Anticipating the memory supply-demand balance of 2026, on a single sli...

In our Micron initiation in 2022, we introduced a unique framework to track memory supply and demand, based on COGS and PPE. In today’s one-slider, we update our view on memory supply-demand balance for 2026.

AI in 2027; Intel’s turnaround; TSMC in 2026; Mobileye; Ericsson. Tech...

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 4 names we over the last two weeks, follow the link below.

Reconciling TSMC guide with total AI Infra. Spending in 2030, on a sin...

TSMC raised its AI revenue growth outlook last week to mid-to-high 50% CAGR from 2024 to 2029. Click on the link for a reconciliation with our forecast for total AI Infrastructure Spending.

​​​​​​​TSMC 4Q25: Strong implied 2027 guide for AI Infra.; WFE read-ac...

TSMC 4Q25 QT: Strong implied 2027 guide for AI Infra.; WFE read-across...

TSMC reported 4Q25 this morning.

Technology infrastructure in 2026: Top picks & updated perspective - C...

TSMC: What to expect from 2026 guidance?

TSMC will provide its initial 2026 revenue guidance on the 4Q25 earnings call on Thursday.

TSMC: 4Q revenues beat. Top Pick for 2026.

TSMC reported 4Q25 Revenues.

AI infrastructure in 2026: Updated perspective & top picks

As usual, to start the year, we have pulled together our favorite ideas in our coverage for 2026. We have selected names with our highest conviction.

Bible 3Q25 – Foundries: Strong set-up for TSMC into 2026. Downside ris...

Today, we are publishing the Foundry section of our 29th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. TSMC increased its 2025 growth outlook to 35%, as we anticipated. For other foundries, expectations were revised down 1pt to 9% growth in 2025, which implies a reasonable 2% sequential growth in 4Q. For ne...

The Tech Infrastructure Quarterly Bible 3Q25

We publish today our comprehensive quarterly bible: 242 pages of detailed analysis on what happened in the last 3 months, and how we interpret it, in light of our current convictions. The first section acts as a PM summary, outlining our key findings, and latest thoughts on the semi cycle, in 6 slides:

Gen AI Big Idea Series – The Broadcom Platform – ​Hock Tan, CEO

We hosted another session of the 5th annual BCG × NSR Gen-AI Big Idea Series this week. We will host a slate of exceptional speakers through Feb-26 (full line-up here). This session was a conversation with Hock Tan, CEO of Broadcom, along with Kirsten Spears, CFO, and Charlie Kawwas, President of the Semiconductor Solutions Group. Please see the link below for our takes.

OpenAI Losing the Lead to Google? Implications for Microsoft

The release of Gemini 3 has triggered a wave of strong reception across the industry. Please click the link for our thoughts on what this means for Microsoft.

PSA Semiconductors: Readthrough from Nvidia’s Q3 Results

While the FY25 Q3 results constituted a beat, they came in quite close to what the share price implied. However, the guidance for Q4 surprised on the upside. Pelham Smithers reviews the performance and outlook, with a readacross to beneficiaries in Japan and the numbers from China.

Microsoft-OpenAI: Quick thoughts on the new deal.

Microsoft and OpenAI announced a new definitive agreement for the “next chapter” of their partnership. Please see the link below for our high-level views.

How much WFE is required to produce a 1 GW datacenter?

As a follow up to our cheat sheet summarizing the cost structure of a 1GW datacenter, we estimate today on a single slide WFE required to produce semiconductors for a 1 GW datacenter, with our usual important caveat: WFE spending is driven by the growth of production capacity. In other words, one spends once on WFE to build a 1GW datacenter many times over.

Gen AI Big Idea Series – Ayar Labs CEO, Mark Wade Co-packaged optics u...

We kicked off the 5th annual BCG × NSR Gen-AI Big Idea Series this month. We will host a slate of exceptional speakers through Feb-26 (full line-up on website).  Our first session, a conversation with Mark Wade, CEO of Ayar Labs, went deep on optical I/O: progress in bringing optical I/O to market, the roadblocks to scaling co-packaged optics, and how optical interconnects could redefine the architecture and economics of datacentres. Please see the link below for our takes.

OpenAI buildout plans – what do they tell us about best 5-year investm...

OpenAI announced a series of major contracts and partnerships in recent weeks, suggesting ambitions to deploy anywhere between 10 and 30GW of compute, with rich information about potential vendor positioning. We investigate in this research what can be inferred from these contracts and partnerships, and draw implications for the main names we cover, involved in the supply chain: Nvidia, Broadcom, AMD, TSMC, Micron, and semicap manufacturers.

AI spending, Auto Cycle, Semicap in 2026, and more, our Weekly wrap-up...

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 4 names we followed last week, follow the link below.

TSMC 3Q25: AI outlook strengthening; GM beat; strong set-up for 2026. ...

TSMC reported 3Q25.