Research

The week AI's top-stack supplier became a financial guarantor — and memory answered with the largest buyback in its history

Visibility extends to H1 2027 while SoftBank cuts TSMC 72%, Xiaomi's net profit collapses 40%, and sell-side trims targets — three bells rung in the same week

Three trillion dollars has already reached the books; the renewal has not. A record of preparing for what hasn't landed to land, rather than chasing the fall of what has.

Within 72 hours of TX Biz airing 'exceptional earnings signal the semi-cycle trough,' Advantest hit four consecutive records, Nomura anchored a ¥42,400 target, and Japan's July semis print at +178.8% YoY sealed the consensus.

Semi exports +178.8%, Advantest at ATH, DIC and Mitsubishi Chem raising guidance—yet the ceiling on domestic fab expansion turned out to be kilowatts, not silicon

Three days when revenue kept setting records but profit visibly migrated to the bottom of the stack, flipping Taiwan's Q2 profitability rankings

Every AI die passes through an Advantest socket before shipping — the socket, +178.8% YoY semi exports, and a record $53.36B ICT month are all saying the same thing