Market Performance - The Tel Aviv Stock Exchange experienced a rise, with the Tel Aviv 35 Index increasing by 0.87% to a new record of 4,232.65 points [1] - The Tel Aviv 125 Index also reached a new record, rising by 0.83% to 4,202.51 points [1] - The BlueTech Global Index rose by 1.19% to 676.98 points [1] - The All Bond corporate bond index fell by 0.10% to 424.55 points [1] - Total turnover in equities was NIS 4.84 billion, while bond turnover was NIS 6.39 billion [1] Currency Exchange Rates - The shekel-dollar exchange rate was set 0.225% lower at NIS 3.098/$ [2] - The shekel-euro exchange rate decreased by 0.093% to NIS 3.668/€ [2] Notable Stock Movements - Enlight Renewable Energy led the market with a rise of 3.45% on the highest trading turnover [3] - Elbit Systems Ltd. saw a significant increase of 4.33%, marking the largest rise on the Tel Aviv 35 Index [3] - Other notable gainers included OPC Energy (up 4.19%), Strauss Group (up 2.74%), Tower Semiconductor Ltd. (up 3.99%), and Camtek (up 4.06%) [3] Declining Stocks - Azrieli Group experienced the largest decline on the Tel Aviv 35 Index, falling by 4.03% [4] - Nice saw a decrease of 1.95%, while Teva Pharmaceutical Industries Ltd. fell by 0.93% [4] - ICL reported a decline of 3.93% following its fourth quarter results [4]

Market Performance - The Tel Aviv 35 Index rose 0.25% to a new record of 4,196.30 points, while the Tel Aviv 125 Index increased by 0.09% to 4,168.12, also a new record [1] - The BlueTech Global Index fell by 0.02% to 669 points, and the All Bond corporate bond index decreased by 0.05% to 424.99 points [1] - Total turnover in equities reached NIS 4.45 billion, and in bonds, it totaled NIS 7.12 billion [1] Foreign Exchange Rates - The shekel-dollar rate was set 0.551% higher at NIS 3.105/$, and the shekel-euro rate increased by 0.306% to NIS 3.672/€ [2] Company Performances - Teva Pharmaceutical Industries Ltd. led the market with a rise of 1.99% on the highest trading turnover [3] - Enlight Renewable Energy saw a significant increase of 12.04% after reporting strong fourth quarter results [3] - Other notable gainers included Elbit Systems Ltd. (up 1.96%), Next Vision (up 0.78%), Ormat Technologies Inc. (up 4.21%), and Azrieli Group (up 4.08%) [3] Decliners - Camtek experienced the largest decline on the Tel Aviv 35 Index, falling by 4.39% [4] - Tower Semiconductor Ltd. decreased by 3.46%, and Nova Ltd. fell by 2.21% [4] - Other companies that saw declines include Nice (down 0.97%) and Harel Insurance, Investments and Financial Services (down 2.09%) [4]

Market Overview - U.S. stock futures showed mixed results as investors awaited key inflation data, which could influence the Federal Reserve's monetary policy [1][3] - The Dow Jones Industrial Average futures indicated a slight decline of about 0.16%, while S&P 500 futures were nearly flat, and Nasdaq 100 futures gained approximately 0.18% [2] Inflation Data Expectations - The January Consumer Price Index (CPI) report is anticipated to show a year-over-year inflation rate of 2.5%, a slight decrease from the previous month [3] - The core CPI, excluding food and energy prices, is also expected to increase by 2.5% year-over-year [3] - A softer inflation reading could support the case for potential interest rate cuts by the Federal Reserve later in the year [3] Recent Market Performance - All three major indexes closed lower, with the S&P 500 down by 1.6%, Nasdaq Composite down by 2%, and Dow Jones Industrial Average down by 1.3% due to concerns over artificial intelligence's impact on various industries [4] Earnings Reports and Market Movers - Applied Materials (AMAT) surged over 11% after reporting strong quarterly earnings and an optimistic forecast driven by demand for semiconductor manufacturing equipment [6] - Arista Networks (ANET) shares jumped more than 12% following a positive earnings report [6] - US Foods Holding (USFD) climbed 13.4% after releasing its fourth-quarter earnings and optimistic guidance for 2026 [7] - Equinix (EQIX) gained over 10% after analysts raised price targets following its earnings release and dividend increase [7] - On the downside, AppLovin (APP) fell nearly 20% due to mixed analyst reactions, while Cisco Systems (CSCO) dropped 12.3% despite better-than-expected results, and Pinterest (PINS) declined 14% after issuing a weak forecast [8] Global Market Sentiment - Asian markets traded lower, reflecting previous losses on Wall Street, while European indexes opened with mixed performance amid their own earnings reports [9] - Investors are also considering a new trade agreement between the United States and Taiwan aimed at reducing tariffs and boosting investment [9] Treasury and Oil Market - The 10-year Treasury yield remained stable at around 4.13% ahead of the inflation report [10] - WTI crude oil futures were trading higher, near $62.96 per barrel [10]

【中泰电子丨华虹半导体】Q4营收再创新高，Q1指引乐观 ——25Q4营收6.6亿美元，同比+22.4%，环比+3.9%，创历史新高，公司指引6.5-6.6亿美元，达指引上限；归母净 利0.17亿美元，同比-169.3%，环比-32.2%；毛利率13%，同比+1.6pct，环比-0.5pct，公司指引12%-14%，符合指 引。 ——25Q4稼动率103.8%，同比+0.6pct，环比-5.7 ——25Q4资本开支6.3亿美元，环比+141.9%；其中5.6亿用于12寸产线，0.7亿用于8寸产线。 ——26Q1营收指引6.5-6.6亿美元，中值同比+21.1%，环比-0.8%；毛利率指引13-15%，中值同比+4.8pct，环比 +1pct；Q1是传统淡季，公司指引超市场预期。 【中泰电子丨华虹半导体】Q4营收再创新高，Q1指引乐观 ——25Q4营收6.6亿美元，同比+22.4%，环比+3.9%，创历史新高，公司指引6.5-6.6亿美元，达指引上限；归母净 利0.17亿美元，同比-169.3%，环比-32.2%；毛利率13%，同比+1.6pct，环比-0.5pct，公司指引12%-14%，符合指 引。 ——25 ...

Market Overview - US stock futures showed mixed signals following a broad market sell-off, with S&P 500 and Dow Jones Industrial Average futures near flatline, while Nasdaq 100 futures also remained little changed after significant selling pressure on tech stocks [1] - The market is reacting to a cooler-than-expected inflation reading, which is influencing expectations regarding Federal Reserve interest rate policies [1][2] Inflation Data - The Consumer Price Index (CPI) indicated a 0.2% increase in consumer prices for January compared to the previous month, and a 2.4% increase year-on-year, which was lower than economists' expectations [2][5] - The core CPI, excluding food and energy, rose by 0.3% month-on-month and 2.5% year-on-year, aligning with expectations [6] Federal Reserve Outlook - The inflation readings have shifted traders' outlook for potential rate cuts, now pricing in a 51% chance of at least one 25 basis-point cut by the June meeting, while the March meeting is expected to maintain current rates with less than 10% likelihood of a cut [7] Company Earnings and Stock Movements - Rivian's stock surged nearly 20% following a fourth-quarter earnings beat, with the company on track to deliver its R2 midsize model before summer [5][15] - Applied Materials saw its stock climb over 10% after beating Wall Street expectations, contributing to a year-to-date increase of 27% [4][16] - Pinterest shares fell about 20% due to a revenue forecast that fell short of analysts' estimates, raising concerns about AI risks to its platform [4][17] - DraftKings stock dropped 17% after missing analyst expectations for guidance, while Roku's stock rose 15% after beating fourth-quarter earnings estimates [8][9] AI Impact on Market Sentiment - Concerns about AI disruption have affected various sectors, including real estate and logistics, leading to a sell-off in tech stocks, particularly the "Magnificent Seven" megacaps [3] - Conversely, fears surrounding AI have benefited Asian stocks, particularly chipmakers, as global funds shift preference towards hardware producers with strong pricing power [11][12][13]

Core Insights - GlobalFoundries reported strong fourth-quarter results, exceeding guidance for revenue, gross margin, and earnings per share, driven by improvements in product mix and cost management [4][7] Financial Performance - Fourth-quarter revenue reached $1.83 billion, an 8% increase sequentially and flat year-over-year, with wafer shipments of approximately 619,300 units, up 3% sequentially and 4% year-over-year [2][7] - Gross margin for the fourth quarter was about 29%, up 300 basis points sequentially and 360 basis points year-over-year, with an operating profit of $335 million and an operating margin of 18.3% [1][7] - Full-year 2025 revenue was approximately $6.79 billion, a 1% increase year-over-year, with diluted EPS of $1.72, also up 10% year-over-year [8][9] Market Dynamics - The company is shifting its revenue mix away from smartphones, with over 60% of 2025 revenue coming from non-smart mobile markets and automotive, while communications and data center markets grew significantly [6][11] - Automotive revenue for Q4 rose 40% sequentially and 3% year-over-year, contributing to a full-year total of $1.4 billion, a 17% increase year-over-year [9][10] Strategic Initiatives - GlobalFoundries secured over 500 design wins in 2025, with more than 95% being sole-sourced, indicating strong customer partnerships [12] - The company is investing heavily in expanding its manufacturing capabilities, including a $16 billion commitment in the U.S. and EUR 1.1 billion in Dresden, targeting over 1 million wafers per year by the end of 2028 [16] Cash Flow and Capital Allocation - The company generated operating cash flow of $374 million in Q4 and $1.731 billion for the year, with adjusted free cash flow of $1.2 billion, representing a record margin of 17% [17] - A share repurchase program of up to $500 million has been authorized, with repurchases expected to begin in the current quarter [18] 2026 Outlook - For Q1 2026, management guided revenue of $1.625 billion ± $25 million and gross margin of about 27% ± 100 basis points, with expectations for non-wafer revenue to contribute 10% to 12% of total revenue [20] - Full-year 2026 guidance includes non-IFRS net capex of 15% to 20% of revenue and a free cash flow margin of about 10% as the company continues to invest [21]

Fourth Quarter and Full-Year 2025 Financial Results (unaudited) February 11, 2026 1 Disclaimer - Forward-looking statements and Third-Party Data This presentation and the accompanying oral presentation also contain estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry and business. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. We have not i ...

Core Insights - Lightium, a Swiss engineering technology company founded in 2023, specializes in providing mass production-level thin-film lithium niobate photonic chip foundry services, aiming to meet the growing demand for high-speed, low-energy data interconnects in data centers and telecommunications [2][6] Company Overview - Lightium was co-founded by Amir Ghadimi, Frédéric Loizeau, and Dirk Englund, with Ghadimi serving as CEO and having a PhD in Electrical and Electronic Engineering from ETH Zurich [2] - The company has developed proprietary manufacturing processes for mass production of thin-film lithium niobate chips, making it the first production-level foundry of its kind in Europe [7] Industry Context - The rapid development of AI and products like ChatGPT has led to an explosion in data volume, with data center processing expected to increase 100-fold by 2030, consuming 10% of global electricity [4] - Current semiconductor-based interconnect technologies face significant challenges beyond 800 Gb/s, reaching physical limits in material performance, necessitating the demand for alternative materials with superior electro-optical properties [4][6] Product Capabilities - Thin-film lithium niobate can achieve data transmission rates of 1.6 Tb/s and 3.2 Tb/s while reducing environmental impact and costs, requiring less lithium material compared to bulk lithium niobate [6][8] - Lightium's production capabilities include a bandwidth greater than 100 GHz and stable operation at low voltages, with a wide transparent window covering 350–5,500 nm [8] Market Applications - The primary application areas for Lightium's services are telecommunications and data center communications, which require higher bandwidth and lower power consumption [8] - Future expansion plans include applications in satellite communications, quantum computing, new optical computing architectures, and lidar [8] Funding and Recognition - In September 2024, Lightium completed a $7 million seed funding round led by Vsquared Ventures and Lakestar, aimed at accelerating the commercialization of its thin-film lithium niobate foundry services [9] - Lightium was recognized in the 2025 TOP100 Swiss Startups list, highlighting its innovative potential and market prospects in the Swiss technology landscape [11]

论国产代工的三层逻辑 受下游汽车工控等市场拉库、原材料价格上涨及台积电逐步退出成熟代工，当前晶圆代工行业迎来全面涨价，今 日世界先进宣布将自4月起开启第二波涨价，调幅达10-15%。 此外华虹、中芯国际此前亦传出涨价。 #对一个当前利润率仅个位数的行业，涨价10%意味着净利润翻倍。 先进逻辑由点及面，上海、广东、北京、杭州全线铺开， forchina"，台积电、intel和三星16nm及以下节点总产能超 120万片，当前中国先进制程产能不到5万片，十五五的先进制程规划有望扭转这一局势，非最先进制程的节点都 或将成为中国的主战场。 受下游汽车工控等市场拉库、原材料价格上涨及台积电逐步退出成熟代工，当前晶圆代工行业迎来全面涨价，今 日世界先进宣布将自4月起开启第二波涨价，调幅达10-15%。 此外华虹、中芯国际此前亦传出涨价。 #对一个当前利润率仅个位数的行业，涨价10%意味着净利润翻倍。 先进逻辑由点及面，上海、广东、北京、杭州全线铺开， 论国产代工的三层逻辑 DRAM和3DNAND的趋势都是将逻辑晶圆外包（CBA工艺），两存远期规划的产能超过120万片，#而当前全球 20/28nm逻辑产能仅80万片左右，逻辑 ...

Group 1 - UBS analyst Timothy Arcuri raised the price target for Applied Materials, Inc. (NASDAQ:AMAT) to $405 from $285, maintaining a Buy rating on the stock [2][8] - The shares of Applied Materials have increased nearly 80% over the past year, attributed to the company's steady growth profile and the long-term nature of chip fabrication projects [3] - Applied Materials is positioned to benefit from the growing semiconductor manufacturing industry, driven by demand from network-connected industrial equipment, electric vehicles, and artificial intelligence [4] Group 2 - The company provides materials engineering solutions across the semiconductor and display markets, offering a combination of equipment, services, and software to technology manufacturers globally [5] - Applied Materials consistently delivers strong operating margins and returns all free cash flow to shareholders through dividends and share buybacks, highlighting its profitability [4]