DanielRomero

$ARM is trading at 50x forward earnings, up 17% in a day on a CPU announcement, growing at 20% YoY
$NVDA is trading at 18x forward earnings, growing at 70% YoY
$AMD is trading at 28x earnings, growing at 40% YoY

Lisa Su has been nominated by President Trump to serve on the President’s Council of Advisors on Science and Technology

$TSEM projects $500M in net profit after its foundry buildout is complete, at 85% utilization
It is now trading at 43x that
Probably not much upside left
In contrast, $TSM trades at 24x 2026 earnings

> Sora is shutting down
> OpenAI is offering a 17.5% minimum return on preferred equity
> Disney is winding down its deal with OpenAI
Is Anthropic triggering an emergency response at OpenAI?

$AVGO and $NVDA are facing manufacturing limits at $TSM foundries
Neither can produce as much as they would like, and $NVDA is reportedly redesigning Feynman to circumvent this bottleneck
The stars are aligning for $INTC if they can get 18A together

$MU CEO Sanjay Mehrotra recently said that L4 autonomous vehicles will require over 300GB of DRAM
Today, the average car has less than L2 ADAS capability and uses around 16GB of DRAM
He also noted that humanoid robots will likely need a comparable compute platform

After GTC, I’d say the chances of $AMD acquiring Cerebras went from 10% to 25%
$AMD is already an investor
Cerebras’ founder and CEO was a VP at $AMD
Normally, an acquisition is the best exit strategy for semiconductor startups
I don’t see AMD having a chance in the ultra-fast reasoning/decode tier for premium, low-latency workloads otherwise
That doesn’t mean $AMD can’t gain market share, but not at the edge

Sir, retail is starting to use PEG to value $MU

Copper miners have been crashing since the start of the war
Down from their 2026 highs:
Oroco Resource Corp. | $OCO: -52%
Capstone Copper | $CS: -47%
Ivanhoe Electric | $IE: -44%
Ivanhoe Mines | $IVN: -43%
Ero Copper | $ERO: -40%
Taseko Mines | $TGB: -40%
Lundin Mining | $LUN: -35%
Southern Copper | $SCCO: -30%
Solaris Resources | $SLSR: -30%
Teck Resources | $TECK: -27%
Freeport-McMoRan | $FCX: -25%

Picks and shovels plays of the photonics boom
$LITE | Lumentum: lasers for silicon photonics transceivers and CPO
$TSEM | Tower Semiconductor: silicon photonics foundry
$BESI | BE Semiconductor: hybrid bonding and packaging equipment for photonics
$VECO | Veeco: manufacturing equipment for photonic and optical chips
$AIXA | Aixtron: tools used to grow photonic materials like GaAs and InP
$SIVE | Sivers Semiconductors: laser chips and arrays for optical links and silicon photonics
$AXTI | AXT: InP, GaAs, and Ge wafers for optical devices
$COHR | Coherent: lasers, photodiodes, and other optical

$MU guided gross margins of 81%
$NVDA guided gross margins of 75%
Memory is more premium than an $NVDA system

Cantor Fitzgerald raises $MU price target to $700
Barclays sees "no sign of this train slowing down."
Cycle peak likely not coming until 2027 or 2028

Summary of all $NBIS converts and possible dilution
Total possible dilution, including warrants: 26%
Total capital raised: $10.8B
Weighted average conversion price: $130/share
2029 Notes
Principal: $500M
Coupon: 2.00%
Initial conversion price: $51.45
Effective conversion price at maturity: $61.74
Max shares if fully stock-settled: 9.72M
2031 Notes
Principal: $500M
Coupon: 3.00%
Initial conversion price: $51.45
Effective conversion price at maturity: $64.31
Max shares if fully stock-settled: 9.72M
2030 Notes
Principal: $1.58B
Coupon: 1.00%
Initial conversion price: $138.75
Effective conversion

$AMD and Samsung Expand Strategic Collaboration on Next-Generation AI Memory Solutions
The companies will collaborate on industry-leading HBM4 supply for AMD Instinct MI455X GPUs and next-generation DDR5 solutions for AMD EPYC processors and the AMD Helios platform
“Samsung and AMD share a commitment to advancing AI computing, and this agreement reflects the growing scope of our collaboration,” said Young Hyun Jun, Vice Chairman & CEO of Samsung Electronics.
“From industry-leading HBM4 and next-generation memory architectures to cutting-edge foundry and advanced packaging, Samsung is uniquely