Track semiconductors, computing infrastructure and the technology cycle.
AppLovin’s third-quarter revenue and adjusted EBITDA both exceeded estimates, with the midpoint of its fourth-quarter revenue guidance at 2.385 billion dollars. Its advantages in game-advertising channels and ongoing algorithm improvements are key to understanding its growth.
Industrial and data-center demand drove Texas Instruments’ sequential revenue growth of 11% in the third quarter, while fourth-quarter guidance also came in above market consensus. Evercore ISI believes earnings still have room to rise, but P/E multiple compression could offset some earnings growth.
In the first quarter of fiscal 2027, data-center and communications revenue exceeded expectations, offsetting the shortfall in the industrial business. The company raised the midpoint of its next-quarter revenue guidance to 2.65 billion dollars, while margin improvement remains a focus.
Goldman Sachs expects Xiaomi’s third-quarter adjusted net profit to fall 57% year over year, but phone price increases and slower growth in memory costs are improving the business outlook; a lower auto revenue forecast and AI investment continue to weigh on earnings.
New games drove third-quarter revenue back to year-over-year growth, but upfront user-acquisition spending caused recurring net profit to fall 79% year over year. Goldman Sachs raised its revenue forecast, lowered its earnings forecast, and cut its target price to RMB 15.3.
Uber’s third-quarter Mobility revenue was below expectations, while its Delivery business was supported by high-frequency spending and expansion in grocery and retail. Management plans to increase investment in drivers and expects its autonomous vehicle fleet to grow to 2000 by the end of 2027.
Automotive and Internet of Things businesses were stronger than expected, while the handset business remained weak. Qualcomm’s revenue guidance for the next fiscal quarter exceeded market consensus, but its earnings-per-share guidance fell below consensus. Goldman Sachs expects the share price to decline slightly.
TSMT’s optical module assembly business launched on schedule in the third quarter, while DRAM shipments rose about thirty percent quarter on quarter. JPMorgan expects high-value 1.6T products to partly offset the impact of component shortages, while lowering its earnings forecasts and price target.
Third-quarter DRAM price increases exceeded JPMorgan’s expectations, and HBM pricing negotiations also made progress; however, weakening PC and mobile phone demand and concerns about AI financing are weighing on memory stocks in the short term.
CFMEE’s third-quarter revenue and net profit both more than doubled year on year, while orders and operating cash flow continued to grow. Nomura Orient International maintained its earnings forecasts and Buy rating, but cut its target price from 524.66 yuan to 372.59 yuan due to lower peer valuations.
Supply of first-person video is increasing and prices are falling, but teleoperation data has a higher usable yield, while its collection is constrained by equipment and capacity. Nomura believes near-term value is concentrated in data validation, integration and contact-data collection.
Third-quarter revenue in 2026 exceeded Citi’s expectations, but net profit fell short. A higher share of non-consumer business improves the outlook for the slow season. Citi raised its revenue forecasts while lowering its target price.
Super Micro Computer’s revenue and gross margin for the first quarter of fiscal 2027 exceeded its preliminary ranges, with AI driving growth and the company raising its full-year guidance. Bernstein raised its earnings forecasts but remains cautious about converting backlog into revenue and free cash flow.
KLA raised its revenue outlook for the second half of 2026, with revenue guidance for the quarter ending in December above market consensus. Evercore ISI is positive on investment in memory and advanced processes, while expecting higher component prices to limit gross margin improvement and late-cycle valuation contraction to potentially offset some earnings growth.
The company plans to increase the share of humanoid robot reducers in its shipments and continue expanding capacity, but lower selling prices and labor costs during the expansion are constraining near-term gross margins. Citi also sees its in-house CNC machine tools as a competitive advantage.
Bernstein expects the Texas data center moratorium to continue and has lowered its price targets for miners transitioning to AI infrastructure amid approval uncertainty and rising financing costs; the scarcity value of approved power coexists with project financing and delivery pressures.
The project pipeline grew 7% month over month in October, with capacity under construction rising to 87.2GW; but shelved capacity increased by 9.4GW in a single month, as political restrictions and project approvals affect the conversion of projects into construction.
A fire at an Italian wafer plant caused third-quarter revenue and gross margin to fall short of expectations, while production line reconstruction and legacy long-term contracts limit fourth-quarter improvement. Citi has cut its earnings forecasts and target price while remaining positive on a recovery in demand and prices in 2027.
Third-quarter optical module revenue rose more than 50% quarter on quarter, but tight DSP supply could affect deliveries over the next two quarters. Citi cut valuation multiples and maintained its Buy rating.
In the third quarter of 2026, Chinese battery makers' revenue grew 10%–20% quarter on quarter, but profit per unit generally declined. HSBC expects tax pressure to persist through the first quarter of 2027, with revenue recognition from overseas energy storage projects potentially providing a buffer.
