Track semiconductors, computing infrastructure and the technology cycle.
Third-quarter new orders substantially exceeded company guidance, with large SMT orders and orders placed early lifting the quarter’s base; fourth-quarter revenue growth is expected to come mainly from SMT, while advanced packaging products have longer lead times.
Management says demand from AI data centers, automotive and industrial applications is strong, while smartphone demand is relatively weak; overseas 2.5D packaging is scheduled for commercial production in the first quarter of 2027, while domestic progress depends on customer certification.
A Together AI expert interviewed by Nomura says DeepSeek 4.1 Flash is widely popular on the platform thanks to its sufficient capabilities for everyday tasks and lower costs. Agent applications and overseas compute demand from Chinese model developers also create opportunities for inference providers.
Global business growth accelerated in the third quarter, partly benefiting from the recovery of revenue delayed in the second quarter. The company raised its full-year revenue and profit guidance, and Goldman Sachs subsequently increased its earnings forecasts and price target.
Goldman Sachs expects fourth-quarter DRAM shipment growth and the ramp-up of HBM4 to continue lifting operating profit, and has raised its earnings-per-share forecasts for 2027–2028; however, investment asset losses reduced net profit quarter on quarter in the third quarter.
TE Connectivity’s fiscal-quarter results and guidance for the next quarter both exceeded market expectations, but the data center business’s beat was limited. Management expects the business to add at least 1 billion dollars in revenue annually over the next several years, with growth in fiscal 2027 weighted toward the second half.
Bloomberg reports that the two companies are in advanced talks. Bernstein believes an acquisition fits Marvell’s optical strategy, but the size of the deal could make all-cash financing difficult and change laser customers’ purchasing choices.
Bernstein estimates that the combined transaction value represents about 3.5% of the entire U.S. grocery market and about 23% of the online grocery market; looking only at third-party platforms, the share rises to 88%. The deal is still under negotiation, and financing arrangements have not been determined.
Branded checkout growth fell to 1% in the third quarter, but expense controls drove better-than-expected earnings. Bernstein sees financial services becoming a new source of transaction profit and is watching whether AI agent shopping can reshape PayPal’s value.
Corning’s third-quarter revenue and earnings per share both exceeded expectations, with optical communications the main contributor, but free cash flow fell short. The company’s fourth-quarter revenue guidance was below Bernstein’s forecast, while its earnings-per-share guidance was higher.
Third-quarter revenue and earnings per share both beat expectations. Bernstein believes the scale of the OpenAI project deployment could bring greater growth, but the company's 2027 margin guidance is below the firm's forecast, and capacity expansion is expected to turn free cash flow negative.
Hard-drive capacity shipments and prices both rose, and Seagate’s guidance for the next quarter was well above market expectations. Potential industry capacity expansion and lower peer valuations, however, also constrain the stock’s valuation.
Based on the size of an earlier deal, HSBC estimates that the new financing could support approximately 1.7 to 1.8 GW of computing capacity deployment. Against Broadcom management’s target of deploying 5 GW in 2027, the question of whether further similar financing will be needed has come into focus.
Higher server memory and enterprise SSD prices drove SK hynix’s third-quarter revenue and operating profit to quarterly records, but foreign-exchange and investment valuation losses left net profit below expectations. The company also announced a large shareholder return plan and expects memory shipments to accelerate in the fourth quarter.
Besi has received cumulative demand for more than 215 hybrid bonding tools from 23 customers. Adoption in logic-chip mass production is progressing faster, while HBM orders remain focused on research and development and pre-production preparations. JPMorgan maintains its Overweight rating and is watching the timing of technology adoption.
Higher copper, gold and plastic prices weighed on third-quarter gross margin, but the transition to new CPU platforms could give Lotes an opportunity to pass on costs. Morgan Stanley upgraded the stock and expects AI products to contribute more rapidly in 2027.
In the week ended 23 October, North American internet stocks as a whole underperformed the broader market, with particularly sharp declines in digital advertising. Morgan Stanley’s valuation comparison shows that earnings multiples have fallen below historical averages, while revenue multiples remain high; stock-based compensation costs also change how valuations look.
Third-quarter revenue rose 22% year over year, and full-year revenue and earnings per share guidance were both raised. Morgan Stanley believes record orders have improved revenue visibility, but the contribution from AI revenue has yet to be quantified separately, while acquisition integration is also weighing on near-term margins.
Agibot plans to put robots to work continuously in a convenience store; overseas AI drug discovery partnerships are increasing, while Vertiv’s order and earnings growth reflects expanding demand for data-center liquid cooling. Some related projects remain at the validation, inventory-building or preferred-bidder stage.
Revenue rose 63% year on year in the first three quarters, with demand for AI computing-chip testing driving orders. Volume orders for memory products increased, while investment in capacity expansion also accelerated markedly.
