Market Overview - US stock futures showed volatility as investors prepared for significant economic data and corporate earnings, following a week where the Dow reached a record close above 50,000 [1] - The Dow surged over 1,200 points, or 2.5%, marking its first-ever close above 50,000, while the S&P 500 and Nasdaq Composite both increased around 2% [2] Corporate Earnings and Economic Data - Key earnings reports from Coca-Cola, McDonald's, Cisco, and ON Semiconductor are anticipated, which will influence expectations for the Federal Reserve's interest rate decisions [5] - The delayed January employment report is set to be released, with expectations tempered after ADP reported only 22,000 private-sector job additions last month, a significant drop from 140,000 in the same period last year [4] Technology Sector Insights - The technology sector faced pressure last week, particularly software shares, amid a broader risk-off sentiment due to escalating AI expenditure, with major companies like Amazon, Google, Meta, and Microsoft planning a combined spend of $650 billion [3] International Market Reactions - The Nikkei 225 index surged 4.7% following the Japanese Prime Minister's party securing a supermajority, with expectations of market-friendly policies [6] - Other Asian markets also advanced, with South Korea's Kospi rising 4.3%, reflecting a positive reaction to the recovery in US technology stocks and stabilization in bitcoin prices [7]

Group 1 - The core viewpoint of the news is that Jinghe Integrated (688249.SH) is investing a total of 35.5 billion yuan in the fourth phase project, which will enhance its production capacity and strengthen its financial position [1][2] - Jinghe Integrated's fourth phase project will focus on building a 12-inch wafer manufacturing production line with a capacity of approximately 55,000 pieces per month, targeting 40nm and 28nm CIS, OLED, and logic processes [1] - The investment will allow Jinghe Integrated to expand its product applications in OLED display panels, AI smartphones, AI computers, smart vehicles, and artificial intelligence [1] Group 2 - The company plans to acquire 100% equity of Jingyi Integrated from its original shareholders for a consideration of 0 yuan, while also subscribing to an additional registered capital of 1.98 billion yuan [2] - After the capital increase, Jingyi Integrated's registered capital will increase from 20 million yuan to 2 billion yuan, allowing the company to consolidate Jingyi Integrated into its financial statements [2] - This strategic move aims to solidify and expand the company's advantages in the specialty process manufacturing sector [2]

Core Insights - X-FAB reported Q4 2025 revenue of USD 222.3 million, representing an 18% year-on-year increase but a 3% decrease quarter-on-quarter [1] - Excluding the impact from revenue recognized over time (IFRS 15), revenue was USD 218.1 million, which is within the guided range of USD 215-225 million [1] - EBITDA for Q4 2025 was USD 42.3 million, up 6% year-on-year but down 21% quarter-on-quarter, affected by a one-off item of USD 9.3 million related to the SiC business [1] - The EBITDA margin stood at 19.0% for the quarter [1]

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]

智通财经APP获悉，据报道，全球晶圆代工巨头台积电(TSM.US)决定调整其在日本的扩张蓝图。根据 最新披露的计划，台积电原定于熊本建设的第二工厂将迎来重大的技术方案升级，由最初规划的成熟制 程全面转向生产目前行业最尖端的3纳米芯片。据市场估算，熊本二厂的总投资额预计将从原计划的122 亿美元飙升至约170亿美元。 鉴于该项目对日本"经济安保"战略的支撑作用，日本政府表现出了极高的协作意愿。在先前已承诺拨付 约7320亿日元补贴的基础上，日本相关部门目前正就3纳米生产线所需的额外资本支出，积极研拟追加 财政补贴的方案，以确保这一具备战略意义的产能能够按计划于2027年底前实现量产。 知情人士称，这标志着较最初计划在2027年底生产7纳米芯片的蓝图有所升级，这些人士要求匿名讨论 私下商议事宜。 ...

Core Viewpoint - Photronics, Inc. is set to announce its financial results for the first quarter of fiscal 2026 on February 25, 2026, before market opening [1] Group 1: Financial Results Announcement - The financial results will be disclosed on February 25, 2026, prior to market opening [1] - A public conference call will be held on the same day at 8:30 a.m. Eastern time to discuss the financial performance and industry outlook [2] - The call will be accessible live and on-demand via the Photronics website [2] Group 2: Company Overview - Photronics is a leading manufacturer of photomasks for integrated circuits (IC) and flat panel displays (FPD) [3] - The company has been in operation since 1969 and has over 56 years of experience in the photomask industry [3] - Photronics operates 11 manufacturing facilities strategically located across Asia, Europe, and North America [3]

The government has delivered a budget that sharpens Prime Minister Modi's strategy of shielding the economy from U.S. tariffs while maintaining fiscal restraint. The budget focuses on reducing the fiscal deficit and inflation control. The budget also harmonizes high capital expenditure and high growth.This budget reinforces India's global role. Let's bring in Bloomberg's Asia Pacific Reporters Swati Pandey for more on this. So Swati, what were the key takeaways from the budget.This budget was really highly ...

Needham downgrades SkyWater Technology (NASDAQ:SKYT) from a Buy to a Hold amidst significant company developments.IonQ plans to acquire SkyWater in a deal valued at approximately $1.8 billion, offering a premium over the current stock price.The acquisition aims to enhance IonQ's position in quantum computing and semiconductor manufacturing, supporting the development of next-generation quantum processors.SkyWater Technology (NASDAQ:SKYT) is a prominent US-based semiconductor foundry, known for its advanced ...

What does having a US based chip foundry add to the speed of your own technology. It actually does three exciting things. Ryan Q.The first is that it accelerates our entire roadmap. So we talked this morning on a public webinar, a sort of earnings call style about the fact that it's going to bring in the cycles of R&D design and packaging iteration we do to build our quantum computing chips and hence our full fault tolerant machines quite considerably. We're moving things in by about a year on our 2 million ...

Core Viewpoint - IonQ, a quantum-computing company, is acquiring chip maker SkyWater Technology for $1.8 billion [1] Group 1: Acquisition Details - The acquisition of SkyWater Technology is part of IonQ's strategy to enhance its capabilities in the quantum computing sector [1] - The deal is valued at $1.8 billion, indicating a significant investment in expanding IonQ's technological resources [1]