Track semiconductors, computing infrastructure and the technology cycle.
Management expects HBM supply constraints to ease gradually, while advanced packaging capacity expansion remains on schedule; smartphone demand is relatively weak, and domestic production of 2.5D depends on customer certification.
JPMorgan believes the large-scale ramp-up of AWS Trainium 3 liquid-cooling orders has shifted to the first half of 2027; Google TPU v8 and Nvidia VR200 have begun shipping, but the latter’s near-term volume is also being held back by downstream yields.
Third-quarter revenue rose 19.3% year over year, while fourth-quarter guidance matched market consensus but fell short of some optimistic expectations. Improved order visibility and growth in the automotive business support Goldman Sachs’ view for 2027, while customers have yet to show signs of restocking.
J.P. Morgan estimates that if data center investment declines in 2029–2030, the 2030 earnings per share of 11 equipment makers would average 38% below market expectations. Taking growth, valuation and fundamentals into account, the bank sees GE Vernova, nVent and Trane as relatively more attractive.
TrendForce expects server demand and limited additional supply to support DRAM price increases through the first half of 2028; average HBM prices are forecast to rise 122% year over year in 2027, but long-term agreements and weak consumer demand will affect the pace of increases.
HSBC expects Intel’s third-quarter revenue to exceed company guidance and continue growing in the fourth quarter. Server CPU capacity and shipments are key, while progress with advanced packaging customers affects the longer-term foundry valuation.
Overall gross margin rose quarter on quarter to 28.8% in the third quarter of 2026, exceeding Citi’s forecast and the market consensus but falling short of some investors’ expectations of around 30%. Citi is positive on ABF demand and margins and expects the adverse effects of BT capacity conversion to continue through the first half of 2027.
The new financing transaction will purchase Broadcom AI chips and networking equipment and lease them to Anthropic. Using the ratio from an earlier transaction, HSBC estimates that the new deal corresponds to 1.7 to 1.8 gigawatts of compute capacity, leaving room to reach the 2027 deployment target.
Third-quarter revenue rose 59% year on year, but net profit per unit fell quarter on quarter. Morgan Stanley expects the drag from the product mix to ease in part, but sees the tax burden and price competition in energy storage continuing to squeeze profit, and has lowered its target prices for the A and H shares.
Sales volume and prices jointly lifted third-quarter revenue. Morgan Stanley expects server demand and pricing to support further growth in the fourth quarter, although weakening consumer electronics demand remains a constraint.
Cash App loans are moving from four weeks to six. Higher fees help improve unit economics, but lending growth may slow and loss rates may rise; Square also faces intensifying competition and reinvestment needs.
Semiconductor and photonics businesses drove Chroma’s third-quarter revenue up 32% quarter on quarter. Morgan Stanley raised its earnings forecasts but lowered its target valuation multiple as sentiment toward the AI sector became more cautious, leaving its target price unchanged.
Upward revisions to historical data raised the comparison base, masking the extent of tightness in chip supply and demand; although supply has improved, demand and memory prices remain strong, and consumer electronics prices may face delayed pressure.
Nomura expects silicon photonics to expand its share of high-speed optical networks, while improved supply of low- and mid-range chips will coexist with a shortage of high-end lasers. VCSEL and MicroLED offer new routes for shorter-distance interconnects.
Postpaid phone net additions were the strongest for the same quarter in five years, while customer acquisition and retention costs fell; however, revenue per account continued to decline year over year, and fixed wireless broadband growth slowed further.
After recalculating, Bernstein lowered its estimate of the additional financing needed to fulfill existing orders from approximately 75 billion dollars to 18 billion–42 billion dollars; the funding requirement would rise substantially if it covered all contracted power capacity scheduled to come online by the end of 2028.
Revenue from a major customer’s computing capacity exceeded Deutsche Bank’s original model, prompting the bank to raise its fourth-quarter revenue forecast and price target. However, the timeline for achieving the 13-gigawatt computing-capacity target and securing the vast sums needed for construction remain key constraints on the expansion plan.
Deutsche Bank expects Palantir’s third-quarter revenue to exceed the midpoint of company guidance by 3% to 5%, with both commercial and government businesses supporting growth. But against a higher year-earlier base, even strong growth could appear as a slowdown in the year-over-year rate.
Third-quarter revenue was close to market expectations, but the IP business exceeded them, and the company raised its full-year revenue and earnings per share guidance. Goldman Sachs believes AI agents can generate direct fees and may also drive usage of underlying design tools.
NXP’s third-quarter revenue and margin came in slightly above market consensus, but its fourth-quarter revenue guidance was slightly below expectations. Bernstein raised its earnings forecasts but lowered its valuation multiple based on the growth outlook, cutting its price target from 290 dollars to 270 dollars.
