Group 1: Broadcom (AVGO US) - The report initiates coverage on Broadcom with a "Buy" rating, setting a target price of $425, indicating a potential upside of 24.1% from the closing price of $342.46 [1] - Broadcom is expected to be the second-largest company in terms of AI exposure among those covered, with projected AI semiconductor revenue growth of 87% CAGR from fiscal years 2025 to 2027, and EPS growth of 33% CAGR during the same period [1][2] - The company has established a leading position in ASIC acceleration chip technology through over a decade of collaboration with Google, and has signed development agreements for xPU acceleration chips with five major clients [2] Group 2: Financial Projections - For fiscal years 2025, 2026, and 2027, Broadcom's total revenue is projected to be $633.5 billion, $898.8 billion, and $1,170.7 billion, respectively, with Non-GAAP gross margins of 78.4%, 73.9%, and 70.8% [3] - Non-GAAP diluted EPS is forecasted to be $6.84, $9.51, and $12.00 for the fiscal years 2025, 2026, and 2027 [3] Group 3: VMware Integration - The integration results of VMware have exceeded expectations, contributing positively to Broadcom's growth outlook driven by AI [3] - The report emphasizes the importance of AI communication networks in data center chips, predicting significant revenue contributions from AI-related businesses in the upcoming fiscal years [2] Group 4: Legend Biotech (LEGN US) - Legend Biotech continues to reduce losses in Q3 2025, with a revenue increase of 70% year-on-year and 7% quarter-on-quarter, driven by high growth expectations for Carvykti sales in 2026 [4][7] - The projected sales for Carvykti in 2026 are expected to reach $2.8 billion, a 45% year-on-year increase, supported by expanded applications in frontline treatments and anticipated approval for Raritan's expansion [4] - The management maintains guidance for achieving commercial profitability for Carvykti in 2025 and overall breakeven for the company in 2026 [4]

Core Viewpoint - Rambus Inc. (RMBS) is expected to report second-quarter 2025 results on July 28, with projected revenues of $167 million, reflecting a 21.7% year-over-year increase, and earnings per share (EPS) of 61 cents, indicating a 32.6% increase from the previous year [1][10]. Financial Performance - The Zacks Consensus Estimate for Rambus' second-quarter revenues is $167 million, suggesting a 21.7% increase from the year-ago quarter's reported figure [1][10]. - The consensus mark for earnings per share is pegged at 61 cents, indicating a 32.6% increase from the year-ago quarter's figure [1][10]. - In the trailing four quarters, RMBS' earnings beat the Zacks Consensus Estimate three times and matched once, with an average surprise of 4.63% [2]. Factors Influencing Performance - Increased demand for DDR5 memory chips is likely to have positively impacted Rambus' quarterly performance [3]. - The traction in newly introduced chips, including PMICs, MRDIMM chipsets, and Client Clock Drivers, is expected to benefit from customer qualification cycles in server and client markets [3]. - Demand from PC manufacturers and data-center operators is anticipated to have contributed to Rambus' growth [4]. - The growth of AI applications and the HBM4 market is expected to boost demand for Rambus' memory and interconnect IP, including PCIe 7 and Quantum Safe security IP [4]. Future Outlook - Rambus plans to target high-end systems requiring greater bandwidth and capacity in the second half of fiscal 2026, which is likely to reflect positively on the company's top line [5]. - Anticipated growth of Rambus' MRDIMMs in the second half of fiscal 2026 is expected to contribute positively to revenue [5]. Challenges - The weakening global economy amid ongoing macroeconomic and geopolitical issues may have negatively impacted RMBS' performance in the second quarter [6]. - Mid-single-digit price erosion due to annual contract renegotiations may also have affected Rambus' second-quarter results [6].