ASML: No Clarification on 2026, China Procurement in Excess of End-Demand, High NA Start in 2028
​ASML's positive management tone lacks material clarification on 2026 revenues. Concerns: China revenue, double counting TSMC + Intel capacity,...
694 Views
TeraView Holdings IPO Preview - The First U.K. Based Company to Pursue a Listing in Korea
TeraView Holdings is getting ready to complete its IPO in KOSDAQ by end of this year. TeraView Holdings is the first U.K. based company to pursue a...
793 Views
Citi’s AI Supercycle Thesis Faces a Logic Check
​Citi believes AI has sparked a semiconductor upcycle, but warnings about potential overreach and pricing peaks still exist. Investors should be...
264 Views
OpenAI and Its House Built on GPUs, Debt, and Leveraged Demand
​OpenAI's growth model hinges on vendor financing, forward contracts, and projected external capital, with potential risks for OEMs and private...
623 Views
Tekscend Photomask IPO Trading - Priced at the Top, but Still Relatively Cheap
Tekscend Photomask (429A JP), a manufacturer and distributor of semiconductor photomasks, raised around US$900m in its Japan IPO. In this note, we...
802 Views