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

Moody's Ratings upgrades AMD's rating to A1; outlook changes to stable

Moody's Ratings (Moody's) upgraded the senior unsecured ratings for Advanced Micro Devices, Inc. ("AMD") and its wholly-owned subsidiary, Xilinx, Inc. ("Xilinx"), to A1 from A2, and the long-term issuer rating of Xilinx to A1 from A2. We affirmed AMD's Prime-1 short-term commercial paper program rat...

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,

Vermilion Int'l Compass: Global Equity Strategy

Stick With Global Technology; China Breaking Out We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int'l Compass reports all echoing this sentiment. We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 6028-6059 and $125-$126. Our bullish near-term outlook will remain in place as long as the 4+ month uptrend continues on ACWI...

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

Advanced Micro Devices Inc: 1 director

A director at Advanced Micro Devices Inc sold 2,868 shares at 226.010USD and the significance rating of the trade was 70/100. 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 ye...

Semicap and the $3tn AI bull-case: material upside, but well below the...

We published earlier this week our updated view on the Semicap rally, looking at the implication of AI spending tripling by 2030 for WFE spending. Today, we publish a follow-up looking at the implications of the $3tn AI bull case for Semicap on a single slide.

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