Core Insights - Foxconn, a major manufacturer for Apple and a key partner for Nvidia, experienced a 26% year-on-year revenue increase in November, driven by rising demand for AI servers [1][2] - The company reported a revenue of NT$844.3 billion (approximately $27 billion) for November, highlighting strong growth in its cloud and networking products [2] - Foxconn is actively involved in the development of AI infrastructure, collaborating with Nvidia and the Taiwanese government on a major AI factory project [3] Company Overview - Foxconn, also known as Hon Hai, is the world's largest contract electronics manufacturer, producing servers for data centers and assembling Apple's iPhone [2] - The company has established itself as a key player in the AI infrastructure sector, providing essential components for AI server racks [2][3] Collaborations and Partnerships - In May, Foxconn announced its collaboration with Nvidia and the Taiwanese government to provide infrastructure for a significant AI factory in Taiwan [3] - OpenAI has also partnered with Foxconn to work on design and manufacturing readiness for next-generation AI infrastructure hardware [4]

Summary of Conference Call Records Company and Industry Overview - The conference call focuses on Google and the AI infrastructure industry, particularly in relation to the demand for servers, switches, and high-layer PCBs [1][2][3]. Key Points and Arguments Google’s AI Strategy - Google has a comprehensive layout in the AI sector, possessing the largest global data ecosystem, which includes TPU chips, the Gemini AI model, and various application scenarios [2][4]. - The Gemini 3 model and its application, Nano Banana, have shown exceptional performance, leading to a surge in user numbers from 450 million to 650 million, significantly increasing the demand for computational power [4]. Capital Expenditure and Demand - Capital expenditure (Capex) is expected to continue rising, closely linked to the construction of computational infrastructure, alleviating concerns over demand for servers and switches [2][3]. - The PCB segment is anticipated to see increased demand due to the replacement of copper cables and chip upgrades, with significant growth expected in the coming years [2][3]. TPU Chip Developments - Google has launched the V7 TPU chip, expected to enter mass production by mid-2026, with projected shipments reaching 4 million units [1][5]. - The V7 TPU cabinet design will increase from 20 layers to 34-36 layers, with material upgrades leading to a price increase of two to three times [5]. Switch and Module Upgrades - The industry will primarily focus on 800G switches in 2025, transitioning to 1.6T switches in 2026, with PCB specifications nearly doubling in price [3][6]. - The 1.6T optical module will utilize finer line widths, significantly increasing its value compared to the 800G module [6][7]. Supply and Demand Forecast - The computational PCB segment is expected to remain in a tight supply-demand situation until the end of 2025, with Google's procurement expected to triple from approximately 5 billion RMB to over 15 billion RMB [8]. - The ASIC sector is projected to grow from under 10 billion RMB in 2024 to nearly 80 billion RMB by 2027, indicating an eightfold increase [8]. - Due to the capital-intensive nature of the PCB industry, new capacity expansion will take time, suggesting a continued tight supply in the next 1-2 years, presenting investment opportunities [8]. Additional Important Insights - Key players in the industry, such as Huadian Technology, Pengding Holdings, and Shenghong Technology, along with upstream material suppliers, are recommended for investment consideration due to the high demand for multi-layer PCBs [8]. - The transition from lower-grade to higher-grade materials, such as from Ma Seven to Ma Nine copper-clad resin, is crucial for meeting the increasing demand for high-layer PCBs [8].

Kimball Electronics, Inc. ( KE ) recently reached a turning point in its strategic evolution, as the company shifted its focus from being an automotive electronics manufacturing services provider to a specialist in medical Contract Manufacturing Organization. The transition is unfolding smoothly, and theI am a dynamic finance professional with a Master’s in Banking & Finance from Université Paris 1 Panthéon-Sorbonne. My investing background mix corporate finance, M&A, and investment analysis, with a focus o ...

Kitron to host Capital Markets Presentation (2025-12-01) Kitron ASA will host a Capital Markets Presentation in Oslo, Norway, on 10 December 2025 to provide an update on strategic and financial ambitions. The Capital Markets Presentation will start at 09:00 CET, last for approximately 1.5 hours including Q&A, and will be webcast at the following link: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20251210_2 For further information, please contact:Cathrin Nylander, CFO, tel: +47 900 43 284E-mail: ...

30 November 2025 | 10:14AM HKT Equity Research Foxconn Industrial Internet (601138.SS): ASIC and diversifying AI servers trend to drive growth ahead; 2028E introduced; Buy We reiterate our positive view on FII and expect the company's comprehensive AI servers offerings and global production sites to secure its leading market position and continue to benefit in the rising ASIC AI servers trend. FII's ASIC AI servers are across leading US CSPs and enterprises, with shipment contribution toward 30% of AI serve ...

Core Viewpoint - Celestica (NYSE: CLS) is considered a solid buy due to its customized solutions offered in both Advanced Technology Solutions (ATS) and Connectivity & Cloud Solutions (CCS) segments [1] Group 1: Company Overview - Celestica operates in two main segments: Advanced Technology Solutions (ATS) and Connectivity & Cloud Solutions (CCS) [1] Group 2: Investment Rationale - The company's customized solutions across its segments are highlighted as a key factor for investment attractiveness [1]

Core Insights - Marvell Technology is a mid-tier player in the digital infrastructure industry with a market cap of $72 billion and revenue of $5.77 billion in fiscal year 2025 [3] - The company specializes in high-quality custom XPUs, CPUs, and DPUs, essential for AI and cloud-computing data centers, along with Ethernet and data center switches [2][3] - Marvell's recent quarterly results for fiscal 2Q26 showed revenues of $2 billion, a 57.5% year-over-year increase, although it slightly missed forecasts by $10 million [8] Company Overview - Marvell produces network and connectivity solutions that support enterprise mobility and cloud computing, promoting a 'borderless campus' concept [1] - The company provides hardware for connecting 5G radio access networks to the cloud, integrating networking and computing technologies [7] - Marvell's solutions are critical for building the infrastructure necessary for AI advancements [7] Financial Performance - In fiscal 2Q26, Marvell reported a non-GAAP EPS of 67 cents, aligning with forecasts [8] - The company is expected to benefit from positive trends in AI and cloud computing, with analysts expressing confidence in its growth prospects for 2026 [9] Analyst Insights - Analysts from JPMorgan have a bullish outlook on Marvell, citing strong commentary from major clients like Amazon and positive earnings guidance from related sectors [9] - The stock has an Overweight rating with a price target of $120, suggesting a potential 44% upside over the next year [9] - The consensus rating for Marvell is a Moderate Buy, based on 32 reviews, with an average price target of $93.23 indicating a 12% upside from current levels [10]

(2025-11-26) Reference is made to the stock exchange announcement made by Kitron ASA (the "Company") on 25 November 2025 regarding the allocation of 17,000,000 new ordinary shares in the Company at a subscription price of 57.25 per share in the private placement (the "Private Placement"). The share capital increase relating to the Private Placement has now been registered in the Norwegian Register of Business Entreprises today. The Company's new registered share capital following the registration is NOK 21, ...

HP Inc. (HPQ) - HP shares fell nearly 6% after announcing a weaker-than-expected forecast and plans to cut up to 6,000 jobs [3] - For the first quarter of the next fiscal year, HP expects adjusted earnings between $0.73 and $0.81 per share, with a midpoint of $0.77, slightly below the $0.78 estimate [3] - Despite the weak guidance, HP reported better-than-expected results for the period ending October 31, earning an adjusted $0.93 per share with revenue rising 4.2% year-over-year to $14.64 billion, surpassing analyst expectations of $0.92 per share and $14.53 billion in revenue [4] - HP's CFO stated that the company is taking decisive actions to mitigate cost headwinds and is investing in AI-enabled initiatives to enhance product innovation and customer satisfaction [5] Drug Pricing Negotiations - The Trump administration negotiated a 71% discount on Ozempic and Wegovy for Medicare patients, reducing the price from $959 to $274 for a 30-day supply [6][7] - These price reductions are part of Medicare's drug price negotiation program, expected to save taxpayers $12 billion [7] Foxconn Technology - Foxconn received approval to invest an additional $569 million in Wisconsin to meet the growing demand for AI infrastructure, which will create 1,374 new jobs over the next four years [8][9] - Wisconsin accounts for nearly a quarter of Foxconn's workforce in the U.S., and this investment will double its presence in the state by the end of the decade [9]

(2025-11-25) Reference is made to the stock exchange announcement made by Kitron ASA (the "Company") on 25 November 2025 regarding the successful private placement (the "Private Placement") where the Company allocated 17,000,000 new ordinary shares in the Company ("Offer Shares") at an offer price of NOK 57.25 per share (the "Offer Price"). In connection with the Private Placement, the following persons discharging managerial responsibilities were allocated Offer Shares in the Private Placement at the Offer ...