This weekly newsletter pulls together summaries of the top ten most-read Insights across Tech Hardware and Semiconductor on Smartkarma.
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1. Sumco Soars But Their Downturn Recovery Still Remains Very Much A Work In Progress
- SUMCO soared 18% on May 8. Their share price is +260% over the past year and +149% YTD. Siltronic & GlobalWafers have shown a similar, albeit less dramatic, trend.
- The silicon wafer recovery from a protracted post-pandemic downturn remains a work in progress. Inventory levels are still at historic highs, current year forecasts are ho-hum at best
- Many semi names are presently re-rating based on record breaking revenue growth. That kinda makes sense. The silicon wafer manufacturers are rallying on sentiment. That may become problematic. Let’s see.
2. ASE Q1 2026. CapEx Struggling To Keep Pace With Surging Demand
- On Wednesday 29 April 2026, ASE Technology reported Q1 2026 revenues of NT$173.66 billion, down 2.4% QoQ but up 17.2% YoY and at the high end of the guided range.
- Current quarter revenue expected to grow by 7 to 9% QoQ; Gross margin should increase by 20 to 100 basis points QoQ
- ASE raised 2026 capex by roughly US$1.5 billion, a 20% increase on the $7 billion number that was communicated in February. 2026 CapEx will now reach $8.5 billion
3. Taiwan April Sales Signals: AI Server Ramp Sustains & Memory Cycle Bleeds Into PC OEMs
- Memory signals — Memory revenue +309% YoY, still climbing month-to-month. Acer (+68%) cites memory price hikes inducing PC pull-forward demand; Q2 PC revenue inflated, Q3 unwind risk.
- AI server signals — Demand sustained for four straight months at dedicated server assemblers. Quanta +121%, Wistron +112%, Inventec +37%, Hon Hai +30%; 4-month YTD revenue growth +52%.
- Bifurcation signals — AI server vs. non-AI server performance bifurcation widens… Display/Optics subsector revenue −2.7% YoY (first chain-level negative).
4. Amkor Q1 2026. Money For Nothing & Your Shares For Free
- Amkor, the largest US-headquartered outsourced semiconductor packaging and test (OSAT) provider, delivered record first quarter revenue of $1.68 billion, increasing 27% YoY, while being seasonally down 10.7% QoQ
- 2026 CapEx was reaffirmed at $2.5 billion to $3 billion. 65% to 70% is projected for facility expansion, including Phase 1 of their Arizona campus.
- Amkor has offered $1 billion in convertible senior notes. It’s basically a $1 billion interest free loan, with the lenders hoping for windfall return in the form of Amkor shares.
5. GlobalWafers Q1 2026. May Be Viewed As A Relatively Low Point In The Current Cycle !
- On May 5, 2026, GlobalWafers (6488.TW) reported Q1 2026 revenue of NT$13.98 billion, down 3.6% quarter-on-quarter from Q4 2025’s NT$14.50 billion, and down 10.3% year-on-year from Q1 2025’s NT$15.60 billion.
- Gross margin was 20.8%, a 4.9 percentage point sequential decline from Q4 2025’s 25.7%, driven by three distinct and largely non-recurring factors
- GlobalWafers now provides simulated financials to show what the numbers would be if they hadn’t gone ahead with their expansion plans. Go figure!
6. Cerebras Explodes Into A New Era Of Silicon Exuberance
- CBRS opened at $350, an 89.2% pop on the offer price. It traded as high as $386.34 intraday, a 108.8% gain. It closed at $311.07, +68.1% from the $185 offer.
- At the $311 close, the market is pricing Cerebras as if the OpenAI deal converts, the AWS channel scales, the performance lead over NVIDIA holds, and the historical concentration moderates.
- OpenAI’s equity stake in Cerebras, disclosed in the related-party section of the prospectus, has just become worth substantially more. Nice one Sam!
7. Rohm (6963 JP): Profit Rebound in the Price
- After rising by 76% since the beginning of the year, Rohm is selling at 20x our EPS forecast for FY Mar-29. This should discount a reasonably optimistic recovery scenario.
- A ¥193.6 billion impairment charge and the withdrawal of Denso’s acquisition proposal has opened the way for management to rebuild the business.
- Shortages of and high prices for materials, and other economic disruption caused by the war on Iran, have largely been ignored.
8. TSMC (2330.TT; TSM.US): 2026 Symposium Held on May 14
- Global Expansion & Operations : A total of 18 fabs are currently under construction or expansion worldwide, including 5 advanced packaging facilities.
- Advanced Process Roadmap (N2 / A14 / A12): N2 Performance: First-year output is expected to exceed N3’s first year by 45%.
- Next-Gen Technology: CFET-based SRAM cell area is 30% smaller than nanosheet designs.
9. Silergy (6415.TT): Management Is Confident that Exceeding 20% Is Highly Feasible.
- Key growth is driven by the rapid increase in power requirements for AI servers and the ubiquitous demand for battery management systems (BMS) across automotive, energy storage, and robotics.
- The company maintains its 20–30% annual growth target, with management expressing increased confidence that achieving over 20% is highly feasible.
- That while upstream costs have risen, the company is passing these costs through to customers. Due to tight capacity, customers are generally accepting of price adjustments to ensure supply security.
10. Ulvac (6728 JP): Opportunities in Rare Earth Magnets and AI
- ULVAC regained its May 2024 price peak last Tuesday, when it announced 3Q results showing a big increase in new orders, which rose 29% from 2Q and 109% YoY.
- Orders growth was led by strong demand for vacuum equipment used in the AI semiconductor boom, rare earth magnet production, and OLED displays. The 3Q Book-to-Bill ratio was 1.46X.
- Sales and profits lagged as the end of the EV power device downturn passed through the income statement, but should rebound in 1H of FY Jun-27.
