Jenny Grimberg +1(212)934-0199 | jenny.grimberg@gs.com 25 February 2026 | 6:06PM EST Economics Research What's Top of Mind in Macro Research: IEEPA tariffs overruled, continued AI volatility, hedging Middle East tensions This week: Transcript Goldman Sachs & Co. LLC Allison Nathan +1(212)357-7504 | allison.nathan@gs.com Goldman Sachs & Co. LLC Ashley Rhodes +1(212)934-4876 | ashley.rhodes@gs.com Goldman Sachs & Co. LLC IEEPA tariffs overruled We expect the US Supreme Court's ruling against the IEEPA tariffs ...

Vi e w p o i n t | 25 Feb 2026 19:27:39 ET │ 10 pages Taiwan Semiconductors Nvidia result implications - Blackwell expanding strongly, entering the Rubin Cycle CITI'S TAKE Nvidia just published its Jan Q result (report) and provided a positive outlook for the upcoming Rubin product cycle. While some investors were skeptical on Rubin's schedule and initial yield rate, Nvidia reiterates that the chip already has mass volume production and system rack is to ramp up big volumes in 2H26. Yet we believe the major ...

25 February 2026 | 8:34PM EST Equity Research Nvidia Corp. (NVDA): Strong quarter and guidance; we see a clearer path to stock outpeformance in the coming months - Buy Key stock takeaways: We expect the stock to trade higher following a strong quarter and guidance relative to the Street, and relative bullish expectations heading into the quarter. We believe investor expectations were somewhat elevated heading into the quarter, given recent upward CapEx revisions from hyperscalers - but we believe 1Q guidanc ...

Summary of Samsung Electronics Conference Call Company Overview - **Company**: Samsung Electronics (005930.KS) - **Market Cap**: Approximately W1,445.6 billion - **Current Share Price**: W200,000 - **Price Target**: Increased from W210,000 to W248,000, indicating a 24% upside potential [6][52] Key Industry Insights - **Trillion-Dollar Market Cap**: Samsung is on a path to potentially reach a trillion-dollar market cap, driven by strong fundamentals rather than market speculation [1][9] - **AI Influence**: The company is positioned to benefit from AI-driven growth, with expectations of sustainable revenue growth of 11% per annum and operating margins of 35% [2][17] - **Memory Market Dynamics**: The memory segment, particularly DRAM, is crucial for AI infrastructure, with pricing expected to rise significantly due to demand exceeding supply [4][21] Financial Performance and Projections - **Earnings Growth**: Projected EPS growth from W6,562 in FY26 to W40,810 in FY27, with a peak EPS of W8,817 expected in 3Q27 [6][22] - **Revenue Forecasts**: Anticipated revenues of W398 billion for 2026 and W484 billion for 2027, surpassing the necessary threshold for a trillion-dollar valuation [11][17] - **Profitability Metrics**: Expected ROE to improve to 13% with operating margins around 35% [2][17] Market Position and Competitive Advantages - **Dominance in Memory**: Samsung is expected to lead in high-bandwidth memory (HBM) and foundry profit margins, which are critical for AI applications [4][5] - **Cash Generation**: The company is projected to generate approximately US$30 billion in cash per quarter, enhancing its ability to invest in growth and return capital to shareholders [23][25] - **R&D Investment**: Samsung's R&D spending of over US$28 billion positions it favorably against competitors, enabling innovation and market leadership [30] Risks and Considerations - **Cyclical Nature of Memory Pricing**: The memory market is subject to cycles, and any downturn in pricing could impact profitability [39] - **Execution Risks**: Potential missteps in product development or capital allocation could hinder growth [39] - **Macroeconomic Factors**: Changes in interest rates or liquidity could affect market valuations [39] Conclusion - **Investment Thesis**: Samsung is positioned as a top pick in the technology sector, with a strong outlook driven by AI and memory market dynamics. The company is expected to outperform broader market indices, with significant upside potential in its stock price [5][10][52]

ASML.NA 1,600.00 EUR ASML 1,911.00 USD EU Semiconductors ASML Holding NV Rating Outperform Price Target 25 February 2026 David Dai, CFA +852 2918 5704 david.dai@bernsteinsg.com According to Reuters on 23rd of February, ASML announced that it has found a way to push EUV source power to 1,000 W, up from roughly 600 W on its latest platform, the NXE:3800E, implying that the light‑source output would go up more than 50%. At its 2024 Capital Markets Day, ASML already laid out a roadmap to reach ~1,000W EUV sourc ...

3 月 16 日英伟达 GTC 大会前瞻中，LPU 为何成为市场关注焦点，其与 GPU 在设计目标、通用性、功耗与推理效率方面的核心差异是什么？ LPU 成为关注焦点，主要在于下半年 Robin 的部署节奏以及 LPU 相关进展， 尤其是英伟达在 2025 年 12 月以 200 亿美元"收购"（加引号）Groq 后的整 合进展与 LPU 如何融入英伟达体系，成为 GTC 的重要看点。LPU 在设计上从 一开始面向序列类自然语言处理，GPU 更偏通用，可用于图像处理、游戏等多 类场景；功耗方面，已有证据显示 LPU 功耗约为 GPU 的 1/10。推理效率方面， LPU 的突出特征是推理速度极快：GPU 的数据处理存在不确定性，依赖软件与 LPU 对 PCB 行业影响路径有两条：一是 LPU 单独使用，板卡数量百倍 增长；二是 LPU 与 GPU 混合封装，采用高多层 PCB。后者对应"价" 的逻辑，高层数与高端材料提升单板价值与加工难度，利好高端微钻。 钻针环节利好优先级最高，混合封装 GPU 若采用 M9Q 布，市场优先聚 焦 PCD 微钻方向。沃尔德 PCD 微钻已能钻 1 万个孔，受益于应用场景 变化 ...

Core Insights - Nvidia reported strong quarterly results, with data center revenue increasing by 75% and guidance exceeding consensus by $5 billion, excluding China, indicating potential for further growth [2][3] - The market's reaction to Nvidia's earnings may not reflect the strong performance due to pre-existing expectations and market flows related to AI trades [4][6] Financial Performance - Nvidia's networking segment saw a remarkable growth of 263%, highlighting the strength in its data center operations [4] - The overall earnings performance was anticipated, as capital expenditure (capex) trends from hyperscalers suggested strong results [3][6] Market Dynamics - Despite strong earnings, Nvidia's stock has remained relatively flat, attributed to broader market concerns rather than company fundamentals [6] - The narrative around AI investments may shift, leading to renewed interest in stocks like Nvidia that are posting strong numbers [7] Sector Trends - The networking sector is experiencing significant growth, with companies like Arista Networks positioned as leaders [11] - The optical components market is also on an upward trajectory, with companies such as Coherent and Lumenum expected to benefit from a multi-year cycle [12] Investment Considerations - There is a rotation in investment focus from copper-related components to optical technologies, suggesting a shift in market dynamics [15] - Companies that are able to adapt and innovate within their sectors, such as K8 10 Core, are likely to see continued interest from investors [13]

IT之家 2 月 27 日消息，日本政府今日确认，先进半导体制造商 Rapidus 近来获得了 2676 亿日元的新投资，与原始投资额合计约为 2750 亿日元。 日本政府还在 2026 财年的预算中为 Rapidus 编列了 1500 亿美元的投资和 9300 亿日元的进一步支助，如果加上此前已提供的补贴，Rapidus 可获得的资金 总额已来到 3 万亿日元（IT之家注：现汇率约合 1317.51 亿元人民币）。在此基础上，Rapidus 有望获得商业银行的担保贷款，进一步充实资金储备。 这批新投资中有 1676 亿日元来自 32 家私营企业，另外 1000 亿日元则由日本政府通过情报处理推进机构 IPA 向 Rapidus 提供。此举意味着日本政府成为了 Rapidus 的最大股东，持股比例超越 36%，不过日本政府现阶段仅持有 11.5% 的投票权，但同时拥有"金股"，具备对重大事项的一票否决权。 ...

英伟达凭借 Hopper 和 Blackwell 架构绝对主导了 AI 模型训练市场，并通过 Rubin CPX 架构的注意力加速引擎，覆盖了推理的"预填充"（Prefill）阶段，但 在对延迟极度敏感的"解码"（Decode）环节，公司亟需引入 Groq 的技术来确立行业标杆。 战略布局方面，黄仁勋强调 Groq 将补齐 AI 推理阶段的短板，实现超低延迟的解码能力。AI 行业目前正加速迈向多智能体协同（Agentic AI）时代，应用层 要求极低的延迟和超快的响应速度。 IT之家 2 月 27 日消息，科技媒体 Wccftech 昨日（2 月 26 日）发布博文，报道称在 2026 财年第 4 财季（截至 2026 年 1 月）财报会议上，英伟达 CEO 黄仁 勋透露了收购 Groq 后的核心整合计划。 技术实现方面，英伟达希望全面释放 Groq 的硬件潜力。Groq 的语言处理单元（LPU）采用片上 SRAM（静态随机存取存储器），能够提供每秒数十 TB 的 内部超高带宽。 重要性方面，黄仁勋将此次价值 200 亿美元（IT之家注：现汇率约合 1370.47 亿元人民币）的非授权收购，和当年收购 Mel ...

半导体产业链"涨价潮"持续。继英飞凌、士兰微、宏微科技等厂商后，近日，又有功率半导体厂商发布 价格调整通知。年初至今，国内外多家芯片龙头企业陆续提价，涨幅位于10%-80%，覆盖MCU、功率 器件等品类。据悉，多数企业在调价原因中均提及，上游原材料及关键贵金属价格大幅上涨是本轮提价 的主因，而供需格局失衡进一步助推动芯片产品涨价。 ...