Lam Research's record results suggest the equipment cycle is not ending despite its stock selloff. Revenue reached $8.22B, up 54% year over year and over 20% sequentially, while EPS rose 75%; ASML and TSMC also report customers needing more tools. Overweight with a $355 target and 35% upside, but the selloff is a gift only if Lam guides December higher. x.com  x.com 

TSMC expects faster-than-forecast sales growth to offset its thinner-than-forecast margin in total gross profit. It guided roughly 14% sequential revenue growth against GF Securities' 11% forecast, but 65-67% gross margin against GF's 67.2%. Ramping 2nm and overseas fabs can keep costs elevated; further gross-profit growth depends on sales continuing to deliver. @sssjeffpu's outlook pairs strong 2027 revenue growth with broadly flat margins through 2027-28. x.com 

Next-generation AI systems could double wafer demand, keeping the long-term outlook compelling for semiconductor equipment makers. Applied Materials targets more than $12 billion in services revenue and roughly 40% operating margins by 2030; management expects over two points of share gains and potentially more than $5 billion in advanced-packaging revenue, driven by HBM and AI demand. Bullish on Applied Materials, Lam Research, ASML and KLA. x.com 

ASML's EUV R&D is starting to pay off through operating leverage. Q3 R&D fell as a share of sales, though one quarter is not a trend. Higher units, IBM sales and EUV/DUV prices put 2028 estimates well above the 2030 guide and ahead of consensus; shares look cheap at €1,530. Assuming 30% prepayment, liabilities imply €42-45bn of orders in 2026's first nine months, subject to invoicing lags. The proposed MATCH Act could restrict China sales; 2029-30 demand is less certain than 2028. x.com  x.com  … Show more

ASML's blowout results undercut the bearish AI case, and the chip selloff that followed is a sell-the-news valuation correction, not a demand problem. Revenue of €9.326 billion beat by 5%, EPS by 10%, gross margin hit 54%, full-year guidance rose 16% and 2026-2028 shipments were raised. Oversupply fears from heavy tool orders look overdone, since tools take a long time to reach production and capacity doesn't translate linearly into qualified chips. JPMorgan sees 2028 EPS possibly above €65. … Show more

Micron's Q4 FY26 confirms the memory supercycle. Revenue reached $54.23B, up 379% YoY, beating its own guidance by 6% and consensus by $3B, and Q1 FY27 guidance of $61.5B adds another 13%. Core data center revenue rose 56% QoQ to $18.0B at a 90% gross margin, with every segment above 83%. Customers prepaid $12.7B to lock in supply. Micron generated $62B of FY26 free cash flow after $27.4B of capex and holds $73.5B of cash against $5.2B of debt. x.com 

Shin-Etsu Chemical is shifting from a chemical conglomerate to a chip-supply bottleneck, owning lithography and chemistry patents essential to the glass-substrate era. In 1,000W+ AI data centers glass is already required, as organic substrates warp and crack under the heat of Nvidia's Rubin systems. Intel and Samsung have moved pilot lines into volume production, with Shin-Etsu supplying bonding chemistry and masks. Cyclical PVC cash funds its electronics push, supporting a re-rating. x.com  … Show more

Photronics' real story is node migration showing up in its mask mix, not its FX-flattered EPS beat. High-end IC masks, 28nm and smaller, rose 28% to $68.5M while mainstream masks fell 9%, lifting high-end to a record 44% of IC revenue; it is the only high-end-capable commercial mask maker in the US. Heavier capex in Allen, Texas and Korea will hit margins first as depreciation. If high-end holds above 44% next quarter, the shift is a trend; a drop toward the high 30s would make it catch-up. … Show more

Semiconductors, memory in particular, should benefit as AI investment drives demand for advanced logic and memory chips, per ASML CEO Christophe Fouquet. ASML's Q2 beat, with revenue of €9.33B versus €8.87B expected and EPS of €7.59 versus €6.88, and it guided Q3 revenue to €11-12B against €10.34B expected and 2026 revenue to €43-45B against €39.34B. x.com 

US semiconductor equipment makers are the sturdiest picks-and-shovels play, because any industry expansion needs equipment first, giving them a place in every bull market. In the latest US tech selloff, chip and optical stocks fell broadly, yet equipment names jumped double digits at the open and nearly all closed higher, a clear vote by investors. The group spans Applied Materials, Lam, KLA, MKS, Entegris, Onto, Nova and ACM Research, with Axcelis, Ultra Clean and Veeco strongest. x.com