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. Fermi America’s Unfathomable Progress
- On October 1, Texas-based startup Fermi raised $682.5 million through the sale of 32.5 million shares at $21/share in a remarkable dual listing on both the NASDAQ and LSE
- The company claimed to have a prospective first tenant who had already “put down” a $150 million prepayment
- On December 12, Fermi issued a SEC filing clarifying that no money had been drawn down and the the prospective tenant had terminated their agreement. Currently trading @ ~$9/share
2. TSMC: A Resilient Long Holding Insulated From an AI Slowdown
- Strong Signals TSMC’s 2nm Node Will Take the Company to New Heights
- Apple Anchors 2nm Volumes — Insulates from Potential AI Capex Slowdown
- TSMC Inexpensive and Resilient to Any Potential AI Capex Slowdown
3. Hamamatsu Photonics (6965 JP): The Opportunity in Lasers
- Demand from the semiconductor, medical, quantum computing and defense industries is turning the Laser segment into Hamamatsu Photonics’s new growth driver.
- The acquisition of NKT Photonics brings defense and other technologies, Rheinmetall as a customer in Europe, and potential for greater defense-related sales in Japan.
- Selling at 20x net profit guidance for FY Sep-28, near the bottom of its 10-year P/E range.
4. Taiwan Tech Weekly: TSMC’s Next Node Already Sold Out Before Any Mass Production
- TSMC’s 2nm Node Is Already Sold Out Through 2026E… And Hasn’t Even Started Production Yet
- Taiwan Dual-Listings Monitor: TSMC Historically High Premium Cracks; ChipMOS & CHT Opportunities
- Micron: Nov-25 Beat by 30%, Feb-26 Guidance 80% Above Consensus
5. Pharma Foods International (2929 JP): 1Q Loss from Up-Front Advertising Expenses
- After dropping to a 52-week low on operating and net 1Q losses, the share price has recovered to 20x EPS guidance for FY July 2026.
- The gross margin remains near 80%, but a large increase in advertising expenses put the company into the red. It also boosted sales as planned.
- Management plans to cut back on advertising, aiming for break-even in 2Q and profits in 2H. The dividend yield is now 3.6%. The long-term investment story remains intact.
