Core Viewpoint - Wall Street is optimistic about Taiwan Semiconductor Manufacturing Company (TSMC), viewing it as a key player in the AI revolution and a strong investment opportunity due to its significant role in the semiconductor industry [1][4][16] Industry Overview - The semiconductor industry is crucial for the development of generative AI models, serving as the foundational hardware for technologies like ChatGPT [2] - TSMC is positioned at the intersection of technology and infrastructure, making it a vital component in the ongoing AI supercycle [4][10] Company Performance - TSMC is the largest chip manufacturer by revenue, surpassing competitors like Samsung and Intel, and is integral to the supply chains of major chip designers [9][10] - In Q4 2025, TSMC reported revenue of $33.7 billion, a 25% year-over-year increase, with a gross margin of 62%, up from 59% earlier in the year [12][13] - The company is experiencing increased demand driven by larger capital expenditures from hyperscalers, which enhances its pricing power and profit margins [13] Future Growth Potential - TSMC's CEO indicated plans for geographic expansion, suggesting that new facilities could contribute to growth by the end of the decade, aligning with the long-term AI megatrend [14] - Analysts are overwhelmingly bullish on TSMC, with 17 out of 18 rating the stock as a buy, and an average price target of $408, indicating a potential 19% upside [15] Investment Outlook - TSMC is seen as a compelling long-term investment due to its ability to grow revenue and profitability amid the ongoing AI infrastructure supercycle [16]

As the name suggests, the Direxion Daily Semiconductor Bull 3X Shares ETF ( SOXL ) is a 3x leveraged bet on the Semiconductor Index ( SOX ). That makes it a risky bet, but as this article highlights, some periods—like - like now - are riskier thanMy approach is long-term and I focus on investing in macro ideas through low risk ETFs and CEFs. I have traded stocks and currencies for nearly ten years and currently run a family fund with my partner and fellow SA contributor Andrew McElroy. I also invest in real ...

此次合作基于双方显著的技术互补性：睿戈智能深耕全自主无人机导航技术，具备从感知、定位到路径 规划的核心算法与硬件集成能力；邦粹科技则依托自主工业无线通信协议技术，提供低时延、高吞吐量 的可靠通信解决方案。根据协议，双方将整合导航与通信模块，致力于在自主飞行、实时交互与复杂环 境适应性等方面实现突破。 协议明确了清晰的研发分工与资源投入机制。睿戈智能将主导导航算法集成与无人机适配测试，邦粹科 技则专注通信协议实现与环境验证。双方将组建联合技术团队，共享测试平台与研发工具，并共同构建 从技术到产品的全链路合作模式。 此次签约不仅是企业间的技术协作，更是沈阳市以党建为纽带、推动产业链上下游协同攻关的生动体 现。在沈阳市集成电路产业集群党建工作协调委员会搭建的"党委统筹、多方联动、协同攻坚"机制下， 链上企业得以更高效地整合创新资源，围绕国家战略需求与产业关键环节开展联合研发，共同提升沈阳 集成电路产业的整体竞争力与安全性。 （来源：沈阳日报） 转自：沈阳日报 本报讯（沈阳日报、沈报全媒体记者黄超、黄书满）日前，在沈阳市集成电路产业集群党建工作协调委 员会成立大会上，沈阳邦粹科技有限公司与睿戈智能科技（沈阳）有限公司 ...

Core Viewpoint - Sandisk has experienced a significant stock price increase of approximately 1,050% since its re-entry into the public market as a spinoff from Western Digital, indicating strong market performance and investor interest [2][3]. Company Performance - Sandisk's stock surged after its separation from Western Digital, allowing it to concentrate on its flash memory business, which is in high demand due to the current AI boom [3][4]. - The company reported a 26% increase in data center revenue in the latest quarter, reaching $269 million, marking it as one of the fastest-growing segments for Sandisk [4]. Industry Context - The demand for high-speed digital storage has surged due to the requirements of AI, leading to a supply shortage that Sandisk has capitalized on by raising prices for its storage products [3][4]. - The overall market for flash memory is expected to grow as data centers increasingly require more storage solutions to support AI applications [3].

据报道，韩国AI芯片设计公司FuriosaAI计划通过D轮融资筹集3亿至5亿美元资金，将用于第二代RNGD 芯片的量产、全球业务扩张以及第三代芯片的研发。该公司计划最早2027年上市。 据报道，韩国AI芯片设计公司FuriosaAI计划通过D轮融资筹集3亿至5亿美元资金，将用于第二代RNGD 芯片的量产、全球业务扩张以及第三代芯片的研发。该公司计划最早2027年上市。 ...

格隆汇1月20日丨卓胜微(300782.SZ)在互动平台表示，公司L-PAMiD是业界首次实现全国产供应链的产 品系列，具备完整的自主可控能力。现阶段，公司积极推动全国产发射端模组L-PAMiD的市场化进 程，目前不同方案的L-PAMiD 产品已在多个品牌客户实现规模量产与交付。例如，在荣耀 Power2 机型 中，已成功量产交付，并在多元化应用场景中表现出显著的性能提升。公司将持续深化研发设计与芯卓 工艺能力的整合，与客户共同定义下一代技术的规格与实现路径，进一步推动技术能力跃迁，巩固市场 竞争力。 ...

Market Overview - U.S. equities showed resilient but volatile performance in Q4, with major indexes near all-time highs while market conditions shifted significantly beneath the surface [2] - The S&P 500 Index returned 2.7% during the quarter, while the Russell Midcap Growth Index declined 3.7%, indicating increased selectivity among investors [3] Performance Analysis - The ClearBridge Growth Strategy outperformed its benchmark for the third consecutive quarter, benefiting from early-quarter momentum in AI-related sectors and strong downside protection as risk appetite moderated [4] - The Strategy delivered a strong year, outperforming its benchmark by nearly 600 basis points (gross of fees), highlighting the importance of stock selection in a market where much of the upside is already priced in [6] Sector Contributions - Positive contributions came from the consumer discretionary and materials sectors, while the consumer staples and information technology sectors detracted from performance [20] - Notable contributors included Vertex Pharmaceuticals, Broadcom, Freeport-McMoRan, and TE Connectivity, while detractors included e.l.f. Beauty and Doximity [22] Portfolio Positioning - The Strategy reallocated capital towards opportunities with more attractive risk-reward profiles, including new positions in Vistra, Alnylam Pharmaceuticals, and Hilton [14] - The portfolio is more diversified across sectors and subsectors, improving resilience while maintaining the ability to capture long-term upside [7] Outlook - The outlook remains consistent with earlier assessments, emphasizing the importance of disciplined stock selection and a balanced approach to portfolio construction amid increased volatility [17] - AI continues to represent a long-term opportunity, with a focus on maintaining exposure within the AI complex while balancing offensive and defensive characteristics in the portfolio [18]

Market Overview - The storage sector saw a significant increase in early trading, with Baiwei Storage rising over 8%, and other companies like Tongfu Microelectronics, Purun Co., and Langke Technology also experiencing substantial gains [1][2]. Company Performance - Baiwei Storage (688525.SS) reported a price of 190.50, with an increase of 8.68% and a turnover rate of 7.26% [2]. - Tongfu Microelectronics (002156.SZ) had a price of 51.57, up by 7.01%, with a turnover rate of 9.80% [2]. - Langke Technology (300042.SZ) saw its stock rise by 5.30%, reaching a price of 31.21 [2]. - SK Hynix and Samsung Electronics, which together account for over 60% of NAND capacity, are reducing their flash memory production to maximize profits, potentially exacerbating supply shortages [3]. Industry Trends - Micron Technology indicated that the shortage of storage chips is expected to persist due to increased demand from AI infrastructure, with supply constraints likely to continue until 2026 [3][4]. - The global storage industry is shifting towards a "high profit, stable price, weak cycle" operational model, with DDR4 and DDR5 spot prices rising approximately 10% in the first half of January [3][4]. - The price of 16GB memory modules has surged from over 300 yuan a year ago to over 1100 yuan, reflecting a 2-3 times increase in other specifications [3]. Future Outlook - The storage industry's high demand is anticipated to drive growth in semiconductor equipment and materials companies, with domestic companies like Changxin Technology progressing in their IPOs, which may further expand capital expenditures [4]. - The introduction of new technologies, such as NVIDIA's memory storage platform, is expected to maintain the tight supply conditions in the storage sector, indicating a strong sustainability of the industry's super cycle [4][5].

19 January 2026 | 11:25PM HKT Equity Research VeriSilicon (688521.SS): Chairman visit: AI projects to empower cloud and edge devices; Strong orders to support growth ahead; Buy We hosted the VeriSilicon Chairman on Jan 15 at the GS Tech AI Outlook Corp Day in Hong Kong. Management is positive on the company's strong orders on hand by the end of 4Q25E (new orders from Oct 1st to Dec 25th reached historical high at Rmb2.5bn, or +130% YoY), with AI computing projects as the main contributor. With the delivery ...

19 January 2026 | 11:54PM HKT Equity Research China Semis: YJ Semi (688498.SS) Mgmt. visit: CW lasers in expansion; rising Silicon Photonics penetration rate in 800G / 1.6T We hosted YJ Semi (688498.SS, Not Covered) management on Jan 15 at the GS Tech AI Outlook Corp Day in Hong Kong. Management's positive tone on their optical module business echoes our positive view on: (1) AI infrastructure ramp up across US Cloud and China Cloud. Our global AI server volume implies demand for 11m/ 16m/ 21m AI chips in 2 ...