Research

Perplexity's 1.5x benchmark, CoreWeave's Vera Rubin deployment, AMD's 'infrastructure harmony' retreat — the market watches NVDA, but the royalty flows to ARM

Behind the HBM4 headline sits a PCIe 6.0 eSSD ramp that locks Samsung into Nvidia's Vera Rubin generation — a NAND design-in the tape doesn't reflect yet

In the week Huawei printed a 53% density gain without EUV and Meta redirected $7.3B to Samsung 2nm, Taiwan's back-end chain hit June YoY prints as high as +288%

Japan's semi bull thesis just added a second layer — from equipment exporter to foreign memory maker's HBM production geography — with wafers, test, and equipment repricing accordingly

For six weeks the Taiwan AI story was TSMC and DRAM. This week the market repriced the layer above — servers, packaging, switches, and the freight moving them.

The real meaning of an 18x beat isn't the surprise — it's Washington quietly losing leverage over memory pricing