TTM Technologies, Inc. (NASDAQ: TTMI ) is an under the radar winner of the AI hardware boom and rising defense outlays. As of now, demand for high performance tech infrastructure is increasing. And this is because ofMy background is in Financial Engineering and I have long since been interested in analyzing strong solid companies with a rare financial Profile. My primary area of specialization is in quantamental analysis, where I use a combination of data driven models and fundamental research. My approach ...

Broadcom led AI hardware stocks lower Friday, extending Thursday's losses despite a stronger-than-expected earnings report from the chipmaker. https://t.co/twag4guprr ...

In the race for AI dominance, the US still holds a commanding lead in software, but China might be closing the gap on AI hardware. From chips to factories to the final gadget in your hand. In this week's China Lens, Ununice Yun looks at how that country is trying to carve out its own edge in the AI race.>> Meta has sold millions of its AI glasses worldwide, but the Chinese have caught on. More than 70 Chinese companies are creating competitors and in the race with the US in AI, China's expertise in hardware ...

Summary of Conference Call on U.S. Semiconductors Industry Overview - The discussion centers around the U.S. semiconductor industry, specifically focusing on companies like NVIDIA (NVDA), Broadcom (AVGO), and Advanced Micro Devices (AMD) [1][2][3]. Key Points and Arguments 1. **Google's TPU Chips**: Google is reportedly in talks with Meta and other cloud customers to allow them to run Google's TPU chips in their data centers, indicating a potential expansion of TPU usage beyond Google [1]. 2. **Success of TPUs**: Google's TPUs are highlighted as the only successful ASIC program that has reached scale, with over a decade of development in partnership with Broadcom [2]. 3. **Compute Scarcity**: The current market theme is compute scarcity, with companies like OpenAI diversifying their approaches to secure more computing resources. NVIDIA has indicated strong revenue visibility, projecting hundreds of billions in future revenue [3]. 4. **Market Size and Growth Potential**: The focus should be on the overall market opportunity rather than the ASIC vs. GPU debate. The market for AI hardware is not yet mature, suggesting that both GPUs and ASICs can thrive if the market remains large [4]. 5. **Broadcom's Position**: Broadcom is positioned as a clear winner in the ASIC market due to its partnership with Google. The stock has performed well, and estimates for AI revenue are expected to rise significantly [5]. 6. **AMD's Challenges**: The news regarding TPUs may negatively impact AMD's narrative, as the company has positioned itself as a second source to NVIDIA. If TPUs gain traction, investor confidence in AMD's long-term targets may wane [6]. 7. **Investment Recommendations**: The recommendation is to own both NVIDIA and Broadcom stocks, as both have strong narratives. NVIDIA's valuation appears attractive despite recent sell-offs [7]. 8. **Stock Ratings**: NVIDIA and Broadcom are rated as Outperform, while AMD is rated as Market Perform [8]. Financial Metrics - **NVIDIA (NVDA)**: Current price at $182.55 with a target price of $275, showing a potential upside of 21.9%. Adjusted EPS estimates for 2024A, 2025E, and 2026E are $2.99, $4.66, and $7.65 respectively [9]. - **Broadcom (AVGO)**: Current price at $377.96 with a target price of $400, indicating a potential upside of 117.0%. Adjusted EPS estimates are $4.86, $6.73, and $9.38 for the same years [9]. - **AMD**: Current price at $215.05 with a target price of $200, showing a potential downside of 40.1%. Adjusted EPS estimates are $3.31, $3.94, and $5.32 [9]. Investment Implications - The datacenter opportunity for NVIDIA is described as enormous and still early, with significant upside potential. Broadcom is expected to see strong growth in AI revenue, while AMD's growth may hinge on new deals and market recovery [10]. Risks - **NVIDIA**: Risks include potential business trend volatility, slower revenue growth, competitive pressures, and regulatory risks [17]. - **Broadcom**: Risks involve unexpected weaknesses in AI demand, execution failures on merger synergies, and management changes [18]. - **AMD**: Risks include market declines, share losses, and product execution failures [19]. This summary encapsulates the key insights and financial metrics discussed in the conference call regarding the U.S. semiconductor industry and its major players.

Nvidia investors worried last week that demand for AI hardware might fall. Now they also worry some of that could be poached, @DaveLeeBBG says (via @opinion) https://t.co/ecsIZvc2F7 ...

Goertek (002241 CH) Equity Research Summary Company Overview - **Company**: Goertek - **Industry**: Electronic Equipment & Instruments - **Market Cap**: CNY 122.69 billion (USD 17.25 billion) [8][18] Key Points Upgrade and Target Price - Goertek's rating has been upgraded from Reduce to Buy, with a new target price set at RMB 43.80, up from RMB 17.40, indicating a potential upside of approximately 25% from the current share price of RMB 35.14 [3][6][43]. Growth Drivers 1. **AI Glasses Market**: - The global AI glasses market is projected to grow significantly, reaching 5.5 million units by 2025, a 260% year-over-year increase, driven by new product launches from Meta and Xiaomi [3][22]. - Goertek is positioned as a key ODM for major brands, contributing to its growth in the smart hardware sector [22]. 2. **AirPods Market Share Recovery**: - Goertek is expected to recover its market share in AirPods production to 30% by 2025, up from below 30% in 2023-24, due to stronger-than-expected sales of AirPods Pro 3 and renewed partnerships with Apple [4][36]. 3. **New Business Opportunities**: - Goertek is exploring potential collaborations with OpenAI, which is entering the hardware market, potentially supplying components for smart speakers and other devices [5][25]. Financial Projections - **Revenue Growth**: - Revenue is expected to grow from CNY 100.95 billion in 2024 to CNY 135.17 billion by 2027, reflecting a compound annual growth rate (CAGR) of approximately 30% [9][15]. - Net profit is projected to increase from CNY 2.67 billion in 2024 to CNY 5.49 billion by 2027, with a significant increase in earnings per share (EPS) from RMB 0.78 to RMB 1.58 over the same period [9][15]. Innovations and Acquisitions - Goertek showcased multiple optical waveguide solutions at the China International Optoelectronic Exposition (CIOE) 2025, enhancing its capabilities in AR/VR devices [23]. - The planned acquisition of Shanghai OminiLight aims to strengthen Goertek's position in micro-nano optical devices, crucial for AR and AI systems [24]. Market Position and Competitiveness - Goertek has established itself as a leading player in the AR/VR ODM market, with a market share of approximately 70% in global AI glasses ODM assembly [36]. - The company is also focusing on improving its gross profit margins through a better product mix, particularly with higher-margin AI glasses [38]. Risks and Challenges - Potential risks include uncertainty in AirPod orders, slower-than-expected growth in the AR/VR industry, and challenges in maintaining gross profit margins [49]. Conclusion - Goertek is positioned for significant growth driven by advancements in AI glasses, recovery in AirPods market share, and potential collaborations with emerging tech companies like OpenAI. The upgrade to Buy reflects confidence in the company's strategic direction and financial performance over the next few years [3][43].

Core Insights - Samsung Electronics has received approval from Nvidia for its latest high-bandwidth memory (HBM3E) product, marking a significant advancement in the AI hardware chip supply race [1][2][3] Group 1: Product Development and Approval - Samsung's fifth-generation 12-layer HBM3E product has successfully passed Nvidia's qualification tests after a year and a half of development and multiple attempts to meet Nvidia's performance standards [2][3] - The approval signifies a recovery of Samsung's technological credibility in the competitive semiconductor sector, with HBM3E chips intended for use in Nvidia's flagship B300 AI accelerator and AMD's MI350 [3][4] Group 2: Market Dynamics and Competition - Despite the approval, Samsung's supply of HBM3E chips to Nvidia is expected to remain limited, as it is the third company to gain clearance after SK Hynix and Micron Technology [5] - The industry is shifting focus to HBM4, which is set to launch with Nvidia's next-generation Vera Rubin chips next year, with Nvidia urging suppliers to increase speeds beyond the current 8 Gbps standard [5] Group 3: Strategic Partnerships - Nvidia's validation of Samsung's HBM3E chips coincides with the company's efforts to expand its customer base and partnerships, particularly following a recent chip ban in China [6] - A potential semiconductor partnership between Nvidia and Intel could benefit both companies, with Nvidia likely emerging as the primary beneficiary [7]

Revenue Generation - Tether 通过生息国债产生收入 [1] - 行业关注降息对 Tether 收入的影响 [1] Investment Opportunities - 行业探讨投资于由 AI 硬件和计算贷款支持的稳定币的可能性 [1] - AI 被认为是当今最具颠覆性的技术 [1]

Revenue Generation - Tether 通过生息国债产生收入 [1] - 行业关注降息对 Tether 收入的影响 [1] Investment Opportunity - 行业探讨投资于由 AI 硬件和计算贷款支持的稳定币的可能性 [1] - AI 被认为是当今最具颠覆性的技术 [1]

Strategic Alliance - Hon Hai Precision (富士康) 与 Teco Electric 建立战略联盟 [1] - 该联盟旨在帮助富士康推进其在人工智能硬件领域的业务 [1] Industry Focus - 富士康正积极拓展人工智能硬件领域 [1]