Revenue rose 11% year over year in the third quarter of 2026, but a lower gross margin and fair-value losses on investments reduced net profit by 72%. JPMorgan expects limited near-term gross-margin recovery and maintains its Underweight rating.
NXP management expects upgrades to automotive computing architectures to increase chip content per vehicle and plans to introduce new data-center revenue from the second half of 2027; current price increases are mainly intended to offset costs, while gross margin improvement depends on new-product ramp-ups and a wafer-fab ramp.
JPMorgan expects volatility-targeting strategies to remain under pressure to reduce positions. A tech index rebalance in December could change dividend and volatility pricing, while third-quarter earnings reported so far have beaten expectations by less than the recent average.
Emerging-market technology stocks were sold off, but earnings expectations were revised slightly higher; equity funds returned to net inflows, with the money coming mainly from passive funds.
Intel’s third-quarter data center revenue surged, but its fourth-quarter revenue and gross margin guidance fell below Bloomberg consensus estimates. JPMorgan sees server CPU demand and a shortage of ABF substrates as important sources of support for the electronic components supply chain.
Macroeconomic indicators improved slightly, but the consumption recovery was uneven: sportswear growth slowed, car sales fell, and only some luxury and beauty brands outperformed the market.
In the first 8 months of 2026, CATL’s growth in electric-vehicle battery installations outpaced the global market, with overseas growth offsetting share losses at some customers. However, its share in China’s best-selling models has fallen from its early-year peak.
Goldman Sachs raises its revenue estimates for Dell, HPE and NetApp while taking a bearish view of HP; investors are focused on whether enterprise IT demand can persist and on constraints from storage costs and financing for AI server customers.
After a strong August, month-on-month shipment growth in most semiconductor categories fell below historical seasonal levels in September; however, the three-month moving average of overall shipments rose to about 13% above the long-term demand trend.
The Goldman Sachs Analyst Index fell to 49.1, with its new orders component dropping to its lowest since May 2020; however, both manufacturing and services survey trackers edged up, and surveyed companies remained relatively optimistic about capital spending next year.
US technology stocks and the equal-weight index diverged in October. Goldman Sachs added Amphenol to its November Conviction List, expecting its copper cable and fiber-optic businesses to benefit from data center construction, while flagging risks to growth, margins and acquisition execution.
The ISM manufacturing index rose to 55.5 in October, but the final S&P Global manufacturing PMI was revised lower; construction spending fell 1.9% month over month in September, and Goldman Sachs maintained its fourth-quarter GDP growth tracking estimate.
In the third quarter of 2026, LONGi posted a net loss of approximately 1 billion yuan, less than Goldman Sachs and the market consensus expected. A higher share of sales in the premium overseas distributed-generation market was the main reason for the improvement in gross margin.
ECOVACS’ third-quarter 2026 revenue was broadly in line with Goldman Sachs’ expectations, but net profit was 61% below the bank’s forecast. Higher memory chip prices, exchange rates and competition combined to depress gross margin, prompting Goldman Sachs to cut its earnings forecasts and price target.
Quarter-on-quarter shipment growth in the third quarter failed to offset falling selling prices, and EBITDA was well below expectations. Goldman Sachs expects glass inventory drawdowns to support prices and maintains a Neutral rating.
At the announced prices, the transaction represents an enterprise value of 125 billion dollars for Lumentum. Marvell management expects the combination to expand its 2030 serviceable market and be accretive to non-GAAP earnings per share one year after closing.
New-home transactions rebounded week on week in week 44 but remained down year on year; cumulative existing-home transactions for the year outperformed new homes. Land transactions rose in October as supply and premium rates weakened.
Goldman Sachs’ fourth-quarter survey shows respondents generally expect China’s growth momentum to remain broadly unchanged over the next six months, although more anticipate a slowdown than an acceleration. Most expect modest fiscal easing and remain cautious about a rebound in consumption and inflation.
The RatingDog China Manufacturing PMI fell to 52.0 in October from 52.1 in the previous month, above Goldman Sachs’ forecast. The output index rose slightly, but the new export orders index retreated, and the gap between the input and output price indices continued to point to margin pressure.
