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𝗣𝗮𝗿𝘁 5 𝗼𝗳 𝗺𝘆 𝗔𝗜 𝗯𝘂𝗶𝗹𝗱𝗼𝘂𝘁 𝗺𝗮𝗽: 𝗚𝗿𝗶𝗱 𝘁𝗼 𝗥𝗮𝗰𝗸.
One megawatt, followed from the power plant to the GPU. 118 public companies, grouped by the step they sell into.
Part 4 found about 1 GW of the 6.2 GW under contract at live today $IREN $CIFR $APLD $WULF. The rest waits on the steps below.
1. $GEV GE Vernova expects at least 125 GW of gas equipment under contract by year end
2. Mitsubishi Heavy (7011.T) says its June quarter gas turbine orders are mostly scheduled to deliver in 2028 to 2030
3. $SO Georgia Power will serve OpenAI's roughly 3.2 GW campus near Savannah under a 25-year agreement
4. Hitachi Energy, part of Hitachi (6501.T), had a backlog of about $63.6B at the end of June
5. Infineon (IFX.DE) told investors it is in allocation on AI power chips
6. $TXN Texas Instruments' data center revenue rose about 95% in Q3
7. $CARR Carrier's data center orders rose more than 300% in Q2
𝗣𝗮𝗿𝘁 5 𝗼𝗳 𝗺𝘆 𝗔𝗜 𝗯𝘂𝗶𝗹𝗱𝗼𝘂𝘁 𝗺𝗮𝗽: 𝗚𝗿𝗶𝗱 𝘁𝗼 𝗥𝗮𝗰𝗸.
One megawatt, followed from the power plant to the GPU. 118 public companies, grouped by the step they sell into.
Part 4 found about 1 GW of the 6.2 GW under contract at live today $IREN $CIFR $APLD $WULF. The rest waits on the steps below.
1. $GEV GE Vernova expects at least 125 GW of gas equipment under contract by year end
2. Mitsubishi Heavy (7011.T) says its June quarter gas turbine orders are mostly scheduled to deliver in 2028 to 2030
3. $SO Georgia Power will serve OpenAI's roughly 3.2 GW campus near Savannah under a 25-year agreement
4. Hitachi Energy, part of Hitachi (6501.T), had a backlog of about $63.6B at the end of June
5. Infineon (IFX.DE) told investors it is in allocation on AI power chips
6. $TXN Texas Instruments' data center revenue rose about 95% in Q3
7. $CARR Carrier's data center orders rose more than 300% in Q2
𝗣𝗮𝗿𝘁 4 𝗼𝗳 𝗺𝘆 𝗔𝗜 𝗯𝘂𝗶𝗹𝗱𝗼𝘂𝘁 𝗺𝗮𝗽. Who signed AI data center leases, and how much is actually live.
A lease pays only once the building goes live. Most of it is still being built. Card 1 is the build calendar, card 2 is the scoreboard.
𝗗𝘂𝗲 𝗶𝗻 𝗤4
1. $BTDR 2. $DGXX Digi Power X, first phase for Cerebras
3. $WULF TeraWulf, next Lake Mariner building
4. $IREN IREN, rest of the Microsoft build
𝗪𝗼𝗿𝘁𝗵 𝘄𝗮𝘁𝗰𝗵𝗶𝗻𝗴
1. $CRWV CoreWeave, tenant at Applied Digital, Core Scientific and Galaxy
2. $NBIS Nebius, Microsoft and Meta are its biggest customers
3. $MARA MARA, gigawatt-scale power, no signed AI lease yet
4. $CIFR Cipher, rent started, live MW not disclosed. Q3 update Nov 2
I own IREN, Applied Digital, Cipher, Hut 8 and Riot.
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$OSS just got its Gen5 4UP-MAX qualified on a tier 1 enterprise server platform. It adds up to eight 675W AI accelerators to servers companies already own.
This is a highly strategic hardware drop by $OSS. Bringing AI to the tactical edge requires enormous compute, but the military is bogged down by legacy VPX architecture. Instead of fighting that reality, $OSS is bridging it. If Tamarack-G can actually deliver 600x lower latency acy boxes, this becomes a no-brainer SWaP (Size, Weight, and Power) upgrade for autonomous and Counter-UAS military vehicle programs.
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Stocks rose on the day Anthropic made its IPO filing public.
𝗔𝗻𝘁𝗵𝗿𝗼𝗽𝗶𝗰 𝗯𝗿𝗼𝘂𝗴𝗵𝘁 𝗶𝗻 $16.3 𝗯𝗶𝗹𝗹𝗶𝗼𝗻 𝗼𝗳 𝗿𝗲𝘃𝗲𝗻𝘂𝗲 𝗶𝗻 𝘁𝗵𝗲 𝗳𝗶𝗿𝘀𝘁 𝗵𝗮𝗹𝗳 𝗼𝗳 2026, 𝗺𝗼𝗿𝗲 𝘁𝗵𝗮𝗻 3.5 𝘁𝗶𝗺𝗲𝘀 𝗶𝘁𝘀 𝗿𝗲𝘃𝗲𝗻𝘂𝗲 𝗳𝗼𝗿 𝗮𝗹𝗹 𝗼𝗳 2025.
The S-1 lists the Wall Street Journal reported the listing is aimed at the week of Nov. 16. The founders' letter in the filing: "𝙒𝙚 𝙗𝙚𝙡𝙞𝙚𝙫𝙚 𝙩𝙝𝙖𝙩 𝘼𝙄 𝙞𝙨 𝙤𝙣𝙚 𝙤𝙛 𝙩𝙝𝙚 𝙢𝙤𝙨𝙩 𝙘𝙤𝙣𝙨𝙚𝙦𝙪𝙚𝙣𝙩𝙞𝙖𝙡 𝙩𝙚𝙘𝙝𝙣𝙤𝙡𝙤𝙜𝙞𝙚𝙨 𝙞𝙣 𝙝𝙪𝙢𝙖𝙣 𝙝𝙞𝙨𝙩𝙤𝙧𝙮."
EQT CEO Toby Rice on the $RRC deal: "𝙏𝙝𝙞𝙨 𝙩𝙧𝙖𝙣𝙨𝙖𝙘𝙩𝙞𝙤𝙣 𝙗𝙧𝙞𝙣𝙜𝙨 𝙩𝙤𝙜𝙚𝙩𝙝𝙚𝙧 𝙩𝙬𝙤 𝙤𝙛 𝙩𝙝𝙚 𝙝𝙞𝙜𝙝𝙚𝙨𝙩-𝙦𝙪𝙖𝙡𝙞𝙩𝙮, 𝙡𝙤𝙣𝙜𝙚𝙨𝙩-𝙙𝙪𝙧𝙖𝙩𝙞𝙤𝙣 𝙖𝙨𝙨𝙚𝙩 𝙗𝙖𝙨𝙚𝙨 𝙞𝙣 𝙉𝙤𝙧𝙩𝙝 𝘼𝙢𝙚𝙧𝙞𝙘𝙖"
$VZ CEO Dan Schulman, after raising guidance for a third straight quarter: "𝙀𝙫𝙚𝙧𝙮 𝙣𝙚𝙬 𝙡𝙞𝙣𝙚 𝙬𝙚 𝙖𝙙𝙙𝙚𝙙 𝙙𝙚𝙡𝙞𝙫𝙚𝙧𝙚𝙙 𝙧𝙚𝙫𝙚𝙣𝙪𝙚. 𝙏𝙝𝙚𝙧𝙚 𝙬𝙚𝙧𝙚 𝙣𝙤 𝙛𝙧𝙚𝙚 𝙡𝙞𝙣𝙚𝙨."
The Fed announces its rate decision Wednesday at 2:00 PM ET.
𝗔𝗻𝘁𝗵𝗿𝗼𝗽𝗶𝗰 𝗯𝗿𝗼𝘂𝗴𝗵𝘁 𝗶𝗻 $16.3 𝗯𝗶𝗹𝗹𝗶𝗼𝗻 𝗼𝗳 𝗿𝗲𝘃𝗲𝗻𝘂𝗲 𝗶𝗻 𝘁𝗵𝗲 𝗳𝗶𝗿𝘀𝘁 𝗵𝗮𝗹𝗳 𝗼𝗳 2026, 𝗺𝗼𝗿𝗲 𝘁𝗵𝗮𝗻 3.5 𝘁𝗶𝗺𝗲𝘀 𝗶𝘁𝘀 𝗿𝗲𝘃𝗲𝗻𝘂𝗲 𝗳𝗼𝗿 𝗮𝗹𝗹 𝗼𝗳 2025.
The S-1 lists the Wall Street Journal reported the listing is aimed at the week of Nov. 16. The founders' letter in the filing: "𝙒𝙚 𝙗𝙚𝙡𝙞𝙚𝙫𝙚 𝙩𝙝𝙖𝙩 𝘼𝙄 𝙞𝙨 𝙤𝙣𝙚 𝙤𝙛 𝙩𝙝𝙚 𝙢𝙤𝙨𝙩 𝙘𝙤𝙣𝙨𝙚𝙦𝙪𝙚𝙣𝙩𝙞𝙖𝙡 𝙩𝙚𝙘𝙝𝙣𝙤𝙡𝙤𝙜𝙞𝙚𝙨 𝙞𝙣 𝙝𝙪𝙢𝙖𝙣 𝙝𝙞𝙨𝙩𝙤𝙧𝙮."
EQT CEO Toby Rice on the $RRC deal: "𝙏𝙝𝙞𝙨 𝙩𝙧𝙖𝙣𝙨𝙖𝙘𝙩𝙞𝙤𝙣 𝙗𝙧𝙞𝙣𝙜𝙨 𝙩𝙤𝙜𝙚𝙩𝙝𝙚𝙧 𝙩𝙬𝙤 𝙤𝙛 𝙩𝙝𝙚 𝙝𝙞𝙜𝙝𝙚𝙨𝙩-𝙦𝙪𝙖𝙡𝙞𝙩𝙮, 𝙡𝙤𝙣𝙜𝙚𝙨𝙩-𝙙𝙪𝙧𝙖𝙩𝙞𝙤𝙣 𝙖𝙨𝙨𝙚𝙩 𝙗𝙖𝙨𝙚𝙨 𝙞𝙣 𝙉𝙤𝙧𝙩𝙝 𝘼𝙢𝙚𝙧𝙞𝙘𝙖"
$VZ CEO Dan Schulman, after raising guidance for a third straight quarter: "𝙀𝙫𝙚𝙧𝙮 𝙣𝙚𝙬 𝙡𝙞𝙣𝙚 𝙬𝙚 𝙖𝙙𝙙𝙚𝙙 𝙙𝙚𝙡𝙞𝙫𝙚𝙧𝙚𝙙 𝙧𝙚𝙫𝙚𝙣𝙪𝙚. 𝙏𝙝𝙚𝙧𝙚 𝙬𝙚𝙧𝙚 𝙣𝙤 𝙛𝙧𝙚𝙚 𝙡𝙞𝙣𝙚𝙨."
The Fed announces its rate decision Wednesday at 2:00 PM ET.
Anthropic's biggest first-half cost has nothing to do with running the business.
Its convertible notes have fixed conversion prices, so each jump in its valuation makes them worth more, and Anthropic books that rise as a loss. The S-1's pro forma figures strip out the part tied the IPO.
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My own dashboard has $IREN in a bear market trend on almost every line.
The $9.7B $MSFT contract alone is close to its $10.9B market cap. Horizon 1 was delivered in August.
I still holding and adding it.
The $9.7B $MSFT contract alone is close to its $10.9B market cap. Horizon 1 was delivered in August.
I still holding and adding it.
My own dashboard has $CIFR in a bear market trend on almost every line.
Wells Fargo values only the contracts it has already signed at $29.67 a share. The stock is $7.92.
I am still holding and adding.
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Banks are funding $63B of $AVGO chips for Anthropic through a new SPV, with deliveries from 2027.
Two lines tie $AVGO to the outcome. It backs the chips' value up to the size of the first-lien loan. And per Anthropic's S-1, part of the rent can be paid in notes that convert into Anthropic stock.
Two lines tie $AVGO to the outcome. It backs the chips' value up to the size of the first-lien loan. And per Anthropic's S-1, part of the rent can be paid in notes that convert into Anthropic stock.
Three of Anthropic's new-share paths are priced off the stock itself.
The $AMZN and $GOOGL facilities settle at the 30-day average price, and $AVGO's notes convert at 10% below it. If ANT falls, the same dollars turn into more shares.
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$RMBS Rambus beat consensus on revenue and EPS, and guided Q4 above the Street.
At last year's tax rate, EPS lands near $0.80, a thinner beat. Q3 buybacks averaged about $96 a share, above today's price.
At last year's tax rate, EPS lands near $0.80, a thinner beat. Q3 buybacks averaged about $96 a share, above today's price.
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Cadence $CDNS beat Q3 on revenue (+1.4%) and EPS (+2.9%) and raised 2026 for the third time this year.
The raise outran the beat. Implied Q4 is now ~$78M above July's numbers.
Ex the February acquisition, growth is ~18% on my estimate. 2027 margins are the real test.
The raise outran the beat. Implied Q4 is now ~$78M above July's numbers.
Ex the February acquisition, growth is ~18% on my estimate. 2027 margins are the real test.
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$AMKR Q3 missed consensus by about 2% on both revenue and EPS, and gross margin slipped under the low end of its own July guide.
Still, gross profit rose ~$79M on under $4M of extra sales.
The next test is cash: about $1.26B of capex still to pay in Q4.
Still, gross profit rose ~$79M on under $4M of extra sales.
The next test is cash: about $1.26B of capex still to pay in Q4.
$NVDA named $AMKR Amkor in its supply chain expansion at GTC Berlin today.
𝗠𝗼𝗿𝗲 𝘁𝗵𝗮𝗻 300% 𝗺𝗼𝗿𝗲 𝗶𝗻𝘁𝗲𝗿𝗽𝗼𝘀𝗲𝗿 𝘄𝗮𝗳𝗲𝗿 𝗰𝗮𝗽𝗮𝗰𝗶𝘁𝘆 𝗶𝗻 𝗦𝗼𝘂𝘁𝗵 𝗞𝗼𝗿𝗲𝗮 𝗯𝘆 𝘁𝗵𝗲 𝗲𝗻𝗱 𝗼𝗳 2028.
The interposer is the silicon layer that connects an AI GPU to $NVDA second capacity commitment to $AMKR since July. $AMKR reports Q3 on Oct 26.
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Anthropic's biggest first-half cost has nothing to do with running the business.
Its convertible notes have fixed conversion prices, so each jump in its valuation makes them worth more, and Anthropic books that rise as a loss. The S-1's pro forma figures strip out the part tied the IPO.
Its convertible notes have fixed conversion prices, so each jump in its valuation makes them worth more, and Anthropic books that rise as a loss. The S-1's pro forma figures strip out the part tied the IPO.
Anthropic's co-founders have pledged to give 80% of their personal stock to charity. The S-1 spells out what that does to control: nothing.
As they donate, their economic stake shrinks while the Founder LLC's 50.1% vote stays fixed, as long as each keeps a minimum stake.
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🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨
Elon Musk on X: "𝙍𝙤𝙗𝙤𝙩 𝙍𝘼𝙈 𝙣𝙚𝙚𝙙𝙨 𝙬𝙞𝙡𝙡 𝙚𝙭𝙘𝙚𝙚𝙙 𝙚𝙫𝙚𝙧𝙮𝙩𝙝𝙞𝙣𝙜 𝙚𝙡𝙨𝙚 𝙤𝙣 𝙀𝙖𝙧𝙩𝙝"
The man building the robots just made the bull case for memory. $MU $SNDK $STX $WDC $SKHY
$MU is one of my heavy compounders, and I'm still holding.
Elon Musk on X: "𝙍𝙤𝙗𝙤𝙩 𝙍𝘼𝙈 𝙣𝙚𝙚𝙙𝙨 𝙬𝙞𝙡𝙡 𝙚𝙭𝙘𝙚𝙚𝙙 𝙚𝙫𝙚𝙧𝙮𝙩𝙝𝙞𝙣𝙜 𝙚𝙡𝙨𝙚 𝙤𝙣 𝙀𝙖𝙧𝙩𝙝"
The man building the robots just made the bull case for memory. $MU $SNDK $STX $WDC $SKHY
$MU is one of my heavy compounders, and I'm still holding.
@zephyr_z9 Silly analysis.
Robot RAM needs will exceed everything else on Earth, as you need the robots to be on physical substates in order to shape atoms.
Super intelligence needs will vastly exceed that, but ~100% of SI will be deep space compute. Obviously.
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My own dashboard has $CIFR in a bear market trend on almost every line.
Wells Fargo values only the contracts it has already signed at $29.67 a share. The stock is $7.92.
I am still holding and adding.
Wells Fargo values only the contracts it has already signed at $29.67 a share. The stock is $7.92.
I am still holding and adding.
🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨
Wells Fargo's HPC comp sheet has $APLD $CIFR $HUT $CORZ $WULF all trading below the value of contracts they already signed.
Q3 leasing set a record ~18GW. The open question is who funds the build. Wells Fargo: "𝙒𝙚 𝙡𝙞𝙠𝙚𝙡𝙮 𝙬𝙞𝙡𝙡 𝙡𝙡𝙞𝙤𝙣 𝙤𝙛 𝘼𝙄 𝘥𝘦𝘣𝘵 𝙞𝙣 2027"
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Anthropic's co-founders have pledged to give 80% of their personal stock to charity. The S-1 spells out what that does to control: nothing.
As they donate, their economic stake shrinks while the Founder LLC's 50.1% vote stays fixed, as long as each keeps a minimum stake.
As they donate, their economic stake shrinks while the Founder LLC's 50.1% vote stays fixed, as long as each keeps a minimum stake.
Three of Anthropic's new-share paths are priced off the stock itself.
The $AMZN and $GOOGL facilities settle at the 30-day average price, and $AVGO's notes convert at 10% below it. If ANT falls, the same dollars turn into more shares.
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Three of Anthropic's new-share paths are priced off the stock itself.
The $AMZN and $GOOGL facilities settle at the 30-day average price, and $AVGO's notes convert at 10% below it. If ANT falls, the same dollars turn into more shares.
The $AMZN and $GOOGL facilities settle at the 30-day average price, and $AVGO's notes convert at 10% below it. If ANT falls, the same dollars turn into more shares.
🚨🚨🚨🚨🚨
Anthropic's S-1 spreads its lock-up across more than 20 release dates, so insider supply arrives in steps instead of one cliff.
The dates can move. $GS and $MS can release shares early, and some early releases trigger pro rata releases for other holders.
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StoneX initiates $LITE at Buy with a $1,200 target.
Management on capacity: "𝙫𝙚𝙧𝙮, 𝙫𝙚𝙧𝙮 𝙛𝙖𝙧 𝙗𝙚𝙝𝙞𝙣𝙙 𝙬𝙝𝙖𝙩 𝙘𝙪𝙨𝙩𝙤𝙢𝙚𝙧𝙨 𝙬𝙖𝙣𝙩"
The pushback sits in the same note. $COHR trades at 14.8x FY28 earnings, and the target needs $LITE to hold a ~113% premium 5.
Thank you @ChillBanking for the report.🫶Do give him a follow.
Management on capacity: "𝙫𝙚𝙧𝙮, 𝙫𝙚𝙧𝙮 𝙛𝙖𝙧 𝙗𝙚𝙝𝙞𝙣𝙙 𝙬𝙝𝙖𝙩 𝙘𝙪𝙨𝙩𝙤𝙢𝙚𝙧𝙨 𝙬𝙖𝙣𝙩"
The pushback sits in the same note. $COHR trades at 14.8x FY28 earnings, and the target needs $LITE to hold a ~113% premium 5.
Thank you @ChillBanking for the report.🫶Do give him a follow.
𝗜 𝗺𝗮𝗽𝗽𝗲𝗱 𝘁𝗵𝗲 𝗰𝗵𝗶𝗽 𝘀𝘂𝗽𝗽𝗹𝘆 𝗰𝗵𝗮𝗶𝗻 𝘄𝗶𝘁𝗵 𝗽𝘂𝗯𝗹𝗶𝗰 𝗻𝗮𝗺𝗲𝘀 𝗼𝗻𝗹𝘆, 𝗰𝗵𝗶𝗽 𝗱𝗲𝘀𝗶𝗴𝗻 𝘁𝗼 𝗼𝗽𝘁𝗶𝗰𝘀. 59 𝗰𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀.
Three of them are the only or near-only supplier at their step: ASML, Tokyo Electron and Lasertec.
Eleven are of them, Kioxia, makes chips. The other ten sell wafers, chemicals, films, mask blanks, substrates, tools and testers.
𝗖𝗵𝗶𝗽 𝗱𝗲𝘀𝗶𝗴𝗻𝗲𝗿𝘀
1. $NVDA Nvidia, $89.0B of data center revenue in the July quarter, up 117%
2. $AMD AMD, GPUs and CPUs. OpenAI signed for 6 GW of its GPUs, and the first 1 GW of MI450 is set to start in 2H 2026
3. $Arm, CPU designs, about 50% of CPU compute at the top hyperscalers by its own count. Its first own chip, the AGI CPU, built with $Meta, has over $2B of customer demand across fiscal 2027-28
𝗗𝗲𝘀𝗶𝗴𝗻 𝘀𝗼𝗳𝘁𝘄𝗮𝗿𝗲
1. $SNPS Synopsys, chip design software, plus Ansys simulation since July 2025
2. $CDNS Cadence, design and verification software
3. Siemens (SIE.DE), Siemens EDA, the old Mentor Graphics
𝗠𝗮𝘁𝗲𝗿𝗶𝗮𝗹𝘀
1. Shin-Etsu (4063.T), 26.3% of silicon wafers in Nikkei's 2025 share survey, number one
2. SUMCO (3436.T), 17.8%, number two
3. $LIN Linde, ultra-pure gases
4. Air Liquide (AI.PA), electronics gases
5. $APD Air Products, fab gases
6. $ENTG Entegris, filters, specialty chemicals, wafer carriers
7. TOK (4186.T), photoresist
8. Merck KGaA (MRK.DE), electronics materials
9. Ajinomoto (2802.T), yes, the MSG company. Its ABF film goes inside advanced chip substrates, and it raised ABF prices about 30% this year
10. $GLW Corning, glass for advanced packaging
𝗠𝗮𝘀𝗸𝘀
1. HOYA (7741.T), EUV mask blanks. HOYA says only Japanese companies make them today
2. $PLAB Photronics, photomasks. High-end masks were a record 44% of its IC revenue last quarter
𝗘𝗾𝘂𝗶𝗽𝗺𝗲𝗻𝘁 𝘁𝗵𝗮𝘁 𝗯𝘂𝗶𝗹𝗱𝘀 𝘁𝗵𝗲 𝗰𝗵𝗶𝗽
1. ASML, the only maker of EUV lithography machines
2. $AMAT Applied Materials, deposition, etch, CMP
3. $LRCX Lam Research, etch and deposition
4. Tokyo Electron (8035.T), puts its own share of EUV coater/developers at 100%
5. ASM International (ASM.AS), atomic layer deposition
6. DISCO (6146.T), dicing and grinding
𝗘𝗾𝘂𝗶𝗽𝗺𝗲𝗻𝘁 𝘁𝗵𝗮𝘁 𝗰𝗵𝗲𝗰𝗸𝘀 𝗶𝘁
1. $KLAC KLA, inspection and metrology
2. Lasertec (6920.T), EUV mask inspection, a near-monopoly per Fortune
3. $ONTO Onto Innovation, metrology and packaging inspection
4. Camtek, inspection for HBM and advanced packaging
𝗟𝗼𝗴𝗶𝗰 𝗳𝗮𝗯𝘀 𝗮𝗻𝗱 𝗳𝗼𝘂𝗻𝗱𝗿𝗶𝗲𝘀
1. $TSM , 72.5% of top 10 foundry revenue in 2Q26, plus CoWoS packaging
2. Samsung (005930.KS), foundry and memory
3. SMIC (0981.HK), China's largest foundry
4. UMC, mature nodes
5. $GFS GlobalFoundries, specialty nodes
6. $INTC Intel, its own fabs plus Intel Foundry
𝗠𝗲𝗺𝗼𝗿𝘆 𝗳𝗮𝗯𝘀
1. $MU Micron, DRAM, HBM and NAND.
2. $SKHY SK hynix, 50% of HBM in Q2 per Counterpoint.
3. Kioxia (285A.T), NAND flash. Revenue rose 415.5% in the June quarter, at an 80% non-GAAP gross margin
4. $SNDK Sandisk, NAND flash from fabs it shares with Kioxia in Japan, a joint venture now extended to 2034. Datacenter revenue was $2.98B last quarter, up from $213M a year earlier
𝗣𝗮𝗰𝗸𝗮𝗴𝗶𝗻𝗴 𝗮𝗻𝗱 𝘁𝗲𝘀𝘁
1. ASE, nearly 45% of top 10 OSAT.
2. $AMKR Amkor, $7B Arizona campus, production from early 2028, Apple and Nvidia named as key customers
3. BESI (BESI.AS), hybrid bonding. Applied Materials owns 9%, and Lam Research was among reported suitors in March
4. Hanmi Semiconductor (042700.KS), TC bonders that stack HBM, the only one supplying SK hynix through 2024
5. Advantest (6857.T), testers. Its V93000 is "𝙖 𝙙𝙚 𝙛𝙖𝙘𝙩𝙤 𝙨𝙩𝙖𝙣𝙙𝙖𝙧𝙙 𝙞𝙣 𝙩𝙝𝙚 𝙛𝙤𝙪𝙣𝙙𝙧𝙮 𝙖𝙣𝙙 𝙊𝙎𝘼𝙏 𝙨𝙥𝙖𝙘𝙚," per its April earnings Q&A
6. $TER Teradyne, testers
𝗦𝘂𝗯𝘀𝘁𝗿𝗮𝘁𝗲𝘀
1. Ibiden (4062.T), the dominant supplier of substrates for Nvidia's top chips, per Bloomberg. About ¥500B of AI substrate investment planned for FY2026-28
2. Unimicron (3037.TW), ABF substrates. AI was over 60% of its substrate revenue in 1H26, guided to 70% in 2H26
𝗣𝗼𝘄𝗲𝗿 𝗰𝗵𝗶𝗽𝘀, 𝗦𝗶𝗖 𝗮𝗻𝗱 𝗚𝗮𝗡
1. $NVTS Navitas, GaN and SiC. Closed the Claros deal on Oct 6, adding voltage regulators that sit at the processor
2. Infineon (IFX.DE), 17.3% of power semiconductors in 2025 per Omdia, first to 300mm GaN power wafers
3. $ON onsemi, SiC
4. STMicro, SiC
5. $TXN Texas Instruments, GaN made in its own fabs
𝗢𝗽𝘁𝗶𝗰𝘀
1. $COHR Coherent, lasers and 1.6T transceivers. Nvidia invested $2B on March 2, with a multibillion-dollar purchase commitment
2. $LITE Lumentum, lasers for transceivers and co-packaged optics. Same $2B from Nvidia, and its CEO told Bloomberg on Oct 9 that opto-parts capacity is sold out to 2029
3. Tower, silicon photonics foundry, with contracts signed for $1.3B of 2027 photonics revenue
4. $AAOI Applied Optoelectronics, first volume order for its 1.6T transceivers, over $200M from a long-time hyperscale customer
5. $AVGO Broadcom, Tomahawk 6-Davisson, a 102.4 Tb/s switch with the optics packaged on it
6. $MRVL Marvell, DSPs inside optical modules, plus Celestial AI's photonic fabric since February
7. InnoLight (300308.SZ), the largest optical transceiver maker, 21% of optical interconnect in 2025 per CIC
8. Fabrinet, builds optical modules, and Nvidia was 16.3% of its fiscal 2026 revenue
I own Micron, Nvidia, Broadcom, Amkor and Navitas.
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Anthropic's S-1 spreads its lock-up across more than 20 release dates, so insider supply arrives in steps instead of one cliff.
The dates can move. $GS and $MS can release shares early, and some early releases trigger pro rata releases for other holders.
Anthropic's S-1 spreads its lock-up across more than 20 release dates, so insider supply arrives in steps instead of one cliff.
The dates can move. $GS and $MS can release shares early, and some early releases trigger pro rata releases for other holders.
ANTHROPIC: OUR GROWTH STRATEGY
“Compute. We intend to secure further compute beyond our existing commitments, expand our own data center footprint to secure additional long-term compute, improve compute efficiency across our multi-chip compute architecture, and produce further model efficiency”
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$TEM xR, its RNA sequencing test, is now certified under EU IVDR as a Class C device. In the US, a two-gene version, xR IVD, got FDA clearance in Sep 2025.
In a 2022 $TEM study, 29.1% of actionable gene fusions showed up only on RNA. DNA alone missed them.
Biopharma partners t for EU trials.
In a 2022 $TEM study, 29.1% of actionable gene fusions showed up only on RNA. DNA alone missed them.
Biopharma partners t for EU trials.
xH is $TEM's first whole-genome sequencing assay, built to detect actionable targets in peripheral blood and bone marrow for hematologic malignancies, optimized for myeloid neoplasms (AML, MDS, MPN, and MDS/MPN overlap). First announced research-use-only in January 2025, now .
The validation. Across a 235-specimen analytical study (whole blood, bone marrow, cell lines), positive percent agreement came in at 97.29% for SNVs and indels versus the xT 648-gene DNA assay, 92.86% for structural variants versus xR whole-transcriptome plus confirmatory Sanger, and 93.43% for copy number alterations versus an Oligo-SNP microarray. Precision was 98.97% PPV for SNVs and indels and 100% for structural variants. Clean concordance against established methods, including $TEM 's own assays.
The clinical-utility data is the real story. At the 2026 ASCO meeting, in a blinded MDS cohort, xH hit over 99% sensitivity and uncovered 40% more clinically relevant genomic findings that traditional standard-of-care techniques missed entirely. For a diagnostic, finding what others miss is the adoption argument.
The milestone. Commercial clinical ordering is expected later this year. That is the move from research-use-only to a billable, orderable test, which is what turns xH into revenue. One high-throughput WGS workflow replaces several separate tests, and it feeds $TEM 's biopharma multiomic data business.
still myeloid-first, solid tumors are the bigger market and not here yet. Clinical availability is not instant reimbursement, and adoption ramps slowly. Real-world uptake is the next proof.
Sentiment: bullish for $TEM. Strong validation, a concrete clinical-utility result, and a near-term commercial timeline.
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Elon on X: "𝙎𝙥𝙖𝙘𝙚𝙓 𝙘𝙡𝙤𝙨𝙚𝙙 $40𝘽 𝙤𝙛 𝙙𝙚𝙗𝙩 𝙛𝙤𝙧 𝙂𝙋𝙐𝙨"
🚨🚨🚨🚨🚨🚨
The $SPCX 8-K says binding commitment letter. Rate not priced, closing conditions still open, close expected before year end.
Same weekend he said lenders are shutting out neoclouds. J.P. 1.6B of free cash flow in 2027.
🚨🚨🚨🚨🚨🚨
The $SPCX 8-K says binding commitment letter. Rate not priced, closing conditions still open, close expected before year end.
Same weekend he said lenders are shutting out neoclouds. J.P. 1.6B of free cash flow in 2027.
Elon says 200+ neoclouds face "𝙜𝙪𝙥𝙥𝙮-𝙡𝙚𝙫𝙚𝙡 𝙙𝙚𝙖𝙩𝙝" as debt markets shut them out.
J.P. Morgan has $SPCX burning $81.6B of free cash flow in 2027, more than $META. 🤣😂😂😂😂😂
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