ab 4 August 2025 Global Research US Semiconductors and Semi Equipment SemiBytes: Hyperscaler Capex, MRVL Maia Math, Analog Update, KLAC Backlog/RPO, AMAT Preview Hyperscaler Capex Equities Americas Semiconductors Timothy Arcuri Analyst timothy.arcuri@ubs.com +1-415-352 5676 Grant Joslin Overall, we now expect $408B of C2025 hyperscaler capex, or $435B including key neoclouds, having heard from all hyperscalers this past week (ex. ORCL), vs. $367B/ $394B last week post Alphabet Q2. Alphabet's surprise lift o ...

Expert Opinion: Chris: In the past quarter, there have been several media and press reports suggesting that Microsoft is withdrawing from certain data center commitments or contracts. However, during the earnings call, management indicated that AI demand is very strong, stating that demand is exceeding supply and that they do not have enough data center space for fiscal year 2025. Is there a shift occurring in Microsoft's data center plans, or could you help clarify this seemingly contradictory message? Exp ...