Home / Themes / Chips '26: CPUs
Chips '26: CPUs (view performance)
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Theme thesis · 5/5 sections · Tickers 14 with notes · 2 pending
Bull / Bear Details has the investment thesis and bull/bear points. Overview is monitoring guidance (hiring, forums, second-order trends, search keywords, Google Trends, datasets).
Bull / Bear DetailsThe AI era re-establishes CPUs as foundational compute, driving robust, multi-year demand for advanced server CPUs, custom AI accelerators, HBM, and advanced pa
Thesis
The AI era re-establishes CPUs as foundational compute, driving robust, multi-year demand for advanced server CPUs, custom AI accelerators, HBM, and advanced packaging. While hyperscaler CapEx and edge AI expansion fuel growth, persistent supply tightness, execution risks, and elevated valuations temper the overall compelling bull case.
Bull case
The foundational role of CPUs as the indispensable orchestration layer for complex AI workloads, including the rise of "agentic AI" and "AI PCs," continues to drive strong and sustained demand for advanced server CPUs and custom AI accelerators, underpinning the entire AI infrastructure buildout.
Unprecedented, multi-year investment in leading-edge process technologies (e.g., TSMC's N3/N2/A14, Intel's 18A/14A) and advanced packaging solutions (HBM, hybrid bonding, CoWoS) is accelerating, with TSMC raising 2026 CapEx to $60-$64B and planning $100B more for Arizona, enabling next-gen AI chips.
AI is rapidly expanding beyond centralized data centers into diverse edge applications, including automotive (e.g., Snapdragon Digital Chassis), industrial robotics (e.g., Dragon Wing platform), and AI-native smartphones, broadening the market for specialized CPUs/NPUs and power management solutions.
Bear case
Aggressive capacity expansion for advanced nodes, HBM, and advanced packaging introduces significant execution risks, including yield ramps, construction delays, and substantial startup costs for new fabs (e.g., Micron's $100-200M quarterly startup costs). Persistent tightness in advanced packaging (TSMC "so tight") and memory (DRAM shortage) continues to cap near-term revenue.
The AI compute market faces intensifying competition, with traditional CPU players contending with AMD and the proliferation of ARM-based custom silicon from hyperscalers (e.g., Google, Amazon), who are actively diversifying their AI compute sources and introducing concentration risk for key suppliers like Broadcom.
Gross margins are under pressure from the increasing proportion of lower-margin AI semiconductor revenue (e.g., Broadcom's GM decline to 74%), initial dilution from new node ramps (TSMC 2nm diluting GM by 3-4%), rising input costs (e.g., KLA's 100bps DRAM component cost headwind), and geopolitical tariffs, impacting overall profitability.
Overview
Hiring Trend Watchpoints
High-performing operators in the Chips '26: CPUs theme are aggressively hiring for specialized engineering and manufacturing roles, reflecting intense competition and rapid innovation. Watch for increased job postings for: 1. Advanced Process & Manufacturing Engineers: Especially for sub-5nm nodes (Intel 18A/14A, TSMC N3/N2/A14), Gate-All-Around (GAA) transistors, and backside power delivery. This includes roles in lithography, etch, deposition, and metrology. 2. Advanced Packaging Engineers: Expertise in 3D stacking, hybrid bonding, CoWoS, CoPoS, and heterogeneous integration, crucial for overcoming bottlenecks and enhancing performance. 3. AI/ML Hardware & Software Co-Design Engineers: Roles focused on optimizing CPU architectures for AI workloads, developing AI accelerators, and integrating software ecosystems (e.g., ROCm for AMD, OpenVINO for Intel) with hardware. 4. Power Management & Wide Bandgap Semiconductor Specialists: Engineers for high-efficiency power delivery solutions (SiC, GaN, 48V zonal architectures) critical for AI data centers and automotive applications. 5. Firmware & System-Level Manageability Engineers: Especially relevant with acquisitions like Lattice's AMI, focusing on secure boot, platform management, and system orchestration. Geographically, watch for hiring surges in regions with new fab construction (e.g., Arizona, New York, Japan, Taiwan). Confirmation of theme execution: Sustained increase in postings for these specialized roles, particularly for advanced nodes and packaging, and expansion of AI software/firmware teams. Warning of deterioration: Hiring freezes or significant slowdowns in these key areas, a shift towards more generalist roles, or a reduction in R&D-focused positions.
Forum Watchlist
- subreddit — r/MachineLearningHigh
Discussions on AI hardware performance, new chip architectures, software ecosystem developments (e.g., ROCm vs. CUDA), and emerging AI workloads impacting CPU demand.
- subreddit — r/AmdMedium
User discussions on Ryzen/EPYC performance, new product launches, competitive comparisons with Intel, software support, and community sentiment.
- subreddit — r/IntelMedium
User discussions on Xeon/Core performance, Intel Foundry updates, 18A/14A progress, competitive landscape, and client/data center product roadmaps.
- subreddit — r/semiconductorsHigh
Broader industry trends, manufacturing processes, geopolitical impacts, supply chain discussions, and general sentiment on chip cycles.
- subreddit — r/hardwareMedium
General hardware discussions, new product reviews, performance benchmarks, and consumer/enthusiast perspectives on CPUs and related components.
- forum — AnandTech ForumsHigh
In-depth technical discussions on CPU architectures, performance, benchmarks, and industry analysis.
- forum — ServeTheHome ForumsHigh
Enterprise/data center hardware discussions, server builds, CPU performance in professional environments, custom silicon, and hyperscaler deployments.
Second Order Trends
Several second-order trends are emerging within the Chips '26: CPUs theme. Firstly, the 'Agentic AI & CPU Re-emergence' narrative is gaining traction, re-establishing the CPU as the indispensable orchestration layer for complex AI workloads, driving demand for advanced server CPUs alongside accelerators. This represents a strategic shift from a pure accelerator focus to a more balanced, integrated compute approach. Secondly, the 'Custom Silicon Proliferation & Hyperscaler Diversification' trend sees major cloud providers increasingly designing their own AI chips (e.g., Google's TPUs, Amazon's Graviton, Meta's MTIA) and actively diversifying their supply chains, intensifying competition for traditional CPU players and custom ASIC providers alike. Thirdly, 'Advanced Packaging' has become a critical bottleneck and differentiator, with technologies like CoWoS, SoIC, and hybrid bonding being essential for next-generation AI chip performance and integration, driving massive investment and innovation across the ecosystem. Fourthly, 'Edge AI & Physical AI Expansion' is broadening the market beyond centralized data centers, with AI processing moving to devices, automotive, and robotics, creating demand for specialized, low-power CPUs/NPUs and power management solutions. Fifthly, 'Memory as a Strategic Asset' is highlighted by the unprecedented demand for High Bandwidth Memory (HBM) and DDR5, which continues to far exceed supply, making memory a critical enabler and a significant investment area. Lastly, 'Foundry Competition & Geopolitical Influence' remains a strong undercurrent, with Intel Foundry's aggressive ramp of 18A/14A and TSMC's global expansion plans (e.g., Arizona) reshaping the manufacturing landscape, all while evolving US-China export controls continue to impact supply chains and market access.
Search Keywords Brand Product
- AI server CPU
- HBM memory
- advanced chip packaging
- 2nm chip production
- RISC-V processor
- AI PC
- AI smartphone
- data center power management
- GAA transistor
- backside power
- chiplet architecture
- liquid cooling data center
- AI power delivery
- CXL memory
- EUV machine
- custom AI chip
- agentic AI hardware
- DDR5
- LPDDR5
- Xeon 6
- Intel 18A
- HBM4
- 1-gamma DRAM
- G9 NAND
- N3 capacity
- N2 process
- A14 process
- CoWoS
- CoPoS
- SoIC
- Gate-All-Around
- Backside Power Delivery
- MI350
- MI450
- EPYC CPU
- Snapdragon Digital Chassis
- Snapdragon 8 Elite
- Snapdragon X2 Plus
- Dragon Wing robotics
- RISC-V data center
- 48V zonal architecture
- SiC power
- GaN power
- Vcore
- Treo
- EliteSiC
- Lattice Nexus
- Lattice Avant
- OCTEON
- NVLink Fusion
- Teralynx
- COLORZ
- COLORZ 400
- COLORZ 800
- Structera
Search Keywords Policy Regulatory
- China export controls semiconductors
- U.S. BIS semiconductor
- semiconductor tariffs
- CHIPS Act funding
- EU Chips Act
- Japan semiconductor incentives
- Taiwan chip security
- semiconductor supply chain resilience
- US-China tech war
- semiconductor export restrictions
- chip manufacturing incentives
- global chip supply chain
- US semiconductor policy
Search Keywords Event Phrases
- Intel Foundry Direct Connect
- Computex AI
- Open Compute Project summit
- Qualcomm Investor Day AI
- Hot Chips
- SEMICON West
- GTC
- CES AI
- ISC High Performance
- TSMC Technology Symposium
- Micron Investor Day
- KLA Investor Day
- Susquehanna Technology Conference
- Morgan Stanley TMT Conference
Google Trend Product Category Intent
• AI server CPU
• HBM memory
• advanced chip packaging
• 2nm chip production
• RISC-V processor
• AI PC
• AI smartphone
• data center power management
• GAA transistor
• backside power
• chiplet architecture
• liquid cooling data center
• AI power delivery
• CXL memory
• EUV machine
• custom AI chip
• agentic AI hardware
• DDR5
• LPDDR5
Google Trend Consumer Intent
• AI computing
• on-device AI
• generative AI hardware
• future of AI chips
• AI laptop
• AI phone
• smart home AI
• personal AI device
• AI in cars
• next gen CPU
• AI chip performance
• AI PC features
• AI smartphone capabilities
Google Trend Macro Policy Terms
• semiconductor export restrictions
• chip manufacturing incentives
• global chip supply chain
• US semiconductor policy
• EU chip strategy
• Taiwan chip security
• CHIPS Act impact
• semiconductor trade war
Top datasets to track
1. Hyperscaler Capital Expenditure Forecasts Type: Financial/Market Data · Provider: Synergy Research Group / Visible Alpha Cadence: Quarterly/Annual Why it matters: Directly indicates the scale of AI infrastructure buildouts, driving demand for CPUs, memory, and manufacturing services. Sustained high levels or upward revisions signal strong, ongoing investment in AI infrastructure, benefiting CPU and related component providers. Suggested query: Hyperscaler CapEx forecast, AI infrastructure spending, cloud provider capital expenditure Confidence: High
2. Advanced Logic Process Node Capacity & Utilization (3nm/2nm/18A) Type: Technical/Manufacturing Data · Provider: TSMC earnings calls, Intel earnings calls, TrendForce, TechInsights Cadence: Quarterly Why it matters: High utilization rates and aggressive capacity expansion signal strong demand for leading-edge AI chips. Declining utilization or delays in expansion could indicate softening demand or execution challenges for foundries and equipment suppliers. Suggested query: TSMC N2 capacity, Intel 18A yield, 3nm utilization rate, GAA transistor ramp Confidence: High
3. AI Server & Data Center CPU Market Share Type: Market Data · Provider: Dell'Oro Group, IDC, Gartner Cadence: Quarterly Why it matters: Shifts indicate competitive strength among x86, ARM, and custom AI CPU solutions. Increasing share for key players signals strong adoption and market leadership; declining share suggests competitive pressure and diversification by hyperscalers. Suggested query: AI server CPU market share, x86 vs ARM server, custom AI chip adoption Confidence: High
4. High Bandwidth Memory (HBM) Supply & Pricing Type: Market Data · Provider: TrendForce / DRAMeXchange Cadence: Weekly/Monthly Why it matters: HBM is a critical component for AI accelerators; its supply and pricing directly impact AI chip production and memory suppliers like Micron. Persistent tightness or price spikes signal strong demand and potential bottlenecks, while increasing supply or price moderation could indicate easing constraints. Suggested query: HBM3E pricing, HBM4 supply forecast, memory spot price, HBM market demand Confidence: High
5. Worldwide Wafer Fab Equipment (WFE) Spending Forecasts Type: Financial/Market Data · Provider: SEMI / Gartner / Yole Group Cadence: Quarterly/Annual Why it matters: A leading indicator for equipment suppliers (AMAT, LRCX, KLAC, ASML, Tokyo Electron) and overall industry investment in manufacturing capacity. Upward revisions signal increased fab buildouts and technology transitions, indicating a strong long-term outlook for the theme. Suggested query: WFE spending forecast, semiconductor equipment market, fab capacity expansion Confidence: High
- Industry Publications
- [{"name":"AnandTech","domain":"anandtech.com","why":"Deep technical reviews and analysis of CPUs, chip architectures, and related hardware."},{"name":"Tom's Hardware","domain":"tomshardware.com","why":"News, reviews, and benchmarks for consumer and enterprise CPUs, memory, and storage."},{"name":"EE Times","domain":"eetimes.com","why":"Industry news, engineering insights, and market analysis focusing on semiconductor manufacturing, design, and supply chain."},{"name":"SemiEngineering","domain":"semiengineering.com","why":"Covers semiconductor manufacturing, process technology, advanced packaging, and equipment."},{"name":"TrendForce","domain":"trendforce.com","why":"Market research and intelligence, particularly strong on memory (DRAM, NAND, HBM) and foundry capacity/utilization."},{"name":"The Register","domain":"theregister.com","why":"Enterprise tech news, data center infrastructure, and cloud computing, often covering CPU and AI hardware deployments."},{"name":"LightCounting","domain":"lightcounting.com","why":"Market research focused on optical interconnects, relevant for high-speed networking and data center solutions (Marvell, Broadcom). "},{"name":"TechInsights","domain":"techinsights.com","why":"Reverse engineering, patent analysis, and competitive intelligence for semiconductor devices and processes."}]
Key Metrics
| Metric | Cadence | What It Signals | Update Source |
|---|---|---|---|
| AI Server & Data Center CPU Market Share | Quarterly | Shifts indicate competitive strength among x86, ARM, and custom AI CPU solutions. Increasing share signals strong adoption and market leadership; declining share suggests competitive pressure. | LLM_Approved |
| Aggregate Hyperscaler AI Infrastructure Capital Expenditure | Quarterly | Sustained high levels or upward revisions signal strong, ongoing investment in AI infrastructure, benefiting CPU and related component providers. Downward revisions or slowdowns indicate potential headwinds. | LLM_Approved |
| Advanced Logic Process Node (e.g., 3nm/2nm/18A) Capacity & Utilization for AI/HPC | Quarterly | High utilization rates and aggressive capacity expansion signal strong demand for leading-edge AI chips. Declining utilization or delays in expansion could indicate softening demand or execution challenges. | LLM_Approved |
Upcoming Catalysts
| Catalyst | Estimated Timing | Estimated Date Start | Estimated Date End | Why It Matters | Ticker Or Theme Specific | Source Types | Contributing Tickers | Mention Count | Base Score | Source Weight | Specificity Weight | Macro Bridge | Macro Bridge Multiplier | Theme Score | Date Aggregated | Manual Override | Bridge Mention Count | Theme Base Score | Theme Importance Score | Catalyst Source | Catalyst ID | Transcript Date | Source Type |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Major hyperscalers (Alphabet, Amazon, Meta, Microsoft) will release their Q2 and Q4 fiscal 2026 earnings, providing critical updates on their aggregate capital expenditure for AI infrastructure and server buildouts. | Late July - October 2026 | 2026-07-22 | 2026-10-31 | Hyperscaler CapEx is the primary demand driver for AI CPUs, custom AI accelerators, and related infrastructure, directly impacting chip designers, foundries, memory suppliers, and equipment providers across the theme. Recent Q2 earnings from Alphabet already show increased capex guidance, indicating sustained high investment. | Theme | theme_composer | INTC, AMD, TSM, MU, AVGO, AMAT, LRCX, KLAC, LSCC, MPWR, ON, QCOM, MRVL, ASML, ARM, 8035.T | 16 | 11.9062 | 1.18 | 0.92 | 1.0 | 1292.5388 | 2026-07-26 | False | 1 | 5.1203 | 555.8553 | Theme composer | ||||
| Ongoing developments and clarifications regarding US export controls and China's semiconductor policies, including potential new draft regulations and tariffs impacting advanced computing chips and manufacturing equipment. | Ongoing through 2026 | 2026-07-01 | 2026-12-31 | Evolving export controls and trade policies can significantly impact the addressable market, supply chains, and revenue for semiconductor equipment suppliers and AI chip developers, creating uncertainty and potential disruptions across the entire AI '26: CPUs theme. | Theme | theme_composer | LRCX, AMAT, KLAC, ASML, AMD, AVGO, TSM, INTC | 8 | 0.2146 | 1.18 | 0.92 | Regulatory/Policy | 1.35 | 31.4499 | 2026-07-26 | False | 1 | 3.0452 | 446.2944 | Theme composer | |||
| Micron's ongoing progress in ramping HBM4 production, which is reportedly sold out for 2026, and the continued ramp of 1-gamma DRAM, with qualification samples and mass production underway. | Mid-calendar 2026 - End of 2026 | 2026-06-01 | 2026-12-31 | The successful and rapid ramp of these advanced memory technologies, especially HBM4, is critical for addressing structural supply shortages and meeting the escalating memory demands of AI accelerators. This impacts not only Micron but also the broader AI ecosystem and equipment suppliers. | Theme | theme_composer | MU, AMAT, LRCX, KLAC, ASML, TSM | 6 | 6.6024 | 1.18 | 0.92 | 1.0 | 716.7563 | 2026-07-26 | False | 1 | 2.1602 | 234.5085 | Theme composer | ||||
| Micron's 1-gamma DRAM node becoming the primary driver of DRAM bit growth and representing the majority of bit output. | second half of the calendar year | 2026-07-01 | 2026-12-31 | Achieving majority output from the 1-gamma DRAM node is critical for improving cost structure, driving bit growth, and addressing tight DRAM supply conditions. Delays could pressure margins and limit supply. | Ticker | MU (ticker) | MU_cec69fd8 | 2025-12-17 | earnings_transcript | ||||||||||||||
| Micron's G9 NAND node becoming its largest NAND node, driving primary NAND bit growth. | later in fiscal 2026 | 2026-03-01 | 2026-08-31 | The successful ramp and dominance of the G9 NAND node are essential for cost execution, bit growth, and strengthening Micron's data center SSD portfolio. Delays or yield issues would be bearish for NAND profitability. | Ticker | MU (ticker) | MU_750778d6 | 2025-12-17 | earnings_transcript | ||||||||||||||
| Memory supply constraints affecting PC unit shipments, potentially impacting overall PC demand. | As we look ahead into 2026 | 2026-01-01 | 2026-12-31 | While AI is driving content growth, supply constraints could temper PC unit sales, posing a bearish risk to overall unit volume in this segment despite increasing memory content per device. | Theme | MU (ticker) | MU_788de6db | 2025-12-17 | earnings_transcript | ||||||||||||||
| Beginning construction of Micron's second Idaho fab. | begin construction in 2026 | 2026-01-01 | 2026-12-31 | Initiating construction of the second Idaho fab is a key step in expanding long-term manufacturing capacity, particularly for AI-driven demand. Delays could indicate challenges in securing resources or permits. | Ticker | MU (ticker) | MU_5912fe30 | 2025-12-17 | earnings_transcript | ||||||||||||||
| Full ramp of Micron's assembly and test facility in India. | will ramp in 2026 | 2026-01-01 | 2026-12-31 | The successful ramp of the India facility will contribute to overall production scale and efficiency, supporting global supply. Delays could impact operational flexibility and cost structure. | Ticker | MU (ticker) | MU_fd73cfec | 2025-12-17 | earnings_transcript | ||||||||||||||
| Potential new tariffs or changes in U.S. trade policy impacting semiconductor components or AI-related memory exports. | Any impacts that may occur due to potential new tariffs are not included in our guidance. | 2025-12-17 | 2026-12-31 | New tariffs could significantly impact Micron's cost structure, supply chain, and profitability, especially given its global manufacturing footprint and sales. This represents a material bearish macro risk. | Theme | MU (ticker) | MU_4575feb6 | 2025-12-17 | earnings_transcript | ||||||||||||||
| Finalization and successful execution of multiyear customer contracts with specific commitments for DRAM and NAND. | multiyear contracts that we are in discussions with several of our key customers... stretching out through 2026 and in some cases even 2027, 2028. | 2025-12-17 | 2028-12-31 | Securing these 'stronger structure' multiyear contracts provides unprecedented revenue visibility, stability, and pricing power, reducing historical cyclical volatility. Failure to finalize or execute could be bearish. | Ticker | MU (ticker) | MU_26361597 | 2025-12-17 | earnings_transcript | ||||||||||||||
| Commencement of construction for a second cleanroom at the Tongluo site. | by the end of fiscal 2026 | 2026-06-01 | 2026-08-31 | This construction represents a significant investment in future manufacturing capacity, essential for meeting anticipated demand, but also entails substantial capital expenditures. | Ticker | MU (ticker) | MU_9621c283 | 2026-03-18 | earnings_transcript | ||||||||||||||
| Potential negative impacts arising from unforeseen trade or geopolitical developments, such as new tariffs or export restrictions. | not included in our guidance | 2026-03-20 | 2027-03-20 | Such events could disrupt Micron's global supply chain, increase costs, limit market access, and negatively affect margins, representing a significant unquantified risk to guidance. | Theme | MU (ticker) | MU_51943b31 | 2026-03-18 | earnings_transcript | ||||||||||||||
| Micron completing additional multi-year Strategic Customer Agreements (SCAs) with specific volume and pricing commitments. | in discussions with multiple other customers | 2026-03-20 | 2027-03-20 | These agreements enhance revenue visibility and business model stability, reducing historical cyclicality and strengthening long-term customer partnerships, which is bullish for valuation and investor confidence. | Ticker | MU (ticker) | MU_c5842ee5 | 2026-03-18 | earnings_transcript | ||||||||||||||
| Micron signs additional multi-year Strategic Customer Agreements (SCAs) with customers for DRAM and NAND products, moving towards its target of covering half of company revenue. | As we get to our target of roughly half of company revenue covered by SCAs | 2026-06-25 | 2030-12-31 | Successfully reaching the target of ~50% revenue covered by SCAs would significantly increase revenue visibility, reduce cyclicality, and provide substantial upfront cash deposits, which is bullish for valuation and stability. Failure to sign more SCAs or less favorable terms could be bearish. | Ticker | MU (ticker) | MU_45f5f485 | 2026-06-24 | earnings_transcript | ||||||||||||||
| Micron begins construction of a second cleanroom at the Tongluo site. | by the end of fiscal 2026 | 2026-06-25 | 2026-08-31 | This construction is part of Micron's broader capacity expansion strategy. Timely progress is essential for future supply growth, particularly as greenfield capacity is needed to meet demand. Delays could signal challenges in capacity expansion. | Ticker | MU (ticker) | MU_a3345eaa | 2026-06-24 | earnings_transcript | ||||||||||||||
| Marvell's secure 1.6T ZR and ZR+ DCI modules, powered by a new 2nm coherent DSP, are expected to begin sampling. | begin sampling this year | 2026-07-22 | 2026-12-31 | This demonstrates Marvell's technology leadership in high-speed optical interconnects for AI infrastructure, positioning them for the emerging scale-across market and potential future revenue growth. | Ticker | MRVL (ticker) | MRVL_0eae827f | 2026-05-27 | earnings_transcript | ||||||||||||||
| Launch and competitive performance of Coral Rapid server CPUs with multithreading capabilities. | coming up strong | 2026-07-01 | 2027-12-31 | A successful launch of Coral Rapid with strong competitive performance against AMD is critical for Intel to regain or maintain market share in the server CPU segment and capitalize on AI-driven demand. | Ticker | INTC (ticker) | INTC_95cf6a9a | 2026-04-23 | earnings_transcript | ||||||||||||||
| Weakening PC demand in the second half of 2026, leading to a low double-digit decline in full-year PC unit Total Addressable Market (TAM). | second half of the year | 2026-07-01 | 2026-12-31 | Weak PC demand directly impacts CCG revenue and overall company performance; a worse-than-expected decline would be bearish, while resilience would be bullish. | Theme | INTC (ticker) | INTC_4412bd7b | 2026-04-23 | earnings_transcript | ||||||||||||||
| Sustained strong double-digit unit growth in server CPU demand for the industry and Intel, with momentum continuing into 2027. | strong year of double-digit unit growth for the industry and for us with momentum extending into 2027 | 2026-01-01 | 2027-12-31 | Robust server CPU demand, driven by AI infrastructure build-out, is a significant tailwind for Intel's Data Center and AI segment, positively impacting revenue and market position. | Ticker | INTC (ticker) | INTC_d4d9e998 | 2026-04-23 | earnings_transcript | ||||||||||||||
| Conversion/realization of Broadcom's disclosed $73 billion AI-related order backlog (switches, XPUs, DSPs, optical components) which management expects to ship over the next 18 months. | to be delivered over the next eighteen months | 2025-12-11 | 2027-06-11 | The pace and completeness of backlog conversion will materially drive Broadcom's AI revenue growth, margin mix (systems/pass-through dilution), and supply requirements; faster conversion is bullish for revenue and valuation, while slower conversion or cancellations are bearish. | Ticker | AVGO (ticker) | AVGO_8104552d | 2025-12-11 | earnings_transcript | ||||||||||||||
| Confirmation (or emergence) of constraints and committed supply from foundries (leading-edge 3nm/2nm capacity), HBM vendors and advanced packaging partners necessary to meet Broadcom's AI backlog. | over the next eighteen months (as backlog ships) | 2025-12-11 | 2027-06-11 | Secured wafer, HBM and advanced-packaging supply is required to meet Broadcom's AI delivery schedule; supply shortfalls would delay shipments, elevate costs and compress margins (bearish), while robust confirmations would support revenue delivery and margin plans (bullish). | Ticker | AVGO (ticker) | AVGO_9b05718d | 2025-12-11 | earnings_transcript | ||||||||||||||
| Execution/use of Broadcom's extended share repurchase program (company extended remaining $7.5B repurchase authorization through end of calendar 2026). | through the end of calendar year 2026 | 2025-12-11 | 2026-12-31 | Material repurchase execution would reduce share count and boost EPS and shareholder returns (bullish); limited repurchase activity or failure to use the authorization would leave potential EPS/valuation upside unrealized (bearish). | Ticker | AVGO (ticker) | AVGO_21560371 | 2025-12-11 | earnings_transcript | ||||||||||||||
| Ramping of custom XPUs across six customers with continued expansion beyond the five named customers. | ongoing; ramp through 2027 | 2026-03-04 | 2027-12-31 | Expansion of XPUs across additional customers and sustained multi-year supply agreements could meaningfully lift long-term revenue and backlog but introduces execution and customer concentration risks. | Ticker | AVGO (ticker) | AVGO_95351f53 | 2026-03-04 | earnings_transcript | ||||||||||||||
| Broadcom has fully secured capacity for leading-edge wafers, high-bandwidth memory and substrates for 2026–2028. | for 2026 through 2028 | 2026-01-01 | 2028-12-31 | Mitigates supply constraints risk and provides visibility into delivery timelines and backlog, supporting investor confidence in growth trajectory. | Ticker | AVGO (ticker) | AVGO_c6986cdd | 2026-03-04 | earnings_transcript | ||||||||||||||
| Broadcom's board authorized an additional $10 billion for a share repurchase program through 2026. | through the end of calendar year 2026 | 2026-01-01 | 2026-12-31 | Signals strong capital return discipline and can positively influence sentiment and valuation, particularly if earnings trends remain strong. | Ticker | AVGO (ticker) | AVGO_7823a564 | 2026-03-04 | earnings_transcript | ||||||||||||||
| Broadcom's actual consolidated revenue for Q3 fiscal year 2026 compared to its guidance of $29.4 billion. | For Q3 2026 | 2026-07-01 | 2026-09-30 | Achieving or exceeding this guidance would reinforce investor confidence in Broadcom's growth trajectory, particularly in the rapidly expanding AI semiconductor market, impacting investor confidence and valuation. | Ticker | AVGO (ticker) | AVGO_9073cdaf | 2026-06-03 | earnings_transcript | ||||||||||||||
| Broadcom's actual AI semiconductor revenue for Q3 fiscal year 2026 compared to its guidance of $16 billion. | in Q3 | 2026-07-01 | 2026-09-30 | As the primary growth driver, performance against this guidance will be a critical indicator of the strength of the AI supercycle and Broadcom's competitive position, directly influencing investor sentiment. | Ticker | AVGO (ticker) | AVGO_a1ccd4f6 | 2026-06-03 | earnings_transcript | ||||||||||||||
| Broadcom's tape-out of its next-generation 200-terabit Ethernet switch. | this quarter | 2026-05-01 | 2026-07-31 | This milestone is crucial for maintaining Broadcom's technology and product leadership in AI networking, which is essential for building scalable XPU and GPU clusters, impacting future revenue streams. | Ticker | AVGO (ticker) | AVGO_cee7204f | 2026-06-03 | earnings_transcript | ||||||||||||||
| Successful launch and initial deployment of the first $35 billion trench of the AI XPU platform with Apollo and Blackstone. | currently being launched | 2026-06-03 | 2026-09-30 | This strategic initiative aims to provide significant compute capacity to leading AI frontier labs, potentially expanding Broadcom's market reach and revenue opportunities beyond direct chip sales. | Ticker | AVGO (ticker) | AVGO_632c1276 | 2026-06-03 | earnings_transcript | ||||||||||||||
| Broadcom successfully securing sufficient supply of wafers, HBM, and other critical components for its AI semiconductor needs through 2028 and 2029. | working on 2028 and 29 right now | 2026-06-03 | 2029-12-31 | This is crucial for Broadcom to meet the anticipated insatiable demand for AI semiconductors and execute on its ambitious long-term growth targets, mitigating a key supply constraint risk. | Ticker | AVGO (ticker) | AVGO_1d5328d1 | 2026-06-03 | earnings_transcript | ||||||||||||||
| Achieving or exceeding the updated Enterprise Data segment revenue growth floor of 50% for 2026, with CEO Michael Hsing suggesting potential for even higher performance. | a floor of 50% growth for 2025 (contextually 2026) | 2026-01-01 | 2026-12-31 | Exceeding this growth floor would strongly validate MPWR's AI growth thesis and competitive position, justifying its premium valuation. Falling short would be a bearish signal. | Ticker | MPWR (ticker) | MPWR_82d74f2d | 2026-02-05 | earnings_transcript | ||||||||||||||
| Successful expansion of manufacturing capacity beyond the current $4 billion milestone to meet growing customer demand, particularly for AI and data center solutions. | this year (2026) and over the next three years | 2026-01-01 | 2028-12-31 | Failure to adequately expand capacity could lead to missed revenue opportunities and market share loss, while successful expansion is critical for sustaining long-term growth. | Ticker | MPWR (ticker) | MPWR_c2fb8ab6 | 2026-02-05 | earnings_transcript | ||||||||||||||
| Customer adoption and ramp of 48-volt and zonal architecture solutions, including the first fully integrated 48-volt e-fuse and kilowatt-level zonal controllers, driving automotive segment growth in 2026. | support growth in 2026 and beyond | 2026-01-01 | 2026-12-31 | Strong adoption will diversify revenue and sustain high growth outside of data centers; however, macro headwinds like tariffs or EV subsidy changes could temper growth. | Ticker | MPWR (ticker) | MPWR_63db73e6 | 2026-02-05 | earnings_transcript | ||||||||||||||
| Resumption of sequential gross margin improvements of 10-20 basis points quarter-over-quarter, driven by longer backlog and a favorable product mix shift towards higher-value modules. | at some time during the year (2026) with incremental sequential improvements of maybe 10 to 20 basis points quarter over quarter | 2026-04-01 | 2026-12-31 | Achieving this would signal favorable product mix and pricing power, supporting profitability; failure to improve would indicate continued margin pressure at the low end of their target range. | Ticker | MPWR (ticker) | MPWR_fce6944a | 2026-02-05 | earnings_transcript | ||||||||||||||
| Ramp of 1.6T optical modules and related interconnect technologies (e.g., CPO, active copper) driving growth in the communications segment. | as you start to see the 1.6 ramp (implied 2026) | 2026-01-01 | 2026-12-31 | Successful ramp will capture new opportunities in high-speed data center interconnects, contributing to diversified revenue growth and strengthening MPWR's position in this evolving market. | Ticker | MPWR (ticker) | MPWR_42a30795 | 2026-02-05 | earnings_transcript | ||||||||||||||
| Industry-wide adoption of vertical power solutions in data centers. | in 2026 | 2026-01-01 | 2026-12-31 | Increased adoption of vertical power solutions is a natural market evolution that will drive demand for MPWR's high-density power management products, benefiting its data center segment. | Theme | MPWR (ticker) | MPWR_40df1d75 | 2026-02-05 | earnings_transcript | ||||||||||||||
| TSMC providing a more precise full-year 2026 revenue growth guidance. | in July | 2026-07-01 | 2026-07-31 | Bullish if guidance is revised upwards, confirming stronger-than-expected demand. Bearish if guidance is reaffirmed with increased caution or lowered. | Ticker | TSM (ticker) | TSM_9753f0ca | 2026-04-16 | earnings_transcript | ||||||||||||||
| TSMC will provide a more accurate or precise full-year 2026 revenue growth outlook. | in July | 2026-07-01 | 2026-07-31 | A revised or more precise revenue growth outlook for 2026 could impact investor sentiment and valuation, especially given current strong demand signals for leading-edge technologies. | Ticker | TSM (ticker) | TSM_2b982d2d | 2026-04-15 | earnings_transcript | ||||||||||||||
| Lattice Semiconductor will provide a detailed financial and business review of AMI and pro forma expectations for the combined entity. | at our next quarterly call when we discuss Q2 and guide to Q3 | 2026-08-04 | 2026-08-04 | This disclosure will offer investors crucial insights into the financial impact and synergy potential of the AMI acquisition, which will influence valuation and future growth expectations. | Ticker | LSCC (ticker) | LSCC_c2f40d90 | 2026-05-04 | earnings_transcript | ||||||||||||||
| Meaningful step-up in fiscal 2027 capital expenditures, including over $10 billion year-over-year increase in construction-related CapEx and higher equipment spend. | fiscal 2027 | 2026-09-01 | 2027-08-31 | This significant increase in CapEx signals aggressive investment in future capacity and technology, which is bullish for long-term growth and market share but could impact short-term free cash flow. | Ticker | MU (ticker) | MU_22d8a985 | 2026-03-18 | earnings_transcript | ||||||||||||||
| Intel's 14A process node development milestone with the release of PDK 0.9 for external customers. | October 2026 | 2026-10-01 | 2026-10-31 | The successful and timely release of PDK 0.9 for the 14A process node is a critical indicator of Intel's progress in its manufacturing turnaround and its ability to deliver competitive next-generation CPUs and foundry services. This impacts Intel's long-term market share against TSMC and AMD, and signals future demand for equipment suppliers. | Theme | theme_composer | INTC, AMAT, LRCX, KLAC, ASML, TSM, AMD | 7 | 0.138 | 1.18 | 1.05 | 1.0 | 17.0951 | 2026-07-26 | False | 1 | 2.4205 | 299.9055 | Theme composer | ||||
| Completion of Process Design Kit (PDK) 0.9 for Intel 14A. | October | 2026-10-01 | 2026-10-31 | This is a crucial technical milestone that validates the development progress of the 14A process, enabling external customer engagements and design commitments, which is bullish for Intel Foundry's future revenue. | Ticker | INTC (ticker) | INTC_1e3a23d2 | 2026-07-23 | earnings_transcript | ||||||||||||||
| Execution and delivery of an $11 billion order of TPU 'ironwood' racks to Anthropic (management stated the $11B order is for delivery in late 2026). | delivery in late 2026 | 2026-10-01 | 2026-12-31 | Successful on-time delivery drives revenue recognition, backlog conversion and AI semiconductor/networks revenue in 2026; delays, cancellations or supply constraints would reduce near-term revenue and could worsen concentration risk and investor sentiment. | Ticker | AVGO (ticker) | AVGO_f8456d4a | 2025-12-11 | earnings_transcript | ||||||||||||||
| Delivery and execution of a $1 billion order from Broadcom's fifth XPU (customer accelerator) customer, noted as for delivery in late 2026. | delivery in late 2026 | 2026-10-01 | 2026-12-31 | Adds to AI backlog conversion and customer diversification; on-time execution supports FY2026 revenue and cementing design-win momentum, while delays or cancellations would reduce expected AI revenue and weaken investor confidence in broadening customer base. | Ticker | AVGO (ticker) | AVGO_98b78f53 | 2025-12-11 | earnings_transcript | ||||||||||||||
| Broadcom beginning production of silicon for OpenAI's AI accelerators. | production late 2026 | 2026-10-01 | 2026-12-31 | This marks a significant milestone in Broadcom's partnership with OpenAI, a major AI frontier lab, and is crucial for its projected AI semiconductor revenue growth in 2027 and beyond. | Ticker | AVGO (ticker) | AVGO_3121e94d | 2026-06-03 | earnings_transcript | ||||||||||||||
| Commencement of shipments of AI semiconductors to Broadcom's remaining two core customers. | begin late 2026 and accelerate into 2027 | 2026-10-01 | 2027-12-31 | This will further diversify Broadcom's AI customer base and revenue streams, contributing to its overall AI growth trajectory and validating its custom XPU strategy. | Ticker | AVGO (ticker) | AVGO_e634c65c | 2026-06-03 | earnings_transcript | ||||||||||||||
| Lattice Semiconductor, inclusive of the AMI acquisition, is expected to exceed a $1 billion annual revenue run rate. | by the end of this year | 2026-10-01 | 2026-12-31 | This milestone indicates significant financial growth for the combined entity and validates the strategic expansion and successful integration of the AMI acquisition, potentially driving positive investor sentiment. | Ticker | LSCC (ticker) | LSCC_147cfbd9 | 2026-05-04 | earnings_transcript | ||||||||||||||
| TSMC's Q3 2026 earnings call will provide critical updates on advanced packaging capacity expansion (e.g., CoWoS, CoPoS, SoIC), the ramp-up of N3/N2 process nodes, and any revisions to the 2026 capital budget, including the Arizona investment. | Mid-October 2026 | 2026-10-15 | 2026-10-15 | TSMC's advanced packaging capacity is a significant bottleneck for AI chip production, impacting the ability of multiple AI CPU/accelerator providers to scale. Updates on N3/N2 ramp-up are crucial for future technology leadership and supply across the theme, affecting foundries and equipment providers. | Theme | theme_composer | TSM, AVGO, INTC, AMD, AMAT, LRCX, KLAC, ARM, QCOM, MRVL | 10 | 5.7944 | 1.18 | 1.05 | Conference/Council | 1.2 | 861.5082 | 2026-07-26 | False | 1 | 3.4384 | 511.217 | Theme composer | |||
| Broadcom's actual AI semiconductor revenue for fiscal year 2027 compared to its reiterated guidance of 'in excess of $100 billion'. | fiscal year 27 | 2026-11-01 | 2027-10-31 | This ambitious long-term target is a major driver of Broadcom's valuation. Achieving or exceeding it would be a significant bullish catalyst, while any shortfall could materially impact investor sentiment. | Ticker | AVGO (ticker) | AVGO_539a5499 | 2026-06-03 | earnings_transcript | ||||||||||||||
| Announcement of the new rate and pace of Micron's capital return program, primarily share repurchases. | from December 9th, which is the second anniversary of our CHIPS agreement signature | 2026-12-09 | 2026-12-31 | A higher-than-expected increase in share repurchases would be bullish for investor sentiment and valuation, signaling management's confidence and commitment to shareholder returns. A lower-than-expected increase could be bearish. | Ticker | MU (ticker) | MU_7f312c23 | 2026-06-24 | earnings_transcript | ||||||||||||||
| Meaningful contribution to HBM supply from Micron's Singapore HBM advanced package facility. | calendar 2027 | 2027-01-01 | 2027-12-31 | The successful ramp and meaningful contribution of this facility are crucial for scaling HBM supply and realizing operational synergies. Delays would impact HBM capacity and potentially market share. | Ticker | MU (ticker) | MU_b8c38d5c | 2025-12-17 | earnings_transcript | ||||||||||||||
| Volume ramp of HBM4E, Micron's next-generation High Bandwidth Memory product. | calendar 2027 | 2027-01-01 | 2027-12-31 | A successful HBM4E ramp is essential for Micron to maintain its leadership in the HBM market, capture future AI accelerator demand, and drive high-margin revenue growth, solidifying its position as a key AI enabler. | Ticker | MU (ticker) | MU_ddbf85f0 | 2026-03-18 | earnings_transcript | ||||||||||||||
| Continued tight supply-demand conditions for both DRAM and NAND across the industry. | beyond calendar 2026 | 2027-01-01 | 2027-12-31 | Persistent industry supply constraints are a key driver for strong memory pricing and high gross margins, benefiting Micron's profitability, but could also limit overall bit shipment growth. | Theme | MU (ticker) | MU_de754c9c | 2026-03-18 | earnings_transcript | ||||||||||||||
| Micron's Singapore advanced packaging facility for HBM contributing meaningfully to HBM supply. | calendar year 2027 | 2027-01-01 | 2027-12-31 | Increased HBM packaging capacity is a critical enabler for scaling HBM production to meet robust AI-driven demand, directly influencing Micron's HBM revenue and profitability. | Ticker | MU (ticker) | MU_233065c2 | 2026-03-18 | earnings_transcript | ||||||||||||||
| Micron's HBM4E product begins volume ramp. | volume expected to ramp in calendar 2027 | 2027-01-01 | 2027-12-31 | Successful and timely volume ramp of HBM4E is critical for Micron to maintain its technology leadership and capture high-value AI-driven demand, impacting revenue, market share, and margins. Delays or yield issues would be bearish. | Ticker | MU (ticker) | MU_b3fcf238 | 2026-06-24 | earnings_transcript | ||||||||||||||
| Launch of Intel's Coral Rapid CPUs, featuring multithreading capabilities. | Coral Rapid is coming up strong | 2027-01-01 | 2028-12-31 | This product is critical for Intel's competitive positioning against AMD in the server CPU market, potentially leading to market share gains and improved Data Center and AI (DCAI) performance. | Ticker | INTC (ticker) | INTC_5990c1d5 | 2026-04-23 | earnings_transcript | ||||||||||||||
| Intel's commitment to retire $3.8 billion in debt maturities coming due in 2027. | 2027 | 2027-01-01 | 2027-12-31 | Successful debt retirement strengthens the balance sheet and reduces future interest expense, signaling financial discipline; failure to do so would be bearish for credit ratings and investor confidence. | Ticker | INTC (ticker) | INTC_d1ea1eec | 2026-04-23 | earnings_transcript | ||||||||||||||
| Execution of the multi‑year alignment/agreement with OpenAI to support ~10 gigawatts of capacity across the 2027–2029 timeframe (management referenced the 10 GW alignment running through '27–'29). | 2027 through 2029 | 2027-01-01 | 2029-12-31 | If executed as anticipated, this multi-year power/build program could represent a material multi-year demand stream for Broadcom systems/components; if it under‑delivers or is delayed, expected medium-term revenue and visibility into large hyperscaler demand would be impaired. | Ticker | AVGO (ticker) | AVGO_2a830b86 | 2025-12-11 | earnings_transcript | ||||||||||||||
| Broadcom management stated line-of-sight to AI revenue from chips, just chips, exceeding $100 billion in 2027. | in excess of $100 billion in 2027 | 2027-01-01 | 2027-12-31 | If realized, it represents a multi-year, high-scale AI compute monetization that could meaningfully lift revenue and inform valuation, though it may pressure margins if AI mix grows faster than mix shifts in other segments. | Ticker | AVGO (ticker) | AVGO_bfe6a053 | 2026-03-04 | earnings_transcript | ||||||||||||||
| OpenAI deploying in volume their first-generation XPU in 2027 at over 1 gigawatt of compute capacity. | in 2027 | 2027-01-01 | 2027-12-31 | OpenAI demand is a key driver for Broadcom's XPUs; a meaningful ramp would support backlog realization and top-line growth, though execution risk and timing remain uncertain. | Ticker | AVGO (ticker) | AVGO_6fd62a9a | 2026-03-04 | earnings_transcript | ||||||||||||||
| Next-generation Tomahawk 7 switch featuring 2x the performance. | in 2027 | 2027-01-01 | 2027-12-31 | Higher bandwidth networking leadership supports AI compute expansion and could accelerate share gains in AI networking. | Ticker | AVGO (ticker) | AVGO_ed84ae9b | 2026-03-04 | earnings_transcript | ||||||||||||||
| Volume production of the new 3-nanometer fab in Tainan Science Park, Taiwan. | first half of 2027 | 2027-01-01 | 2027-06-30 | This is a bullish factor, as it will increase N3 capacity to meet strong AI demand and support future revenue growth. | Ticker | TSM (ticker) | TSM_3e406e44 | 2026-04-16 | earnings_transcript | ||||||||||||||
| Volume production commencement for the new 3-nanometer fab in Tainan Science Park. | first half of 2027 | 2027-01-01 | 2027-06-30 | This milestone will increase 3nm capacity, addressing strong AI-driven demand and potentially boosting revenue for TSMC. | Ticker | TSM (ticker) | TSM_9b9acdbe | 2026-04-15 | earnings_transcript | ||||||||||||||
| TSMC securing manufacturing business for a customer's next-generation LPU (Logic Processing Unit) product. | next-generation LPU | 2027-01-01 | 2029-12-31 | Bullish for market share and revenue if successful, demonstrating continued technology leadership and customer trust in a competitive segment. | Ticker | TSM (ticker) | TSM_3a42201a | 2026-04-16 | earnings_transcript | ||||||||||||||
| First wafer output from Micron's first Idaho fab, accelerated to mid-calendar 2027. | mid-calendar 2027 | 2027-05-01 | 2027-06-30 | Achieving this accelerated milestone demonstrates strong execution and is crucial for adding long-term supply capacity to meet persistent demand. Delays would signal execution challenges and impact future supply. | Ticker | MU (ticker) | MU_df787b41 | 2025-12-17 | earnings_transcript | ||||||||||||||
| Initial wafer output from Micron's first manufacturing fab in Idaho. | mid-calendar 2027 | 2027-05-01 | 2027-06-30 | This milestone signifies the activation of new domestic production capacity, crucial for long-term supply expansion and potentially benefiting from government incentives like the CHIPS Act. | Ticker | MU (ticker) | MU_6fcf0e64 | 2026-03-18 | earnings_transcript | ||||||||||||||
| Micron begins initial wafer output from its first Idaho fab. | mid-calendar 2027 | 2027-05-01 | 2027-06-30 | Successful and timely initial wafer output is crucial for increasing DRAM supply and meeting future demand. Delays or lower-than-expected yields could exacerbate supply constraints and negatively impact cost per bit and revenue. | Ticker | MU (ticker) | MU_f544d350 | 2026-06-24 | earnings_transcript | ||||||||||||||
| CoWoS pilot line reaching maturity for production. | about another one year to be mature so we can put it into the production with our customer. | 2027-07-01 | 2027-07-31 | This milestone would enable TSMC to address the tight advanced packaging capacity, supporting customer growth in AI and HPC, and potentially alleviating a key bottleneck for future revenue. | Ticker | TSM (ticker) | TSM_91640f5f | 2026-07-16 | earnings_transcript | ||||||||||||||
| The Tongluo manufacturing site (acquired from Powerchip Semiconductor) beginning to support meaningful product shipments. | beginning in fiscal 2028 | 2027-09-01 | 2028-08-31 | This new fab capacity is crucial for addressing long-term memory demand and increasing Micron's overall supply, which will directly impact future revenue growth and market share. | Ticker | MU (ticker) | MU_a7963dc2 | 2026-03-18 | earnings_transcript | ||||||||||||||
| Next-step upgrade to 400G SerDes in 2028. | in 2028 | 2028-01-01 | 2028-12-31 | 400G SerDes upgrade enables higher bandwidth within data-center clusters; could influence ASPs, mix and gross margins during the transition period. | Ticker | AVGO (ticker) | AVGO_c74214d3 | 2026-03-04 | earnings_transcript | ||||||||||||||
| Initial wafer output from the new NAND fab at Micron's Singapore site. | second half of calendar 2028 | 2028-07-01 | 2028-12-31 | This new NAND capacity is vital for meeting the accelerating demand for data center SSDs and other NAND products, directly impacting future revenue and market share in a tight supply environment. | Ticker | MU (ticker) | MU_030fd276 | 2026-03-18 | earnings_transcript |
NotesMarket Commentary
| Date | Type | Comment | Detail | Sentiment | Tickers |
|---|---|---|---|---|---|
| 2026-07-26 | Theme Refresh Synthesis | The Chips '26: CPUs theme is robust, driven by CPUs' foundational AI role and surging custom accelerator demand. Hyperscaler CapEx fuels aggressive investment in advanced manufacturing, packaging, and HBM, with demand exceeding supply through 2028. Intel's 18A yields are ahead, and TSMC projects >40% 2026 revenue growth. However, persistent supply tightness, new fab execution risks, and margin pressures from node ramps and lower-margin AI revenue present near-term challenges. Competition between x86 and ARM/custom silicon intensifies. | Market Commentary | Bullish | INTC, AMD, AVGO, TSM, MU, QCOM, LSCC, MPWR, ON, AMAT, LRCX, KLAC, ASML, ARM, 8035.T, MRVL |
Constituents
- — Micron Technology, Inc.
- — Marvell Technology, Inc.
- INTCT2— Intel Corp.
- ONT2— ON Semiconductor Corporation
- AMATT3— Applied Materials, Inc.
- AMDT3— Advanced Micro Devices, Inc.
- ASMLT3— ASML Holding N.V.
- AVGOT3— Broadcom Inc.
- KLACT3— KLA Corporation
- LRCXT3— Lam Research Corporation
- LSCCT3— Lattice Semiconductor Corporation
- MPWRT3— Monolithic Power Systems, Inc.
- QCOMT3— QUALCOMM Incorporated
- TSMT3— Taiwan Semiconductor Manufacturing Company Limited
- 8035.TT3· no notes yet
- ARMT3· no notes yet