Semicon West: 2026 outlook? Does AI drive growth? DRAM architectures? ...

Last week we attended the 2025 edition of the Semicon West conference, the key event for investors focused on the semiconductor equipment market. Over two days we hosted more than a dozen meetings with companies across the semiconductor value chain. Here are our key takeaways.

Downgrading Micron: Cyclical patterns should prevail, even along secul...

Memory fundamentals are strong, with HBM demand rising alongside a recovery in conventional memory, while supply stays tight. We expect a series of earnings beats over the coming quarters. However, Micron trades at peak multiples, and we expect those beats to be offset by continued multiple compression, consistent with past cycles—likely resulting in muted stock performance. We therefore downgrade Micron to Neutral, with a $190 target. For now, we prefer TSMC. It offers AI exposure comparable ...

Daily Views on Tech Headlines

Samsung, Memory: Samsung expects CQ3 profit to grow 158% to ~12 Tr Won ($8.5B)View: Samsung yesterday announced its 3Q operating profit is expected to grow ~32% Y/Y to 12.1 trillion won ($8.5B), marking its highest levels since 2Q22 and far exceeding consensus of ~10 trillion won. Although detailed

5 Things to Know in Investing This Week - The Gold! Issue

Daily Views on Tech Headlines

NVIDIA Corp: 1 director

A director at NVIDIA Corp sold 225,000 shares at 190.601USD and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly s...

PSA Capital Goods / Technology: AI Lifts Automation

PSA’s automation and robotics analyst William Nestuk reviews the performance of automation stocks this year and explains why this month, AI has lit a touchpaper to strong performance by names in the sector.

Daily Views on Tech Headlines

Wedbush Morning Call - Oct 10 2025 6:50AM

Insight Focus on Product Advancements or Fundamentals?

Higher Memory CostsNTAP historically has been somewhat less adept than its peers during periods when memory costs fluctuate.We would not expect any impact on current quarter dynamics or even potentially FQ3 economics given our belief that NTAP pulled some storage purchases forward into CQ2.However,

Daily Views on Tech Headlines

Samsung, NVDA: Jensen Huang reportedly confirms Samsung’s HBM3e qualView: Per News1 Korea, Jensen has personally informed Samsung that its HBM3e has passed NVIDIA’s quality qualification tests and that NVDA intends to place orders. The two companies, in turn, are now reportedly fine-tuning details

Wedbush Morning Call - Oct 09 2025 6:44AM

September Sales Review - Lifting PT to NT$1,700

Oracle AI cloud margins: Much ado about nothing

The Information reported yesterday that Oracle’s AI cloud margins are in the high teens. Accounting for typical start-up costs, this aligns well with our analysis of the $300bn OpenAI contract. Please see the link for our analysis of Oracle's AI cloud economics over the next 10 years and the implications for overall gross margins.

Daily Views on Tech Headlines

we see limited impetus for manufacturers to shift lines to alleviate tight conditions (since there is tightness everywhere), a result that we believe will likely prolong shortages for older DRAM parts.Commercial Times, Economic Daily News

AMD/OpenAI: much larger than you thought…

We put overnight the OpenAI / AMD announcement into perspective. Truly transformational in our view, and potentially representing 50% of the startup’s deployments by 2030… including the giant $300bn Oracle contract.

Daily Views on Tech Headlines

AMD-OpenAI deal: Our initial cheat sheet – quite something!

AMD announced a partnership with OpenAI this morning to deploy 6 Gigawatts of AMD GPUs. Please follow the link below for our take.