@jukan05's high-conviction long calls have beaten their sector by 8.3% on average in the month after each call, winning 66% of the time.

Goldman Sachs NAND Commentary: Supply/Demand Significantly Tightening; Incremental SSD Data Points NAND supply and demand has tightened significantly over the last two quarters, driven by a combination of production discipline from the supply side—including Samsung, SK Hynix, Micron, and YMTC—and robust demand (from legacy markets such as smartphones and the AI inference sector). We have not heard reports of plans to add new NAND wafer capacity; instead, typical technology migration via upgrades appears to be the consensus plan across suppliers. Suppliers generally project 2026 NAND bit supply growth to be in the mid-10% range. Bit demand growth has the potential to reach the high-teens to 20% range, primarily driven by data center applications, with recent surges in demand for AI inference and HDD replacement. Consequently, we expect supply shortages to persist for at least the next several quarters, and potentially through 2027. We also anticipate this will lead to sequential (QoQ) pricing increases over the coming quarters, with companies having higher exposure to channel and retail markets relative to fixed contract pricing (including SanDisk) likely realizing greater upside. Regarding the Enterprise SSD (eSSD) market, hyperscalers and the enterprise sector continue to drive demand. Our partner checks indicate that SanDisk has secured a second hyperscaler contract for eSSD from Google. Volume shipments are scheduled to ramp up in 1H 2026, with the potential to surpass

Samsung Electro-Mechanics Raises FC-BGA Prices… 185% Operating Profit Growth Forecast for This Year Samsung Electro-Mechanics has recently raised prices on its flip-chip ball grid array (FC-BGA), a high-performance semiconductor substrate. Market expectations for earnings improvement and mid-to-long-term growth are rising accordingly. According to industry sources on March 31, Samsung Electro-Mechanics is reported to have raised prices on select FC-BGA product lines. The move is interpreted as a measure to defend profitability amid rising raw material costs for FC-BGA. Additionally, as demand surges rapidly for these components—essential to AI servers and high-performance computing—suppliers' pricing power has strengthened, which is another driver behind the price hike. The decision to raise substrate prices, underpinned by rising raw material costs and enhanced bargaining power, is expected to have a positive impact on both revenue and operating profit. FC-BGA has recently been experiencing near-"sold out" levels of scarcity. Samsung Electro-Mechanics recently achieved the milestone of supplying FC-BGA to NVIDIA. The structural shift in the semiconductor industry toward high-end compute devices such as CPUs and GPUs is also driving mid-to-long-term growth in the FC-BGA market. FC-BGA is an essential substrate for packaging top-tier semiconductors like CPUs and GPUs, and demand is surging alongside the proliferation of AI servers. However, a severe "supply bottleneck"

From KeyBanc's supply chain survey report: $INTC (positive, Overweight, increasing estimates, increasing PT to $70 from $65) – Positive takeaways include: 1) Server CPU demand remains outsized; 2) INTC increases pricing twice for both server and client CPUs; 3) 18A yields continue to improve to 65% as Panther Lake ramp continues; 4) Wins 14A design win at AAPL for low-end Mseries processor for MacBook and iPad; 5) Google’s “Humu Fish” TPU will use EMIB-T, which we size at $4B-$5B in revenues.

Rumor: Google to shift to a COT model starting with TPU v9, downgrading the role of MediaTek/Broadcom. This would be a major negative for Broadcom and MTK. According to this rumor, starting with TPU v9, Google plans to move to a model similar to AWS’s Annapurna, where Google directly places wafer orders with TSMC. In other words, Google would be doing COT directly. What does that mean? Google would become TSMC’s direct customer, while Broadcom and MediaTek would be downgraded to IP support / design service roles. Ownership of the chip and control over supply would shift toward Google. In other words, Broadcom/MediaTek’s per-chip margin would fall, if this is true. Instead of recognizing the full chip ASP as revenue, the model would shift toward design service fees / margin. That makes me more worried about Broadcom than MediaTek. $AVGO

Advantest earnings highlights: - SoC tester market share increased from 56% in CY24 to 66% in CY25, clearly reinforcing its advantage over Teradyne. - The company received its first high-volume ATE order for silicon photonics. One-line take: Advantest clearly proved why its stock deserves to trade at a premium.