Core Insights - Dell Technologies is collaborating with The University of Texas at Austin's TACC and NVIDIA to develop Horizon, the largest academic supercomputer in the U.S., aimed at enhancing research and open science [2][5] - Horizon will provide unprecedented high-performance computing (HPC) and AI capabilities, enabling researchers to address complex challenges in various fields such as climate change, healthcare, and national security [3][6] Technical Specifications - Horizon will feature 300 petaflops of computing power, representing a tenfold increase in simulation speed compared to TACC's current supercomputer, Frontera [5][6] - The supercomputer will utilize Dell Integrated Rack Scalable Systems (IRSS) with direct-liquid cooled Dell PowerEdge servers, NVIDIA Grace Blackwell platform, and NVIDIA Vera CPUs, totaling 1 million CPU cores and 4,000 NVIDIA GPUs [4][6] Strategic Importance - The project is supported by the National Science Foundation and is expected to drive significant advancements in scientific research and innovation, reinforcing U.S. leadership in these areas [5][7] - The collaboration between Dell, TACC, and NVIDIA is positioned as a transformative initiative for scientific discovery, particularly in leveraging AI for research [7]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **Global Technology Hardware** industry, specifically the **Hardware OEM/ODMs** sector, which is facing increasing margin pressure due to a **memory supercycle** amidst weak hardware demand [1][8][9]. Core Insights and Arguments - **Memory Pricing Surge**: Memory prices (NAND and DRAM) have surged by **50-300%** in the last six months, driven by demand from hyperscalers and underinvestment in NAND [9][11]. - **Earnings Risk**: The memory supercycle poses a downside risk to Hardware OEM earnings heading into **2026**, with memory costs accounting for **10-70%** of product costs [9][12]. - **Historical Context**: The last memory cycle (2016-2018) saw a **median gross margin compression of 70bps** year-over-year, indicating potential future earnings pressure for OEMs with high memory exposure [10][11]. - **Current Demand Trends**: The current demand for non-AI hardware is tepid, with enterprise hardware budget growth projected at only **1.6%** year-over-year in **2026**, which is below historical averages [12][15]. - **Downgrades**: Several companies, including **DELL**, **HPQ**, **Asustek**, and **Pegatron**, have been downgraded to **Underweight** due to expected margin pressures and negative EPS revisions [21][22]. Company-Specific Changes - **Dell Technologies (DELL)**: Downgraded to **Underweight** with a new price target of **$110**, down from **$144** [21]. - **HP Inc. (HPQ)**: Downgraded to **Underweight** with a new price target of **$24**, down from **$26** [21]. - **Asustek**: Downgraded to **Underweight** with a new price target of **NT$500**, down from **NT$625** [21]. - **Pegatron**: Downgraded to **Underweight** with a new price target of **NT$58**, down from **NT$73** [21]. - **Hewlett Packard Enterprise (HPE)**: Downgraded to **Equal-weight** with a new price target of **$25**, down from **$28** [21]. - **Lenovo**: Downgraded to **Equal-weight** with a new price target of **HK$10.20**, down from **HK$13.00** [21]. - **Giga-Byte**: Downgraded to **Equal-weight** with a new price target of **$290**, down from **$370** [21]. Additional Important Insights - **Mitigation Strategies**: OEMs are expected to respond to rising memory costs through pricing increases and cost management strategies, but even with these efforts, gross margins are projected to compress by **60bps** year-over-year in **2026** [12][19]. - **Risk Factors**: Potential risks include being too early in the call regarding margin pressures, successful mitigation actions, and strong demand for AI infrastructure that could overshadow margin concerns [17][18]. - **Investment Opportunities**: Companies like **Apple**, **Micron**, and **SK Hynix** are highlighted as potential beneficiaries of the memory cycle due to their strong demand trends and margin resilience [18][58]. Conclusion - The hardware OEM/ODM sector is facing significant challenges due to rising memory costs and weak demand, leading to downgrades for several key players. The historical context of memory cycles suggests that margin pressures could persist, making it crucial for investors to monitor these developments closely.

Group 1 - Zebra Technologies Corporation (NASDAQ: ZBRA) is a global leader in digitizing and automating workflows to deliver intelligent operations [6][7] - The company will present at two investor conferences: on Nov. 18 at the Stephens NASH25 Conference and on Dec. 1 at the UBS Global Technology and AI Conference [4][6] - Zebra Technologies provides a portfolio of connected frontline, asset visibility, and automation solutions powered by AI, serving various industries including retail, manufacturing, and healthcare [2][6] Group 2 - The company announced strong third-quarter results for 2025, driven by solid demand, lower-than-expected tariffs, and effective execution by its teams [6] - Zebra Technologies completed the acquisition of Elo Touch Solutions, enhancing its capabilities in customer engagement and automation across multiple sectors [7] - The company will release its third-quarter financial results on Oct. 28, 2025, followed by a conference call to discuss these results [8]

Nov 13, 2025 9:10 AM Eastern Standard Time Deswell Announces First Half 2026 Results Share - Company Announces First Half Cash Dividend of $0.10 Per Share - MACAO--(BUSINESS WIRE)--Deswell Industries, Inc. (Nasdaq: DSWL) today announced its unaudited financial results for the first six months of fiscal 2026, ended September 30, 2025. Net sales for the six months ended September 30, 2025 were $33.2 million, a decrease of 5.5% compared to net sales of $35.2 million for the six months ended September 30, 2024. ...

Group 1 - Dell Technologies will hold a conference call on November 25, 2025, at 3:30 p.m. CST to discuss its third quarter fiscal 2026 financial results [1][2] - The financial results will be released before the conference call, accompanied by a press release, financial statements, and guidance [2] - The conference call will be available as a live audio-only webcast on Dell Technologies' investor website, with an archived version accessible later [1][2] Group 2 - Dell Technologies aims to assist organizations and individuals in building their digital future and transforming their work, life, and play through a broad and innovative technology and services portfolio for the AI era [3]

Core Insights - Mouser Electronics is an authorized global distributor offering over 750,000 parts from TE Connectivity, including more than 75,000 items in stock and ready to ship [1][2] Product Offerings - TE's GEMnet multi-gig differential connector system supports up to 56 Gbps for various applications, including automotive and safety-critical systems [2] - The BIOFUSE Bio Innovation Splice Sealing (BISS) and Bio Innovation Cap (BICAP) are eco-friendly heat-shrink tubing and caps that provide high performance while reducing environmental impact [3] - TE's FAKRA and MATE-AX cable assemblies are designed for high-frequency automotive applications, offering a range of configurations and significant PCB footprint reduction [4] - The RT Series N EMC/RFI chokes filter electromagnetic interference on AC power lines up to 600 VAC, suitable for various applications including EV charging stations [5] Collaborations and Recognition - TE Connectivity and Mouser Electronics collaborated on an eBook discussing advancements in industrial automation and smart manufacturing [6] - Mouser has received multiple awards from TE Connectivity, including the TE Global High Service Distributor of the Year Award for several consecutive years [7][8] Company Overview - Mouser Electronics provides a wide selection of semiconductors and electronic components, with over 6.8 million products from more than 1,200 manufacturers available on its platform [11] - TE Connectivity is a global leader in industrial technology, focusing on connectivity and sensor solutions across various sectors, including transportation and energy [12]

Core Insights - Oracle Corporation is a technology company involved in software, hardware, and cloud-based services, with a significant presence in financial services and business intelligence [1] Company Overview - The company designs business-tailored solutions and applications, catering to various industries [1] Analyst Background - The analyst has over 10 years of experience in asset management, focusing on equity analysis, macroeconomics, and risk-managed portfolio construction [1] - The analyst emphasizes the importance of understanding macro trends and their influence on asset prices and investor behavior [1] Investment Philosophy - The analysis aims to make investing accessible and empowering, encouraging collaboration among investors to build confidence in long-term investing [1]

Core Insights - The Vanguard Information Technology ETF provides a simple way to invest in major growth stocks, particularly Nvidia, Microsoft, and Apple, which have significant market capitalizations [1][2] Investment Overview - Nvidia, Microsoft, and Apple constitute 20.7% of the S&P 500 and 43.6% of the Vanguard Information Technology ETF [2] - The ETF allows for dollar-based investing, enabling investors to purchase fractional shares rather than full shares, making it accessible for financial planning [3] Market Concentration - The U.S. stock market has become increasingly concentrated, with a few companies driving most gains; Nvidia, Microsoft, Apple, and others account for 40% of the S&P 500 [5][6] - The Vanguard Tech ETF is heavily concentrated, with its top 10 holdings making up 57.6% of the fund, despite holding over 300 stocks [7] Performance Metrics - Over the last decade, the Vanguard Information Technology ETF has achieved a total return of 681%, outperforming the Nasdaq Composite and S&P 500 [8] - In the last three years, the ETF has increased by 165%, again surpassing both the Nasdaq Composite and S&P 500 [8] Sector Focus - The ETF serves as a vehicle to invest in artificial intelligence through companies like Nvidia, Broadcom, and AMD, as well as software and cloud infrastructure firms [10] - Notably, the ETF does not include Amazon, Tesla, Alphabet, Meta Platforms, or Netflix, which may lead investors to consider other Vanguard funds for broader exposure [11] Valuation Considerations - The Vanguard Information Technology ETF has a low expense ratio of 0.09%, making it an attractive option for exposure to top tech stocks [12] - Nvidia's earnings have surged to over $86 billion, highlighting the importance of continued exceptional earnings growth from leading companies in the tech sector [13] - The ETF trades at a price-to-earnings ratio of just over 40, indicating a premium compared to the Vanguard S&P 500 ETF, which has a P/E under 29 [14] Long-term Investment Strategy - The Vanguard Tech ETF is designed for long-term investors who are willing to accept potential volatility due to its concentration in the tech sector [15]

Core Viewpoint - Kyocera Corporation will showcase its innovative technologies at CES 2026, focusing on underwater IoT, AI imaging technology, and autonomous driving sensors, highlighting advancements in connected mobility and marine communication [1][2][3]. Group 1: Underwater Wireless Optical Communication (UWOC) - Kyocera's UWOC technology enables high-speed, high-capacity data transmission underwater, minimizing optical attenuation and enhancing marine surveys with Autonomous Underwater Vehicles (AUVs) [3][4]. - The technology supports real-time transmission of high-definition video and sensor data, improving structural inspections and scientific research [3]. - Kyocera will demonstrate a transmission capacity of 5Gbps, positioning itself as a leader in underwater IoT solutions [4]. Group 2: AI Imaging Technology - The company has developed a Triple Lens AI-Based High-Resolution Depth Sensor that accurately measures distances for small objects (as small as 0.30mm) and challenging targets [5]. - This technology enhances applications in factory measurements and medical environments, improving operational efficiency and addressing labor shortages [5]. - The AI imaging system allows for better recognition accuracy compared to conventional products, showcasing its advanced capabilities at CES [5]. Group 3: Autonomous Driving Sensors - Kyocera's high-resolution millimeter-wave sensor detects minute object vibrations, enabling 4D sensing for autonomous driving applications [5]. - The sensor utilizes proprietary substrate material technology and unique algorithms to provide precise spatial information, balancing privacy and safety [5]. - Anticipated applications include healthcare monitoring and structural surveillance, demonstrating the versatility of the technology [5]. Group 4: Additional Innovations - The OPTINITY module integrates electrical and optical technologies, doubling the bandwidth for AI and autonomous driving applications, allowing for faster and more energy-efficient data exchange [6]. - Kyocera's Phased Array Antenna Module (PAAM) enhances security applications by generating multiple simultaneous beams for improved situational awareness [6]. - The Cotopat system, a real-time speech recognition tool, facilitates communication and eliminates language barriers, marking its first exhibition in the US [6]. Group 5: Company Overview - Kyocera Corporation, founded in 1959, has evolved into a leading supplier of industrial and automotive components, with consolidated sales revenue of approximately US$13.5 billion for the year ended March 31, 2025 [8]. - The company is recognized on Forbes' 2025 "Global 2000" list and has been named among "The World's 100 Most Sustainably Managed Companies" by The Wall Street Journal [8].

Group 1 - Baidu's subsidiary fund has invested in Popi AI's affiliated company, Shanghai Dimension Meme Technology Co., Ltd., which focuses on AI animation creation tools. The registered capital increased from 1 million RMB to approximately 1.087 million RMB, and some executives have changed. The company aims to lower the animation creation threshold using AI technology [2] - Baidu's Xiaodu AI glasses Pro officially went on sale on November 10, priced at 2,299 RMB, with a promotional price of 2,199 RMB during the Double Eleven shopping festival. The glasses are AI shooting glasses, similar to Xiaomi's AI glasses, but not a fully integrated AI+AR version [2] - Tencent Cloud announced that its DeepSeek-V3 and DeepSeek-R1 models will be officially offline on November 24, 2025, as part of an upgrade and iteration of its large model. Users are advised to migrate to the new models before the deadline to avoid service disruption [2] Group 2 - Microsoft is reportedly developing a new tool to translate CUDA code for NVIDIA GPUs to run on AMD chips, aiming to disrupt NVIDIA's software ecosystem dominance in the AI field. The specific name of the toolkit has not been disclosed [2]