Daily Alpha · YouTube
· Premarket Alpha · by Buzzberg Research
TSMC Q2 earnings beat expectations
TSMC reported Q2 net income of NT$706.6 billion ($22 billion), surpassing the $19.4 billion consensus, with revenue growth of 36% YoY and strong gross margins of 67.7%.
Semiconductor sell-off driven by sector rotation, not fundamental breakdown
The recent decline in US and Korean semiconductor stocks is attributed to a temporary rotation into Big Tech ahead of earnings, rather than a deterioration in memory demand or AI infrastructure fundamentals.
CXMT IPO capacity expansion threatens DRAM incumbents
CXMT's upcoming $10 billion IPO is expected to fund a two-thirds capacity expansion by 2028, directly challenging the market share and pricing power of DRAM incumbents Samsung and SK Hynix.
Structural oil price premium
Geopolitical disruptions in the Strait of Hormuz and the Russia-Ukraine conflict are structurally repricing oil higher, with no normalization expected this year.
ASML raises guidance amid surging demand
ASML significantly increased its 2027 guidance and production capacity plans, citing robust demand for EUV equipment and strong memory-related sales, despite analyst concerns about capacity expansion limits.