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· Post-Market Alpha · by Buzzberg Research
Broadcom's reported search for more than $50 billion of OpenAI chip financing, KB's call for Samsung HBM prices to more than double and what TengYan calls a quiet squeeze in AI chip testing led, while Isaias shut in about a quarter of anticipated federal Gulf oil production.
Themes on this desk
AI credit stress
Bloomberg reports SpaceX's credit risk hit a fresh high and its bonds tumbled; Zerohedge says Oracle bond yields and CDS hit records and a bond behind Meta's Hyperion data center hit a record low.
Aehr versus Teradyne
PhotonCap and KawzInvests say Teradyne's Titan HP competes with Aehr's Sonoma in package-level burn-in; KawzInvests says Titan HP does not replace Aehr's wafer-level burn-in, and PhotonCap sees no evidence that it does.
Ticker heat
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Top voices by smart followers and alpha score
Market Radar →bubbleboi says 10 more low-NA EUV tools would mean an extra 1 million wafers a month
Reacting to FundaAI's forecast that 2027 low-NA EUV capacity will likely top 95 units versus ASML's 85-unit guidance, with 2027/28 shipments raised to 100/125 units, bubbleboi asks who is expanding capacity and whether it is Intel.
This is surprising. Doesn’t sound like a lot but 10 more low NA EUV machines is an extra 1M wafers
FundaAI says its industry checks show the supply chain planning production around higher shipment targets.
Watch ASML's Q3 results and 2027 EUV capacity guidance.
Source →Tropical Storm Isaias shut in 511,619 b/d of Gulf oil, about 25% of anticipated federal Gulf production
Operator reports by 11 a.m. CDT also showed 350.25 MMcf/d of gas shut in, 16.37% of anticipated federal Gulf production; these are daily curtailments that do not establish infrastructure damage.
$VLO $MPC $PSX $DK $CLMT TROPICAL STORM ISAIAS:
The question is how far curtailments rise before landfall and whether restoration is slowed by inspections or by damage to shared infrastructure.
Watch Shut-in volumes before landfall and the pace of restoration.
Source →KB Securities expects Samsung's HBM prices to more than double in 2027
Local media say Samsung proposed mid-to-high $4 per gigabit for 2027 HBM4, more than 3x the roughly $1.50 for HBM3E; KB expects HBM4 at about 80% of Samsung's HBM revenue next year, and TrendForce forecasts a 121% rise in blended HBM prices.
MU, Samsung: KB sees Samsung HBM prices doubling in 2027 + KB Securities expects Samsung's HBM selling prices to rise
HBM is eating DRAM wafer capacity, giving memory makers room to push contract prices higher.
Source →Winstek approved NT$13.4 billion of 2026 capex, up from a NT$5.6 billion plan in December
TengYan says parent Sigurd is raising test prices, per Taiwan press, and that customers are locking capacity with guarantee agreements and testers reserved just for them.
winstek, a taiwan chip-test house with NT$2.7B of revenue in the first half, just approved NT$13.4B of 2026 capex.
Advantest says accelerators need longer test times and additional insertions; TengYan argues tester hours run out and compares testing to packaging two years ago.
Watch Advantest and Teradyne results later this month.
Source →Broadcom is reportedly seeking over $50 billion of financing for OpenAI's custom AI chip
Per the WSJ, Apollo and Blackstone are among the lenders Broadcom has talked to; the financing is intended to help Oracle bridge the gap between paying for the hardware and receiving cloud computing revenue.
BREAKING: Broadcom, $AVGO, is seeking more than $50 billion in financing for OpenAI’s custom AI chip, which the firms are
Broadcom is reportedly seeking outside lending for the OpenAI chip, aimed at bridging Oracle's gap between paying for hardware and collecting cloud revenue.
Watch Whether Apollo, Blackstone and other lenders commit to the deal.
Source →