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· Premarket Alpha · by Buzzberg Research
Jukan relayed SK hynix's LTAs with 14 customers covering over 50% of 2027 and 2028 capacity, Teng Yan noted that the sold-out claim includes demand still being negotiated, and Jukan relayed Reuters on CXMT's HBM3E at a 20% yield.
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OpenAI and Google TPUs
Jukan, pequityresearch and newswires relayed The Information's report that OpenAI plans to buy Google's AI chips; PhotonCap noted OpenAI's TPU compiler hiring and that no finalized agreement is confirmed.
AI financing
Zerohedge says the first lien Broadcom supports in its $63 billion Anthropic chip SPV is about $43.5 billion, or 69%; Paradis Labs lists that SPV, Meta's $97.5 billion raise and SpaceX's $40 billion GPU deal as financing progress.
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Market Radar →SK hynix has LTAs with 14 major customers covering over 50% of 2027 and 2028 capacity
The standard term is five years, with talks underway to extend some contracts. Pricing reflects market conditions within a range agreed with each customer, and the agreements include deposits to ensure fulfillment.
SK HYNIX: - HAS SIGNED LTAS WITH 14 MAJOR CUSTOMERS, INCLUDING LARGE GLOBAL CSPs.
Contracted volumes improve visibility, while pricing inside the agreed range still moves with the market.
Watch Talks to extend existing contract terms.
Source →CXMT plans small-scale HBM3E production within two months, per Reuters
Reuters says CXMT's current HBM3E yield is 20%, and its test results showed performance closer to SK hynix's previous-generation HBM3, short of SK hynix's HBM3E.
RTRS: ACCORDING TO SOURCES, CXMT PLANS TO BEGIN SMALL-SCALE PRODUCTION OF HBM3E WITHIN THE NEXT TWO MONTHS. RTRS:
Chinese HBM supply is starting but trails SK hynix on yield and performance.
Watch The start of CXMT's small-scale HBM3E production.
Source →Expert call says Google faces severe compute shortages and a delayed TPU v8i
The expert says Gemini 4 Argon is globally suspended internally due to compute shortages, free users are pushed from Flash to Light, and TPU v8i delivery is delayed by roughly one quarter. Anthropic holds about 3.5 million of Google's 7 million-plus TPU units.
Expert Takeaways: Google Gemini 4 Argon Launch Focus:
Anthropic's rented compute revenue on Google Cloud outpaces running Gemini 4 Argon, so Google prioritizes external supply.
Watch TPU v8i delivery timing.
Source →Bubbleboi expects recips to beat turbines, optics to beat memory and OSATs to beat fabs
The post adds that Intel will outperform everything.
Recips will outperform turbines. Optics will outperform memory. OSATs will outperform fabs. And intel will outperform everything!
The calls favor optics and OSATs over memory and fabs.
Watch Optics versus memory stock performance.
Source →Teng Yan says SK hynix's sold-out claim combines LTAs with demand still being negotiated
LTAs cover more than 50% of 2027-28 capacity and pricing moves inside an agreed range, so revenue looks dependable but margins less so. Server DDR5 shipments rose 40%+ QoQ and DRAM prices rose high-20s%, so most of the beat was price, not volume.
a few things i think many ppl skimmed past on the SK Hynix call:
Customers are asking for more than double the HBM SK hynix can supply today.
Watch Whether HBM4 passes HBM3E in both volume and revenue in the fourth quarter.
Source →