Track semiconductors, computing infrastructure and the technology cycle.
Raw materials, administrative expenses and foreign-exchange losses weighed on profit; expanded high-end dielectric powder capacity and new data-center products could drive growth, though their commercialization is progressing at different rates.
Growth in semiconductor materials and the disposal of some printing consumables businesses changed the revenue mix, helping lift the third-quarter gross margin year over year. Nomura is optimistic about CMP polishing pad capacity expansion and growing photoresist sales, but display materials remain under near-term pressure from panel makers’ utilization rates.
This research selection examines potential demand for materials such as PEEK from humanoid robots and the ramp-up of Ampron's new sensor products. The latter's MEMS business is growing rapidly, but overall pressure sensor revenue growth remains low.
Rising DRAM prices pushed SK hynix’s revenue and operating profit above market consensus, but a valuation loss on its KIOXIA stake weighed on net profit. The company expects tight memory supply and demand to persist through 2030 and plans to significantly increase capital expenditure next year.
Third-quarter subscription revenue exceeded company guidance, but fourth-quarter guidance for growth in short-term contract balances fell. Bernstein believes revenue reclassification for AI deployment services, contract terms and acquisition effects complicate comparisons of the metric.
Oracle expects that an additional 20 billion dollars in financing will be enough to put it on a path to positive free cash flow, and has provided margin and return-on-investment guidance for AI computing capacity. Bernstein sees a better financial outlook than expected, but construction of large projects and renewals five to six years from now still affect its long-term assessment.
Buddy One connects WorkBuddy to Tencent’s workplace ecosystem; overseas cloud active customers doubled year on year, but the full release of Hunyuan Hy4.0 did not debut on the summit’s first day.
The US market and collectibles drove growth in eBay’s transaction volume, while Depop and livestreaming opened new avenues for growth. Bernstein raised its earnings forecasts and price target while monitoring the effect of investment on margins.
Bernstein raises its Cloudflare price target to $245, viewing Workers as a new growth engine; however, a slowdown in cloud-native projects could weigh on fourth-quarter revenue, and the stock trades above the firm's target.
Third-quarter revenue in 2026 was broadly in line with Goldman Sachs expectations, but net profit missed them by 32%. A higher share of overseas energy storage improved overall gross margin, while data center business growth slowed and domestic project margins came under pressure; Goldman Sachs cut its earnings forecasts and target price.
Domestic demand to replace laser equipment supports business growth, and robotic welding shipments have surpassed last year’s full-year total; gross margin nevertheless continued to decline quarter on quarter, and Goldman Sachs maintains a Neutral rating.
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.
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.
Large orders and early placements raised the third-quarter comparison base. Management expects fourth-quarter orders to fall sequentially but remain significantly above the prior-year level. Goldman Sachs raised its earnings forecasts while maintaining a Neutral rating.
A higher share of high-margin infrastructure business pushed third-quarter operating profit 49% above Goldman Sachs’ forecast. The company expects fourth-quarter gross margin to remain near 40%, but Goldman Sachs believes optical communications is ramping up slowly and maintains its sell rating.
