PresentationAll right. Good morning, everyone. Welcome to the 28th Annual Needham Growth Conference. My name is Charles Shi. I'm the semi-cap analyst at Needham. Joining me on stage here is Onto's CEO, Michael Plisinski. CFO, Brian Roberts, and IR, Sidney Ho, are also sitting in the audience. So Mike, once again, thanks for joining me today.I heard that we're going to finally have a fireside chat this time. You want to have a few slides to go through first. Stage is yours.Michael PlisinskiCEO & Director Yes ...

Core Insights - Longgang District has proposed a "4+6+N" modern industrial system, emphasizing industrial development as the core for high-quality growth [1] - The district aims to maintain its leading position in four existing trillion-level industries while exploring new potential sectors [3][4] Group 1: Existing Industries - Longgang will focus on four key trillion-level industries: smart terminals, network and communication, ultra-high-definition video display, and modern fashion [3] - The smart terminal sector will target four sub-segments to create popular products and applications [3] - The network and communication industry will promote the full penetration of industrial internet and establish a world-class R&D manufacturing base [3] - The ultra-high-definition video display industry will leverage national innovation centers to tackle key technologies like holographic display [3] - The modern fashion industry will pursue high-end, digital, and branded products, fostering domestic trends and cross-border excellence [3] Group 2: Emerging Industries - Six emerging industries are accelerating towards trillion-level scale: software and information services, semiconductors and integrated circuits, artificial intelligence and robotics, green low-carbon and intelligent connected vehicles, smart buildings, and cross-border e-commerce [3] - Longgang plans to upgrade the Shenzhen Industrial Software Park to support domestic software open-source innovation [4] - The district will strengthen the semiconductor and integrated circuit industry, establishing a third-generation semiconductor hub at the Luoshan Technology Park [4] - There is a strong focus on developing artificial intelligence and robotics, promoting high-level applications across all sectors [4] Group 3: Future Development - Longgang is actively laying out new industrial tracks, nurturing billion-level clusters in digital creativity, low-altitude economy, aerospace, and high-performance materials [4] - The district aims to promote the digitization of the mold industry through a manufacturing sharing platform [4] - Longgang is also focusing on capturing early advantages in niche sectors like 3D native, synthetic biology, and unmanned logistics [4] - The district is working to enhance its industrial ecosystem for sustainable growth and investment attraction [4]

Core Insights - The tech sector is expected to remain a key player in 2026, with several growth stocks poised for significant returns [2] Company Summaries Alphabet Inc. (GOOGL) - Alphabet has reached a valuation of $4 trillion, with a stock price increase of 73% over the past year, currently trading at $332 [3] - The integration of Google's Gemini AI into Apple devices marks a significant collaboration, enhancing scalability and monetization opportunities [4] - In Q3, Alphabet's revenue grew 16% year over year to $102.3 billion, driven by Google Search ($56.6 billion, up 15%), YouTube advertising ($10.3 billion, up 15%), and subscriptions/platforms ($12.9 billion, up 21%) [5] - The cloud computing segment saw a 34% revenue increase to $15.2 billion, with a backlog of $155 billion, indicating strong future growth [6] MercadoLibre (MELI) - MercadoLibre, often referred to as the Amazon of Latin America, has seen a stock price increase of 23.56% this year, currently priced at $2,149 [7] - The company reported 77 million active buyers in Q3, a 26% increase, and a 39% increase in items sold [8] - Revenue from the advertising segment jumped 63%, with technology investments improving cost efficiency and margins [9] - MercadoLibre has over 72 million active monthly users in its fintech services, reflecting a 29% increase, and is positioned for continued growth in both e-commerce and financial sectors [10] Broadcom (AVGO) - Broadcom's stock has gained 56% over the past year, currently trading at $352 [11] - The company specializes in mainframe software, cybersecurity, and customized computing units, positioning itself as an alternative to Nvidia [12] - In Q4, Broadcom's semiconductor revenue reached $6.5 billion, a 74% year-over-year increase, contributing to an overall revenue of $18 billion, up 28% [13] - The AI semiconductor segment accounts for over a third of total revenue, with expectations of 100% growth in Q1, indicating strong potential for 2026 [14]

U.S. stock markets are experiencing a dynamic Tuesday, January 13, 2026, as investors digest crucial inflation data, kick off the fourth-quarter earnings season, and contend with persistent geopolitical concerns. While major indexes closed at record highs on Monday, premarket trading suggested a more cautious start, with futures initially slipping before finding some stability as the Consumer Price Index (CPI) report largely met expectations.Premarket Activity and Futures MovementsEarly Tuesday, U.S. stock ...

Market Overview - Major indices showed declines: Shanghai Composite Index (-0.64%), Shenzhen Component Index (-1.37%), ChiNext Index (-1.96%), North Star 50 (-2.50%), and Sci-Tech Innovation 50 (-2.80%) [1] - TMT sector led the gains with SW Portal (+6.79%), SW Marketing Agency (+2.49%), and SW Gaming III (+0.40%) [1] - TMT sector faced losses with SW Military Electronics III (-5.41%), SW Communication Terminals and Accessories (-5.34%), and SW Communication Cables and Accessories (-5.20%) [1] Domestic News - XREAL announced a strategic partnership with ASUS ROG to launch the ROG XREAL R1 AR glasses, featuring micro OLED technology with a resolution of 1920 x 1080 and a virtual screen equivalent to 171 inches at 4 meters [2] - Jiangbolong reported that its self-developed UFS4.1 product outperforms market counterparts in process, read/write speed, and stability, gaining recognition from major clients [2] - Yongxi Electronics plans to invest 2.1 billion yuan in a packaging base in Malaysia, focusing on system-level packaging products for AIoT and power modules [2] - Sanan Optoelectronics disclosed that its SiC MOSFET products have begun bulk supply to leading global power manufacturers, targeting data centers and AI servers [2] Overseas News - SK Hynix is investing in its advanced packaging plant P&T7 to meet global AI storage demand, with the plant expected to play a crucial role in commercializing DRAM as HBM [3] - A collaboration between the University of Cambridge and a German research team has led to the successful development of stable and high-performance cubic InGaN materials for red Micro-LED devices [3] - Counterpoint Research forecasts a 2% year-on-year growth in global smartphone shipments in 2025, driven by high-end demand and emerging market growth, with Apple leading the market at a 20% share [3] - The Indian Space Research Organization (ISRO) faced a setback with the PSLV-C62 rocket losing all 16 satellites during its third phase of flight [3] AI News - Apple and Google have announced a multi-year partnership to develop the next generation of Apple Foundation Models based on Google's Gemini model and cloud technology [4] - Zhipu AI and Didi Chuxing have formed a strategic partnership focusing on the development of intelligent agents for transportation scenarios [4] - Tencent Research Institute and Midjourney have launched the Niji v7 anime-specific model, enhancing details and stability for anime-style creations [4] - Nvidia and Eli Lilly are investing $1 billion to establish an AI lab aimed at accelerating drug discovery and personalized treatment [4] Industry Tracking - The FCC has approved SpaceX to launch an additional 7,500 second-generation Starlink satellites, bringing the total approved to 15,000 [5] - The Eighth Research Institute of China Shipbuilding Group has developed a low-vibration helium re-liquefaction system for high-precision instruments [5] - The National Medical Products Administration of China plans to establish standards for medical devices using brain-computer interface technology [5] - LimX Dynamics has released a new embodied intelligent system that allows for dynamic task adjustments during operation [5] Storage Market - The average price of DDR5 16G (2G×8) 4800/5600 DRAM is reported at $33.563, with a 3.27% increase [6] - The average price of DDR4 16Gb (2G×8) 3200 DRAM is reported at $73.500, with a 2.80% increase [6] Semiconductor Material Prices - The average price for 4N zinc oxide powder is reported at 1,465 yuan/kg, with a daily change of 20 yuan [7] - The average price for 5N high-purity zinc is reported at 6,300 yuan/kg, with no daily change [7]

2026年伊始，百度就给股东们递上了一份迟来的新年礼物。 据百度公告，旗下的AI芯片独角兽昆仑芯，已于元旦期间秘密向香港联交所递交了A1上市申请表。虽 然官方依然保持着"静默期"的克制，但资本市场的嗅觉从来不会出错。 这不仅仅是一个子公司上市的消息，更像是一个信号。 回望过去几年，中国互联网巨头在"分拆"这件事上走得并不顺遂。阿里著名的"1+6+N"变革，最终以阿 里云放弃分拆、菜鸟撤回IPO而由于各种复杂的内外因暂告段落。 当所有人都以为巨头们将回归"大一统"的保守策略时，李彦宏却选择了在这个节点，把百度体系内最硬 核的资产之一推向台前。 在这次分拆上市中，相信大家最关注的，一定是昆仑芯在百度体内和分拆上市后的估值差距。而无论怎 么估算，技术能力不如昆仑芯但市值一度超过百度整体的摩尔线程，给所有的股东耳边都敲响了一声闷 钟。 于是，这不禁让人产生一个大胆的疑问：昆仑芯的独立，究竟是百度的一次孤立行动，还是推倒多米诺 骨牌的第一指？ 如果百度真的决心通过分拆来重估价值，那么在昆仑芯之后，那个烧钱最多、技术积淀最深、商业化故 事最性感的"自动驾驶"业务，会不会是下一个？ 01 被"折叠"的价值，与不得不做的减法 ...

Core Viewpoint - Edgewater Wireless Systems Inc. has appointed Rick Bahr, a prominent figure in Wi-Fi semiconductor technology, as a strategic advisor, indicating the company's commitment to enhancing its expertise in AI-powered Wi-Fi Spectrum Slicing technology [1]. Company Summary - Edgewater Wireless Systems Inc. is recognized as a pioneer in AI-powered Wi-Fi Spectrum Slicing technology, targeting residential, enterprise, and Industrial IoT markets [1]. - The appointment of Rick Bahr, who has a notable background with companies like Atheros and Qualcomm, is expected to strengthen the company's strategic direction and innovation in Wi-Fi technology [1]. Industry Context - The Wi-Fi semiconductor sector is evolving, with increasing demand for advanced technologies that support IoT applications, highlighting the importance of expertise in this field [1].

Summary of Key Points from the Conference Call Industry Overview - The conference focused on the technology sector, particularly the semiconductor and memory markets, highlighting the ongoing supply tightness and its implications for various applications, especially in AI and cloud computing [1][2]. Core Insights - **Memory Supply and Pricing**: There is a significant surge in memory prices, with Sandisk's NAND for enterprise SSDs expected to increase by over 100% quarter-on-quarter in the March quarter [2]. This price increase is driven by strong demand and supply constraints in the memory market [5]. - **AI Demand Divergence**: The demand for cloud AI applications is anticipated to grow significantly, while non-cloud AI applications may experience a decline. This divergence is attributed to uneven supply distribution favoring cloud AI [1]. - **Context Storage as a Bottleneck**: Jensen Huang from nVidia emphasized that as AI models grow, the retention and movement of context data will become critical, shifting the focus from just computing performance (FLOPS) to how context data is managed [3]. - **Incremental NAND Demand**: The introduction of the Inference Context Memory Storage Platform (ICMSP) by nVidia could lead to an incremental NAND demand of approximately 60EB in 2026, representing 10-20% of enterprise SSD demand [4]. Market Sentiment - Investor sentiment is increasingly optimistic regarding the memory upcycle, with a bullish outlook not only on DRAM but also on NAND, which was previously viewed with skepticism [5]. - The semiconductor wafer spot prices are recovering, with expectations of a 5-10% rebound in prices for certain memory makers in the first half of 2026 [14]. Supply Chain Dynamics - **CPO Demand**: The demand for CPO (Chip-on-Panel) version Spectrum-X switches is expected to be strong, with estimates suggesting 2-6 switches per Vera Rubin rack, indicating a positive outlook for the supply chain, particularly for companies like Himax and its partners [8]. - **Competitive Landscape**: Largan is partnering with TSMC to provide future CPO solutions, potentially positioning itself as a competitor to Himax and FOCI in the next generation of CPO technology [9]. Concerns and Risks - There are concerns regarding inventory restocking in non-cloud AI applications, particularly in the smartphone and PC markets, which may lead to weaker demand than previously expected. Global smartphone shipments are projected to decline by 2% year-on-year, with some companies forecasting declines of 10-15% [18]. Conclusion - The technology sector, particularly in semiconductors and memory, is experiencing significant changes driven by AI demand and supply chain dynamics. While there is optimism regarding memory pricing and demand, potential risks in non-cloud AI applications and inventory management could impact overall market performance [1][5][18].

Greater China Semi Global Markets Research EQUITY: TECHNOLOGY Non-AI trading opportunity? Extremely bearish market sentiment + stronger near-term datapoints Inventory replenishment drives stronger-than-expected 1Q26 outlook for non-AI applications; Realtek establishes presence in nVidia's Quantum-X InfiniBand Photonics Switch Over the past several days, the share prices of non-cloud AI-focused companies have outperformed the TAIEX (see Fig. 1 ), likely due to flow-driven sector rotation dynamics. From a dem ...

Ac t i o n | 09 Jan 2026 04:15:15 ET │ 17 pages TSMC (2330.TW) Reaching US$300bn in Revenue by 2030E CITI'S TAKE With strong demand for advanced node from AI datacenter and edge AI, we expect TSMC to guide for 20-25% revenue growth in 2026. Yet, we believe there is a strong chance that it could deliver stronger numbers eventually. With its previously guided +20% revenue 5-year CAGR, we expect TSMC's revenue to reach US$300bn in 2030E. We reiterate our Buy on TSMC with a higher target price of NT$2,450. We a ...