分组1 - Major tech companies like Meta, Microsoft, and Tesla reported earnings with significant spending, impacting stock reactions differently [4][5][11] - Meta's spending plans exceeded expectations, with a projected expenditure of over $100 billion by fiscal 2026, and a reported spending of $72 billion in the last year, nearly doubling from 2025 [11][12] - Microsoft faced a negative stock reaction despite beating earnings expectations, attributed to concerns over spending and slower cloud growth, with a backlog of over $600 billion in performance obligations [6][8][10] 分组2 - Tesla's capital expenditures are projected to increase from $8 billion in 2024 to over $20 billion in 2025, reflecting a shift towards becoming a transportation services company rather than just a car manufacturer [18][19] - Tesla reported 1.1 million paying Full Self-Driving (FSD) subscribers and is focusing on expanding its FSD capabilities and the potential for a robo-taxi network [20][21] - The company is also transitioning to produce the Optimus robot, aiming for a production capacity of 1 million units per year by the end of 2026 [22][23] 分组3 - Southwest Airlines issued a strong forecast for 2026, projecting earnings to be 300% greater than in 2025, driven by new initiatives like assigned seating and baggage fees [46][48] - The airline reported strong demand and operational improvements, including a successful transition to assigned seating, which addressed customer concerns about the previous open seating policy [56][58] - Despite challenges from winter storms, Southwest Airlines maintained the lowest cancellation rate among larger carriers, indicating effective operational management [61]

Core Insights - ASML has emerged as Europe's most valuable company due to its leading position in the production of lithography systems, which are essential for semiconductor manufacturing [1] Company Overview - ASML specializes in manufacturing lithography systems, which are large "chip printing" machines that cost approximately $250 million each [1] - The company's technology is critical for firms involved in the semiconductor industry, driving advancements in chip production [1]

Core Insights - Intel is facing supply chain issues that have affected its ability to meet demand, leading to inventory clearance in the fourth quarter [1] - The CEO admitted that production yields have not met the company's standards, indicating internal execution problems [2] - Despite robust demand for CPUs, Intel is struggling to deliver products to the market effectively [3] Foundry Business - Revenue from Intel's foundry business in the fourth quarter exceeded expectations, with potential for new customer additions looking towards 2026 [4] - The industry is awaiting substantial updates from Intel regarding its 14nm process, with the CEO emphasizing the need for volume commitments from customers before ramping up production [5] - Intel is currently engaged with multiple customers on engineering and IP sharing for the 14nm process, but no concrete customer commitments have been established yet [6] Market Position - There is a national push for onshoring chip manufacturing in the U.S., with Intel being considered as a potential national champion, although specific customer names are not disclosed [7] - The stock has experienced volatility, dropping 5% in after-hours trading, reflecting market uncertainty regarding Intel's future commitments and performance [7]

路透：中国研究人员已于今年年初完成一台可用的极紫外光刻机（EUV）原型，目前正在测试中，尚未生产出可用芯片。消息人士称，政府将生产可用芯片的目标设在2028年。 ...

彭博：中国正考虑推出一项2000亿至5000亿元的激励方案，为国内芯片制造产业提供补贴与其他融资支持。知情人士补充说，这项计划将独立于现有政府资助计划，例如3440亿元的“大基金三期”股权投资工具。 https://t.co/yBiLpZnc78 ...

All right, welcome back to the exchange. Tesla CEO Elon Musk saying he's considering a partnership with Intel and previewing plans for a gigantic chip fab that gave Intel a boost after hours, but shares are pairing some of those gains amid tech selloff today. Dear Drabosa has more in today's tech check and just how much should we put into this report of Intel Tesla maybe dancing around each other.>> Maybe you got to be skeptical of the report or at least you know hold and see what happens. But what it says ...

Intel's Foundry Business & Market Opportunity - Intel's foundry business, relaunched nearly five years ago with hundreds of billions of dollars invested, faces pressure to secure actual customers [1] - Elon Musk's consideration of a partnership with Intel could signal progress for Intel's foundry gamble, especially amidst rising bubble fears and trade tensions [2] - Advanced chip manufacturing is crucial in the AI race, with current capacity concentrated in Taiwan and South Korea [2][3][10] - Bringing chip manufacturing back to the US is a matter of national leverage, reducing reliance on Taiwan Semiconductor Manufacturing Company (TSMC), seen as vulnerable to China [3] Intel's Technological Advancement & Challenges - Intel's newest process, 14A, led by Lip Bhutan, aims to match or surpass TSMC at the leading edge [4] - Securing a deal with a major player to manufacture advanced nodes would position Intel among a select few fabs capable of producing at that level [4][5] - Advanced chip manufacturing is extremely difficult, requiring engineering, science, and artistry [6][7] - Intel faces the challenge of reliably delivering cost-efficient products that meet specifications [8] Potential Partnerships & Competitive Landscape - Intel approached Apple about a strategic investment, offering Apple a way to diversify its supply chain and manufacture on US soil, aligning with Washington's interests [5] - Apple previously moved away from Intel chips to manufacture its own, highlighting increased competition [9] - Successfully reaching the leading edge in chip manufacturing would be a significant achievement for Intel, especially given China's long-standing efforts in this area [9][10]

RT Amy (@_SFTahoe)TESLA: CHIP MANUFACTURER?“I dream about chips.” Elon MuskHow do we make enough chips? I have a lot of respect for the Tesla suppliers…. Even when extrapolate the the best case scenario of chips [from suppliers] it still is not enough…. I think we are going to have to build a gigantic chip fab.Elon Musk ...

Group 1 - The 2026 guidance from ASML indicates that while they do not expect a decline, they also do not foresee growth, which is a subtle shift from previous expectations [1][2] - ASML expects an increase in demand for their extreme ultraviolet lithography machines in 2026, which are their high-end products, signaling a positive outlook in that segment [2] - There is a significant concern regarding the demand in China, with ASML indicating that demand will decline significantly in 2026, marking a notable change in their guidance [3][4] Group 2 - For Q4, ASML has guided revenue expectations between 9.2 billion to 9.8 billion euros, slightly better than market expectations of 9.2 billion euros [5] - The focus for investors will be on the 2026 guidance and the situation in China, as there is a lack of visibility regarding how investments in chips and new data centers will impact ASML's business [6]

Industry Trend & Strategic Alliance - Intel and AMD are in early discussions for AMD to utilize Intel's foundry services, specifically their manufacturing factories [2] - This potential deal is viewed as a symbolic win for Intel, aiming to rebuild credibility in chip manufacturing [2] - Intel has been seeking endorsements and potential investments from companies like Nvidia, Apple, and TSMC [3] Technological Capabilities & Limitations - Intel's foundries currently cannot match TSMC's cutting-edge technology [3] - AMD would likely only shift less advanced production to Intel [3] - Some argue that this doesn't necessarily address Intel's underlying problem of advanced manufacturing capabilities not being up to par [5] Market Reaction & Investor Sentiment - Intel's stock experienced a pop of at least 6% due to the potential of AMD becoming a customer or investor [4] - The deal is less about immediate revenue and more about establishing Intel as a viable domestic alternative [5] Geopolitical Implications - US chip independence is a political priority [5]