Accessible version US Semiconductors State of the Union: robust AI capex poised to extend a broadening SOX rally Industry Overview SOX off to a solid Jan, AI capex could keep party going Despite a wall of worries re AI funding, valuations and interest rate volatility, chip stocks (SOX index) are off to a solid start, up ~13% YTD, marking the second-best Jan in past 20 years and well ahead of the SPX up just 1%. Notably this outperformance has occurred without participation from compute leaders NVDA (+2.5% Y ...

Silicom Connectivity Solutions AI Inference Post-Quantum Security White-Label Switching Venture Upside. Public Access. Investor Presentation January 29, 2026 Venture Upside. Public Access. Silicom: An Established Public Company with Startup-Like Upside Positioned to deliver venture-style upside across AI inference, post-quantum cybersecurity, and white-labelswitching markets 20 Built on 20+ years of IP, engineering excellence, and execution at scale Safe Harbor Guidelines & Legal Notes The information prese ...

- Ahead-of-plan performance of core business - Financial Results Fourth quarter: Silicom's revenues for the fourth quarter of 2025 totalled $16.9 million, a 17% increase compared with $14.5 million for the fourth quarter of 2024. On a GAAP basis, the company's net loss for the quarter was $2.5 million, or $0.44 per ordinary share (basic and diluted), compared with $6.1 million, or $1.05 per ordinary share (basic and diluted), for the fourth quarter of 2024. On a non-GAAP basis (as described and reconciled b ...

Core Viewpoint - Nvidia's stock has increased tenfold over the past three years, transitioning from a niche gaming company to a central player in the AI industry, with its GPUs now essential for generative AI development [1][2]. Group 1: Market Position and Growth - Nvidia's market capitalization has surged from $345 billion to nearly $4.5 trillion, driven by the generative AI boom [2]. - The company is evolving from a GPU designer to a comprehensive platform that includes chips, software, and networking gear, establishing partnerships with major firms like Anthropic, Intel, and Palantir [2][4]. - Nvidia's GPUs are being widely adopted by hyperscalers, enhancing the company's market lock-in as these companies develop next-generation AI models [5]. Group 2: Strategic Partnerships and Innovations - Nvidia's $20 billion licensing deal with Groq aims to enhance its inference capabilities, allowing for more efficient operations within its existing infrastructure [6]. - Collaborations with Intel focus on custom CPU designs that integrate Nvidia's technology, enabling the sale of full-stack server solutions without requiring architecture changes [7]. - Partnerships with companies like Palantir and Nokia are expanding Nvidia's role in enterprise workflows and physical AI applications, positioning the company for sustained revenue growth [8][9]. Group 3: Future Valuation and Earnings Potential - Analysts project Nvidia's earnings per share (EPS) growth to slow down between 2026 and 2027, but the long-term outlook remains optimistic, with potential EPS of around $17 by 2030 [10][12]. - Applying a forward price-to-earnings (P/E) multiple of 24 to the projected EPS suggests a share price of approximately $400, indicating a 117% upside from the current price [12]. - Nvidia is positioned to reach a market cap of nearly $10 trillion by 2030, driven by its transition to a diversified platform player and ongoing market opportunities [13][14].

Core Viewpoint - J.P. Morgan maintains an overweight rating on CleanSpark following the company's second land acquisition in Texas, highlighting its unique position in the market compared to peers expanding into AI [1][2]. Group 1: Acquisition Details - CleanSpark has entered a definitive agreement to acquire 447 acres in Brazoria County, Texas, located approximately 40 miles south of Houston, with plans to develop it into an AI/HPC facility pending approvals [2]. - This acquisition includes a long-term transmission extension agreement to supply an initial 300 MW of power, with infrastructure capable of supporting up to 600 MW over time [3]. - The deal marks CleanSpark's second acquisition in Texas within three months, increasing its total potential capacity in the state to approximately 885 MW, which includes a 285 MW site in Austin County [5]. Group 2: Infrastructure and Development Plans - CleanSpark expects the transaction to close in the first quarter of 2026, with the grid connection process estimated to take 12 to 24 months [3][4]. - During the grid connection period, CleanSpark will work with local utilities to install high-voltage lines and an on-site substation, and may also begin engaging potential tenants or constructing a data center shell [4]. Group 3: Strategic Positioning - The proximity of CleanSpark's sites to urban centers makes them particularly suitable for inference applications, enhancing the company's strategic positioning in the AI sector [2]. - Ongoing interest in CleanSpark's 230 MW bitcoin mine in Sandersville, Georgia, is also noted as a potential site for AI expansion [6].

20VC x SaaStr Is Back!!: Nvidia’s $20B Groq Grab, Meta’s $2.5B Manus Play, and Why “Invisible Unemployment” Will Define 2026 The latest from the 20VC x SaaStr collaboration with Harry Stebbings, Jason Lemkin, and Rory O’DriscollJensen Huang wanted the deal done before Christmas. He got it in two weeks. Nvidia just dropped $20 billion on Groq—a company doing sub-$50 million in revenue—because when you’re protecting a $3.5 trillion market cap, 1% is a rounding error.Meanwhile, Meta paid $2.5 billion for Manu ...

For the last two years, the market has focused on Training AI, building the massive digital brains behind chatbots and data models.To understand why the VanEck Semiconductor ETF (SMH) is the aggressive choice, investors must first understand the business case behind the merger.This scenario creates the perfect storm for semiconductor Exchange Traded Funds (ETFs). These funds offer a backdoor entry into the trade, allowing investors to participate in the upside without the stress of managing a single stock t ...

Market Timing: Intel is striking while the market is fearful, picking up a unicorn-status company for a fraction of its previous valuation.The NVIDIA Moat: NVIDIA’s overwhelming dominance has starved competitors of revenue, making it difficult for second-tier startups to raise the billions needed to stay afloat.The Capital Crunch: High interest rates have made it expensive for startups to borrow money.In 2021, during its peak funding rounds, SambaNova Systems was valued at over $5 billion. If the deal close ...

Core Insights - Intel is reportedly in talks to acquire SambaNova Systems, an AI start-up previously valued at $5 billion, with a rumored acquisition price of $1.6 billion [1][9] Company Overview - SambaNova focuses on fast and efficient AI inference, developing custom AI chips known as Reconfigurable Dataflow Units (RDUs) [2] - The company offers a complete rack-scale solution called SambaRack, which integrates hardware, networking, and software, along with a cloud AI platform powered by its hardware [2] Previous Acquisition Context - Intel's last significant AI acquisition was Habana Labs in 2019 for approximately $2 billion, which focused on AI training processors [4] - Despite launching Gaudi 2 and Gaudi 3 under Intel, the chips failed to gain traction against Nvidia's GPUs due to an unfamiliar architecture and immature software ecosystem [5][6] Market Dynamics - Nvidia's CUDA platform has become the industry standard for accelerated computing, providing a competitive edge over Intel in the AI training market [7] - SambaNova's focus on AI inference solutions positions it in a more competitive market, where efficiency is crucial [10] Recent Developments - SambaNova has secured deals to power sovereign AI inference clouds in Australia, Europe, and the UK, and was selected by OVHcloud for its AI Endpoints solution [11] - The shift towards rack-scale AI solutions aligns with Intel's strategy after canceling Falcon Shores, indicating a potential acceleration in developing integrated systems [12] Strategic Implications - Acquiring SambaNova could help Intel gain ground in the AI infrastructure market, especially given its focus on AI inference and rack-scale solutions [13]

Core Insights - Credo Technology has emerged as a crucial player in the generative AI sector, with a market capitalization of approximately $33 billion following a nearly 10% rise in stock price after a strong earnings report [2][5] - The company's stock has increased over 2.5 times year-to-date, indicating significant investor interest and confidence in its role in AI infrastructure [2] Financial Performance - In Q2 FY'26, Credo reported a revenue increase of 272% year-over-year, reaching $268 million, while adjusted net income surged over 10 times to $128 million ($0.67 per share) [5] - Guidance for Q3 indicates expected revenue could reach up to $345 million, representing a 156% growth compared to the previous year [5] - The company maintains robust profitability with a 19% operating margin and a 21% cash-flow margin, alongside a nearly debt-free balance sheet with over half of its assets in cash [13] Technological Edge - Credo addresses the "interconnect bottleneck" in data centers by utilizing Active Electrical Cables (AECs) and Bluebird DSPs, which enhance signal quality and reduce latency, making them suitable for high-density GPU environments [6][10][12] - AECs allow for thinner, longer, and faster copper connections, achieving speeds up to 1.6 Terabits per second without the heat and cost associated with optical cables [10] Market Positioning - Credo's growth is closely tied to the capital expenditure plans of major tech companies, with a total projected capex of $364 billion from Amazon, Alphabet, Microsoft, and Meta for their current fiscal years [7][8] - The company serves as a proxy for the spending of these "Big Four" tech giants, positioning itself as a focused investment in their competitive race to expand GPU clusters [8] Future Opportunities - The shift towards inference in AI could provide a significant boost for Credo, as it requires high rack density and low latency, areas where Credo's technology excels [9][12] - Despite high valuation metrics, including approximately 26 times trailing sales and over 120 times earnings, the company's strong fundamentals and rapid revenue growth justify these multiples [9][14]