Track semiconductors, computing infrastructure and the technology cycle.
Apple and Alibaba are partnering to bring Qwen to the China version of Apple Intelligence. Sinolink Securities believes system interaction and the ability to perform tasks across apps will become important directions for device innovation.
Musk says Neuralink’s “Blindsight” product is technically ready and awaiting regulatory approval; Kaiyuan Securities regards 2026 as the first year of mass production for implantable brain-computer interfaces, with domestic production-line construction and product reviews progressing.
Changxin Technology has confirmed for the first time that its sixth-generation DRAM technology platform uses a 4F² architecture and has completed engineering sample verification. Institutions are also optimistic that domestic memory makers will benefit from the industry cycle as overseas original manufacturers shift capacity toward high-end products.
Data center demand lifted both capacitor revenue and margins, and Murata raised its full-year revenue and operating profit guidance; however, the capacitor order-to-shipment ratio has fallen as capacity expanded and seasonal factors took effect.
Data centers drove a 23% sequential increase in revenue in the first quarter of fiscal 2027, but cost pressures and cash flow performance remain important constraints; Bernstein’s higher forward EPS forecasts rely mainly on buybacks.
nVent’s third-quarter revenue rose 43.7% year over year, and its backlog increased sequentially to 2.6 billion dollars. Bernstein is optimistic about demand in 2027, but expects the two new plants’ revenue contributions to emerge mainly in the second half.
Repeat A200 orders and improving Matrics demand prompted Lasertec to raise the midpoint of its full-year order guidance to 450 billion yen; meanwhile, first-quarter revenue and operating profit were 33% and 41% below market consensus, respectively.
Interviews with legal experts by Bernstein show that data center deal activity remains strong, but power delivery timelines, tenant termination rights and credit guarantees together determine project financeability and risk allocation.
In the third quarter of 2026, Reddit revenue continued to grow rapidly, but US users fell quarter over quarter; Pinterest users continued to grow, but revenue fell below guidance. Bernstein believes the former’s user growth outlook is harder to judge.
KIOXIA’s second fiscal-quarter revenue rose 40% quarter over quarter, but its third-quarter revenue and operating profit guidance was nearly flat and well below market consensus. The company expects delayed enterprise SSDs to drive a rebound in shipments in the fourth fiscal quarter.
In the second quarter of the fiscal year ending March 2027, Tokyo Electron’s revenue and operating profit exceeded market consensus by 5.5% and 15.3%, respectively. The company raised its global equipment market outlook, but supplies of key components and working capital requirements continue to affect its ability to realize growth.
AMEC’s third-quarter revenue rose 17.2% year on year, missing the market consensus by 18%. Management said new orders and their growth rate reached record highs, but Bernstein believes supply shortages continue to constrain revenue growth. Gross margin improved, while recurring net profit fell quarter on quarter.
An increase in the profit share attributable to minority shareholders widened the gap between ChangXin Technology’s operating growth and growth in profit attributable to shareholders. Bernstein believes the company’s margins are now comparable to peers’, but third-quarter revenue was still below its forecast.
Early Google CPU orders drove GUC’s third-quarter revenue and operating profit above expectations. JPMorgan raised its earnings forecasts for the next two years, but expects the company to remain highly dependent on Google and its overall gross margin to decline in 2027.
Teradyne’s memory test equipment sales rose in the third quarter, while SoC test equipment sales declined sequentially. Management expects the trends to reverse in the fourth quarter; JPMorgan sees dual-supplier sourcing as a medium-term trend worth watching but sees no need for undue concern about Advantest’s SoC test equipment share at present.
In the third quarter of 2026, Digital Realty signed a record amount of new leases, driven by enterprise deployments and large-capacity projects. JPMorgan is positive on its global data center footprint, but rising expansion spending has also lowered its cash flow and margin expectations.
Third-quarter results exceeded JPMorgan’s expectations, but fourth-quarter revenue guidance fell below market consensus, and the enterprise and consumer businesses also face pressure in 2027. Faster merger-related cost savings and the AI skills platform are potential supports for profit improvement.
The volume of AI and data center bonds tracked by JPMorgan has been broadly flat since August, while spreads on project bonds relative to those of cloud giants continue to widen. The bank expects future deals to use more equity and less leverage, reducing pressure from bond supply.
Tesla’s Optimus has entered early production, Toyota plans to expand robot deployment in its factories, and Schaeffler has begun mass-producing joint components; dexterous operation, safety and durability will still determine the pace of adoption.
JPMorgan believes MediaTek is making progress both in the recent ramp-up of its data-center ASIC business and in expanding its long-term customer base; however, there is no clear revenue guidance yet for 2028, while market estimates have reached 40 billion to 50 billion US dollars.
