Core Insights - Oracle Corp. and OpenAI have abandoned plans to expand their AI data center in Texas due to prolonged negotiations over financing and changing requirements from OpenAI [1][9] - The failed discussions have opened the door for Meta Platforms Inc. to consider leasing the expansion site in Abilene, Texas, with Nvidia facilitating these discussions [2][5] - The complexity of building AI data centers is highlighted, with costs expected to reach tens of billions of dollars and requiring collaboration among various partners [3] Company Developments - The Crusoe-owned data center in Abilene is part of the Stargate project, which was publicly announced last year, and while construction continues, Oracle and OpenAI have opted not to proceed with the expansion [4][8] - Oracle and OpenAI are utilizing Nvidia's AI semiconductors at the Stargate site, and Nvidia has taken steps to ensure its products are used in the expanded data center rather than those from competitors like AMD [5][7] - Oracle had previously agreed to develop 4.5 gigawatts of data center capacity for OpenAI, and this deal remains on track despite the recent developments [6] Market Impact - The news of the collapsed negotiations led to a decline in Oracle's shares by 1.2% to $152.96, with other companies involved in AI infrastructure also experiencing declines [6] - Meta has been investing heavily in AI infrastructure, projecting capital expenditures of up to $135 billion by 2026, indicating a strong commitment to expanding its capabilities in this area [7] Future Prospects - Negotiations between Meta and Crusoe for the Abilene expansion are still ongoing and may evolve, as Meta is also working on large data centers in other states [11] - OpenAI's infrastructure executive noted that while the expansion of the Stargate site was considered, additional capacity will be allocated to other locations [11]

4 March 2026 | 9:45PM EST Equity Research Broadcom Inc. (AVGO): Very strong guidance and commentary on key debates should drive stock higher - Buy Key stock takeaways: We expect the stock to trade meaningfully higher following guidance that came in well above the Street, as well as management commentary that we believe should address several key investor debates on the stock. First, Broadcom's incremental business visibility has led the company to guide FY27 AI semiconductor revenue significantly in excess ...

Summary of Greater China Semiconductors Conference Call Industry Overview - **Industry**: Greater China Semiconductors - **Outlook**: Bullish on Cloud, Memory, and Optical sectors, with a focus on accumulating investments ahead of the GTC (Graphics Technology Conference) [1][3] Key Insights - **Long-term Demand Drivers**: - **Top Investment Ideas**: - **Overweight (OW)**: - Memory stocks benefiting from AI: Winbond, Nanya Tech, APMemory, GigaDevice, Macronix - AI/datacenter semiconductors: Aspeed, WT Micro - CPO (Chip-on-Panel): TSMC, ASE, AllRing, KYEC, FOCI - **Equal Weight/Underweight (EW/UW)**: ASMedia, Realtek, Parade, Novatek, Himax, WPG, Nuvoton, Goodix, Phison [8] - **Market Dynamics**: - **Tech Inflation**: Anticipated price elasticity affecting demand for tech products, with rising costs in wafers, OSAT, and memory creating margin pressures for chip designers in 2026 [8] - **AI Cannibalization**: AI is expected to replace some human jobs, leading to demand weakness. The semiconductor supply chain is prioritizing AI semiconductors over non-AI semiconductors, contributing to shortages in T-Glass and memory [8] - **China AI Demand**: DeepSeek is driving inferencing AI demand, raising questions about the sufficiency of domestic GPUs. The potential shipment of Nvidia H200 could impact the domestic GPU supply chain [8] Valuation Comparisons - **Foundry, Back-end, Memory, IDM, and Semi Cap**: - Various companies were analyzed with metrics such as P/E ratios, EPS growth, and market cap. For example, TSMC has a target price of 2,088.0 TWD with a current price of 1,865.0 TWD, indicating a 12% upside [10] - **Memory Sector**: - GigaDevice (603986.SS) has a target price of 414.0 CNY, with a current price of 279.1 CNY, indicating a 48% upside. Winbond (2344.TW) has a target price of 155.0 TWD, with a current price of 104.0 TWD, indicating a 49% upside [10][14] Additional Insights - **NAND and NOR Flash Supply**: - Anticipated shortages in NAND and NOR flash into 2026 due to increased demand from AI storage [21] - **Cloud Capital Expenditure**: - Major Cloud Service Providers (CSPs) such as Amazon, Google, Microsoft, and Meta saw a 64% year-over-year increase in capital expenditure in Q4 2025, with an estimated total cloud capex spending of nearly US$685 billion in 2026 [42][50] - **AI Inference Demand**: - Monthly tokens processed by major CSPs indicate growing demand for AI inference, suggesting a robust market for AI-related semiconductors [61] - **TSMC Capacity Expansion**: - TSMC is expected to expand its CoWoS (Chip-on-Wafer-on-Substrate) capacity to 125kwpm by 2026 due to strong AI demand, having already doubled its capacity in 2025 [67][72] This summary encapsulates the key points from the conference call, highlighting the optimistic outlook for the semiconductor industry, particularly in the context of AI and cloud computing advancements.

J P M O R G A N Asia Pacific Equity Research 05 March 2026 Samsung Electronics Key takeaways from our Korea conference We hosted Samsung Electronics' management at the J.P. Morgan Korea conference and share our key takeaways: Overweight 005930.KS, 005930 KS Price (05 Mar 26):W193,100 Price Target (Dec-26):W240,000 Technology - Semiconductors Jay Kwon AC (82-2) 758-5725 jay.h.kwon@jpmorgan.com J.P. Morgan Securities (Far East) Limited, Seoul Branch Sangsik Lee (82-2) 758 5146 sangsik.lee@jpmorgan.com J.P. Mo ...

5 March 2026 | 4:19PM EST Equity Research Marvell Technology Inc. (MRVL): First Take: Strong guidance relative to muted investor expectations Key stock takeaways: We expect the stock to trade higher following an in-line quarter with guidance that was well ahead of the Street. We believe investor position was relatively cautious heading into the quarter based on recent trading reaction to computing peers' reports. From here, we believe stock performance is likely to hinge on the magnitude of Marvell's custom ...

March 5, 2026 10:13 PM GMT Rowdy Robot | North America Picks & Shovels Robot Expressions: Semis To build any form of AI in the physical world, you need lots of semis. Beyond GPUs, robots drive content across inference, sensing, analog, power and embedded control, creating a large, potentially underappreciated opportunity. We estimate the semi market for robotics could expand ~800x through 2050 M Update Adam.Jonas@morganstanley.com +1 212 761-1726 William Tackett, CFA Research Associate William.Tackett@morga ...

March 5, 2026 11:32 AM GMT Broadcom Inc. | North America AI Momentum Builds; Visibility and Margins Improve | What's Changed | | | | --- | --- | --- | | Broadcom Inc. (AVGO.O) | From | To | | Price Target | $462.00 | $470.00 | Reaction to earnings Strengthens our thesis Modest upside Meaningful revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Semiconductors | United States of America The quarter was ...

on 05-Mar-2026 FUTURE OF TECH 4 March 2026 Asia Tech Hardware Future of Tech - Mapping the CPO value chain Alex Wang, CFA +852 2123 2613 alex.wang@bernsteinsg.com Mark Li +852 2123 2645 mark.li@bernsteinsg.com Stacy A. Rasgon, Ph.D. +1 213 559 5917 stacy.rasgon@bernsteinsg.com Ethan Xu +852 2123 2634 ethan.xu@bernsteinsg.com Shirley Yang, CFA +852 2123 2660 shirley.yang@bernsteinsg.com Alrick Shaw +1 917 344 8454 alrick.shaw@bernsteinsg.com Arpad von Nemes +1 917 344 8461 arpad.vonnemes@bernsteinsg.com This ...

Accessible version The Flow Show Short = Long, Long = Short Scores on the Doors: oil 41.1%, commod 26.9%, gold 17.0%, int'l stocks 4.5%, govt bonds 0.8%, IG 0.8%, US$ 0.7%, HY 0.6%, cash 0.6%, SPX -0.2%, bitcoin -18.7% YTD. Zeitgeist: "Korea government backstopping a stock market that's doubled in past 12 months, tells you moral hazard bid intact, Asian & Gen Z retail froth ain't going away."1 The Biggest Picture: US politics says March de-escalation of Iran war; Trump approval on economy (40%) & inflation ...

公众号记得加星标⭐️，第一时间看推送不会错过。 在芯片设计步入"后摩尔时代"的当下，算力需求的爆炸式增长正迫使半导体行业从平面物理极限向 多维空间架构寻求突破。 近日，博通（Broadcom）正式宣布已交付业界首款基于其3.5D XDSiP（超大尺寸系统级封装）平台 打造的2nm定制计算SoC，并交付给首位客户富士通。 这一突破性成果不仅标志着2nm工艺与先进封装的首次合体，更凭借创新的面对面（Face-to-Face, F2F）堆叠技术，将互连信号密度提升了7倍，同时将接口功耗降低了整整10倍。 这一被博通称为业界首个的3.5D面对面计算芯片，标志着半导体封装技术的一次重要演进。随着AI 训练与推理需求持续攀升，3.5D XDSiP平台允许计算、内存和网络I/O在紧凑形态下独立扩展，为大 规模高效能计算提供了新的解决方案。 可见，从2.5D的平面平铺，到3D的垂直堆叠，再到如今博通定义的3.5D融合架构，封装技术早已不 再是芯片的"外壳"，而是决定大模型计算效率的核心战场。 本文将深入解析3.5D封装的技术细节，3.5D究竟是什么？它与2.5D、3D有何本质差异？探讨其如何 突破现有封装瓶颈，当前行业进展以 ...