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Technology

Track semiconductors, computing infrastructure and the technology cycle.

Reports on this topic

Bernstein

Bernstein: Cambricon’s third-quarter results: Revenue ramp-up slower than expected as rising gross margin accompanies higher inventories and receivables

Third-quarter revenue in 2026 doubled year on year, but still fell short of the ramp-up pace expected by Bernstein and the market. Gross margin rose to 58.7%, supporting the pricing assessment, while inventories and accounts receivable continued to rise and operating cash flow was negative for the quarter. Supply and the pace of revenue recognition have become key constraints.

Goldman Sachs

Goldman Sachs: SMIC: AI demand supports capacity expansion; Goldman Sachs cuts long-term profit forecasts but maintains target price

Goldman Sachs remains positive on AI-driven demand for advanced and mature process technologies, but expects a slower pace of price increases for advanced processes and cuts its 2028 and 2029 net profit forecasts by 14% and 7%, respectively. After rolling its valuation basis forward to 2029, it maintains its Hong Kong share target price at HK$153.

Goldman Sachs

Goldman Sachs: Kingsoft Cloud third-quarter earnings preview: Easing compute constraints supports growth, while profit and funding remain constrained

Goldman Sachs expects Kingsoft Cloud’s third-quarter revenue to grow 34% year on year, driven mainly by accelerating demand from Xiaomi and the Kingsoft group. However, a return to normal expenses puts operating profit below consensus, while expansion also depends on customer prepayments and GPU leasing. Goldman maintains its Buy rating and cuts its target price to 15.5 US dollars.

Goldman Sachs

Goldman Sachs: How can AI glasses become an everyday tool? Goldman Sachs examines feature and hardware upgrades during a Rokid store visit

Rokid puts translation, navigation and teleprompter text in the wearer’s field of view, underpinning Goldman Sachs’ optimism about AI/AR glasses moving from entertainment devices to everyday tools. Industry shipments continue to grow, although second-quarter growth was slower than cumulative growth in the first half, and new products in the second half will also reshape the competitive landscape.

Goldman Sachs

Goldman Sachs: Can Palantir’s slowing growth still support a Buy rating? Goldman Sachs focuses on upward revisions and repeatable delivery

Goldman Sachs expects Palantir’s growth to slow over the coming year, but believes growth that remains above peers and upward revisions to earnings expectations can still support the stock. The key questions are whether deployment experience can be turned into software and whether customer budgets can expand as AI becomes more deeply embedded in business processes.

Goldman Sachs

Goldman Sachs: Wistron: September revenue falls short of Goldman Sachs forecast; AI rack ramp-up and lower expenses support earnings

Wistron’s September revenue was 18% below Goldman Sachs’ forecast. Goldman cut its revenue estimates but raised its net profit estimates on lower assumed R&D expenses. The fourth-quarter ramp-up in AI racks remains the main growth driver, but the model shows gross margin and operating profit declining quarter over quarter, and the target price was trimmed to NT$291.

Goldman Sachs

Goldman Sachs: SMIC: AI demand supports capacity expansion as Goldman Sachs cuts longer-term profit forecasts but maintains its price target

Goldman Sachs remains positive on foundry demand driven by AI and domestic substitution, but has assumed a slower pace of price increases for advanced processes, cutting its net profit forecasts for 2028 and 2029 by 14% and 7%, respectively. Its price target is unchanged, while the valuation basis has been rolled forward by one year.

J.P. Morgan

J.P. Morgan: Baidu third-quarter earnings preview: Cloud revenue accelerates as advertising and depreciation weigh on profit expectations

JPMorgan expects Baidu's AI cloud infrastructure revenue to rise approximately 90% year over year, but declining advertising revenue, depreciation and training investment will weigh on profit. The bank lowered its price target and maintained its Overweight rating, shifting its focus to cash collection and capital efficiency in the cloud business.

Bank of America

Bank of America: Super Micro Computer sharply raises revenue outlook. Why is Bank of America still worried about margins?

Super Micro Computer’s first-quarter revenue outlook for fiscal 2027 far exceeds its original guidance. Bank of America raised its full-year revenue forecast to 79.6 billion dollars and its price target to 38 dollars. However, a sequential decline in gross margin and continued cash tied up in working capital have led it to maintain its Underperform rating.

Citi

Citi: MiniMax open-sources M3.1 Flash: Citi focuses on inference efficiency and continuity of overseas services

M3.1 Flash processed more than 100 trillion tokens within 72 hours of launch. Citi attributes its acceptance to improved inference economics and suitability for enterprise agent workflows. Completion of procedures related to overseas open-sourcing has also eased concerns about service interruptions, but valuation remains constrained by risks of customer switching, competition and subsequent product launches.

Bank of America

Bank of America: Data center spending forecast doubles as power supply, cooling and delivery methods are reshaped

BofA raised its forecast for global data center capital expenditure in 2028 by 122% from its previous estimate, to about 2.1 trillion dollars. Equipment suppliers have opportunities from both market expansion and high-voltage direct current, separate liquid-cooling loops and factory prefabrication; however, the technology transition will replace some legacy equipment, and liquid-cooling deployment is also lagging investor expectations.

J.P. Morgan

J.P. Morgan: Bloom Energy raises full-year guidance again: higher product volumes lift profit, while cash flow and valuation impose constraints

Third-quarter revenue and adjusted EBITDA both exceeded market consensus, and Bloom Energy raised its full-year guidance for the third time this year. JPMorgan is optimistic about orders and economies of scale, but free cash flow was an outflow of 181 million dollars in the quarter, while lower peer valuations also brought the price target down to 292 dollars.

J.P. Morgan

J.P. Morgan: Chinese tech stocks pressured by redemptions as PCB earnings improvement spreads to smaller manufacturers and upstream suppliers

J.P. Morgan’s sales team believes policy-driven buying and ETF inflows have yet to offset local redemption pressure, leaving technology stocks more sensitive to positioning in the short term. Meanwhile, results from Shennan Circuits, Aoshikang and fiberglass cloth manufacturers show that earnings improvement is spreading across the PCB supply chain; back-end equipment is supported by higher packaging and testing capital expenditure.

J.P. Morgan

J.P. Morgan: China Telecom third-quarter results: narrower profit decline, improved cash flow supports dividends

China Telecom’s third-quarter net profit fell 14.7% year on year, but the declines in both service revenue and operating profit narrowed from the second quarter. JPMorgan believes VAT adjustments masked underlying operational resilience and expects profit to return to growth in 2027. Improved cash flow and attractive dividends are the main supports for its Overweight rating.

Morgan Stanley

Morgan Stanley: Cambricon’s third-quarter price increases lift profits; inventory expansion supports expectations of higher volume in 2027

Third-quarter revenue met Morgan Stanley’s expectations, while the profit beat came mainly from price increases for the MLU580 and MLU590. Inventory rose 41% quarter on quarter, which the bank sees as preparation for a subsequent ramp-up, though slower revenue recognition for the MLU690 and rising memory procurement costs also pose constraints.

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