JPMorgan believes stable performance in the refrigeration business and incremental contributions from data-center cooling systems supported Sanhua’s recurring profit. However, rising expenses and changes in financial expenses weighed on net profit attributable to shareholders, while the robotics business remains at an early stage of small-batch production.
Supply bottlenecks and higher upstream prices weighed on third-quarter results; management expects sequential revenue growth and a gross margin recovery in the fourth quarter, while Morgan Stanley has raised its earnings forecasts for the next three years.
KLA expects revenue to keep growing sequentially over the next few quarters, and management believes it can outperform the wafer fab equipment market in 2027. Citi raised its forecasts while cutting its price target from $290 to $275 because of a lower valuation multiple.
ASE Technology Holding’s third-quarter net profit rose 28% quarter on quarter. Management expects advanced packaging revenue to double in 2027, and Citi raised its earnings forecasts, but capacity constraints and high capital expenditure continue to affect the pace of growth and cash flow.
Morgan Stanley maintains its $43 price target, with most of its valuation coming from data centers; lease terms for Helios II and debt costs for the next phase are key variables. Digital assets gross profit grew, but adjusted EBITDA swung to a loss.
Morgan Stanley raised its forecast for the share of KLA’s business from memory in 2027, expecting process-control demand for advanced DRAM to drive growth, but the cost of memory chips needed in the equipment itself will offset some of the margin improvement.
Samsung’s third-quarter semiconductor profit exceeded JPMorgan’s forecast, and HBM4 sales more than tripled quarter over quarter; but rising memory prices also weighed on its mobile business, and an additional shareholder return plan will have to wait until January 2027.
The MSCI China Index’s forward price-to-earnings ratio has fallen to 9.3 times, and central government-backed funds resumed buying in the second half. JPMorgan favors A-shares and large caps, but earnings estimate cuts, weak domestic demand and external trade restrictions remain constraints.
Richard Clarida, PIMCO global economic advisor and former Federal Reserve vice chair, says that after the policy meeting, several more rate hikes are needed to reach the “destination” rate. He also discussed the relationship between Warsh’s Jackson Hole speech and his remarks at the press conference.
In a CNBC Squawk Pod conversation, former National Economic Council director Gary Cohn says time is on the Federal Reserve’s side, while former New Hampshire governor Chris Sununu discusses the midterm elections and pressure on jet fuel prices from the war with Iran.
Bridgewater Co-Chief Investment Officer Greg Jensen says AI and modern mercantilism are feeding each other, concentrating power and accelerating change, while markets differ greatly in how they price the future.
a16z talks with Price-Wright and Love: US defense, energy, manufacturing and robotics are converging into a single story of “rebuilding the industrial base,” and a new generation of founders is applying lessons from SpaceX and Tesla.
20VC speaks with Lemkin and O’Driscoll: Anthropic files its S-1 ahead of a 2 trillion-dollar IPO. The two unpack the prospectus and the capital expenditure logic behind AI debt financing and the wave of layoffs.
WHOOP CEO Will Ahmed says the company holds more than 50 billion hours of continuous physiological data and has 4 million members, forming its data moat; he also discussed the subscription transition and the struggle with the FDA.
Matt Murphy, a Menlo Ventures partner and early Anthropic investor, says investors should first assess whether Anthropic is a sustainable business when reading its prospectus, then examine its compute commitments and risk factors.
Pershing Square founder Ackman says AI is the defining story of 2026, 2027 and beyond 2028, and that falling intelligence costs will reshape productivity, entrepreneurship and growth.
“Big Short” investor Eisman says Anthropic’s prospectus shows that its revenue growth has slowed significantly; he also discussed hyperscalers’ financial support for Anthropic and concerns about AI safety.
Revenue growth slowed to 4.4% year on year in the third quarter of 2026, while overseas sales continued to grow rapidly. Citi expects exports, domestic demand and easing cost pressures to lift net profit growth to 18% in 2027.
Annualized gross bookings rose 35% year over year in the third quarter, and pricing on new deals increased 12%; Goldman Sachs raised its price target, while higher fourth-quarter maintenance capital spending will weigh on AFFO.
