Core Viewpoint - Huawei showcased its Ascend 384 super node at the World Artificial Intelligence Conference (WAIC 2025), highlighting its innovative capabilities in computing power and AI solutions [1][3]. Group 1: Product Features - The Ascend 384 super node consists of 12 computing cabinets and 4 bus cabinets, achieving the industry's largest scale with 384 NPU cards interconnected at high speed [3][4]. - It offers three main advantages: ultra-large bandwidth, ultra-low latency, and ultra-strong performance, supporting various training and inference products [3][4]. - The total computing power of the Ascend 384 super node reaches 300 Pflops, which is 1.7 times that of NVIDIA's NVL72, with a total network bandwidth of 269 TB/s, an increase of 107% over NVL72 [4]. Group 2: Performance and Efficiency - The memory bandwidth of the Ascend 384 super node is 1229 TB/s, surpassing NVL72 by 113%, and the single-card inference throughput has reached 2300 Tokens/s [4]. - Performance tests indicate that the Ascend super node cluster enhances the performance of large models like LLaMA3 by over 2.5 times compared to traditional clusters, and up to 3 times for high-communication models like Qwen and DeepSeek [4][5]. Group 3: Ecosystem and Collaboration - Since 2019, Huawei has expanded its ecosystem, developing over 80 large models and collaborating with over 2700 industry partners to create more than 6000 industry solutions [7]. - The company aims to integrate AI technology deeply into various sectors, including finance, healthcare, and transportation, showcasing solutions across 11 major industries at WAIC [7].

Core Viewpoint - Company ASMPT reported better-than-expected orders for Q2 2025, but profit improvement fell short of expectations, with revenue of HKD 3.4 billion (USD 436 million), a year-on-year increase of 1.8% and a quarter-on-quarter increase of 8.9% [1] Financial Performance - Q2 2025 revenue was HKD 3.4 billion (USD 436 million), with a gross margin of 39.7%, showing a year-on-year increase of 0.33 percentage points and a quarter-on-quarter decrease of 1.19 percentage points [1] - Profit for Q2 2025 was HKD 1.34 billion, a year-on-year decrease of 1.7% but a quarter-on-quarter increase of 62.5%, primarily influenced by a one-time tax credit [1] - New orders in Q2 2025 totaled USD 482 million, exceeding expectations [1] Business Segmentation - In H1 2025, 30% of revenue came from computer terminals, up from 7% in the same period of 2024, while automotive electronics accounted for 15%, down from 24% in 2024 [2] - Semiconductor revenue in Q2 2025 was USD 258 million, a quarter-on-quarter increase of 1% and a year-on-year increase of 20.9%, although orders decreased by 4.5% quarter-on-quarter and 4.6% year-on-year [2] - SMT business received USD 269 million in orders in Q2 2025, reflecting a quarter-on-quarter increase of 29.4% and a year-on-year increase of 51.2% [2] Growth Outlook - The company is experiencing growth in HBM (High Bandwidth Memory) and advanced logic, with TCB (Thermal Compression Bonding) orders increasing by 50% year-on-year in H1 2025 [1] - The company has completed equipment installations for major clients in the HBM sector and has begun small-scale production for HBM4 [1] Earnings Forecast and Valuation - The company raised its revenue forecast for 2025 by 2% to HKD 14.238 billion but lowered its profit forecast by 21% to HKD 988 million [2] - The current stock price corresponds to a P/E ratio of 26.6x for 2025 and 16.8x for 2026, with a target price of HKD 72, indicating a potential upside of 14% from the current price [2]

Group 1 - The Shanghai Stock Exchange's Sci-Tech Innovation Board semiconductor materials and equipment index decreased by 0.21% as of July 25, with mixed performance among constituent stocks [1] - New Yichang led the gains with an increase of 6.89%, while Jingyi Equipment experienced the largest decline at 2.03% [1] - The Sci-Tech Semiconductor ETF (588170) fell by 0.28%, with a latest price of 1.07 yuan, but has seen a cumulative increase of 6.21% over the past week [1] Group 2 - The latest net inflow of funds into the Sci-Tech Semiconductor ETF was 118 million yuan, with a total of 114 million yuan net inflow over the past five trading days [1] - Longjiang Storage has made significant breakthroughs in promoting "fully domestic" manufacturing equipment, with the first fully domestic production line expected to enter trial production in the second half of 2025 [1] - According to Everbright Securities, this development marks a significant improvement in the self-controllable capabilities of China's semiconductor industry chain, representing a milestone for the domestic semiconductor industry's localization process [1][2] Group 3 - The Sci-Tech Semiconductor ETF tracks the Shanghai Stock Exchange's semiconductor materials and equipment index, encompassing 59% semiconductor equipment and 25% semiconductor materials companies, making it the highest in the market [2] - The semiconductor equipment and materials industry is a crucial area for domestic substitution, characterized by low domestic substitution rates and high potential for domestic replacement, benefiting from the expansion of semiconductor demand driven by the AI revolution [2]

Market Overview - A-shares experienced a slight decline with the Shanghai Composite Index down by 0.33%, Shenzhen Component Index down by 0.22%, and ChiNext Index down by 0.23%, with a total trading volume close to 1.8 trillion yuan [1] ETF Performance - The leading ETF in terms of growth was the Science and Technology Innovation Index ETF managed by Harvest, which surged by 20.04% [2] - Other notable gainers included various AI-related ETFs, with increases ranging from 4.20% to 4.81% [2] Sector Analysis - Guosen Securities highlighted that TSMC anticipates strong AI demand and a moderate recovery in non-AI demand, raising its annual revenue growth forecast from approximately 25% to 30% [3] - The semiconductor sector is expected to benefit from a favorable macroeconomic policy cycle, inventory cycle, and AI innovation cycle, leading to valuation expansion [3] - CICC predicts that generative AI technology will deepen its penetration in the second half of 2025, improving the competitive landscape and accelerating domestic substitution in the semiconductor and components industry [3] ETF Declines - Infrastructure and building materials ETFs experienced significant declines, with the leading infrastructure ETF down by 3.06% [5] - The recent announcement of large-scale infrastructure projects, including the Yarlung Tsangpo River hydropower project, is expected to stimulate demand in related sectors such as cement and construction materials [6][4] Trading Activity - The trading volume for money market ETFs saw a rebound, with the top performer being the Yinhua Daily ETF, achieving a transaction volume of 23.16 billion yuan [7] - The turnover rate for the Hong Kong Medical ETF reached 620%, indicating high trading activity [8] Upcoming ETF Launches - Three new ETFs will begin fundraising on July 28, 2025, focusing on Hong Kong consumer and technology sectors [8] - Four ETFs are set to be listed on the same day, including the Aviation ETF and Cash Flow ETF, which track various indices related to aviation and cash flow [9]

There was a point towards the end of that that sequence of comments about exporting the American technology stack. Exporting chips, in particular your colleagues in the Cabinet. Mr.. NEC, for example, talked about this at length on stage. All we going to get a set of rules and how will we decide the volume and specificity of the types of chips that we can sell, particularly in China. Thank you for having me here.I think you know you're going to work on that. I think if you look at the executive order that P ...

Core Insights - Return on Invested Capital (ROIC) is a critical metric for assessing future investment performance, indicating a company's ability to generate returns from investor capital [1] - High ROICs suggest a competitive advantage, which can lead to stock market outperformance over time [2] Company Analysis: AppLovin - AppLovin has achieved a ROIC of approximately 52% and its shares have increased by about 348% over the past 52 weeks [3][4] - The company is transitioning from mobile game advertising to e-commerce advertising, generating $1 billion in annual run-rate revenues in this new sector [4][5] - The sustainability of AppLovin's high ROIC will depend on the success of its e-commerce push, as early results are positive but still in the experimental phase [5] Company Analysis: Monolithic Power Systems - Monolithic Power Systems has generated a ROIC of nearly 56%, but its shares have decreased by around 10% in the same period [7][8] - The company's relationship with NVIDIA has been a key advantage, but NVIDIA is diversifying its suppliers, raising concerns about Monolithic's future ROIC [8][9] - Approximately 68% of Monolithic's revenue comes from markets outside of data centers, which could help offset potential declines in business with NVIDIA [10] - Despite potential competition for NVIDIA's business, Monolithic is expected to maintain a high overall ROIC, which is favorable for its future share performance [11] Overall Market Outlook - Both AppLovin and Monolithic Power Systems have demonstrated strong ROIC, suggesting potential for continued outperformance [12] - AppLovin's rapid share price increase and entry into a new market may present more uncertainty compared to Monolithic's established advantages [12]

Core Insights - Silvaco Group, Inc. has announced the addition of three experienced leaders to its management team, aimed at enhancing innovation and operational excellence in semiconductor design and software development [1][2][3][4] Leadership Additions - Andrew Wright has been appointed as Senior Vice President and General Manager of the Semiconductor IP Business Unit, bringing extensive experience from his previous roles at Efabless and Cypress Semiconductor [2][3] - Jasvinder Singh will lead the EDA Business Unit, with over 20 years of experience in EDA, AI, and semiconductor systems, having held senior positions at Synopsys and Cadence [3] - John Berg has been named Vice President of Business Development, contributing over two decades of experience in quantum computing and semiconductor electronics, previously serving at PsiQuantum and Cypress Semiconductor [4] Strategic Goals - The new leadership is expected to strengthen Silvaco's ability to innovate and scale its organic growth, positioning the company to broaden its market presence and enhance customer value [2]

The leaders of America’s chip giants cheered President Trump's AI orders, which could help boost the domestic semiconductor industry https://t.co/S9GBevnsFL ...

Core Viewpoint - Rapidus, a joint venture in Japan, aims to mass-produce 2nm chips by 2027, showcasing its prototype just three months after the trial production line was activated [1][2]. Group 1: Company Overview - Rapidus has engaged in discussions with 30-40 potential clients, indicating strong interest in its technology [2]. - The company emphasizes that it will not compete directly with TSMC, focusing instead on providing an alternative supplier option for clients [2]. Group 2: Production Capacity and Market Position - Current production capacity is approximately 7,000 12-inch wafers per month, with plans to increase to 25,000-30,000 wafers upon mass production [2]. - TSMC's main factory is projected to exceed 100,000 wafers, highlighting the significant scale difference between the two companies [2]. Group 3: Industry Context - Rapidus's president noted that TSMC's new facility in Arizona may face challenges in achieving production and yield targets, which could impact its ability to meet demand [2].

Market Overview - The global market for High Purity Quartz (HPQ) was valued at approximately US$972.9 Million in 2024 and is projected to reach US$1.3 Billion by 2030, with a compound annual growth rate (CAGR) of 5.4% during this period [1][15]. Market Trends & Drivers - The demand for HPQ is significantly driven by the growth in semiconductor manufacturing, which is fueled by advancements in global digitization, artificial intelligence, 5G deployment, and autonomous systems [2][5]. - The energy transition towards low-carbon solutions is increasing demand from the solar power industry, which is expanding in both mature and emerging markets [2][9]. - The optical fiber market is also growing due to the rising demand for high-speed internet and communication infrastructure, further solidifying HPQ's role in connectivity solutions [3][7]. - Technological advancements in mining, purification, and quality control are enabling producers to meet rising quality benchmarks while improving cost-efficiency [3][10]. - Increased research and development in alternative applications such as LED manufacturing, aerospace coatings, and specialty ceramics is broadening HPQ's utility [4][10]. Strategic Importance - HPQ is classified as a critical material in the technology supply chain, essential for semiconductor production, high-performance optical fibers, and solar photovoltaic cells [5][6]. - The geographical concentration of high-quality HPQ deposits raises concerns about supply security, prompting governments and manufacturers to assess critical mineral strategies and encourage domestic exploration [11][12]. - The industry faces pressure to develop sustainable mining and refining practices that comply with environmental standards while maintaining ultra-high purity [13]. Regional Insights - The U.S. market for HPQ is estimated at $265.1 Million in 2024, while China is forecasted to grow at an impressive 8.9% CAGR to reach $272.8 Million by 2030 [18]. - The HPQ Sand Grade segment is expected to reach US$592.5 Million by 2030, growing at a CAGR of 7.1% [18]. Competitive Landscape - Key players in the HPQ market include American Elements Corp, Australian Silica Quartz Group Ltd, and Covia Holdings LLC, among others [18][23].