Track semiconductors, computing infrastructure and the technology cycle.
Jefferies sees cloud providers’ backlogs and business growth continuing to rise, but expects capital spending to keep depressing free cash flow; borrowing costs for new cloud providers are also climbing.
Samsung SDI is expanding energy storage supplies in the US, while LG Energy Solution advances local capacity; solid-state and semi-solid-state batteries are at different stages of commercialization, and lithium prices have fallen sharply over the past month.
Kioxia expects some enterprise SSD shipments to be delayed until early 2027, resulting in fourth-quarter revenue growth below Goldman Sachs’ expectations for its Korean peers. However, its 2027 capacity is essentially sold out, and long-term agreements extend beyond 2028.
TrendForce expects PC DRAM prices to rise more in the fourth quarter of 2026 than Goldman Sachs forecasts, while its server DRAM outlook is broadly in line; smartphone DRAM and NAND are constrained by inventories and purchasing appetite.
Third-quarter revenue in 2026 rose 25% quarter on quarter, exceeding Goldman Sachs’ forecast; a rising share of AI cabinets also weighed on the gross margin outlook, prompting the bank to cut its full-year profit forecast and price target.
Charging and consumer energy storage grew faster than Goldman Sachs expected, while cleaning appliances weighed on the smart home business. Improved expense efficiency supported profit, but the third-quarter gross margin declined slightly.
Third-quarter revenue rose 25% quarter over quarter and gross margin increased to 46.6%. Goldman Sachs is optimistic about the ramp-up of 1.6T optical modules, but has cut its revenue forecasts for the next three years and lowered its A- and H-share price targets because of tight component supplies.
A shift toward higher-specification products and higher DRAM prices boosted third-quarter profitability, with operating profit exceeding Goldman Sachs’ forecast by 29%; the bank expects revenue to continue growing in the fourth quarter, but gross margin and operating profit to decline quarter on quarter.
Nomura believes enterprise AI competition is shifting from model capabilities to the integration of applications and business processes. Meanwhile, ByteDance’s and Alibaba’s revenue advantages in China’s model-as-a-service market come from video generation and large language models, respectively.
Intel expects client revenue to fall more than 20% sequentially in the fourth quarter of 2026, with server growth insufficient to offset the decline. HSBC cut its price target to $160 but sees continuing value in improvements in server CPUs and the foundry business.
Industrial policy and technological maturity are moving satellite internet from validation to large-scale deployment. Brokerages are optimistic about supply-chain demand driven by mass production, but companies differ in their technology reserves, laboratory research and development, and progress in supplying existing products.
Wellsenn XR expects global AI glasses sales to rise from approximately 8.46 million units in 2025 to 90 million units in 2030. As demand expands, the market remains highly concentrated, and there is a time lag before related companies realize revenue.
Citi believes market share gains in industrial robotics and growth in humanoid robot components drove the acceleration in revenue; higher product volumes brought economies of scale, but gross margin remained below the year-earlier level.
Third-quarter revenue rose 25% quarter on quarter and net profit rose 9%; flooding in Thailand affected shipments at the end of the month. BofA lowered its earnings forecasts and valuation multiple, but believes customer orders and new product shipments still support growth in 2027–2028.
The ramp-up of a new platform and shipment delays slowed third-quarter revenue, but improving yields and higher utilization at the Thailand plant support BofA’s fourth-quarter outlook; expansion costs also prompted the bank to cut its earnings forecasts and price target.
In the third quarter of 2026, packaging and testing and electronics manufacturing drove 28% quarter-on-quarter revenue growth. The company raised its advanced packaging sales outlook; Bank of America is positive on capacity utilization and pricing but expects expansion to keep free cash flow under pressure.
Third-quarter results matched earlier guidance, but as of 26 October, interconnect chip orders scheduled for fourth-quarter delivery showed faster growth. Bank of America raised its earnings forecasts for the next three years, betting on growth in both server demand and the number of chips per server.
Third-quarter revenue rose 6% year over year, while net profit fell 62%. Weak consumer electronics demand and a slower-than-expected margin recovery prompted BofA to cut its earnings forecasts; the liquid-cooling business could begin contributing revenue in 2027.
Third-quarter revenue slightly exceeded consensus, but net profit attributable to shareholders fell about 13% short. Bernstein expects rising volumes of copper interconnects and optical modules to accelerate earnings growth from 2027.
Bernstein cuts its fiscal 2027 earnings forecast for Qualcomm: Apple-related revenue is expected to decline, the Android business also faces pressure, and the contribution from data center growth will take time to materialize.
