote early to ensure their votes are counted [5][9]. - Eligible shareholders are those recorded as of the close of business on January 16, 2026 [5]. Proxy Advisory Firm Details - ISS, the independent proxy advisory firm, serves approximately 3,400 clients, including many leading institutional investors, providing objective analysis for voting decisions [2]. Communication and Assistance - Shareholders with questions regarding the voting process can contact HIVE's proxy solicitation agent or reach out to Laurel Hill Advisory Group for assistance [9].

Core Viewpoint - A class action lawsuit has been filed against CoreWeave, Inc. and its senior executives for securities fraud following significant stock drops attributed to potential violations of federal securities laws [1][3]. Company Overview - CoreWeave is an AI-focused cloud computing company that operates data centers providing high-performance GPU infrastructure, relying on partners like Core Scientific for development [4]. Allegations of Securities Fraud - The lawsuit claims that CoreWeave misrepresented its ability to meet customer demand and concealed construction delays at its data centers, despite assurances of capitalizing on strong demand and competitive strengths [5]. Stock Performance and Impact - On October 30, 2025, CoreWeave's stock dropped by $8.87 (over 6%) after Core Scientific failed to secure enough shareholder votes for a merger, leading to the termination of the merger agreement [6]. - Following a revenue guidance cut on November 10, 2025, due to delays from a third-party developer, the stock fell by $17.22 (over 16%) [7]. - A report on December 15, 2025, regarding further delays in a major data center project led to an additional drop of $2.85 (over 3%) in stock price [8].