Salience Lab’s Innovative Architecture leverages Tower’s differentiated Silicon Photonics platforms to deliver ultra-low latency, high-bandwidth and lower-power optical connectivity for AI clusters MIGDAL HAEMEK, Israel, and OXFORD, England, February 25, 2026 — Tower Semiconductor, the leading foundry of high-value analog semiconductor solutions, and Salience Labs Limited, a leader in photonic solutions targeting connectivity for AI datacenter infrastructure, today announced a partnership to manufacture Pho ...

兴业证券发布研报称，2026年亚马逊、谷歌、Meta、微软四家云服务厂商资本开支指引合计约5987亿 美元，同比预计增长67%，反映军备竞赛逻辑下，全球AI算力需求依然具备确定性。随着数据中心向超 大规模集群发展，1.6T乃至3.2T高速光模块正在加速商用，硅光技术、CPO等前沿技术持续突破；海量 算力需求推动数据中心进入规模化扩张期，带动光纤、液冷等关键基础设施供需缺口持续扩大，产业链 多环节高景气。 消息面上，2月22日，据"中国光谷"公众号消息，华工科技光模块业务负责人介绍，春节期间公司武汉 及泰国两大生产基地全线运转，初一即复工，全力保障1.6T、800G等高速光模块的量产交付。公司联 接业务订单已经排到2026年第四季度，AI高速光模块产线24小时满负荷运转。此外，春节期间，长飞 公司各基地生产线保持满产。 智通财经APP获悉，光通信概念股涨幅居前，截至发稿，长飞光纤光缆(06869)涨18.19%，报131.9港 元；汇聚科技(01729)涨8.94%。报17.54港元；剑桥科技(06166)涨5.7%，报67.75港元；鸿腾精密(06088) 涨3.4%，报5.78港元。 ...

Nova (NasdaqGS:NVMI) Q4 2025 Earnings call February 12, 2026 08:30 AM ET Company ParticipantsGaby Waisman - President and CEOGuy Kizner - CFOMichael Mani - Equity Research AssociateMiri Segal - CEOConference Call ParticipantsCharles Shi - AnalystElizabeth Sun - Equity Research AnalystEzra Weener - AnalystMatthew Presto - AnalystShane Brett - Equity Research AnalystVedvati Shrotre - Director and Equity Research AnalystOperatorGood day, and welcome to the Nova Ltd. fourth quarter and full year 2025 financial ...

Core Viewpoint - GlobalFoundries is hosting a webinar on March 10, 2026, to provide updates on its business, technical advancements, and strategic direction in Silicon Photonics and Advanced Packaging [1][2]. Group 1: Webinar Details - The webinar will take place at 4:30 p.m. ET and will include presentations followed by a Q&A session [1][3]. - Interested participants can register for the conference call and access the webcast on GlobalFoundries' Investor Relations website [3]. Group 2: Company Overview - GlobalFoundries is a leading semiconductor manufacturer, focusing on delivering power-efficient and high-performance products for various high-growth markets, including automotive and IoT [4]. - The company operates globally with manufacturing facilities in the U.S., Europe, and Asia, emphasizing security, longevity, and sustainability in its operations [4].

Core Insights - Lumentum (LITE) reported exceptional financial results for the December quarter, significantly exceeding estimates and showcasing strong growth potential in optical components and systems [1][2]. Financial Performance - Non-GAAP earnings reached $1.67 per share, surpassing the Zacks Consensus Estimate by 18.68% and marking a nearly 300% increase year-over-year [1][9]. - Non-GAAP revenues totaled $665.5 million, exceeding consensus by 1.85%, with a sequential increase of 24.7% and a year-over-year growth of 65.5% [1][9]. Segment Contributions - The Components segment accounted for 66.7% of total revenues, growing 68.3% year-over-year to $443.7 million, while the Systems segment contributed 33.3% with a 60.1% year-over-year increase to $221.8 million [3]. Future Guidance - For Q3 fiscal 2026, LITE anticipates non-GAAP revenues between $780 million and $830 million, significantly higher than the previous consensus of around $700 million [4]. - The company expects non-GAAP operating margins of 30% to 31%, compared to prior expectations of 22%, and diluted earnings per share between $2.15 and $2.35, up from under $1.60 [4]. Growth Projections - The full-year 2026 sales consensus has risen to $2.9 billion, indicating over 76% annual growth, with FY'27 projected at approximately $4.7 billion, reflecting a 61.5% increase [6]. - EPS estimates for FY26 have increased from $5.67 to $7.63, and for FY27 from $8.29 to $14.11, representing growth rates of 270% and 85%, respectively [6]. Market Dynamics - The demand for optical interconnect solutions is being driven by NVIDIA's advancements in GPU architectures, which are increasingly reliant on optical technologies [2][10]. - Lumentum's collaboration with Taiwan Semiconductor (TSMC) is crucial for developing co-packaged optics (CPO), addressing power and heat challenges in AI clusters [13][14].

Lightmatter Taiwan Tech Day in 20 Minutes: A Photonic Leap into the Future of AI Original Article By SemiVision Research (Lightmatter, TSMC, ASE, GUC, Synopsys, Cadence, Amkor) San Francisco's Transamerica Pyramid to Taiwan Taipei 101 SEMIVISION JAN 29, 2026 ∙ PAID 18 10 Share From Chip-Centric to System-Centric: The Computational Paradigm Shift in the AI Era Lightmatter Taiwan Tech Day 2026 — A Successful Event Bringing Photonics Vision to Taiwan Lightmatter's Taiwan Tech Day 2026, held in Hsinchu on Janua ...

Financial Data and Key Metrics Changes - Consolidated net revenues for Q4 were NT$177.9 billion, a 6% sequential increase and a 10% year-over-year increase [15] - Fully diluted EPS for Q4 was $3.24, and basic EPS was $3.37 [14] - Gross profit was NT$34.7 billion, with a gross margin of 19.5%, improving by 2.4 percentage points sequentially and 3.1 percentage points year-over-year [15] - Operating profit for Q4 was NT$17.7 billion, up NT$4.5 billion sequentially and NT$6.5 billion year-over-year, with an operating margin of 9.9% [16] - Net income for Q4 was NT$14.7 billion, representing a 35% increase year-over-year [17] Business Line Data and Key Metrics Changes - ATM revenue grew 23% year-over-year, driven by advanced packaging services and testing business [10] - The general segment grew 13% year-over-year, while the testing business grew 36% year-over-year [10] - EMS revenues were flat sequentially at NT$69 billion, down 8% year-over-year due to product seasonality [28] Market Data and Key Metrics Changes - The ATM business accounted for 60% of consolidated net revenue in 2025, up from 54% in 2024 [18] - The overall ATM utilization rate was around 80%, with higher loading in ATM factories in Taiwan [13] Company Strategy and Development Direction - The company is focusing on expanding its footprint outside Taiwan, particularly in Penang, Korea, and the Philippines, to capture customers and wafers not produced in Taiwan [9] - The strategy includes a "Taiwan Plus One" approach to support global manufacturing requirements [9] - The company aims to double its LEAP services revenue to NT$3.2 billion in 2026, with a significant focus on advanced packaging and testing [11] Management's Comments on Operating Environment and Future Outlook - Management expects revenue growth to continue in 2026 and beyond, driven by AI proliferation and market recovery [11] - The company anticipates a favorable pricing environment and improved operating leverage, with gross margins expected to stay within structural ranges [37] - Management acknowledges the challenges of capacity constraints but remains optimistic about meeting demand [52] Other Important Information - Machinery CapEx for 2025 totaled NT$3.4 billion, with NT$2.1 billion allocated to building facilities and automation [10] - The company plans to maintain aggressive CapEx spending in 2026, adding another $1.5 billion in machinery [37] Q&A Session Questions and Answers Question: Can you provide a breakdown of your LEAP business revenue? - Management indicated that LEAP revenue is expected to double to NT$3.2 billion, with a significant portion coming from OSAT and wafer sort, and full process revenue expected to reach about 10% of overall LEAP service revenue [41][42] Question: What is the outlook for your mainstream business? - The mainstream business is expected to grow at a similar pace as last year, with a friendly pricing environment and decent loading from IoT, automotive, and industrial sectors [51] Question: Is the EMS business being downsized? - Management clarified that the EMS business is not being downsized but is realigning to focus on AI and system-level optimization opportunities [97]

Financial Data and Key Metrics Changes - For Q4 2025, consolidated net revenues were NT$177.9 billion, a 6% sequential increase and a 10% year-over-year increase. On a US dollar basis, sales increased by 2% sequentially and 14% year-over-year [14] - The gross profit was NT$34.7 billion, with a gross margin of 19.5%, improving by 2.4 percentage points sequentially and 3.1 percentage points year-over-year [14] - Operating profit for Q4 was NT$17.7 billion, up NT$4.5 billion sequentially and NT$6.5 billion year-over-year, resulting in an operating margin of 9.9% [15][16] - For the full year 2025, consolidated net revenues improved by 8% compared to 2024, with net income increasing by 25% to NT$40.7 billion [20] Business Line Data and Key Metrics Changes - The ATM business improved by 20% in 2025, accounting for 60% of consolidated net revenue, up from 54% in 2024. The EMS business declined by 5% annually [18] - In Q4 2025, ATM revenues reached NT$109.7 billion, up 9% sequentially and 24% year-over-year, with a gross profit margin of 26.3% [22] - The testing business grew 36% year-over-year in 2025, supported by expanding turnkey and leading-edge test services [10] Market Data and Key Metrics Changes - The company anticipates that the mainstream business, including IoT and automotive sectors, will recover better in 2026 compared to 2025, driven by AI proliferation and general market recovery [3][11] - The EMS business is expected to extend its capabilities into AI and AI-adjacent applications, with a focus on server, optical, and power solutions [30] Company Strategy and Development Direction - The company is focusing on a "Taiwan Plus One" strategy to support global manufacturing requirements, with significant investments in Penang, Korea, and the Philippines [9] - The company plans to aggressively increase CapEx spending to support strong business prospects for 2026 and beyond, with an additional $1.5 billion in machinery planned [37] - The company aims to enhance its competitive advantage through technology collaboration and resource management within the Taiwan semiconductor cluster [6][8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing a favorable pricing environment and expected improvements in operating leverage [37] - The company expects the ATM business to continue outperforming the logic semiconductor market, with leading-edge assembly packaging services projected to double in revenue [11] - Management acknowledged the challenges of supply constraints and the need for careful resource planning to meet demand [52] Other Important Information - The company reported a net non-operating gain of NT$0.6 billion for Q4, primarily from foreign exchange hedging activities [16] - The effective tax rate for 2025 was 18.4%, with expectations for 2026 to be around 18% [20] Q&A Session Questions and Answers Question: Can you provide a breakdown of your LEAP business revenue? - The company expects to double LEAP revenue to NT$3.2 billion this year, with a significant portion coming from OSAT and wafer sort, and anticipates tripling full process revenue to about 10% of overall LEAP service revenue [41][43] Question: What is the outlook for your mainstream business? - The mainstream business is expected to grow at a similar pace as last year, with a friendly pricing environment and decent loading from general sectors, including AI data centers [51] Question: Is the EMS business being downsized? - The EMS business is not being downsized but is realigning to focus on AI and system-level optimization, with expectations for growth in the coming years [96]

Summary of Key Points from Conference Call Industry Overview - The conference discusses the trends in the optical module industry, focusing on technologies such as CPO (Co-Packaged Optics), NPO (Near-Packaged Optics), CPC (Co-Packaged Copper), and their implications for network architecture and cloud service providers [1][2][4][19]. Core Insights and Arguments - **Network Architecture Breakdown**: The network architecture can be divided into two main approaches: Scale Up and Scale Out, further detailed into six specific scenarios, which helps clarify the application of different technologies [3]. - **CPC Technology**: CPC is noted for its ability to reduce losses and is expected to remain relevant until 2030. Major companies are developing 3.2T pluggable module solutions [4][15]. - **NPO vs. CPO**: NPO offers advantages in maintenance and is more accepted by cloud service providers due to its open ecosystem, while CPO faces challenges with packaging yield and maintenance costs [6][11][12]. - **Market Acceptance**: Cloud service providers show low acceptance of CPU technologies, with companies like Google explicitly rejecting them in favor of NPO, which aligns better with their preference for open ecosystems [12][13]. - **Challenges for NVIDIA**: NVIDIA faces challenges in promoting its CPU solutions due to limited CoWoS capacity from TSMC and the need to prove reliability through extensive testing [7][12]. Technical Comparisons - **CPU vs. NPU**: The commercial speed of NPU is faster due to its detachable design and simpler packaging, with expected shipments starting in 2027, while CPU testing is lengthy and slow [8]. - **Performance Metrics**: In terms of bandwidth, power consumption, loss, and latency, both CPU and NPU show similar performance, with CPU having a slight edge in power consumption [9]. - **Cost Considerations**: Currently, NPO is seen as having a cost advantage over CPO due to lower maintenance costs and better yield rates, despite CPO's theoretical lower costs [10][11]. Future Trends and Market Dynamics - **Shift in Supplier Strategies**: Companies like Broadcom are shifting towards supporting NPU technologies, reflecting a broader market trend away from CPU reliance [13][14]. - **Investment Opportunities**: The valuation of optical module companies is currently low, presenting a potential investment opportunity as market misjudgments may lead to undervaluation [21]. - **Technological Advancements**: The rapid development of silicon photonics technology is expected to enhance product margins and market share, with leading companies like Xuchuang making significant advancements [20]. Additional Important Insights - **Industry Consolidation**: The optical module industry is expected to see increased competition and consolidation, with leading firms maintaining high profit margins due to their technological advancements [20]. - **Future of Optical Module Companies**: These companies are transitioning from mere assembly to comprehensive solution providers, requiring capabilities in semiconductor design and advanced packaging [19].

Core Insights - United Microelectronics Corporation (UMC) reported a consolidated revenue of NT$61.81 billion (US$1.97 billion) for Q4 2025, marking a 4.5% increase from Q3 2025 and a 2.4% increase year-on-year [1] - The company's earnings per share (EPS) for Q4 2025 was NT$0.81 (US$0.129), with net income attributable to shareholders of NT$10.06 billion (US$320 million) [1] - UMC's 22/28nm technology revenue contributed 36% to wafer revenue, with a significant 31% quarter-on-quarter increase in 22nm revenue [1] Financial Performance - Q4 2025 operating revenues reached NT$61.81 billion, up from NT$59.13 billion in Q3 2025, and NT$60.39 billion in Q4 2024 [1] - Gross profit for Q4 2025 was NT$18.96 billion, representing a gross margin of 30.7% [1] - Operating income increased by 10.0% quarter-on-quarter to NT$12.23 billion [1] Capacity and Utilization - UMC's wafer shipments in Q4 2025 were 994K, a slight decrease of 0.6% from Q3 2025, with an overall capacity utilization rate of 78% [1] - Total capacity for Q4 2025 was 1,305K 12-inch equivalent wafers, expected to decrease to 1,283K in Q1 2026 due to annual maintenance [1] Strategic Initiatives - UMC is focusing on expanding its footprint in the U.S. through partnerships, including a collaboration with Intel on 12nm technology and a Memorandum of Understanding with Polar Semiconductor [1] - The company inaugurated a Circular Economy and Recycling Innovation Center aimed at reducing waste generated by its Taiwan fabs by up to one-third [2] Market Outlook - UMC anticipates firm wafer demand in Q1 2026, with expectations for continued growth in 2026 driven by advancements in 22nm platforms and new solutions [1] - The company aims to leverage advanced packaging and silicon photonics as new growth catalysts to meet the evolving needs of high-performance applications across various sectors [1]