Unimicron should benefit from a persistent AI ABF substrate shortage and a shift toward higher-end products. Its projected share exceeds 30% as the market reaches $13bn/$18bn in 2027/28; added capacity is expected to lift ABF revenue 66%/90%. Higher-end ABF, mSAP and LPDDR lift margins, supporting 77% EPS CAGR. Initiate Buy with a NT$1,820 target at 30x 2027 earnings. x.com 

Unimicron's profit leverage to rising ABF substrate prices should stay significantly positive and last longer than the market expects, even if customers absorb only part of the increases. As a high-end ABF leader, its high fixed costs and utilization leverage limit any squeeze from costlier T-glass. The T-glass bottleneck and long capacity cycles could extend the benefit for a year or two, and its high Nvidia and ASIC share adds pricing power, though execution on hikes and utilization matters. … Show more

IC substrates are Schmid's more relevant growth driver today because demand is already high and rising. Schmid customers Ibiden and Unimicron are expanding capacity with NVIDIA support; higher order intake supports the prospect of more equipment orders. Its balance sheet has improved, and the risk/reward looks attractive at current levels despite volatility. Glass substrates may take another one to two years to matter commercially. This is a personal assessment, not a buy recommendation. x.com  … Show more

Micron may still have more earnings upside from AI memory demand than the market is pricing in. x.com 

Micron keeps beating estimates because Wall Street's models lag memory price moves. Korean export prices move first, trackers like TrendForce follow weeks later and analysts update last, by which time Micron has signed contracts at higher prices and locked in the margin. It beat estimates by 27% and 33% in the last two quarters. That lag is structural until the AI buildout slows, and nothing suggests that soon, with hyperscalers projected to spend $400B+ in capex this year. x.com 

Micron, SK hynix and SanDisk look absurdly cheap, but the market refuses to pay more for their earnings because no one knows what sales or margins look like five years out. Today's roughly 5x earnings could prove ridiculously cheap, yet those earnings could just as easily fall until 5x becomes 20x. That raises the question of whether owning them is investment or speculation. x.com  x.com 

ASML's raised guidance points to a monster 2028: a huge 2026, then about 30% growth in 2027 and another 30% in 2028. As Eric Jhonsa notes, hiking the 2026 guide puts the implied 2027-28 top line even further above consensus, while memory makers and leading-edge fabs face pressure to raise capex. Once sell-side models catch up, price targets could move to $2,400-2,600. BofA's breakdown implies a 15% beat in Q3 and 25% in Q4, and JPMorgan, already the Street high, sounds bullish. x.com  x.com  x.com  … Show more