Q3 F2026 Results Webcast Quarter Ended December 31, 2025 Disclosures In this presentation, "HIVE" or the "Company" refers to HIVE Digital Technologies Ltd (TSX.V: HIVE | NASDAQ: HIVE). Currency: All amounts are in US dollars, unless otherwise indicated. Forward Looking Information. Except for the statements of historical fact, this presentation contains "forward-looking information" within the meaning of applicable Canadian and U.S. securities regulations. These forward- looking statements are based on expe ...

Core Viewpoint - The semiconductor industry, particularly companies like TSMC, NVIDIA, and AMD, faces significant risks from potential tariffs on AI chips, which could impact profitability and market dynamics. Group 1: TSMC's Position and Tariff Risks - TSMC manufactures 90% of the world's advanced chips from Taiwan, making it highly vulnerable to tariff risks, especially with a potential 25% tariff on Taiwan-manufactured chips [4] - The company has raised its 2026 capital expenditure guidance to $56 billion, indicating confidence in AI demand, but this confidence is now challenged by tariff uncertainties [3] - TSMC's stock surged 8% following strong earnings, but this rally may be precarious if tariff details disappoint [6][22] Group 2: Impact on NVIDIA and AMD - NVIDIA and AMD rely on TSMC for manufacturing all their AI chips, making them susceptible to margin compression due to a 25% cost increase from tariffs [7][11] - NVIDIA generated $187 billion in trailing revenue with 70% gross margins, which cannot absorb a 25% cost increase without affecting demand or profitability [8] - AMD's revenue for Q3 increased by 36% year-over-year to $9.2 billion, but it has less pricing power than NVIDIA, making it more vulnerable to tariff impacts [11][12] Group 3: Qualcomm and Apple's Exposure - Qualcomm's exposure to tariffs is nuanced as it designs mobile processors and 5G chips, but still relies on TSMC for manufacturing, creating indirect exposure [15] - Qualcomm generated $44.3 billion in trailing revenue with 26% operating margins, which limits its ability to pass on tariff costs [16] - Apple is the least exposed to AI chip tariffs as it does not manufacture AI chips for external sale, allowing it to absorb incremental costs better than pure-play chip manufacturers [18][19] Group 4: Market Sentiment and Future Outlook - The market remains optimistic about AI demand, as evidenced by the rally in TSMC's stock, but the future profitability of companies like TSMC and NVIDIA will depend on tariff exemptions [21][22] - If tariffs force hyperscalers to delay purchases or negotiate price cuts, NVIDIA's operating margins could come under pressure [9]

Core Insights - The company has received White House approval to sell the H200 processors in China, leading to increased sales momentum as indicated by Jensen Huang [1] Group 1 - The approval from the White House is a significant milestone for the company, allowing it to expand its market presence in China [1] - The flow of H200 processors to China is expected to enhance the company's revenue and market share in the region [1]

Market Overview - The market experienced a gain at the opening but consolidated within a 15-point range towards the close, indicating a stable environment for the week ahead [1] - Low trading volume and liquidity suggest a quiet week, with a focus on technology and semiconductor sectors driving market performance [2][3] Technology Sector - Nvidia is preparing to ship H200s to China, contributing to a positive sentiment in the tech sector [4] - Micron's stock is rising following strong earnings, with guidance indicating they can only meet 50-65% of total demand, which may benefit other memory companies [14][15] - The tech trade is attempting to catch up after lagging earlier in the month, with fund flows directed towards previously oversold stocks [5][6] Metals Market - Silver has outperformed significantly, up over 130% this year, driven by positive retail inflows and a structural deficit in the market [7] - Gold is experiencing strong demand due to central bank purchases and currency debasement, with expectations of interest rate cuts contributing to its price movement [11][12] - The overall commodities market, particularly metals, is in a bull run, with potential for continued upward movement over the next few months [10] Economic Indicators - The VIX is currently low at 14.9%, indicating low market volatility, which is typical during holiday weeks [17] - The S&P 500 has key levels to watch, with support at 6,800 and resistance at 6,880, suggesting a cautious outlook for market movements [17]