2026-07-14 全球资产日报

数据时间：2026-07-14 09:52:45 Asia/Shanghai
报告类型：全球资产日报

展开市场热力、期权压力和 Crypto 盘口

美股 / ETF 热力

KMEM-13.25%

较前交易日5D -15.38%Put/Call N/A

SOXL-12.64%

较前交易日5D -15.04%Put/Call 4.06 · 大单 2

DRAM-8.60%

较前交易日5D -11.52%Put/Call 2.39 · 大单 3

MRVL-7.66%

较前交易日5D -12.73%Put/Call 0.81 · 大单 4

APLD-7.48%

较前交易日5D -13.91%Put/Call 0.50

GFS-7.21%

较前交易日5D -7.21%Put/Call 2.35

USAR-6.76%

较前交易日5D -11.06%Put/Call 0.38

CRCL-5.19%

较前交易日5D -8.23%Put/Call 0.39 · 大单 2

COHR-4.96%

较前交易日5D -8.43%Put/Call 1.79

NBIS-4.94%

较前交易日5D -1.18%Put/Call 1.52 · 大单 10

SPCX-4.82%

较前交易日5D -13.27%Put/Call 1.48 · 大单 8

PSI-4.62%

较前交易日5D -4.94%Put/Call 0.24

GOOG-1.22%

较前交易日5D -3.90%Put/Call 0.63 · 大单 1

期权压力

NVDA0.53

Put/Call VolOI 0.71IV 40.96% · Max Pain 210.00 · 大单 19

QQQ2.18

Put/Call VolOI 1.34IV 23.62% · Max Pain 720.00 · 大单 18

NBIS1.52

Put/Call VolOI 1.49IV 136.19% · Max Pain 235.00 · 大单 10

SPY1.87

Put/Call VolOI 3.31IV 12.58% · Max Pain 750.00 · 大单 8

SPCX1.48

Put/Call VolOI 1.57IV 72.72% · Max Pain 152.50 · 大单 8

MRVL0.81

Put/Call VolOI 1.21IV 96.30% · Max Pain 260.00 · 大单 4

DRAM2.39

Put/Call VolOI 0.71IV 104.20% · Max Pain 65.00 · 大单 3

MSFT0.37

Put/Call VolOI 0.65IV 36.66% · Max Pain 382.50 · 大单 3

快照对比基准：2026-07-11。本面板只展示已落盘事实，不生成操作判断。

今日要点

跨资产主线

7 月 13 日美股收盘报道记录标普 500 下跌 0.8%、纳斯达克 100 下跌 1.9%、半导体 ETF 约跌 4%；金十 7 月 14 日 04:23记录 WTI 与 Brent 期货分别收涨 9.42% 和 9.59%。霍尔木兹航运紧张、油价急升、国债收益率上移与科技股估值压缩在同一交易日共振，但个股跌幅还受存储定价、获利回吐和公司消息影响，不能全部归因于地缘事件。
本地观察池 18 个标的仅 MSFT 上涨，17 个下跌，平均跌幅 5.71%；SOXL -12.64%、KMEM -13.25%、DRAM -8.60%，MRVL、APLD、GFS、USAR 均下跌 6.7% 以上。半导体、存储、AI 算力和数据中心从高相关性暴露转化为同向回撤，短线判断先看价格能否收复 D1/4H 压力，不用前一周的资金流入解释当天反弹。
截至 7 月 10 日的一周 ETF 资金流显示 SOXX、SMH、SOXL、DRAM 合计流入逾 118 亿美元，同期 QQQ 流出约 79.85 亿美元。资金创建与 7 月 13 日板块下跌并存，说明产品申购、机构再平衡、做市活动和价格方向不是同一口径；当前只把它作为中期资金承接事实。
台积电 7 月 16 日业绩会是下一处板块验证点。官方会前指引为二季度美元收入 390 亿至 402 亿美元、毛利率 65.5% 至 67.5%、营业利润率 56.5% 至 58.5%；市场还会核对 CoWoS 扩产、资本开支与涨价信息。MRVL、GFS、PSI、COHR 的日内回撤不等于台积电结果已被确认。

组合决策

组合当日变动已隐藏 / 已隐藏，其中股票主线已隐藏 / 已隐藏，已覆盖全部 9 个股票主线位。该日变动按当前数量乘以前收价差计算，反映价格效应；相邻快照另显示已隐藏，不能把股票市值快照变化全部归因于行情。
股票账本前五大占已隐藏，COHR 单票占已隐藏。当前不在同一主题内继续叠加 SOXL 或存储 ETF；先看 COHR 308.17-308.75、MRVL 216.60-218.81、PSI 152.05-152.10 能否形成修复，再决定是否释放新增权益预算。
BTC、ETH、SOL 24 小时分别下跌 1.65%、1.43%、1.71%，funding 仍为正。Farside 7 月 13 日 BTC ETF 净流出 2.392 亿美元、ETH 净流出 1,540 万美元，且 IBIT、ETHA/ETHB 单元格缺失。BTC 63,295-63,399、ETH 1,797.61-1,810.99、SOL 75.50-76.82 是重新提高风险的确认带；失守各自下方支撑时继续防守。

投研观点

Crypto 市场观察和动向

Binance USDS-M 快照显示 BTCUSDT 62,511、24h -1.65%、funding 0.00005346；ETHUSDT 1,785.33、-1.43%、funding 0.00002422；SOLUSDT 75.35、-1.71%、funding 0.00001930。三者 funding 均为正，价格却同步下跌，说明多头持仓成本没有换来上行动量。技术上 ETH 的 10/20/60 日相对 BTC 回报仍为正，BTC 与 SOL 的短周期反弹都受 4H/日线压力约束。

资产	资金、技术与公开事实	观察结论
`BTC`	Farside 7/13 合计 -2.392 亿美元；FBTC -2.456 亿、GBTC -5,310 万，HODL +610 万、`BTC` +5,340 万，IBIT 缺失。支撑 62,371 与 62,127-62,023；压力 63,295-63,399，其后 64,231-64,541。	63,399 之前仍是弱反弹；越过 64,541 才改善日线结构。62,023-62,127 失守时转看 61,522/61,297。ETF 总额含缺失单元格，只作为已披露基金的净流量。
`ETH`	Farside 7/13 合计 -1,540 万美元，来自 FETH；ETHA、ETHB 缺失。支撑 1,783-1,778，其后 1,756-1,753；压力 1,798、1,805、1,811，其后 1,829-1,848。	相对 `BTC` 的中期强度仍在，但 1,811 未收复前只是上强下修。1,753-1,756 失守会把日线下一观察位下移至 1,707.82。
`SOL`	Farside 7/13 六只产品合计 0；Followin 记录 7/6-7/10 一周净流入 93.04 万美元。Solana 状态页显示监控系统正常。支撑 75.34 与 74.97-74.79；压力 75.50、76.34-76.82。	单日零流量、前周小额流入和网络运行正常都没有改变 1D/4H 失效观察。收复 76.82 后再提高风险，74.79 下方转看 73.91/72.22。
HYPE	Farside 7/13 合计 -393 万美元，与 Followin 同日条目一致。	两个来源都指向同一产品数据，不能当作两笔独立流出；本轮没有 HYPE 现货、funding、OI 和账户仓位上下文，不给出交易动作。

Visa Onchain Analytics 的 Followin 摘要记录 6 月调整后稳定币交易量 1.79 万亿美元、环比增长 63%、同比增长 125%；Circle 透明度页披露 USDC 储备由银行存款、隔夜美债回购和剩余期限不足三个月的美债构成。交易量与储备结构支持稳定币基础设施需求观察，但没有同口径分币种份额，无法据此判断 USDC 当期份额变化。

Crypto 操作建议

已隐藏，估值已隐藏、APY 已隐藏。76.82 未收复前不新增 SOL 合约 beta；74.79 失守时复核收益仓规模和资产价格风险。
Farside 最新行为 7 月 13 日，IBIT、ETHA、ETHB 均为缺失而非零；Followin 的 KOL/Trader 深度接口本月额度耗尽。ETF flow 和社媒信号不单独触发交易。

美股市场观察

标的	市场与事件事实	持仓影响与判断
`COHR`	308.42，较前收 -4.96%。联电与 SILITH宣布 1.6T 硅光平台进入量产准备，未披露客户、产量、良率或收入。	市值已隐藏、股票账本集中度已隐藏、未实现已隐藏。308.17-308.75 先确认，318.06 才改善日线；304.06-305.04 失守后看 298.89/296.58。
`MRVL`	217.75，较前收 -7.66%。当日回撤报道同时提到存储定价落差、获利回吐与中东风险，因果需等公司结果核验。	市值已隐藏、集中度已隐藏、未实现已隐藏。先收复 216.60-218.81，再看 223.30-223.94；212.92-214.39 失守后看 208.43。
`NBIS`	208.81，较前收 -4.94%，盘后较常规收盘再低约 0.81%。	市值已隐藏、集中度已隐藏、未实现已隐藏。先越过 207.49，并由日线站回 211.33-212.31；200.30 下方看 198.10/192.67。
`PSI`	152.05，较前收 -4.62%。发行方 7/6 事实列出 `AMAT`、`KLAC`、`MU`、`AMD`、`LRCX`、`INTC` 为前六大，逐项权重缺失。	市值已隐藏、集中度已隐藏、未实现已隐藏。1D 与 1H 同时越过 152.05-152.10 才脱离近端压力；150.75-150.90 失守后看 148.14。
`APLD`	28.82，较前收 -7.48%，5 日/20 日公共行情趋势约 -13.91%/-30.46%。得州数据中心项目报道显示电力与许可仍是行业扩产约束。	市值已隐藏、集中度已隐藏、未实现已隐藏。29.39-29.93 上方才转入修复；28.49 下方看 27.83。
`GFS`	64.00，较前收 -7.21%。7 月 16 日台积电业绩会是行业需求与毛利率验证点，但不构成 `GFS` 直接业绩指引。	市值已隐藏、集中度已隐藏、未实现已隐藏。65.28-66.02 上方才形成日线/4H 修复；62.80 下方看 62.31/57.93。
`CRCL`	62.71，较前收 -5.19%。Circle 公告确认获 OCC 最终批准设立国家信托银行；分析师分歧报道同时记录 USDC 较 3 月峰值减少约 70 亿美元。	市值已隐藏、未实现已隐藏。64.27-64.46 上方才形成价格修复；61.70 下方看 57.01。牌照的开业日、资本要求和收入贡献仍未披露。
`GOOG`	350.70，较前收 -1.22%，是股票持仓中跌幅最小者。TPU 外部算力报道提到 500MW 部署计划，未披露合同、定价和利用率。	市值已隐藏、未实现已隐藏。355.65-355.82 后再看 364.99；348.66 下方看 343.63。相对抗跌仍需价格站回压力确认。
`USAR`	17.23，较前收 -6.76%。稀土人才调查记录美国矿业毕业生与退休缺口，并提及 `MP`、Ramaco 与涉及 `USAR` 的诉讼。	市值已隐藏、未实现已隐藏。17.29 上方才解除近端压制；16.99 下方看 16.62。人才和诉讼材料没有公司级延期量化或司法结论。

观察池只有 MSFT +1.07%；NVDA -2.99%、VRT -3.79%、SPCX -4.82%，半导体和 AI 基建并未出现内部避险方向。MSFT 需越过 394.59-396.79 才结束日线压力测试；NVDA 先越过 206.21，再看 208.60；VRT 需依次越过 305.90-307.30 与 313.89。只要这些确认没有出现，当天的盘后反弹都按弱修复处理。

ETF 分析

ETF	发行方/日期	NAV / 市价 / 溢价	主要敞口	期权与技术	判断与限制
`PSI`	Invesco；官方接口事实 7/6	159.5347 / 159.57 / +0.02%	前六大为 `AMAT`、`KLAC`、`MU`、`AMD`、`LRCX`、`INTC`，逐项权重缺失	当前 152.05；确认 152.05-152.10，失效 150.75-150.90；Put/Call 成交量比 0.24、OI 比 0.11、Max Pain 160	已隐藏；先等 152.10。官方 API 本轮无法由 web reader 直接打开，沿用已落盘 7/6 官方事实。
`SOXX`	iShares；NAV 7/10、持仓 7/9	581.21 / 581.34 / 官方 +0.02%	`AMD` 8.39%、`MU` 8.09%、`NVDA` 7.60%、`AVGO` 7.11%、`INTC` 5.62%、`AMAT` 5.18%	当前 557.89；4H 554.91、日线确认 566.07，失效 540.30；Put/Call 成交量比 1.35、OI 比 0.63	普通半导体 beta 的观察基准；发行方页面检索时显示更新值，但当前落盘日期不一致，未混算新溢折价。
`SOXL`	Direxion；价格 7/10	190.32 / 192.26 / +1.02%	3 倍日收益，底层为 swap、现金管理工具与衍生 exposure；本轮未取得当前 CSV 明细	当前 167.95；依次收复 168.88/178.04，失效 157.56；Put/Call 成交量比 4.06、OI 比 1.76、ATM IV 2.00	当日 -12.64% 与高 IV、3 倍结构叠加，只作短周期战术工具，不用于摊低半导体账本成本。
`FTXL`	First Trust；价格/持仓 7/9	255.19 / 255.36 / +0.07%	`INTC` 11.96%、`MU` 11.65%、`MRVL` 7.22%、`AMD` 6.62%、`QCOM` 6.51%、`AVGO` 6.08%	当前 244.64；1H 245.70 与日线 244.68 同时确认，失效 242.26；Max Pain 250	对 `INTC`、`MU`、`MRVL` 更集中；当前没有恢复至发行方价格口径，先等 245.70。
`DRAM`	Roundhill；Top Exposures 6/30	NAV/价格/溢价本轮缺失	`MU`、三星、SK 海力士、`SNDK`、Advantest；动态页未暴露逐项权重	当前 57.62；先收复 56.17-56.37，再看 58.20；Put/Call 成交量比 2.39、ATM IV 1.04、Max Pain 65	当日 -8.60%。基金可用 total return swap 获取敞口；无当前 NAV 时不自行计算溢折价。
`KMEM`	Kurv；价格 7/9、穿透 6/30	21.57 / 21.82 / 官方 +1.17%	SK 海力士 41.53%、`MU` 19.85%、三星 18.81%、`SNDK` 3.64%、`WDC` 3.40%、Advantest 3.35%	当前 18.47；日线 19.86 才重新评估，18.57-18.68 已处于有限样本低位；无可用期权到期日	当日 -13.25%，收盘后仍弱；历史样本和期权覆盖不足，不能把近端低点当作成熟支撑。

美股操作建议

权益风险先按三层管理。第一层是 COHR 304.06-305.04、MRVL 212.92-214.39、NBIS 200.30；第二层是 PSI 150.75-150.90、APLD 28.49、GFS 62.80；第三层是 CRCL 61.70、USAR 16.99、GOOG 348.66。对应失效位触发时削减相关风险，不等待成本价。
重新增加半导体 beta 需要至少两个确认同时成立：SOXX 4H 站回 554.91 并向 566.07 延伸；MRVL 站回 218.81；NVDA 站回 208.60；PSI 站回 152.10。SOXL 的 178.04 仍远，暂不作为行业确认工具。
7 月 16 日台积电业绩前保持事件预算。若指引与实际结果支持需求、毛利率和资本开支，同时 SOXX 站回 566.07，再讨论释放一档新增预算；若业绩强而价格不能收复，按供给、估值或仓位拥挤继续压制处理。
CRCL 的牌照改善联邦监管框架，但 USDC 流通量与盈利兑现仍是独立变量。64.46 上方再提高事件权重，61.70 下方先保护本金。
GOOG 相对抗跌，但 TPU 外部商业化尚缺客户合同与利用率。355.82 上方再看 364.99；348.66 下方降低财报前暴露。MSFT 是观察池唯一上涨标的，仍需 394.59-396.79 才完成日线修复。
现金缓冲足以等待，不做同一主题内的机械补仓。当前新增权益预算优先给出现多周期确认、基本面事件可验证、且不会继续放大现有半导体/AI 基建相关性的标的。

加密货币板块

交易：`BTC` / `ETH` / `SOL`

项目	私有事实	判断
ETF/ETP flow	Farside 7/13：`BTC` -239.2、`ETH` -15.4、`SOL` 0、HYPE -3.9 百万美元；IBIT、ETHA、ETHB 缺失。	只作滞后一日的已披露资金温度；缺失单元格保持未知。
稳定币与政策	Visa 摘要显示 6 月调整后稳定币交易量 1.79 万亿美元；CLARITY 法案已通过参议院银行委员会，但全院表决日期未确认。	采用与政策方向仍有支撑，时间表和分币种份额不足，不用于替代价格确认。

风险观察

地缘与能源：WTI、Brent 单日均上涨约 9.5%，盘后又突破 80/85 美元。美国财政部 7 月 10 日公告称伊朗恢复袭击霍尔木兹国际航运；EIA 7 月 7 日预测采用交通恢复前提，两者时点冲突。能源、通胀和收益率仍可能继续压缩长久期科技估值。
宏观事件：美国 6 月 CPI 定于北京时间 7 月 14 日 20:30 发布，美联储主席同日 22:00 在众议院作证；7 月 15 日还有 PPI、参议院证词与褐皮书。报告检索时这些结果尚未发布，不用预测值补填。
权益集中：COHR 单票占股票账本已隐藏，前五大占已隐藏；半导体、光通信、AI 算力、数据中心与存储高度共振。18 个标的中的 17 个下跌已经显示标的数量没有形成行业分散。
DeFi 集中：四协议 5 条仓位全部位于 Monad，DeFi 净值已隐藏；Aave USDC 与 Euler WETH 是主要敞口。协议分散不能替代链级、桥接、RPC、预言机和资产合约风险预算。
公司与政策：台积电 7 月 16 日业绩、Circle 银行开业与 USDC 流通量、USAR 人才和诉讼、GOOG TPU 外部商业化均有未确认节点。新闻提供验证清单，不提前写成业绩结果。
数据边界：IBKR 使用 data type 3 延迟行情；多只标的 4H 历史条缺失。KMEM 无可用期权到期日；公开期权链不含 Greeks、GEX、IV Rank、skew、主动成交方向和组合腿。
资料覆盖：170 条文章请求中 162 条取得正文，8 条因抓取失败或正文不足未进入全文；116 条近五日文章完成摘要和重要性评级。Followin 深度信号接口本月额度耗尽，缺口未用其他社媒来源静默替代。

期权观察

数据概览

公开期权链覆盖 19/20 个标的，KMEM 无可用到期日。前端月度到期日集中在 7 月 17 日；大额权利金按合约价格乘以 100 估算，只用于快照规模排序，不代表主动买入、单腿交易或方向。

标的	结构事实	技术交叉	观点
`SPY` / `QQQ`	`SPY` Put/Call 成交量比 1.87、OI 比 3.31、Max Pain 750；`QQQ` 为 2.18、1.34、Max Pain 720	现价 749.17 / 711.74，`SPY` 接近 Max Pain，`QQQ` 低于 Max Pain	指数 put 活动偏重，与地缘/CPI 风险一致；也可能包含长期保护、价内替代和组合腿，不写成单向看跌。
`COHR`	成交量比 1.79、OI 比 1.17、ATM IV 1.01、Max Pain 350	当前 307.39；确认 308.17-308.75/318.06，失效 304.06-305.04	期权防御升温与最大持仓回撤同向，先按 304-318 价格区间管理；Max Pain 距离现价较远。
`MRVL`	成交量比 0.81、OI 比 1.21、ATM IV 0.96、Max Pain 260	当前 217.53；确认 218.81/223.94，失效 212.92-214.39	OI 略偏 put、成交略偏 call，结构不一致；260 Max Pain 不作为短线目标。
`NBIS`	成交量比 1.52、OI 比 1.49、ATM IV 1.36、Max Pain 235；7/24 的 170-285 多档合约活跃	当前 210.51；确认 211.33-212.31，失效 200.30	两侧远价合约和高 IV 同时出现，价格结构优先；缺少 tape 时不能识别投机、保护或价差。
`SOXX` / `SOXL`	`SOXX` 成交量比 1.35、OI 比 0.63、Max Pain 650；`SOXL` 为 4.06、1.76、Max Pain 202.5、ATM IV 2.00	`SOXX` 确认 554.91/566.07；`SOXL` 确认 168.88/178.04	`SOXL` 的 put 成交和 IV 明显更高，叠加 3 倍日收益结构，只作战术风险温度；`SOXX` 更适合行业确认。
`NVDA`	成交量比 0.53、OI 比 0.71、ATM IV 0.41、Max Pain 210；10/16 220 档估算权利金约 7,278 万美元	当前 203.53；确认 206.21/208.60，失效 201.88/199.64	远月 220 活跃不能确认主动看多；台积电业绩前以 199.64-208.60 管理。
`CRCL`	成交量比 0.39、OI 比 1.17、ATM IV 0.94、Max Pain 70；9/18 140 档活跃	当前 63.00；确认 64.27-64.46，失效 61.70	牌照事件与高 IV 并存；远价合约不替代银行开业和 USDC 数据验证。
`GOOG`	成交量比 0.63、OI 比 1.12、ATM IV 0.50、Max Pain 360	当前 350.67；确认 355.65-355.82，失效 348.66	现价接近技术支撑、低于 Max Pain；TPU 报道与期权快照都不足以识别财报方向。
`PSI` / `DRAM`	`PSI` 成交量比 0.24、OI 比 0.11、Max Pain 160，样本小；`DRAM` 为 2.39、0.71、Max Pain 65、ATM IV 1.04	`PSI` 确认 152.10；`DRAM` 确认 56.37/58.20，失效 55.10-55.28	`PSI` 以发行方持仓和技术为主；`DRAM` 的 put 成交增加，但基金结构与当前 NAV 缺失限制了解释。

观点输出

期权与技术最清晰的交叉点是 COHR 304-318、MRVL 213-224、NBIS 200-212、SOXX 540-566、NVDA 200-209、CRCL 62-64。它们用于执行价格确认，不单独产生方向。
SPY、QQQ、COHR、NBIS、SOXL、DRAM 的 Put/Call 成交量比均高于 1，防御与波动需求上升；缺少逐笔方向、组合腿和 dealer 仓位时，无法把比率直接翻译为净看空。
Max Pain 与现价偏离较大的 MRVL、SOXX、SOXL、NBIS 只保留到期结构参考；KMEM 无到期日，FTXL/PSI 样本较小，优先使用发行方结构、公共价格与技术位。

技术分析

下表使用 D1 分片的支撑、压力、触发和失效位。PSI 在持仓分片与 ETF 分片重复，采用 ETF 分片的 1D/1H 条件路径；当前周期 K 线未收盘、延迟行情和缺失 4H 已在结构中标注。

标的	结构	第一支撑/失效	第一压力/确认	确认路径	失效路径
`MRVL`	失效观察 / 同向偏弱	212.92-214.39	216.60-218.81	再收复 223.30-223.94 才结束多周期下压	下看 208.43，远端 194.70
`GFS`	失效观察 / 同向偏弱	62.80	65.28-66.02	66.02 上方形成日线与 4H 修复	下看 62.31/57.93
`APLD`	失效观察 / 同向偏弱	28.49	29.39-29.93	29.93 上方转入修复	下看 27.83/26.52
`USAR`	失效观察 / 同向偏弱	16.99	17.29	再看 17.78/18.15	下看 16.62/16.33
`COHR`	失效观察 / 缺 4H	304.06-305.04	308.17-308.75	再看 314.02/318.06	下看 298.89/296.58
`CRCL`	失效观察 / 缺 4H	61.70	64.27-64.46	日线与 1H 同步站回确认修复	下看 57.01
`GOOG`	分歧 / 缺 4H	348.66	355.65-355.82	再看 360.82/364.99	下看 343.63/338.70
`NBIS`	上强下修 / 缺 4H	200.30	207.49/211.33	日线站回 211.33 后看 226.06	下看 198.10/192.67
`MSFT`	压力测试 / 下强上弱	385.63-385.76	394.59-396.79	越过 396.79 才脱离日线压力区	下看 381.73
`NVDA`	回踩 / 上强下修	201.88-199.64	206.21/208.60	4H、日线依次站回确认	199.64 下转失效观察
`SOXX`	回踩 / 上强下修	540.30	554.91	4H 站回后再看日线 566.07	下看 533.36
`SOXL`	失效观察 / 同向走弱	157.56	168.88	再收复日线 178.04	下看 149.56
`FTXL`	混乱 / 下强上弱	242.26	244.68-245.70	1H 与日线同步站回	下看 235.62
`PSI`	混乱 / 分歧	150.75-150.90	152.05-152.10	1D 与 1H 同时越过压力带	下看 148.14/146.17
`DRAM`	失效观察 / 同向走弱	55.10-55.28	56.17-56.37	再由日线越过 58.20	跌破近端有限历史支撑
`KMEM`	混乱 / 样本不足	18.57-18.68	19.86	样本继续累积且越过 19.86	跌破会刷新有限样本低点
`VRT`	失效观察 / 分歧	302.07	305.90-307.30	再越过 313.89	下看 296.80
`SPCX`	失效观察 / 历史不足	135.00	146.99	越过后才讨论有限样本修复	135 下刷新短历史低位
`BTCUSDT`	1D 回踩、4H 偏弱、1H 弱反弹	62,023-62,127	63,295-63,399	再看 64,231-64,541	下看 61,522/61,297
`ETHUSDT`	上强下修	1,778-1,783	1,798-1,811	再看 1,829-1,848	1,753-1,756 下看 1,707.82
`SOLUSDT`	1D/4H 失效观察	74.79-74.97	75.50-76.82	越过 76.82 才形成修复	下看 73.91/72.22

重要文章与快讯

重要文章

重要性	中文标题	发布日期	来源	相关标的	评级理由
5/5 高	台积电财报检验AI芯片需求	2026-07-14	TheStreet	`AAPL`, `AMD`, `META`, `NVDA`, `TSM`	临近财报且台积电覆盖多家AI芯片客户，供应链验证范围广、时间敏感度高。
5/5 高	霍尔木兹紧张推升油价与收益率	2026-07-13	Stocktwits	`CL=F`, `DIA`, `GOOG`, `INTC`, `META`, `NFLX`, `QQQ`, `SMH`	覆盖当日跨资产主线、主要指数和重点科技标的，数据密度与时效性均高。
5/5 高	半导体ETF逆势吸金百亿美元	2026-07-13	etf.com	`CL=F`, `DRAM`, `HYG`, `QQQ`, `SMH`, `SOXL`, `SOXX`, `VOO`	提供接近日报时点的完整ETF流量数据，直接覆盖三只输入标的，且金额具有显著性。
5/5 高	CLARITY法案推进仍受票数约束	2026-07-13	Stocktwits	`BTC-USD`, `COIN`, `CRCL`	法案时间表和票数约束直接关系COIN、CRCL及BTC的监管环境，时效性强且有明确后续验证节点。
5/5 高	六月CPI发布前的通胀基线	未提供发布时间	U.S. Bureau of Labor Statistics	-	官方数据源且6月CPI将在当日日报周期内发布，对跨资产定价具有最高时效优先级。
4/5 中高	存储定价落差引发芯片回撤	2026-07-14	StockStory	`ALGM`, `MRVL`, `MU`, `SKHY`, `SNDK`, `VSH`	直接覆盖MRVL及多只芯片股的当日大幅波动，并揭示HBM合同价与现货价的利润传导差异。
4/5 中高	Circle牌照利好难抵USDC收缩	2026-07-14	TheStreet	`CRCL`, `USDC-USD`	监管、USDC供给和竞争均直接影响CRCL基本面，且发布时间接近日报截点。
4/5 中高	得州数据中心自备燃气电力	2026-07-14	Odessa American, Texas	`CVX`, `MSFT`, `NG=F`	项目规模、供电容量和监管要求明确，直接关联MSFT、CVX及数据中心电力需求。
4/5 中高	Alphabet将TPU推向外部算力市场	2026-07-13	Simply Wall St.	`GOOG`, `NVDA`	直接涉及GOOGL人工智能基础设施商业化及与NVDA的竞争，战略意义高，但经营证据尚未落地。
4/5 中高	芯片抛售与油价上涨压低美股	2026-07-13	The Wall Street Journal	`005930.KS`, `AMD`, `CL=F`, `INTC`, `MRVL`, `MU`, `SKHY`, `SNDK`	当日跨资产行情与MRVL直接相关，指数数据明确，但事件解释缺少完整正文支持。
4/5 中高	存储短缺下苹果与Pixel逆势增量	2026-07-13	Stocktwits	`005930.KS`, `AAPL`, `GOOG`	包含智能手机行业重大下滑、明确份额及出货数据，对AAPL和GOOGL硬件业务具有直接参考价值。
4/5 中高	谷歌TPU争夺新云市场	2026-07-13	GuruFocus.com	`AAPL`, `CRWV`, `GOOG`, `LAMD.PVT`, `NBIS`, `NVDA`	直接关系NBIS、GOOG与NVDA的算力供应格局，时效较强，但商业规模和客户承诺缺失。
4/5 高优先级	存储扩产担忧重挫SOXL	2026-07-13	Motley Fool	`NVDA`, `SKHY`, `SOXL`, `^IXIC`	直接解释SOXL最新大幅波动，包含成分权重和存储供给事实，但长期价格结论尚缺产能进度与需求证据。
4/5 高优先级	SK海力士预期冲击存储板块	2026-07-13	24/7 Wall St.	`005930.KS`, `DRAM`, `MU`, `SKHY`, `SNDK`, `STX`, `WDC`	直接解释DRAM及核心存储股最新大幅波动，并揭示基金集中度；触发因素仍是未获公司确认的券商预测。
4/5 中高	沃伦推动加密立法加入利益冲突条款	未提供发布时间	web-enrichment:translatedNewsTitles	-	材料紧邻拟议的参议院表决窗口，并包含公开财务披露中的重大金额；直接标的关联有限，且政策与交易指控主要以单方新闻稿呈现。
3/5 中	雪佛龙拓展数据中心供能	2026-07-13	Simply Wall St.	`CVX`, `GEV`, `MSFT`	合作方向与相关标的明确，但缺少合同经济性和公司原始披露，事实密度一般。

金十快讯

金十数据快讯 · 2026-07-14 09:45:07+08:00 · GLOBAL / global smartphones / memory / 全球智能手机出货与内存成本 / equity

Omdia：2026年第二季度全球智能手机出货量同比下降4%

Omdia称，2026年第二季度全球智能手机出货量同比下降4%；三星和苹果的出货量市场份额较2025年第二季度分别增加2和4个百分点。Omdia并称，部分厂商的内存成本升至一年前的4至5倍。

金十数据快讯 · 2026-07-14 08:21:22+08:00 · GLOBAL / WTI crude / Brent crude / 亚洲时段原油报价 / commodity

WTI突破80美元，布伦特站上85美元

快讯时点WTI日内涨幅扩大至2.9%，突破80美元/桶；布伦特原油站上85美元/桶。

金十数据快讯 · 2026-07-14 07:40:15+08:00 · TSM / META / GLOBAL / AI infrastructure / semiconductors

金十科技要闻：台积电6月营收同比增长67.9%

金十科技要闻汇总称，台积电6月营收为4426.8亿元新台币，同比增长67.9%、环比增长6.2%；同一汇总还列出三星准备生产特斯拉AI5芯片、韩国央行预计AI驱动的芯片周期延续，以及Meta路易斯安那数据中心总投资将超过2500亿美元。

金十数据快讯 · 2026-07-14 06:10:47+08:00 · GLOBAL / Fed funds futures / U.S. rates / 美联储利率概率 / rates

CME观察：7月维持利率不变概率58.3%

金十转述CME“美联储观察”：7月维持利率不变概率58.3%，累计加息25个基点概率41.7%；到9月维持不变概率24.9%，累计加息25个基点概率51.2%，累计加息50个基点概率23.9%。

金十数据快讯 · 2026-07-14 04:23:02+08:00 · GLOBAL / WTI crude / Brent crude / 国际原油结算 / commodity

WTI与布伦特原油结算价涨逾9%

纽约商品交易所8月WTI期货收于78.14美元/桶，上涨6.73美元或9.42%；9月布伦特原油期货收于83.30美元/桶，上涨7.29美元或9.59%。

打开原文

Omdia：2026年第二季度全球智能手机出货量同比下降4%

标签

来源：金十数据快讯发布时间：2026-07-14 09:45:07+08:00检索：全球智能手机出货与内存成本标签：`GLOBAL`, global smartphones, memory, 全球智能手机出货与内存成本, equity, 全球

打开原文

SPDR Gold Trust持仓维持1002.449吨

标签

来源：金十数据快讯发布时间：2026-07-14 06:33:33+08:00检索：黄金ETF持仓标签：`GLD`, gold, 黄金ETF持仓, commodity, 全球

快讯正文

SPDR Gold Trust持仓为1002.449吨，较前一交易日不变。

打开原文

CME观察：7月维持利率不变概率58.3%

标签

来源：金十数据快讯发布时间：2026-07-14 06:10:47+08:00检索：美联储利率概率标签：`GLOBAL`, Fed funds futures, U.S. rates, 美联储利率概率, rates, 美国

快讯正文

打开原文

WTI与布伦特原油结算价涨逾9%

标签

来源：金十数据快讯发布时间：2026-07-14 04:23:02+08:00检索：国际原油结算标签：`GLOBAL`, WTI crude, Brent crude, 国际原油结算, commodity, 全球

快讯正文

纽约商品交易所8月WTI期货收于78.14美元/桶，上涨6.73美元或9.42%；9月布伦特原油期货收于83.30美元/桶，上涨7.29美元或9.59%。

打开原文

沃勒偏好1.5%-2.5%的通胀目标区间

标签

来源：金十数据快讯发布时间：2026-07-14 01:34:17+08:00检索：美联储通胀目标框架标签：`GLOBAL`, U.S. rates, `USD`, 美联储通胀目标框架, rates, 美国

快讯正文

美联储理事沃勒表示，个人更偏好将通胀目标设为1.5%-2.5%的区间，而非2%的单一点位。

事实参考

以下为事实表、数据对照、账户细项与来源口径，默认折叠；需要核对数据时展开。

美股 / ETF / 公开文章事实

美股 / ETF / 公开行情

标的	IBKR 当前价	较前交易日	盘后/收盘后	上一交易日收盘	今日常规收盘
`MSFT`	389.22	+1.07%	-0.45%	385.10	390.99
`NVDA`	204.66	-2.99%	+0.56%	210.96	203.53
`MRVL`	217.75	-7.66%	+0.10%	235.81	217.53
`GFS`	64.00	-7.21%	+0.09%	68.97	63.94
`APLD`	28.82	-7.48%	-0.07%	31.15	28.84
`USAR`	17.23	-6.76%	+0.12%	18.48	17.21
`SOXX`	557.89	-4.03%	+0.77%	581.34	553.61
`SOXL`	167.95	-12.64%	+1.56%	192.26	165.37
`FTXL`	244.64	-3.70%	+1.25%	254.05	241.61
`PSI`	152.05	-4.62%	+0.24%	159.42	151.68
`DRAM`	57.62	-8.60%	+0.56%	63.04	57.30
`KMEM`	18.47	-13.25%	-2.53%	21.29	18.95
`VRT`	306.76	-3.79%	+0.29%	318.86	305.87
`COHR`	308.42	-4.96%	+0.34%	324.50	307.39
`CRCL`	62.71	-5.19%	-0.46%	66.14	63.00
`SPCX`	138.30	-4.82%	-0.60%	145.30	139.14
`GOOG`	350.70	-1.22%	+0.01%	355.03	350.67
`NBIS`	208.81	-4.94%	-0.81%	219.65	210.51

美股事实与文章索引

标的	IBKR 当前价	较前交易日	盘后/收盘后	文章数	数据缺口
`MSFT`	389.22	+1.07%	-0.45%	8 篇	-
`NVDA`	204.66	-2.99%	+0.56%	8 篇	-
`MRVL`	217.75	-7.66%	+0.10%	8 篇	-
`GFS`	64.00	-7.21%	+0.09%	8 篇	-
`APLD`	28.82	-7.48%	-0.07%	8 篇	-
`USAR`	17.23	-6.76%	+0.12%	8 篇	-
`SOXX`	557.89	-4.03%	+0.77%	8 篇	-
`SOXL`	167.95	-12.64%	+1.56%	8 篇	-
`FTXL`	244.64	-3.70%	+1.25%	8 篇	-
`PSI`	152.05	-4.62%	+0.24%	8 篇	-
`DRAM`	57.62	-8.60%	+0.56%	8 篇	-
`KMEM`	18.47	-13.25%	-2.53%	8 篇	-
`VRT`	306.76	-3.79%	+0.29%	8 篇	-
`COHR`	308.42	-4.96%	+0.34%	8 篇	-
`CRCL`	62.71	-5.19%	-0.46%	8 篇	-
`SPCX`	138.30	-4.82%	-0.60%	8 篇	-
`GOOG`	350.70	-1.22%	+0.01%	8 篇	-
`NBIS`	208.81	-4.94%	-0.81%	8 篇	-

股票文章源

标的	重要性	中文标题	原文标题	发布日期	来源	相关标的	评级理由
`KMEM`	4/5 高优先级	中国二季度增长与政策预期	China	2026-07-14	Reuters	-	官方政策表述和即将发布的GDP数据具有较高时效性与跨资产影响，但对输入基金缺少直接公司证据。
`KMEM`	4/5 高优先级	联电硅光平台进入量产	SILITH and UMC Achieve Mass Production Milestone for Silicon Photonics	2026-07-14	Business Wire	`UMC`	提供联电硅光子业务的最新量产里程碑和路线图，但关键商业指标未披露，且来源为公司新闻稿。
`KMEM`	2/5 较低优先级	资金从芯片轮动至企业软件	HubSpot, ZoomInfo, and Paycom Stocks Trade Up, What You Need To Know	2026-07-14	StockStory	`CL=F`, `CRM`, `GTM`, `HUBS`, `MU`, `NOW`, `PAYC`, `^IXIC`	价格信息较新，但资金轮动结论证据有限，且对KMEM和存储板块缺乏直接事实。
`KMEM`	2/5 较低优先级	澳大利亚性勒索投诉激增	Young Australian men falling victim to online sexual extortion: regulator	2026-07-14	AFP	-	监管数据可信且时效较高，但属于平台治理背景材料，与输入标的和存储产业无直接联系。
`KMEM`, `SPCX`	4/5 高优先级	特斯拉交付改善但现金流承压	TSLA Stock Back To $400? Jefferies Lays Out Bull Case, Says SpaceX Merger Could Hand Shareholders A Premium	2026-07-14	Stocktwits	`SPCX`, `TSLA`	财报前的交付、盈利和现金流预测与TSLA直接相关，数据密度高；SpaceX合并部分需要严格视为假设。
`KMEM`	2/5 较低优先级	俄罗斯禁运冲击亚美尼亚农业	Armenian apricots become geopolitical battleground with Russia	2026-07-14	AFP	-	地缘贸易事实和数字较完整，但对输入标的及当日科技市场缺少直接影响路径。
`GOOG`, `MSFT`, `NVDA`	4/5 中高	AI利润向芯片基础设施迁移	Famous AI Investor Says This is the ‘Mega Bull Case’ For Stocks like NVIDIA, Micron, and Broadcom	2026-07-14	24/7 Wall St.	`AMAT`, `AMZN`, `AVGO`, `GOOG`, `META`, `MSFT`, `MU`, `NVDA`	直接关联多只AI核心标的，并提供资本开支与现金流迁移框架；二手数据和营销来源使其低于最高优先级。
`SPCX`	2/5 中低	油价冲击下科技股与SpaceX回落	Dow Jones Futures: Nasdaq Sells Off, Oil Prices Spike On Trump Blockade; Micron, Sandisk, SK Hynix, SpaceX Dive	2026-07-14	Investor's Business Daily	`CL=F`, `MU`, `SKHY`, `SNDK`, `SPCX`, `^DJI`, `^IXIC`	时效性较高且关联SPCX，但正文严重残缺，缺少支持标题归因的证据。
`MRVL`	4/5 中高	存储定价落差引发芯片回撤	Marvell Technology, Vishay Intertechnology, and Allegro MicroSystems Stocks Trade Down, What You Need To Know	2026-07-14	StockStory	`ALGM`, `MRVL`, `MU`, `SKHY`, `SNDK`, `VSH`	直接覆盖MRVL及多只芯片股的当日大幅波动，并揭示HBM合同价与现货价的利润传导差异。
`SPCX`	4/5 中高	花旗以平台框架估值SpaceX	Citi sends powerful sign to SpaceX investors	2026-07-14	TheStreet	`C`, `SPCX`	包含SPCX最新卖方评级、完整估值框架和风险清单，对估值跟踪直接，但高度依赖远期假设。
`CRCL`, `NVDA`	3/5 中	英伟达与Circle增长假设	2 Phenomenal Stocks That Could Double by 2030	2026-07-14	Motley Fool	`CRCL`, `NVDA`	标的关系直接且数据较多，但长期翻倍判断高度依赖预测假设和稳定估值倍数。
`NVDA`	5/5 高	台积电财报检验AI芯片需求	The whole chip trade is waiting on one report	2026-07-14	TheStreet	`AAPL`, `AMD`, `META`, `NVDA`, `TSM`	临近财报且台积电覆盖多家AI芯片客户，供应链验证范围广、时间敏感度高。
`NVDA`	2/5 中低	汤森路透重组AI工程团队	Why Thomson Reuters Stock Crushed it on Monday	2026-07-14	Motley Fool	`NVDA`	TRI人力重组具有事实增量，但与输入重点标的NVDA关系弱，关键数字来自匿名来源。
`CRCL`	4/5 中高	Circle牌照利好难抵USDC收缩	Analysts remain split on Circle amid rising competition	2026-07-14	TheStreet	`CRCL`, `USDC-USD`	监管、USDC供给和竞争均直接影响CRCL基本面，且发布时间接近日报截点。
`MSFT`	4/5 中高	得州数据中心自备燃气电力	Perryman says data centers can be beneficial with protections	2026-07-14	Odessa American, Texas	`CVX`, `MSFT`, `NG=F`	项目规模、供电容量和监管要求明确，直接关联MSFT、CVX及数据中心电力需求。
`NVDA`	4/5 中高	资本市场复苏推升银行盈利	Senior Analyst: Banks Are Set for 25% Earnings Growth as the Capital Markets Boom Accelerates	2026-07-13	24/7 Wall St.	`BAC`, `C`, `C-PR`, `GS`, `JPM`, `MS`, `MS-PQ`, `NVDA`	财报窗口临近、量化预期明确，并直接关联六家大型银行；单一分析师来源限制了评级上限。
`NVDA`, `SPCX`	3/5 中	SpaceX高估值压缩长期回报	Prediction: $25,000 Invested in SpaceX Today Will Be Worth This Much by 2050	2026-07-13	Motley Fool	`NVDA`, `SPCX`	对SPCX估值约束的数字展示清晰，但25年预测依赖多项未经公司验证的假设。
`NVDA`	2/5 中低	Chipotle首店进入墨西哥	Why Chipotle Stock Topped the Market Today	2026-07-13	Motley Fool	`CMG`, `NVDA`, `^GSPC`	CMG国际扩张具有新事实，但规模和经济性尚未披露，对输入重点代码NVDA无直接关联。
`NVDA`	2/5 中低	Enbridge项目储备超过280亿	Enbridge Has Secured Over $28 Billion of Growth Capital Projects. Here	2026-07-13	Motley Fool	`ENB`, `NVDA`	ENB长期现金流信息有用，但缺乏近期催化和关键项目经济性，与输入重点标的关系弱。
`MSFT`	3/5 中	雪佛龙拓展数据中心供能	Chevron (CVX) Launches AI Data Center Power Venture And Extends Australia Gas Supply	2026-07-13	Simply Wall St.	`CVX`, `GEV`, `MSFT`	合作方向与相关标的明确，但缺少合同经济性和公司原始披露，事实密度一般。
`GOOG`	5/5 高	霍尔木兹紧张推升油价与收益率	S&P 500, Nasdaq, Dow End Lower As US-Iran War Fear Remerges — PSKY, META, GOOGL, INTC, NFLX In Focus	2026-07-13	Stocktwits	`CL=F`, `DIA`, `GOOG`, `INTC`, `META`, `NFLX`, `QQQ`, `SMH`	覆盖当日跨资产主线、主要指数和重点科技标的，数据密度与时效性均高。
`GOOG`	4/5 中高	Alphabet将TPU推向外部算力市场	Alphabet (GOOGL) Is Turning Its TPU Chips Into An AI Compute Business	2026-07-13	Simply Wall St.	`GOOG`, `NVDA`	直接涉及GOOGL人工智能基础设施商业化及与NVDA的竞争，战略意义高，但经营证据尚未落地。
`CRCL`	4/5 中高	ARK判断OUSD难撼稳定币双雄	Cathie Wood	2026-07-13	TheStreet	`BTC-USD`, `CRCL`, `USDC-USD`, `USDT-USD`	直接涉及CRCL和稳定币市场结构，并含币安USDT存量等量化信息；证据以机构观点为主，实证数据不足。
`USAR`	4/5 中高	USAR半年涨幅背后的项目进展	Here	2026-07-13	Motley Fool	`NVDA`, `USAR`, `^GSPC`	接近日报发布时间，集中覆盖USAR关键资金与项目节点，但依赖管理层目标和二手数据。
`VRT`	4/5 高优先级	Vertiv高增长预期与估值压力	Vertiv Holdings Co. (VRT) Falls More Steeply Than Broader Market: What Investors Need to Know	2026-07-13	Zacks	`VRT`, `^DJI`, `^GSPC`	直接覆盖VRT最新价格、盈利共识和估值溢价，适合财报前跟踪，但评级来源具有自我推广属性。
`GOOG`	3/5 中	Alphabet财报前盈利预期继续上修	Alphabet (GOOGL) Sees a More Significant Dip Than Broader Market: Some Facts to Know	2026-07-13	Zacks	`GOOG`, `GOOGL`, `^DJI`, `^GSPC`, `^IXIC`	财报日期、盈利预期和估值数据较完整，但属于常规预期汇总，独家信息有限。
`USAR`	3/5 中	HyProMag磁体回收网络蓝图	HyProMag is the Magnet Opportunity Hiding in America	2026-07-13	Exec Edge	`BMW.DE`, `CTH.V`, `CTHCF`, `LYJ.F`, `MP`, `NB`, `SIE.DE`, `USAR`	事实数量较多且发布时间新，但与USAR仅为行业关联，关键估值和技术参数偏公司宣传口径。
`GOOG`, `MSFT`	4/5 中高	Cboe延长个股期权交易时段	Cboe Global Markets to Launch Extended Hours for Single-Stock Options. Here	2026-07-13	Motley Fool	`AAPL`, `AMZN`, `CBOE`, `GOOG`, `META`, `MSFT`, `NVDA`, `TSLA`	涉及多只核心科技股的期权市场制度变化，并直接关系CBOE成交与清算收入。
`DRAM`, `SOXL`, `SOXX`	5/5 高	半导体ETF逆势吸金百亿美元	Investors Buy the Semiconductor Dip in $40 Billion Flows Week	2026-07-13	etf.com	`CL=F`, `DRAM`, `HYG`, `QQQ`, `SMH`, `SOXL`, `SOXX`, `VOO`	提供接近日报时点的完整ETF流量数据，直接覆盖三只输入标的，且金额具有显著性。
`SPCX`	3/5 中	轨道数据中心与小型核电竞逐算力能源	SpaceX Just Did Something NuScale Power Investors Should Be Watching	2026-07-13	Motley Fool	`NVDA`, `SMR`, `SPCX`	提供人工智能能源路径的跨标的比较和量化需求预测，但SpaceX方案仍处早期概念阶段。
`MRVL`	4/5 中高	芯片股集体跌破支撑位	Arm And Marvell Tumble As Chip Stocks Sell Off	2026-07-13	Investor's Business Daily	`ALAB`, `ARM`, `CRDO`, `MRVL`, `TSM`	发布时间接近当日日报窗口且直接覆盖MRVL，但原文过短，证据强度受限。
`MRVL`, `SPCX`	4/5 中高	SK海力士上市后遭重挫	Stocks to Watch: SK Hynix, SpaceX, Intel	2026-07-13	The Wall Street Journal	`005930.KS`, `AKZA.AS`, `AMD`, `INTC`, `MRVL`, `MU`, `NVDA`, `SKHY`	创纪录异动具有较高时效性和板块关联度，但正文残缺及数据冲突降低可信度。
`MRVL`, `SPCX`	4/5 中高	芯片抛售与油价上涨压低美股	U.S. Stocks Fall as AI Selloff, Oil Jump Rattle Markets	2026-07-13	The Wall Street Journal	`005930.KS`, `AMD`, `CL=F`, `INTC`, `MRVL`, `MU`, `SKHY`, `SNDK`	当日跨资产行情与MRVL直接相关，指数数据明确，但事件解释缺少完整正文支持。
`SPCX`	1/5 低	银行股财报前稳定性论点缺乏正文	Bank Stocks	2026-07-13	MT Newswires	`BAC`, `BPOP`, `C`, `FITB`, `GS`, `HBAN`, `HWC`, `JPM`	除标题和一句导语外无可用正文，也没有直接标的或量化证据。
`GOOG`	4/5 中高	Meta路易斯安那数据中心预算激增	Meta	2026-07-13	Yahoo Finance Video	`AMZN`, `GOOG`, `META`	230亿美元预算增量直接影响META财务与人工智能战略，金额重大，但项目商业模式尚未明确。
`GOOG`	4/5 中高	存储短缺下苹果与Pixel逆势增量	Apple’s iPhone And Google Pixel Q2 Sales Shine Even As Global Smartphone Market Drops To 13-Year Low	2026-07-13	Stocktwits	`005930.KS`, `AAPL`, `GOOG`	包含智能手机行业重大下滑、明确份额及出货数据，对AAPL和GOOGL硬件业务具有直接参考价值。
`GOOG`	3/5 中	FireSat扩容推进近实时山火监测	Google Wants	2026-07-13	Benzinga	`AAPL`, `GOOG`	具备明确技术指标和最新发射进展，但对GOOG财务影响间接，来源含公司口径及较多推广内容。
`MSFT`	2/5 中低	马斯克与奥尔特曼再起争执	Yahoo Finance	2026-07-13	Yahoo Finance Video	`MSFT`, `OPAI.PVT`	与MSFT和OpenAI有关，但主要是社交媒体争执，缺少经营增量和一手法律证据。
`MSFT`	3/5 中	VGT与FTEC费率差仅六美元	Why Smart Money Is Quietly Swapping VGT for Its Nearly Identical, Cheaper Twin	2026-07-13	24/7 Wall St.	`AAPL`, `FTEC`, `MSFT`, `NVDA`, `VGT`, `VITAX`	对科技ETF和三只核心持仓的集中度比较清晰，但时效性偏背景研究，税务结论依赖个人情况。
-	4/5 中高	美元贸易加权指数周内回落	Board of Governors of the Federal Reserve System	2026-07-13	Board of Governors of the Federal Reserve System	-	官方贸易加权美元指数覆盖面广，与多类资产定价相关，但数据观测止于07/10，时效性略低于当日市场数据。
`CRCL`	4/5 中高	USDC份额压力叠加Circle资金流出	Two Rivals Eat Into USDC as Circle Stock Price Eyes a Drop to $40	2026-07-13	BeInCrypto	`CRCL`, `USDC-USD`	同时提供CRCL技术面、USDC竞争数据和目标价调整，对当日Circle跟踪较直接，但部分结论高度依赖图形分析。
`NBIS`	4/5 中高	谷歌TPU争夺新云市场	Google Takes TPUs Deeper Into Neoclouds	2026-07-13	GuruFocus.com	`AAPL`, `CRWV`, `GOOG`, `LAMD.PVT`, `NBIS`, `NVDA`	直接关系NBIS、GOOG与NVDA的算力供应格局，时效较强，但商业规模和客户承诺缺失。
`MSFT`	4/5 中高	苹果低资本开支溢价待验证	Apple Sat Out the AI Arms Race. It’s the Only Magnificent 7 Stock Near All-Time Highs.	2026-07-13	24/7 Wall St.	`AAPL`, `AMZN`, `AVGO`, `GOOG`, `MAGS`, `META`, `MSFT`, `NVDA`	AAPL相关度高，财务、估值与近期事件日历完整，但未来产品信息和媒体估值需谨慎对待。
`MSFT`	4/5 中高	三家AI巨头估值降至多年低位	Nvidia, Amazon, and Microsoft Stocks Just Did Something for the First Time in at Least 5 Years. Here	2026-07-13	Motley Fool	`AMZN`, `MSFT`, `NVDA`	直接覆盖三只核心AI标的且财报数据丰富，但估值反弹结论依赖未经展示的历史类比。
`APLD`	4/5 中高	两种人工智能数据中心模式对比	Applied Digital vs. TeraWulf: Which Neocloud Stock Is the Better Buy?	2026-07-13	Motley Fool	`APLD`, `NVDA`, `WULF`	直接覆盖APLD并提供合同与容量对比，事实密度高；长期项目兑现和融资条件仍需验证。
`MRVL`	3/5 中	MaxLinear高增长后的估值考验	Is MaxLinear Stock a Buy Now or a Hold at Current Levels?	2026-07-13	Zacks	`AVGO`, `MRVL`, `MTSI`, `MXL`, `^GSPC`	对MRVL竞争格局有实质参考且数字充分，但研究对象是MXL，来源带有评级营销属性。
`MRVL`	3/5 中	MaxLinear光互连放量路径	MaxLinear Stock Outlook Hinges on Optics, Broadband and AI Demand	2026-07-13	Zacks	`AVGO`, `MRVL`, `MTSI`, `MXL`	提供MRVL直接竞争对手的产品、收入和现金流细节，但主要证据来自管理层计划，兑现仍待验证。
`CRCL`	5/5 高	Circle信托牌照拓宽合规基础设施	Circle Just Won a Major Banking Approval. This Could Be a Game Changer for CRCL Stock.	2026-07-13	Barchart	`CRCL`, `USDC-USD`	监管批准属于直接影响CRCL业务能力的重要事件，且文章包含最新财务数据与明确的盈利约束。
`CRCL`	3/5 中	链上原生股权与托管凭证的差异	Securitize CEO explains on-chain vs. traditional investing	2026-07-13	Yahoo Finance Video	`CRCL`, `USDC-USD`	可补充USDC与代币化证券应用场景，但属于管理层访谈，量化经营证据有限。
`MRVL`	2/5 中低	科技股盈利与估值乐观论证	Tech View: Record Profits, Insider buying, & Cheap Valuations	2026-07-13	Zacks	`MRVL`, `MSFT`, `MU`, `NVDA`, `SNDK`, `^GSPC`	与MRVL存在直接点名关联，但关键图表和数据口径缺失，观点性与营销色彩较强。
`CRCL`	5/5 高	CLARITY法案推进仍受票数约束	Bitcoin, Coinbase, Circle Slip Despite Fresh Optimism Around CLARITY Act	2026-07-13	Stocktwits	`BTC-USD`, `COIN`, `CRCL`	法案时间表和票数约束直接关系COIN、CRCL及BTC的监管环境，时效性强且有明确后续验证节点。
`CRCL`	3/5 中	ARK增持SpaceX及加密概念股	Cathie Wood Loads Up on SpaceX, Meta, Eli Lilly and Circle Group	2026-07-13	GuruFocus.com	`AMD`, `COIN`, `CRCL`, `DE`, `HOOD`, `ILMN`, `IRDM`, `LLY`	包含SPCX的明确购买金额及多只相关标的方向，但缺少完整成交和仓位数据。
`VRT`	2/5 中低	General Fusion登陆纳斯达克	The First Publicly Listed Fusion Stock Just Started Trading, and It Did Not Arrive Quietly	2026-07-13	CNW Group	`GEV`, `NVDA`, `RKLB`, `SVAC`, `SVACU`, `VRT`	题材具有长期能源意义，但对输入标的缺少直接业务影响，证据高度依赖受偿公司宣传材料。
`SOXL`	4/5 高优先级	存储扩产担忧重挫SOXL	Why Direxion Daily Semiconductor Bull 3X ETF Dropped	2026-07-13	Motley Fool	`NVDA`, `SKHY`, `SOXL`, `^IXIC`	直接解释SOXL最新大幅波动，包含成分权重和存储供给事实，但长期价格结论尚缺产能进度与需求证据。
`APLD`	4/5 中高	Applied Digital重资产扩张压力	Applied Digital: Is The $16 Billion AI Bet Worth The Risk?	2026-07-13	Trefis	`APLD`, `CLSK`, `CORZ`, `CORZZ`, `HUT`, `MARA`, `RIOT`, `ROAD`	对APLD估值、合同、融资和执行风险覆盖完整，直接相关且及时，但部分历史比较和推广内容需剔除。
`VRT`	3/5 中	APLD扩张代价与VRT对照	APLD Dips 33% in a Month: Should You Hold or Fold the Stock?	2026-07-13	Zacks	`VRT`	能补充VRT在数据中心产业链中的相对风险位置，但主体是APLD，VRT信息主要用于比较。
`VRT`	3/5 中	EXLS与VRT估值差距	EXLS or VRT: Which Is the Better Value Stock Right Now?	2026-07-13	Zacks	`EXLS`, `VRT`	包含VRT的明确估值数据，阅读价值受非同业比较和单一模型框架限制。
`USAR`	3/5 中	Nova完成阿拉斯加锑厂设计	Nova Minerals Advances U.S. Defense Supply Chain with Antimony Pilot Plant Buildout	2026-07-13	IPO-Edge.com	`MP`, `NVA`, `NVA-WT`, `TECK`, `UAMY`, `USAR`	属于新近且明确的项目节点，但信息量较少、来源单一，与输入标的USAR关联有限。
`MRVL`	3/5 中	英国散户转向人工智能瓶颈资产	Why investors dashed for AI bottlenecks during Q2	2026-07-13	Moneyweek	`ETOR`, `MRVL`, `SNDK`	MRVL持有人变化直接且数字明确，但属于单一平台季度统计，代表性和时效性有限。
`COHR`	3/5 中	英伟达光互连布局推高预期	These Nvidia-Backed Darlings are Great Dip-Buys, Say Pros	2026-07-13	24/7 Wall St.	`COHR`, `GLW`, `HG=F`, `LITE`, `NVDA`	光互连主题与COHR直接相关，但来源的荐股倾向、最高目标价选择和广告内容降低可信度。
`SOXX`	4/5 中高	存储预期与油价共振压低芯片股	Intel, AMD, and Applied Materials Drop 4% as SK Hynix Rout and Oil Spike Hit Chip Stocks	2026-07-13	24/7 Wall St.	`AMAT`, `AMD`, `ARM`, `AVGO`, `CL=F`, `INTC`, `LRCX`, `NVDA`	事件新且直接影响SOXX，但归因链和若干异常数据缺少一手来源支持。
`VRT`	4/5 中高	nVent与Vertiv数据中心竞逐	NVT vs. VRT: Which Data Center Infrastructure Stock is a Better Buy?	2026-07-13	Zacks	`NVT`, `VRT`	同业比较直接覆盖VRT的区域风险、增长预期和估值，事实密度较高。
`COHR`	1/5 低	Duolingo人工智能成本权衡	AI-Backed Growth Benefits DUOL Amid Expected Rise in Inference Costs	2026-07-13	Zacks	`COHR`, `DUOL`, `V`	与COHR缺少直接业务关系，且关键公司代码错误显著削弱可靠性。
`DRAM`	4/5 高优先级	SK海力士预期冲击存储板块	Micron, SanDisk, Western Digital Fall 6% as SK Hynix’s Weak Outlook Rattles Memory Stocks	2026-07-13	24/7 Wall St.	`005930.KS`, `DRAM`, `MU`, `SKHY`, `SNDK`, `STX`, `WDC`	直接解释DRAM及核心存储股最新大幅波动，并揭示基金集中度；触发因素仍是未获公司确认的券商预测。
`COHR`	2/5 中低	Coherent入选全美最佳公司榜	Coherent Named One of TIME	2026-07-13	GlobeNewswire	`COHR`	直接公司荣誉具有声誉参考，但缺少排名细节和经营增量，日报优先级有限。
`VRT`	4/5 中高	Vertiv收购ThermoKey	Vertiv (VRT) Buys ThermoKey To Grow AI Data Center Cooling In EMEA	2026-07-13	Simply Wall St.	`VRT`	属于VRT直接并购事件，可明确观察区域扩张和产品补强，但关键财务条款缺失。
`SOXX`	2/5 中低	美伊冲突推升油价压低盘前期指	Exchange-Traded Funds, Equity Futures Lower Pre-Bell Monday as Renewed US-Iran Conflict Lifts Oil Prices	2026-07-13	MT Newswires	`BETH`, `BITO`, `BTC-USD`, `CL=F`, `EEM`, `EETH`, `EXI`, `FAS`	宏观事件较新，但正文几乎完全被付费墙截断，对SOXX缺乏直接事实。
`SOXX`	4/5 中高	SK海力士美国上市牵动芯片ETF	SK Hynix Surges in Blockbuster U.S. Market Debut: ETFs in Focus	2026-07-13	Zacks	`EWY`, `FPX`, `IPO`, `QQQ`, `SKHY`, `SMH`, `SOXX`	新发行规模巨大且可能影响SOXX等基金，但指数纳入尚无正式确认。
`VRT`	2/5 中低	Vertiv增长质量与高估值并存	3 Market-Beating Stocks to Target This Week	2026-07-13	StockStory	`BGC`, `EMR`, `NIC`, `VRT`	VRT经营指标可作背景补充，但文章的清单式推荐和推广属性削弱证据价值。
`TSM`	未评级	台积电2026年月度营收	TSMC 2026 monthly revenue	2026-07-13	Taiwan Semiconductor Manufacturing Company Limited	`TSM`	-
`DRAM`	4/5 高优先级	存储ETF扩容与资金分流	New Memory ETFs Look to Cache In on DRAM’s Historic Success	2026-07-13	The Daily Upside	`DRAM`, `SKHY`	提供DRAM、KMEM等存储ETF的最新资金与竞争事实，并指出SK海力士直接上市带来的渠道变化。
`VRT`	3/5 中	Vertiv与GE Vernova电力主线	2 Top Power Stocks That Could Outperform the Market Through 2030	2026-07-12	Motley Fool	`GEV`, `NVDA`, `VRT`	直接关联VRT和数据中心电力链，数字充分，但长期回报结论以作者预测为主。
`GFS`	3/5 中	格芯SLATE封装技术进入量产准备	GlobalFoundries (GFS) Announces Production Readiness of SLATE Wafer-to-Wafer Bonding Technology	2026-07-12	Insider Monkey	`GFS`	属于GFS直接技术进展，指标清楚，但量产时间较远且商业验证尚未披露。
`USAR`	4/5 中高	三只稀土ETF的持仓差异	3 Rare-Earth ETFs That Help Investors Balance Exposure and Risk	2026-07-12	MarketBeat	`ALB`, `ALB-PA`, `EART`, `MP`, `REMX`, `SETM`, `USAR`	提供稀土主题基金的可比数据和USAR政策背景，适合跨标的阅读，但关键持仓权重缺失。
`COHR`	3/5 中	Coherent估值依赖光模块扩产	Is Coherent (COHR) Undervalued As AI Demand And Backlog Strength Raise Expectations?	2026-07-12	Simply Wall St.	`COHR`	直接覆盖COHR的业务增长、扩产与估值，但关键公允价值来自平台远期模型。
`COHR`	3/5 中	人工智能光通信五环节扫描	These 5 Optical Chip Stocks Are Cashing in on AI Data Center Bandwidth	2026-07-12	24/7 Wall St.	`COHR`, `FN`, `IPGP`, `LASR`, `NVDA`, `POET`	COHR经营数据丰富且产业链覆盖较广，但来源带有宣传倾向，部分跨领域关联缺乏直接证据。
`NBIS`	4/5 中高	Nebius暴涨后的增长门槛	Why Nebius Rocketed 230% in the First Half of 2026	2026-07-12	Motley Fool	`NBIS`, `NVDA`	直接覆盖NBIS的合同、盈利和估值，数字密集且较新，但包含较强的作者归因与远期预测依赖。
`GFS`	3/5 中	格芯战略官预设计划减持	A GlobalFoundries Insider Sold 78% of His Company Shares. Here	2026-07-11	Motley Fool	`GFS`	一手监管申报且直接关联GFS，但交易规模有限，预设计划和持股口径约束了解释力度。
`DRAM`	未评级	ETF League Tables: Roundhill AUM Nears $34B	ETF League Tables: Roundhill AUM Nears $34B	2026-07-10	etf.com	`DRAM`	-
`SOXX`	3/5 中	美光暴涨凸显SOXX分散特征	Missed MU’s Monster Rally? SOXX Holders Cashed In Too	2026-07-10	24/7 Wall St.	`MU`, `SOXX`	收益对比与SOXX直接相关，但关键财务数据异常，来源可信度限制阅读优先级。
`PSI`	3/5 中等优先级	AAOI与半导体篮子收益比较	AAOI Soared 251%, But PSI Quietly Doubled Your Money Too	2026-07-10	24/7 Wall St.	`AAOI`, `PSI`, `RDDT`	对PSI与高波动光模块个股的收益和风险比较有参考价值，但来源商业化明显，若干数据缺少原始出处。
`APLD`	3/5 中	大型云厂商扩大数据中心规划	Google, Amazon Increase Data-Center Capacity Plans	2026-07-10	Investor's Business Daily	`AMZN`, `APLD`, `GOOG`	行业需求与APLD直接相关且月度数据较新，但正文极短，无法建立公司级收入联系。
`COHR`	4/5 中高	Coherent利润率改善路径	Coherent	2026-07-10	Zacks	`COHR`	利润率和经营杠杆是COHR业绩兑现的直接指标，文章提供的数据具有较高日报价值。
`SOXX`	4/5 中高	英伟达软件护城河与估值折价	Jim Cramer Says NVIDIA Is the Most Proprietary Chip Company in History, and the Market Is Getting Its Valuation Wrong	2026-07-10	24/7 Wall St.	`META`, `NVDA`, `ORCL`, `ORCL-PD`, `SNDK`, `SOXX`	直接涉及NVDA和SOXX的估值传导，数据密集，但观点来源和推广型媒体降低证据权重。
`COHR`	3/5 中	AAOI扩产加剧光模块竞争	AAOI Benefits From Strong 800G Transceivers Demand: More Upside Ahead?	2026-07-10	Zacks	`COHR`	可用于观察COHR所在高速光模块市场的需求和竞争，但关键远期数字主要是管理层预测。
`APLD`	4/5 中高	APLD租约高度集中于两大客户	APLD	2026-07-10	Zacks	`APLD`, `CRWV`, `DLR`, `DLR-PJ`, `DLR-PL`	直接量化APLD合同集中度、估值和投产风险，事实密度较高，但发布时间距日报已有数日。
`GFS`	3/5 中	美光扩产重塑存储供应链	Micron	2026-07-10	MarketBeat	`GFS`, `MU`, `SKHY`	供应链计划与GFS存在关联，但直接性有限，且多项异常数字与市场判断缺少可核验来源。
`NBIS`	3/5 中	亚马逊涨价映射新云定价	Here’s Why Analysts Think Nebius (NBIS) Could Benefit From Amazon’s GPU Price Increase	2026-07-10	Insider Monkey	`AMZN`, `BNP.PA`, `GOOG`, `META`, `NBIS`, `SPCX`	对NBIS竞争定价有直接参考，但证据以分析师推断为主，缺少公司经营数据。
`SOXX`	1/5 低优先级	美伊紧张下盘前市场分化	Exchange-Traded Funds, Equity Futures Mixed Pre-Bell Friday Amid Renewed US-Iran Tensions Ahead of Q2 Earnings Season	2026-07-10	MT Newswires	`BETH`, `BITO`, `BTC-USD`, `BWLP`, `CRCL`, `EEM`, `EETH`, `EQPT`	与SOXX和跨资产盘前环境有关，但正文严重残缺，无法验证标题所暗示的事件影响。
`GFS`	3/5 中	台积电财报前的高预期定价	Taiwan Semiconductor Is a No-Brainer Buy Before July 16 Earnings. Here’s Why	2026-07-10	24/7 Wall St.	`GFS`, `INTC`, `NVDA`, `TSM`	财报窗口临近且半导体关联度高，但GFS只属对照标的，文章观点和营销色彩较浓。
`000660.KS`	5/5 高	SK海力士赴美上市重估存储龙头	SK Hynix rises nearly 13% in debut on Wall Street as demand for memory chips soars amid AI frenzy	2026-07-10	Associated Press	`000660.KS`, `005930.KS`, `MU`, `NVDA`, `SKHY`	上市定价、265亿美元募资、盈利与美国收入占比均为高密度事实，并直接影响存储芯片及AI供应链相关标的的日报阅读。
`NBIS`	4/5 中高	纳指旧领涨股集体退潮	Nasdaq	2026-07-10	Yahoo Finance	`AMD`, `ARM`, `NBIS`, `STX`, `WDC`	提供NBIS回撤的指数轮动背景和可比较数据，时效较好，但样本与观察窗口有限。
`APLD`	3/5 中	定制芯片热度退潮拖累设备股	LRCX, APLD, KLAC: Why Chip Equipment Stocks Are Falling Premarket Today	2026-07-10	Stocktwits	`APLD`, `KLAC`, `LRCX`, `META`	含Meta算力计划和设备市场预测，但盘前行情已过时，APLD的业务分类也不准确。
`CRCL`	未评级	Circle 宣布获得设立全国信托银行的 OCC 最终批准	Circle Receives Final OCC Approval to Establish National Trust Bank	2026-07-10	Circle Internet Group, Inc.	`CRCL`	-
-	4/5 中高	美国制裁伊朗影子兑换网络	Treasury Targets Key Supreme Leader Financier and Iran’s Shadow Exchange Houses	2026-07-10	U.S. Department of the Treasury	-	制裁行动连接霍尔木兹航运、伊朗金融网络和二级制裁风险，地缘与能源相关度较高，但部分事实来自单方执法陈述。
`CRCL`	5/5 高	Circle获批设立国家信托银行	Circle Receives Final OCC Approval to Establish National Trust Bank \| Circle	2026-07-10	Circle Internet Group, Inc.	`CRCL`, `USDC`	最终监管批准直接改变Circle的合规基础设施和潜在业务范围，对CRCL与USDC均具有明确、近期的标的相关性。
`APLD`	4/5 中高	AI租约重估矿企数据中心资产	Analysts reveal investors are underestimating Bitcoin miners	2026-07-09	TheStreet	`APLD`, `BTC-USD`, `CIFR`, `WULF`	提供直接适用于APLD的合同资产估值框架，但关键模型参数和公司级测算缺失。
`COHR`	1/5 低	Eos任命首席法务官	Eos Energy Names Marie Batz Martin as Chief Legal Officer	2026-07-09	MT Newswires	`COHR`, `EOSE`, `NTAP`	文章与COHR缺少明确关系，且付费墙截断导致事实完整性不足。
-	5/5 高	财政账户回落释放银行准备金	Board of Governors of the Federal Reserve System	2026-07-09	Board of Governors of the Federal Reserve System	-	官方周度流动性数据，准备金和财政账户变化显著，对跨资产日报具有直接宏观参考价值。
`GFS`	3/5 中	美国量子产业基金化设想	SandboxAQ CEO: “It’s Time That America Really Has a Sovereign Wealth Fund.” Why America Should Copy Norway’s $2 Trillion Fund	2026-07-09	24/7 Wall St.	`GFS`, `IBM`, `NVDA`, `SAAQ.PVT`	GFS量子晶圆厂拟获资金具有直接政策意义，但项目阶段早，政策倡议及回报尚未验证。
`SOXL`	3/5 中等优先级	芯片投资消息放大SOXL涨幅	Direxion Daily Semiconductor Bull 3X ETF Explodes	2026-07-09	Motley Fool	`6488.TWO`, `MU`, `NVDA`, `SOXL`, `^IXIC`	直接关联SOXL并包含多项供应链投资事实，但文章已过四天，主要用于还原近期波动路径。
`DRAM`	2/5 较低优先级	SK海力士美国上市前热度	Memory Stock Surge Sets Stage for SK Hynix	2026-07-09	Barrons.com	`000660.KS`, `DRAM`, `MU`, `SNDK`, `STX`, `WDC`, `^GSPC`	与存储主题直接相关，但只有简短上市预告，关键信息已被后续市场表现覆盖。
`NBIS`	4/5 中高	CoreWeave债务压过订单增长	Down 40%, CoreWeave Is Being Left Behind By the Market	2026-07-09	24/7 Wall St.	`CRWV`, `IREN`, `NBIS`, `NVDA`	CRWV与NBIS对比直接、财务数字丰富，可用于识别新云资本结构差异，但需核验期间口径。
`SOXX`	3/5 中等优先级	三大AI芯片股估值分化	Marvell Technology Climbs 7% on the AI Chip Recovery: Is It Overvalued Next to Broadcom and Nvidia?	2026-07-09	24/7 Wall St.	`005930.KS`, `AVGO`, `MRVL`, `NVDA`, `SOXX`	提供SOXX核心成分股的增长和估值比较，事实密度较高，但已过数日且部分数据需用原始财报复核。
`NBIS`	3/5 中	Saturn扩展Nebius软件层	Is Nebius Group (NBIS) Using Saturn Cloud To Quietly Redefine Its AI Moat?	2026-07-09	Simply Wall St.	`NBIS`, `NVDA`	产品集成与NBIS直接相关，但经营影响尚无采用率和收入证据，估值预测依赖较强。
`NBIS`	4/5 中高	CoreWeave扩产与估值分歧	AI Demand is Exploding: Why CoreWeave is Well-Positioned to Win	2026-07-09	Zacks	`CRWV`, `MSFT`, `NBIS`	包含CRWV扩产、融资、估值及NBIS竞争信息，直接性和数字密度较高，但规划数据尚待兑现。
`NBIS`	3/5 中	纳指纳入后的Nebius估值压力	Can Nebius Group (NBIS) Justify Its Valuation Following Nasdaq 100 Inclusion And New AI Launches?	2026-07-09	Simply Wall St.	`META`, `NBIS`	与NBIS估值直接相关，但模型预测占比较高，新增经营证据和统一价格口径不足。
`GFS`	3/5 中	美光供应链投资带动格芯联想	GlobalFoundries Shares Rise After Micron Expands U.S. Semiconductor Supply Chain Investment (GFS)	2026-07-09	InvestorsHub	`6488.TWO`, `GFS`, `MU`	GFS价格反应和供应关系明确，但并非协议直接参与者，商业影响尚无量化证据。
`USAR`	4/5 中高	MP起诉USAR争夺磁材技术人才	MP Materials (MP) Sues USA Rare Earth Over Magnet Technology And Engineer Hiring	2026-07-09	Simply Wall St.	`MP`, `USAR`	诉讼直接关联USAR和MP的技术及人才基础，但证据停留在指控阶段，且缺少原始法院文件。
`USAR`	5/5 高	美国稀土扩产遭遇人才断层	Rare Earth Talent Scramble Lures 86-Year-Old From Retirement	2026-07-09	Bloomberg	`ARA.NE`, `ARA.TO`, `METC`, `METCB`, `METCI`, `METCZ`, `MP`, `USAR`	高质量多源报道揭示USAR、MP等项目共同面对的人才与工艺约束，对执行风险解释力强。
`APLD`	3/5 中	APLD现金流与融资压力受审视	1 Mid-Cap Stock on Our Watchlist and 2 We Ignore	2026-07-09	StockStory	`APLD`, `CAVA`, `NVR`	财务风险点与APLD直接相关，但证据粒度较粗，且文章带有明显筛选服务推广。
`DRAM`, `KMEM`	5/5 最高优先级	四只存储ETF策略拆解	New Memory ETFs Line Up to Challenge Runaway DRAM	2026-07-09	etf.com	`000660.KS`, `005930.KS`, `DRAM`, `HBMX`, `KMEM`	直接提供DRAM、KMEM、HBMX和DISK的持仓、费率及产业差异，对理解存储ETF风险暴露最有价值。
`DRAM`	未评级	The $2 trillion chip sell-off hits a make-or-break level: Chart of the Day	The $2 trillion chip sell-off hits a make-or-break level: Chart of the Day	2026-07-08	Yahoo Finance	`DRAM`, `SOX=F`, `SOXX`, `^SOX`	发布时间早于日报 5 天摘要窗口。
`APLD`	未评级	Why Penguin Solutions May Be the Smartest AI Infrastructure Stock	Why Penguin Solutions May Be the Smartest AI Infrastructure Stock	2026-07-08	MarketBeat	`APLD`, `IREN`, `NBIS`, `NVDA`, `PENG`	发布时间早于日报 5 天摘要窗口。
`GFS`	未评级	TSMC Outpaces Sector & Peers in a Year: Is the Stock Still a Buy?	TSMC Outpaces Sector & Peers in a Year: Is the Stock Still a Buy?	2026-07-08	Zacks	`GFS`, `ON`, `TSM`, `^GSPC`	发布时间早于日报 5 天摘要窗口。
`GFS`	未评级	SEALSQ, GlobalFoundries Collaborate on Post-Quantum Cryptography, Quantum Computing	SEALSQ, GlobalFoundries Collaborate on Post-Quantum Cryptography, Quantum Computing	2026-07-08	MT Newswires	`GFS`, `LAES`	发布时间早于日报 5 天摘要窗口。
`USAR`	未评级	CRML, UUUU, USAR, ALOY, GLND: Greenland’s Rare-Earth Trade Draws Investors As Trump Revives Arctic Ambitions	CRML, UUUU, USAR, ALOY, GLND: Greenland’s Rare-Earth Trade Draws Investors As Trump Revives Arctic Ambitions	2026-07-08	Stocktwits	`ALOY`, `CRML`, `GLND`, `USAR`, `UUUU`	发布时间早于日报 5 天摘要窗口。
`BTC`	未评级	Bitcoin Core 30.3与31.1发布	Bitcoin	2026-07-08	Bitcoin Core	`BTC`	发布时间早于日报 5 天摘要窗口。
`USAR`	未评级	Democratic Lawmakers Probe Lutnick’s Possible Ties to Cantor Fitzgerald Deal	Democratic Lawmakers Probe Lutnick’s Possible Ties to Cantor Fitzgerald Deal	2026-07-07	The Wall Street Journal	`USAR`	发布时间早于日报 5 天摘要窗口。
`SOXL`	未评级	Why Direxion Daily Semiconductor Bull 3X ETF Just Crashed	Why Direxion Daily Semiconductor Bull 3X ETF Just Crashed	2026-07-07	Motley Fool	`005930.KS`, `NVDA`, `SOXL`, `^IXIC`	发布时间早于日报 5 天摘要窗口。
`PSI`	未评级	Up 102% in 2026, This Chip ETF Mysteriously Avoids Taiwan Semiconductor	Up 102% in 2026, This Chip ETF Mysteriously Avoids Taiwan Semiconductor	2026-07-07	24/7 Wall St.	`AMD`, `NVDA`, `PSI`, `TSM`	发布时间早于日报 5 天摘要窗口。
`DRAM`	未评级	Micron, Samsung, SK Hynix just dragged memory stocks into a bear market	Micron, Samsung, SK Hynix just dragged memory stocks into a bear market	2026-07-07	Yahoo Finance	`000660.KS`, `005930.KS`, `AMAT`, `DRAM`, `INTC`, `LRCX`, `MU`, `SNDK`	发布时间早于日报 5 天摘要窗口。
-	未评级	EIA在霍尔木兹交通恢复假设下更新石油预测	U.S. Energy Information Administration - EIA - Independent Statistics and Analysis	2026-07-07	U.S. Energy Information Administration	-	发布时间早于日报 5 天摘要窗口。
-	未评级	八个OPEC+国家公布2026年8月产量调整	Organization of the Petroleum Exporting Countries	2026-07-05	OPEC	-	发布时间早于日报 5 天摘要窗口。
`PSI`	未评级	Top-Performing ETF Areas of 1H 2026	Top-Performing ETF Areas of 1H 2026	2026-07-02	Zacks	`BWET`, `EWY`, `PSI`, `TCAI`, `UGA`, `^GSPC`, `^IXIC`, `^RUT`	发布时间早于日报 5 天摘要窗口。
`PSI`	未评级	Best Performing ETFs of 2026	Best Performing ETFs of 2026	2026-07-01	etf.com	`AIS`, `BWET`, `DRAM`, `EWY`, `MUU`, `PSI`, `QQQ`, `SOXX`	发布时间早于日报 5 天摘要窗口。
`SOXL`	未评级	SOXL’s 16% Daily Collapse Exposes the Real Cost: $7.9 Billion in Hidden Swap Financing	SOXL’s 16% Daily Collapse Exposes the Real Cost: $7.9 Billion in Hidden Swap Financing	2026-07-01	24/7 Wall St.	`SMH`, `SOXL`, `SOXX`	发布时间早于日报 5 天摘要窗口。
`KMEM`	未评级	Kurv Launches the KMEM ETF: The Purest Play on Memory Production	Kurv Launches the KMEM ETF: The Purest Play on Memory Production	2026-07-01	Business Wire	`000660.KS`, `005930.KS`, `CBOE`, `KMEM`, `MU`	发布时间早于日报 5 天摘要窗口。
`FTXL`	未评级	Semiconductor ETFs to Buy as Micron Leads $2T AI-Led Chip Market Rally	Semiconductor ETFs to Buy as Micron Leads $2T AI-Led Chip Market Rally	2026-07-01	Zacks	`AMD`, `CHPX`, `FTXL`, `INTC`, `MU`, `SHOC`	发布时间早于日报 5 天摘要窗口。
`SOXL`	未评级	Intel, AMD Jump 7% as Chip Stocks Catch a Risk-On Bid	Intel, AMD Jump 7% as Chip Stocks Catch a Risk-On Bid	2026-06-30	24/7 Wall St.	`AMD`, `AVGO`, `INTC`, `NVDA`, `SOXL`	发布时间早于日报 5 天摘要窗口。
`FTXL`	未评级	The Zacks Analyst Blog Highlights Micron, MUU, MULL, SHOC,CHPX and FTXL	The Zacks Analyst Blog Highlights Micron, MUU, MULL, SHOC,CHPX and FTXL	2026-06-26	Zacks	`CHPX`, `FTXL`, `KNO`, `MU`, `MULL`, `MUU`, `NVS`, `QCOM`	发布时间早于日报 5 天摘要窗口。
`SOXL`	未评级	ETF League Tables: T.Rowe Price Adds $1.1 Billion	ETF League Tables: T.Rowe Price Adds $1.1 Billion	2026-06-25	etf.com	`DRAM`, `SOXL`, `SOXX`	发布时间早于日报 5 天摘要窗口。
`SOXL`	未评级	ETF Fund Flows: Semiconductors Pop on Relatively Flat Day	ETF Fund Flows: Semiconductors Pop on Relatively Flat Day	2026-06-25	etf.com	`DRAM`, `SOXL`, `SOXX`	发布时间早于日报 5 天摘要窗口。
`FTXL`	未评级	Micron Soars Post Q3 Earnings on AI Memory Crunch: ETFs to Watch	Micron Soars Post Q3 Earnings on AI Memory Crunch: ETFs to Watch	2026-06-25	Zacks	`CHPX`, `FTXL`, `KNO`, `MU`, `MULL`, `MUU`, `SHOC`	发布时间早于日报 5 天摘要窗口。
`MU`	未评级	美光截至2026年5月28日季度的10-Q文件	mu-20260528	2026-06-25	U.S. Securities and Exchange Commission	`MU`	发布时间早于日报 5 天摘要窗口。
`MU`	未评级	美光公布2026财年第三季度业绩	Micron Technology, Inc. Reports Record Results for the Third Quarter of Fiscal 2026	2026-06-24	Micron Technology, Inc.	`MU`, `NVDA`	-
`GFS`	未评级	GlobalFoundries 的 9SW SLATE 封装技术达到可生产状态	GlobalFoundries qualifies SLATE™ advanced packaging technology on 9SW platform for next-generation radio frequency applications \| GlobalFoundries Inc.	2026-06-23	GlobalFoundries Inc.	`GFS`	发布时间早于日报 5 天摘要窗口。
`PSI`	未评级	Is Invesco Semiconductors ETF (PSI) a Strong ETF Right Now?	Is Invesco Semiconductors ETF (PSI) a Strong ETF Right Now?	2026-06-18	Zacks	`PSI`	发布时间早于日报 5 天摘要窗口。
-	未评级	美联储2026年6月货币政策实施说明	Implementation Note issued June 17, 2026	2026-06-17	Board of Governors of the Federal Reserve System	-	发布时间早于日报 5 天摘要窗口。
`APLD`	未评级	Applied Digital 完成 15.9 亿美元高级担保票据发行	Applied Digital 2026-06-16 Form 8-K：15.9 亿美元高级担保票据	2026-06-16	U.S. Securities and Exchange Commission	`APLD`	发布时间早于日报 5 天摘要窗口。
`FTXL`	未评级	Chip ETFs to Buy as Broadcom Sinks Over 10% Despite Q2 Earnings Beat	Chip ETFs to Buy as Broadcom Sinks Over 10% Despite Q2 Earnings Beat	2026-06-05	Zacks	`AVGO`, `FTXL`, `SMH`, `SOXQ`, `SOXX`	发布时间早于日报 5 天摘要窗口。
`USAR`	未评级	USA Rare Earth 披露美国商务部资金协议条款	USA Rare Earth 2026-06-03 Form 8-K：DOC 资金协议	2026-06-03	U.S. Securities and Exchange Commission	`USAR`	发布时间早于日报 5 天摘要窗口。
`AVGO`	未评级	博通公布2026财年第二季度业绩	Broadcom Inc. Announces Second Quarter Fiscal Year 2026 Financial Results and Quarterly Dividend \| Broadcom Inc.	2026-06-03	Broadcom Inc.	`AVGO`	发布时间早于日报 5 天摘要窗口。
`PSI`	未评级	Should You Invest in the Invesco Semiconductors ETF (PSI)?	Should You Invest in the Invesco Semiconductors ETF (PSI)?	2026-06-02	Zacks	`IVZ`, `PSI`	发布时间早于日报 5 天摘要窗口。
`FTXL`	未评级	Is First Trust NASDAQ Semiconductor ETF (FTXL) a Strong ETF Right Now?	Is First Trust NASDAQ Semiconductor ETF (FTXL) a Strong ETF Right Now?	2026-06-02	Zacks	`FTXL`	发布时间早于日报 5 天摘要窗口。
`PSI`	未评级	The Semiconductor Play Nobody Owns Just Lapped Wall Street’s Biggest Names	The Semiconductor Play Nobody Owns Just Lapped Wall Street’s Biggest Names	2026-05-31	24/7 Wall St.	`INTC`, `LRCX`, `MU`, `NVDA`, `PSI`, `QQQ`, `SOXX`, `^GSPC`	发布时间早于日报 5 天摘要窗口。
`FTXL`	未评级	After Three Years of Tracking the AI Capex Cycle These 3 Semiconductor ETFs Sit on Top of the Trade	After Three Years of Tracking the AI Capex Cycle These 3 Semiconductor ETFs Sit on Top of the Trade	2026-05-29	24/7 Wall St.	`ASML.AS`, `FTXL`, `LRCX`, `MU`, `NVDA`, `SMH`, `SOXX`	发布时间早于日报 5 天摘要窗口。
`005930.KS`	未评级	三星电子开始发送HBM4E样品	Samsung Electronics Begins Shipment of Industry-First HBM4E Samples	2026-05-29	Samsung Electronics	`000660.KS`, `005930.KS`, `MU`, `NVDA`	发布时间早于日报 5 天摘要窗口。
`FTXL`, `PSI`	未评级	The Most-Compared ETFs Right Now — And What They Reveal	The Most-Compared ETFs Right Now — And What They Reveal	2026-05-28	etf.com	`BIL`, `BOXX`, `CHPS`, `DRAM`, `FTXL`, `IVV`, `NLR`, `PSI`	发布时间早于日报 5 天摘要窗口。
`MRVL`	未评级	Marvell 2027 财年第一季度 10-Q：数据中心收入、客户集中度与资本承诺	mrvl-20260502	2026-05-28	U.S. Securities and Exchange Commission	`MRVL`, `NVDA`	发布时间早于日报 5 天摘要窗口。
`NVDA`	未评级	英伟达截至2026年4月26日季度的10-Q文件	nvda-20260426	2026-05-20	U.S. Securities and Exchange Commission	`000660.KS`, `005930.KS`, `MU`, `NVDA`, `TSM`	发布时间早于日报 5 天摘要窗口。
`FTXL`	未评级	Should You Invest in the First Trust NASDAQ Semiconductor ETF (FTXL)?	Should You Invest in the First Trust NASDAQ Semiconductor ETF (FTXL)?	2026-05-19	Zacks	`FTXL`	发布时间早于日报 5 天摘要窗口。
-	未评级	参议院银行委员会推进CLARITY法案	What They Are Saying: Industry Leaders Praise Chairman Scott, Senate Banking Committee on Advancing Bipartisan Clarity Act \| United States Committee on Banking, Housing, and Urban Affairs	2026-05-15	U.S. Senate Committee on Banking, Housing, and Urban Affairs	`BTC`, `CRCL`, `ETH`, `SOL`	发布时间早于日报 5 天摘要窗口。
`AMAT`	未评级	应用材料公布2026财年第二季度业绩	Applied Materials Announces Second Quarter 2026 Results \| Applied Materials	2026-05-14	Applied Materials, Inc.	`AMAT`, `INTC`, `NVDA`	发布时间早于日报 5 天摘要窗口。
`AMD`	未评级	AMD截至2026年3月28日季度的10-Q文件	amd-20260328	2026-05-06	U.S. Securities and Exchange Commission	`AMD`, `NVDA`	发布时间早于日报 5 天摘要窗口。
`NBIS`	未评级	Nebius 披露与 Meta 的 AI 基础设施服务协议	Nebius 2026-03-16 Form 6-K：Meta Infrastructure Service Agreement	2026-03-16	U.S. Securities and Exchange Commission	`META`, `NBIS`	发布时间早于日报 5 天摘要窗口。
`COHR`	未评级	Coherent 披露 NVIDIA 20 亿美元私募投资及光学合作	8-K	2026-03-02	U.S. Securities and Exchange Commission	`COHR`, `NVDA`	发布时间早于日报 5 天摘要窗口。
`AMAT`	未评级	应用材料就违规出口半导体设备向BIS支付2.52亿美元罚款	Bureau of Industry and Security	2026-02-12	U.S. Bureau of Industry and Security	`AMAT`	发布时间早于日报 5 天摘要窗口。
`GOOG`	未评级	Alphabet 2025 年第四季度业绩会	Alphabet 2025 Q4 Earnings Call	2026-02-04	Alphabet Inc.	`GOOG`	-
-	未评级	美国商务部调整对华半导体出口许可审查政策	Bureau of Industry and Security	2026-01-13	U.S. Bureau of Industry and Security	`AMD`, `NVDA`	发布时间早于日报 5 天摘要窗口。
`CRCL`	3/5 中	美国数字资产银行牌照进展	Interpretations & Decisions	未提供发布时间	Office of the Comptroller of the Currency	`CRCL`	官方监管材料权威且涉及稳定币银行框架，但没有Circle或CRCL的直接决定，主要用于背景核验。
-	5/5 高	六月CPI发布前的通胀基线	CPI Home	未提供发布时间	U.S. Bureau of Labor Statistics	-	官方数据源且6月CPI将在当日日报周期内发布，对跨资产定价具有最高时效优先级。
-	5/5 高	美债收益率曲线全线上移	U.S. Department of the Treasury	未提供发布时间	U.S. Department of the Treasury	-	截至07/13的美国财政部官方全期限曲线直接影响国债与跨资产估值，数据新且事实密度高。
-	5/5 高	纽约联储缩减储备管理购债	Treasury Securities Operational Details	未提供发布时间	Federal Reserve Bank of New York	-	最新操作期从07/14开始，直接影响短端国债需求、准备金和美元流动性，官方计划具有较高证据价值。
`CRCL`	3/5 中	USDC储备披露与兑付框架	Transparency & Stability \| Circle	未提供发布时间	Circle Internet Group, Inc.	`CRCL`, `USDC`	该页面直接解释USDC储备与兑付框架，但当期关键余额和流量数字缺失，更适合作为CRCL与USDC的背景材料。
`SOL`	3/5 中	Solana连续九十日稳定运行	Solana Status	未提供发布时间	Solana Foundation	`SOL`	官方状态页提供接近实时的SOL基础设施可用性证据，但信息范围较窄，缺少链上性能与市场指标。
-	未评级	LME官方价格与USGS铜统计数据状态	LME官方价格与USGS铜统计数据状态	未提供发布时间	London Metal Exchange / U.S. Geological Survey	-	-
-	未评级	TSMC 2026 年第二季度业绩会与会前指引	TSMC 2026 年第二季度业绩会与会前指引	未提供发布时间	web-enrichment:translatedNewsTitles	-	-
-	未评级	2026 年期权到期日历	Options Expiration Calendar	未提供发布时间	web-enrichment:translatedNewsTitles	-	-
-	4/5 中高	沃伦推动加密立法加入利益冲突条款	Warren: Crypto Legislation Heading to Senate Floor Must Prevent President Donald Trump from Profiting Off the Presidency \| United States Committee on Banking, Housing, and Urban Affairs	未提供发布时间	web-enrichment:translatedNewsTitles	-	材料紧邻拟议的参议院表决窗口，并包含公开财务披露中的重大金额；直接标的关联有限，且政策与交易指控主要以单方新闻稿呈现。

打开原文

中国二季度增长与政策预期

重要性4/5 高优先级

官方政策表述和即将发布的GDP数据具有较高时效性与跨资产影响，但对输入基金缺少直接公司证据。

标签

标的：`KMEM`来源：Reuters发布日期：2026-07-14重要性：4/5 高优先级评级理由：官方政策表述和即将发布的GDP数据具有较高时效性与跨资产影响，但对输入基金缺少直接公司证据。评级依据：路透报道, 官方会议通稿, GDP发布临近, 政策影响覆盖跨资产, 与KMEM仅间接相关原文字数：333

中文摘要

核心结论

中国总理李强要求加强逆周期调节并提前研究增量政策，政策表述反映政府对经济动能放缓的关注。市场关注第二季度GDP（国内生产总值）数据和7月下旬政治局会议，但分析师预计增长未明显恶化前不会出现激进刺激。

重要性评级

评级：4/5（高优先级）

路透报道时效性高、来源清晰，涉及中国增长和政策预期；与KMEM仅有间接宏观关系。

关键事实

发布于美东时间 07/13 21:47（UTC+8 07/14 09:47）。
李强在专家和企业家座谈会上要求全面客观看待经济形势，加强逆周期调节。
中国计划于07/15（未给出具体时刻）公布第二季度GDP数据。
路透调查预计第二季度增速为4.5%，低于第一季度的5%。
官方全年增长目标为4.5%至5%，4.5%的季度预测位于目标区间下沿。
李强提出用足现有政策并提前研究储备增量措施，同时强调稳定就业和释放内需潜力。
市场关注7月下旬政治局会议对下半年政策的指引。

作者观点与证据

报道以央视会议通稿和路透分析师调查为主要证据。增量刺激力度属于分析师预期，会议没有公布具体政策规模、工具或实施日期。

与相关标的的关系

中国需求、政策力度和经济增速可影响Samsung、SK海力士及其他亚洲科技供应链，但文章没有提供KMEM成分公司的直接订单或盈利数据。

时效性与限制

报道在GDP发布前完成，预测将很快由正式数据检验；标题元数据仅显示“China”，正文标题提供了实际主题。

后续跟踪

第二季度GDP及分项数据
7月下旬政治局会议表述
稳就业和促内需政策细节
亚洲半导体需求变化

英文原文

China

China's premier urges 'objective' understanding of the economy

FILE PHOTO: Chinese Premier Li Qiang meets with U.S. business representatives, at the Great Hall of the People in Beijing, China May 14, 2026. REUTERS/Go Nakamura/Pool/File Photo · Reuters

Reuters

Tue, July 14, 2026 at 9:47 AM GMT+8 1 min read

(Corrects Q2 GDP release date in paragraph 2 to Wednesday, not next week)

BEIJING, July 13 (Reuters) - Chinese Premier Li Qiang ‌called on Monday for "a comprehensive and objective understanding" of the ‌current economic situation and for a stronger counter-cyclical adjustment, state broadcaster CCTV reported, amid signs of slowing economic momentum.

The government is due to release second-quarter GDP data on Wednesday. Analysts polled by Reuters expect China's growth to slow to 4.5% in the second quarter from 5% in January-March, putting it ‌at the lower end ⁠of Beijing's official 4.5%-5% full-year target.

"It is important to take a comprehensive and objective view of the current ⁠economic situation - fully recognising the achievements made while remaining clear-eyed about the problems," Li was quoted as saying during a meeting with experts and entrepreneurs.

Li also stressed that doing a good job of economic work in the ‌second half of the year was crucial to meeting this year's economic targets, and called for maintaining strategic resolve in pursuing high-quality development.

He said China should step up counter-cyclical adjustment, make full and effective use of existing policies, and study and prepare additional measures in advance ‌to consolidate economic momentum.

Investors are closely watching an expected late-July Politburo meeting for clues on fresh stimulus that could shape policy for the rest of the year. ‌But analysts expect no aggressive action unless growth slows more sharply.

Li said economic work in the second half of the year was directly linked to achieving the annual growth target, and called for stabilising ‌employment and releasing the potential for domestic demand, according to a meeting readout aired by CCTV.

(Reporting by Yukun Zhang and Kevin Yao; Editing by Alison Williams)

打开原文

联电硅光平台进入量产

重要性4/5 高优先级

提供联电硅光子业务的最新量产里程碑和路线图，但关键商业指标未披露，且来源为公司新闻稿。

标签

标的：`KMEM`来源：Business Wire发布日期：2026-07-14重要性：4/5 高优先级评级理由：提供联电硅光子业务的最新量产里程碑和路线图，但关键商业指标未披露，且来源为公司新闻稿。评级依据：发布时间接近日报, 量产交付事实明确, 直接关联联电, 包含产品路线图, 付费新闻稿缺少量化验证原文字数：1057

中文摘要

核心结论

SILITH与联电完成首批量产硅光子晶圆交付，将1.6T光互连平台从开发推进到规模制造。该进展强化联电在AI（人工智能）数据中心光互连领域的制造布局，但产量、客户收入和良率数据没有披露。

重要性评级

评级：4/5（高优先级）

量产交付是具体产业里程碑，直接关联联电及硅光子供应链；信息来自付费新闻稿，商业化成效主要由公司自述。

关键事实

发布于美东时间 07/13 21:45（UTC+8 07/14 09:45）。
首批量产光子集成电路晶圆由联电新加坡12英寸晶圆厂交付。
双方用18个月把平台推进至量产准备阶段。
平台服务SILITH的1.6T硅光子产品，并获一家领先云基础设施客户认证，可用于批量部署。
联电计划于2027年向其他客户开放自有12英寸硅光子平台。
双方正在开发400G/通道纯硅光子平台，采用MZM（马赫—曾德尔调制器）。
联电还与生态伙伴开发TFLN（薄膜铌酸锂）方案，用于更高带宽光互连。
SILITH称累计出货超过800万颗100G/通道和200G/通道PIC（光子集成电路）。
联电现有12座晶圆厂，月产能合计超过40万片12英寸等效晶圆。

作者观点与证据

新闻稿将交付描述为从研发到高量产的转折，并强调成本、良率和爬坡可预测性。可验证事实是首批晶圆交付与平台路线图；高良率、客户领先地位及规模优势均缺少量化细节。

与相关标的的关系

联电可通过特色工艺和12英寸产能参与AI光互连扩张。输入关联KMEM没有直接持仓或业务联系，更多体现存储之外的AI基础设施链条。

后续跟踪

硅光子晶圆实际产量和良率
量产客户及收入贡献
2027年平台开放进度
400G/通道产品认证

英文原文

SILITH and UMC Achieve Mass Production Milestone for Silicon Photonics

This is a paid press release. Contact the press release distributor directly with any inquiries.

SILITH and UMC Achieve Mass Production Milestone for Silicon Photonics

Business Wire

Tue, July 14, 2026 at 9:45 AM GMT+8 6 min read

UMC -3.62%

UMC -3.62%

Accelerating High-Volume Silicon Photonics Manufacturing for AI Infrastructure

UMC delivers first mass-produced silicon photonics wafers from UMC's Singapore 12-inch fab, marking a step change from development to high-volume manufacturing.

The collaboration combines SILITH's silicon photonics innovation with UMC's high-volume 12-inch manufacturing platform.

UMC's silicon photonics process integration is a scalable, foundry-ready manufacturing platform—aimed at delivering predictable cost, yield, and ramp timelines for customers building next-generation AI data center optical interconnects

SINGAPORE & HSINCHU, Taiwan, July 14, 2026 --( BUSINESS WIRE )--SILITH Technology, a silicon photonics fabless company, and United Microelectronics Corporation (NYSE: UMC; TWSE: 2303) ("UMC"), a leading global semiconductor foundry, today announced the first mass-production wafer delivery of photonic ICs from UMC's Singapore fab, advancing the partnership between the two companies to scale next-generation silicon photonics manufacturing. The collaboration combines SILITH's photonics design expertise with UMC's 12-inch wafer manufacturing capacity and process capabilities to support high-volume production of SILITH's 1.6T silicon photonics platform, addressing the growing demand for high-speed AI optical interconnects in AI and hyperscale data center networks.

Combining SILITH's proprietary silicon photonics architecture with UMC's advanced process integration expertise and proven silicon-on-insulator (SOI) manufacturing capabilities, the joint team brought the silicon photonics platform from development to production readiness in 18 months. The platform has demonstrated production-level performance with high yield and reliability, and has since been qualified by a leading cloud infrastructure customer for volume deployment. Together, the two companies have established a scalable manufacturing platform to support the next generation of AI infrastructure.

Jason Zhang, Chief Technology Officer of SILITH, said: "AI is driving an unprecedented demand for optical bandwidth, making silicon photonics a foundational technology for future data center infrastructure. At SILITH, we are building a scalable silicon photonics platform that spans pluggable optics, co-packaged optics (CPO), and future optical I/O architectures. Together with UMC, we are bringing together leading-edge silicon photonics innovation and high-volume 12-inch manufacturing to deliver the performance, scalability, and cost efficiency required for the next generation of AI networks."

Story Continues

GC Hung, Senior Vice President of UMC, said: "We're proud to partner with SILITH, a leading silicon photonics company with a proven track record of serving leading cloud infrastructure and optical networking customers, to achieve this important milestone. It reflects UMC's ability to support customers at scale with the deep integration expertise required for complex interdisciplinary technologies such as silicon photonics. Beyond its strong 12-inch wafer manufacturing capabilities, Singapore also serves as a key technology development hub for UMC, enabling the rapid production ramp with SILITH. Looking ahead, UMC will continue to strengthen its manufacturing capabilities to support customers' growing demand and accelerate next-generation photonics applications."

In addition to the successful commercialization of the first silicon photonics product for a customer, UMC is making its own 12-inch silicon photonics platform available for customer product development in 2027.

Building on the successful commercialization of SILITH's 200G/lane silicon photonics products, UMC and SILITH are extending its silicon photonics roadmap to support next-generation 400G/lane optical interconnects. As a key milestone, the two companies are collaborating on a 400G/lane pure-silicon photonics platform, leveraging high-speed silicon Mach-Zehnder Modulators (MZMs) to enable 400G/lane transmission while preserving the manufacturability, scalability, and cost advantages of a CMOS-compatible silicon platform.

Looking beyond 400G/lane silicon-based modulator solution, UMC is also collaborating with ecosystem partners to develop thin-film lithium niobate (TFLN)-based solutions for future ultra-high-bandwidth optical interconnects. Combined with UMC's advanced packaging technologies, these complementary silicon photonics and TFLN platforms will enable optical-engine modules supporting CPO, optical I/O, and other highly integrated architectures for next-generation AI infrastructure.

About SILITH Technology

SILITH Technology is a Singapore-headquartered silicon photonics company developing next-generation photonic integrated circuit (PIC) solutions for AI infrastructure and high-speed optical networking. Founded in 2021, the company is dedicated to the development and commercialization of scalable silicon photonics technologies that enable next-generation optical interconnects.

Leveraging a comprehensive silicon photonics product portfolio, SILITH has achieved commercial-scale deployment, with cumulative shipments of more than 8 million 100G/lane and 200G/lane PICs. The company is also advancing one of the industry's leading 400G/lane PAM4 pure-silicon photonics platforms, demonstrating the scalability of CMOS-compatible silicon photonics for future optical interconnects.

SILITH's high-performance, high-reliability PIC solutions, together with its flexible customization capabilities, have earned the trust of leading customers across the global optical communications ecosystem. For more information, visit www.silith.com

About UMC

UMC (NYSE: UMC, TWSE: 2303) is a leading global semiconductor foundry company. The company provides high-quality IC fabrication services, focusing on logic and various specialty technologies to serve all major sectors of the electronics industry. UMC's comprehensive IC processing technologies and manufacturing solutions include Logic/Mixed-Signal, embedded High-Voltage, embedded Non-Volatile-Memory, RFSOI, BCD etc. Most of UMC's 12-in and 8-in fabs with its core R&D are located in Taiwan, with additional ones throughout Asia. UMC has a total of 12 fabs in production with combined capacity of more than 400,000 wafers per month (12-in equivalent), and all of them are certified with IATF 16949 automotive quality standard. UMC is headquartered in Hsinchu, Taiwan, plus local offices in United States, Europe, China, Japan, Korea & Singapore, with a worldwide total of 20,000 employees. For more information, please visit: http://www.umc.com .

Note from UMC Concerning Forward-Looking Statements

Some of the statements in the foregoing announcement are forward-looking within the meaning of the U.S. Federal Securities laws, including statements about introduction of new services and technologies, future outsourcing, competition, wafer capacity, business relationships and market conditions. Investors are cautioned that actual events and results could differ materially from these statements as a result of a variety of factors, including conditions in the overall semiconductor market and economy; acceptance and demand for products from UMC; and technological and development risks. Further information regarding these and other risks is included in UMC's filings with the U.S. Securities and Exchange Commission. UMC does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260713846186/en/

Contacts

Media contacts

UMC Corporate Communications

Michelle Yun

886-2-2658-9168 x16951

michelle_yun@umc.com

Silith Technology Pte.Ltd

Ray Hsu

65-8127 6689

Ray_Hsu@silith.com

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资金从芯片轮动至企业软件

重要性2/5 较低优先级

价格信息较新，但资金轮动结论证据有限，且对KMEM和存储板块缺乏直接事实。

标签

标的：`KMEM`来源：StockStory发布日期：2026-07-14重要性：2/5 较低优先级评级理由：价格信息较新，但资金轮动结论证据有限，且对KMEM和存储板块缺乏直接事实。评级依据：单日行情数据较新, 轮动归因缺少资金流验证, 与KMEM关联较弱, 包含软件产品目标原文字数：694

中文摘要

核心结论

文章将企业软件股上涨解释为资金从高估值芯片板块转向前期超跌的软件公司，并认为ServiceNow和Salesforce的AI（人工智能）增值产品缓解了传统按席位收费模式受冲击的担忧。该归因主要依据同日价格分化，缺少资金流和盈利数据验证。

重要性评级

评级：2/5（较低优先级）

文章有最新市场价格，但与KMEM关系弱，且“芯片转软件”的资金轮动结论属于媒体推断。

关键事实

发布于美东时间 07/13 21:42（UTC+8 07/14 09:42）。
Nasdaq下跌1.55%，Micron下跌约4%；ServiceNow上涨4.3%，Salesforce上涨2.4%。
HubSpot、ZoomInfo和Paycom分别上涨5.1%、6.5%和5.1%。
ServiceNow把Now Assist AI合同目标提高至15亿美元；Salesforce继续扩展Agentforce平台。
文章称软件公司可把AI作为付费增值功能，并利用企业专有数据和工作流维持平台地位。
ZoomInfo年内下跌67.7%，股价3.10美元，较2025年9月的52周高点12.20美元低74.6%。
文章提到十年期美国国债收益率此前跌破4.5%，但那是19天前的另一轮行情背景。

作者观点与证据

作者倾向把价格分化解释为SaaS（软件即服务）估值修复和AI变现预期改善。证据主要是单日股价、产品目标和估值叙事，没有ETF资金流、机构持仓或新增合同数据。

与相关标的的关系

KMEM及存储股可能受到芯片板块获利回吐影响，但本文没有提供KMEM持仓、资金流或存储需求事实，关联较弱。

后续跟踪

ServiceNow AI合同目标兑现情况
Salesforce Agentforce收入
软件与半导体板块资金流
企业技术预算和供应商整合

英文原文

HubSpot, ZoomInfo, and Paycom Stocks Trade Up, What You Need To Know

Adam Hejl

Tue, July 14, 2026 at 9:42 AM GMT+8 4 min read

+3.30%

+4.84%

^IXIC

-1.55%

HUBS

+4.87%

-4.32%

What Happened?

A number of stocks jumped in the afternoon session after investors appeared to rotate into oversold enterprise software names amid profit taking in chip stocks.

While the Nasdaq retreated and semiconductor leaders like Micron (-4%) sold off, major SaaS incumbents caught a strong bid.

ServiceNow (NYSE:NOW) surged 4.3%, and Salesforce (NYSE:CRM) climbed 2.4%. The divergence occurred against a backdrop of rising oil prices and geopolitical tensions in the Middle East that weighed on the broader indices.It seems the AI trade is rotating from the infrastructure layer to the application layer. After months of paying premium multiples for the chips required to build artificial intelligence, investors appeared to be shifting capital into the software companies that are actually monetizing it.

Earlier in 2026, software stocks suffered a severe valuation compression, dubbed the "SaaSpocalypse", driven by fears that AI agents would destroy traditional per-seat software licensing models.Recent data points, including ServiceNow raising its Now Assist AI contract target to $1.5 billion and Salesforce scaling its Agentforce platform, revealed that incumbents can sell AI as a premium add-on rather than watching it cannibalize their core business. Because enterprise SaaS providers own the proprietary data and daily workflows, they are positioned as the control layer for AI deployment.

With semiconductor valuations stretched to historic premiums, capital continued to hunt for the margin of safety found in quality software stocks with depressed forward multiples. However, risks remain: if macroeconomic pressures force enterprise CIOs to consolidate vendors further, second-tier software names without clear AI monetization could still struggle.

The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks.

Among others, the following stocks were impacted:

Sales Software company HubSpot(NYSE:HUBS) jumped 5.1%.Is now the time to buy HubSpot? Access our full analysis report here, it's free.

Sales Software company ZoomInfo(NASDAQ:GTM) jumped 6.5%.Is now the time to buy ZoomInfo? Access our full analysis report here, it's free.

HR Software company Paycom(NYSE:PAYC) jumped 5.1%.Is now the time to buy Paycom? Access our full analysis report here, it's free.

Zooming In On ZoomInfo (GTM)

ZoomInfo's shares are extremely volatile and have had 33 moves greater than 5% over the last year. In that context, today's move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

Story Continues

The previous big move we wrote about was 19 days ago when the stock gained 2.9% on the news that the 10-year Treasury yield dropped below 4.5%, providing valuation relief amid a broader tech pullback.

While semiconductor stocks like Micron (-2%) and Cerebras (-10%) dragged the Nasdaq lower, software names like Salesforce and ServiceNow found relative support from falling yields.The 10-year Treasury yield fell below 4.5% as oil prices slid, signaling easing inflation pressures.Software companies, particularly high-growth SaaS names, are highly sensitive to interest rates because their valuations are based on cash flows expected far in the future.

When the 10-year yield drops, the discount rate applied to those future earnings decreases, mechanically boosting their present value. While the broader tech sector is undergoing a "recalibration of expectations" following the semiconductor run-up, falling yields validate the structural valuation floor for software stocks with recurring revenue models.

ZoomInfo is down 67.7% since the beginning of the year, and at $3.10 per share, it is trading 74.6% below its 52-week high of $12.20 from September 2025. Investors who bought $1,000 worth of ZoomInfo's shares 5 years ago would now be looking at only $58.57.

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澳大利亚性勒索投诉激增

重要性2/5 较低优先级

监管数据可信且时效较高，但属于平台治理背景材料，与输入标的和存储产业无直接联系。

标签

标的：`KMEM`来源：AFP发布日期：2026-07-14重要性：2/5 较低优先级评级理由：监管数据可信且时效较高，但属于平台治理背景材料，与输入标的和存储产业无直接联系。评级依据：监管机构统计, 包含明确受害群体数据, 平台治理相关, 与KMEM无直接关联, 投诉数据存在覆盖限制原文字数：430

中文摘要

核心结论

澳大利亚网络安全监管机构发现，年轻男性和未成年男孩成为社交平台性勒索的主要受害群体，Instagram、WhatsApp和TikTok频繁出现在投诉路径中。监管机构认为平台识别重复诈骗脚本和响应受害者的能力存在明显缺口。

重要性评级

评级：2/5（较低优先级）

监管统计和平台责任议题具有公共政策价值，但与输入标的KMEM没有直接业务或财务联系。

关键事实

发布于美东时间 07/13 21:39（UTC+8 07/14 09:39）。
澳大利亚eSafety Commissioner（网络安全专员办公室）在截至12月的六个月收到超过2,200宗性勒索投诉。
18至24岁男性为最大受害群体，共803宗投诉。
15岁以下受害者中，男孩投诉186宗，女孩投诉58宗。
Instagram和WhatsApp在投诉中被提及最多；更多儿童称最初接触发生在TikTok。
一名16岁受害者被索要200美元，并受到向亲友散播私密图片的威胁。
监管机构称多个案件重复使用相同诈骗链条、脚本和图片。
私信加密会限制语言分析工具的检测能力；Meta称将移除Instagram私信加密。

作者观点与证据

报道以监管报告、投诉数据和受害者案例为证据，立场聚焦平台响应速度及主动检测责任。投诉数量反映报告案件，不能直接代表实际发生率或平台间经用户规模调整后的风险。

与相关标的的关系

文章涉及Meta旗下Instagram和WhatsApp以及TikTok的平台治理风险；与KMEM及存储产业没有可识别的直接联系。

后续跟踪

平台整改时限和监管措施
投诉响应速度
加密政策调整后的检测效果
按平台用户规模标准化的案件率

英文原文

Young Australian men falling victim to online sexual extortion: regulator

AFP

Tue, July 14, 2026 at 9:39 AM GMT+8 2 min read

Australia's eSafety Commissioner received over 2,200 complaints in the six months to December about sexual extortion (Saeed KHAN) Young men and boys are being targeted for sexual extortion on social media platforms, Australia's online watchdog said Tuesday, finding "significant gaps" in how tech companies deal with the problem.

Australia's eSafety Commissioner received more than 2,200 complaints in the six months to December about sexual extortion, in which criminals trick victims into sharing intimate images before demanding money and threatening to expose them to family and friends.

The biggest group falling victim was men aged 18 to 24 years old, with 803 complaints received from this cohort.

Children under 15 were also falling prey, with 186 complaints received from boys and 58 complaints from girls.

Instagram and WhatsApp were the social media platforms most often named in the sexual extortion complaints, with TikTok the service identified by more children as the platform where contact with the abuser began, the report said.

The report highlighted the experience of 16-year-old "Sam", who came into contact with fraudster "Jessica" while scrolling Instagram.

Sam was next lured to the private messaging service WhatsApp and asked to share a nude photo.

Seconds later, he was told to pay $200, with the suggestion he steal it from his parents, or the photo would be sent to everyone he knew online.

eSafety Commissioner Julie Inman Grant said the report showed there were "significant gaps" in how platforms protect users, and it was "vital" tech companies provide faster responses to victims reporting harm.

"The goal is often quick financial gain, with perpetrators using high-pressure tactics to force victims into paying. This form of extortion can cause high levels of stress, panic, psychological distress and financial loss," she said in a statement.

"In several cases, we have provided these platforms with evidence of how their services are being colonised by criminals to devastating impact, with clear guidance on how to stem the abuse. Even when we've laid this out, we haven't seen adequate responses, despite the technology being readily available."

The Australian regulator sees "the same kill chains, scripts and images being used across multiple sexual extortion scams, and platforms should be picking this up," she added.

The regulator said language analysis tools should be used by platforms to detect sexual extortion, however this is often prevented by encryption on private messaging services.

Meta said in March it would remove encryption on private messaging on Instagram.

kln/djw/abs

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特斯拉交付改善但现金流承压

重要性4/5 高优先级

财报前的交付、盈利和现金流预测与TSLA直接相关，数据密度高；SpaceX合并部分需要严格视为假设。

标签

标的：`KMEM`, `SPCX`来源：Stocktwits发布日期：2026-07-14重要性：4/5 高优先级评级理由：财报前的交付、盈利和现金流预测与TSLA直接相关，数据密度高；SpaceX合并部分需要严格视为假设。评级依据：发布时间接近日报, 直接关联TSLA和SPCX, 包含交付与财务预测, 财报日期临近, 合并叙事缺少正式文件原文字数：885

中文摘要

核心结论

Jefferies因第二季度交付大幅超过预期而上调Tesla目标价和盈利预测，但维持“持有”评级，并继续预计自由现金流大额流出。Tesla与SpaceX合并仍停留在分析框架阶段，不能视为已启动的公司行动。

重要性评级

评级：4/5（高优先级）

文章在Tesla财报前汇集交付、盈利、现金流和资本开支预期，且直接关联TSLA与SPCX；合并溢价部分具有较强推测性。

关键事实

发布于美东时间 07/13 21:38（UTC+8 07/14 09:38）。
Jefferies将Tesla目标价从375美元上调至400美元，维持“持有”，对应当时股价约1%的潜在空间。
Tesla第二季度交付480,100辆，高于市场共识406,000辆；Model 3和Model Y合计467,800辆。
Jefferies预计第二季度EBIT（息税前利润）14.5亿美元、利润率5.1%，集团收入287亿美元。
汽车业务收入预测为210亿美元，其中零排放积分2.5亿美元、租赁收入5亿美元。
第二季度资本开支预计69亿美元；流动性预计417亿美元。
Jefferies仍预计自由现金流流出约75亿美元，全年资本开支包含230亿美元。
在零溢价合并假设下，Jefferies估算马斯克将持有合并实体55.3%的投票权。
Tesla定于07/22（未给出具体时刻）发布第二季度业绩。

作者观点与证据

Jefferies认为汽车销量和区域需求出现改善，同时对Cybercab产量及无人驾驶出租车爬坡保持谨慎。合并逻辑来自Jefferies和JPMorgan的情景分析，未见董事会决议、监管文件或正式谈判证据。

与相关标的的关系

TSLA直接受交付、利润率、资本开支和现金流预期影响；SPCX的关联来自潜在Tesla—SpaceX合并叙事，目前仍是假设情景。

后续跟踪

07/22第二季度业绩和现金流
汽车毛利率及地区销量
Cybercab量产时间表
是否出现正式合并文件或公司声明

英文原文

TSLA Stock Back To $400? Jefferies Lays Out Bull Case, Says SpaceX Merger Could Hand Shareholders A Premium

Deepti Sri

Tue, July 14, 2026 at 9:38 AM GMT+8 4 min read

TSLA

-3.19%

SPCX

-4.24%

The brokerage raised Q2 EBIT to $1.45 billion but still expects a $7.5 billion free cash flow outflow.

Jefferies said that a Tesla-SpaceX merger could leave room for a shareholder premium, with Musk retaining 55.3% voting control.

Tesla's Semi will enter a pilot in Chicago with Paper Transport to test its 500-mile range in colder conditions.

Shares of Tesla, Inc. (TSLA) rose 0.2% in overnight trading late Monday as Jefferies raised its price target and said that a potential SpaceX merger could leave room for a shareholder premium.

TSLA stock fell 3% on Monday, snapping two straight sessions of gains.

See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox

Jefferies Lifts TSLA Outlook Ahead Of Q2 Earnings

Jefferies raised its Tesla price target to $400 from $375 while maintaining a 'Hold' rating, implying a modest 1% upside from current levels. The firm cited Tesla's "significant auto volume beat" after the company delivered 480,100 vehicles in the second quarter, well above the consensus estimate of 406,000. Model 3 and Model Y vehicles accounted for 467,800 deliveries. The brokerage said that the strength in China and Europe validated the "unique value proposition of Tesla vehicles," even as the broader auto industry faces a growing risk of commoditization.

The brokerage also said that Tesla's multi-year deterioration in growth and earnings had started to reverse. Jefferies raised its second-quarter (Q2) earnings before interest and taxes (EBIT) forecast to $1.45 billion, representing a 5.1% margin, and increased its longer-term EBIT estimates by about 6%. Tesla is set to report its Q2 earnings on July 22.

The firm now expects automotive revenue of $21 billion, including $250 million from zero-emission vehicle credits and $500 million from leasing. Group revenue and EBIT are projected at $28.7 billion and $1.45 billion, respectively. For fiscal 2026, Jefferies raised its EBIT estimate by 4% to $6.2 billion, partly reflecting stronger volumes and the higher-priced long-wheelbase Model Y.

Jefferies also expects Q2 capital spending of $6.9 billion, leaving Tesla with $41.7 billion in liquidity. Deliveries running ahead of production should also provide a near-term cash-flow benefit by reducing inventory.

However, Jefferies maintained its forecast of about $7.5 billion in free cash flow outflows, including $23 billion in capital expenditures. It also struck a cautious note on autonomy, saying low implied Cybercab production pointed to further delays in Tesla's robotaxi ramp.

Story Continues

Tesla-SpaceX Merger Thesis Gains Steam

The debate over a potential Tesla–SpaceX merger has evolved beyond retail speculation. What began as prominent retail investors modeling ownership structures and exchange ratios has now drawn institutional attention, with firms such as Jefferies and JPMorgan publishing analytical frameworks that examine voting control, governance implications, and potential merger-premium structures.

Jefferies said it continues to see logic in merging Tesla with Elon Musk's privately held space company. Under a nil-premium deal, Musk would retain an estimated 55.3% voting stake in the combined entity. The structure, Jefferies said, could leave room for Tesla shareholders to receive a premium.

The argument adds to growing Wall Street interest in whether Musk could eventually bring his automotive, AI, energy and space businesses closer together. JPMorgan recently called a Tesla-SpaceX merger "strategically coherent on paper," pointing to potential integration across AI, robotics, energy, transportation and space. It maintained a 'Neutral' rating.

Tesla Semi Enters Chicago Pilot

Separately, Tesla's Semi is entering a new pilot program with Wisconsin-based Paper Transport. Paper Transport will test the long-range truck in dedicated Chicago operations, giving Tesla another opportunity to assess its performance in colder temperatures and snow-heavy conditions. The configuration offers about 500 miles of range and is priced at $290,000. Tesla has previously conducted Semi fleet trials with PepsiCo and Frito-Lay.

How Do Retail Traders Feel About TSLA?

On Stocktwits, retail sentiment for TSLA was 'bullish' amid a 396% jump in 24-hour message volumes.

TSLA sentiment and message volume as of July 13| Source: Stocktwits One user said , "$TSLA 390 has been holding for last couple days. earnings coming up. give me 450."

Another user said , "I actually feel better that Tesla isn't going parabolic heading into next week's earnings. Trading below $400 keeps the stock in a healthier range, and a strong earnings call or Elon Musk's commentary could spark a short squeeze."

So far this year, Tesla's stock has lagged its "Magnificent Seven" peers, making it the group's second-worst performer, down 12%.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Deepti Sri has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy . This article was originally published on StockTwits .

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俄罗斯禁运冲击亚美尼亚农业

重要性2/5 较低优先级

地缘贸易事实和数字较完整，但对输入标的及当日科技市场缺少直接影响路径。

标签

标的：`KMEM`来源：AFP发布日期：2026-07-14重要性：2/5 较低优先级评级理由：地缘贸易事实和数字较完整，但对输入标的及当日科技市场缺少直接影响路径。评级依据：AFP现场报道, 包含贸易集中度, 包含援助和GDP预测, 政治归因存在争议, 与相关标的无直接联系原文字数：765

中文摘要

核心结论

俄罗斯限制亚美尼亚农产品进口，使高度依赖俄国市场的果蔬出口面临积压、破产和经济收缩风险。欧盟援助及关税减免可缓冲短期压力，但现有出口结构难以迅速转向欧洲。

重要性评级

评级：2/5（较低优先级）

报道提供贸易集中度、援助规模和经济影响预测，具有地缘政治背景价值；与KMEM及本批次科技标的没有直接关系。

关键事实

发布于美东时间 07/13 21:36（UTC+8 07/14 09:36）。
俄罗斯以未具体说明的卫生问题为由，限制亚美尼亚水果、蔬菜、鲜花、鱼类、矿泉水、葡萄酒和白兰地进口。
限制发生在亚美尼亚议会选举前；帕希尼扬所属政党赢得06/07（未给出具体时刻）投票。
亚美尼亚冻结参与俄方主导的安全组织，并加强与欧盟和美国的联系。
欧盟承诺提供超过5,000万欧元即时援助，并让近80%的亚美尼亚出口免税进入约4.5亿消费者的单一市场。
亚美尼亚2025年新鲜果蔬和鲜花出口额接近2亿美元，其中93.3%销往俄罗斯。
央行行长警告，若出口商无法找到新市场，经济可能收缩最多2%。
良好天气下，一棵杏树产量可达500公斤。

作者观点与证据

AFP通过农户、政府官员、央行行长和经济分析师呈现禁运影响。将俄方措施解释为政治施压是广泛观点，俄方公开理由仍是卫生问题，报道没有提供正式制裁文件的完整条款。

与相关标的的关系

文章没有相关上市公司或KMEM持仓线索，主要用于观察俄罗斯与亚美尼亚关系、区域贸易重组和欧盟经济介入。

后续跟踪

俄方进口限制清单和持续时间
亚美尼亚对欧出口实际增量
农产品价格、库存和企业破产情况
亚美尼亚GDP变化

英文原文

Armenian apricots become geopolitical battleground with Russia

Irakli METREVELI

Tue, July 14, 2026 at 9:36 AM GMT+8 4 min read

The vast majority of Armenia's apricot exports went to Russia before the ban (KAREN MINASYAN) In Armenia's Ararat valley, where apricots ripen beneath the biblical mountain of the same name, farmer Aramais Kazaryan's harvest has been swept into the centre of a geopolitical battle between Russia and the West.

Angered at Yerevan's pivot away from Moscow, the Kremlin imposed bans and restrictions on the imports of a wide range of Armenian goods, including fruits, vegetables and flowers, ahead of parliamentary elections earlier this month.

Russia said it was for unspecified sanitary concerns, but it is widely seen as an attempt to heap economic pressure on Prime Minister Nikol Pashinyan to reverse course and turn back toward Moscow.

The 75-year-old farmer's eyes filled with tears as he walked through his orchard in the village of Vosketap, where a breeze from snowcapped Mount Ararat, across the border in Turkey, dispelled the summer heat.

"The apricot is a symbol of Armenia," he told AFP.

"Its taste and aroma are royal. The apricot is a wonder of wonders."

Cultivated for millennia, Armenia's famed apricots were known to ancient Romans as the "Armenian apple."

Before the ban, the vast majority of exports went to Russia.

'Cannot be forgiven' -

Kazaryan planted his orchard in 1991, after the collapse of the Soviet Union when farmland was distributed to private owners.

Within five years, the trees were bearing fruit, and Russia became the natural destination for much of the harvest, trucked north across the border.

Russia has also restricted Armenian fish, famed Jermuk mineral water, wine and brandy.

The move has angered Kazaryan and many of his fellow farmers.

"For decades this trade went on. And suddenly everything changed?" he said.

"This cannot be forgiven in any way."

Moscow was punishing ordinary workers over the government's European course, despite Russia's claims of historic friendship, he said.

"This is aimed not against Pashinyan or the leadership, it is going against our people."

Pashinyan's party won the June 7 vote -- despite intense pressure and allegations of interference from Moscow.

Russian President Vladimir Putin has so far withheld formal congratulations and Moscow has talked up alleged violations in the vote.

Trade war -

Ex-Soviet Armenia has strong formal ties to Moscow -- a member of the Russia-led Eurasian Economic Union that hosts a Russian military base.

But Pashinyan has sought to reduce Yerevan's dependence on Moscow after Russia failed to intervene during military conflicts with Azerbaijan over the then-disputed Karabakh region.

Armenia has frozen participation in a Moscow-led security bloc, deepened ties with the European Union and the United States, and set the country on a path toward possible EU membership.

Story Continues

The Armenian government has scrambled to soften the blow of the trade war unleashed by Moscow.

In early June, it approved support for farmers, including subsidies for greenhouse exports.

It is also compensating customs duties on fresh fruit, vegetables and flowers exported to the EU.

The European Commission has pledged more than 50 million euros in immediate assistance, along with measures granting nearly 80 percent of Armenian exports tariff-free access to the EU's 450-million-consumer single market.

'Focus on quality' -

Armenia's economy could contract by up to two percent if exporters fail to find new markets, Central Bank Governor Martin Galstyan has warned.

Economic analyst Ashot Aramyan said government measures and EU help would only ease the shock temporarily.

Armenia exported nearly $200 million worth of fresh fruit, vegetables and flowers in 2025, with 93.3 percent going to Russia, he said.

"It will not be possible to redirect the entire harvest to European and other markets," Aramyan told AFP, warning of overproduction, bankruptcies and possible social strain.

Officials are putting on a brave face.

"The times have passed when we used to say that Armenian products were uncompetitive in Europe," Economy Minister Gevorg Papoyan told lawmakers.

Apricot farmer Kazaryan sees reason for optimism.

Italian investors have planted large orchards in a nearby village and have started to export back home.

But many farmers worry "what to do with fruit that may have nowhere to go."

Under good weather conditions, he said, a single apricot tree can yield up to 500 kilograms.

"For a long time we were chasing only volumes, quantity -- after all, Russia was an inexhaustible market for us."

Armenian farmers, he said, should focus more on quality than yield to carve out a place in alternative markets.

"Now the main thing is quality."

im/jc/yad/cms

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AI利润向芯片基础设施迁移

重要性4/5 中高

直接关联多只AI核心标的，并提供资本开支与现金流迁移框架；二手数据和营销来源使其低于最高优先级。

标签

标的：`GOOG`, `MSFT`, `NVDA`来源：24/7 Wall St.发布日期：2026-07-14重要性：4/5 中高评级理由：直接关联多只AI核心标的，并提供资本开支与现金流迁移框架；二手数据和营销来源使其低于最高优先级。评级依据：timeliness, fact_density, evidence_strength原文字数：912

中文摘要

核心结论

Gavin Baker认为，低成本开源模型和垂直整合模型若持续侵蚀前沿模型实验室超过90%的推理毛利，利润池将向芯片、存储、网络和设备供应商迁移。文章以自由现金流预测支持这一观点，但关键数据来自社交平台流传的美国银行摘要，仍需原始研报和公司披露验证。

重要性评级

评级：4/5（中高）

文章直接覆盖NVDA、MU、AVGO、AMAT、GOOG和MSFT，并给出AI资本开支在供应商与超大规模云厂商之间重新分布的量化框架；来源链条和部分异常财务数据削弱了证据强度。

关键事实

美国银行摘要预计，英伟达、Micron Technology（美光科技）、Broadcom（博通）和Applied Materials（应用材料）未来12个月合计产生4,300亿美元自由现金流，超过两年前的三倍。
Amazon（亚马逊）、Alphabet（谷歌母公司）、Meta、Microsoft（微软）和Oracle（甲骨文）的合计自由现金流预计从2024年约2,500亿美元降至2026年底约1,000亿美元。
上述云厂商2026至2027年AI资本开支预测合计1.8万亿美元。
英伟达2026财年自由现金流为967亿美元，上年为609亿美元；博通2025财年为269亿美元，上年为194亿美元。
文章称英伟达2027财年第一季度数据中心收入752.5亿美元，同比增长92%，并披露1,190亿美元供应承诺。
文章列出的远期市盈率约为美光6倍、博通21倍、英伟达24倍、应用材料38倍。

作者观点与证据

作者赞同Baker的利润迁移框架，并把开源模型采用、单位令牌成本下降和云厂商资本开支上升连接起来。现金流与估值数字构成主要证据，但美光单季收入414.6亿美元、同比增长345.7%等数据缺少原始财报链接，文中还夹有荐股营销内容。

与相关标的的关系

NVDA、MU、AVGO和AMAT对应基础设施收入与现金流受益端；GOOG、MSFT、AMZN和META承担资本开支及自由现金流压力。论点能否延续取决于云业务收入、AI订单和资本回报率是否覆盖持续投入。

时效性与限制

文章发布于美东时间 07/13 21:30（UTC+8 07/14 09:30）。主要预测属于二手摘要和作者推演，且部分统计口径在正文前后不一致。

后续跟踪

超大规模云厂商AI资本开支与自由现金流指引
Alphabet云积压订单和微软AI收入转化
芯片、存储及网络供应商的订单与利润率
原始美国银行研报及相关公司监管文件

英文原文

Famous AI Investor Says This is the ‘Mega Bull Case’ For Stocks like NVIDIA, Micron, and Broadcom

Gerelyn Terzo

Tue, July 14, 2026 at 9:30 AM GMT+8 5 min read

GOOG

-1.23%

-4.32%

NVDA

-3.52%

AVGO

-3.98%

AMZN

+0.80%

Quick Read

NVDA and MU are part of a chip group projected to generate a combined $430 billion in free cash flow over the next 12 months.

AMZN and META face combined free cash flow dropping from $260B to $100B as hyperscalers pour $1.8 trillion into AI capex.

Baker argues open-source AI model adoption strips 90%-plus margins from frontier labs and redirects billions to chip and infrastructure providers.

Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .

Gavin Baker, managing partner and CIO at Atreides Management and a closely watched AI investor on X, laid out what he called the "mega bull case" for AI infrastructure in a post over the weekend. Baker's argument reframes who captures the economics of the AI buildout, and it lands at the center of a sharp cash flow inversion now unfolding between the chipmakers and the hyperscalers funding them.

Rawat Yapathanasap / Shutterstock.com

Baker's Mega Bull Case in His Own Words

Writing on X, Baker argued: "The mega bull case for AI infrastructure would be if market share shifted away from certain frontier labs with 90%+ inference margins toward cheaper models, whether open-source or closed... Margin dollars would effectively get redistributed from the frontier labs to AI infrastructure providers. The infra winners would be those with the lowest per token cost."

Michael Burry has been circling the same theme, having similarly posted, "The AI race is shifting from bigger models to cheaper, smarter systems."

Translation: if inference workloads migrate from expensive proprietary models toward cheaper open-source or vertically integrated alternatives, more of the industry's margin dollars flow to the picks-and-shovels vendors. Baker singled out NVIDIA ( NASDAQ:NVDA ) CEO Jensen Huang's aggressive open-source push as evidence Huang sees this dynamic playing out, adding that "with SpaceX and Meta being vertically integrated and possessing the #3 and #4 models respectively it is more possible than ever."

Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .

A Major Cash Flow Transfer

The AI boom is quietly redirecting where the cash lands. According to a Bank of America summary circulated on X, NVIDIA, Micron Technology ( NASDAQ:MU ), Broadcom ( NASDAQ:AVGO ), and Applied Materials ( NASDAQ:AMAT ) are now expected to generate a combined $430 billion in free cash flow over the next 12 months, more than triple what they produced just two years ago.

The mirror image is unfolding at the companies footing the bill. Amazon (NASDAQ: AMZN), Alphabet (NASDAQ: GOOGL), Meta Platforms (NASDAQ: META), Microsoft (NASDAQ: MSFT), and Oracle (NASDAQ: ORCL) are projected to see combined free cash flow fall from a 2024 peak of roughly $250 billion to about $100 billion by the end of 2026, as they pour a projected $1.8 trillion into AI capex across 2026 and 2027. In short, the AI buildout is compressing cash flow at the hyperscalers while expanding it at the companies selling the chips, memory, networking gear, and equipment needed to keep the boom running.

Story Continues

The trailing numbers already tell the story:

Company

Most Recent FY Free Cash Flow

Prior Year FCF

NVIDIA (FY2026)

$96.7B

$60.9B

Broadcom (FY2025)

$26.9B

$19.4B

Applied Materials (FY2025)

$5.7B

$7.5B

Micron (FY2025)

$1.7B

$0.1B

Alphabet Q1 2026 capex

$35.7B (+107% YoY)

Amazon Q1 2026 capex

$44.2B

Meta 2026 capex guide

$125B–$145B

Micron's flip is the most vivid. Its Q3 FY2026 report showed revenue of $41.46 billion, up 345.7% year over year, non-GAAP EPS of $25.11, and free cash flow of $18.30 billion in a single quarter. NVIDIA's Q1 FY27 pushed Data Center revenue to $75.25 billion, +92% YoY, with $119 billion in total supply commitments disclosed in its 8-K filing. Broadcom guided Q3 AI semiconductor revenue to $16 billion, up over 200% year-on-year, with backlog visibility extending into 2028.

What to Watch Next

The market has already priced part of the split. Micron is up 228.3% year to date, Applied Materials 123.9%, and Broadcom 10.9%. Meanwhile Microsoft is down 19.1% YTD, with investors watching the capex bill more closely. Yet forward multiples on the chipmakers have compressed sharply as earnings estimates race higher. Micron trades at a forward P/E of roughly 6, Broadcom at 21, NVIDIA at 24, and Applied Materials at 38.

The whole thesis hinges on hyperscaler ROI. If Alphabet's $460 billion cloud backlog and Microsoft's $37 billion AI run rate continue converting to revenue, capex holds and Baker's redistribution thesis compounds. If token economics collapse before returns materialize, the same customers writing $50 billion checks to Jensen could pause.

For a longer look at how power, land, and grid buildout fit into this equation, our team's AI infrastructure research maps the non-chip beneficiaries riding the same wave. For now, Baker's point stands: the more open-source and vertically integrated models chip away at frontier lab margins, the more dollars land with the companies actually building the factories.

Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .

Contact editorial@247wallst.com for any questions or corrections.

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油价冲击下科技股与SpaceX回落

重要性2/5 中低

时效性较高且关联SPCX，但正文严重残缺，缺少支持标题归因的证据。

标签

标的：`SPCX`来源：Investor's Business Daily发布日期：2026-07-14重要性：2/5 中低评级理由：时效性较高且关联SPCX，但正文严重残缺，缺少支持标题归因的证据。评级依据：timeliness, evidence_caveat原文字数：93

中文摘要

核心结论

文章称霍尔木兹海峡封锁相关消息推动油价上升并引发纳斯达克抛售，Micron、SanDisk、SK海力士和 SpaceX 同步走弱；存档正文只有极短导语，无法核验完整市场路径。

重要性评级

评级：2/5（中低）

发布时间接近当日市场收盘后，关联 SPCX、半导体和油价，但正文严重残缺，只能作为盘面线索。

关键事实

发布于美东时间 07/13 21:24（UTC+8 07/14 09:24）。
文中显示道琼斯指数下跌0.26%。
SpaceX（SPCX）下跌约4.24%。
SanDisk（SNDK）下跌12.63%。
Micron（MU）下跌4.32%。
标题与导语称纳斯达克下跌、油价上升，并将背景指向特朗普有关霍尔木兹海峡封锁的行动。

作者观点与证据

存档只保留标题、行情列表和一句导语，没有油价幅度、指数收盘点位、政策原文或个股下跌原因。事件归因无法从现有正文独立验证。

与相关标的的关系

SPCX、MU 和 SNDK 均被列为当日下跌标的；CL=F（WTI原油期货）及纳斯达克只在标题中体现方向。缺少完整正文，无法区分宏观风险、行业因素和公司因素的贡献。

时效性与限制

材料非常新，但正文以“继续阅读”结束，关键信息缺失。

后续跟踪

原油价格和霍尔木兹海峡政策原文
纳斯达克与半导体指数的完整收盘数据
SPCX、MU、SNDK 是否存在公司层面消息
完整原文或其他一手市场来源

英文原文

Dow Jones Futures: Nasdaq Sells Off, Oil Prices Spike On Trump Blockade; Micron, Sandisk, SK Hynix, SpaceX Dive

Dow Jones Futures: Nasdaq Sells Off, Oil Prices Spike On Trump Blockade; Micron, Sandisk, SK Hynix, SpaceX Dive · Investor's Business Daily

SCOTT LEHTONEN

Tue, July 14, 2026 at 9:24 AM GMT+8 2 min read

^DJI

-0.26%

SPCX

-4.24%

SNDK

-12.63%

SKHYV

0.00%

-4.32%

Dow Jones Futures: The Nasdaq composite sold off Monday on Trump's Strait of Hormuz blockade. Micron, Sandisk, SK Hynix and SpaceX dived.

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存储定价落差引发芯片回撤

重要性4/5 中高

直接覆盖MRVL及多只芯片股的当日大幅波动，并揭示HBM合同价与现货价的利润传导差异。

标签

标的：`MRVL`来源：StockStory发布日期：2026-07-14重要性：4/5 中高评级理由：直接覆盖MRVL及多只芯片股的当日大幅波动，并揭示HBM合同价与现货价的利润传导差异。评级依据：timeliness, fact_density, evidence_strength原文字数：779

中文摘要

核心结论

芯片股在上半年大涨后集中回撤，直接压力来自SK Hynix（SK海力士）盈利预期下调及中东局势升温。SK海力士的HBM长期固定价格合同未能同步享受现货存储价格上涨，引发市场重新评估存储周期的利润兑现速度。

重要性评级

评级：4/5（中高）

文章直接解释MRVL、VSH、ALGM、MU和SNDK的当日大幅波动，并提供HBM合同结构和盈利预期差数据；部分地缘归因和券商数字仍需独立核验。

关键事实

MRVL下跌约8%，VSH下跌约7%，ALGM下跌8.4%；MU下跌4.32%，SNDK下跌12.63%。
SK海力士在韩国下跌超过5%，此前一周刚完成纳斯达克上市。
韩国券商KIS预计SK海力士第二季度营业利润为60.4万亿韩元，较65万亿韩元市场一致预期低约8%。
文章称普通存储现货价格近期上涨30%至50%，但HBM（高带宽存储器）多采用多年固定价格合同。
固定价格结构限制了SK海力士短期提价能力，尽管HBM需要大量前期资本投入。
文章把美国对伊朗军事行动报道及油价上涨列为风险偏好下降的背景因素。
七天前ALGM曾因半导体板块反弹上涨11%；当前年内上涨87.2%，50.38美元股价较57.38美元的52周高点低12.2%。
先前UBS把第三季度DDR（双倍数据速率存储器）合同价格环比预测从17%上调至32%，并预计DRAM（动态随机存取存储器）短缺至少持续至2028年第二季度。

作者观点与证据

作者把当日下跌归因于获利回吐、SK海力士盈利预期下降和地缘风险。KIS盈利预测及HBM合同结构为较具体证据，但多只模拟、模拟器件和存储公司的同步下跌可能包含不同驱动，文章未展示成交、订单或公司公告。

与相关标的的关系

MU、SNDK和SK海力士直接受存储定价与合同结构影响；MRVL涉及数据中心连接和定制芯片；VSH与ALGM偏模拟及功率半导体，受板块风险偏好传导较多。MRVL是输入中的直接标的。

时效性与限制

文章发布于美东时间 07/13 21:18（UTC+8 07/14 09:18），属于当日市场波动解释。事件归因主要来自媒体综合，不能单独证明每只股票的跌幅原因。

后续跟踪

SK海力士实际第二季度营业利润
HBM长期合同重新定价节奏
DDR与DRAM现货、合同价格差
MRVL、MU和ALGM的订单及业绩指引

英文原文

Marvell Technology, Vishay Intertechnology, and Allegro MicroSystems Stocks Trade Down, What You Need To Know

Anthony Lee

Tue, July 14, 2026 at 9:18 AM GMT+8 4 min read

SKHYV

0.00%

MRVL

-7.75%

-4.32%

SNDK

-12.63%

-6.11%

What Happened?

A number of stocks fell in the afternoon session after investors took profits following the chip sector's strong rally in the first half of the year as Middle East tensions escalated. SK Hynix shares fell over 5% in South Korea following its strong Nasdaq debut the previous week.

The selloff dragged down memory peers like Micron Technology and SanDisk. Adding to the weakness for memory stocks, a South Korean brokerage lowered its second-quarter earnings forecast for SK Hynix. Brokerage firm KIS projected SK Hynix's second-quarter operating profit at 60.4 trillion won, roughly 8% below the 65 trillion won market consensus.

The expected miss stems from the company's heavy reliance on long-term contracts for its premium High Bandwidth Memory (HBM) chips, a structure that effectively locked the manufacturer out of recent 30% to 50% price surges in the broader spot market.It is natural to assume that selling more premium AI chips would immediately expand profit margins. However, HBM economics work differently than standard memory. Because these advanced chips require massive upfront capital, they are typically sold through multi-year agreements that fix the price. Standard DRAM and NAND chips, by contrast, trade on the spot market where prices move freely.

Consequently, SK Hynix's heavy exposure to premium, fixed-price contracts placed a near-term ceiling on its pricing power even as broader market prices spiked. This revelation triggered a reassessment across a memory sector priced for perfection, accelerating profit-taking among investors who were already questioning the durability of AI capital spending.Adding to the defensive positioning, renewed tensions in the Middle East, including reports of US military action against Iran, pushed oil higher and encouraged a shift toward safer assets.

The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks.

Among others, the following stocks were impacted:

Semiconductor Manufacturing company Marvell Technology(NASDAQ:MRVL) fell 8%.Is now the time to buy Marvell Technology? Access our full analysis report here, it's free.

Analog Semiconductors company Vishay Intertechnology(NYSE:VSH) fell 7%.Is now the time to buy Vishay Intertechnology? Access our full analysis report here, it's free.

Processors and Graphics Chips company Allegro MicroSystems(NASDAQ:ALGM) fell 8.4%.Is now the time to buy Allegro MicroSystems? Access our full analysis report here, it's free.

Story Continues

Zooming In On Allegro MicroSystems (ALGM)

Allegro MicroSystems's shares are extremely volatile and have had 37 moves greater than 5% over the last year. In that context, today's move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was 7 days ago when the stock gained 11% on the news that the semiconductor sector continued to rebound from the previous week's sharp selloff amid bullish Wall Street updates. Broadcom (AVGO) gained about 4.2% after it disclosed in an 8-K that it signed multi-year agreements with Apple through 2031 to supply custom ASIC silicon.

Separately, bullish memory notes landed: UBS raised its Q3 DDR contract-pricing forecast to +32% quarter-on-quarter (from +17%) and reiterated DRAM undersupply "until at least 2Q28"; Citi added an upside catalyst watch on Micron; and BofA reiterated Buy ($1,550), arguing memory is "roughly 35-40% of cloud AI capex… yet memory stocks trade at sub-par 10x forward PE." Goldman's trading desk flagged an oversold buy-the-dip setup after momentum factors fell 24% from their peak, the largest drawdown since Q1 2023.

This was a sector recovery on top of a technical bounce and cheaper oil after OPEC+ lifted output. Two events reinforced it as SK Hynix's ~$28bn Nasdaq listing the previous week and Samsung's earnings later in the week kept the "memory super-cycle" story in the headlines.

Allegro MicroSystems is up 87.2% since the beginning of the year, but at $50.38 per share, it is still trading 12.2% below its 52-week high of $57.38 from July 2026. Investors who bought $1,000 worth of Allegro MicroSystems's shares 5 years ago would now be looking at an investment worth $1,845.

WHILE YOU'RE HERE: The Next Palantir? One satellite company captures images of every point on Earth. Every single day. The Pentagon wants it. Hedge funds are using it to beat earnings. You've probably never heard of it.

This is what the early days of Palantir looked like before it became a giant. Same playbook. Different technology. If you missed Palantir, you need to see this. Claim The Stock Ticker for Free HERE .

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花旗以平台框架估值SpaceX

重要性4/5 中高

包含SPCX最新卖方评级、完整估值框架和风险清单，对估值跟踪直接，但高度依赖远期假设。

标签

标的：`SPCX`来源：TheStreet发布日期：2026-07-14重要性：4/5 中高评级理由：包含SPCX最新卖方评级、完整估值框架和风险清单，对估值跟踪直接，但高度依赖远期假设。评级依据：timeliness, source_quality原文字数：1004

中文摘要

核心结论

花旗首次给予 SpaceX（SPCX）买入评级和200美元目标价，将公司视为覆盖发射、卫星连接与人工智能基础设施的垂直整合平台。估值依赖 Starship 快速复用、Starlink 增长和轨道计算商业化，技术可行性与单位经济仍待证明。

重要性评级

评级：4/5（中高）

报告直接影响 SPCX 估值讨论，列出多家机构目标价、估值方法和关键风险；长期假设跨度大，目标价的证据确定性有限。

关键事实

文中称 SPCX 报145.30美元，较135美元首次公开发行价高约8%，但已从225.64美元高点明显回落。
花旗目标价为200美元，较文中价格对应约34.9%的预期空间。
花旗综合三种方法：2027年增长调整倍数、分部估值和2030年可比公司倍数。
摩根士丹利、德意志银行、摩根大通、高盛和美国银行的目标价分别为300、255、225、205和235美元。
花旗将可复用发射、Starlink、xAI/Grok（人工智能模型与平台）整合和轨道计算列为长期增长来源。
第三方预测全球太空经济将由2025年的6,484.3亿美元增至2034年的1.15万亿美元，增幅约78%。
文章称 SPCX 约以49倍预期销售额交易。
风险包括 Starship 复用不达预期、发射基础设施不足、监管阻力、Starlink 移动业务增长偏慢和轨道计算经济性不成立。

作者观点与证据

文章认可 SpaceX 的平台化潜力，也强调卖方模型把尚未成熟的业务纳入远期估值。花旗的10小时行业研讨和多模型估值增强了框架完整性，但轨道人工智能、2030年可比倍数及长期现金流仍依赖大量预测。

与相关标的的关系

SPCX 是直接标的；花旗集团（C）是评级发布方，股价关联弱。Starlink、发射频次、xAI 整合和轨道数据中心若兑现，将决定 SPCX 能否维持平台型估值。

时效性与限制

发布于美东时间 07/13 21:17（UTC+8 07/14 09:17）。文中价格和倍数为特定时点数据，第三方市场规模预测与卖方目标价均不等同于已实现订单或现金流。

后续跟踪

Starship 快速复用和发射频次
Starlink 用户、收入及移动业务份额
轨道计算原型的成本与性能
SPCX 收入、资本开支及估值倍数

英文原文

Citi sends powerful sign to SpaceX investors

Moz Farooque

Tue, July 14, 2026 at 9:17 AM GMT+8 5 min read

SPCX

-4.24%

-0.06%

SpaceX stock is trading at $145.30, about 8% above its $135 IPO price, according to Yahoo Finance at the time of writing.

Interestingly, SpaceX stock climbed as high as $225.64 after its $135 IPO, according to Yahoo Finance reporting , indicating a peak post-IPO gain of about 67%, before sharply retreating from those highs.

So SpaceX investors were naturally looking for proof that Wall Street 's post-IPO optimism wasn't misplaced and that the company was truly onto something special.

Citi's analysts obliged, offering far more than a simple stock call.

Following a 10-hour teach-in on space and AI , the firm argued that SpaceX sits at the center of a 10-plus-year investment cycle, with launch leadership, Starlink, orbital AI, and extreme vertical integration creating a compounding infrastructure story.

Citi just hailed SpaceX as a platform for the future, while the market still has to decide how much of that future is investable today.

Why Citi sees SpaceX as more than a rocket company

Citi kicked things off with a buy rating and a $200 base-case price target for SpaceX stock, implying an expected return of about 34.9% from current levels.

In the note shared with me, Citi valued SpaceX as a vertically integrated platform spanning space access, global connectivity, and AI infrastructure, rather than just a launch provider.

Moreover, Citi derived its target from the average of three methods: 2027 growth-adjusted multiples for trillion-dollar peers, a sum-of-the-parts analysis valuing Space, Connectivity, and AI separately, and 2030 comparable-company multiples for large-cap platform peers.

Put bluntly, as my fellow tech reporter Vuk Zdinjak noted in perhaps the most honest take on SpaceX, that kind of valuation framework shows how tough it is to value such a business.

In the Bank of America note he covered, he panned the bank's use of a nearly 20-year cash-flow model that stretched far beyond the usual 5- to 10-year DCF window and well past the typical 12-month life of a price target.

Analysts looked to assign a present value to businesses that may not be fully proven for years.

Nevertheless, Citi is sold on SpaceX's abilities, especially its reusable launch capability, Starlink's global satellite network, the xAI/Grok integration, and future terrestrial and orbital compute infrastructure.

It also argues that extreme vertical integration will likely push costs down and throughput up at a scale competitors might struggle to match.

Citi says SpaceX's opportunity now stretches beyond rockets and Starlink. Chesnot/Getty Images

Wall Street price targets for SpaceX stock

Morgan Stanley set a $300 price target, arguing SpaceX's AI and infrastructure upside remains underappreciated after the IPO.

Deutsche Bank set a $255 target, saying SpaceX deserves a premium valuation because few companies match its scale in reusable rockets.

JPMorgan initiated coverage with a $225 target, citing SpaceX's launch dominance and Starlink's broadband opportunity.

Goldman Sachs set a $205 target, citing trillion-dollar potential across space, broadband, and AI, while flagging volatility risks.

Bank of America set a $235 target, with analyst Ronald J. Epstein arguing SpaceX's launch leadership could power a broader Starlink, infrastructure, and AI flywheel.

Sources: TheStreet, Investing.com, MarketScreener

Story Continues

Why the space economy may be bigger than investors think

Citi's broader point is that SpaceX isn't turning heads in isolation.

It's operating in a market whose ceiling is still being rewritten, with VOYG CEO Dylan Taylor arguing that the "space TAM is not fixed" and that the industry is entering a 10-plus-year investment cycle where government and commercial spending reinforce each other.

So, effectively, we're seeing new layers of demand emerging across satellite broadband, orbital AI, defense, lunar infrastructure, space manufacturing, and data services.

More tech stocks:

Bank of America resets Intel stock price target

Morgan Stanley resets Nvidia stock forecast after key event

Bank of America resets Broadcom stock price target after earnings

Citi also talked about tight launch capacity and a space company COO, who said that current supply chain conditions should not derail the upcoming launch and satellite manufacturing ramp.

ETF sponsors are also seeing that same widening opportunity. ProcureAM CEO Andrew Chanin said the Procure Space ETF crossing $1 billion in assets validated the move from "thematic curiosity" to "core allocation," with the industry now powering broadband, climate monitoring, and national security.

To throw in some third-party figures, according to Fortune Business Insights , the global space economy is projected to grow from $648.43 billion in 2025 to $1.15 trillion by 2034 , representing an increase of roughly 78% .

What could derail Citi's bullish SpaceX thesis

To be fair, SpaceX's bull case rests on several big "ifs."

Citi analysts pointed to several risks, including failure to demonstrate rapid Starship reusability, lack of launch infrastructure, FAA and other government regulatory headwinds, slower gains in Starlink mobile share, and failure to prove that orbital AI satellites can actually perform compute at scale.

The big argument from Citi is that orbital AI satellites are physically possible, but the problem centers on unit economics as advanced materials and components remain expensive.

Put simply, that leaves investors rallying behind a business where the technology may be possible, while the economics remain unproven.

Zdinjak's Bank of America analysis pushes that skepticism harder.

He notes that BofA's bullish case relies heavily on Starship becoming rapidly reusable, orbital compute working, regulatory risk staying manageable, and SpaceX spending enough money to support an AI buildout that's remarkably competitive.

So essentially, if even one of those pillars slips, Citi's upside-down case will look a lot more fragile.

At the same time, Seeking Alpha data suggest investors may be less willing to pay 49 times forward sales for SpaceX.

Related: 5-star analyst sets bold SpaceX stock price target

This story was originally published by TheStreet on Jul 13, 2026, where it first appeared in the Investing section. Add TheStreet as a Preferred Source by clicking here.

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英伟达与Circle增长假设

重要性3/5 中

标的关系直接且数据较多，但长期翻倍判断高度依赖预测假设和稳定估值倍数。

标签

标的：`CRCL`, `NVDA`来源：Motley Fool发布日期：2026-07-14重要性：3/5 中评级理由：标的关系直接且数据较多，但长期翻倍判断高度依赖预测假设和稳定估值倍数。评级依据：fact_density, evidence_strength, source_bias原文字数：824

中文摘要

核心结论

文章分别以AI基础设施扩张和稳定币采用率提高解释NVDA与CRCL到2030年的增长空间。两只股票“翻倍”的结论完全依赖盈利增速和估值倍数保持稳定，属于情景预测。

重要性评级

评级：3/5（中）

NVDA与CRCL均为直接相关标的，文章提供产品、收入和估值数据；长期目标含较强假设，缺少下行情景和来源链接。

关键事实

英伟达预计本年度CPU（中央处理器）收入接近200亿美元，最近一季网络业务收入同比增长88%。
Vera CPU（面向智能体工作负载的处理器）预计每瓦性能约为传统x86芯片的两倍，并将进入Vera Rubin多机架系统。
NVDA远期市盈率约23倍，分析师预计未来数年盈利年均增长约45%，对应PEG（市盈率相对盈利增长比率）约0.51。
Circle Internet Group（Circle互联网集团）发行美元稳定币USDC，并通过其储备资产赚取利息收入。
第一季度USDC流通量为770亿美元，同比增长28%；总收入及储备收入为6.94亿美元，增长20%。
USDC累计处理交易额已达90万亿美元。
Circle推出Agent Wallets（智能体钱包）和Agent Marketplace（智能体市场），支持软件智能体发起跨链支付。
CRCL远期市盈率约51倍，文章引用的预期盈利年增长率为56%。

作者观点与证据

作者认为，智能体AI会同时提升算力、网络设备和自动支付需求，并据此构建两家公司到2030年翻倍的叙事。当前产品和经营数字提供基础，但未来盈利增速、利率环境、稳定币监管及估值倍数都可能偏离假设。

与相关标的的关系

NVDA对应CPU、GPU（图形处理器）、网络和整机架AI系统；CRCL对应USDC储备规模、支付量和利息收入。Circle对短期美债收益率及稳定币监管更敏感，英伟达则受数据中心预算和芯片竞争影响。

时效性与限制

文章发布于美东时间 07/13 21:05（UTC+8 07/14 09:05）。长期价格预测未给出完整估值模型，出版方披露持有并推荐NVDA。

后续跟踪

英伟达CPU与网络收入兑现情况
Vera Rubin平台交付和客户采用
USDC流通量及交易活跃度
稳定币监管、储备收益率和CRCL利润率

英文原文

2 Phenomenal Stocks That Could Double by 2030

John Ballard, The Motley Fool

Tue, July 14, 2026 at 9:05 AM GMT+8 4 min read

NVDA

-3.52%

CRCL

-4.75%

Companies with clear opportunities to continue growing at high rates can multiply your investment, especially if the stock's valuation still looks reasonable relative to future earnings. Artificial intelligence (AI) and the rise of stablecoin adoption are two megatrends poised to create generational wealth. Nvidia (NASDAQ: NVDA) and Circle Internet Group (NYSE: CRCL) are two excellent stocks to consider. Here's why they could double in value by 2030.

Image source: Getty Images. Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »

1. Nvidia

Nvidia's lead in AI chips could strengthen as agentic AI becomes more widespread. When multiple AIs run simultaneously to complete tasks, they require more sophisticated infrastructure than graphics processing units (GPUs) alone. That's why Nvidia expects revenue from its central processing units (CPUs) to approach $20 billion this year, while its networking revenue surged 88% year over year last quarter.

The stock trades at a modest valuation relative to its momentum. This may reflect Wall Street's concern about increasing competition in the semiconductor industry or a potential slowdown in data center spending. But Nvidia's networking growth is a key signal about its competitive position as data centers continue to optimize hardware for more advanced AI use cases.

By offering multiple chip types and networking equipment, Nvidia is providing a complete end-to-end stack for building AI-optimized data centers. Its Vera CPU is designed specifically for agentic workflows and is expected to deliver roughly twice the performance per watt of traditional x86 chips. This chip will also be integrated into more complex multi-rack systems built on the Vera Rubin platform.

Despite Nvidia's momentum, the stock's forward price-to-earnings ratio sits around 23 at the time of writing, which is modest for a high-growth business. Analysts expect earnings to grow about 45% annually over the next few years, implying a price-to-earnings-growth (PEG) ratio near 0.51. If the valuation holds and growth stays on track, the stock has a clear path to doubling by 2030, if not sooner.

2. Circle Internet Group

Circle is the issuer of USDC , one of the largest dollar-pegged stablecoins. It earns interest income on the reserve assets -- such as short-term U.S. Treasuries -- that back each USDC in circulation. The model is straightforward: As USDC adoption expands, Circle's reserve base grows, and interest income rises.

Story Continues

Agentic AI could become a major catalyst for USDC over the next decade, as software agents will be able to initiate and settle far more transactions than humans can. USDC circulation reached $77 billion in the first quarter, up 28% year over year. That growth helped drive total revenue and reserve income of $694 million, an increase of 20%.

USDC has already processed $90 trillion in lifetime transaction volume, and that figure could climb dramatically in an agent-driven economy.

Circle is investing to capture that shift. It's rolling out products like Agent Wallets and an Agent Marketplace to help merchants monetize agent-initiated USDC transactions across multiple blockchains and payment rails.

Circle is positioned to benefit if stablecoins become a primary means of payment for AI agents. The stock's forward P/E reflects that potential, trading at 51 times, while earnings are expected to grow 56% annually. If that growth materializes, there's enough upside for Circle stock to double within the next four years.

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2 Phenomenal Stocks That Could Double by 2030 was originally published by The Motley Fool

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台积电财报检验AI芯片需求

重要性5/5 高

临近财报且台积电覆盖多家AI芯片客户，供应链验证范围广、时间敏感度高。

标签

标的：`NVDA`来源：TheStreet发布日期：2026-07-14重要性：5/5 高评级理由：临近财报且台积电覆盖多家AI芯片客户，供应链验证范围广、时间敏感度高。评级依据：timeliness, market_breadth, fact_density原文字数：1219

中文摘要

核心结论

台积电07/16财报将提供AI芯片需求的重要供应链验证，观察重点包括CoWoS先进封装产能、2026年资本开支、全年收入指引及晶圆涨价。公司定价权和订单仍强，但台湾产能集中、出口管制与高估值构成主要限制。

重要性评级

评级：5/5（高）

报告日期临近，TSM又连接NVDA、AAPL、AMD和META等主要客户，供应链信息对半导体板块具有广泛直接影响。

关键事实

TSMC（台积电）计划于07/16（未给出具体时刻）发布第二季度财报。
公司过去四个季度均超过市场预期，平均正向差约8%；2026年股价累计上涨超过52%。
CoWoS（晶圆上芯片再加基板的先进封装）月产能据称从2024年底约3.5万片向2026年底12.5万至13万片目标扩张，年增速约80%。
台积电2026年资本预算为520亿至560亿美元。
公司已把2026年美元收入增长指引上调至30%以上。
文中称台积电要求苹果、英伟达、高通和AMD接受5%至10%的晶圆涨价，范围覆盖3纳米、5纳米和7纳米节点。
先进节点约占台积电晶圆收入74%，毛利率已超过66%。
超过80%的先进晶圆代工收入仍集中于台湾。

作者观点与证据

作者把台积电财报视为AI芯片行业景气检查，并认为产能、资本开支和价格比单季利润更能反映真实需求。文章汇总Yahoo Finance、Tech Times、TipRanks等二手来源，部分产能、涨价和毛利率数据没有对应公司文件。

与相关标的的关系

TSM是直接观察对象；NVDA、AMD、AAPL和META依赖其先进制程或定制芯片产能。封装扩产和收入上调可验证供应紧张度，谨慎指引则会影响整个AI芯片供应链的需求预期。

时效性与限制

文章发布于美东时间 07/13 20:37（UTC+8 07/14 08:37），距离07/16财报很近。报道含多处二手消息，需以台积电财报、电话会和资本开支指引为准。

后续跟踪

CoWoS实际月产能和交付节奏
2026年资本开支是否调整
全年美元收入增速指引
先进节点价格、毛利率和地区产能配置

英文原文

The whole chip trade is waiting on one report

Peace Longe

Tue, July 14, 2026 at 8:37 AM GMT+8 5 min read

TSM -2.89%

NVDA -3.52%

AAPL +0.63%

META -1.86%

AMD -4.21%

Almost every advanced AI chip on the planet is built in one place.

Nvidia 's Blackwell processors, Apple's silicon, custom accelerators for Meta and AMD — they all run through the same foundry in Taiwan.

That foundry is Taiwan Semiconductor Manufacturing Company ( TSM ).

TSMC is set to report its second-quarter earnings on Thursday, July 16 , and Wall Street is treating it as a health check for the entire AI boom.

The timing is important.

Tech stocks have grown volatile as investors question whether AI valuations have run too far, and Thursday's numbers now carry the weight of trillions of dollars in market value.

Here's what to watch in the report, and what it could mean for your chip stock holdings.

Why TSMC's July 16 earnings decide the mood for AI stocks

TSMC is the single supplier for nearly every cutting-edge AI processor, which makes it a vital point of the tech sector. When TSMC speaks, the whole supply chain listens.

Analysts are almost united on the stock. TSMC has beaten estimates in each of its last four quarters , with an average positive surprise of about 8% , Yahoo Finance reported.

More AI Chip Stocks:

Goldman Sachs turns its back on major semiconductor stock

Overlooked chip ETF is beating biggest AI names

Veteran analyst drops massive Micron valuation prediction

The stock has earned that confidence. TSMC shares are up more than 52% so far in 2026, far ahead of the broader market.

Still, it slipped about 2% over the five days leading into the report as the AI sell-off caught up with it.

Strong projections could confirm the AI trade has more room to run, while a cautious outlook could crack it.

The Motley Fool noted that if TSMC signals that demand has fallen off, it could drag down Nvidia and its peers with it.

TSMC builds nearly all of the world's most advanced AI chips, making its earnings a bellwether for the sector.kuenlin / Getty Images

3 AI signals investors will hunt for in the TSMC report

Here are three details that tell you whether the AI buildout is still speeding up or quietly cooling.

What to watch on Thursday, July 16:

CoWoS packaging capacity . This advanced packaging is the true bottleneck on Nvidia's chip supply. It has grown roughly 80% a year, from about 35,000 wafers a month at the end of 2024 toward a target of 125,000 to 130,000 by the end of 2026, according to Tech Times .

Capex guidance . TSMC has set a record 2026 capital budget of $52 billion to $56 billion . Any upward revision would signal that hyperscaler spending is speeding up, not slowing.

Full-year revenue outlook . The company already lifted its 2026 growth forecast to above 30% in U.S. dollar terms. Analysts want to see if demand forces another raise.

Story Continues

CoWoS, short for Chip-on-Wafer-on-Substrate , is the method that stacks an AI processor next to high-bandwidth memory so the two can move data fast enough to run large models.

There is no merchant market for it, which means TSMC controls the supply .

Citi analyst Laura Chen expects another guidance raise and recently lifted her TSMC target to NT$3,800 , TipRanks reported.

How TSMC's wafer price hikes reveal real AI demand

The clearest evidence that demand is still hot may be in TSMC's pricing decisions, not its earnings forecast.

The company has told major clients, including Apple ( AAPL ), Nvidia ( NVDA ), Qualcomm ( QCOM ) and AMD, to prepare for wafer price increases of 5% to 10% .

Earlier reports suggested only the newest 3nm node would get pricier, but the hikes now extend to 5nm and 7nm , Techstrong Semi reported.

Related: Michael Burry doubles down on AI chip bubble with Micron short

5nm and 7nm are older, advanced nodes that are still used for accelerators, networking silicon, and processors.

Those advanced nodes account for roughly 74% of TSMC's wafer revenue , so this touches most of the business.

The companies do not agree to pay more unless they can expect strong demand for what those wafers become.

That pricing power should also help TSMC defend gross margins that already sit above 66% , KuCoin reported.

Why the shift to agentic AI keeps TSMC's demand durable

TSMC's leadership sees the next stage of the boom differently.

On the first-quarter call, CEO C.C. Wei repeatedly called AI demand " extremely robust " as the industry moves from generative AI toward agentic AI, Yahoo Finance reported.

Agentic AI means software agents that carry out complex, multi-step tasks on their own, rather than answering one prompt at a time.

That work needs far more sustained computing power , which points to longer-lasting hardware demand .

For long-term investors, the signal to watch will be TSMC's roadmap.

Any update on its A14 node , a 1.4nm chip technology expected to cut power use by about 30% , will draw close attention during the call.

The Taiwan and tariff risks that could still hit TSMC stock

The bull case is strong, but the risks are concentrated in one place.

More than 80% of advanced foundry revenue sits in Taiwan, which keeps geopolitics as the main risk factor for the stock.

TSMC 's report also flags export controls , tariff policy , and customer concentration as ongoing risks.

The company is pouring billions into new fabrication plants in Arizona, Japan, and Germany, but most of its most advanced production stays at home.

Execution has not been flawless, either, and a 2025gas-supply outage at a new plant scrapped thousands of wafers .

Valuation is another caution. After such a steep run, some analysts worry the stock already prices in peak margins , leaving little room for a demand slowdown.

That concern helped drive a recent pullback , and Goldman Sachs recently removed TSMC from a key list, even while keeping a positive long-term view .

What TSMC's earnings mean for your chip stock holdings

If you hold AI or semiconductor stocks, the July 16 report is not just about TSMC; it is a signal for the entire AI chip sector.

Here's what to keep in mind :

A guidance raise plus firm capex would likely support Nvidia, AMD, Broadcom and the wider chip complex.

A cautious tone on demand or packaging could ripple across the same names quickly.

Watch pricing and CoWoS commentary as closely as the profit line, since they show whether demand is still outrunning supply.

Sentiment can switch fast in the AI trade, as seen when Michael Burry shorted Micron on cyclicality concerns, while other analysts kept raising targets.

The key takeaway is to treat TSMC's call as a demand signal for the AI chip sector, not a green light to chase.

Related: Citi sends warning on semiconductor and hyperscaler stocks

This story was originally published by TheStreet on Jul 13, 2026, where it first appeared in the Investing section. Add TheStreet as a Preferred Source by clicking here.

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汤森路透重组AI工程团队

重要性2/5 中低

TRI人力重组具有事实增量，但与输入重点标的NVDA关系弱，关键数字来自匿名来源。

标签

标的：`NVDA`来源：Motley Fool发布日期：2026-07-14重要性：2/5 中低评级理由：TRI人力重组具有事实增量，但与输入重点标的NVDA关系弱，关键数字来自匿名来源。评级依据：timeliness, evidence_strength原文字数：551

中文摘要

核心结论

Thomson Reuters（汤森路透）计划裁减最多500个工程岗位，同时在未来两年净增逾250个以资深和AI原生人才为主的新岗位。调整显示公司正重配工程资源，但现阶段无法量化对收入、成本和产品交付的影响。

重要性评级

评级：2/5（中低）

事件具有人力结构和AI应用价值，但输入相关代码仅列NVDA，文章与英伟达没有直接业务或财务联系。

关键事实

汤森路透股价周一上涨超过5%。
公司在员工会议上宣布裁减少量工程岗位。
路透社援引一名匿名参会员工称，裁员规模最多可达500人。
公司计划未来两年净增逾250个工程岗位，多数为资深及“AI原生”人才。
公司发言人称，法律、税务和监管工作流的客户需求正在变化，因此要把资源集中到重点领域。
管理层称AI推动了最近一个季度的增长，并预计2026年年度收入增速较2025年改善。

作者观点与证据

作者把股价上涨解释为市场认可公司加大AI投入，并认为AI已对增长产生作用。裁员数字来自单一匿名员工，公司只确认岗位调整方向；文章没有列出AI产品收入、成本节省目标或年度增速数字。

与相关标的的关系

事件直接关系TRI的人力成本、产品研发和法律信息服务。NVDA只出现在输入相关代码和推广内容中，正文没有披露芯片采购、合作或收入关系。

时效性与限制

文章发布于美东时间 07/13 20:12（UTC+8 07/14 08:12）。人员调整规模和执行期尚未由正式监管文件确认。

后续跟踪

最终裁员与招聘人数
AI产品收入和客户采用率
研发费用及利润率变化
公司2026年收入增速指引

英文原文

Why Thomson Reuters Stock Crushed it on Monday

Eric Volkman, The Motley Fool

Tue, July 14, 2026 at 8:12 AM GMT+8 2 min read

NVDA

-3.52%

Although investors have been worried about the high price tag that comes with artificial intelligence (AI) build-outs, they continue to reward companies that embrace the technology. One example of this on Monday was the venerable news and data company Thomson Reuters (NASDAQ: TRI), whose stock rose by more than 5% on news that it was effectively pushing further into AI .

Swapping out the engineering team

Thomson Reuters announced in a staff meeting that it will eliminate what it characterized as "a small number of roles" in its engineering ranks. This, fittingly enough, was reported by its Reuters unit, which published a news article citing an unnamed employee who was in attendance.

Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »

Image source: Getty Images. That source told Reuters the company aims to eliminate up to 500 positions as it leans harder into AI capabilities. It also plans to bring on over 250 net new engineering jobs over the next two years, most of whom should be at the senior level and "AI native," in its words.

Reuters quoted an unidentified company spokesperson as explaining that "as customer expectations across legal, tax, and regulatory workflows evolve, we are focusing our capacity where it matters most to customers."

Losses for gains?

According to Thomson Reuters management, AI was a key factor in its most recent growth-filled quarter and will continue to be going forward -- in fact, it's expecting a notable improvement in annual revenue this year compared to 2025. While no one likes to hear about net job losses, this continued embrace of AI seems to be making a real difference for the company.

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Why Thomson Reuters Stock Crushed it on Monday was originally published by The Motley Fool

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Circle牌照利好难抵USDC收缩

重要性4/5 中高

监管、USDC供给和竞争均直接影响CRCL基本面，且发布时间接近日报截点。

标签

标的：`CRCL`来源：TheStreet发布日期：2026-07-14重要性：4/5 中高评级理由：监管、USDC供给和竞争均直接影响CRCL基本面，且发布时间接近日报截点。评级依据：直接涉及CRCL与USDC, 时效性高, 包含监管和供给数据, 部分分析师信息缺少完整依据原文字数：443

中文摘要

核心结论

华尔街对Circle Internet Group（圆币互联网集团，CRCL）分歧扩大：全国性信托银行牌照获得最终批准，但USDC（美元稳定币）流通量下降和新竞争者进入，使分析师继续质疑储备收入增长。

重要性评级

评级：4/5（中高）。文章直接涉及CRCL、USDC供给、监管进展和竞争格局，时效性强；部分表述存在机构归属混乱。

关键事实

Robert W. Baird在07/13（未给出具体时刻）将CRCL目标价由138美元下调至100美元，降幅约27.5%。
Mizuho Securities（瑞穗证券）在07/10（未给出具体时刻）将目标价由63美元上调至85美元，仍维持中性评级。
美国货币监理署最终批准Circle设立First National Digital Currency Bank（第一国家数字货币银行）。
USDC流通量从3月峰值下降约70亿美元，7月约为740亿美元，为2022年以来最大月度降幅。
新推出的Open USD（开放美元稳定币）符合GENIUS Act（美国稳定币监管法案），由包括万事达卡、Stripe和Coinbase在内的140多家公司组成的联盟支持。
CRCL收于63美元，当日下跌4.75%。

作者观点与证据

文章认为银行牌照改善监管地位，但未解决USDC供给放缓、储备收入和竞争商品化问题。流通量与竞争者阵容提供直接证据；目标价反向调整显示分析师对监管价值和增长前景的定价差异。

与相关标的的关系

CRCL收入与USDC储备规模高度相关，流通量下降可能压低储备收益基础。Open USD若获得联盟分发支持，可能影响USDC市场份额和稳定币费率结构。

时效性与限制

文章发布于美东时间 07/13 20:04（UTC+8 07/14 08:04）。开头称两家券商调整目标价，但小标题把牌照观点归于瑞穗；正文对Baird下调理由缺少展开。

后续跟踪

USDC流通量能否止跌及储备收入变化。
全国性信托银行的正式运营范围与成本。
Open USD发行规模、采用渠道和市场份额。

英文原文

Analysts remain split on Circle amid rising competition

Analysts remain split on Circle amid rising competition · TheStreet · Michael Nagle/Bloomberg via Getty Images

Pooja Rajkumari

Tue, July 14, 2026 at 8:04 AM GMT+8 2 min read

CRCL -4.75%

USDC-USD +0.01%

Wall Street remains divided on Circle Internet Group (NYSE: CRCL), with two major brokers moving their price targets in opposite directions, within days of each other.

This comes as competition in the stablecoin market intensifies.

Founded in 2013, Circle is best known as the issuer of USDC, the world's second-largest stablecoin, pegged 1:1 to the U.S. dollar. The company went public on the New York Stock Exchange (NYSE) in June 2025 in one of crypto's most oversubscribed initial public offerings (IPOs).

Related: Why Circle's IPO is sparking an explosion on Wall Street

Bank charter win fails to impress Mizuho

American multinational investment firm Robert W. Baird slashed its price target on CRCL stock by about 27.5% from $138 to $100 on July 13.

Mizuho Securities raised its target by 34.9% from $63 to $85 on July 10, but reiterated its neutral rating, signaling it remains unconvinced by the stablecoin issuer's recent momentum.

Circle's final approval from the Office of the Comptroller of the Currency to establish First National Digital Currency Bank is a positive milestone, but investors may be overestimating its significance, according to Mizuho.

"While a positive development, we believe the market reaction is likely overly optimistic, as this does not resolve fundamental issues that have been hurting the stock of recent," analysts led by Dan Dolev wrote.

Trending on TheStreet Roundtable

Analysts stunned by Robinhood's $3.1 billion debut week

Standard Chartered doubles down on Bitcoin target despite MicroStrategy selloff

Real estate mogul sees a way out of rising U.S. home prices

USDC shrinks as Open USD looms

USDC's circulating supply has fallen roughly $7 billion from its March peak to about $74 billion in July, the largest monthly decline since 2022. This raises concerns that slowing supply growth could weigh on Circle's reserve-income outlook.

Mizuho also flagged competitive pressure from Open USD , a newly launched, GENIUS Act-compliant stablecoin backed by a consortium of more than 140 companies, including Mastercard (NYSE: MA), Stripe, and Coinbase (NASDAQ: COIN). The bank warned that consortium-backed stablecoins risk commoditizing the sector.

"We remain on the sidelines," the report added.

CRCL stock closed 4.75% lower at $63.

Related: Cathie Wood's ARK issues bold prediction on U.S. digital dollar

This story was originally published by TheStreet on Jul 13, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.

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得州数据中心自备燃气电力

重要性4/5 中高

项目规模、供电容量和监管要求明确，直接关联MSFT、CVX及数据中心电力需求。

标签

标的：`MSFT`来源：Odessa American, Texas发布日期：2026-07-14重要性：4/5 中高评级理由：项目规模、供电容量和监管要求明确，直接关联MSFT、CVX及数据中心电力需求。评级依据：timeliness, fact_density, source_quality原文字数：440

中文摘要

核心结论

微软与雪佛龙拟在得州建设自备天然气发电的数据中心，把新增算力需求与新增电源容量绑定。项目有望缓解电网接入压力，但居民电价、水资源和基础设施成本分担已进入州政府监管议程。

重要性评级

评级：4/5（中高）

文章提供微软数据中心的项目金额、发电规模、地点和投产时间，对MSFT、CVX、GEV及天然气需求均有直接事实价值。

关键事实

微软与Chevron（雪佛龙）计划在Pecos以南20英里建设70亿美元AI数据中心。
Project Kilby（基尔比项目）位于得州Reeves County（里夫斯县），微软场地面积为2,000英亩。
雪佛龙的天然气发电设施最高容量为2.67吉瓦，将采用GE Vernova（通用电气维诺瓦）和Caterpillar（卡特彼勒）燃气轮机。
第一阶段计划于2028年底开始向数据中心供电。
两家公司预计建设期需要逾6,000名工人，完工后提供数百个长期运营岗位。
经济学家Ray Perryman认为，Permian Basin（二叠纪盆地）天然气资源丰富且成本较低，自备发电和就地配置电源可能增加。
得州州长Greg Abbott要求大型数据中心自行承担配套电力基础设施成本，并控制对居民电价和社区用水的影响。

作者观点与证据

文章通过Perryman的访谈和企业新闻稿呈现项目利弊，倾向认可自备电源模式的经济与资源利用价值。就业、容量和工期来自企业口径，尚未提供许可、融资、燃气供应合同或最终建设进度证据。

与相关标的的关系

MSFT获得独立于公共电网扩容节奏的算力电源方案；CVX把天然气业务延伸至数据中心供能；GEV和卡特彼勒对应燃机设备需求；NG=F与区域新增燃气消耗存在间接联系。

时效性与限制

文章发布于美东时间 07/13 20:01（UTC+8 07/14 08:01）。项目距离首期供电仍有两年多，监管规则也要等待下一届得州立法会推进。

后续跟踪

项目许可、融资和最终投资决定
燃机交付周期与燃气供应安排
得州电力基础设施成本分担规则
2028年底首期投产进度

英文原文

Perryman says data centers can be beneficial with protections

Bob Campbell, Odessa American, Texas

Tue, July 14, 2026 at 8:01 AM GMT+8 2 min read

NG=F

-0.52%

MSFT

+1.53%

+3.29%

With Microsoft and Chevron joining forces to build a self-powered $7-billion AI data center 20 miles south of Pecos and with other companies envisaging similar plans, Waco economist Ray Perryman says there are justifiable concerns about ensuring that data centers do not lead to problems with the electricity supply or transmission capacity, although many of those concerns are being addressed.

"From local communities to ERCOT, the issue is receiving attention and solutions are being sought," Perryman said. "When data centers can 'bring their own' power, the dynamic changes and companies such as Microsoft are seeking ways to solve the problem.

"Natural gas is clearly a good option for generation fuel, particularly in the Permian Basin where it is abundant and cheap. There have been supply issues for the natural gas turbines that are needed, but over time as the issues resolve, I think co-locating and owning the generation capacity will be a growing trend."

He said the project is also beneficial in that it can use large amounts of produced water from drilling activity.

Ray Perryman

"The prospect of finding productive uses for this resource is a major win for the Permian Basin," Perryman said.

Called "Project Kilby," Chevron's natural gas-powered electrical generation plant will be on Microsoft's 2,000-acre site in Reeves County.

Kilby will generate up to 2.67 gigawatts of electricity, powered by natural gas using large GE Vernova and Caterpillar gas turbines.

The project's first phase will start delivering power to the data center by late 2028.

In a news release, Microsoft and Chevron said over 6,000 construction workers will be required and there will be hundreds of permanent operational jobs once the work is complete.

Gov. Greg Abbott just told the Public Utility Commission of Texas and the Electric Reliability Council of Texas that data centers "must operate in ways that reduce costs for residential electricity customers, do not drain water needed for our communities and take into consideration the needs of our neighborhoods."

Preventing those costs from being passed on to residential ratepayers, Abbott said, the PUC must require data centers to fully fund the costs of the electric infrastructure needed to serve their operations.

Working with the Legislature during next year's session, he said, he will see these protections codified and ensure that data centers add to Texas' electric capacity, not merely increase demand.

The post Perryman says data centers can be beneficial with protections appeared first on Odessa American.

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资本市场复苏推升银行盈利

重要性4/5 中高

财报窗口临近、量化预期明确，并直接关联六家大型银行；单一分析师来源限制了评级上限。

标签

标的：`NVDA`来源：24/7 Wall St.发布日期：2026-07-13重要性：4/5 中高评级理由：财报窗口临近、量化预期明确，并直接关联六家大型银行；单一分析师来源限制了评级上限。评级依据：timeliness, fact_density, evidence_strength原文字数：920

中文摘要

核心结论

Citizens分析师Devin Ryan预计，美国六大银行第二季度盈利同比增长约25%，其中高盛和摩根士丹利因资本市场敞口较高，增速可能接近40%。并购、交易和商业贷款构成支持因素，但相关银行股已提前上涨。

重要性评级

评级：4/5（中高）

银行财报集中发布在07/14至07/15，文章提供明确预期和第一季度对照数据，时效性强；预测主要来自单一分析师。

关键事实

美国银行、花旗、高盛、摩根大通和富国银行定于07/14（未给出具体时刻）盘前公布业绩，摩根士丹利定于07/15（未给出具体时刻）公布。
Ryan预计六大银行第二季度盈利同比增长约25%，高盛与摩根士丹利各接近40%。
上半年并购公告数量同比增长50%。
高盛第一季度每股收益17.55美元、收入172.3亿美元；投行业务费用28.4亿美元，增长48%，顾问收入14.9亿美元，增长89%。
摩根士丹利第一季度收入205.8亿美元、每股收益3.43美元、ROTCE（有形普通股权益回报率）27.1%，顾问收入增长74%至9.78亿美元。
摩根大通市场业务收入创116亿美元纪录，顾问费增长82%至12.7亿美元。
美国银行每股收益增长25%，花旗净利润增长42%，富国银行每股收益增长15%。
高盛和摩根士丹利2026年内股价分别上涨21.19%和26.55%。

作者观点与证据

文章采用Ryan的看多预测，并以六大银行第一季度交易、投行和顾问业务数据支持资本市场复苏。对第二季度增速和中型市场机会的判断属于分析师预测，文中未提供市场一致预期或信贷损失准备数据。

与相关标的的关系

GS和MS对投行与交易复苏最敏感；JPM、BAC、C和WFC也受益于市场业务和商业贷款。数据中心融资与并购贷款被列为信贷增长来源，但NVDA仅为推广内容关联。

时效性与限制

文章发布于美东时间 07/13 19:58（UTC+8 07/14 07:58）。财报即将验证预测，文章没有覆盖净息差、存款成本、信贷质量和监管资本等银行业关键变量。

后续跟踪

六大银行实际盈利与市场预期差异
投行、交易和顾问费增速
商业贷款、净息差与信贷损失准备
管理层对并购和私募股权活动的指引

英文原文

Senior Analyst: Banks Are Set for 25% Earnings Growth as the Capital Markets Boom Accelerates

Thomas Richmond

Tue, July 14, 2026 at 7:58 AM GMT+8 3 min read

NVDA

Quick Read

Ryan projects Goldman Sachs and Morgan Stanley will each post near 40% earnings growth, driven by M&A announcements up 50% year to date.

Citigroup net income surged 42% and Bank of America EPS rose 25% in Q1, with both riding strong trading and investment banking tailwinds.

Ryan sees middle-market sponsors and private equity as underappreciated upside, with data center lending and a recovering M&A market as added commercial lending catalysts.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and JPMorgan Chase didn't make the cut. Grab the names FREE today .

Devin Ryan, Senior Research Analyst at Citizens, laid out a bullish setup for big banks on Monday's CNBC segment ahead of Q2 earnings. He said: "Tomorrow is going to be, I think, a really good day to kick things off for the top six banks. We're looking for about 25% year-over-year earnings growth ."

24/7 Wall St. With Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Wells Fargo all reporting before the open on Tuesday, July 14, and Morgan Stanley following on Wednesday, July 15, the setup is concentrated and driven by the revival of capital markets along with commercial lending.

Goldman Sachs and Morgan Stanley Could Lead the Bank Earnings Boom

Ryan's core call is that the biggest upside among the big banks could sit with the most capital-markets-levered franchises . "The companies that are going to do the best are probably the ones more exposed to capital markets. So SpaceX IPO, M&A announcements are up 50% year-to-date through the first half. And so Goldman Sachs, Morgan Stanley probably going to be standouts. We're looking for almost 40% earnings growth out of both of those ."

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and JPMorgan Chase didn't make the cut. Grab the names FREE today .

Goldman Sachs Is Built for the Capital Markets Revival

Q1 2026 validated the direction. Goldman Sachs ( NYSE:GS ) posted EPS of $17.55 on $17.23 billion in revenue, with investment banking fees of $2.84 billion up 48% and advisory revenues nearly doubling at $1.49 billion, up 89%. CEO David Solomon said, "Goldman Sachs delivered very strong performance for our shareholders this quarter, even as market conditions became more volatile" in the firm's Q1 release.

Morgan Stanley Enters Earnings With Record Momentum

Morgan Stanley ( NYSE:MS ) delivered its own record. Ted Pick's team reported $20.58 billion in revenue, EPS of $3.43, ROTCE of 27.1%, and advisory revenue up 74% to $978 million. Ryan's near 40% earnings growth expectation follows Q1 net income growth of 29%.

Story Continues

Wall Street's Rebound Is Lifting America's Biggest Banks

Ryan sees the capital markets tailwind lifting the rest of the group. JPMorgan Chase ( NYSE:JPM ) opened 2026 with EPS of $5.94, up 17%, record Markets revenue of $11.6 billion, and advisory fees up 82% to $1.27 billion. Jamie Dimon flagged "increased fiscal stimulus, the benefits of deregulation, AI-driven capital investment and the Fed's asset purchases" as tailwinds.

Bank of America ( NYSE:BAC ) grew EPS 25% year-over-year to $1.11, with equities trading up 30% and investment banking fees up 21%. Citigroup ( NYSE:C ) delivered net income up 42% and Markets revenue crossing $7 billion for the first time, with equity markets up 39%. Wells Fargo grew EPS 15%, with CIB Markets up 19% and equity capital markets share expanding.

The Next Banking Opportunity May Be Hiding Outside the Mega Banks

Capital markets stocks were up nearly 50% last year and up 20% in 2026 to date, with the S&P 500 up 15% in the second quarter. Goldman shares are up 21.19% year-to-date, and Morgan Stanley is up 26.55%. Ryan's cautious because: " We think a lot is actually baked in. And so we're looking for areas where there's probably more upside. We still think there's areas of capital markets like middle market sponsors . Private equity still have quite a way to recover."

On commercial lending re-acceleration, he pointed to two forces. "So data centers is a big piece of the reacceleration, but then also just capital markets turning back on. So as you think about [the] M&A market that's been dormant, starting to get back to something more normal that leads to lending opportunities into those deals."

Key Takeaways

The major banks enter Q2 earnings with strong momentum across investment banking, trading, and commercial lending. Goldman Sachs and Morgan Stanley may deliver the strongest results because of their greater exposure to the capital markets recovery, with Ryan expecting earnings growth of nearly 40% from both firms.

Expectations are already high, however, and much of the rebound may be reflected in mega-bank share prices. The next opportunities could emerge among middle-market firms and other lenders that stand to benefit as private equity activity, M&A, and data center investment recover. A broader market pullback or slowdown in AI-related spending remains the clearest risk to that outlook.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and JPMorgan Chase didn't make the cut. Grab the names FREE today .

Contact editorial@247wallst.com for any questions or corrections.

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SpaceX高估值压缩长期回报

重要性3/5 中

对SPCX估值约束的数字展示清晰，但25年预测依赖多项未经公司验证的假设。

标签

标的：`NVDA`, `SPCX`来源：Motley Fool发布日期：2026-07-13重要性：3/5 中评级理由：对SPCX估值约束的数字展示清晰，但25年预测依赖多项未经公司验证的假设。评级依据：fact_density, evidence_strength, forecast_horizon原文字数：685

中文摘要

核心结论

文章用两组收入增长情景说明SpaceX当前约1.8万亿美元估值对长期回报的约束：年收入增长19%才可能令2.5万美元在2050年增至10万美元以上，13%增长情景下约为2.8万美元。模型对远期市销率和持续增长极为敏感。

重要性评级

评级：3/5（中）

SPCX为直接相关标的，估值算术清晰；预测跨度长达约25年，且收入、倍数和市场规模均属作者假设。

关键事实

SpaceX首次公开募股时估值约1.8万亿美元，2025年收入约190亿美元，对应接近100倍市销率。
股价从历史高点下跌超过30%，接近135美元的发行价。
乐观情景假设2050年市值达到7万亿美元，约为当前四倍。
若2050年市销率为5倍，公司需实现约1.5万亿美元年收入，对应约19%的长期复合增长率。
在该情景下，2.5万美元可能增至10万美元以上。
较温和情景假设2050年估值约2万亿美元、收入4,000亿美元，同样采用5倍市销率。
较温和情景对应约13%的年收入增长率，2.5万美元到2050年约为2.8万美元。

作者观点与证据

作者认为，SpaceX即使维持可观收入增长，当前高估值也可能限制股东回报。文章的价值在于展示估值算术；2050年收入、市销率和市场地位均无公司指引支持，也没有考虑稀释、利润率或现金流。

与相关标的的关系

SPCX是直接研究对象，其长期回报取决于发射、卫星通信和AI相关业务规模。NVDA只出现在文章代码与推广材料中，正文未建立直接经营联系。

时效性与限制

文章发布于美东时间 07/13 19:54（UTC+8 07/14 07:54）。长期预测对起始估值和终值倍数高度敏感，不能视为目标价格。

后续跟踪

SpaceX实际收入、利润率和现金流
Starlink用户、资本开支和卫星部署
股本稀释与后续融资
市销率随业务成熟度的变化

英文原文

Prediction: $25,000 Invested in SpaceX Today Will Be Worth This Much by 2050

Steven Porrello, The Motley Fool

Tue, July 14, 2026 at 7:54 AM GMT+8 3 min read

SPCX

-4.24%

NVDA

-3.52%

Let's get right to it: A $25,000 investment in Space Exploration Technologies (NASDAQ: SPCX) stock today could be worth over $100,000 by 2050 if revenue grows 19% annually. By the same token, the same investment in SpaceX is more likely to be worth about $28,000 by 2050 if revenue grows more moderately -- albeit still bullish -- at a rate of 13% annually.

Let's unpack these predictions.

First, keep in mind that SpaceX carried a roughly $1.8 trillion valuation at its initial public offering (IPO), despite reporting about $19 billion in 2025 revenue. At the time of its IPO, the stock was already trading close to 100 times annual sales -- a figure that hasn't changed much, even after the stock has plummeted over 30% from its all-time high.

Under the bullish scenario, SpaceX would need to quadruple by 2050 for a $25,000 investment to hit $100,000 or more, which would imply a $7 trillion market cap. If we value that version of SpaceX at a price-to-sales ratio of about 5, then the space company would need to generate about $1.5 trillion in annual sales by that year, or almost 19% revenue growth annually.

That's not technically impossible, but it would also mean SpaceX has become the most dominant launch, satellite, and artificial intelligence (AI) company in the world. In short, very little has to go wrong, and if it does, it can't go wrong for long.

Image source: Getty Images. Under a less bullish scenario, SpaceX's valuation would rise only modestly, from about $1.8 trillion to about $2 trillion by 2050. If, again, we assume a price-to-sales ratio of 5, SpaceX would generate about $400 billion in 2050 sales, which implies compound annual revenue growth of about 13% for the next 25 years.

That's still impressive growth, even if the concomitant growth in the stock is only modest.

These are, of course, my own figures, but they drive home the point that, however you slice it, SpaceX stock is still very pricy right now. Even as the stock nears its IPO price of $135, I think long-term investors should continue to wait. SpaceX may become one of the most important companies in the world, but at today's valuation, much of that success appears already priced in.

Should you buy stock in Space Exploration Technologies right now?

Before you buy stock in Space Exploration Technologies, consider this:

Story Continues

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Space Exploration Technologies wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

See the 10 stocks »

*Stock Advisor returns as of July 13, 2026.

Steven Porrello has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy .

Prediction: $25,000 Invested in SpaceX Today Will Be Worth This Much by 2050 was originally published by The Motley Fool

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Chipotle首店进入墨西哥

重要性2/5 中低

CMG国际扩张具有新事实，但规模和经济性尚未披露，对输入重点代码NVDA无直接关联。

标签

标的：`NVDA`来源：Motley Fool发布日期：2026-07-13重要性：2/5 中低评级理由：CMG国际扩张具有新事实，但规模和经济性尚未披露，对输入重点代码NVDA无直接关联。评级依据：timeliness, fact_density原文字数：630

中文摘要

核心结论

Chipotle将在墨西哥开设首家门店，并计划继续进入新莱昂州和墨西哥城，标志其国际扩张迈出新一步。周一股价上涨近4%，但文章没有提供开店数量目标、单店经济性或特许经营条款。

重要性评级

评级：2/5（中低）

事件对CMG有直接意义，但与输入代码NVDA缺乏经营关系，且项目仍处于首店验证阶段。

关键事实

CMG周一上涨近4%，同期标普500指数下跌0.8%。
公司计划于07/16（未给出具体时刻）在Nuevo León（新莱昂州）San Pedro Garza García开设墨西哥首店。
Chipotle与墨西哥大型餐饮特许经营商Alsea合作，双方于2025年4月签署开发协议。
双方计划2026年内在新莱昂州开设更多门店。
墨西哥城门店计划于2027年开设。
Mizuho（瑞穗）分析师Nick Setyan把目标价上调1美元至41美元，并维持跑赢大盘评级。

作者观点与证据

作者认为，墨西哥扩张比目标价小幅上调更有长期意义，并引用公司公告及首席执行官对当地需求调研的表述。文章没有给出销售预测、资本投入、门店回报周期或Alsea的经济分成。

与相关标的的关系

CMG直接承受墨西哥市场的品牌接受度、成本和扩店执行风险。标普500仅作为当日表现基准；NVDA只存在于推广材料，没有直接业务联系。

时效性与限制

文章发布于美东时间 07/13 19:48（UTC+8 07/14 07:48），首店将在数日后开业。单店开业尚不足以验证全国扩张的需求与盈利能力。

后续跟踪

首店客流、客单价和开店成本
新莱昂州后续门店数量
2027年墨西哥城计划进度
Alsea合作模式及单店利润率

英文原文

Why Chipotle Stock Topped the Market Today

Eric Volkman, The Motley Fool

Tue, July 14, 2026 at 7:48 AM GMT+8 3 min read

+3.91%

NVDA

-3.52%

^GSPC

-0.79%

Chipotle Mexican Grill (NYSE: CMG) was generating some heat on the stock market as the trading week opened on Monday. That sizzle came from news of expansion into a prime foreign market, and a bullish analyst update. These helped power Chipotle's shares to a nearly 4% gain, on a Monday that saw the benchmark S&P 500 index slump by 0.8%.

Crossing the border

It might be surprising to learn that for a company with "Mexican" in its name, Chipotle has never operated a restaurant in Mexico.

Image source: Getty Images. Until now, that is. The company announced that it will open one of its outlets in San Pedro Garza García, Nuevo León, this Thursday, July 16. It is partnering with the country's top restaurant franchisee, Alsea , under a development agreement signed by the two companies in April 2025.

Chipotle said that it and Alsea will open more restaurants in Nuevo León at some point this year. They plan to do so in the national capital (and largest metropolitan area), Mexico City, in 2027.

Chipotle quoted its CEO, Scott Boatwright, as saying that "Our research has reinforced our belief that there is strong interest in high-quality, freshly prepared food served with the customization and convenience that Chipotle offers."

Spoiled for choice

Separately, Mizuho analyst Nick Setyan raised his Chipotle price target before market open on Monday. He added $1 per share to it for a new level of $41, and maintained his outperform (read "buy" recommendation).

Of the two developments, if I were a Chipotle shareholder, I'd be more encouraged about the Mexico news. Chipotle is a durable fast -casual restaurant concept, featuring a menu that's easy to manage yet still offers plenty of choice for diners. Management has always been cautious about foreign expansion; perhaps if the Mexico operations do well, it'll become bolder in the activity.

Should you buy stock in Chipotle Mexican Grill right now?

Before you buy stock in Chipotle Mexican Grill, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Chipotle Mexican Grill wasn't one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years.

Story Continues

See the 10 stocks »

*Stock Advisor returns as of July 13, 2026.

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Chipotle Mexican Grill. The Motley Fool recommends the following options: short September 2026 $35 calls on Chipotle Mexican Grill. The Motley Fool has a disclosure policy .

Why Chipotle Stock Topped the Market Today was originally published by The Motley Fool

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Enbridge项目储备超过280亿

重要性2/5 中低

ENB长期现金流信息有用，但缺乏近期催化和关键项目经济性，与输入重点标的关系弱。

标签

标的：`NVDA`来源：Motley Fool发布日期：2026-07-13重要性：2/5 中低评级理由：ENB长期现金流信息有用，但缺乏近期催化和关键项目经济性，与输入重点标的关系弱。评级依据：fact_density, portfolio_relevance, timeliness原文字数：800

中文摘要

核心结论

Enbridge拥有超过280亿美元的增长资本项目储备，覆盖管道、公用事业、海上风电和碳捕集，可提高未来现金流的可见度。文章据此强调其连续31年提高股息的能力，但未量化项目回报率、投产时间和债务压力。

重要性评级

评级：2/5（中低）

ENB相关事实具有长期收入研究价值，但并非当日强催化，与输入代码NVDA没有直接业务联系。

关键事实

Enbridge（恩桥）增长资本项目储备超过280亿美元。
项目覆盖天然气和液体管道扩建、公用事业网络、海上风电及碳捕集与封存。
截至第一季度末，公司服务北美超过75%的炼油厂。
公司运输北美天然气消费量的20%，并服务超过700万公用事业客户。
Enbridge已连续31年提高年度股息。
公司以加元支付股息，美国投资者收到的美元金额会受加元兑美元汇率影响。
文章称加拿大通常先预扣15%股息税，美国纳税人可能通过IRS Form 1116（美国国税局外国税收抵免表）申请抵免。
作者指出公司债务较高，但没有提供债务或覆盖率数据。

作者观点与证据

作者把项目储备视为未来收入与股息增长的保障，并以基础设施覆盖面和连续分红记录支持判断。项目储备尚未等同于已投产现金流，正文缺少资本成本、项目收益率、建设风险和杠杆指标。

与相关标的的关系

ENB直接受北美油气运输量、公用事业费率、项目投产和汇率影响。NVDA仅出现在文章代码及推广内容中，未形成经营或供应链关系。

时效性与限制

文章发布于美东时间 07/13 19:25（UTC+8 07/14 07:25）。税务说明属于一般信息，实际预扣和抵免取决于账户类型与纳税人情况。

后续跟踪

280亿美元项目的投产时间和预算变化
可分配现金流及股息覆盖率
净债务和融资成本
加元汇率与跨境预扣税口径

英文原文

Enbridge Has Secured Over $28 Billion of Growth Capital Projects. Here

Enbridge Has Secured Over $28 Billion of Growth Capital Projects. Here's Why Dividend Investors Should Care.

Stefon Walters, The Motley Fool

Tue, July 14, 2026 at 7:25 AM GMT+8 4 min read

+0.75%

NVDA

-3.52%

Enbridge (NYSE: ENB) is one of North America's largest energy infrastructure companies, operating in the midstream part of the ecosystem, which is responsible for transporting and storing oil, natural gas, and other energy products.

At the end of the first quarter, Enbridge served over 75% of North American oil refineries, transported 20% of all natural gas consumed in North America, and served over 7 million utility customers. It might not be a household name, but it's an important part of the country's energy infrastructure , and its growth will continue as its project backlog expands.

Image source: The Motley Fool.

Enbridge has plenty of future commitments locked in

Enbridge's growth capital backlog is essentially its to-do list of projects. The company has committed to the projects, but they haven't been fully completed or put into service yet. Enbridge's backlog currently includes the following:

Expanding its current natural gas and liquids pipelines

Developing utility networks

Developing offshore wind farms

Improving its carbon capture and storage abilities

A backlog may not be ideal from a short-term standpoint, but it's a visible way for investors to assess Enbridge's future revenue. And given that much of the appeal of Enbridge's stock lies in its dividend, it should be reassuring to investors that the company continues to secure cash-generating projects.

Enbridge's dividend works a bit differently from that of U.S. companies

Typically, when a company declares a dividend amount, you know that's the exact amount you can expect. If it's $1 quarterly, you can expect $1 paid out.

Enbridge is a Canadian company, so it pays dividends in Canadian Dollars (CAD), but when it pays them out to American investors, it automatically converts them to USD. Since the CAD-USD exchange rate fluctuates, the exact dividend payout amount will vary. It's likely not by much, but it will fluctuate nonetheless.

You should also expect the dividend to be subject to a 15% upfront withholding tax in Canada, but you can recoup it on the back end by claiming the Foreign Tax Credit ( IRS Form 1116 ), which will reduce your tax liability by the amount Canada withheld. This prevents you from paying taxes twice on the dividend you receive.

ENB Dividend data by YCharts

Know what you are and aren't getting with Enbridge's stock

Story Continues

Enbridge isn't a stock you should buy expecting consistent market-beating returns (although it is outperforming the S&P 500 this year through July 11), but it's hard to deny its effectiveness as a reliable income source. It has increased its annual dividend for 31 consecutive years, and with its current backlog and growth capital projects, I don't see that streak ending anytime soon.

The company has a minor red flag -- its high debt -- but that isn't an issue that should cause investors to lose sleep. It remains a great buy for income investors and has plenty of cash flow to remain shareholder-friendly.

Should you buy stock in Enbridge right now?

Before you buy stock in Enbridge, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Enbridge wasn't one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years.

See the 10 stocks »

*Stock Advisor returns as of July 13, 2026.

Stefon Walters has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Enbridge. The Motley Fool has a disclosure policy .

Enbridge Has Secured Over $28 Billion of Growth Capital Projects. Here's Why Dividend Investors Should Care. was originally published by The Motley Fool

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雪佛龙拓展数据中心供能

重要性3/5 中

合作方向与相关标的明确，但缺少合同经济性和公司原始披露，事实密度一般。

标签

标的：`MSFT`来源：Simply Wall St.发布日期：2026-07-13重要性：3/5 中评级理由：合作方向与相关标的明确，但缺少合同经济性和公司原始披露，事实密度一般。评级依据：timeliness, evidence_strength原文字数：609

中文摘要

核心结论

雪佛龙同时拓展两类天然气需求：与微软、GE Vernova合作为AI数据中心供电，并把对西澳Alinta Energy（澳大利亚能源零售与发电企业）的供气协议延长五年。文章提出业务协同逻辑，但没有披露合同量价、资本投入或盈利贡献。

重要性评级

评级：3/5（中）

事件直接涉及CVX、MSFT和GEV，但正文新增事实较少，估值讨论主要来自平台模型和分析师目标价。

关键事实

Chevron（雪佛龙）与GE Vernova（通用电气维诺瓦）、Microsoft（微软）设立面向AI数据中心的天然气供电业务。
雪佛龙把对西澳Alinta Energy的天然气供应协议延长五年。
文章将两项安排分别归入数字基础设施需求和传统公用事业需求。
文中记录雪佛龙股价182.20美元，较分析师一致目标价213.91美元低约15%。
平台自有模型称股价较其估算公允价值低62.3%，但未展示估值假设。
文章称雪佛龙股息率为3.91%，并认为盈利和自由现金流对股息的覆盖不足。

作者观点与证据

作者认为，雪佛龙正利用现有天然气资产连接长期云计算和AI负荷，同时保持澳大利亚本地供气业务。合作和续约属于事件事实；公允价值折价、股息覆盖风险和目标价均为平台或分析师口径，缺少合同经济性支持。

与相关标的的关系

CVX对应天然气供应和发电资本投入；MSFT对应数据中心长期电力需求；GEV可能获得燃气发电设备需求。项目对各公司的实际财务影响要由合同容量、价格和资本分担决定。

时效性与限制

文章发布于美东时间 07/13 19:14（UTC+8 07/14 07:14）。正文没有提供企业公告链接、澳大利亚供气量、数据中心项目规模或收入确认时间。

后续跟踪

数据中心供电项目的合同容量与资本预算
Alinta Energy续约的供气量和定价机制
CVX天然气发电业务的利润率与现金流
GEV设备订单及交付安排

英文原文

Chevron (CVX) Launches AI Data Center Power Venture And Extends Australia Gas Supply

Bailey Pemberton

Tue, July 14, 2026 at 7:14 AM GMT+8 2 min read

+3.29%

-4.49%

MSFT

+1.53%

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE.

Chevron (NYSE:CVX) has launched a new business with GE Vernova and Microsoft to supply natural gas power to AI data centers.

The company has also signed a five year extension to supply natural gas to Alinta Energy in Western Australia.

Chevron is best known for its oil and gas production. This new move into powering AI data centers links its existing natural gas operations with a fast growing digital infrastructure sector. The partnership with GE Vernova and Microsoft positions Chevron closer to long duration energy demand tied to cloud computing and AI workloads.

At the same time, the extended natural gas agreement with Alinta Energy in Western Australia underlines Chevron's ongoing role in supplying domestic energy. Together, these developments indicate that the company is applying its gas portfolio across both traditional utility customers and newer technology focused energy users.

Stay updated on the most important news stories for Chevron by adding it to your watchlist or portfolio . Alternatively, explore our Community to discover new perspectives on Chevron.

NYSE:CVX Earnings & Revenue Growth as at Jul 2026 📰 Beyond the headline: 2 risks and 2 things going right for Chevron that every investor should see.

Quick Assessment

✅ Price vs Analyst Target : Chevron trades at US$182.20, around 15% below the US$213.91 analyst consensus.

✅ Simply Wall St Valuation : The stock is flagged as undervalued, trading about 62.3% below the platform's estimated fair value.

❌ Recent Momentum : The share price has declined 2.7% over the past 30 days.

There's only one way to know the right time to buy, sell or hold Chevron. Head to Simply Wall St's company report for the latest analysis of Chevron's Fair Value .

Key Considerations

📊 The AI data center power venture with GE Vernova and Microsoft links Chevron's gas assets to demand tied to cloud and AI infrastructure, while the Australian contract extends its role in domestic supply.

📊 Watch how much capital Chevron allocates to gas backed power for data centers, updates on contracted volumes and pricing, and whether analysts revise the US$213.91 price target.

⚠️ The dividend, currently described as 3.91% and not well covered by earnings or free cash flow, is a key risk to monitor as Chevron commits to long term gas projects.

Dig Deeper

For the full picture including more risks and rewards, check out the complete Chevron analysis . Alternatively, you can check out the community page for Chevron to see how other investors believe this latest news will impact the company's narrative.

Story Continues

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include CVX .

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

打开原文

霍尔木兹紧张推升油价与收益率

重要性5/5 高

覆盖当日跨资产主线、主要指数和重点科技标的，数据密度与时效性均高。

标签

标的：`GOOG`来源：Stocktwits发布日期：2026-07-13重要性：5/5 高评级理由：覆盖当日跨资产主线、主要指数和重点科技标的，数据密度与时效性均高。评级依据：timeliness, fact_density原文字数：827

中文摘要

核心结论

美国与伊朗围绕霍尔木兹海峡的紧张局势推动油价和债券收益率上升，通胀与加息担忧压低美股，半导体和大型科技板块跌幅领先。

重要性评级

评级：5/5（高）

文章覆盖指数、原油、利率叙事和多个重点科技标的，属于当日跨资产市场主线；地缘事件描述主要来自政治声明与媒体转述，仍需一手航运和能源数据确认。

关键事实

标普500指数下跌0.8%，收于7,515.34点；纳斯达克100指数下跌1.9%，收于29,264.10点。
道琼斯指数下跌0.3%至52,498.64点，罗素2000指数下跌0.8%。
SPY、QQQ 和 DIA 分别下跌约0.8%、2%和0.4%。
VanEck Semiconductor ETF（半导体交易所交易基金，SMH）下跌4%，VGT 信息技术ETF下跌约2.2%。
布伦特原油升破每桶80美元，文章称油价和收益率上升强化了提前加息预期。
特朗普宣布恢复针对伊朗船只及客户的封锁，并称美国将对通过海峡的货物收取20%费用补偿。
Meta 路易斯安那数据中心投入计划约400亿美元。
谷歌据报扩大向独立云服务商销售自研人工智能芯片的计划；英特尔计划向爱尔兰制造基地投资57亿美元。

作者观点与证据

文章将当日风险资产回落主要联系到霍尔木兹局势、油价和收益率上升，并以指数及行业ETF表现支撑。地缘归因具有时间一致性，但油价、利率、半导体供应担忧和个股新闻同时存在，无法精确分解各因素贡献。

与相关标的的关系

META、GOOGL、NVDA、SPCX、AVGO、MU 和 TSLA 受科技板块抛售影响；CL=F 反映能源冲击，SPY 与 QQQ 体现大盘风险偏好。谷歌芯片商业化和 Meta 数据中心支出另有公司层面影响。

时效性与限制

发布于美东时间 07/13 18:36（UTC+8 07/14 06:36）。报道引用 Stocktwits（投资者社交平台）情绪和政治声明，航运量、实际供应中断及收益率具体幅度未完整披露。

后续跟踪

霍尔木兹海峡实际通航和货运收费安排
布伦特原油及美国国债收益率
半导体与大型科技板块相对表现
美国与伊朗后续军事及外交行动

英文原文

S&P 500, Nasdaq, Dow End Lower As US-Iran War Fear Remerges — PSKY, META, GOOGL, INTC, NFLX In Focus

S&P 500, Nasdaq, Dow End Lower As US-Iran War Fear Remerges — PSKY, META, GOOGL, INTC, NFLX In Focus · Stocktwits

Shashank Nayar

Tue, July 14, 2026 at 6:36 AM GMT+8 4 min read

^GSPC

-0.79%

^NDX

-1.88%

^DJI

-0.26%

CL=F

+1.59%

^RUT

-0.83%

The S&P 500 ended 0.8% lower, while the Nasdaq 100 fell 1.9% and the Dow Jones Industrial Average eased 0.3%.

Brent crude prices jumped over $80 per barrel.

Meta Platforms plans to spend $40 billion on its data center campus in Louisiana.

U.S. stock indices ended lower on Monday as oil prices and bond yields spiked, following fresh U.S.-Iran tensions over the Strait of Hormuz, fanning inflation worries.

The S&P 500 ended 0.8% lower, while the Nasdaq 100 fell 1.9% and the Dow Jones Industrial Average eased 0.3%. The Russell 2000, which tracks stocks with small market capitalizations, fell 0.8%.

See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox

Among ETFs tracking benchmark indexes, the SPDR S&P 500 ETF (SPY) dropped 0.8% and Invesco QQQ Trust (QQQ) ended Monday around 2% lower, while the SPDR Dow Jones Industrial Average ETF Trust (DIA) fell 0.4%.

Meanwhile, the VanEck Semiconductor ETF (SMH) lost 4%, while the broader Vanguard Information Technology ETF (VGT) slipped about 2.2%, pushed lower by weakness in Nvidia (NVDA), SpaceX (SPCX), Broadcom (AVGO), Micron Tech (MU), Meta (META) and Tesla (TSLA).

Retail sentiment on Stocktwits for SPY, QQQ and DIA was between 'bullish' and 'neutral' zones with 'normal' to 'high' message volumes.

US Market Drivers

Index

Move

Dow Jones Industrial Average

-0.3%

52,498.64

S&P 500

-0.8%

7,515.34

Nasdaq 100

-1.9%

29,264.10

Memory chip stocks led Monday's declines, with SanDisk (SNDK) and Western Digital led declines most as investors grew concerned about the high-bandwidth memory (HBM) supply chain.

The primary driver for Monday's weakness was a surge in oil price above the $80 per barrel level that stoked inflation worries, raising bets for a sooner-than-expected interest rate hike.

"We are reinstating the THE IRANIAN BLOCKADE, so named because it is only stopping Iran's ships or customers from entering or leaving," Trump said in a post on Truth Social.

"The U.S.A. will be, from this point forward, known as 'THE GUARDIAN OF THE HORMUZ STRAIT,' but as such, and as a matter of FAIRNESS, will be reimbursed, at the rate of 20% on all cargo shipped, for any and all costs necessary to do the job of providing safety and security to this very volatile section of the World," he continued.

The most recent escalation followed a weekend of mutual airstrikes between the U.S. and Iran. Tehran claimed it had shut down the Strait of Hormuz after targeting U.S. facilities in multiple Gulf nations.

Story Continues

"The energy sector is once again in the limelight as the status of the Strait of Hormuz is driving price action in global markets," said Ian Lyngen at BMO Capital Markets. "There is a growing sense that the situation is likely to get worse before it de-escalates."

Trending Stocks To Watch

Paramount Skydance Corporation (PSKY): The company on Monday pushed back against a newly filed multi-state lawsuit aiming to block its historic $110-billion acquisition of Warner Bros. Discovery Inc. (WBD), warning that delaying the transaction will only harm entertainment workers and benefit dominant Silicon Valley tech platforms.

Alphabet (GOOG, GOOGL): Google is reportedly expanding efforts to sell its custom AI chips to independent cloud providers as a direct challenge to Nvidia's (NVDA) dominance in AI hardware.

Intel (INTC): The U.S. chipmaker plans to invest $5.7 billion to expand manufacturing capabilities at its Leixlip campus in Ireland, as part of its latest push to address the chip shortage driven by demand for AI infrastructure.

Netflix (NFLX): Oppenheimer lowered its price target on Netflix to $100 from $120, while KeyBanc analyst Justin Patterson reduced his target to $92 from $115 ahead of results due this week.

Apple (AAPL): The Cupertino, California-based tech giant saw its shipments grow 3% year-over-year in Q2, securing a historic 20% share of the second-quarter global market for the first time, according to Centerpoint.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Shashank Nayar has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy . This article was originally published on StockTwits .

TSLA Stock Back To $400? Jefferies Lays Out Bull Case, Says SpaceX Merger Could Hand Shareholders A Premium

MDGL Stock In Focus — Retail Traders Buzz Over M&A Speculation And Fresh Patents For Liver Drug

RUN Stock Slips Marginally — Sunrun Offers Solar Customers Way To Earn Cash By Powering AI Computing

打开原文

Alphabet将TPU推向外部算力市场

重要性4/5 中高

直接涉及GOOGL人工智能基础设施商业化及与NVDA的竞争，战略意义高，但经营证据尚未落地。

标签

标的：`GOOG`来源：Simply Wall St.发布日期：2026-07-13重要性：4/5 中高评级理由：直接涉及GOOGL人工智能基础设施商业化及与NVDA的竞争，战略意义高，但经营证据尚未落地。评级依据：timeliness, strategic_significance, evidence_caveat原文字数：949

中文摘要

核心结论

Alphabet（GOOGL）正把内部使用的 TPU（张量处理器）转化为对外算力业务，通过独立云服务商出租容量并筹备直接租赁服务，以扩大 Google Cloud（谷歌云）收入来源并降低对第三方 GPU（图形处理器）的依赖。

重要性评级

评级：4/5（中高）

该计划直接关联 Alphabet 的人工智能资本开支、云业务利润率及与 Nvidia 的竞争，并出现500兆瓦部署规模线索；文章偏重分析框架，缺少正式收入和合同披露。

关键事实

Alphabet 计划向外部云服务商出售或出租 TPU 算力。
公司还在准备 neocloud（新型人工智能云服务）产品，向客户直接出租 TPU 计算能力。
文章将 Anthropic、金融机构和人工智能实验室列为潜在客户类型。
TPU 商业化可能减少 Google Cloud 对 Nvidia GPU 的长期依赖。
扩建外部 TPU 集群会增加资本开支，需求不足可能形成闲置资产并压低自由现金流。
文章提到由 Blackstone（黑石）支持的合作项目和500兆瓦 TPU 部署计划，但没有披露定价及合同结构。
GOOGL 文中收盘价为352.51美元，过去一年回报94.7%。

作者观点与证据

作者认为 TPU 对外商业化可形成独立算力收入，并改善谷歌云的芯片经济性。证据主要来自业务计划和潜在合作模式；利用率、单位成本、客户迁移意愿、晶圆代工容量和实际收入均未披露。

与相关标的的关系

GOOGL 是直接受益与承担资本开支风险的标的；NVDA 面临替代竞争，AMD 和 INTC 也处于同一加速器市场。TPU 能否成为第三方训练和推理的主要选择，将影响谷歌云增长与硬件供应格局。

时效性与限制

发布于美东时间 07/13 18:16（UTC+8 07/14 06:16）。Simply Wall St（在线股票分析平台）说明其分析基于历史数据和分析师预测，可能未包含最新价格敏感公告。

后续跟踪

谷歌云披露的 TPU 收入和利用率
500兆瓦部署计划的时间与代工来源
外部客户采用及合同期限
人工智能资本开支、自由现金流和云业务利润率

英文原文

Alphabet (GOOGL) Is Turning Its TPU Chips Into An AI Compute Business

Bailey Pemberton

Tue, July 14, 2026 at 6:16 AM GMT+8 4 min read

GOOG -1.23%

NVDA -3.52%

GOOG -1.23%

Make better investment decisions with Simply Wall St's easy, visual tools that give you a competitive edge.

Alphabet is moving to commercialize its custom AI chips, known as Tensor Processing Units, by selling TPU capacity to external cloud providers.

The company is also preparing a neocloud offering that rents TPU computing power directly to customers.

This TPU push positions Alphabet to compete more directly with Nvidia in supplying AI hardware.

Alphabet, traded as NasdaqGS:GOOGL, is trying to turn its in house AI hardware into a business line that serves other companies, not just Google products. The stock closed at $352.51, with a value score of 4 and a return of 94.7% over the past year, while returns over the past week and month have moved lower. That mix of strong longer term gains and recent pullbacks provides the backdrop for this new AI hardware push.

For you as an investor, Alphabet's effort to rent and sell TPU capacity could add a different type of revenue, tied to demand for AI compute rather than just advertising or cloud services. How far this TPU commercialization goes, and how it compares with established GPU providers, will be important to watch as the AI infrastructure industry develops.

Stay updated on the most important news stories for Alphabet by adding it to your watchlist or portfolio . Alternatively, explore our Community to discover new perspectives on Alphabet.

NasdaqGS:GOOGL Earnings & Revenue Growth as at Jul 2026 4 things going right for Alphabet that this headline doesn't cover.

Alphabet's push to commercialize Tensor Processing Units and develop a TPU-focused neocloud business plugs directly into the heart of AI infrastructure spending, where Nvidia, AMD and to a lesser extent Intel currently sit. For Alphabet, moving from using TPUs internally to renting them out repositions part of Google Cloud as a supplier of AI compute, not just a buyer. That could give Alphabet more control over its own AI cost base while also opening a revenue stream tied to third party AI workloads, from partners like Anthropic to financial firms and AI labs that want an alternative to GPU-based clusters.

How This Fits Into The Alphabet Narrative

The TPU and neocloud push lines up with the narrative that Alphabet is investing heavily in custom AI hardware and cloud capacity to support AI powered products across Search, Gemini and YouTube.

Turning TPUs into a commercial product adds another capital intensive project, which could pressure free cash flow and challenge the idea that AI infrastructure spending will quickly translate into higher profitability.

The possibility that Alphabet secures a larger share of manufacturing from foundry partners as it scales TPUs, and the implications for long term supplier relationships, is not fully reflected in the narrative today.

Story Continues

Knowing what a company is worth starts with understanding its story. Check out one of the top narratives in the Simply Wall St Community for Alphabet to help decide what it's worth to you.

The Risks and Rewards Investors Should Consider

⚠️ Alphabet is already increasing AI related capital expenditure sharply, and building out TPU clusters for external customers could keep free cash flow under pressure if demand does not fully absorb that capacity.

⚠️ Pushing TPUs as an alternative to Nvidia GPUs puts Alphabet deeper into a competitive hardware market, where technical execution missteps or weaker than expected adoption by neocloud customers could leave it with underutilized assets.

🎁 If TPU economics are favorable, a growing share of AI workloads on Alphabet's own chips could support margins in Google Cloud and reduce long term reliance on third party GPUs.

🎁 Offering TPUs through neocloud partners and a Blackstone backed venture broadens Alphabet's reach into AI infrastructure customers that might not otherwise choose Google Cloud directly, which could support the broader AI story around Gemini and cloud services.

What To Watch Going Forward

From here, keep an eye on how often Alphabet calls out TPU revenue or utilization in Google Cloud updates, and whether customers publicly reference TPUs as a primary training or inference option versus Nvidia GPUs or AMD accelerators. Watch for clarity on pricing and contract structures for the Blackstone neocloud venture, and any signs that Alphabet is securing additional long term foundry capacity to back its 500 megawatt TPU deployment plan. Also track commentary on free cash flow and capex in upcoming quarters, as those numbers will show how this AI hardware push is balancing against returns to shareholders and other investment priorities.

To ensure you're always in the loop on how the latest news impacts the investment narrative for Alphabet, head to the community page for Alphabet to never miss an update on the top community narratives.

Companies discussed in this article include GOOGL .

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

打开原文

ARK判断OUSD难撼稳定币双雄

重要性4/5 中高

直接涉及CRCL和稳定币市场结构，并含币安USDT存量等量化信息；证据以机构观点为主，实证数据不足。

标签

标的：`CRCL`来源：TheStreet发布日期：2026-07-13重要性：4/5 中高评级理由：直接涉及CRCL和稳定币市场结构，并含币安USDT存量等量化信息；证据以机构观点为主，实证数据不足。评级依据：timeliness, fact_density, evidence_strength原文字数：609

中文摘要

核心结论

ARK Invest（方舟投资）认为，新推出的 Open USD（开放美元稳定币，OUSD）短期难以动摇 USDT 与 Circle 的 USDC，既有流动性、抵押品接受度、交易深度和结算网络构成主要壁垒。

重要性评级

评级：4/5（中高）

文章直接涉及 Circle（CRCL）及稳定币竞争格局，并给出币安持有约450亿美元 USDT 等量化线索；主要论据来自 ARK 数字资产主管的社交媒体观点，仍需链上供应量和使用数据验证。

关键事实

ARK 数字资产主管 Lorenzo Valente 于07/08（未给出具体时刻）发表长文，认为市场高估了 OUSD 的竞争力。
OUSD 获得贝莱德、Visa（维萨）、Mastercard（万事达卡）、Coinbase、Aptos Labs、Solana 和 Ripple 等机构支持。
OUSD 按 GENIUS Act（美国稳定币监管法案）设计，文章称其不能直接向用户分配收益。
Valente 将流动性、用户习惯、抵押品接受度、系统集成、品牌认知和结算流量列为稳定币网络效应来源。
文中称币安持有约450亿美元 USDT，USDT 也是其最具流动性的交易对手资产。
ARK 与软银此前曾讨论投资 Tether，但文章没有提供后续进展。
ARK 会定期交易 Circle 股票。

作者观点与证据

文章赞同 ARK 对既有稳定币网络效应的判断，并以币安的 USDT 存量和交易流动性为主要证据。OUSD 的机构阵容、合规设计和收益分配机制来自文章转述，缺少发行量、交易量、链上活跃地址和真实结算规模。

与相关标的的关系

CRCL 的储备收益和生态地位与 USDC 使用规模直接相关；USDT 与 USDC 的网络壁垒有利于存量发行方。BTC-USD 仅作为同页行情出现，文章没有建立 OUSD 竞争与比特币价格之间的直接路径。

时效性与限制

发布于美东时间 07/13 17:56（UTC+8 07/14 05:56）。观点依据主要是07/08（未给出具体时刻）的社交媒体文章，且未提供 OUSD 上线后的实证经营数据。

后续跟踪

OUSD 的流通量、交易深度和实际结算规模
USDC 与 USDT 的市场份额及跨平台流动性
OUSD 对分销平台的储备经济分配方式
ARK、软银与 Tether 潜在投资事项的后续披露

英文原文

Cathie Wood

Cathie Wood's ARK issues bold prediction on U.S. digital dollar

Cathie Wood's ARK issues bold prediction on U.S. digital dollar · TheStreet · GettyImages/Bloomberg

Anand Sinha

Tue, July 14, 2026 at 5:56 AM GMT+8 3 min read

USDC-USD +0.01%

CRCL -4.75%

BTC-USD -1.43%

USDT-USD -0.05%

ARK Invest CEO Cathie Wood is one of the most popular crypto investors whose views on digital assets are closely watched by the industry.

While the veteran investor is best known for her bullish Bitcoin (BTC) prediction, her firm ARK Invest recently issued a bullish prediction on stablecoins .

Related: Cathie Wood sends strong prediction on Bitcoin

OUSD unlikely to displace USDC and USDT, ARK says

A stablecoin is a type of cryptocurrency designed to maintain a steady price by getting pegged to a "stable" asset. For instance, Circle Internet Group 's (NYSE: CRCL) USDC and Tether 's USDT are pegged 1:1 to the U.S. dollar. This is why such stablecoins are also called "digital dollars."

Lorenzo Valente, ARK Invest's director of digital assets, wrote a long post on X on July 8 in which he dismissed any such notion that the newly launched Open USD (OUSD) stablecoin threatens the dominance of USDC and USDT.

Open Standard's OUSD is backed by several banking and crypto giants like BlackRock , Visa , Mastercard , Coinbase , Aptos Labs , Solana , and Ripple . But Valente said the industry is "vastly overestimating" the new product.

In his note, Valente talked at length about the network effects of stablecoins. Such effects aren't created by logos but by liquidity, habit, collateral acceptance, integrations, brand recognition, market depth, settlement flows, and the fear of breaking what already works, he highlighted.

As OUSD will be a GENIUS Act-compliant stablecoin, it won't be able to share yield directly with users. In contrast, USDC offers a significant yield to holders, he underscored.

Though OUSD will share the reserve economics with the platforms and businesses that distribute and use the stablecoin, these consortium companies accrue value in other ways, and in many cases their core businesses depend on the existing liquidity and network effects of USDT, USDC, and other stablecoins, Valente highlighted.

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Binance, the world's largest crypto exchange, once had its own branded stablecoin, BUSD, but it had to shut down the project after regulatory pressure.

Binance currently holds $45 billion worth of USDT which is the most liquid counterpair on the crypto exchange, Valente underlined.

In fact, Binance's trading business is cemented by USDT liquidity, which it wouldn't want to disrupt, he added.

Story Continues

"That is a real network effect."

Valente said he doesn't consider OUSD to be irrelevant but considered the market excitement around it exaggerated. The market is overestimating that a newly launched stablecoin can overcome embedded liquidity, he added.

In response, Wood said that the network effects of USDT and USDC have been powerful and underlined that the firm considers that OUSD is unlikely to displace them.

As reported earlier, ARK Invest, along with SoftBank Group, was in talks to invest in Tether, but there is no further update on the deal.

As far as Circle is concerned, ARK regularly trades the publicly listed stablecoin company's shares.

Related: Cathie Wood expects a volatile Bitcoin uptrend

This story was originally published by TheStreet on Jul 13, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.

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USAR半年涨幅背后的项目进展

重要性4/5 中高

接近日报发布时间，集中覆盖USAR关键资金与项目节点，但依赖管理层目标和二手数据。

标签

标的：`USAR`来源：Motley Fool发布日期：2026-07-13重要性：4/5 中高评级理由：接近日报发布时间，集中覆盖USAR关键资金与项目节点，但依赖管理层目标和二手数据。评级依据：timeliness, fact_density, evidence_strength原文字数：850

中文摘要

核心结论

USA Rare Earth（美国稀土公司，USAR）2026年上半年上涨81.3%，主要叙事包括政府与私人融资、海外产能、英国钇金属进展及收购Serra Verde。6月30日后股价已回落逾20%，显示项目兑现与高波动仍需同时评估。

重要性评级

评级：4/5（中高）

文章发布时间接近日报，系统梳理USAR上半年主要事件和关键金额，但多数数据来自公司表述、分析师目标价及二手市场数据。

关键事实

USAR在2025年上涨3.7%，同期标普500指数上涨16.4%；2026年上半年上涨81.3%。
1月宣布与法国政府合作建设金属和合金工厂，管理层预计2026年末投产；当月股价上涨逾88%。
公司选择Fluor（福陆工程公司）协助德州Round Top稀土项目的最终可行性研究。
公司称与美国商务部签署非约束性意向书，并与美国能源部合作，涉及约16亿美元联邦资金；Inflection Point另提供15亿美元私人资金。
Roth Capital于01/26（未给出具体时刻）把目标价由25美元上调至35美元；Benchmark次日把目标价由15美元上调至45美元。
4月，英国子公司产出商业级钇金属。
USAR同意以约28亿美元收购Serra Verde；管理层预计该资产到2027年末实现5.5亿至6.5亿美元年化息税折旧摊销前利润。
自6月30日至成文时，股价下跌逾20%。

作者观点与证据

作者将上半年涨幅归因于政策资金、项目里程碑、收购和分析师上调目标价，并把下半年回撤视为投机型股票波动。市场涨跌数据来自标普全球市场财智；项目进度和收购盈利目标主要来自管理层，尚未由运营现金流验证。

与相关标的的关系

USAR是全部事件的直接承载者。其稀土、磁材和钇金属产能与美国供应链政策相关；NVDA（英伟达）仅出现在推广内容中，与USAR事件没有直接业务证据。

时效性与限制

发布于美东时间 07/13 17:53（UTC+8 07/14 05:53），时效性较强。文章回顾上半年事件，未提供收购融资结构、政府资金拨付条件、产能规模或项目经济性模型。

后续跟踪

法国工厂和Round Top项目的建设与许可进度。
16亿美元联邦资金及15亿美元私人资金的约束条件和到账节奏。
Serra Verde交易交割、融资及2027年盈利目标。
英国钇产品的客户认证、产量和销售收入。

英文原文

Here

Here's Why USA Rare Earth Stock Rocketed 81% Higher in the First Half of 2026

Scott Levine, The Motley Fool

Tue, July 14, 2026 at 5:53 AM GMT+8 4 min read

USAR

-6.87%

^GSPC

-0.79%

NVDA

-3.52%

Underperforming the S&P 500 , shares of USA Rare Earth (NASDAQ: USAR) inched 3.7% higher in 2025, while the index rose 16.4%. The first half of 2026, however, featured a very different story. According to data provided by S&P Global Market Intelligence , shares of USA Rare Earth soared 81.3% through the first six months of 2026.

With analysts consistently providing bullish outlooks on the stock and the rare-earth company reporting progress toward commencing commercial operations, investors found sufficient cause to click the buy button over the past several months.

Image source: Getty Images.

Digging into the sources of this mining stock's rise

It didn't take long after the ball dropped before investors started bidding USA Rare Earth stock higher. Shares rose more than 88% in January after the company announced a partnership with the French government to develop a metal and alloy production facility in France that management expects to commence operations in late 2026.

Reporting progress toward the start of domestic operations, USA Rare Earth announced in late January that it had selected Fluor to assist with its Definitive Feasibility Study for the company's cornerstone Round Top Rare Earth Project in Texas. Plus, the company announced that it had signed a non-binding Letter of Intent with the U.S. Department of Commerce and entered into a collaboration with the U.S. Department of Energy, totaling about $1.6 billion in federal funding. In addition, the company announced $1.5 billion in private funding provided by Inflection Point.

Analysts also espoused a more bullish outlook on USA Rare Earth stock in the early part of the new year. On Jan. 26, Roth Capital hiked its price target to $35 from $25, and the following day, Benchmark boosted its price target to 45 from $15.

Despite a strong start to the year, shares dipped in February and March. But the decline didn't persist. In April, USA Rare Earth stock headed higher after the company reported that its subsidiary had poured commercial-grade yttrium (a rare-earth metal) at its facility in the United Kingdom. The company lauded the achievement, characterizing it as a milestone that sets it apart as one of the few companies to do so outside China.

Another catalyst for the stock's rise in April was the company's announcement that it had entered into a definitive agreement to acquire Serra Verde Group, a large-scale producer of all four magnetic rare-earths, including the valuable heavy rare-earth dysprosium, terbium, and yttrium, for about $2.8 billion. According to USA Rare Earth management, the acquisition will de-risk the company as Serra Verde is expected to achieve annualized run rate earnings before interest, taxes, depreciation, and amortization of $550-$650 million by the end of 2027.

Story Continues

How are things looking in the second half of the year?

Despite the strong performance in the first half of 2026, the second half of the year hasn't provided much for investors to celebrate, with shares sinking more than 20% as of this writing since June 30. For a speculative stock such as USA Rare Earth, the volatility is to be expected. Thus, those with lower risk tolerances who are interested in growth stocks that provide rare-earth exposure will be more interested in a rare-earth ETF .

Should you buy stock in USA Rare Earth right now?

Before you buy stock in USA Rare Earth, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and USA Rare Earth wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

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Scott Levine has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy .

Here's Why USA Rare Earth Stock Rocketed 81% Higher in the First Half of 2026 was originally published by The Motley Fool

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Vertiv高增长预期与估值压力

重要性4/5 高优先级

直接覆盖VRT最新价格、盈利共识和估值溢价，适合财报前跟踪，但评级来源具有自我推广属性。

标签

标的：`VRT`来源：Zacks发布日期：2026-07-13重要性：4/5 高优先级评级理由：直接覆盖VRT最新价格、盈利共识和估值溢价，适合财报前跟踪，但评级来源具有自我推广属性。评级依据：直接关联VRT, 最新收盘数据, 包含季度和全年共识, 估值比较明确, 来源依赖Zacks自有体系原文字数：596

中文摘要

核心结论

Vertiv当日跌幅超过大盘，但市场仍预计其季度和全年收入、利润保持高速增长。49.99倍远期市盈率显著高于行业13.18倍，业绩兑现要求较高。

重要性评级

评级：4/5（高优先级）

文章与VRT直接相关，包含最新收盘价、盈利预测和估值数据；核心预测来自Zacks共识及其自有评级体系。

关键事实

发布于美东时间 07/13 17:45（UTC+8 07/14 05:45）。
VRT收于305.87美元，单日下跌4.07%；同期标普500指数下跌0.79%，道琼斯指数下跌0.26%，纳斯达克指数下跌1.55%。
VRT过去一个月上涨5.28%，高于计算机与科技行业的3.44%及标普500指数的4.28%。
市场预计下一季度EPS（每股收益）为1.43美元，同比增长50.53%。
季度收入共识为33.8亿美元，同比增长28.07%。
全年EPS共识为6.38美元，收入共识为137.5亿美元，分别同比增长51.9%和34.44%。
过去一个月EPS共识上调0.26%；Zacks给予VRT第二级“买入”评级。
VRT远期市盈率49.99倍，行业为13.18倍；PEG（市盈增长比）为1.38，行业均值1.01。

作者观点与证据

文章倾向用盈利预测上调和Zacks评级支持增长叙事，同时展示估值溢价。Zacks关于评级历史表现的陈述属于自有模型营销，不能替代独立回测或公司基本面验证。

与相关标的的关系

VRT为数据中心电力与热管理基础设施公司，AI（人工智能）数据中心建设会影响其订单和增长预期；高估值也使股价对盈利偏差更敏感。

后续跟踪

下一季度订单、收入和EPS
利润率与产能交付
分析师预测修订幅度
远期市盈率相对行业的变化

英文原文

Vertiv Holdings Co. (VRT) Falls More Steeply Than Broader Market: What Investors Need to Know

Vertiv Holdings Co. (VRT) Falls More Steeply Than Broader Market: What Investors Need to Know · Zacks

Zacks Equity Research

Tue, July 14, 2026 at 5:45 AM GMT+8 3 min read

-4.07%

Vertiv Holdings Co. (VRT) ended the recent trading session at $305.87, demonstrating a -4.07% change from the preceding day's closing price. This change lagged the S&P 500's 0.79% loss on the day. Meanwhile, the Dow experienced a drop of 0.26%, and the technology-dominated Nasdaq saw a decrease of 1.55%.

The company's shares have seen an increase of 5.28% over the last month, surpassing the Computer and Technology sector's gain of 3.44% and the S&P 500's gain of 4.28%.

Investors will be eagerly watching for the performance of Vertiv Holdings Co. in its upcoming earnings disclosure. The company's earnings per share (EPS) are projected to be $1.43, reflecting a 50.53% increase from the same quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $3.38 billion, indicating a 28.07% upward movement from the same quarter last year.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $6.38 per share and a revenue of $13.75 billion, signifying shifts of +51.9% and +34.44%, respectively, from the last year.

It's also important for investors to be aware of any recent modifications to analyst estimates for Vertiv Holdings Co. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.26% upward. Right now, Vertiv Holdings Co. possesses a Zacks Rank of #2 (Buy).

Looking at valuation, Vertiv Holdings Co. is presently trading at a Forward P/E ratio of 49.99. This indicates a premium in contrast to its industry's Forward P/E of 13.18.

It's also important to note that VRT currently trades at a PEG ratio of 1.38. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. VRT's industry had an average PEG ratio of 1.01 as of yesterday's close.

Story Continues

The Computers - IT Services industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 83, putting it in the top 34% of all 250+ industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Vertiv Holdings Co. (VRT) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

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Alphabet财报前盈利预期继续上修

重要性3/5 中

财报日期、盈利预期和估值数据较完整，但属于常规预期汇总，独家信息有限。

标签

标的：`GOOG`来源：Zacks发布日期：2026-07-13重要性：3/5 中评级理由：财报日期、盈利预期和估值数据较完整，但属于常规预期汇总，独家信息有限。评级依据：timeliness, earnings_relevance, source_methodology原文字数：607

中文摘要

核心结论

Alphabet（GOOGL）股价当日表现弱于标普500，但市场对07/22财报仍预期收入和每股收益同比增长约24%，过去30天一致每股收益预测小幅上调0.14%。

重要性评级

评级：3/5（中）

文章汇总财报日期、市场一致预期和估值指标，对财报前准备有用；大量内容来自 Zacks 自有评级体系，新增公司事实有限。

关键事实

GOOGL 收于352.51美元，当日下跌1.31%。
同日标普500下跌0.79%，道琼斯指数下跌0.26%，纳斯达克指数下跌1.55%。
GOOGL 过去一个月下跌0.7%，同期计算机与科技板块上涨3.44%，标普500上涨4.28%。
Alphabet 计划于07/22（未给出具体时刻）发布财报。
市场预计季度每股收益2.86美元，同比增长23.81%；收入1,012.2亿美元，同比增长23.86%。
全年一致预期为每股收益14.32美元、收入4,236.3亿美元，分别增长32.47%和23.54%。
过去30天一致每股收益预测上调0.14%。
预期市盈率为24.94倍，高于行业17.4倍；PEG（市盈增长比率）为1.53，行业平均1.66。

作者观点与证据

文章以盈利预测上调和 Zacks Rank（Zacks评级）第2级支持正面判断，并引用自有模型自1988年以来的历史表现。该模型属于发布方自有评级体系，预测增长、估值倍数和历史回测不能替代公司实际财报。

与相关标的的关系

GOOGL 是直接标的；标普500、道指和纳斯达克用于衡量当日相对表现。财报中的广告、谷歌云、人工智能资本开支和利润率将决定一致预期能否兑现。

时效性与限制

发布于美东时间 07/13 17:45（UTC+8 07/14 05:45）。一致预期会在07/22财报前继续变化，Zacks 的历史业绩陈述需通过外部审计资料核验。

后续跟踪

07/22实际收入和每股收益
谷歌云与广告业务增速
人工智能资本开支及自由现金流
财报前一致预期修订幅度

英文原文

Alphabet (GOOGL) Sees a More Significant Dip Than Broader Market: Some Facts to Know

Alphabet (GOOGL) Sees a More Significant Dip Than Broader Market: Some Facts to Know · Zacks

Zacks Equity Research

Tue, July 14, 2026 at 5:45 AM GMT+8 3 min read

GOOG

-1.23%

^GSPC

-0.79%

^DJI

-0.26%

^IXIC

-1.55%

In the latest trading session, Alphabet (GOOGL) closed at $352.51, marking a -1.31% move from the previous day. The stock trailed the S&P 500, which registered a daily loss of 0.79%. Elsewhere, the Dow saw a downswing of 0.26%, while the tech-heavy Nasdaq depreciated by 1.55%.

The stock of internet search leader has fallen by 0.7% in the past month, lagging the Computer and Technology sector's gain of 3.44% and the S&P 500's gain of 4.28%.

The investment community will be closely monitoring the performance of Alphabet in its forthcoming earnings report. The company is scheduled to release its earnings on July 22, 2026. The company is forecasted to report an EPS of $2.86, showcasing a 23.81% upward movement from the corresponding quarter of the prior year. Alongside, our most recent consensus estimate is anticipating revenue of $101.22 billion, indicating a 23.86% upward movement from the same quarter last year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $14.32 per share and a revenue of $423.63 billion, indicating changes of +32.47% and +23.54%, respectively, from the former year.

Investors should also note any recent changes to analyst estimates for Alphabet. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.14% higher. Alphabet currently has a Zacks Rank of #2 (Buy).

With respect to valuation, Alphabet is currently being traded at a Forward P/E ratio of 24.94. This signifies a premium in comparison to the average Forward P/E of 17.4 for its industry.

Meanwhile, GOOGL's PEG ratio is currently 1.53. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Internet - Services was holding an average PEG ratio of 1.66 at yesterday's closing price.

The Internet - Services industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 104, placing it within the top 43% of over 250 industries.

Story Continues

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Alphabet Inc. (GOOGL) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

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HyProMag磁体回收网络蓝图

重要性3/5 中

事实数量较多且发布时间新，但与USAR仅为行业关联，关键估值和技术参数偏公司宣传口径。

标签

标的：`USAR`来源：Exec Edge发布日期：2026-07-13重要性：3/5 中评级理由：事实数量较多且发布时间新，但与USAR仅为行业关联，关键估值和技术参数偏公司宣传口径。评级依据：timeliness, fact_density, source_quality原文字数：873

中文摘要

核心结论

HyProMag USA计划用废旧硬盘、电机和工业设备回收钕铁硼磁体，并以达拉斯工厂为起点建设美国网络。文章强调其下游制造模式和潜在首次公开募股价值，但主要经济数据来自公司预测，商业规模尚待验证。

重要性评级

评级：3/5（中）

文章提供磁体回收技术、产能、融资意向和项目估值等细节，对美国稀土供应链有参考意义；与USAR只有行业关联，且行文明显偏宣传。

关键事实

HyProMag USA由CoTec Holdings（科泰克控股，CTHCF）参与合资，计划建立10个枢纽，首批布局德州、南卡罗来纳州和内华达州。
公司使用伯明翰大学开发的氢处理技术，从报废产品回收钕铁硼磁体材料。
公司称技术历经15年开发和逾1亿美元研发投入，较传统方法节能88%、减排85%。
计划中的达拉斯工厂预计每年生产约750吨再生烧结磁体及其他合金产品。
美国进出口银行出具最高9200万美元融资意向函，融资尚未构成最终承诺。
文章称德州项目正在 확보原料并与BMW（宝马）、Siemens（西门子）等客户签约，但未披露合同规模、期限和约束力。
公司估计前三座工厂税后净现值至少20亿美元；文章按CoTec约50%经济权益推算约10亿美元价值，对比其约1.15亿美元市值。
HyProMag正在探索IPO（首次公开募股）。

作者观点与证据

作者看好回收路线在美国磁体供应链中的位置，证据包括技术参数、规划产量、融资意向和客户名称。20亿美元净现值、节能减排比例及客户进展均主要来自公司口径；文章未给出模型假设、资本开支、原料成本或独立技术验证。

与相关标的的关系

CTHCF通过合资权益和潜在IPO获得直接价值敞口。MP Materials（MP材料，MP）、NioCorp（尼奥科普，NB）和USAR属于美国关键矿产与磁材供应链同业，但文中未证明它们与HyProMag存在合同关系。

时效性与限制

发布于美东时间 07/13 17:43（UTC+8 07/14 05:43），时效性较强。来源为Exec Edge，文本带有明显的公司推广倾向，关键预测尚未由正式融资、投产或销售数据支持。

后续跟踪

9200万美元融资是否签署正式协议及附带条件。
达拉斯工厂资本开支、建设进度和实际产量。
原料供应与客户合同的规模、期限及认证进展。
潜在IPO结构及CoTec最终经济权益。

英文原文

HyProMag is the Magnet Opportunity Hiding in America

HyProMag is the Magnet Opportunity Hiding in America's Scrap Heap

Exec Edge

Tue, July 14, 2026 at 5:43 AM GMT+8 4 min read

CTHCF

LYJ.F

USAR

-HyProMag USA, a JV with CoTec Holdings Corp. (OTC: CTHCF), is building a U.S. rare-earth magnet supply chain through recycling instead of mining

-Rare-earth magnets likely a scarce strategic asset in a market dominated by China

-Real upside is creating a scalable national magnet manufacturing platform with 10 planned hubs starting in Texas, South Carolina and Nevada

-Texas plant already securing feedstock and signing customer contracts including BMW, Siemens and others

-Positioned to benefit from growing demand in AI, robotics, EVs, aerospace and defense

-HyProMag sees over $2 billion in after-tax net present value (NPV) for first three plants

-CoTec Holdings, with a market cap around $115 million, could see significant appreciation via key catalyst: a potential IPO of HyProMag USA

By Jarrett Banks

For years, the West's answer to China's dominance in rare earths has been straightforward: find more mines. HyProMag USA, a joint venture with CoTec Holdings Corp. (OTC: CTHCF), is making a different bet.

Instead of spending billions extracting fresh ore, the company wants to mine yesterday's technology–hard drives, electric motors, medical equipment and industrial scrap–for the permanent magnets that power everything from electric vehicles and robots to missile systems and data centers.

It's an idea whose timing may finally be right. Permanent magnets have quietly become one of the most strategically important components in the global economy. They account for only a tiny fraction of the cost of an electric vehicle or industrial robot, yet without them, production stops.

China still dominates nearly every stage of the supply chain, from refining rare earths to manufacturing finished magnets, leaving Western manufacturers increasingly exposed to geopolitical risk. That has transformed magnet production from an industrial niche into a national-security priority.

Enter HyProMag, which believes recycling can become part of the solution. Using patented hydrogen-processing technology developed at the University of Birmingham, the company says it can recover high-value neodymium-iron-boron magnet material from end-of-life products while using significantly less energy than conventional production.

More importantly, it isn't trying to prove the science anymore – it spent the time and money to get the process camera ready. The company's technology was developed over 15 years with more than $100 million in R&D investment, delivering magnet-to-magnet short-loop recycling that uses 88% less energy and reduces carbon emissions by 85% compared to conventional methods.

Story Continues

Now, the technology is ready to roll out. The company's planned Dallas facility is designed to become the hub of a national recycling network, supported by collection centers located around the country.

HyProMag Reactor Management projects annual production of roughly 750 metric tons of recycled sintered magnets, along with additional alloy products. If achieved, that would make it one of the few meaningful domestic sources of rare-earth magnets outside the traditional mining model.

Investors should pay attention to the milestones that actually create value: financing, feedstock agreements, customer qualification and long-term supply contracts.

Encouragingly, those pieces are beginning to come together. The U.S. Export-Import Bank has issued a letter of interest for up to $92 million in financing under its Make More in America initiative, underscoring the strategic importance Washington places on rebuilding domestic supply chains. Government support alone won't guarantee success, but it can lower financing costs and provide credibility with commercial customers.

The broader backdrop is just as compelling as the project itself. Demand for permanent magnets is poised to expand well beyond electric vehicles. Industrial automation, humanoid robotics, AI data-center cooling systems, aerospace applications and defense modernization all require high-performance magnets. Even modest growth across these sectors could tighten a market that is already structurally dependent on Chinese production.

That creates an unusual investment proposition. Most rare-earth companies are effectively commodity stories, exposed to volatile prices, permitting delays and mining risk. HyProMag USA is attempting to position itself further downstream, where intellectual property, manufacturing know-how and customer relationships may ultimately prove more valuable than simply owning mineral reserves.

HyProMag nvestors often spend years searching for companies positioned ahead of structural shifts rather than reacting to them after the fact. The re-shoring of critical mineral supply chains appears to be one of those shifts. HyProMag USA isn't simply trying to recycle magnets. It's attempting to build an entirely new domestic supply chain around them.

There's a catalyst ahead that could reward investors in JV parent CoTec Holdings. HyproMag is exploring a potential IPO, which would effectively look like a spin off and create a new publicly-traded stock. Based on forecast prices, the first three plants alone have an after-tax net-present value (NPV) of at least $2 billion, according to the company. Assuming CoTec owns roughly 50% of the economics, there's a billion dollars in value for investors in CoTec, whose market cap is only around $115 million.

Investors may eventually view the company's greatest competitive advantage not as its recycling technology, but as its ability to supply one of the world's most strategically scarce industrial products from inside the U.S. Investors who notice the opportunity early may find CoTec shares downright magnetic.

Contact:

Exec Edge

Editor@Executives-Edge.com

Click HERE to follow us on LinkedIn

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Cboe延长个股期权交易时段

重要性4/5 中高

涉及多只核心科技股的期权市场制度变化，并直接关系CBOE成交与清算收入。

标签

标的：`GOOG`, `MSFT`来源：Motley Fool发布日期：2026-07-13重要性：4/5 中高评级理由：涉及多只核心科技股的期权市场制度变化，并直接关系CBOE成交与清算收入。评级依据：timeliness, fact_density原文字数：954

中文摘要

核心结论

Cboe Global Markets（芝加哥期权交易所全球市场）计划延长约20只大型股期权的交易时段，覆盖“七巨头”等高成交标的。更长时段可能增加交易与清算收入，实际贡献仍取决于新增成交量、价差和监管落地。

重要性评级

评级：4/5（中高）

交易制度变化直接覆盖AAPL、AMZN、GOOG、META、MSFT、NVDA和TSLA期权，对市场结构及CBOE收入均有较高时效价值。

关键事实

计划中的交易时段为美东时间每日07:30至16:15，较股票常规开盘提前两小时、较常规收盘延后15分钟，限周一至周五。
初期覆盖约20只多交易所大型股，包括七只美国科技巨头，以及Broadcom（博通）、Palantir和AMD（超威半导体）。
Cboe第一季度收入同比增长29%，盈利增长54%。
期权收入增长33%，期权日均成交量增长10%，期权交易与清算费增长34%。
股票业务收入增长18%，其交易与清算费增长40%。
VIXEQ（个股成分波动率指数）约为50，为2025年4月关税冲击以来最高；VIX（芝加哥期权交易所波动率指数）约为15。
Cboe还与Charles Schwab（嘉信理财）合作推出Cboe Predicts（预测市场产品）。

作者观点与证据

作者认为，个股波动率显著高于指数波动率，为延长交易时段提供了收入环境，并以第一季度成交量和费用增长佐证。文章把新增时段直接推导为增量收入，但没有给出上线日期、收费标准、做市商覆盖或预估成交量。

与相关标的的关系

CBOE对应交易与清算费收入；GOOG、MSFT、NVDA等大型股的期权价格发现时段将延长。对这些成分股基本面没有直接影响，主要关系集中在流动性、波动率展示和隔夜事件响应。

时效性与限制

文章发布于美东时间 07/13 17:25（UTC+8 07/14 05:25）。文中未引用Cboe规则文件，也未说明监管审批状态和正式生效日期。

后续跟踪

Cboe正式规则公告与上线日期
首批标的完整名单和做市商参与度
延长时段的成交量、价差及清算收入
VIXEQ与VIX之间的波动率差异

英文原文

Cboe Global Markets to Launch Extended Hours for Single-Stock Options. Here

Cboe Global Markets to Launch Extended Hours for Single-Stock Options. Here's Why It Wins When Volatility Spikes.

Dave Kovaleski, The Motley Fool

Tue, July 14, 2026 at 5:25 AM GMT+8 4 min read

CBOE

+3.38%

NVDA

-3.52%

MSFT

+1.53%

AMZN

+0.80%

META

-1.86%

Options and derivatives marketplace Cboe Global Markets (NYSEMKT: CBOE) plans to launch new extended trading hours for select multi-exchange mega-cap stock options.

The extended hours will see the market open for options trading for these select stocks at 7:30 a.m. ET, two hours earlier than the major indexes open for trading. It will stay open until 4:15 p.m. ET, 15 minutes past the rest of the markets. This is for Monday through Friday only.

The 20 or so select stocks are all mega-caps, including all the Magnificent Seven stocks -- Nvidia , Microsoft , Apple , Alphabet , Amazon , Meta , and Tesla . It also includes big names like Broadcom , Palantir , and Advanced Micro Devices .

This is a huge development for Cboe and the markets in general. Now, for the first time, investors will be able to trade stock options for the Magnificent Seven and other market movers two hours before the market opens. That is beneficial for Cboe. Here's why.

Image source: Getty Images.

Cboe thrives on volatility

Cboe generates most of its revenue from fees tied to trading on its index. So, the more volatility there is, and the higher the Cboe Volatility Index (VIX) goes, the more revenue Cboe typically generates. So with trading hours extended, it would lead to additional trading and revenue.

In the first quarter, the VIXEQ, Cboe's Constituent Volatility Index, skyrocketed. The VIXEQ measures the volatility of single stocks as opposed to the whole market. The VIXEQ is currently at 50, the highest its been sinced the tariff spike in April 2025 and one of the highest levels in the past five years.

But more importantly, the spread between the VIX and the VIXEQ is at historically wide levels as the VIX is at a pretty normal level -- 15. This means that single stocks are highly volatile, but that voilàtility is masked by a seemingly calm overall VIX.

It is no coincidence that Cboe had a record Q1, with revenue up 29% and earnings up 54% year over year. Options revenue increased 33%, due to a 10% increase in options average daily volume. Transaction and clearing fees for options were up 34%. Equity revenue also set a record, up 18% year over year, with transaction and clearing fees rising 40%.

Cboe stock spiked to an all-time high of $366 per share on May 13, and at that time it was up 46% year to date. It has since come crashing back down on perhaps several factors. There may have been profit-taking, particualrly after the company announced layoffs and volatility appeared to have subsided . Now, Cboe stock is trading at $265 per share, up about 5% YTD.

Story Continues

Cboe Predicts

Cboe is also rolling out a new prediction markets product, in conjunction with Charles Schwab , called Cboe Predicts.

It will allow users to trade on predictions about financial markets. The prediction market product and extended trading hours should help Cboe boost revenue, which could help support revenue when markets are less volatile than they were in Q1.

The VIX has settled down and is back in a more normal range but the VIXEQ is extremely high. With the VIXEQ high, large-cap stocks still overvalued, and geopolitical conflicts ongoing, Cboe stock should be one to keep on your radar.

Cboe stock is trading at a more reasonable level at 22 times earnings. The stock has a median price target of $325 per share, which would represent a 21% increase in price.

Cboe stock might be worth buying at this valuation, because if the market gets wild again, you know youʻll have a stock that thrives on volatility.

Should you buy stock in Cboe Global Markets right now?

Before you buy stock in Cboe Global Markets, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Cboe Global Markets wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

See the 10 stocks »

*Stock Advisor returns as of July 13, 2026.

Dave Kovaleski has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Advanced Micro Devices, Alphabet, Amazon, Apple, Broadcom, Meta Platforms, Microsoft, Nvidia, Palantir Technologies, and Tesla. The Motley Fool recommends Cboe Global Markets. The Motley Fool has a disclosure policy .

Cboe Global Markets to Launch Extended Hours for Single-Stock Options. Here's Why It Wins When Volatility Spikes. was originally published by The Motley Fool

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半导体ETF逆势吸金百亿美元

重要性5/5 高

提供接近日报时点的完整ETF流量数据，直接覆盖三只输入标的，且金额具有显著性。

标签

标的：`DRAM`, `SOXL`, `SOXX`来源：etf.com发布日期：2026-07-13重要性：5/5 高评级理由：提供接近日报时点的完整ETF流量数据，直接覆盖三只输入标的，且金额具有显著性。评级依据：timeliness, portfolio_relevance, evidence_strength原文字数：619

中文摘要

核心结论

截至07/10的一周，美国上市ETF净流入近400亿美元，其中半导体产品合计吸收逾118亿美元。资金在半导体板块第三季度初回调期间集中流入SOXX、SMH、SOXL和DRAM，显示申购行为与QQQ等宽基科技产品赎回出现分化。

重要性评级

评级：5/5（高）

文章发布时间接近日报，基金流量数据与SOXX、SOXL和DRAM直接相关，金额和资产规模口径完整；周度流量可能受大额机构申赎影响，不能单独代表终端投资者一致判断。

关键事实

截至07/10的一周，美国上市ETF净流入399.684亿美元，年内累计流入超过1.1万亿美元。
美国固定收益ETF流入123.845亿美元，国际股票ETF流入105.187亿美元，美国股票ETF流入102.527亿美元。
SOXX（iShares半导体ETF）流入52.677亿美元，管理资产476.339亿美元，流量相当于资产规模的11.06%。
SMH（VanEck半导体ETF）流入24.946亿美元；三倍杠杆产品SOXL流入23.940亿美元；DRAM（Roundhill内存ETF）流入16.643亿美元。
VOO（Vanguard标普500 ETF）流入43.962亿美元。
QQQ（Invesco纳斯达克100 ETF）赎回79.847亿美元，SPY赎回52.964亿美元，IVV赎回21.827亿美元。
高收益债基金HYG赎回7.724亿美元，相当于资产规模的4.61%。
当周标普500指数上涨约1%，债券收益率因油价上升和通胀担忧升至5月以来高位。

作者观点与证据

作者将半导体基金大额流入解读为部分投资者利用第三季度初回调增加配置。资金流数据支持申购规模，但不能识别资金来源、持有期限或是否包含做市和份额创建活动；宽基产品赎回也可能来自组合再平衡。

与相关标的的关系

SOXX是当周流入最多的单只ETF；SMH、SOXL和DRAM同样获得显著资金。SOXL带有每日三倍杠杆，资金变化与长期无杠杆基金不能按相同风险口径比较。

时效性与限制

发布于美东时间 07/13 17:00（UTC+8 07/14 05:00），数据截至07/10（未给出具体时刻）。来源提示临时市场数据可能被交易所修订，周度流量也无法说明日报当日资金是否延续。

后续跟踪

SOXX、SMH、SOXL和DRAM的后续日度及周度申赎。
大额流入后基金成交量、折溢价与持仓变化。
QQQ赎回是否延续并转向行业基金。
油价、债券收益率与半导体估值联动。

英文原文

Investors Buy the Semiconductor Dip in $40 Billion Flows Week

Sumit Roy

Tue, July 14, 2026 at 5:00 AM GMT+8 4 min read

^GSPC

-0.79%

CL=F

+1.63%

-0.77%

-4.16%

ETF Investing Tools Investors added almost $40 billion to U.S.-listed ETFs during the week ending Friday, July 10, pushing year-to-date inflows above $1.1 trillion.

Markets edged higher over the week, with the S&P 500 up around 1% but still sitting marginally below its June all-time high. Bond yields climbed to their highest level since May as a rise in oil prices reignited inflation concerns.

By category, U.S. fixed income ETFs led inflows at $12.4 billion, followed by international equity ETFs at $10.5 billion and U.S. equity at $10.3 billion. Inverse ETFs shed $306 million and commodity ETFs lost $168 million.

Among individual funds, the iShares Semiconductor ETF (SOXX) led with $5.3 billion in inflows, followed by the Vanguard S&P 500 ETF (VOO) at $4.4 billion.

SOXX's rival, the VanEck Semiconductor ETF (SMH) , took the No. 3 spot with $2.5 billion, while the Direxion Daily Semiconductor Bull 3X Shares (SOXL) was next with $2.4 billion and the Roundhill Memory ETF (DRAM) , a more specialized fund holding semiconductor names, picked up $1.7 billion.

After a massive run in Q2, semiconductor ETFs are pulling back to start Q3, but based on these inflows, some investors are treating the dip as a buying opportunity.

On the outflows side of the ledger, the Invesco QQQ Trust (QQQ) led with $8 billion in redemptions, and the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) shed $772 million.

For a full list of the top inflows and outflows from last week, see the tables below.

Top 10 Creations (All ETFs)

Ticker

Name

Net Flows ($, mm)

AUM ($, mm)

AUM % Change<

SOXX

iShares Semiconductor ETF

5,267.71

47,633.94

11.06

VOO

Vanguard S&P 500 ETF

4,396.15

985,576.97

0.45

SMH

VanEck Semiconductor ETF

2,494.63

73,195.16

3.41

SOXL

Direxion Daily Semiconductor Bull 3x Shares

2,394.00

25,319.98

9.45

IWM

iShares Russell 2000 ETF

2,125.43

83,752.91

2.54

DRAM

Roundhill Memory ETF

1,664.32

23,418.72

7.11

SPYM

SPDR Portfolio S&P 500 ETF

1,596.13

157,027.98

1.02

SGOV

iShares 0-3 Month Treasury Bond ETF

1,366.17

97,660.71

1.40

EFV

iShares MSCI EAFE Value ETF

1,308.43

25,924.80

5.05

LQD

iShares iBoxx $ Investment Grade Corporate Bond ETF

1,078.83

35,600.96

3.03

Top 10 Redemptions (All ETFs)

Ticker

Name

Net Flows ($, mm)

AUM ($, mm)

AUM % Change

QQQ

Invesco QQQ Trust Series I

-7,984.66

479,563.55

-1.66

SPY

SPDR S&P 500 ETF Trust

-5,296.45

776,864.47

-0.68

IVV

iShares Core S&P 500 ETF

-2,182.74

890,540.65

-0.25

HYG

iShares iBoxx $ High Yield Corporate Bond ETF

-772.44

16,745.10

-4.61

IQMM

ProShares GENIUS Money Market ETF

-680.23

19,840.02

-3.43

VUG

Vanguard Growth ETF

-495.51

222,066.06

-0.22

VLUE

iShares MSCI USA Value Factor ETF

-435.05

9,765.36

-4.46

SCZ

iShares MSCI EAFE Small-Cap ETF

-432.26

13,694.99

-3.16

FXI

iShares China Large-Cap ETF

-369.84

4,397.95

-8.41

KRE

SPDR S&P Regional Banking ETF

-328.77

4,752.97

-6.92

Story Continues

ETF Weekly Flows By Asset Class

Net Flows ($, mm)

AUM ($, mm)

% of AUM

Alternatives

855.62

142,485.84

0.60%

Asset Allocation

146.70

42,297.16

0.35%

Commodities E T Fs

-167.50

312,385.10

-0.05%

Currency

460.40

95,399.74

0.48%

International Equity

10,518.68

2,827,399.07

0.37%

International Fixed Income

3,528.34

438,387.78

0.80%

Inverse

-306.24

12,900.49

-2.37%

Leveraged

2,295.16

193,139.13

1.19%

Us Equity

10,252.73

9,561,005.42

0.11%

Us Fixed Income

12,384.51

2,142,632.26

0.58%

Total:

39,968.40

15,768,031.98

0.25%

Disclaimer: All data as of 6 a.m. Eastern time the date the article is published. Data is believed to be accurate; however, transient market data is often subject to subsequent revision and correction by the exchanges.

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轨道数据中心与小型核电竞逐算力能源

重要性3/5 中

提供人工智能能源路径的跨标的比较和量化需求预测，但SpaceX方案仍处早期概念阶段。

标签

标的：`SPCX`来源：Motley Fool发布日期：2026-07-13重要性：3/5 中评级理由：提供人工智能能源路径的跨标的比较和量化需求预测，但SpaceX方案仍处早期概念阶段。评级依据：industry_context, fact_density, evidence_caveat原文字数：756

中文摘要

核心结论

文章比较两条人工智能能源路径：SpaceX 计划利用太空太阳能和低温环境建设轨道数据中心，NuScale Power（SMR）则以可部署在地面数据中心附近的小型模块化反应堆供电。作者认为地面核电方案当前可行性和验证程度较高。

重要性评级

评级：3/5（中）

内容连接 SPCX、SMR 和人工智能电力需求，提供能源需求与行业项目数量，但对 SpaceX 方案的讨论主要基于管理层计划，商业证据有限。

关键事实

马斯克表示希望 SpaceX 在2027年发射轨道数据中心。
文中称 SpaceX 估值约1.9万亿美元，市场已计入部分轨道计算预期。
美国能源部预计未来十年美国总能源需求最多增长20%。
Electric Power Research Institute（美国电力研究院）预计，数据中心用电占美国发电量的比例可能由2023年的4%升至2030年的9%。
SMR（小型模块化反应堆）占地较小、建设周期较短，可与数据中心共址。
全球只有少量 SMR 已投入运行，但超过80个项目处于不同开发阶段。
NuScale 是美国目前唯一拥有获批 SMR 设计的公司，文章同时指出竞争者正在增加。

作者观点与证据

作者偏向 NuScale 的地面方案，依据是监管批准、较短工期和较小占地。SpaceX 轨道数据中心的太阳能与冷却优势属于概念论证，正文没有发射成本、散热工程、通信延迟或客户合同数据。

与相关标的的关系

SPCX 对应轨道计算和发射需求，SMR 对应地面数据中心供电，NVDA 仅代表人工智能算力需求背景。两家公司面向相近的能源瓶颈，但产品成熟度、监管路径和成本结构差异很大。

时效性与限制

发布于美东时间 07/13 16:50（UTC+8 07/14 04:50）。2027年为管理层目标，文章没有项目里程碑或资金安排；末段含订阅推广内容。

后续跟踪

SpaceX 轨道数据中心的原型与发射计划
轨道计算的散热、通信和单位成本
NuScale 项目订单、许可和建设进度
数据中心用电占比及电网接入周期

英文原文

SpaceX Just Did Something NuScale Power Investors Should Be Watching

Ryan Vanzo, The Motley Fool

Tue, July 14, 2026 at 4:50 AM GMT+8 3 min read

SPCX

-4.24%

NVDA

-3.52%

-7.63%

The artificial intelligence industry has an energy problem.

The data center infrastructure that AI technologies rely on to operate is so energy-intensive that the current electricity grid is nowhere near powerful enough to support the ongoing build-out of additional data centers.

Space Exploration Technologies (NASDAQ: SPCX) is hoping to solve the problem by placing data centers in space, where they would enjoy significant amounts of free, continuous solar energy and lower cooling costs in the relatively low temperatures of low Earth orbit. SpaceX CEO Elon Musk recently said he wants the company to launch orbital data centers by 2027.

Image source: Getty Images. Investor sentiment toward orbital data centers is strong, as evidenced by SpaceX's $1.9 trillion valuation. Wall Street analysts see data centers in space as one of SpaceX's biggest long-term growth opportunities.

But NuScale Power (NYSE: SMR) is trying to meet AI's rising power demand through a very different strategy that could be superior to SpaceX's.

NuScale Power's terrestrial approach

The Department of Energy estimates that the U.S. will see total energy demand grow by as much as 20% over the next decade. Research from the Electric Power Research Institute, meanwhile, projects that data centers could consume up to 9% of U.S. electricity generation by 2030, up from 4% in 2023.

NuScale Power specializes in small modular reactors, or SMRs. "When compared to traditional, large-scale [nuclear power plants], SMRs require less land, shorter construction periods, and have enhanced safety features," concludes a report from Bank of America .

SMRs are also cheaper to build, at least until additional modules are constructed. But it's really shorter construction periods and lower land requirements that make the technology so attractive. That's because AI firms need more energy quickly, and smaller footprints mean SMRs could be co-located directly with data center infrastructure.

Only a handful of SMRs are currently in operation today. But more than 80 are now in some stage of development worldwide. And NuScale Power is the only firm in the U.S. with an approved SMR design -- at least for now.

Musk's intention to launch data centers into space by 2027 to reduce the AI industry's dependence on terrestrial energy strongly demonstrates how important and valuable this initiative is for SpaceX. But NuScale's approach is arguably more feasible and proven, while targeting roughly the same end-market opportunity.

Story Continues

NuScale isn't the only company looking to scale SMRs. Dozens of companies worldwide are attempting to design and sell SMR systems. But NuScale is one of only three pure-play SMR stocks available to investors, alongside Oklo and Nano Nuclear Energy , making it a unique investment opportunity for energy, AI, and SpaceX investors alike.

Should you buy stock in NuScale Power right now?

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Bank of America is an advertising partner of Motley Fool Money. Ryan Vanzo has no position in any of the stocks mentioned. The Motley Fool recommends NuScale Power. The Motley Fool has a disclosure policy .

SpaceX Just Did Something NuScale Power Investors Should Be Watching was originally published by The Motley Fool

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芯片股集体跌破支撑位

重要性4/5 中高

发布时间接近当日日报窗口且直接覆盖MRVL，但原文过短，证据强度受限。

标签

标的：`MRVL`来源：Investor's Business Daily发布日期：2026-07-13重要性：4/5 中高评级理由：发布时间接近当日日报窗口且直接覆盖MRVL，但原文过短，证据强度受限。评级依据：timeliness, sector_breadth原文字数：70

中文摘要

核心结论

台积电发布乐观报告后，芯片股仍普遍下跌，显示板块压力压过单一公司利好。Arm、Marvell及多只连接芯片股跌幅显著，文章称部分股票已跌破技术支撑位。

重要性评级

评级：4/5（中高）

文章发表于美股收盘后不久，直接覆盖MRVL（Marvell Technology，数据基础设施芯片公司）当日大跌，但正文只有短摘录，无法核验支撑位和卖压来源。

关键事实

文章发布于美东时间 07/13 16:49（UTC+8 07/14 04:49）。
Arm当日下跌7.55%。
MRVL下跌7.75%。
TSM（台积电美股存托凭证）下跌2.89%。
ALAB（Astera Labs，数据中心连接芯片公司）下跌12.33%。
文章称芯片股在台积电报告偏乐观的背景下仍集体走弱，Arm等股票跌破支撑位。

作者观点与证据

作者把当日行情描述为芯片板块普遍抛售，并以多只股票跌幅及技术支撑失守作为证据。现有原文未提供台积电报告内容、成交量、具体支撑价位或资金流数据，技术判断只能视作简短行情描述。

与相关标的的关系

MRVL是直接报道对象，ALAB、ARM、CRDO及TSM构成同一人工智能数据中心芯片链的板块参照。文章反映板块风险偏好同步下降，未提供Marvell公司层面的新增基本面信息。

时效性与限制

截至美东时间 07/13 22:14（UTC+8 07/14 10:14）完成抓取。归档正文只有一分钟短摘录，无法判断跌势是否由估值、业绩信息或宏观因素主导。

后续跟踪

MRVL与ARM能否收复文中所称技术支撑位
半导体板块后续成交量与市场宽度
台积电乐观信息对供应链盈利预期的实际传导
ALAB、CRDO与MRVL之间的相对强弱

英文原文

Arm And Marvell Tumble As Chip Stocks Sell Off

Arm And Marvell Tumble As Chip Stocks Sell Off · Investor's Business Daily

PATRICK SEITZ

Tue, July 14, 2026 at 4:49 AM GMT+8 1 min read

-7.55%

MRVL

-7.75%

-2.89%

ALAB

-12.33%

Chip stocks sold off on Monday despite an upbeat report from Taiwan Semiconductor Manufacturing. Arm and other stocks broke support.

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SK海力士上市后遭重挫

重要性4/5 中高

创纪录异动具有较高时效性和板块关联度，但正文残缺及数据冲突降低可信度。

标签

标的：`MRVL`, `SPCX`来源：The Wall Street Journal发布日期：2026-07-13重要性：4/5 中高评级理由：创纪录异动具有较高时效性和板块关联度，但正文残缺及数据冲突降低可信度。评级依据：timeliness原文字数：93

中文摘要

核心结论

SK海力士韩国股票在其美国存托凭证于纳斯达克首秀后单日下跌超过15%，创公司最大单日跌幅；其美国上市证券也同步走弱。文章将其列入与SpaceX、英特尔等并列的当日重点异动名单。

重要性评级

评级：4/5（中高）

事件发生在当日交易时段，涉及存储芯片、人工智能硬件和MRVL相关半导体风险偏好，但可用正文只完整保留了SK海力士部分。

关键事实

文章发布于美东时间 07/13 16:47（UTC+8 07/14 04:47）。
SK海力士韩国股票单日下跌超过15%，文中称为历史最大单日跌幅。
此次下跌发生在其美国存托凭证于前一周五登陆纳斯达克之后。
数据栏显示SKHY下跌9.32%、SPCX下跌4.24%、INTC下跌6.12%、AMD下跌4.21%。
三星电子韩国股票的数据栏显示上涨3.15%，但正文截断处另有“下跌9.”的不完整表述，两者存在冲突。

作者观点与证据

文章采用市场异动清单形式，将SK海力士创纪录跌幅与纳斯达克首秀相联系。现有文本没有给出因果证据，也未完整保留SpaceX、英特尔及三星电子段落；三星电子数据还存在内部冲突。

与相关标的的关系

SK海力士、三星电子、AMD、英特尔、Micron及SanDisk均处于人工智能计算或存储产业链。MRVL虽列为关联标的，正文没有提供Marvell专属事实；SPCX（SpaceX上市证券）只出现在行情栏和标题中。

时效性与限制

截至美东时间 07/13 22:14（UTC+8 07/14 10:14）完成抓取。正文截断明显，无法完整核验各股票异动原因，三星电子的涨跌信息尤其需要原始行情确认。

后续跟踪

SK海力士韩国股票与美国存托凭证的价差和流动性
创纪录跌幅后的成交量与持有人结构
三星电子当日真实涨跌幅
存储及人工智能芯片板块的联动范围

英文原文

Stocks to Watch: SK Hynix, SpaceX, Intel

Stocks to Watch: SK Hynix, SpaceX, Intel · The Wall Street Journal · Timothy A. Clary/AFP/Getty Images

Julia Amann

Tue, July 14, 2026 at 4:47 AM GMT+8 1 min read

SKHY

-9.32%

SPCX

-4.24%

INTC

-6.12%

005930.KS

+3.15%

-4.21%

↘️ SK Hynix (KR:000660, SKHY): The chipmaker’s Korean shares sank more than 15%, its biggest one-day drop on record, after its ADRs’ Nasdaq debut on Friday. Its U.S.-listed shares also slumped. Rival Samsung Electronics (KR: 005930) tumbled 9.

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芯片抛售与油价上涨压低美股

重要性4/5 中高

当日跨资产行情与MRVL直接相关，指数数据明确，但事件解释缺少完整正文支持。

标签

标的：`MRVL`, `SPCX`来源：The Wall Street Journal发布日期：2026-07-13重要性：4/5 中高评级理由：当日跨资产行情与MRVL直接相关，指数数据明确，但事件解释缺少完整正文支持。评级依据：timeliness原文字数：78

中文摘要

核心结论

美国股市在芯片股急跌和油价上涨的共同压力下收低，人工智能交易信心受到冲击。费城半导体指数跌幅远高于主要宽基指数，显示压力集中于科技硬件链。

重要性评级

评级：4/5（中高）

文章提供当日跨资产收盘概览，能解释MRVL及半导体板块所处的市场环境；正文短，无法拆分油价、人工智能抛售与其他宏观因素的贡献。

关键事实

文章发布于美东时间 07/13 16:43（UTC+8 07/14 04:43）。
道琼斯工业平均指数下跌0.26%。
标普500指数下跌0.79%。
纳斯达克综合指数下跌1.55%。
费城半导体指数下跌4.78%。
原油期货上涨1.61%。
文章称芯片股急跌削弱投资者对人工智能交易的信心。

作者观点与证据

作者用主要指数、半导体指数及油价的同步变化概括市场压力，并强调人工智能相关芯片抛售。现有短摘录未提供个股驱动、油价上涨原因、利率变化或资金流证据，无法确认各因素的相对权重。

与相关标的的关系

MRVL及AMD、英特尔、Micron、SK海力士、SanDisk均受半导体指数大跌的板块环境影响。SPCX与文章标题所述市场压力存在风险偏好关联，但正文没有SpaceX专属信息。

时效性与限制

截至美东时间 07/13 22:14（UTC+8 07/14 10:14）完成抓取。归档仅保留三分钟文章的开头，适合作为当日市场背景，无法支持细化事件归因。

后续跟踪

费城半导体指数与宽基指数的相对表现
原油上涨是否继续推高通胀和利率预期
人工智能芯片龙头的成交量与盈利预期变化
半导体抛售是否扩散至软件和数据中心基础设施

英文原文

U.S. Stocks Fall as AI Selloff, Oil Jump Rattle Markets

U.S. Stocks Fall as AI Selloff, Oil Jump Rattle Markets · The Wall Street Journal · Michael M. Santiago/Getty Images

Anvee Bhutani

Tue, July 14, 2026 at 4:43 AM GMT+8 3 min read

^DJI

-0.26%

CL=F

+1.61%

^GSPC

-0.79%

^SOX

-4.78%

^IXIC

-1.55%

U.S. stocks fell as a sharp selloff in chip stocks rattled investor confidence in the artificial-intelligence trade.

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银行股财报前稳定性论点缺乏正文

重要性1/5 低

除标题和一句导语外无可用正文，也没有直接标的或量化证据。

标签

标的：`SPCX`来源：MT Newswires发布日期：2026-07-13重要性：1/5 低评级理由：除标题和一句导语外无可用正文，也没有直接标的或量化证据。评级依据：timeliness, evidence_strength原文字数：74

中文摘要

核心结论

可见内容仅称，在金融机构即将发布财报之际，华尔街大型银行和较小竞争者仍具吸引力，并被描述为市场中的稳定板块。付费墙遮挡了全部论据，无法评估这一判断。

重要性评级

评级：1/5（低）

发布时间较新，但正文缺失，且没有具体银行、财务指标、估值或业绩预期，不能作为日报的主要证据。

关键事实

发布于美东时间 07/13 16:39（UTC+8 07/14 04:39）。
发布方为 MT Newswires（财经通讯社）。
标题将银行股称为“稳定之岛”。
导语称大型银行和较小金融机构在财报发布前仍具投资吸引力。
完整文章需要银级或金级订阅，存档没有保留后续内容。

作者观点与证据

可见部分表达正面立场，但没有利润、净息差、信贷损失、资本回报或估值数据，证据无法审查。

与相关标的的关系

输入未给出相关股票代码，正文也未点名具体银行，因此只能视为金融板块背景标题。

时效性与限制

文章很新，但付费墙使事实密度接近于零。

后续跟踪

完整正文及涉及的银行名单
银行财报中的净息差与信贷成本
存款增长和资本回报
估值与分析师预期差异

英文原文

Bank Stocks

PREMIUM

Bank Stocks 'An Island of Stability' as Financial Institutions Set to Release Earnings

MT Newswires

Tue, July 14, 2026 at 4:39 AM GMT+8 3 min read

Wall Street banks and smaller competitors remain attractive investment opportunities as financial in

PREMIUM

Upgrade to read this MT Newswires article and get so much more.

A Silver or Gold subscription plan is required to access premium news articles.

Upgrade Already have a subscription? Sign in

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Meta路易斯安那数据中心预算激增

重要性4/5 中高

230亿美元预算增量直接影响META财务与人工智能战略，金额重大，但项目商业模式尚未明确。

标签

标的：`GOOG`来源：Yahoo Finance Video发布日期：2026-07-13重要性：4/5 中高评级理由：230亿美元预算增量直接影响META财务与人工智能战略，金额重大，但项目商业模式尚未明确。评级依据：timeliness, evidence_caveat原文字数：447

中文摘要

核心结论

Meta（META）路易斯安那数据中心预算由270亿美元升至500亿美元，规划功率达5吉瓦。巨额支出既服务自有人工智能，也可能支持对外出售算力，使 Meta 更直接进入云算力竞争。

重要性评级

评级：4/5（中高）

预算增加230亿美元，直接影响 META 资本开支、折旧和自由现金流，并可能改变其与 Google、Amazon 和 Microsoft 的竞争边界；客户与收入模式尚未确定。

关键事实

路易斯安那数据中心项目预算由2025年10月披露的270亿美元提高至500亿美元。
项目规划功率为5吉瓦。
访谈估算1吉瓦可供约75万至80万户家庭用电，5吉瓦对应极高电力需求。
扎克伯格曾表示公司正在研究出售计算能力。
数据中心可能同时承担 Meta 自有人工智能训练与对外客户算力服务。
潜在竞争者包括 Microsoft、Google、Amazon 及新型云服务商。
访谈提出 OpenAI、Anthropic 或其他机构可能成为客户，但未确认实际合同。

作者观点与证据

Yahoo Finance（雅虎财经）编辑认为预算激增会提高投资者对资本纪律的担忧，并推测项目可能部分用于对外售卖算力。预算与功率是明确事实，客户身份、容量分配和商业模式仍属讨论。

与相关标的的关系

META 将直接承担资本开支和执行风险；GOOG 与 AMZN 可能面对新的算力竞争者。若 Meta 对外销售计算能力，其业务边界会从广告和社交平台进一步延伸至人工智能基础设施。

时效性与限制

发布于美东时间 07/13 16:34（UTC+8 07/14 04:34）。材料为短视频讨论，没有项目工期、融资结构、电力合同、设备采购或预期回报数据。

后续跟踪

Meta 资本开支指引和项目预算确认
5吉瓦电力供应及并网安排
自用与对外销售算力的容量分配
客户合同、定价和自由现金流影响

英文原文

Meta's data center costs are skyrocketing. Here's what you need to know.

Yahoo Finance Video

Tue, July 14, 2026 at 4:34 AM GMT+8

META

-1.86%

GOOGL

-1.31%

AMZN

+0.80%

Meta ( META ) raised the budget for its Louisiana data center from $27 billion to $50 billion. Yahoo Finance Technology Editor Dan Howley takes a closer look at the company's surging costs.

Video Transcript

00:00 Speaker A

CNBC has a story, Meta's Louisiana data center project is going to cost more than 50 billion dollars. That is higher than the 27 billion revealed back in October. It is a 5 gigawatt data center. What does that actually mean, Dan? How much power is that?

00:19 Dan

Yeah, that's hundreds and hundreds of thousands of of homes. Uh I think the going kind of estimate for 1 gigawatt is around 750,000 to 800,000 homes uh could be powered using that. So that's a lot of houses uh that you could power uh with this data center. Now, you know, the original data center was for 27 billion, now it's going up to that 50 billion number. Uh this is their gigantic data center that they kind of showed overlaid uh on, you know, a a silhouette of Manhattan saying how large it will be.

00:54 Dan

Um, it you know, this also comes as, you know, Mark Zuckerberg spoke to Bloomberg uh saying that they're absolutely looking into selling compute capacity, uh, as well as, you know, obviously investing in their own AI capabilities. And so what does that mean then? Does this mean that they're going whole hog with the idea of selling uh AI compute capacity, uh and this is part of that effort where, you know, part of this will go towards developing their own AI and powering their own AI and then another part will go to potentially customers. Who are those customers?

01:23 Dan

You know, obviously they would be then competing with the Microsofts, the Google, and Amazon of the world as well as Neoclouds. But those are also some of the biggest buyers uh of uh uh chips. Um, you know, would it would be OpenAI? Would it be Anthropic? You know, we've we're seeing rivals in this space kind of work together, uh, signing deals to be able to power their own AI capabilities, or what would it be some other organizations? But, you know, I think this kind of raises the stakes for Meta.

01:54 Dan

Uh, they already were getting some flack for heavy investments and now this could be just another one of those kind of big investment moves that spook inve- investors.

打开原文

存储短缺下苹果与Pixel逆势增量

重要性4/5 中高

包含智能手机行业重大下滑、明确份额及出货数据，对AAPL和GOOGL硬件业务具有直接参考价值。

标签

标的：`GOOG`来源：Stocktwits发布日期：2026-07-13重要性：4/5 中高评级理由：包含智能手机行业重大下滑、明确份额及出货数据，对AAPL和GOOGL硬件业务具有直接参考价值。评级依据：timeliness, source_quality, fact_density原文字数：640

中文摘要

核心结论

2026年第二季度全球智能手机出货量同比下降11%，创2013年以来最低二季度水平；存储器短缺推高大众机型成本时，苹果和谷歌凭借高端定位、价格策略及产品表现实现份额或出货增长。

重要性评级

评级：4/5（中高）

Counterpoint Research（市场研究机构）的行业数据直接关联 AAPL、GOOGL 和三星，并揭示人工智能数据中心挤压消费电子存储供应的传导路径；数据为初步统计。

关键事实

全球智能手机出货量在2026年第二季度同比下降11%，为2013年以来最低的二季度规模。
文章将下滑主要归因于 DRAM（动态随机存取存储器）和 NAND（闪存）短缺。
存储供应商优先满足人工智能数据中心需求，入门和中端手机成本上升，多家厂商提高售价。
三星以24%份额重返全球第一。
苹果出货量同比增长3%，二季度份额首次达到20%。
苹果是该季度唯一未提高智能手机价格的主要厂商，iPhone 17 系列仍为全球出货量最高的机型。
谷歌出货量同比增长16%，主要由 Pixel 10 和 Pixel 10a 在成熟市场的需求推动。
AAPL 年内上涨16.5%，GOOGL 上涨13.3%，同期 VGT 信息技术ETF上涨21.5%。

作者观点与证据

文章认为高端定位、稳定售价和软件整合帮助苹果与谷歌抵御行业下滑，依据来自 Counterpoint 的初步出货数据。存储短缺与人工智能数据中心采购之间的归因具有产业逻辑，但正文没有提供存储价格、地区拆分或渠道库存。

与相关标的的关系

AAPL 获得份额和出货增长；GOOGL 的 Pixel 实现双位数增长；三星保持最大份额。存储涨价可能影响三家公司后续产品成本与定价，谷歌硬件业务规模仍显著小于苹果和三星。

时效性与限制

发布于美东时间 07/13 16:31（UTC+8 07/14 04:31）。数据为第二季度初步估计，文中一处将 Counterpoint 写成 Centerpoint，需以研究机构原始报告核验。

后续跟踪

第二季度最终出货量与地区拆分
DRAM、NAND 价格和供应分配
苹果与谷歌手机平均售价及毛利率
Pixel 增长能否延续至后续季度

英文原文

Apple’s iPhone And Google Pixel Q2 Sales Shine Even As Global Smartphone Market Drops To 13-Year Low

Apple’s iPhone And Google Pixel Q2 Sales Shine Even As Global Smartphone Market Drops To 13-Year Low · Stocktwits

Shashank Nayar

Tue, July 14, 2026 at 4:31 AM GMT+8 3 min read

AAPL

+0.63%

GOOG

-1.23%

005930.KS

+2.95%

Global smartphone shipments plummeted 11% year-over-year in Q2 2026, driven by an intense shortage of DRAM and NAND memory chips.

Samsung reclaimed the top global market position with a 24% share, while Apple secured a record 20% Q2 market share by avoiding price hikes.

Google emerged as a major growth outlier, boosting its shipments by 16% year-over-year behind the success of its Pixel 10 series.

The global smartphone market experienced its steepest second-quarter slump in over a decade, though premium device makers Apple Inc. (AAPL) and Alphabet's (GOOGL) Google managed to outpace the broader industry decline.

According to preliminary data released on Monday by Counterpoint Research, global smartphone shipments tumbled 11% year-over-year in the second quarter of 2026. The drop marked the lowest second-quarter volume for the industry since 2013, fueled primarily by an intensifying global memory shortage.

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Memory suppliers have increasingly prioritized artificial intelligence data centers over consumer electronics, causing DRAM and NAND flash prices to balloon. The resulting surge in component costs forced manufacturers to repeatedly raise prices on entry-level and mid-tier smartphones, pricing out budget-conscious consumers and stifling overall market demand.

While AAPL stock ended Monday's session 0.63% higher, GOOGL shares closed 1.3% lower. At the time of writing, AAPL extended its gains in after-hours trading, edging 0.01% higher, while GOOGL stock slipped another 0.04%.

Apple Sets Q2 Record By Holding The Line On Prices

While mass-market brands struggled under the weight of inflated component costs, Apple capitalized on its premium positioning. The Cupertino, California-based tech giant saw its shipments grow 3% year-over-year, securing a historic 20% share of the second-quarter global market for the first time, according to Centerpoint.

Apple achieved this growth by remaining the only major manufacturer to avoid raising smartphone prices during the quarter. Demand was anchored by the flagship iPhone 17 series, which retained its title as the world's top-shipped device model.

Google Outpaces Market With Double-Digit Gains

Alphabet Inc.'s Google emerged as one of the quarter's biggest success stories, recording a robust 16% year-over-year jump in shipments.

Google's gains were driven by strong consumer reception to its Pixel 10 and Pixel 10a devices across mature tech markets. By focusing heavily on premium features and software integration, Google managed to capture market share from competitors whose mid-range devices were heavily impacted by the semiconductor squeeze.

Story Continues

AAPL, GOOGL Stock: Retail View

Retail sentiment on Stocktwits on Apple was 'neutral' with 'normal' message volumes and was 'bearish' for GOOGL stock.

GOOGL stock gained 13.3% year-to-date while AAPL rose 16.5% during the same period. The Vanguard Information Technology ETF (VGT) gained 21.5%.

Read More: Paramount Defends Itself Against 12-State Lawsuit Seeking To Block $110B Warner Bros. Discovery Merger

For updates and corrections, email newsroom[at]stocktwits[dot]com.

TSLA Stock Back To $400? Jefferies Lays Out Bull Case, Says SpaceX Merger Could Hand Shareholders A Premium

MDGL Stock In Focus — Retail Traders Buzz Over M&A Speculation And Fresh Patents For Liver Drug

RUN Stock Slips Marginally — Sunrun Offers Solar Customers Way To Earn Cash By Powering AI Computing

打开原文

FireSat扩容推进近实时山火监测

重要性3/5 中

具备明确技术指标和最新发射进展，但对GOOG财务影响间接，来源含公司口径及较多推广内容。

标签

标的：`GOOG`来源：Benzinga发布日期：2026-07-13重要性：3/5 中评级理由：具备明确技术指标和最新发射进展，但对GOOG财务影响间接，来源含公司口径及较多推广内容。评级依据：timeliness, technology_significance, source_bias原文字数：1322

中文摘要

核心结论

谷歌支持的 FireSat（山火监测卫星系统）新增三颗卫星，目标是识别最小约5米见方的火情，并最终每20分钟提供接近实时的全球更新。首颗试验星已发现传统卫星未能识别的小型低强度火灾。

重要性评级

评级：3/5（中）

项目展示 Alphabet（GOOG）把人工智能、卫星图像和公共安全结合的应用能力，含卫星数量、探测尺度和资金投入；文章后半部分混入大量付费推广，商业贡献没有量化。

关键事实

FireSat 由 Google Research（谷歌研究院）、非营利组织 Earth Fire Alliance 和卫星制造商 Muon Space 合作开发。
2026年7月初，三颗新卫星从加州成功发射。
首颗试验卫星于上一年进入轨道，已发现现有卫星未识别的小型低强度火灾。
谷歌称传感器可以识别约5米乘5米的火情。
项目长期目标是每20分钟提供一次接近实时的山火更新。
Google.org（谷歌公益组织）为早期卫星部署投入超过1,500万美元。
Sundar Pichai 于07/08（未给出具体时刻）公开确认新增三颗卫星。
文章认为更早发现火情可能降低住房、企业、保险和应急响应损失，但没有给出已实现节省金额。

作者观点与证据

前半部分依据谷歌及合作方披露，强调首颗卫星的探测能力和新增星座。有关每年节省数十亿美元的说法属于潜在效益推演，缺少对照试验、误报率、覆盖率和消防部门响应数据。后半部分对 BluSky AI 及多种投资平台的介绍带有明显推广属性，与 FireSat 的证据关系较弱。

与相关标的的关系

GOOG 通过研究、人工智能模型和公益资金参与项目，可能强化遥感与公共安全技术能力；AAPL 仅作为同页行情标的出现，没有直接业务关系。项目当前缺少收入、客户合同或对 Alphabet 财务贡献的披露。

时效性与限制

发布于美东时间 07/13 16:31（UTC+8 07/14 04:31）。卫星发射和探测能力主要来自谷歌口径，标题中的经济效益尚未得到实际数据支持。

后续跟踪

FireSat 星座规模及全球覆盖进度
误报率、探测延迟和消防机构采用情况
每20分钟更新目标的实现时间
项目客户、合同及可量化减灾效果

英文原文

Google Wants

Google Wants 'Near Real-Time' Wildfire Updates. The new Satellites They Just Launched Could Help Save Billions of Dollars Annually

Adrian Volenik

Tue, July 14, 2026 at 4:31 AM GMT+8 6 min read

GOOG -1.23%

AAPL +0.63%

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.

Wildfires have become one of the costliest natural disasters in the world, destroying homes , businesses and critical infrastructure while leaving governments and insurers with massive bills. The sooner a fire is detected, the better the chances of containing it before it turns into a major catastrophe.

That is the idea behind FireSat, a new satellite network backed by Google that aims to detect wildfires much earlier than existing systems. In early July, three new FireSat satellites successfully launched from California, expanding a growing constellation designed specifically for wildfire detection.

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Aiming to Catch Fires Earlier

The FireSat project is a collaboration between Google Research, nonprofit Earth Fire Alliance and satellite manufacturer Muon Space to provide continuous global coverage that helps fire agencies identify wildfires before they spread out of control.

The latest launch builds on a pilot FireSat satellite that entered orbit last year. According to Google , that satellite has already demonstrated the potential of the technology by detecting small, low-intensity fires that existing satellites failed to spot.

Google says FireSat's sensors are capable of identifying fires as small as 5meters-by-5 meters, potentially giving firefighters valuable extra time to respond.

In a post on X following the recent launch of three satellites, Google CEO Sundar Pichai highlighted the results from the first satellite.

With just one year in orbit, the first FireSat satellite has already spotted wildfires invisible to existing satellites. After a successful launch early this morning, 3 more satellites joined the constellation, bringing us one step closer to our ultimate goal of near real-time… pic.twitter.com/SGnnnq6VnE

— Sundar Pichai (@sundarpichai) July 8, 2026

Trending: If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it?

"With just one year in orbit, the first FireSat satellite has already spotted wildfires invisible to existing satellites," he wrote.

Pichai added that the launch of three more satellites brings the project "one step closer to our ultimate goal of near real-time wildfire updates every 20 minutes."

Story Continues

Google.org has contributed more than $15 million to help support the deployment of the early satellites, according to the company.

The financial impact could be huge. Big wildfires can cost billions of dollars by destroying homes and businesses, disrupting work, driving up insurance claims and requiring expensive emergency responses. Catching fires earlier won't stop each one, but it can make it easier to put out smaller fires before they turn into major disasters.

The Infrastructure Behind AI Innovation

FireSat is also a reminder that many of today's most promising AI applications depend on powerful computing infrastructure operating behind the scenes. Processing satellite imagery, running AI models and delivering useful insights in near real time requires enormous amounts of computing power.

See Also: Wall Street Traders Pay Thousands For Market Data. This Platform Gives Everyday Investors Access To Advanced Tools.

Earlier this year, Pichai called AI "the most profound technology yet" and said the U.S. should "take the lead and develop it boldly and responsibly so every American benefits."

That is where BluSky AI comes in. The company is building modular data centers designed specifically for AI workloads. Its SkyMod facilities use smaller footprints, require significantly less energy than many traditional data center projects and use little or no water through closed-loop cooling systems. The approach is designed to reduce strain on local communities while helping meet the growing demand for AI computing capacity.

For a limited time, the company is offering investors an opportunity to participate in its growth as it expands its data center footprint, including bonus shares and other perks for eligible investors. You can buy in at $5 per share with a $1,000 minimum.

In an era when wildfires are becoming more frequent, more destructive and more expensive, even a small improvement in response times could save lives, protect property and reduce billions of dollars in damage.

Building Wealth Across More Than Just the Market

Building a resilient portfolio means thinking beyond a single asset or market trend. Economic cycles shift, sectors rise and fall, and no one investment performs well in every environment. That's why many investors look to diversify with platforms that provide access to real estate, fixed-income opportunities, precious metals, and even self-directed retirement accounts. By spreading exposure across multiple asset classes, it becomes easier to manage risk, capture steady returns, and create long-term wealth that isn't tied to the fortunes of just one company or industry.

Arrived

Backed by Jeff Bezos, Arrived Homes makes real estate investing accessible with a low barrier to entry. Investors can buy fractional shares of single-family rentals and vacation homes starting with as little as $100 . This allows everyday investors to diversify into real estate, collect rental income, and build long-term wealth without needing to manage properties directly.

FarmTogether

Farmland has historically held its value through market volatility and delivered returns uncorrelated to stocks and bonds. For accredited investors, FarmTogether offers direct access to high-quality U.S. farmland starting at $15,000 — fully managed, with no landlord headaches.

Immersed

Immersed is building technology for the future of work through spatial computing. Known for its AR/VR productivity platform that enables users to work across multiple virtual screens, the company has grown to more than 1.5 million users worldwide. Immersed is also developing Visor, a lightweight headset designed specifically for professional productivity, positioning the company at the intersection of remote work, extended reality (XR), and next-generation computing.

Fundrise

Private real estate and private credit can add income and stability to a stock-heavy portfolio. Fundrise offers access to diversified private real estate and credit strategies through an easy-to-use platform, with professionally managed portfolios designed to generate passive income and long-term growth.

Realberry

Institutional-quality real estate has traditionally been difficult for individual investors to access. Realberry gives accredited investors direct access to private real estate opportunities backed by a team with 35 years of experience, $3.4 billion in assets under management, and $481 million in cumulative distributions paid to investors as of Q4 2025, according to the company. With a portfolio spanning 13 million square feet across seven U.S. states, Realberry focuses on acquiring, developing, and managing real estate with an emphasis on long-term value creation while its principals often invest alongside clients to help align interests.

Mode Mobile

Mode Mobile is changing the way people interact with their phones by letting users earn money from the same apps and activities they already use every day. Instead of platforms keeping all the advertising revenue, Mode Mobile shares a portion back with users who engage with content, play games, and scroll on their devices. Named one of Deloitte's fastest-growing software companies in North America, the company has built a large beta user base and is scaling a model that turns everyday smartphone usage into a potential income stream.

EquityMultiple

For accredited investors looking beyond stocks and bonds, EquityMultiple provides access to vetted commercial real estate deals starting at $5,000 , with only ~5% of opportunities passing their due diligence process.

Image: Shutterstock

This article Google Wants 'Near Real-Time' Wildfire Updates. The new Satellites They Just Launched Could Help Save Billions of Dollars Annually originally appeared on Benzinga.com

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马斯克与奥尔特曼再起争执

重要性2/5 中低

与MSFT和OpenAI有关，但主要是社交媒体争执，缺少经营增量和一手法律证据。

标签

标的：`MSFT`来源：Yahoo Finance Video发布日期：2026-07-13重要性：2/5 中低评级理由：与MSFT和OpenAI有关，但主要是社交媒体争执，缺少经营增量和一手法律证据。评级依据：timeliness, evidence_strength原文字数：328

中文摘要

核心结论

Elon Musk（埃隆·马斯克）与OpenAI首席执行官Sam Altman（萨姆·奥尔特曼）再次在X平台公开争执，话题延续至OpenAI从非营利组织转向营利企业的旧诉讼。现有材料主要记录双方言论，没有出现影响微软合作关系或OpenAI经营的新事实。

重要性评级

评级：2/5（中低）

文章与MSFT及OpenAI存在关系，但属于人物口水战和诉讼背景复述，事实增量与财务信息有限。

关键事实

马斯克与奥尔特曼在周末通过X平台互相指责。
马斯克此前起诉奥尔特曼、OpenAI总裁Greg Brockman（格雷格·布罗克曼）、OpenAI和Microsoft（微软）。
马斯克声称，相关方曾以维持非营利定位为由诱使其捐款，随后又把组织转向营利模式。
视频称马斯克已经败诉，但仍保留上诉权。
Yahoo Finance科技编辑Dan Howley把此次互动评价为缺乏实质内容的公开争吵。
视频还称OpenAI无意为自有硬件采用他人的技术，但没有说明对应产品或争议专利。

作者观点与证据

视频编辑认为，马斯克在利用社交平台激化长期个人与法律冲突，奥尔特曼则公开回应。证据限于社交媒体发言和对旧诉讼的口头概述，未引用裁判文书、上诉文件或公司声明。

与相关标的的关系

MSFT是被提及的旧诉讼当事方和OpenAI合作伙伴；OPAI.PVT代表非上市OpenAI。文章未提供合同、治理、产品或收入层面的新变化，因此对相关标的主要是声誉和法律背景价值。

时效性与限制

视频发布于美东时间 07/13 16:26（UTC+8 07/14 04:26）。转录内容很短，缺少争议所涉新诉讼、原帖全文及法院文件。

后续跟踪

是否提交正式上诉及其法律主张
OpenAI治理和营利结构的公开文件
微软与OpenAI合作条款是否变化
硬件技术争议是否形成具体诉讼

英文原文

Yahoo Finance

'Scam Altman strikes again': Why SpaceX CEO Elon Musk was beefing on X over the weekend

Yahoo Finance Video

Tue, July 14, 2026 at 4:26 AM GMT+8

OPAI.PVT

MSFT

+1.53%

SpaceX ( SPCX ) and Tesla ( TSLA ) CEO Elon Musk was sparring with OpenAI ( OPAI.PVT ) CEO Sam Altman on X over the weekend. Yahoo Finance Technology Editor Dan Howley breaks down the details.

Video Transcript

00:00 Speaker A

Elon Musk and Sam Altman trading barbs on X. In response to this suit, Musk posting, scam Altman strikes again. Altman then hits back. I mean, these two actually used to be on good terms. Not anymore, Dan.

00:20 Dan

Yeah, I mean this is just I mean sophomoric, I guess is probably the best way to put it. Uh, you know, Elon Musk obviously has a bone to pick with with Sam Altman. He's had that for quite some time. Uh, you know, he sued Altman, uh, OpenAI president Greg Brockman, OpenAI uh and Microsoft uh over uh what he says was their move to dupe him into donating money to OpenAI uh to ensure that it would be a non-profit and then changing that and making it a for-profit enterprise. He obviously lost that lawsuit. Uh he still has the right to appeal that loss. Uh but there's there's really no love lost here. Uh you know, Musk is kind of famous for kind of trying to agitate uh people online. Uh and so that's clearly what he's doing here and you know, Altman responding uh I guess in kind. Um it is interesting to see, you know, OpenAI basically as I said, said that they really don't have any interest in using other people's technologies for for their own uh hardware. So, you know, we're we're really just going to see have to see where this ends up in, you know, I guess the the coming months and maybe years.

打开原文

VGT与FTEC费率差仅六美元

重要性3/5 中

对科技ETF和三只核心持仓的集中度比较清晰，但时效性偏背景研究，税务结论依赖个人情况。

标签

标的：`MSFT`来源：24/7 Wall St.发布日期：2026-07-13重要性：3/5 中评级理由：对科技ETF和三只核心持仓的集中度比较清晰，但时效性偏背景研究，税务结论依赖个人情况。评级依据：fact_density, portfolio_relevance, evidence_strength原文字数：904

中文摘要

核心结论

VGT和FTEC两只科技ETF（交易所交易基金）的持仓与历史回报高度接近，费率差对10万美元资产仅约每年6美元。两者共同面临头部科技股集中风险，文章对税务成本的判断属于一般性说明，不能替代个人税务计算。

重要性评级

评级：3/5（中）

文章直接关联AAPL、MSFT、NVDA及两只科技ETF，比较数据充足；当日催化较弱，且带有顾问导流营销。

关键事实

VGT费用率为0.09%，FTEC约为0.084%，10万美元对应的年度费用差约6美元。
两只基金过去一年均上涨41%，年内均上涨26%。
五年累计回报为VGT 140%、FTEC 142%；十年累计回报为VGT 831%、FTEC 815%。
VGT持有425只以上证券，科技行业占比约98.5%，前十大持仓占约54%。
FTEC前十大持仓占约58%，其中NVDA占17%、AAPL占15.8%、MSFT占8.6%。
两只基金约四成资产集中于英伟达、苹果和微软，收益率均低于1%。
文章认为，应税账户出售长期持有的VGT可能产生远高于费率节省的资本利得税。

作者观点与证据

作者把FTEC视为VGT的低费率近似替代品，并用费用率、持仓权重和多周期回报支持判断。税务结论没有纳入成本基础、税率、亏损抵扣和账户所在地，正文还混入理财顾问推广内容。

与相关标的的关系

VGT、FTEC和VITAX提供美国科技行业敞口；AAPL、MSFT和NVDA的合计权重决定了两只ETF的大部分波动。更换代码无法消除三只大型股和半导体行业的集中度。

时效性与限制

文章发布于美东时间 07/13 16:15（UTC+8 07/14 04:15）。回报和持仓权重会随市场价格与指数调整变化，文中未标明各组数据的统一观察日。

后续跟踪

两只ETF最新持仓与跟踪误差
费用率是否再次调整
三大持仓的权重变化
不同账户结构下的实际税务成本

英文原文

Why Smart Money Is Quietly Swapping VGT for Its Nearly Identical, Cheaper Twin

Omor Ibne Ehsan

Tue, July 14, 2026 at 4:15 AM GMT+8 4 min read

VITAX

-2.11%

NVDA

-3.52%

AAPL

+0.63%

MSFT

+1.53%

FTEC

-2.12%

Quick Read

VGT and FTEC delivered nearly identical returns, with both up 41% last year, but FTEC's slightly lower fee saves roughly $6 annually per $100,000 invested.

Switching VGT to FTEC in a taxable account triggers capital gains taxes that dwarf a decade of fee savings.

Both funds park roughly 42% of assets in just NVIDIA, Apple, and Microsoft, a concentration risk that no ticker swap can eliminate.

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Vanguard Information Technology ETF ( NYSEARCA:VGT ) offers simple exposure to American tech at minimal cost. But Fidelity's near-clone undercuts VGT on fees while tracking essentially the same large-cap US tech universe. If you hold VGT in a taxable account, the swap math is more complicated than the fee gap suggests.

lzf / Shutterstock.com VGT and Fidelity MSCI Information Technology Index ETF ( NYSEARCA:FTEC ) both anchor your portfolio to US information technology, with a heavy tilt toward the top. VGT carries roughly 98.5% tech exposure with about 54% of assets sitting in its top ten holdings, even though it owns 425-plus securities. FTEC is built on the MSCI IT index and lands in the same neighborhood. Its top ten accounts for roughly 58% of the fund, with NVIDIA ( NASDAQ:NVDA ) at 17%, Apple ( NASDAQ:AAPL ) at 15.8%, and Microsoft ( NASDAQ:MSFT ) at 8.6%. Same three horses, same order, similar weights.

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The return engine is a bet on the AI capex cycle and the balance sheets of six or seven mega-caps. Goldman Sachs' 2026 outlook frames the market's current state as an "uneasy equilibrium" where AI capex is masking underlying economic weakness, and Morningstar warns that the top 10 US stocks now account for over one-third of the market, up from 18% a decade ago. When you buy either fund, you intentionally lean into that concentration.

Does the Fee Gap Actually Matter

VGT charges an expense ratio of 0.09%. FTEC sits at roughly 0.084%. For a $100,000 position, that difference is roughly $6 per year. What makes FTEC interesting is that tracking has kept pace at a slightly lower cost. Over the past year, VGT returned 41% against FTEC's 41%. Year to date, VGT is up 26%, and FTEC is up 26%. Over five years, VGT gained 140% versus FTEC's 142%. Over ten years, VGT edges ahead at 831% against FTEC's 815%. Different index methodologies produce tracking noise around the same underlying result.

Story Continues

Income is a wash. FTEC's annualized forward payout is $1.156, and VGT's recent quarter came in at $0.1384, following a March distribution of $0.7438. Both funds run yields well under 1%. Nobody buys tech-sector ETFs for the dividend.

The Swap Comes Down to Tax Consequences

In a Roth IRA or 401(k), rotate from VGT to FTEC and pocket the fee savings. In a taxable brokerage account with a long-held VGT position, you are likely sitting on years of long-term capital gains. Realizing those gains to save six basis points a year is a bad trade. The IRS check will dwarf a decade of fee savings.

The bigger risk in either fund is one both share equally. FTEC holds NVIDIA, Apple, and Microsoft at roughly 40% combined, and VGT's top-heavy structure is similar. A serious drawdown in two or three names hits either portfolio the same way. European "tech sovereignty" policy, an AI capex slowdown, or a mega-cap earnings miss are risks you cannot diversify away by switching tickers.

Who Should Own Which

For a new tax-advantaged position, FTEC wins on price and delivers the same exposure. For an existing VGT holding sitting on years of gains, stay put. The fee arbitrage is real but small, and the tax bill from selling an appreciated position undoes it many times over. If you find yourself asking whether you should own a fund that is nearly 40% semiconductors and roughly 40% concentrated in three names, that is the actual question about whether or not this is a fit for your portfolio.

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打开原文

美元贸易加权指数周内回落

重要性4/5 中高

官方贸易加权美元指数覆盖面广，与多类资产定价相关，但数据观测止于07/10，时效性略低于当日市场数据。

标签

来源：Board of Governors of the Federal Reserve System发布日期：2026-07-13重要性：4/5 中高评级理由：官方贸易加权美元指数覆盖面广，与多类资产定价相关，但数据观测止于07/10，时效性略低于当日市场数据。评级依据：时效性：07/13发布、观测截至07/10, 跨资产相关度：美元影响黄金、国债、股票与加密资产, 证据强度：美联储官方H.10统计, 事实密度：包含贸易加权指数和主要双边汇率原文字数：575

中文摘要

核心结论

美联储H.10（外国汇率统计）显示，07/06至07/10美元对主要贸易伙伴货币整体走弱；广义美元指数从120.8350降至120.5046，发达经济体和新兴市场美元指数同步回落。

重要性评级

评级：4/5（中高）

数据由美联储发布，覆盖多个主要货币及三组贸易加权美元指数，对美元环境和跨资产日报具有较高参考价值。其频率为周度发布，最新逐日观测止于07/10。

关键事实

美联储于美东时间 07/13 16:15（UTC+8 07/14 04:15）发布截至07/10的H.10周度数据。
07/06至07/10，广义美元指数从120.8350降至120.5046，降幅约0.27%。
发达外国经济体美元指数从114.0429降至113.6939，降幅约0.31%。
新兴市场经济体美元指数从129.4690降至129.1560，降幅约0.24%。
同期美元兑日元从162.28降至161.31，美元兑人民币从6.7958降至6.7766。
欧元兑美元由1.1426升至1.1438，英镑兑美元由1.3369升至1.3421。
美元兑巴西雷亚尔由5.1472降至5.1046，兑韩元由1530.98降至1501.06。

作者观点与证据

页面只发布汇率与指数，没有解释美元回落的驱动因素。周内多组贸易加权指数及多种双边汇率方向一致，为美元普遍偏弱提供数据证据；利率、政策或风险偏好的因果关系仍需其他来源确认。

与相关标的的关系

美元变化可影响黄金、美国国债、跨国企业收入折算和以美元计价的加密资产。页面没有关联单一股票代码，也未提供资产价格对汇率变化的敏感度。

时效性与限制

逐日汇率最新观测为07/10（未给出具体时刻），较07/14日报存在一个交易日以上的滞后。多数汇率以每美元对应的外币单位表示，澳元、欧元、新西兰元和英镑采用每单位外币对应的美元数，比较时需要区分报价方向。

后续跟踪

广义美元指数能否延续回落。
美元兑日元与人民币的后续变化。
发达经济体和新兴市场美元指数是否继续同向。
汇率变化与美国利率曲线的同步程度。

英文原文

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Data

Foreign Exchange Rates - H.10

Current Release

Release Dates

Country Data

Nominal/Real Indexes

Currency Weights

G.5

G.5A

About

Announcements

Technical Q&As

###

RSS

Data Download

FRED

Effective June 24, 2019, the Federal Reserve Board staff will make a change

to the indexation of the daily Broad, AFE, and EME dollar indexes. For more

information, see the

"Technical Q&As" .

Release Date: July 13, 2026

Foreign Exchange Rates -- H.10 Weekly

(Rates in currency units per U.S. dollar except as noted by an asterisk)

COUNTRY

CURRENCY

Jul. 6

Jul. 7

Jul. 8

Jul. 9

Jul. 10

*AUSTRALIA

DOLLAR

0.6944

0.6935

0.6911

0.6944

0.6959

BRAZIL

REAL

5.1472

5.1515

5.1621

5.1204

5.1046

CANADA

DOLLAR

1.4214

1.4194

1.4190

1.4163

1.4132

CHINA, P.R.

YUAN

6.7958

6.7934

6.8025

6.7921

6.7766

DENMARK

KRONE

6.5418

6.5431

6.5600

6.5336

6.5348

*EMU MEMBERS

EURO

1.1426

1.1423

1.1396

1.1439

1.1438

HONG KONG

DOLLAR

7.8427

7.8425

7.8391

7.8368

7.8394

INDIA

RUPEE

95.4000

94.9700

95.5600

95.3900

95.3300

JAPAN

YEN

162.2800

161.9100

162.6700

162.2900

161.3100

MALAYSIA

RINGGIT

4.0836

4.0670

4.0740

4.0753

4.0670

MEXICO

PESO

17.4426

17.4980

17.6270

17.5353

17.4732

*NEW ZEALAND

DOLLAR

0.5691

0.5686

0.5684

0.5761

0.5774

NORWAY

KRONE

9.8180

9.7948

9.8040

9.7102

9.7625

SINGAPORE

DOLLAR

1.2925

1.2919

1.2956

1.2918

1.2903

SOUTH AFRICA

RAND

16.2213

16.2477

16.4765

16.3154

16.2746

SOUTH KOREA

WON

1530.9800

1514.4300

1511.1700

1508.7600

1501.0600

SRI LANKA

RUPEE

334.9000

334.7100

334.8800

335.0900

335.7000

SWEDEN

KRONA

9.6450

9.6720

9.7392

9.6521

9.6382

SWITZERLAND

FRANC

0.8063

0.8069

0.8105

0.8063

TAIWAN

DOLLAR

32.0400

32.1700

32.0900

32.1600

32.0900

THAILAND

BAHT

33.3100

33.3000

33.5300

33.3700

33.2500

*UNITED KINGDOM

POUND

1.3369

1.3372

1.3362

1.3409

1.3421

VENEZUELA

BOLIVAR

665.3824

673.2432

684.2278

698.4743

707.9193

Memo:

UNITED STATES

DOLLAR

1) BROAD

JAN06=100

120.8350

120.8145

121.1307

120.7530

120.5046

2) AFE

JAN06=100

114.0429

113.9974

114.2218

113.8469

113.6939

3) EME

JAN06=100

129.4690

129.4760

129.8962

129.5119

129.1560

* U.S. dollars per currency unit.

ND = No data for this date.

Please visit the Currency Weights page (http://www.federalreserve.gov/releases/H10/Weights) for current weights and country composition of the Broad Index.

1) A weighted average of the foreign exchange value of the U.S. dollar against the currencies of a broad group of major U.S. trading partners.

2) A weighted average of the foreign exchange value of the U.S. dollar against a subset of the broad index currencies that are advanced foreign economies.

3) A weighted average of the foreign exchange value of the U.S. dollar against a subset of the broad index currencies that are emerging market economies.

Last Update: July 13, 2026

打开原文

USDC份额压力叠加Circle资金流出

重要性4/5 中高

同时提供CRCL技术面、USDC竞争数据和目标价调整，对当日Circle跟踪较直接，但部分结论高度依赖图形分析。

标签

标的：`CRCL`来源：BeInCrypto发布日期：2026-07-13重要性：4/5 中高评级理由：同时提供CRCL技术面、USDC竞争数据和目标价调整，对当日Circle跟踪较直接，但部分结论高度依赖图形分析。评级依据：timeliness, fact_density, evidence_caveat原文字数：578

中文摘要

核心结论

文章将 Circle（CRCL）的技术面走弱与稳定币竞争加剧并列：USDC 规模仍远大于新对手，但资金流指标、形态破位和竞争币增速共同压低短期叙事强度。

重要性评级

评级：4/5（中高）

内容直接覆盖 CRCL 股价、USDC 市值、竞争币增速和分析师目标价，信息密度较高；其中40美元路径依赖技术分析假设，不能视为经营预测。

关键事实

Circle 获批设立美国全国性信托银行后，股价周五上涨近5%至66.14美元，但年内仍下跌约20%。
文章称 CRCL 在4月至6月形成头肩形态，6月下旬跌破支撑线后尚未收复。
Chaikin Money Flow（蔡金资金流指标，CMF）为-0.38，自5月以来持续低于零。
OUSD 于06/30（未给出具体时刻）上线，获得超过140家公司支持；文章称 CRCL 当日下跌约15%。
过去六个月，Global Dollar（全球美元稳定币，USDG）供应量增长108%，USDC 市值下降3.3%。
USDC 市值仍约730亿美元，并保持欧洲 MiCA（欧盟加密资产市场法规）框架下的领先地位。
Robert W. Baird 于07/13（未给出具体时刻）维持买入评级，但将目标价从138美元下调至100美元。
文中技术位包括64.37美元、49.86美元、40美元、73.35美元和87.86美元。

作者观点与证据

作者倾向看弱 CRCL 短期走势，依据包括头肩形态、成交量下降、CMF 为负以及 USDG 的高增速。USDG 的百分比增速建立在较小基数上，而USDC仍有约730亿美元规模；40美元目标来自斐波那契和图形分析，证据性质弱于财务或链上经营数据。

与相关标的的关系

CRCL 的主要收入来自 USDC 储备，USDC 市值和分销份额变化会影响储备收入基础。USDG、OUSD 扩张可能分散合规稳定币流量，但文章没有量化其对 Circle 收入和利润的具体影响。

时效性与限制

发布于美东时间 07/13 16:08（UTC+8 07/14 04:08）。文中混合了近期股价、技术指标和六个月供应变化，技术价位会随市场价格迅速失效。

后续跟踪

USDC、USDG 与 OUSD 的流通量和支付份额
CRCL 能否收复73.35美元及资金流指标变化
Circle 信托银行落地后的托管和分销成本
分析师对盈利与目标价的后续修订

英文原文

Two Rivals Eat Into USDC as Circle Stock Price Eyes a Drop to $40

Ananda Banerjee

Tue, July 14, 2026 at 4:08 AM GMT+8 3 min read

CRCL

-4.75%

USDC-USD

+0.01%

Circle (CRCL) stock price rose nearly 5% on Friday to $66.14 after US regulators approved its national trust bank. Yet the stock still sits down about 20% this year, and its chart points lower.

The banking win gave buyers a reason to step in. However, a broken chart pattern, steady outflows, and rising stablecoin competition suggest the rally may not hold.

Circle Stock Price Showed Notable Volatility Last Week. Source: Yahoo Finance

A Confirmed Bearish Pattern Keeps Stock Under Pressure

Circle stock formed a head-and-shoulders pattern between April and June. The stock broke below the pattern's support line in late June. Since then, it has failed to reclaim that lost ground.

Want more insights like this? Sign up for Editor Harsh Notariya's Daily Newsletter here.

Volume tells the same story. Selling stayed steady between late June and July 10, while buying volume slowly faded, a sign of weak demand.

CRCL Head And Shoulders Pattern: TradingView If buyers were returning, money-flow data would show it. So far, it does not.

Big Money Keeps Leaving Circle

The Chaikin Money Flow (CMF), a measure of institutional buying and selling pressure, sits at -0.38. A negative reading means money is flowing out of the stock.

The indicator has dropped steadily since May and remains below zero. This suggests large investors kept selling even after the bank charter news.

CRCL Chaikin Money Flow: TradingView For the CMF to turn bullish, it must first rise above its descending trendline, then above zero. Part of that selling traces back to a growing threat in Circle's core business.

Stablecoin Rivals Are Eating Into Circle's Business

Circle earns most of its revenue from the reserves backing USDC. On June 30, a rival called Open USD (OUSD) launched with support from more than 140 firms, and CRCL fell about 15% that day.

Meanwhile, Global Dollar (USDG) is growing far faster than USDC. Over the past six months, USDG's supply has more than doubled, up 108%, while the USDC market cap slipped 3.3%.

USDG Vs USDC Growth: CoinGecko USDC remains far larger at about $73 billion, and it stays MiCA's clear winner in Europe. Still, the trend shows Circle losing ground as newer, MiCA-compliant coins expand and regulated volume spreads across more issuers.

This pressure helps explain why analysts have started trimming their targets.

Circle Stock Price Levels to Watch

Analysts still see long-term value, but their conviction is cooling. Robert W. Baird kept a Buy rating on July 13 yet cut its CRCL price target from $138 to $100.

CRCL Analyst Price Targets: TipRanks On the Circle price chart, $64.37, the 0.382 Fibonacci level, is the line in the sand. A daily close below it opens the path toward $49.86, and then near the $40 zone.

CRCL Price Analysis: TradingView To shift less bearish, the Circle stock price must first clear $73.35, then reclaim $87.86. Until it does, the bearish pattern stays in control. That lingering bearishness could be why Baird is currently setting a lower price target.

Bearish Forces In Play: BeInCrypto The $87.86 level separates a real recovery from a slide toward the $40 zone.

Read the Original story Two Rivals Eat Into USDC as Circle Stock Price Eyes a Drop to $40 by Ananda Banerjee at beincrypto.com

打开原文

谷歌TPU争夺新云市场

重要性4/5 中高

直接关系NBIS、GOOG与NVDA的算力供应格局，时效较强，但商业规模和客户承诺缺失。

标签

标的：`NBIS`来源：GuruFocus.com发布日期：2026-07-13重要性：4/5 中高评级理由：直接关系NBIS、GOOG与NVDA的算力供应格局，时效较强，但商业规模和客户承诺缺失。评级依据：timeliness, industry_structure原文字数：198

中文摘要

核心结论

Alphabet旗下谷歌正尝试把TPU（张量处理器）推广至新云服务商，以扩大自研芯片在外部人工智能算力市场的覆盖；英伟达已建立的客户关系和GPU（图形处理器）需求惯性构成主要进入障碍。

重要性评级

评级：4/5（中高）

文章直接涉及NBIS、CRWV、GOOG与NVDA的算力生态，发布时间接近日报截点，但关键信息来自The Information的转述，且缺少订单规模和商业条款。

关键事实

Alphabet据报正在向新云服务商销售谷歌TPU，多数TPU此前用于谷歌自有数据中心。
英伟达已与CoreWeave、Nebius和Lambda等主要新云服务商建立紧密关系。
Nscale据报表示，其现有集群和客户洽谈仍以GPU容量为主。
谷歌TPU已服务Anthropic、Meta和苹果等客户，Google Cloud（谷歌云）也提供TPU算力。
谷歌正与黑石合作建设基于TPU的新云平台，计划于2027年向人工智能实验室、金融机构和高性能计算客户出租算力。

作者观点与证据

作者判断，小型新云服务商可能成为谷歌扩大TPU分销的切入口。证据包括既有TPU客户、黑石合作项目及新云渠道接触；文章没有披露采购承诺、部署规模、价格或客户迁移数据。

与相关标的的关系

GOOG可借此扩大自研芯片的外部商业化；NVDA面临潜在替代竞争。NBIS与CRWV目前属于英伟达生态，谷歌渠道扩张可能增加其芯片选择，但原文未确认两家公司采用TPU。AAPL仅作为现有TPU客户被提及。

时效性与限制

文章发布于美东时间 07/13 15:27（UTC+8 07/14 03:27）。报道篇幅较短，核心消息经过二次转述，商业规模仍无法验证。

后续跟踪

黑石合作项目的上线时间、资本投入与租赁客户
新云服务商是否正式采购或部署TPU
TPU与英伟达GPU的价格、性能和软件兼容性
谷歌外部TPU收入及产能披露

英文原文

Google Takes TPUs Deeper Into Neoclouds

Moz Farooque ACCA

Tue, July 14, 2026 at 3:27 AM GMT+8 1 min read

GOOG -1.23%

This article first appeared on GuruFocus .

Alphabet ( NASDAQ:GOOGL ) is trying to sell Google's tensor processing units to neocloud providers, pushing deeper into a market dominated by Nvidia's GPUs, according to The Information.

The challenge is distribution. Nvidia ( NASDAQ:NVDA ) already has close ties with major neoclouds including CoreWeave ( NASDAQ:CRWV ), Nebius ( NASDAQ:NBIS ) and Lambda. Nscale, another fast-growing provider, reportedly told Google that its active clusters and customer discussions remain focused on GPU capacity.

Is GOOGL fairly valued? Test your thesis with our free DCF calculator.

Google designs TPUs specifically for artificial intelligence workloads and uses most of them inside its own data centers. The chips already support customers including Anthropic, Meta Platforms( NASDAQ:META ) and Apple ( NASDAQ:AAPL ), while Google Cloud sells access to them through its infrastructure platform.

Smaller neoclouds may offer a clearer opening. Google is also working with Blackstone on a TPU-based neocloud that is expected to begin renting computing capacity to AI labs, financial firms and high-performance computing customers next year.

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苹果低资本开支溢价待验证

重要性4/5 中高

AAPL相关度高，财务、估值与近期事件日历完整，但未来产品信息和媒体估值需谨慎对待。

标签

标的：`MSFT`来源：24/7 Wall St.发布日期：2026-07-13重要性：4/5 中高评级理由：AAPL相关度高，财务、估值与近期事件日历完整，但未来产品信息和媒体估值需谨慎对待。评级依据：timeliness, fact_density, evidence_strength原文字数：870

中文摘要

核心结论

苹果在其他美国科技巨头回撤时接近历史高位，市场暂时奖励其较低的AI资本开支和稳定服务收入。当前估值已包含较高预期，后续需要财报、管理层交接及端侧AI产品兑现提供支撑。

重要性评级

评级：4/5（中高）

文章直接比较AAPL与其余六家大型科技公司，并列出财报、管理层交接和产品时间节点；部分催化与估值来自预测市场和媒体自有模型。

关键事实

苹果自06/25以来上涨15%，增加约6,000亿美元市值，股价317.18美元，接近323.45美元的52周高点。
苹果过去一年上涨49%，当前历史市盈率约38倍、远期市盈率约33倍。
分析师一致目标价315.57美元，略低于文中股价。
苹果2026财年第二季度收入1,111.8亿美元，同比增长17%；服务收入309.8亿美元，iPhone收入569.9亿美元。
苹果下一次财报定于07/30（未给出具体时刻）。
John Ternus（约翰·特努斯）计划于09/01（未给出具体时刻）出任首席执行官，Tim Cook（蒂姆·库克）转任执行董事长。
文章称折叠屏iPhone在2027年前发布的Polymarket（预测市场）概率为92%，并提及苹果与博通超过300亿美元、延续至2031年的美国芯片合作。
苹果活跃设备安装基础约25亿台。

作者观点与证据

作者认为，苹果获得了“低AI资本开支避风港”溢价，同时指出一致目标价已经被股价覆盖。财报数字和管理层安排属于较强事实；折叠屏发布时间概率、媒体自有估值和对AI资本回报的推断证据较弱。

与相关标的的关系

AAPL的主要验证点是服务收入、iPhone需求、端侧AI和管理层交接；MSFT、GOOG、AMZN、META和NVDA的资本开支回报会影响苹果相对估值；AVGO与苹果长期无线芯片合作直接相关。

时效性与限制

文章发布于美东时间 07/13 15:21（UTC+8 07/14 03:21）。文中关于未来产品和相对估值的判断含有较多作者推演，需与苹果公告和监管文件核对。

后续跟踪

07/30财报中的服务收入与利润率
John Ternus交接后的产品和资本配置方向
端侧AI功能的采用率与收入贡献
与博通合作的供应进度

英文原文

Apple Sat Out the AI Arms Race. It’s the Only Magnificent 7 Stock Near All-Time Highs.

David Moadel

Tue, July 14, 2026 at 3:21 AM GMT+8 4 min read

AAPL

+0.63%

MSFT

+1.53%

MAGS

-1.02%

AVGO

-3.98%

GOOG

-1.23%

Quick Read

AAPL stock is close to its 52-week high of $323.45, while every other Magnificent 7 stock trades well below its own peak.

With Microsoft spending an estimated $190B on AI in 2026, Apple's safe-haven premium could erode once peers' massive capex starts delivering visible returns.

John Ternus becomes Apple's CEO September 1, a foldable iPhone carries 92% pre-2027 launch odds, and next earnings land July 30; together, three catalysts define the bull case.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Apple didn't make the cut. Grab the names FREE today .

Apple 's ( NASDAQ:AAPL ) stock has climbed 15% since June 25, adding $600 billion in market value, pushing shares to $317.18 and right up against the 52-week high of $323.45. That's striking for a company mocked for sitting out the generative AI capital-spending race while peers wrote record checks.

2023 Getty Images / Getty Images News via Getty Images Every other Magnificent 7 name trades well below its own high. Microsoft ( NASDAQ:MSFT ) stock sits at $392 versus a $551 high, Alphabet ( NASDAQ:GOOGL ) shares at $355 versus $408, Amazon ( NASDAQ:AMZN ) shares at $249 versus $279, NVIDIA ( NASDAQ:NVDA ) shares at $204 versus $236, Meta Platforms ( NASDAQ:META ) shares at $660 versus $794, and Tesla ( NASDAQ:TSLA ) shares at $393 versus $499. The market treats Apple's conservative-capex approach as an AI-spending safe haven.

The question for investors: Is there still time to buy, or was that the trade? The math on valuation, catalysts, and downside settles it.

The Valuation Question

Apple shares trade at a trailing P/E ratio of 38x and a forward P/E ratio of 33x. That's rich versus Apple's own history and rich versus a business growing revenue in the mid-teens.

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Meanwhile, the analyst consensus tells a stark story. The consensus price target of $315.57 sits essentially at the current Apple share price, the least implied upside of any Magnificent 7 stock, with peers carrying 24% to 38% implied upside after their pullbacks. On valuation alone, most of the easy re-rating has already happened.

The Forward Catalyst Case

Apple's fundamentals still give bulls plenty to work with. The company's Q2 FY2026 report delivered revenue of $111.18 billion, up 17% year over year (YoY), with Services revenue at an all-time record of $30.98 billion and iPhone revenue of $56.99 billion on iPhone 17 demand, marking the eighth consecutive EPS beat.

Story Continues

The catalyst calendar is loaded. Apple's next earnings report lands July 30, a foldable iPhone carries a 92% Polymarket probability of a pre-2027 launch, and Apple's $30 billion-plus partnership with Broadcom ( NASDAQ:AVGO ) for U.S.-made wireless chips secures supply through 2031. On April 20, Apple announced Tim Cook will become executive chairman and John Ternus, SVP of Hardware Engineering, will become CEO effective September 1, placing a silicon and hardware engineer at the top as Apple leans into on-device AI.

Citi lifted its price target on Apple stock to $365, implying 16% upside, and our proprietary 247 model rates Apple a Buy with 12% implied upside ($354.88). The 2.5 billion active device installed base keeps feeding the high-margin Services engine that anchors Apple's results.

The Downside and How to Enter

The downside is real. Apple shares carry the smallest analyst-implied upside in the group, the Apple lawsuit against OpenAI over alleged hardware trade-secret theft adds legal overhang, and Apple is building its own AI stack rather than leasing someone else's. Microsoft is running an estimated $190 billion of AI capex in 2026, and once that spending produces visible returns, Apple's safe-haven premium could fade.

For investors wanting Magnificent 7 exposure without picking a winner, the Roundhill Magnificent Seven ETF ( NASDAQ:MAGS ) offers equal-weight access with no leverage. The tradeoff is concentration in just seven mega-caps, so single-name risk cuts both ways.

The Verdict

Owning Apple stock could still make sense, though the next 12 months probably won't look like the last 12. Apple shares are up 49% over one year with the consensus target already reached, and that's the market saying further upside depends on the July 30 earnings report, the Ternus transition, and proof that Apple Intelligence and Apple silicon convert the installed base.

Investors weighing a new position should keep sizing modest and leave room to add on a pullback toward the 50-day moving average of $297.77. Apple stock looks best suited to measured accumulation at these levels rather than aggressive chasing.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Apple didn't make the cut. Grab the names FREE today .

Contact editorial@247wallst.com for any questions or corrections.

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三家AI巨头估值降至多年低位

重要性4/5 中高

直接覆盖三只核心AI标的且财报数据丰富，但估值反弹结论依赖未经展示的历史类比。

标签

标的：`MSFT`来源：Motley Fool发布日期：2026-07-13重要性：4/5 中高评级理由：直接覆盖三只核心AI标的且财报数据丰富，但估值反弹结论依赖未经展示的历史类比。评级依据：timeliness, fact_density, source_bias原文字数：943

中文摘要

核心结论

英伟达、亚马逊和微软2026年表现落后标普500，市盈率降至至少五年低位附近，但最近季度收入与盈利仍保持两位数增长。文章据历史估值反弹推断股价前景，缺少系统样本和资本开支回报分析。

重要性评级

评级：4/5（中高）

三家公司均为直接相关标的，财务与估值数字密集；结论带有明显看多倾向，历史类比证据不足。

关键事实

NVDA市盈率约31倍，接近2019年以来低位。
英伟达2027财年第一季度收入816亿美元，同比增长85%、环比增长20%；调整后每股收益1.87美元，同比增长140%。
英伟达数据中心收入750亿美元，同比增长92%，公司预计第二季度收入910亿美元、同比增长95%。
AMZN市盈率年内一度降至25倍，文中最新约29倍，为2008年以来罕见低位。
亚马逊第一季度收入1,820亿美元，同比增长17%；每股收益2.78美元，增长75%；AWS（亚马逊云服务）收入增长28%。
MSFT市盈率一度降至21倍，随后约23倍，接近2017年中以来低位。
微软2026财年第三季度收入830亿美元，同比增长18%；摊薄每股收益4.27美元，增长23%；Azure（微软云平台）收入增长40%。

作者观点与证据

作者认为，AI采用放缓的担忧压低了三家公司估值，而持续的销售和盈利增长可能促使估值修复。财报数据支持基本面仍在扩张，但“历史每次都反弹”的说法没有给出估值区间、观察窗口或失败案例。

与相关标的的关系

NVDA依赖AI计算和数据中心需求；AMZN由AWS增长与全公司利润率驱动；MSFT依赖Azure及OpenAI相关产品商业化。三者共同受到AI资本开支回报、竞争和企业需求变化影响。

时效性与限制

文章发布于美东时间 07/13 15:16（UTC+8 07/14 03:16）。估值会随股价和盈利预测快速变化，文章来源带有荐股推广，并披露作者及出版方持有相关股票。

后续跟踪

三家公司下一季收入和利润指引
AWS与Azure增速
英伟达数据中心订单和供应约束
AI资本开支的收入转化率

英文原文

Nvidia, Amazon, and Microsoft Stocks Just Did Something for the First Time in at Least 5 Years. Here

Nvidia, Amazon, and Microsoft Stocks Just Did Something for the First Time in at Least 5 Years. Here's What History Says Will Happen Next

Danny Vena, CPA, The Motley Fool

Tue, July 14, 2026 at 3:16 AM GMT+8 4 min read

NVDA

-3.52%

AMZN

+0.80%

MSFT

+1.53%

The past few years have been boom-or-bust for some of the world's most recognizable names. The advent of artificial intelligence (AI) was a catalyst for companies at the forefront of the technology.

Nvidia (NASDAQ:NVDA) leads the field for the graphics processing units (GPUs) that run AI models in data centers. Amazon (NASDAQ:AMZN) used AI to increase efficiency across its business, while also offering AI models to customers of Amazon Web Services (AWS), its cloud infrastructure service . Microsoft (NASDAQ:MSFT) partnered with ChatGPT creator OpenAI early on, integrating generative AI tools across its vast business, while also offering AI tools and models to cloud customers. Moreover, these tech titans have ridden AI to market-beating returns in recent years.

However, this year has marked a turning point. Nvidia, Amazon, and Microsoft are each trailing the S&P 500 thus far in 2026 (as of this writing), with valuations falling to at least five-year lows in recent months. History is crystal clear about what happens next.

Image source: Getty Images.

Valuations disconnected from results

Despite delivering quarter after quarter of record-breaking results, Nvidia's valuation continues to tumble. The stock has a price-to-earnings (P/E) ratio of 31, near its lowest level since 2019. Yet its operating and financial results continue to accelerate.

For its fiscal 2027 first quarter (ended April 26), Nvidia generated record revenue, up 85% year over year and 20% quarter over quarter to $81.6 billion. This drove adjusted earnings per share (EPS) that soared 140% to $1.87. The results were driven by record data center revenue of $75 billion, up 92%. Management expects its growth spurt to continue, forecasting year-over-year revenue growth of 95% to $91 billion in Q2.

Like Nvidia, Amazon is posting impressive numbers while its valuation remains compressed, with its P/E ratio falling to 25 this year (though it's rebounded slightly to 29). You'd have to go back to 2008 to find a lower multiple.

Yet Amazon's results continue to impress. In Q1, revenue of $182 billion rose 17% year over year, while EPS of $2.78 jumped 75%. Perhaps more telling is the reacceleration of its cloud growth, as AWS revenue rose 28%.

Microsoft has also been generating strong growth, yet that growth isn't reflected in the company's current valuation. Its P/E ratio had fallen to 21 late last month, though it has rebounded slightly to 23. You'd have to go back to mid-2017 to find a multiple that low.

Story Continues

But its financial results tell a different story. In its fiscal 2026 third quarter (ended March 31), Microsoft generated revenue that climbed 18% year over year to $83 billion, while its diluted EPS of $4.27 grew 23%. Perhaps more importantly, its Azure Cloud revenue jumped 40%.

What's weighing on these industry leaders?

Nvidia, Amazon, and Microsoft are all facing the same headwinds. Investors are worried that AI adoption will slow and the gravy train will derail. While those concerns are certainly justified and bear watching, a look back can be instructional.

NVDA PE Ratio data by YCharts

In every prior instance in which these stocks' P/E ratios were compressed to this degree, each was followed by an equally robust rebound of its multiple after the companies demonstrated the resilience of their financial results. It's easy to understand why. Sentiment has a limited shelf life, and investors will ultimately rely on sales and profit growth as the primary gauges of a stock's trajectory.

To recap: Nvidia, Amazon, and Microsoft are currently selling for 31 times, 29 times, and 23 times earnings, respectively -- well below their historical averages. This gives savvy investors the opportunity to pick up shares at a discount before the market comes to its senses.

Should you buy stock in Nvidia right now?

Before you buy stock in Nvidia, consider this:

See the 10 stocks »

*Stock Advisor returns as of July 13, 2026.

Danny Vena, CPA has positions in Amazon, Microsoft, and Nvidia. The Motley Fool has positions in and recommends Amazon, Microsoft, and Nvidia. The Motley Fool has a disclosure policy .

Nvidia, Amazon, and Microsoft Stocks Just Did Something for the First Time in at Least 5 Years. Here's What History Says Will Happen Next was originally published by The Motley Fool

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两种人工智能数据中心模式对比

重要性4/5 中高

直接覆盖APLD并提供合同与容量对比，事实密度高；长期项目兑现和融资条件仍需验证。

标签

标的：`APLD`来源：Motley Fool发布日期：2026-07-13重要性：4/5 中高评级理由：直接覆盖APLD并提供合同与容量对比，事实密度高；长期项目兑现和融资条件仍需验证。评级依据：timeliness, contract_detail, execution_uncertainty原文字数：1109

中文摘要

核心结论

Applied Digital与TeraWulf均以长期合同承接人工智能算力需求，但资产模式不同：APLD（Applied Digital，数据中心开发运营商）管线及已签约容量较大、建设更快；WULF（TeraWulf，自有能源的数据中心运营商）持有现场发电资产，前期成本更高，长期电力控制力更强。

重要性评级

评级：4/5（中高）

文章直接比较APLD的合同、容量和商业模式，数字密集且发布时间新；作者对长期优劣的判断未纳入完整融资、建设和客户信用风险。

关键事实

文章发布于美东时间 07/13 15:11（UTC+8 07/14 03:11）。
TeraWulf与Anthropic签订20年、190亿美元合同，覆盖401兆瓦关键IT（信息技术）负载，计划于2028年初全部上线。
Morgan Stanley（摩根士丹利）把WULF目标价上调至72美元。
APLD披露3吉瓦活跃项目管线，TeraWulf项目组合为2.3吉瓦。
TeraWulf已签约923兆瓦，其中Anthropic约占近一半；公司目标每年新增250至500兆瓦签约容量。
TeraWulf以合同净营业收入率85%为目标。
APLD已签约1.41吉瓦关键IT负载。
APLD与一家未具名的美国高投资级大型云客户签订15年照付不议租约，覆盖210兆瓦、约52亿美元；若30年续期选项全部执行，合同价值可达127亿美元。

作者观点与证据

作者认为APLD在管线规模和已签约负载上领先，TeraWulf凭自有发电获得长期成本与供电控制优势。合同金额和容量来自公司披露，收入兑现仍取决于建设、通电、设备部署与客户履约；文章没有完整比较资本成本、债务、稀释及单位经济性。

与相关标的的关系

APLD是直接研究对象，其模式依赖公用电网和客户自带芯片、服务器，有利于更快确认租赁收入，但每兆瓦收费能力和续约电价面临约束。NVDA（英伟达）是算力硬件生态背景，正文未提供其新增公司事实。

时效性与限制

文章发表于当日收盘前，合同信息较新。部分长期合同金额包含尚未执行的续期选择，项目管线也不等同于已融资、已开工或已通电容量。

后续跟踪

APLD 1.41吉瓦签约容量的建设与通电计划
210兆瓦租约的客户身份、融资和收入确认
公用电网接入、长期电价与续约条件
APLD与TeraWulf的资本成本和单位兆瓦回报

英文原文

Applied Digital vs. TeraWulf: Which Neocloud Stock Is the Better Buy?

Marc Guberti, The Motley Fool

Tue, July 14, 2026 at 3:11 AM GMT+8 5 min read

WULF

-4.92%

NVDA

-3.52%

APLD

-7.42%

Access to sufficient computing power has become a major constraint for artificial intelligence systems. This explains why hyperscalers are not just rushing to build their own data centers, but also sealing long-term deals for more compute with neocloud companies like Applied Digital (NASDAQ: APLD) and TeraWulf (NASDAQ: WULF).

TeraWulf made the news recently for the 20-year, $19 billion deal it just inked with Anthropic. That agreement covers 401 megawatts of critical IT load, which will become available in waves. The full 401 megawatts should be online by early 2028.

That announcement earned TeraWulf a price target adjustment from Morgan Stanley 's analyst, who bumped it to a Street-high $72. That implies that the stock will more than triple from current levels in the next 12 months. It isn't just good news for TeraWulf. It points to broader tailwinds that will also lift Applied Digital.

Image source: Getty Images.

Understanding gigawatt pipelines

When a deal like the Anthropic one is announced, it doesn't translate into immediate revenue. Neocloud companies are investing heavily into building AI data centers and have multiple construction projects underway. That's why the full 401 megawatts that the AI giant is contracting for won't be available until early 2028.

Applied Digital touted in an investor presentation that it has 3 gigawatts of active pipeline projects, while TeraWulf only has 2.3 gigawatts in its portfolio. Securing more gigawatts of electricity to power future data centers increases a company's earnings potential, so Applied Digital has the edge in that regard.

However, anytime a company adds a new data center site, it isn't small. Those sites often have hundreds of megawatts. TeraWulf or Applied Digital can suddenly come out with an announcement saying that they got another AI data center site, which can either close or expand the gap by a meaningful margin. When it comes to the quantity of gigawatts, Applied Digital is currently ahead, and that gives them a higher ceiling.

TeraWulf owns its power

Although TeraWulf has fewer AI data centers, it does have an edge over Applied Digital when it comes to power. TeraWulf makes it a point to own its power, while Applied Digital signs long-term electricity supply agreements with utility companies.

Story Continues

Applied Digital's approach is cheaper right now and lets it complete AI data centers sooner. It also requires its customers to bring their own AI chips and servers, while TeraWulf provides computing hardware in its facilities. These differences make it easier for Applied Digital to realize more revenue at a faster rate, but its business model also makes it dependent on the electric grid. Requiring customers to bring their own hardware also lowers how much Applied Digital can charge for each megawatt of critical IT load.

An overstrained electric grid can cause issues, and when Applied Digital renegotiates utility leases when they expire, the company may have to pay much higher prices. That scenario is especially possible as a growing number of AI data centers will be competing for the same power supply.

TeraWulf develops on-site power generation assets at its data centers. This strategy means it takes a little longer for its data centers to be completed, but it also ensures that TeraWulf won't have to rely on the power grid. It incurs higher costs now for more control over future costs and power availability. In the long run, it is much better to own power generation capacity than to lease it.

The contracts with hyperscalers

TeraWulf has 923 megawatts of critical IT load contracted to clients. Anthropic makes up almost half of that total. TeraWulf is aiming to support 250 megawatts to 500 megawatts of additional critical IT load signings per year, which could result in meaningful net operating income growth once the sites are fully developed.

TeraWulf is targeting an 85% net operating income margin on contracts, showing that profits can scale quickly as well.

Applied Digital has 1.41 gigawatts of contracted critical IT load. Once again, Applied Digital has a slight edge, but a single announcement from either of these companies can meaningfully close or expand the gap. For instance, TeraWulf's contracted critical IT load jumped from 522 megawatts to 923 megawatts on a single Anthropic deal.

Applied Digital also signs long-term deals with tech giants. The company recently secured a 15-year take-or-pay lease with an unnamed, high investment-grade hyperscaler that is based in the U.S.

The deal covers 210 megawatts of critical IT load for approximately $5.2 billion over 15 years. The contract's value can reach $12.7 billion if all renewable options are exercised over a 30-year term.

Applied Digital has an edge when it comes to total gigawatts and contracted critical IT load. However, a single deal from TeraWulf could close these gaps. The main advantage of TeraWulf is that it owns its power, which could matter a lot in the years ahead.

Should you buy stock in TeraWulf right now?

Before you buy stock in TeraWulf, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and TeraWulf wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

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MaxLinear高增长后的估值考验

重要性3/5 中

对MRVL竞争格局有实质参考且数字充分，但研究对象是MXL，来源带有评级营销属性。

标签

标的：`MRVL`来源：Zacks发布日期：2026-07-13重要性：3/5 中评级理由：对MRVL竞争格局有实质参考且数字充分，但研究对象是MXL，来源带有评级营销属性。评级依据：competitive_readthrough, fact_density原文字数：880

中文摘要

核心结论

MaxLinear经营复苏和光互连增长路径已较一年前清晰，但股价大涨后，估值对项目延迟和现金转化不佳的容忍度明显降低。文章给予Zacks Rank #3（持有评级），判断执行进度将决定后续基本面能否匹配预期。

重要性评级

评级：3/5（中）

文章数据密度较高，并把MXL（MaxLinear，模拟与连接芯片公司）与MRVL直接比较；对MRVL的影响主要来自竞争格局，且部分结论带有Zacks评级与营销属性。

关键事实

文章发布于美东时间 07/13 14:52（UTC+8 07/14 02:52）。
MXL年内上涨406.3%，过去12个月上涨495%；同期MRVL上涨155.7%、AVGO上涨11.6%、MTSI上涨70.8%。
市场一致预期MXL 2026年收入6.55亿美元、每股收益1.33美元，2027年分别为7.77亿美元和1.81美元。
2026年第一季度收入1.372亿美元，同比增长43%；每股收益0.22美元，比一致预期高22.2%。
管理层预计第二季度收入1.60亿至1.70亿美元，四个业务部门均环比增长。
截至07/10（未给出具体时刻），股价91.30美元，文中目标价96美元。
MXL未来12个月市销率为11.4倍，低于MRVL的14.93倍、AVGO的12.55倍及MTSI的15.83倍，但高于其细分行业9.6倍。
第一季度经营现金流为负890万美元；库存环比增加约800万美元，库存天数约128天。

作者观点与证据

作者认可光数据中心、1.6Tbps（每秒1.6太比特）Rushmore周期、存储加速器、USB桥接及Wi‑Fi 7等增长路径，同时强调项目集中度、早期放量和营运资金压力。估值判断依赖Zacks一致预期、目标价和Value Score F（价值评分F），带有机构自有评级框架色彩。

与相关标的的关系

MRVL与MXL在光学DSP（数字信号处理器）、网络芯片、数据中心互连和定制芯片领域直接竞争。MXL业务放量可验证人工智能光互连需求，也可能加剧客户和产品份额竞争；文章未提供双方具体客户重叠或市场份额数据。

时效性与限制

文章使用2026年第一季度财务数据、第二季度指引和07/10（未给出具体时刻）股价。目标价与盈利预测可能随业绩更新，且结尾包含Zacks产品推广。

后续跟踪

第二季度收入能否达到1.60亿至1.70亿美元指引
光数据中心收入与Rushmore量产时间
经营现金流、库存和晶圆预付款变化
MXL与MRVL在光互连客户及设计订单上的进展

英文原文

Is MaxLinear Stock a Buy Now or a Hold at Current Levels?

Aniruddha Ganguly

Tue, July 14, 2026 at 2:52 AM GMT+8 4 min read

^GSPC

-0.79%

MaxLinear MXL is no longer being valued like a quiet turnaround story. The stock's surge has moved the investor debate to a harder question: how much future improvement is already reflected in the price?

The answer is mixed. MaxLinear has a better earnings setup than it had a year ago, but the valuation now leaves less margin for disappointment.

MXL Rally Has Changed the Debate

MaxLinear shares have climbed 406.3% in the year-to-date period and 495% over the trailing 12 months. That performance has far outpaced the Zacks sub-industry, the broader Zacks Computer & Technology sector and the S&P 500 index over the same periods.

The growth case has become easier to defend. The Zacks Consensus Estimate indicates revenues of $655 million in 2026 and $777 million in 2027. Earnings are projected at $1.33 per share in 2026 and $1.81 in 2027.

MaxLinear's first-quarter 2026 results also support the recovery story. The company reported earnings of 22 cents per share, beating the Zacks Consensus Estimate by 22.2%, and revenues of $137.2 million, up 43% year over year.

MaxLinear, Inc Revenue (TTM)

MaxLinear, Inc Revenue (TTM) MaxLinear, Inc revenue-ttm | MaxLinear, Inc Quote

The second-quarter setup points to another step up. Management expects revenues of $160 million to $170 million and sequential growth across all four business segments, led by infrastructure strength from data center optical interconnects.

MXL Valuation Leaves Less Room for Error

The problem is that the stock already prices in a lot of that improvement. A premium sales multiple can be justified when revenues, margins and earnings are rising, but it also raises the cost of any delay in program ramps.

The price target of $96 compares with a stock price of $91.30 as of July 10, 2026. That gap suggests the stock has less obvious upside after its rally, even with the stronger operating outlook.

MaxLinear shares are overvalued, as suggested by a Value Score of F. MXL trades at 11.4X forward 12-month sales, above 9.6X for the Zacks sub-industry, 7X for the sector and 5.1X for the S&P 500. In comparison, shares of competitors including Broadcom AVGO, Marvell MRVL and MACOM Technology MTSI are trading at 12.55X, 14.93X and 15.83X, respectively.

MXL Stock's Valuation

Zacks Investment Research

Image Source: Zacks Investment Research

Execution is the key variable. MaxLinear's optical data center ramps, 1.6 terabit Rushmore cycle, storage accelerators, USB bridges, fiber passive optical network, Wi-Fi 7 gateways and data over cable service interface specification programs provide multiple growth paths. Still, early hyperscaler programs can be concentrated, and some ramps remain in early stages.

Story Continues

MaxLinear Cash Conversion Bears Watching

Revenue growth is only part of the investment case. Investors also need to watch whether higher demand turns into clean cash generation or requires more working capital first.

MaxLinear used $8.9 million in operating cash flow in the first quarter of 2026. The main use of cash was a substantial wafer prepayment tied to demand for data center low-node geometry products.

Inventory also rose by roughly $8 million sequentially, even as days of inventory improved to about 128 days. That does not weaken the revenue story by itself, but it shows that scaling demand may pressure cash conversion before it improves the financial profile.

MXL Faces Stiff Competition

Broadcom is MaxLinear's strongest competitor in high-speed networking and AI infrastructure, backed by a far broader portfolio spanning custom AI accelerators, Ethernet switching, optical interconnects, broadband chips and enterprise software. Broadcom's leadership in hyperscale networking and custom silicon gives it significantly greater scale and customer reach.

Marvell competes directly with MaxLinear in optical DSPs, networking silicon and data center connectivity. Marvell already has an established position in electro-optics through its PAM4 DSPs, optical networking processors and custom silicon business, making it one of the primary beneficiaries of AI-driven data center spending.

MACOM competes with MaxLinear across optical networking, RF, analog and high-speed semiconductor solutions serving data centers, telecom and defense markets. MACOM has built a strong franchise in optical components, including lasers, drivers, TIAs and RF technologies, giving it deep exposure to AI networking infrastructure.

Year to date, MXL shares have returned 406.3% outperforming Broadcom's, Marvell's and MACOM Technology's appreciation of 11.6%, 155.7%, and 70.8%, respectively.

MXL Stock's Price Performance

Zacks Investment Research

Image Source: Zacks Investment Research

Conclusion

The bottom line is that MXL has real operating momentum, but the stock is no longer priced for a low-expectation recovery. Growth visibility has improved, while valuation support has become less obvious after the rally.

MaxLinear currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

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MaxLinear, Inc (MXL) : Free Stock Analysis Report

Marvell Technology, Inc. (MRVL) : Free Stock Analysis Report

Broadcom Inc. (AVGO) : Free Stock Analysis Report

MACOM Technology Solutions Holdings, Inc. (MTSI) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

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MaxLinear光互连放量路径

重要性3/5 中

提供MRVL直接竞争对手的产品、收入和现金流细节，但主要证据来自管理层计划，兑现仍待验证。

标签

标的：`MRVL`来源：Zacks发布日期：2026-07-13重要性：3/5 中评级理由：提供MRVL直接竞争对手的产品、收入和现金流细节，但主要证据来自管理层计划，兑现仍待验证。评级依据：competitive_readthrough, execution_uncertainty原文字数：866

中文摘要

核心结论

MaxLinear的收入结构正转向光数据中心与人工智能基础设施，2026年光业务目标和多个设计订单提供了可观察的增长路径。晶圆预付款、库存积压、客户集中及宽带需求不均衡，使收入增长向现金流转化仍存在不确定性。

重要性评级

评级：3/5（中）

文章详细描述MXL产品和业务结构，对MRVL的光互连竞争环境有参考价值；它没有提供MRVL新增事实，且采用公司管理层指引和Zacks评级口径。

关键事实

文章发布于美东时间 07/13 14:48（UTC+8 07/14 02:48）。
2025年收入结构为宽带44%、基础设施32%、连接17%、工业与多市场8%；前十大客户贡献约65%。
2026年第一季度基础设施收入同比增长136%，成为最大收入类别。
管理层把2026年光数据中心收入预期上调至1.50亿至1.70亿美元。
Keystone PAM4（四电平脉冲幅度调制）数字信号处理器正向美国和亚洲多家大型云客户放量。
200Gbps（每秒200吉比特）单通道Rushmore产品计划于2026年末开始量产，面向1.6Tbps平台。
2026年第一季度末库存由7810万美元升至8580万美元，现金由7280万美元降至6110万美元。
第一季度经营活动使用现金890万美元。

作者观点与证据

作者认为光学产品是最清晰的增长引擎，并引用管理层收入目标、产品量产计划和设计订单。现金流、库存、宽带部署节奏及已终止Silicon Motion（慧荣科技）交易的诉讼风险构成反向证据。部分项目仍处于设计导入或早期放量阶段，订单能见度尚未转化为完整财务结果。

与相关标的的关系

MRVL与MXL在PAM4数字信号处理器、网络芯片、光互连和定制芯片领域直接竞争；AVGO和MTSI也参与高速网络、光学及射频市场。MXL放量验证需求强度，同时提高同类供应商的份额竞争压力。

时效性与限制

文章基于2026年第一季度数据和管理层对2026年至2027年的计划。长期项目的客户名称、订单规模和利润率披露有限，结尾的Zacks Rank #3属于机构自有评级。

后续跟踪

光数据中心收入能否达到1.50亿至1.70亿美元
Rushmore在2026年末的实际量产进度
前十大客户集中度及新客户贡献
库存、现金余额与经营现金流的改善节奏

英文原文

MaxLinear Stock Outlook Hinges on Optics, Broadband and AI Demand

1 / 2

MaxLinear Stock Outlook Hinges on Optics, Broadband and AI Demand

Aniruddha Ganguly

Tue, July 14, 2026 at 2:48 AM GMT+8 4 min read

MaxLinear MXL has a clearer growth story than it had a year ago, but not a simpler one. Optical data center products are moving from promise to production, giving investors a visible AI-linked revenue driver.

The offset is timing. Broadband, connectivity and industrial demand remain uneven, while the optics ramp is pulling cash into inventory and wafer capacity before revenue fully converts into operating cash flow.

MaxLinear's Business Mix is Changing

MaxLinear is a fabless semiconductor company serving broadband, wired and wireless infrastructure, data centers and industrial applications. Its products combine radio frequency, analog, mixed-signal, digital signal processing, networking, compression, security and power management technologies.

The mix is shifting. In 2025, Broadband represented 44% of revenues, Infrastructure accounted for 32%, Connectivity made up 17% and Industrial and Multi-Market contributed 8%. Customers include original equipment manufacturers, original design manufacturers, module makers and distributors, with the top 10 customers accounting for about 65% of 2025 revenues.

MaxLinear, Inc Price and Consensus

MaxLinear, Inc price-consensus-chart | MaxLinear, Inc Quote

MXL Optics Ramp is Driving the Thesis

Infrastructure has become the clearest growth engine. The segment grew 136% year over year in the first quarter of 2026 and became MaxLinear's largest revenue category, driven by optical data center-oriented platforms.

Keystone, the company's PAM4 digital signal processor platform, is ramping at multiple major hyperscale customers across the United States and Asia. Management raised its 2026 optical data center revenue outlook to $150-$170 million and expects a step-function increase beginning in the second quarter.

MaxLinear expects production ramps for Rushmore, its 200 gigabit per lane PAM4 digital signal processor for 1.6 terabit platforms, to begin in late 2026, with growth continuing into 2027.

MaxLinear Has More Than One Growth Lever

Optics is not the only route to growth. Panther storage accelerators are gaining design-win activity, and management expects storage accelerator revenues to at least double in 2026 from 2025 levels.

MaxLinear has also won USB bridge controller designs with two major hyperscalers for rack-level artificial intelligence system management. Its first XGS-PON design win at a U.S. hyperscale data center through a Tier 1 OEM partner adds another data center adjacency.

MaxLinear is executing fiber passive optical network and Wi-Fi 7 gateway deployments with a second major North American Tier 1 service provider, with additional European ramps expected later in 2026. DOCSIS 4.0 certifications are complete.

Story Continues

MXL Risks Still Limit a Bullish Call

The issue is not whether MaxLinear has growth avenues. The issue is whether the company can fund and time them without creating new earnings and cash-flow volatility.

Data center ramps require wafer prepayments and inventory builds. At March 31, 2026, inventory rose to $85.8 million from $78.1 million at year-end 2025, while cash and cash equivalents declined to $61.1 million from $72.8 million.

Operating cash flow remains a watch item. MaxLinear used $8.9 million of cash in operating activities in the first quarter of 2026, reflecting the working-capital demands that come with preparing for larger optics programs.

Customer timing is another constraint. Broadband is still digesting prior growth, DOCSIS deployment depends on operator readiness and early hyperscaler programs can be concentrated. The terminated Silicon Motion deal also remains a legal overhang.

MXL Faces Stiff Competition

MaxLinear faces stiff competition from the likes of Broadcom AVGO, Marvell MRVL and MACOM Technology MTSI.

Conclusion

The bottom line is that MaxLinear has visible upside drivers, but the proof point is still conversion. Optics must translate from orders and ramps into durable revenues, earnings leverage and cash generation. Stiff competition remains a headwind.

MaxLinear currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

MaxLinear, Inc (MXL) : Free Stock Analysis Report

Marvell Technology, Inc. (MRVL) : Free Stock Analysis Report

Broadcom Inc. (AVGO) : Free Stock Analysis Report

MACOM Technology Solutions Holdings, Inc. (MTSI) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

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Circle信托牌照拓宽合规基础设施

重要性5/5 高

监管批准属于直接影响CRCL业务能力的重要事件，且文章包含最新财务数据与明确的盈利约束。

标签

标的：`CRCL`来源：Barchart发布日期：2026-07-13重要性：5/5 高评级理由：监管批准属于直接影响CRCL业务能力的重要事件，且文章包含最新财务数据与明确的盈利约束。评级依据：timeliness, regulatory_significance, fact_density原文字数：748

中文摘要

核心结论

美国货币监理署批准 Circle（CRCL）设立全国性信托银行，使其能够在联邦监管下直接托管 USDC 储备。文章认为该牌照可增强机构信任，但盈利仍受分销成本、运营费用和股权激励拖累。

重要性评级

评级：5/5（高）

监管批准直接改变 Circle 的业务能力边界，文章还提供一季度收入、利润、现金和分析师估值数据，是 CRCL 当日日报的高优先级材料。

关键事实

OCC（美国货币监理署）批准 Circle 设立 Circle National Trust（Circle全国性信托银行）。
消息公布后的周五交易中，CRCL 股价上涨约5%；文章同时称其过去一年下跌66%，发布当日又下跌约5%。
2026年第一季度收入约6.94亿美元，同比增长20%。
调整后 EBITDA（息税折旧摊销前利润）约1.51亿美元，同比增长24%。
净利润由上年同期6500万美元降至5500万美元；调整后每股收益约0.21美元，略低于市场预期。
期末现金及等价物约15亿美元。
Arc 区块链代币预售筹集约2.22亿美元，主网上线目标为2026年稍晚时候。
分析师平均12个月目标价约135美元；摩根士丹利为106美元，H.C. Wainwright 和 Needham 均为150美元，Aletheia Capital 约160美元。

作者观点与证据

作者对牌照的长期影响持积极立场，证据包括储备直接托管能力、联邦监管、收入增长和全球监管布局。盈利承压已有净利润下降支持；目标价来自卖方分析师，且文章未说明 Circle National Trust 的正式运营时间、资本要求或成本节省幅度。

与相关标的的关系

CRCL 直接受益于 USDC 托管能力和机构采用范围扩展。USDC-USD 的流通规模决定储备收入基础，牌照能否转化为新增银行、支付商和大型企业客户，是估值兑现的关键环节。

时效性与限制

发布于美东时间 07/13 14:02（UTC+8 07/14 02:02）。文章未附 OCC 批准文件细节，Arc 预售和目标价数据也需与公司及分析师原始披露交叉核验。

后续跟踪

Circle National Trust 的正式运营日期和监管条件
USDC 储备托管结构及第三方费用变化
USDC 流通量、分销成本和储备收益
Arc 主网上线及预售资金用途

英文原文

Circle Just Won a Major Banking Approval. This Could Be a Game Changer for CRCL Stock.

Nauman Khan

Tue, July 14, 2026 at 2:02 AM GMT+8 3 min read

CRCL -4.75%

USDC-USD +0.01%

Circle (CRCL) stock is back in the spotlight after the Office of the Comptroller of the Currency (OCC) approved the company's application to establish Circle National Trust. The regulatory milestone sent shares up about 5% on Friday's trade as investors welcomed the prospect of Circle operating a federally regulated trust bank that can directly custody USDC reserves.

The move will further bolster Circle's market share in the fast-growing stablecoin segment and has sparked renewed hope in its future expansion. For investors, however, the crucial question is whether this is a sea change or a trend that will keep going higher.

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Despite the positive news, CRCL stock remains down 66% over the past year and has dipped another 5% today, significantly underperforming the broader market.

www.barchart.com

The OCC Approval Could Strengthen Circle's Competitive Position

The new trust charter represents one of the biggest developments for Circle since becoming a public company.

Once operational, Circle National Trust will allow the company to safeguard USDC reserves under federal oversight rather than relying entirely on third-party custodians. That should improve transparency, strengthen institutional confidence, and make Circle more attractive to banks, payment providers, and large enterprises looking to adopt stablecoins.

CEO Jeremy Allaire called the approval a defining moment that brings blockchain-based financial infrastructure closer to the traditional banking system. The charter also arrives as regulators become increasingly supportive of stablecoin oversight, giving Circle an advantage as institutions look for compliant digital payment solutions.

Quarterly Results Showed Growth, Although Profitability Remains Under Pressure

Circle's first-quarter 2026 results demonstrated that demand for its business continues to expand.

Revenue climbed 20% year-over-year (YoY) to approximately $694 million, driven primarily by higher reserve income from USDC and continued growth across its services business. Adjusted EBITDA increased 24% to roughly $151 million, reflecting healthy operating momentum.

However, higher distribution costs tied to expanding USDC circulation, along with increased operating expenses and stock-based compensation, weighed on the bottom line. Net income declined to $55 million from $65 million a year earlier, while adjusted earnings per share of approximately $0.21 came in slightly below Wall Street expectations.

Story Continues

Circle also finished the quarter with around $1.5 billion in cash and equivalents, leaving the company with a solid balance sheet as it continues investing in future growth initiatives.

Circle Is Building Far More Than Just a Stablecoin Business

The OCC approval is only one piece of Circle's broader strategy. The company continues expanding beyond USDC through its Arc blockchain network, which recently completed a successful token presale raising roughly $222 million ahead of its expected mainnet launch later this year.

International expansion remains another priority. Earlier this year, Circle signed a memorandum of understanding with Nomura to explore blockchain-powered payments, settlements, and collateral management using USDC.

All these, combined with regulatory approvals in markets including Singapore and the UAE, mean the company is steadily building a global digital financial infrastructure business rather than relying solely on stablecoin issuance.

Wall Street Remains Optimistic About CRCL Stock

Wall Street generally believes the OCC approval strengthens Circle's long-term investment case.

The consensus rating remains a "Moderate Buy," with analysts' average 12-month price target sitting around $135, implying significant upside of 114% from current trading levels.

Separately, Morgan Stanley maintained an "Equal-Weight" rating with a $106 target, while H.C. Wainwright raised its target to $150 after becoming more constructive on the company's outlook.

Needham also raised its price target to $150, pointing to Circle's expanding product portfolio and banking ambitions. Aletheia Capital is even more bullish with a target near $160, citing the company's growing platform, regulatory progress, and expanding institutional opportunity.

www.barchart.com On the date of publication, Nauman Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com

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链上原生股权与托管凭证的差异

重要性3/5 中

可补充USDC与代币化证券应用场景，但属于管理层访谈，量化经营证据有限。

标签

标的：`CRCL`来源：Yahoo Finance Video发布日期：2026-07-13重要性：3/5 中评级理由：可补充USDC与代币化证券应用场景，但属于管理层访谈，量化经营证据有限。评级依据：industry_context, source_quality, evidence_caveat原文字数：1201

中文摘要

核心结论

Securitize 首席执行官 Carlos Domingo 将链上原生股权与传统券商、DTCC（美国存管信托与结算公司）托管权益及境外合成股票区分开来：其方案把原生股份转入获准钱包，提供即时结算和延长交易时间，但用户仍需完成身份验证并承担钱包操作要求。

重要性评级

评级：3/5（中）

访谈有助于理解代币化证券的市场结构，并直接提到 USDC 作为结算资产和 Circle 股票的多种境外衍生品；内容主要来自发行平台管理层，缺少独立采用数据。

关键事实

链上用户需要创建 Securitize ID（身份账户），完成 KYC（了解你的客户）验证并绑定获准钱包。
Domingo 称零售身份验证约需两分钟，用户还需持有 USDC 和 SOL 以支付资产及链上费用。
交易使用 AMM（自动做市商）和 Jump 的技术完成结算，买方收到代表原生股权的代币。
管理层称链上股份享有与传统股份相同的股息和公司行动权利。
Securitize 方案将股份移出 DTCC，并允许获准钱包持有及点对点转移。
该方案声称即时结算、延长交易时间，并计划推进全天候交易。
Domingo 称 DTCC 的代币代表存放在其体系内股份的权益，仍沿用现有市场结构和 T+1（交易日加一日）结算。
境外合成股票通常由第三方发行，存在交易对手风险，并可能造成同一公司多种不可互换凭证并存。

作者观点与证据

Domingo 倾向支持受监管的原生链上证券，证据主要是产品流程、结算方式和权利结构说明。他对未来抵押借贷、全天候交易和机构采用的描述属于规划或判断，访谈没有给出成交量、流动性、费用或用户规模。

与相关标的的关系

USDC 是链上购买和结算媒介，采用扩大可能增加其支付用途，对 Circle（CRCL）具有间接关系。访谈还以 Circle 和 Coinbase 为例说明境外合成凭证的市场碎片化，但没有披露其股票在 Securitize 上的实际交易数据。

时效性与限制

发布于美东时间 07/13 14:00（UTC+8 07/14 02:00）。材料为公司创始人访谈，立场带有产品推广属性，法律权利和监管适用范围需查阅发行文件。

后续跟踪

链上原生股权的成交量、价差和用户数量
股息、投票权和公司行动的实际执行
全天候交易与抵押功能的监管进度
USDC 在代币化证券结算中的使用规模

英文原文

Securitize CEO explains on-chain vs. traditional investing

Yahoo Finance Video

Tue, July 14, 2026 at 2:00 AM GMT+8

USDC-USD

+0.01%

CRCL

-4.75%

Scott Melker sits down with the Founder and CEO of Securitize ( SECZ ) Carlos Domingo to discuss the key differences between buying Securitize on-chain versus through a traditional brokerage account.

" The Daily Wolf with Scott Melker " airs every day at 12:00 p.m. Tune in for your daily dose of all things crypto.

Make sure to also check out Yahoo Finance's crypto hub to find the latest crypto-related news.

Video Transcript

00:00 Speaker A

I'm an average investor and I want to buy securitized, right? And I'm choosing whether I want to buy it on chain or if I want to just, you know, go to E-Trade and and buy the stock. What does that process look like for me if I choose to go on chain, if I'm someone who's very familiar with buying something on Schwab or E-Trade.

00:23 Speaker B

If you're familiar with crypto, it's a very simple process because it's a very similar process of what you do when you connect to to any other crypto dex. Uh the only difference is you have to create a securitized ID account and do a KYC process which for retail people is a very, very simple process that takes two minutes to do it with uh with your phone, just submit your ID and and do a liveness check with a picture and and uh the process gets done. And then you have to connect your wallet, you have to approve the wallet, you have to have some uh USDC and some SOL for, you know, paying for the transactions and then it's a very simple UI that looks a lot like let's say a U swap or others where you have USDC and an SCC, sexy. and then you see the price in real time because we have to guarantee the the best price. and then when you put your order, it just go through and then uh the the prop M technology of uh of jump basically settles the trade and if you're buying with USDC, you get tokens that represent native equity on on on SCC. is the same uh equity is same rights, dividends, corporate actions is not difference as uh it's actually even better than when you're buying on less a Romy food because you actually own the shares on your wallet as opposed to have an entry on a on a, you know, broker dealer that is just basically an entitlement towards your shares that sit on on DTCC.

01:42 Speaker A

So you have the regulated, compliant, transparent approach to doing this. It sounds like it's still for crypto natives on that side. So, first, let's compare what you're offering to say what the DTCC is trying to do or even on the other side, uh tokenized versions of stocks on, you know, offshore exchanges that you discussed.

02:11 Speaker B

So the DTCC approach is a bit different because you're not tokenizing the equity, you're getting a token that represents basically an entitlement towards the shares that sit on DTCC. DTCC is the central clearing house. So all the shares actually most people don't realize that when you have shares on Robin Hood, those shares know under your name, you don't show up on the cup table as a show holder, they're actually just an entitlement towards those shares that sit uh on DTCC. So what DTCC is doing, which is very interesting and it's it's gonna get tokenization on wallets out there. So so cool us to them, but it still kind of restricts the same market structure. The people that will be able to create wallets are the the the clean market participants. So you as a retail user are not going to have like the ability to just receive a token that re sense shares. What we're doing is a bit different because we take the shares outside of DTCC and then we actually allow you to trade them on chain outside of market structure. So we do it, you know, with with jump uh with a proper AMM and then you actually get the shares on your token and then obviously in the future, we're planning on adding features like you'll be able to post them as collateral on D five, to borrow against them and do other things. you'll be able to transfer them peer to peer to any listed wallets, etcetera. So you'll have more let's say crypto native functionality for those certain native shares as opposed to to the token of the entitlements, which is more of a something for the existing market participants with the same market structure that the settlement, in our case is instant, in their case is still T plus one. We have extended trading hours and planning on moving to 24 7 uh soon, uh et cetera. So it's a very different thing. What happens on share are basically synthetics, right? You know, you're getting, you're not getting a share, you're getting something else is a, there's tons of different varieties out there. Um they're for the most part, most of them block the us because the way they they do it is not regulatory compliant here. You're taking counterparty risk towards a third party company that is like issuing this this derivative of the of the actual share. So, so and then it fragments the market, right? Because today companies like Circle or or Coin base, they have five different derivatives that none of them are the same, uh as opposed to just keep the same shares that are completely fungible with the shares that trade in traditional market. So for market makers and for the liquidity, you just basically sharing the same thing.

04:36 Speaker A

So on the more, I guess risky side, you have pre- IPO shares of things trading on leverage exchanges all over the world. That seems like a completely different product.

04:51 Speaker B

It it is different. I mean, you know, you've been in crypto as long as me or longer and you know how crypto tends to, you know, be kind of on the front end of playing a little bit of regulatory arbitrage and doing more risky stuff and eventually everything comes down back to to the regulatory perimeter when he wants to scale, right? Like I always tell that I remember at the beginning you could just buy crypto without KYC and now all centralized exchanges they implement KYC, now most of the D five protocols also have ways of using uh you know, permission assets and R W ways there, etcetera. So I do believe that eventually everything will come within the regulatory perimeter because that's what will uh attract, you know, first us people and people in other jurisdictions that are not allowed to touch this uh these derivatives and second the the kind of like the institutional adoption from, you know, trading, market making, etcetera that will not touch those those products because of the regulatory risk.

打开原文

科技股盈利与估值乐观论证

重要性2/5 中低

与MRVL存在直接点名关联，但关键图表和数据口径缺失，观点性与营销色彩较强。

标签

标的：`MRVL`来源：Zacks发布日期：2026-07-13重要性：2/5 中低评级理由：与MRVL存在直接点名关联，但关键图表和数据口径缺失，观点性与营销色彩较强。评级依据：sector_sentiment原文字数：540

中文摘要

核心结论

文章以企业盈利、科技行业内部人买入和估值指标为依据，主张2026年科技股上涨具备基本面支撑。论证方向鲜明，但多数图表没有在归档正文中保留具体数值，季节性类比和“历史纪录”表述难以独立核验。

重要性评级

评级：2/5（中低）

文章涉及MRVL、Micron、NVIDIA和Microsoft，但主要提供板块叙事，缺少MRVL专属数据及图表底层口径。

关键事实

文章发布于美东时间 07/13 13:51（UTC+8 07/14 01:51）。
作者把2025年关税冲击后的V形修复与2026年美国轰炸伊朗后的市场修复相比较。
文中引用“特朗普总统周期”图表，称标普500常在年初调整、春季触底并向年末上涨。
文章称过去六个月科技公司内部人买入股份数量创历史新高，但没有给出金额、样本或计算方法。
科技行业远期市盈率被描述为低于十年均值，NVIDIA的市盈增长比处于十年低位。
文中称Micron预计本年利润超过此前二十年合计。
SanDisk和MRVL被列为利润创纪录的人工智能相关公司。

作者观点与证据

作者明确看好科技股，证据来自季节性图表、内部人买入、相对估值和盈利增长。归档正文未保留图表数值，也没有解释样本范围、盈利口径或预测来源；“内部人买入只因看涨”的说法属于作者简化判断。

与相关标的的关系

MRVL被列为利润创纪录的人工智能相关公司，但文章没有给出利润金额、期间或同比变化。MU、SNDK、NVDA和MSFT用于支持科技板块盈利与估值叙事，不能替代公司级财务核验。

时效性与限制

文章发表于当日交易时段，叙事较新；支撑材料主要来自未附底层数据的Zacks、TradingView、Carson Investment Research和FactSet图表，且文末带有产品推广。

后续跟踪

MRVL实际利润、利润率和一致预期变化
科技行业远期市盈率的成分与历史区间
内部人净买入金额及公司覆盖范围
Micron利润预测与已实现业绩的差异

英文原文

Tech View: Record Profits, Insider buying, & Cheap Valuations

Andrew Rocco

Tue, July 14, 2026 at 1:51 AM GMT+8 2 min read

^GSPC

-0.79%

V-Shaped Bottom 2.0?

Thus far, 2026 is shaping up eerily similarly to 2025. In 2025, U.S. equity markets suffered a swift and violent correction after President Trump unveiled his 'Liberation Day' blanket tariff policy. However, after a brief multi-week correction, equities began to price in the tariff news, climb the proverbial wall of worry, and create a V-shaped recovery. Earlier this year, the same price action occurred after the U.S. bombed Iran. Stocks corrected and recovered swiftly in a V-shaped fashion.

Zacks Investment Research

Image Source: TradingView

The Trump Seasonality is Repeating

History doesn't always repeat itself, but it does tend to rhyme. As you can see from the seasonality chart below, the Trump Presidency Cycle suggests that the S&P 500 Index corrects early in the year, bottoms in spring, and runs into year-end. Once again, stocks are following the pattern closely.

Zacks Investment Research

Image Source: Carson Investment Research, FactSet

Tech Insider Buying Surges to Record High

Although executives may sell their stock for any number of reasons, they buy only for one: they believe it will appreciate in price. For investors, it's worth noting when executives have skin in the game and deploy their own personal funds to purchase stock in the open market. Over the past six months, tech stock insiders have bought more shares than ever in history.

Zacks Investment Research

Image Source: Zacks Investment Research

Tech Valuations Remain Cheap

While tech stocks have appreciated nicely over the past several months, their valuations remain extremely reasonable. The forward P/E ratio for the tech sector is below the 10-year average and at levels not seen in over a year.

Zacks Investment Research

Image Source: Zacks Investment Research

Meanwhile, despite NVIDIA's ( NVDA ) massive multi-year move, its price-to-earnings growth ratio is at decade lows. Other big tech giants such as Microsoft ( MSFT ) also trade at valuations that are hovering near multi-year lows.

Zacks Investment Research

Image Source: Zacks Investment Research

Tech Stocks are Producing Juicy Profits

A key differentiator between the late 1990s and today is that stock moves are driven by real fundamentals. For instance, Micron ( MU ) is expected to generate more profit this year than it generated over the previous two decades combined!

Zacks Investment Research

Image Source: Zacks Investment Research

Other AI-related companies, such as SanDisk ( SNDK ) and Marvell ( MRVL ) are also reporting record profits.

Bottom Line

Backed by historic corporate profits, insider buying, and bargain valuations, tech stocks are proving that the 2026 rally is built on rock-solid fundamentals, not hot air.

Story Continues

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Microsoft Corporation (MSFT) : Free Stock Analysis Report

Micron Technology, Inc. (MU) : Free Stock Analysis Report

NVIDIA Corporation (NVDA) : Free Stock Analysis Report

Sandisk Corporation (SNDK) : Free Stock Analysis Report

Marvell Technology, Inc. (MRVL) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

打开原文

CLARITY法案推进仍受票数约束

重要性5/5 高

法案时间表和票数约束直接关系COIN、CRCL及BTC的监管环境，时效性强且有明确后续验证节点。

标签

标的：`CRCL`来源：Stocktwits发布日期：2026-07-13重要性：5/5 高评级理由：法案时间表和票数约束直接关系COIN、CRCL及BTC的监管环境，时效性强且有明确后续验证节点。评级依据：timeliness, regulatory_significance, evidence_strength原文字数：670

中文摘要

核心结论

TD Cowen 预计美国参议院将推出整合银行委员会和农业委员会文本的新版 CLARITY Act（加密资产市场结构法案），最快在07/20当周进入表决。共和党可用票数减少、条文和利益冲突规则未定，使60票程序门槛仍具约束。

重要性评级

评级：5/5（高）

法案进度直接影响 Coinbase（COIN）、Circle（CRCL）和比特币的美国监管框架，且给出明确的修法与表决窗口；关键预测来自 TD Cowen 转述，正式议程仍待参议院确认。

关键事实

TD Cowen 预计新版法案将在本周提出，并整合参议院银行委员会和农业委员会的文本。
该机构预计法案最快于07/20当周进入院会表决。
众议院8月休会前存在推进压力。
参议员 Lindsey Graham 去世减少一张预期赞成票，Mitch McConnell 持续缺席也压缩共和党余量。
参议院跨越程序障碍需要60票。
未决事项包括 BRCA（区块链监管确定性法案）条款最终文本，以及加密资产利益冲突伦理协议。
报道时段内 CRCL 下跌3.6%，COIN 下跌0.75%；比特币24小时内最多下跌2.5%至约62,500美元。
特朗普于周一公开敦促参议院通过该法案。

作者观点与证据

文章认为政治支持提升了法案近期进入议程的概率，但市场并未维持最初涨幅。证据包括 TD Cowen 的政策预测、60票门槛和未决条款；Stocktwits（投资者社交平台）的情绪指标及单个用户对比特币75,000美元的预测仅代表零售叙事。

与相关标的的关系

COIN 和 CRCL 对美国加密市场结构与稳定币监管清晰度高度敏感；BTC-USD 可能受合规渠道和机构参与预期影响。文章记录的同步下跌也显示，当日价格同时受到数字资产整体回撤影响，无法单独归因于法案进度。

时效性与限制

发布于美东时间 07/13 12:57（UTC+8 07/14 00:57）。法案文本、院会议程和票数尚未正式确定，TD Cowen 的时间表属于预测。

后续跟踪

新版法案全文及两委员会条款差异
07/20当周是否列入参议院议程
BRCA 条款与利益冲突协议
公开支持票数能否达到60票

英文原文

Bitcoin, Coinbase, Circle Slip Despite Fresh Optimism Around CLARITY Act

Bitcoin, Coinbase, Circle Slip Despite Fresh Optimism Around CLARITY Act · Stocktwits

Prabhjote Gill

Tue, July 14, 2026 at 12:57 AM GMT+8 3 min read

BTC-USD -1.44%

COIN -1.07%

CRCL -4.75%

TD Cowen expects lawmakers to introduce a revised version of the bill this week that combines language from the Senate Banking and Agriculture committees.

It expects that the revised legislation could hit the floor for a vote by the week of July 20.

President Donald Trump also urged the Senate on Monday to pass the CLARITY Act, calling for lawmakers to approve the bill in honor of Senator Lindsey Graham.

Bitcoin (BTC) continued to fall in midday trade on Monday, along with crypto-linked equities like Coinbase (COIN) and Circle (CRCL), despite optimism around the likelihood of the CLARITY Act being tabled in the Senate for discussion this week.

In a note to investors cited by TheFly, TD Cowen said it expects to see an updated version of the Clarity Act bill that incorporates language from the Senate Banking and Agriculture committees as the Senate returns this week. It expects that the legislation could hit the floor as soon as the week of July 20.

See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox

Senate Prepares Revised CLARITY Act

While TD Cowen said there is pressure to advance the legislation before the House begins its August recess, it cautioned that the path to passage has become more challenging.

The firm noted that the death of Senator Lindsey Graham (R-SC) removes an expected Republican "yes" vote, making it more difficult to secure the 60 votes needed to overcome procedural hurdles in the Senate.

President Donald Trump also weighed in on Monday, urging senators to pass the CLARITY Act "in honor of Senator Lindsey Graham, a big supporter," in a post on Truth Social.

Trump added that China and "many other countries" want "complete and total control" of cryptocurrency and artificial intelligence. "Don't let China win on either subject!!!" he wrote.

Crypto Equities Turn Lower

Shares of Circle and Coinbase initially moved higher following Trump's comments supporting the legislation. However, those gains faded alongside a broader pullback in digital assets.

As of midday trade, CRCL's stock fell 3.6%, and COIN's stock edged 0.75% lower. Retail sentiment on Stocktwits around CRCL trended in 'bullish' territory over the past day, while sentiment around COIN remained in the 'neutral' zone.

Bitcoin's price fell as much as 2.5% in the last 24 hours to around $62,500. Retail sentiment around the apex cryptocurrency dropped to 'bearish' from 'neutral' territory over the past day.

One retail trader on Stocktwits forecast that Bitcoin's price could rally as high as $75,000 if the CLARITY Act passes.

Story Continues

Passage of the CLARITY Act still hinges on unresolved sticking points , including the final language of the Blockchain Regulatory Certainty Act (BRCA) provision and an ethics deal on crypto-related conflicts of interest.

Graham's death and Senator Mitch McConnell's (R-KY) continued absence have left Republicans little room for error on the 60-vote threshold, with democratic senators like Elizabeth Warren (D-OK) lobbying against the legislation.

Read also: Michael Saylor's MSTR Didn't Buy A Single Bitcoin This Week – Here's What It Did Instead

For updates and corrections, email newsroom[at]stocktwits[dot]com

Prabhjote Gill has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy . This article was originally published on StockTwits .

TSLA Stock Back To $400? Jefferies Lays Out Bull Case, Says SpaceX Merger Could Hand Shareholders A Premium

MDGL Stock In Focus — Retail Traders Buzz Over M&A Speculation And Fresh Patents For Liver Drug

RUN Stock Slips Marginally — Sunrun Offers Solar Customers Way To Earn Cash By Powering AI Computing

打开原文

ARK增持SpaceX及加密概念股

重要性3/5 中

包含SPCX的明确购买金额及多只相关标的方向，但缺少完整成交和仓位数据。

标签

标的：`CRCL`来源：GuruFocus.com发布日期：2026-07-13重要性：3/5 中评级理由：包含SPCX的明确购买金额及多只相关标的方向，但缺少完整成交和仓位数据。评级依据：timeliness, data_completeness原文字数：425

中文摘要

核心结论

ARK Invest 在截至07/10的一周增加 SpaceX、Meta、礼来、Coinbase 和 Circle 等持仓，同时减持 AMD、Robinhood 及多只基因组学股票，组合调整继续偏向航天、人工智能、医疗和数字资产。

重要性评级

评级：3/5（中）

文章提供 ARK 一周资金动作及 SpaceX 的购买金额，但未披露多数标的的股数、成交价、基金权重和调整前后仓位，适合作为机构行为线索。

关键事实

ARK 在截至07/10的一周增加多家科技、医疗和数字资产公司的持仓。
SpaceX（SPCX）是按金额计算的最大买入，多个 ARK ETF（交易所交易基金）合计投入约5,210万美元。
增持名单还包括礼来（LLY）、Meta（META）、X-Energy（XE）、Coinbase（COIN）和 Circle（CRCL）。
减持名单包括 AMD、Roku（ROKU）、Robinhood（HOOD）、Deere（DE）和 Iridium Communications（IRDM）。
ARK 同时减持 Natera、Illumina、Twist Bioscience、10x Genomics 和 BioNTech 等基因组学公司。
文章将调整背景指向二季度财报季前的组合再平衡。

作者观点与证据

作者把增减持归纳为 ARK 对人工智能、医疗和加密业务的持续兴趣。SpaceX 的5,210万美元购买额提供了明确证据，其余标的仅列方向，无法判断调整幅度和组合影响。

与相关标的的关系

SPCX 获得最大金额增持；META、LLY、COIN 和 CRCL 获增持，AMD、HOOD 等被减持。该信息反映单一资产管理人的主动选择，不能代表行业资金流。

时效性与限制

发布于美东时间 07/13 12:52（UTC+8 07/14 00:52）。页面提示市场数据延迟，正文也未提供完整交易清单、持仓权重或原始基金披露链接。

后续跟踪

ARK 各基金的实际成交明细和持仓权重
SpaceX 增持是否延续
COIN、CRCL 与 META 的后续基金流向
二季度财报后是否再次调整组合

英文原文

Cathie Wood Loads Up on SpaceX, Meta, Eli Lilly and Circle Group

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Cathie Wood Loads Up on SpaceX, Meta, Eli Lilly and Circle Group

Nauman Khan

Mon, July 13, 2026 at 9:52 AM PDT 1 min read

SPCX

-4.41%

This article first appeared on GuruFocus .

Cathie Wood's ARK Invest increased positions in several technology, healthcare and digital asset companies during the week ended July 10, while reducing holdings in select semiconductor and genomics names.

Space Exploration Technologies ( NASDAQ:SPCX ) represented the firm's largest purchase by value, with about $52.1 million deployed across multiple ARK exchange-traded funds. ARK also added shares of Eli Lilly ( NYSE:LLY ), Meta Platforms ( NASDAQ:META ), X-Energy ( NASDAQ:XE ), Coinbase Global ( NASDAQ:COIN ) and Circle Internet Group ( NYSE:CRCL ), reflecting continued interest in artificial intelligence, healthcare and cryptocurrency-related businesses.

Warning! GuruFocus has detected 1 Warning Sign with SPCX.

Is SPCX fairly valued? Test your thesis with our free DCF calculator.

On the selling side, ARK reduced holdings in Advanced Micro Devices ( NASDAQ:AMD ), Roku (ROKU), Robinhood Markets ( NASDAQ:HOOD ), Deere (DE) and Iridium Communications ( NASDAQ:IRDM ). The investment manager also cut exposure to several genomics companies, including Natera (NTRA), Illumina (ILMN), Twist Bioscience (TWST), 10x Genomics (TXG) and BioNTech (BNTX), as it continued portfolio rebalancing ahead of the second-quarter earnings season.

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General Fusion登陆纳斯达克

重要性2/5 中低

题材具有长期能源意义，但对输入标的缺少直接业务影响，证据高度依赖受偿公司宣传材料。

标签

标的：`VRT`来源：CNW Group发布日期：2026-07-13重要性：2/5 中低评级理由：题材具有长期能源意义，但对输入标的缺少直接业务影响，证据高度依赖受偿公司宣传材料。评级依据：时效性较高, 与VRT仅间接相关, 技术证据尚待同行评审, 来源存在受偿推广利益冲突原文字数：1813

中文摘要

核心结论

General Fusion完成与Spring Valley Acquisition Corp. III（特殊目的收购公司）的合并，以GFUZ代码登陆纳斯达克，并计划用约1.5亿美元现金推进磁化靶聚变技术。商业价值仍取决于2028年前技术里程碑，现有结果尚未完成同行评审。

重要性评级

评级：2/5（中低）。聚变上市提供能源基础设施背景，但与VRT、GEV和NVDA仅有间接主题联系，且文章属于付费宣传稿。

关键事实

公司称其为首家上市聚变企业，累计完成逾20万次等离子体实验。
LM26装置将电子温度加热至约840万摄氏度，即0.72千电子伏，下一阶段目标包括1千电子伏、10千电子伏和劳森判据。
合并及私募后现金约1.5亿美元，预计支持Lawson项目推进至2028年。
公司与意大利Renexia签署聚变部署框架协议。

作者观点与证据

文章将长期实验积累、技术结果和部署框架视为上市基础，并借VRT、GEV、NVDA与RKLB说明资本市场对长期技术项目的估值方式。主要证据来自公司披露；发行方受偿推广General Fusion，立场存在明确利益冲突。

与相关标的的关系

VRT和GEV仅用于说明人工智能数据中心的电力、冷却和电网需求，NVDA代表算力需求，RKLB代表长期研发型上市案例；文章没有证明聚变项目会直接形成这些公司的订单。

时效性与限制

文章发布于美东时间 07/13 12:46（UTC+8 07/14 00:46）。技术数据为公司口径且仅称已提交同行评审，协议也未披露项目规模、收入或投产时间。

后续跟踪

LM26同行评审结果及1千电子伏目标进展。
2028年前现金消耗与追加融资需求。
意大利项目的选址、审批和商业条款。

英文原文

The First Publicly Listed Fusion Stock Just Started Trading, and It Did Not Arrive Quietly

This is a paid press release. Contact the press release distributor directly with any inquiries.

The First Publicly Listed Fusion Stock Just Started Trading, and It Did Not Arrive Quietly

CNW Group

Tue, July 14, 2026 at 12:46 AM GMT+8 9 min read

GFUZ

-14.06%

RKLB

-5.32%

-4.49%

NVDA

-3.52%

SVACW

0.00%

General Fusion opens on the Nasdaq under GFUZ, backed by more than 200,000 plasma experiments, a TIME's World Number One GreenTech Company ranking, and a framework deal to deploy fusion power in Italy

Issued on behalf of General Fusion Inc.

VANCOUVER, BC, July 13, 2026 /PRNewswire/ -- Equity Insider News Commentary — General Fusion Group Ltd. (NASDAQ: GFUZ) has begun trading on the Nasdaq under the ticker symbol GFUZ following the completion of its business combination with Spring Valley Acquisition Corp. III. This debut makes General Fusion, by the company's account, the first publicly listed fusion company. It arrives with more substance behind it than the typical pre-revenue listing[1]. Built for Our World sets out the broader vision behind the company.

Equity Insider General Fusion is entering the public markets with approximately US$150 million in cash, inclusive of net transaction proceeds from the private placement and trust capital. This capital is expected to fund General Fusion's Lawson program through several key technical milestones, which the Company aims to complete in 2028, with the goal of demonstrating and de-risking Magnetized Target Fusion ("MTF") technology in a commercially relevant way.

Key Takeaways

General Fusion is now trading on the Nasdaq under GFUZ after completing its business combination with Spring Valley Acquisition Corp. III.

The company reports more than 200,000 plasma experiments conducted over two decades, culminating in its LM26 demonstration machine, which recently showed compressional plasma heating.

General Fusion was ranked first on TIME's list of the World's Top GreenTech Companies of 2026 and has signed a framework agreement to advance fusion deployment in Italy.

General Fusion's Chief Executive Officer, Greg Twinney, has framed the listing as the start of a new chapter built on a long operating history rather than a standing start. The company points to more than twenty years of real-world testing, dozens of testbeds and prototypes, and more than 200,000 plasma experiments as the foundation for its current work[1]. This is General Fusion offers a closer look at that operating history.

That work has converged on Lawson Machine 26 (LM26), the company's large-scale MTFdemonstration machine operating at its Vancouver facility. General Fusion recently reported meaningful plasma heating to electron temperatures of approximately 8.4 million degrees Celsius (roughly 0.72 keV), driven by the compression of a plasma with a lithium liner. The company describes these results, which have been submitted for peer review and are publicly available, as significant progress toward the key 1 keV electron temperature milestone and a validating indicator for its practical approach to fusion[1].

Story Continues

Recognition, Governance, and a Path to Deployment

Beyond the technical results, General Fusion has been accumulating the kind of external validation that public-market investors tend to weigh. The company was ranked first on TIME's list of the World's Top GreenTech Companies of 2026, a recognition of its leadership in fusion energy that landed shortly before its market debut[1].

The company has also strengthened its board of directors by adding experienced governance from the power and energy-transition sectors. In addition, General Fusion has taken concrete steps toward commercial deployment. General Fusion and Renexia S.p.A., a Toto Group company specializing in renewable energy, announced a framework agreement to advance the commercial deployment of General Fusion's fusion energy technology in Italy. This agreement represents an early signal that the company is thinking about where fusion power might actually be sited and sold[1]. The Path to Commercialization details how the company plans to move from demonstration to deployment.

A Market That Has Learned to Underwrite the Long Game

General Fusion joins the public markets at a time when investors have grown more comfortable valuing companies based on the strength of their pipelines, partnerships, and technical milestones rather than near-term earnings. The companies powering, supplying, and paralleling the AI-driven energy buildout offer a useful frame of reference.

NVIDIA (NASDAQ: NVDA) sits at the source of the demand story. Its AI accelerators are driving a new generation of data centers that draw many times more power than their predecessors, putting fresh urgency behind every credible path to abundant clean energy[2]. Vertiv Holdings (NYSE: VRT) supplies the power and cooling infrastructure those facilities depend on, reporting first-quarter 2026 net sales of US$2.65 billion, up 30% year over year on strong data-center demand[3]. GE Vernova (NYSE: GEV) builds the generation and grid equipment behind the buildout, booking US$2.4 billion in data-center equipment orders in its Electrification segment in the first quarter of 2026, more than in all of the prior year[4]. And Rocket Lab (NASDAQ: RKLB), which itself came public through a SPAC business combination, shows how the market has learned to underwrite frontier technology through long development arcs, converting years of technical milestones into record quarterly revenue of just over US$200 million and a contracted backlog above US$2.2 billion while its next-generation Neutron rocket is still in development[5].

None of these companies is a fusion pure-play, and their inclusion here is illustrative rather than comparative in any financial sense. But they help explain why a company like General Fusion can list on the Nasdaq before generating commercial revenue: the market is increasingly willing to price the option value of technologies that, if they work, could reshape the energy system.

For now, General Fusion's task is to keep converting laboratory milestones into public-market credibility. The company has been explicit that meaningful technical hurdles remain, including reaching the 1 keV and 10 keV heating milestones and ultimately achieving the Lawson criterion. With GFUZ now trading, investors can track that progress in real time.

Media Contact

Equity Insider

Info@equity-insider.com

Company Contact

General Fusion Investor Relations: investors@generalfusion.com

North America toll-free voicemail: +1 (833) 717-1519 | Outside North America: +1 (236) 253-6968

General Fusion Media Relations: media@generalfusion.com | 1-866-904-0995

Sources

[1] General Fusion Group Ltd. - Begins Trading on Nasdaq Under GFUZ (company primary release), syndicated via GlobeNewswire; includes references to LM26 compressional heating results and TIME GreenTech ranking

[2] Bloomberg, How AI Firms Are Redesigning Data Centers to Meet Energy Demand, June 1, 2026 (comparative market context)

[3] Vertiv (VRT) first-quarter 2026 results coverage: net sales of US$2.65 billion, up 30% year over year on data-center demand

[4] GE Vernova First Quarter 2026 Financial Results (company release), April 22, 2026

[5] Rocket Lab First Quarter 2026 Financial Results (company release), May 7, 2026

DISCLAIMER

Nothing in this publication should be considered personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor a recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances.

This article is being distributed by Equity Insider on behalf of Market Equities Limited ("Market Equities"). Market Equities has been paid a fee by Creative Direct Marketing Group ("CDMG") for General Fusion advertising and digital media services. CDMG has been retained by General Fusion, pursuant to a services agreement, to provide various marketing and advertising services for an aggregate fee. This article was prepared and published pursuant to that services agreement. Market Equities does not currently own any shares of General Fusion Group Ltd. but reserves the right to buy or sell, and may buy or sell, shares of General Fusion Group Ltd. at any time commencing immediately and on an ongoing basis, without further notice.

This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because a conflict of interest exists due to the compensation described above, individuals are strongly encouraged to not use this publication as the basis for any investment decision. We also expect to receive further compensation as part of an ongoing digital media effort to increase visibility for the company, and no further notice will be given, but let this disclaimer serve as notice that all material disseminated by Market Equities has been reviewed and approved for distribution on behalf of General Fusion Group Ltd. by CDMG; this is a paid advertisement.

Forward-Looking Statements. This publication may contain forward-looking statements within the meaning of applicable securities laws, including statements regarding expected technical milestones, commercialization timelines, business plans, and future performance. Forward-looking statements can often be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "may," "will," "should," "could," or the negative of such terms, or other comparable terminology. These statements are based on current expectations, estimates, and projections and involve known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied. Such factors include, but are not limited to, risks related to the development and commercialization of fusion technology, the ability to achieve technical milestones, regulatory approvals, market acceptance, competition, and general economic conditions. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this publication. Neither the company nor any other party undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers should conduct their own due diligence before making any investment decisions.

This disclaimer, together with your access to and use of this content, shall be governed by and construed in accordance with the laws of Ireland.

Cautionary Note Regarding Technical Results and Forward-Looking Statements: References to plasma heating results, electron temperatures, and technical milestones are based on General Fusion's own disclosures, including results the company has stated are submitted for peer review. Such results are preliminary in nature and do not guarantee the achievement of subsequent milestones, including the 1 keV or 10 keV heating targets or the Lawson criterion. Commercialization of fusion energy remains subject to substantial scientific, engineering, regulatory, and financial risk.

Cautionary Note Regarding the Business Combination. This article references a business combination among General Fusion Group Ltd. (NASDAQ: GFUZ), Spring Valley Acquisition Corp. III (NASDAQ: SVAC), and General Fusion Inc. Investors should review General Fusion's and Spring Valley's filings with the U.S. Securities and Exchange Commission, including the Current Report on Form 8-K and related materials available at www.sec.gov, for complete information regarding the transaction, associated risks, and the resulting company's securities.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/the-first-publicly-listed-fusion-stock-just-started-trading-and-it-did-not-arrive-quietly-302823991.html

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2026/13/c0028.html

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存储扩产担忧重挫SOXL

重要性4/5 高优先级

直接解释SOXL最新大幅波动，包含成分权重和存储供给事实，但长期价格结论尚缺产能进度与需求证据。

标签

标的：`SOXL`来源：Motley Fool发布日期：2026-07-13重要性：4/5 高优先级评级理由：直接解释SOXL最新大幅波动，包含成分权重和存储供给事实，但长期价格结论尚缺产能进度与需求证据。评级依据：发布时间接近日报, 直接关联SOXL, 提供成分股权重, 包含行业供给数据, 因果判断仍需验证原文字数：641

中文摘要

核心结论

SK海力士计划到2030年将DRAM（动态随机存取存储器）产量翻倍，引发市场对供给增加和价格承压的担忧。半导体成分股同步下跌后，SOXL的三倍日内杠杆放大了跌幅。

重要性评级

评级：4/5（高优先级）

文章与SOXL当日大幅波动直接相关，并给出成分权重和行业供给数据；扩产对长期价格的影响仍属于作者推演。

关键事实

发布于美东时间 07/13 12:45（UTC+8 07/14 00:45）。
美东时间 07/13 12:00（UTC+8 07/14 00:00），纳斯达克指数下跌约1%，SOXL下跌11.6%；页面后续行情标签显示跌幅13.99%。
SK海力士此前通过纳斯达克股票发行融资265亿美元，上市首日上涨14%。
公司预计2027年面临严重存储器短缺，并称高利润可能延续至2030年。
SK海力士计划到2030年把DRAM产量翻倍；其DRAM市场份额约29%，HBM（高带宽存储器）份额超过50%。
Micron、Intel和Marvell当时分别下跌约4%、5%和6%，三者合计占SOXL约16%。

作者观点与证据

作者把SOXL下跌归因于SK海力士扩产引发的周期担忧及成分股回落。产能翻倍可能压低价格的判断具有经济逻辑，但文章没有给出投产节奏、需求预测或资本开支细节。

与相关标的的关系

SOXL追踪半导体股票的三倍单日表现，Micron、Intel和Marvell的同步回落会被杠杆机制放大；长期持有结果还受每日再平衡和路径依赖影响。

后续跟踪

SK海力士新增产能的投产时间表
DRAM与HBM现货、合约价格
SOXL成分权重及单日再平衡影响
Micron等同业的供给计划

英文原文

Why Direxion Daily Semiconductor Bull 3X ETF Dropped

Rich Smith, The Motley Fool

Tue, July 14, 2026 at 12:45 AM GMT+8 3 min read

SKHY

-9.32%

^IXIC

-1.55%

NVDA

-3.52%

SOXL

-13.99%

It's 12 noon on Monday -- do you know where the Nasdaq is?

It's down 1% at the moment -- but the Direxion Daily Semiconductor Bull 3X Shares ETF (NYSEMKT: SOXL) is down much, much more, tumbling 11.6% as investors worry over how long the bull run in computer memory stocks can last.

Image source: Getty Images.

SK Hynix excites the market -- then scares it

Memory giant SK Hynix (NASDAQ: SKHY) just raised $26.5 billion from a Nasdaq stock sale. On the day the listing went live, SK's CEO boasted his company will enjoy windfall profits from servicing "the worst-ever supply shortage" of computer memory in 2027 and will continue enjoying high profits through 2030. This news drove SK stock up 14% Friday.

Now SK's dropping, and dragging other computer memory makers with it. Why?

Well, it seems SK is building new factories that will double its DRAM production by 2030. SK is already the second-largest provider of DRAM (with a 29% market share) and the largest producer of high-bandwidth memory (HBM, with a market share of 50%+). If it doubles production, this could short-circuit DRAM prices and hurt profits at smaller producers such as Micron (NASDAQ: MU).

3x the risk, 3x the gain

What does this have to do with the Direxion Daily Semiconductor Bull 3X Shares ETF? Well, like all ETFs, SOXL is made up of individual stocks that go up and down -- and at 3x leverage, when these stocks go down a little (or a lot), the Direxion SOXL ETF goes down even more.

Today's semiconductor losers include Micron, down 4%; Intel (NASDAQ: INTC), down 5%; and Marvell (NASDAQ: MRVL), down 6%. Combined, these three stocks make up 16% of SOXL's holdings.

When these stocks go down -- whatever the news -- it makes sense the SOXL ETF would go down even more .

Should you buy stock in Direxion Shares ETF Trust - Direxion Daily Semiconductor Bull 3x Shares right now?

Before you buy stock in Direxion Shares ETF Trust - Direxion Daily Semiconductor Bull 3x Shares, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Direxion Shares ETF Trust - Direxion Daily Semiconductor Bull 3x Shares wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

Story Continues

See the 10 stocks »

*Stock Advisor returns as of July 13, 2026.

Rich Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Intel, Marvell Technology, and Micron Technology. The Motley Fool has a disclosure policy .

Why Direxion Daily Semiconductor Bull 3X ETF Dropped was originally published by The Motley Fool

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Applied Digital重资产扩张压力

重要性4/5 中高

对APLD估值、合同、融资和执行风险覆盖完整，直接相关且及时，但部分历史比较和推广内容需剔除。

标签

标的：`APLD`来源：Trefis发布日期：2026-07-13重要性：4/5 中高评级理由：对APLD估值、合同、融资和执行风险覆盖完整，直接相关且及时，但部分历史比较和推广内容需剔除。评级依据：timeliness原文字数：863

中文摘要

核心结论

APLD拥有约160亿美元合同租赁收入和可观融资资源，但当前估值建立在尚未完成的数据中心项目上。公司亏损、现金消耗、高波动和建设监管风险，使合同储备向利润转化成为主要验证点。

重要性评级

评级：4/5（中高）

文章直接覆盖APLD，提供估值、盈利、现金、融资和历史回撤数据；部分长期对比可能受公司历史业务变化影响，且结尾含税务产品推广。

关键事实

文章发布于美东时间 07/13 12:25（UTC+8 07/14 00:25）。
APLD过去一年上涨228%，但较52周高点低约37%。
市销率为32.0倍，标普500为3.3倍；过去三年收入年均增长118%。
公司营业利润率为负23%，市场对照值为正18.4%。
HPC（高性能计算）托管业务最近一个季度收入7100万美元。
公司已签约租赁收入约160亿美元，并在推介四个合计约1吉瓦的新开发场址。
最近季度末现金及等价物21亿美元；Macquarie Asset Management（麦格理资产管理）为未来项目提供最高41亿美元优先股融资渠道。
债务相当于市值的31%，高于文中市场平均20%；期权市场隐含预期波动率为95。

作者观点与证据

文章认为合同储备和融资安排证明APLD具备人工智能基础设施扩张基础，同时强调当前价格提前反映未来利润。财务比率、现金和合同数据支持重资产特征；建设按期完成、客户需求持续及利润规模属于前瞻假设。南达科他州项目因地方税法变化而撤回，显示监管风险已出现实例。

与相关标的的关系

APLD是直接标的。CLSK、CORZ、HUT、MARA和RIOT等数据中心或数字资产基础设施公司构成高耗电资产的横向参照，但正文未逐一比较。APLD的关键敏感项是通电、施工、融资成本与租赁收入确认。

时效性与限制

文章发表于当日交易时段。2008年、2020年和2022年回撤数据可能跨越APLD不同业务阶段，历史可比性有限；结尾的税务分散化宣传不属于公司基本面证据。

后续跟踪

约160亿美元合同的客户、期限与收入确认进度
四个新场址的许可、融资、施工和通电
现金消耗、债务及优先股融资成本
营业利润率和自由现金流改善情况

英文原文

Applied Digital: Is The $16 Billion AI Bet Worth The Risk?

Trefis Team

Tue, July 14, 2026 at 12:25 AM GMT+8 4 min read

APLD -7.42%

CLSK -3.81%

RIOT -3.70%

CORZ -3.32%

CORZZ -5.70%

Photo by Buffik on Pixabay The company is building the infrastructure for the AI boom with billions in contracted revenue, but you're buying into a costly construction project long before the profits arrive.

Applied Digital (APLD) is not a software company riding the artificial intelligence wave; it's one of the companies pouring the concrete. It designs, builds, and operates the large, power-hungry data centers that AI models require. After a striking 228% run-up over the past year, the stock now trades about 37% below its 52-week high, raising a direct question for anyone looking at the opportunity today. Are you buying into the early stages of a dominant infrastructure provider for the AI age, or are you taking on the considerable risks of a company still in the middle of its expensive, complex build-out?

How Expensive Is It?

On the surface, Applied Digital's valuation is a study in contrasts. The stock trades at a price-to-sales ratio of 32.0, a steep figure that dwarfs the S&P 500's multiple of 3.3. That's the kind of premium the market typically pays for extreme growth, and APLD has it: its revenue has grown at a 118% average annual rate over the last three years. But look at profitability, and the picture flips. The company is not yet profitable, with an operating margin of -23% compared to the market's positive 18.4%. It's also burning through cash to fund its expansion, so a price-to-free-cash-flow multiple isn't meaningful. In short, you are paying a high price for today's sales in the belief that the company's large construction pipeline will eventually generate significant profits. The current losses are the cost of that future.

What Does That Price Buy, And Can It Fund Its Plans?

What you get for that price is a direct stake in the AI infrastructure build-out. The engine here is the HPC hosting business , which builds and leases specialized data centers. This segment generated $71 million of revenue in the most recent quarter. More importantly, the company has already secured approximately $16 billion in contracted lease revenue , providing a long-term view of potential income. Management sees demand from its "hyperscalers" clients as aggressive as they've ever seen it and is actively marketing four new development sites totaling roughly 1 gigawatt of power capacity. The critical question is whether it can fund this ambition. The company is burning cash, but it ended the last quarter with $2.1 billion in cash and equivalents. It has also arranged significant financing, including access to $4.1 billion in preferred equity from Macquarie Asset Management for future projects. While its debt load of 31% of its market value is higher than the market average of 20%, the company appears to have a clear financing model in place for its current construction.

Story Continues

When Markets Turn, And How This Stock Behaves

A look at history shows that holding this stock requires a strong stomach. During the 2022 inflation shock, APLD stock fell 83%, a far deeper drop than the S&P 500's 25% decline. It was a similar story during the 2020 pandemic, when the stock fell 68% versus the market's 34% drop. And in the 2008 global financial crisis, it plunged 92% while the S&P 500 fell 57%. In each case, the stock did eventually recover to its prior peak, but the drawdowns are severe. This is a high-beta stock that amplifies market downturns. The options market currently implies an expected volatility of 95, which, while lower than its recent past, still signals that traders are braced for significant price swings.

Where That Leaves You

The decision on Applied Digital hinges on your view of execution. The case for buying is that you are getting in on the ground floor of a tangible, long-term growth story fueled by the AI revolution. The company is building real assets backed by billions in contracts with major customers, and the financing for its current projects appears to be secured. If management delivers on its construction timeline, the earnings power could be immense.

The reason for caution is that you are buying a promise before it's fully delivered. The company is unprofitable, and large-scale development carries major execution and regulatory risks, highlighted by its decision to withdraw a planned project in South Dakota following changes to local tax laws. The key thing to watch is the pace of new lease signings and construction progress. Success here would validate the growth story, while further delays could test investor patience.

Buy Or Fear, It Is Still One Stock

Whether the call here is greed or fear, the bigger exposure is the same: how much of your future rides on this single name. A position that has grown too large turns one bad stretch into real, lasting damage - and selling to cut it back hands a chunk to the IRS. There is a way to protect the position and diversify out tax-efficiently .

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APLD扩张代价与VRT对照

重要性3/5 中

能补充VRT在数据中心产业链中的相对风险位置，但主体是APLD，VRT信息主要用于比较。

标签

标的：`VRT`来源：Zacks发布日期：2026-07-13重要性：3/5 中评级理由：能补充VRT在数据中心产业链中的相对风险位置，但主体是APLD，VRT信息主要用于比较。评级依据：发布时间较新, 与VRT存在直接同业比较, 数字密度较高, 商业模式差异削弱估值可比性原文字数：886

中文摘要

核心结论

Zacks认为Applied Digital（应用数字，APLD）的数据中心合同和收入快速增长尚未覆盖建设、融资及客户集中风险。文章以Vertiv（维谛技术，VRT）作为经营历史、客户多元化和估值较低的对照。

重要性评级

评级：3/5（中）。文章对VRT的直接新增事实有限，但提供了人工智能数据中心开发商与设备供应商之间的风险差异。

关键事实

APLD近一个月下跌33%，同期Zacks金融板块上涨2.3%。
2026财年第三季度收入同比增长139%至1.266亿美元，每股净亏损0.36美元。
债务约27亿美元、现金约21亿美元；Polaris Forge 2涉及21.5亿美元优先担保票据。
五个园区、三个客户对应约360亿美元合同租赁收入，其中约70%由投资级超大规模客户支持。
APLD未来十二个月市销率为12.66倍，高于VRT的7.75倍和行业均值2.8倍。

作者观点与证据

作者据亏损、杠杆、施工期和估值给出负面评价，并引用Zacks第5级“强力卖出”评级。合同金额提高收入可见度，但客户仅有三家，且园区仍在建设，兑现节奏尚未验证。

与相关标的的关系

VRT拥有更广的超大规模及企业客户基础，并已形成液冷业务规模；APLD则自行建设液冷基础设施。该比较说明VRT作为设备供应商的风险结构不同，但未提供VRT新增订单或业绩修正。

时效性与限制

文章发布于美东时间 07/13 12:23（UTC+8 07/14 00:23）。比较采用不同商业模式公司的市销率，解释力有限；结论带有Zacks评级体系偏好。

后续跟踪

Polaris Forge 1和2在2027财年的投产进度。
三家主要客户的租赁履约情况。
APLD融资成本、现金消耗及盈利拐点。

英文原文

APLD Dips 33% in a Month: Should You Hold or Fold the Stock?

Kashvi Chandgothia

Tue, July 14, 2026 at 12:23 AM GMT+8 4 min read

-4.07%

Applied Digital APLD shares have plunged 33% over the past month, significantly underperforming the Zacks Finance sector, which has gained 2.3% and the Zacks Finance Miscellaneous Services industry, which has declined 4.6% over the same period.

The weakness comes as APLD continues to pursue an aggressive artificial intelligence data center expansion strategy that requires substantial capital investment. While long-term hyperscale agreements and capacity additions support its long-term growth outlook, elevated valuation, customer concentration and execution risks continue to weigh on the investment thesis. Let's dig deeper to determine whether APLD stock deserves a place in investors' portfolios at current levels.

APLD Price Performance

Zacks Investment Research

Image Source: Zacks Investment Research

APLD's Aggressive Capital Spending Could Delay Profitability

APLD continues to pursue an aggressive multi-campus buildout that requires capital deployment well ahead of revenue recognition. Between Polaris Forge 1, Polaris Forge 2 and the newly broken ground Delta Forge 1 campus, APLD has layered on $2.15 billion in senior secured notes for Polaris Forge 2 and secured access to $4.1 billion in preferred equity from Macquarie Asset Management tied to future hyperscaler leases, alongside CoreWeave 's CRWV tenant fit-out obligations at Polaris Forge 1. Part of that spending funds proprietary liquid cooling infrastructure, an area where Vertiv Holdings VRT has spent years building scale, while APLD is still proving out its own approach, adding execution risk on top of an already heavy capital burden as more campuses come online.

This is already showing up on the income statement. In the third quarter of fiscal 2026, revenues grew 139% year over year to $126.6 million, yet net loss attributable to common stockholders came in at 36 cents per share, reflecting how far construction and financing costs continue to outpace earnings generation. The Zacks Consensus Estimate for fiscal 2026 loss is pegged at 70 cents per share, improved from 80 cents a year ago, indicating a gradual path toward profitability rather than a rapid turnaround.

With debt near $2.7 billion against $2.1 billion in cash, APLD will likely require continued disciplined execution as Polaris Forge 1 and Polaris Forge 2 ramp through fiscal 2027 before earnings improve meaningfully.

Applied Digital Corporation Price and Consensus

Applied Digital Corporation Price and Consensus Applied Digital Corporation price-consensus-chart | Applied Digital Corporation Quote

Customer Concentration Remains a Risk for APLD's Stock

Story Continues

APLD's growth story continues to depend on a limited number of counterparties. Total contracted lease revenues have climbed to approximately $36 billion across five AI Factory campuses with just three tenants supporting the platform. CoreWeave anchors Polaris Forge 1, one investment-grade hyperscaler has signed at Polaris Forge 2, while a second investment-grade hyperscaler has now signed three separate leases across Delta Forge 1, Polaris Forge 3 and Delta Forge 2. Approximately 70% of contracted revenue is now backed by investment-grade hyperscalers, improving APLD's overall credit profile. However, revenue visibility remains closely tied to the expansion plans and financial strength of only a handful of customers.

APLD's close peer, IREN Limited IREN, also faces customer concentration, with its Microsoft partnership expected to account for a substantial portion of its fiscal 2026 AI Cloud revenue alongside a separate multibillion-dollar agreement with Nvidia. By comparison, Vertiv Holdings serves a broad base of hyperscale and enterprise customers, reducing its reliance on any single client. For APLD, any slowdown in infrastructure spending by CoreWeave or its investment-grade hyperscale partner could materially affect future lease growth, making customer concentration an important investment risk despite its expanding backlog.

APLD Trades at Premium Valuations

APLD trades at a forward 12-month price-to-sales (P/S) multiple of 12.66X, well above the industry average of 2.8X and the broader sector average of 8.97X. Against direct peers, IREN Limited trades at 4.58X and Vertiv Holdings at 7.75X, both meaningfully below APLD's multiple despite longer operating histories and broader customer bases. APLD's premium looks difficult to justify given its ongoing net losses, elevated leverage and dependence on just three hyperscale tenants across five AI Factory campuses still under construction.

APLD's P/S F12M Ratio

Zacks Investment Research

Image Source: Zacks Investment Research

Conclusion

APLD's near-term outlook remains challenged by heavy capital spending, elevated leverage and dependence on just three hyperscale tenants across five AI Factory campuses still under construction. Despite continued triple-digit revenue growth, persistent net losses and a stretched valuation relative to both industry and sector averages, along with premium multiples versus peers like IREN Limited and Vertiv Holdings, make the stock look unattractive at current levels.

Given these trends, APLD's Zacks Rank #5 (Strong Sell) appears well justified, and investors should stay away from the stock for now.

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

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Applied Digital Corporation (APLD) : Free Stock Analysis Report

Vertiv Holdings Co. (VRT) : Free Stock Analysis Report

IREN Limited (IREN) : Free Stock Analysis Report

CoreWeave Inc. (CRWV) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

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EXLS与VRT估值差距

重要性3/5 中

包含VRT的明确估值数据，阅读价值受非同业比较和单一模型框架限制。

标签

标的：`VRT`来源：Zacks发布日期：2026-07-13重要性：3/5 中评级理由：包含VRT的明确估值数据，阅读价值受非同业比较和单一模型框架限制。评级依据：直接涉及VRT, 估值数字明确, 来源为模型化研究, 比较对象业务可比性较弱原文字数：468

中文摘要

核心结论

Zacks在自有价值评分框架下认为ExlService（业务流程与数据分析服务商，EXLS）的估值优于VRT。两家公司盈利预期均获正向修订，但VRT的市盈率、市净率和市盈增长比明显更高。

重要性评级

评级：3/5（中）。文章直接量化VRT估值，但比较对象业务差异较大，且没有讨论增长质量、现金流或数据中心需求。

关键事实

EXLS与VRT均获Zacks第2级“买入”评级。
EXLS未来市盈率为12.18倍，VRT为49.99倍。
EXLS的PEG（市盈增长比）为0.92，VRT为1.38。
EXLS市净率为5.36倍，VRT为28.85倍。
Zacks价值评分分别为EXLS的A和VRT的D。

作者观点与证据

作者依据估值指标与盈利预测修订，判定EXLS在价值维度占优。证据均来自Zacks模型和截面倍数，未呈现两家公司增长率、资本结构及业务周期差异，不能单独说明绝对估值是否合理。

与相关标的的关系

文章直接涉及VRT，并显示市场已给予其较高增长溢价。EXLS属于信息技术服务企业，VRT主营数据中心电力和冷却基础设施，两者不构成严格同业比较。

时效性与限制

文章发布于美东时间 07/13 11:40（UTC+8 07/13 23:40）。估值数据具有时点性，且结论受Zacks排名与价值评分方法影响。

后续跟踪

VRT盈利预测修订能否匹配当前估值。
VRT与真正数据中心设备同业的估值差异。
两家公司未来盈利增速和自由现金流变化。

英文原文

EXLS or VRT: Which Is the Better Value Stock Right Now?

EXLS or VRT: Which Is the Better Value Stock Right Now? · Zacks

Zacks Equity Research

Mon, July 13, 2026 at 11:40 PM GMT+8 2 min read

EXLS

+4.36%

-4.07%

Investors interested in Computers - IT Services stocks are likely familiar with ExlService Holdings (EXLS) and Vertiv Holdings Co. (VRT). But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.

Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highlight companies with specific traits.

Both ExlService Holdings and Vertiv Holdings Co. have a Zacks Rank of #2 (Buy) right now. This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that these stocks have improving earnings outlooks. But this is only part of the picture for value investors.

Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their current share price levels.

The Style Score Value grade factors in a variety of key fundamental metrics, including the popular P/E ratio, P/S ratio, earnings yield, cash flow per share, and a number of other key stats that are commonly used by value investors.

EXLS currently has a forward P/E ratio of 12.18, while VRT has a forward P/E of 49.99. We also note that EXLS has a PEG ratio of 0.92. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. VRT currently has a PEG ratio of 1.38.

Another notable valuation metric for EXLS is its P/B ratio of 5.36. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. For comparison, VRT has a P/B of 28.85.

These are just a few of the metrics contributing to EXLS's Value grade of A and VRT's Value grade of D.

Both EXLS and VRT are impressive stocks with solid earnings outlooks, but based on these valuation figures, we feel that EXLS is the superior value option right now.

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ExlService Holdings, Inc. (EXLS) : Free Stock Analysis Report

Vertiv Holdings Co. (VRT) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

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Nova完成阿拉斯加锑厂设计

重要性3/5 中

属于新近且明确的项目节点，但信息量较少、来源单一，与输入标的USAR关联有限。

标签

标的：`USAR`来源：IPO-Edge.com发布日期：2026-07-13重要性：3/5 中评级理由：属于新近且明确的项目节点，但信息量较少、来源单一，与输入标的USAR关联有限。评级依据：timeliness, source_quality, evidence_caveat原文字数：191

中文摘要

核心结论

Nova Minerals（诺瓦矿业，NVA）称已完成阿拉斯加全额资金覆盖的锑试验加工厂工程设计，计划本季度开工，并以美国军用等级规格为建设标准。该消息代表项目进入施工前阶段，尚未证明实际产量、产品合格率或商业销售能力。

重要性评级

评级：3/5（中）

消息发布时间接近日报，项目节点清晰，但原文仅一分钟篇幅，全部实质信息来自公司声明，且与USAR只有关键矿产供应链层面的间接关系。

关键事实

NVA称锑试验加工厂工程与设计工作已经完成。
公司表示项目已获得全额资金，但未披露资金规模、来源或预算构成。
工厂位于阿拉斯加，设计目标包括未来扩产以及处理区域和全球项目原料。
设施按美国战争部军用等级质量规格设计。
公司预计本季度开始施工。
首席执行官Christopher Gerteisen称下一步是矿石开采和加工厂建设，目标是近期启动锑生产。

作者观点与证据

报道基本转述公司新闻稿，认为设计完成有助于加快美国本土锑供应。没有独立工程审查、许可状态、设计产能、原料品位、单位成本或客户协议，无法评价项目经济性和工期可靠性。

与相关标的的关系

NVA及其权证NVA-WT承受直接项目进度影响。UAMY（美国锑业）、MP和USAR同属美国关键矿产供应链，但锑与稀土产品不同，文章未披露公司间合作。

时效性与限制

发布于美东时间 07/13 11:39（UTC+8 07/13 23:39）。信息较新但来源单一；“全额资金覆盖”和“本季度开工”均有待正式文件及后续施工事实确认。

后续跟踪

建设许可、承包商和正式开工日期。
设计产能、资本预算及资金来源。
原料开采进度、品位和回收率。
军用规格认证及潜在承购协议。

英文原文

Nova Minerals Advances U.S. Defense Supply Chain with Antimony Pilot Plant Buildout

IPO Edge

Mon, July 13, 2026 at 11:39 PM GMT+8 1 min read

NVA.AX

+11.21%

UAMY

-7.59%

+9.30%

NVA-WT

-2.31%

-5.19%

By Karen Roman

Nova Minerals Corp. (NYSE: NVA) said it completed the engineering and design for a fully-funded antimony pilot processing plant in Alaska, the first step in fast-tracking domestic production that will enable future expansion and scalable processing for regional and global projects.

The plant is engineered to meet U.S. Department of War military-grade quality specifications, with construction expected to start this quarter, the company stated.

Defense AI Heats Up: BigBear.ai Lands First European Validation for AI-Powered Airport Screening

"We continue to make rapid progress on the antimony project and remain ahead of schedule, with another major milestone now completed," said Mr. Christopher Gerteisen, Nova Minerals CEO. "Ore extraction and construction of the process plant are next steps as we continue progressing toward near-term antimony production."

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英国散户转向人工智能瓶颈资产

重要性3/5 中

MRVL持有人变化直接且数字明确，但属于单一平台季度统计，代表性和时效性有限。

标签

标的：`MRVL`来源：Moneyweek发布日期：2026-07-13重要性：3/5 中评级理由：MRVL持有人变化直接且数字明确，但属于单一平台季度统计，代表性和时效性有限。评级依据：fact_density, sample_bias原文字数：923

中文摘要

核心结论

2026年第二季度，eToro英国用户增持存储、互连、电力和太空基础设施公司，投资偏好从少数人工智能龙头扩展到供给瓶颈受益者。MRVL持有人数环比增加90%，但数据只覆盖单一平台用户，不能代表全市场资金流。

重要性评级

评级：3/5（中）

文章直接提供MRVL持有人变化，并补充英国散户配置和调查数据；其统计范围有限，且属于季度回顾而非当日公司催化。

关键事实

文章发布于美东时间 07/13 11:06（UTC+8 07/13 23:06）。
eToro英国用户中，SNDK持有人数第二季度环比增加185%，MRVL增加90%，Micron增加52%，Western Digital增加50%。
NVIDIA仍是该平台英国散户持有数量排名第一的股票，前十大排名整体变化很小。
Scottish Widows对2000名英国散户的调查显示，第二季度平均投资额由第一季度2413英镑升至3554英镑，增长47%。
英国本土资产配置占比由62%降至57%，北美配置由16%升至21%。
35%的受访者把人工智能列为最偏好主题，25%选择可再生能源和清洁能源基础设施。
Intuitive Machines持有人数增加62%，Rocket Lab增加42%，反映SpaceX上市期间太空主题热度上升。
石油与天然气公司集中出现在持有人数下降榜单中。

作者观点与证据

文章认为散户开始寻找人工智能产业链中的存储、互连和电力瓶颈，并引用eToro账户变化与Scottish Widows问卷。平台持有人数只反映账户数量，不包含持仓金额、买入价和净资金流；第二季度投资额上升还可能受英国个人储蓄账户季节性缴款影响。

与相关标的的关系

MRVL是eToro英国用户持有人数增幅第三大的股票，直接反映散户关注度。SNDK和Micron代表存储瓶颈，清洁电力与太空基础设施则提供人工智能资本开支外溢方向；这些数据无法证明公司收入同步增长。

时效性与限制

数据覆盖2026年第二季度，发布时已是季度回顾。样本分别来自eToro英国用户和2000名调查受访者，平台选择偏差、季节性及持有人数口径限制了解释范围。

后续跟踪

MRVL持有人增长是否延续至第三季度
持有人数变化与实际持仓金额的差异
存储、互连和电力企业的订单及定价数据
英国投资者北美配置占比的后续变化

英文原文

Why investors dashed for AI bottlenecks during Q2

Dan McEvoy

Mon, July 13, 2026 at 11:06 PM GMT+8 5 min read

ETOR -2.39%

SNDK -12.63%

MRVL -7.75%

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Credit: Narumon Bowonkitwanchai via Getty Images The second quarter (Q2) of 2026 saw increased enthusiasm from British investors, and they appear to be positioning their assets strategically in order to capitalise on looming challenges for the artificial intelligence (AI) boom.

Data from investment platform eToro shows that their its investors predominantly bought semiconductor stocks , particularly the makers of memory chips, during Q2.

Memory is a key bottleneck for the AI and technology trade. Ownership of memory hardware producer Sandisk ( NASDAQ:SNDK ) on the platform rose 185% in Q2 compared to Q1, according to the analysis, while ownership of Marvell Technology ( NASDAQ:MRVL ) rose by 90%.

Rank

Biggest risers among eToro's UK users

Increase in holders QoQ

Biggest fallers among eToro's UK users

Decrease in holders QoQ

SanDisk Corp/DE

185%

Crocs Inc

-24%

ServiceNow Inc

117%

UnitedHealth

-24%

Marvell Technology Group Ltd

90%

ConocoPhillips Co

-21%

Intuitive Machines Inc

62%

Occidental Petroleum Corp

-18%

Micron Technology, Inc.

52%

SLB Ltd

-18%

Western Digital Corporation

50%

Chevron

-18%

Nokia Oyj

49%

CVS Health Corp

-17%

Vertiv Holdings Co

48%

ExxonMobil

-15%

Rocket Lab Corp

42%

Target Corp

-14%

Quantum Computing Inc

41%

General Dynamics Corp

-13%

Source: eToro

"We are entering a more mature phase of the AI trade," said Lale Akoner, global market strategist at eToro. "Retail investors are no longer just buying the most obvious winners; they are starting to look for where supply bottlenecks, pricing power and capital spending are likely to create the next layer of beneficiaries."

Despite the rise in ownership of these winners, none were significant enough to knock the AI infrastructure giant Nvidia ( NASDAQ:NVDA ) off pole position as the most-owned stock for eToro's UK retail investors.

Company

Ranking at the end of Q2 2026

Ranking at the end of Q1 2026

NVIDIA Corporation

Tesla Motors, Inc.

Amazon.com Inc

Microsoft

Apple

Nio Inc.

Meta Platforms Inc

Alphabet

Rolls-Royce

Palantir Technologies Inc.

Source: eToro

Investors became more confident during Q2

According to research from retirement firm Scottish Widows investors were more willing to put funds into their portfolios during Q2 than in the previous quarter.

Average portfolio contributions rose by 47%, reaching £3,554 between April and June, up from £2,413 from January to March, according to the firm's latest investment pulse survey of 2,000 UK-based retail investors.

Story Continues

"Investors have shown real resilience this quarter, increasing their contributions even as global conflict has escalated and the UK political landscape has shifted expectations," said Manuel Pardavila-Gonzalez, Scottish Widows's managing director of investments. "Even as the cost of living continues to bite, most aren't reacting to short-term noise or alarmist headlines – they're staying the course rather than making knee-jerk decisions."

He added that Q2 often sees a seasonal spike in investing as investors top up their portfolios and make use of their ISA allowance around the end of the tax year on 5 April.

The survey also identified a shift in allocations overseas. While UK-held investments remained the largest single allocation at 57% (down from 62% in Q1), allocations to North America increased from 16% to 21% – consistent with eToro's findings that US tech stocks held high appeal for British investors last quarter.

Similarly, AI was the post popular investment theme – 35% of respondents highlighted this as their favourite theme – followed by renewable and clean energy infrastructure with 25% of respondents.

Where else did retail investors look last quarter?

Memory isn't the only AI bottleneck that retail investors exploited last quarter.

Energy is another important part of the AI puzzle. With the power demands of AI data centres rising all the time, demands for energy are set to grow, and this was reflected in a dash for clean power and energy infrastructure stocks like GE Vernova ( NYSE:GEV ), Bloom Energy ( NYSE:BE ) and NuScale Power ( NYSE:SMR ).

"Energy remains on retail investors' radar, but the perspective is evolving," said Akoner. "While traditional oil and gas names feature heavily among the fallers, investors appear to be turning their attention to clean power, nuclear-linked energy and low-carbon infrastructure."

Akoner added that as well as AI's increasing power demands, the energy transition away from fossil fuels in order to improve individual countries' energy security is a further tailwind for clean energy stocks.

Unsurprisingly, given SpaceX's blockbuster IPO taking place in the quarter, the space economy was another focal point for investors in Q2.

Space infrastructure manufacturer Intuitive Machines ( NASDAQ:LUNR ) was the fourth-biggest riser among UK users, with holders increasing 62%, while Rocket Lab ( NASDAQ:RKLB ), AST SpaceMobile ( NASDAQ:ASTS ) and Ondas ( NASDAQ:ONDS ) were also among the 20 stocks that saw their ownership on eToro increase most during the quarter.

It remains to be seen whether investors will sustain their current tech optimism going forward, but Scottish Widows' Pardavila-Gonzalez believes investors should stay the course.

"While we're expecting more of the same uncertainty in the next quarter, the principles of investing remain the same and it's important not to let short-term volatility derail long-term plans," he said.

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英伟达光互连布局推高预期

重要性3/5 中

光互连主题与COHR直接相关，但来源的荐股倾向、最高目标价选择和广告内容降低可信度。

标签

标的：`COHR`来源：24/7 Wall St.发布日期：2026-07-13重要性：3/5 中评级理由：光互连主题与COHR直接相关，但来源的荐股倾向、最高目标价选择和广告内容降低可信度。评级依据：直接涉及COHR, 主题时效性较高, 定量证据有限, 来源含荐股与赞助内容原文字数：903

中文摘要

核心结论

文章认为英伟达对光互连企业的投资显示铜连接带宽与功耗瓶颈正在提升光子技术的重要性，并将Coherent（相干公司，COHR）、Lumentum（光通信器件商，LITE）和Corning（康宁，GLW）列为代表。论证主要依赖主题叙事和分析师最高目标价。

重要性评级

评级：3/5（中）。COHR与光互连主题直接相关，但文章带有明显荐股与赞助内容，证据质量参差。

关键事实

文章称分析师最高目标价分别为COHR的465美元、LITE的1,300美元和GLW的270美元。
对应文中现价的潜在差幅分别约44%、62%和42%。
作者将COHR定位于光收发器，LITE定位于光交换，GLW定位于光纤玻璃。
英伟达被描述为三家光互连企业的重要战略支持者。
正文夹有EnergyX融资推广，截止日期为07/16（未给出具体时刻）。

作者观点与证据

作者积极看待光子连接替代部分铜连接的趋势，并把英伟达投资视为行业验证。最高目标价只是分析师分布的上沿，不能代表一致预期；正文没有提供三家公司最新订单、收入、利润率或估值的统一比较。

与相关标的的关系

COHR是文章三项光互连选择之一，直接受人工智能数据中心高速连接需求影响。NVDA代表系统架构与资本支持，LITE和GLW提供相邻环节比较。

时效性与限制

文章发布于美东时间 07/13 10:38（UTC+8 07/13 22:38）。来源带有荐股立场及无关赞助内容，且目标价选择偏向最乐观值。

后续跟踪

COHR与英伟达合作的订单及产能兑现。
800G、1.6T和光交换产品收入增速。
三家公司一致目标价与盈利预测变化。

英文原文

These Nvidia-Backed Darlings are Great Dip-Buys, Say Pros

Joey Frenette

Mon, July 13, 2026 at 10:38 PM GMT+8 4 min read

NVDA

-3.52%

HG=F

+0.37%

COHR

-5.27%

LITE

-4.22%

-4.08%

Quick Read

Jensen Huang's bets on optical connectivity signal that photonics may solve AI infrastructure's critical "copper wall" bottleneck, giving early movers a decisive edge.

Wall Street analysts set Street-high targets implying 44% upside for COHR and 42% for GLW, undeterred by recent market volatility.

This lithium producer surpassed a $1B private valuation, joining some of America's most powerful startups. Now you can invest in EnergyX alongside global giants like General Motors, but only through July 16. (sponsor)

Nvidia ( NASDAQ:NVDA ), along with the broader semi scene, is bouncing back again. It's right back in the $5 trillion club again, but whether the GPU giant is ready to make a run for new highs remains the $6 trillion question. Indeed, it feels too early in the AI race to call a peak in the "picks and shovels" plays, especially with more huge earnings results up ahead.

As Nvidia collides with greater competition, with hyperscalers looking to innovate on custom silicon while hoping to take some of the heat away from GPUs, I do think that the firms Nvidia set its sights on are becoming increasingly exciting areas to put new money to work.

asharkyu / Shutterstock.com

Will the AI race be won at the speed of light?

While other investors look for the "next Nvidia" or "next DRAM" for a shot at quick, outsized gains, I think it pays more attention to look at what Nvidia's top boss, Jensen Huang, is investing in. Of course, Nvidia has made so many deals in the past year, and as circular (or dismissible if you're an AI skeptic who thinks semis are in a bubble) as they might seem, I do think that it's hard to bet against the firms that Jensen Huang has been betting on.

Indeed, the optical connectivity plays may very well represent the next major chokepoint of the AI revolution. Arguably, it already is, as firms look to move into photonics, leaving copper and the so-called "copper wall" behind.

July 16 is the Final Day to Tap Into the Lithium Boom (sponsor)

General Motors, POSCO, and 50,000+ everyday investors have already backed lithium producer EnergyX .

Here's why you should do the same before their July 16 investment deadline: lithium prices are up 75% this year, with demand projected to grow a staggering 5X by 2040.

With tech that can recover up to 3X more lithium than traditional methods, EnergyX is preparing to unlock up to 15M+ tons. Become a private-stage EnergyX investor before the July 16 deadline .

In my view, the "copper wall" might be one of the bigger hurdles that gets in the way of the top racers sprinting down that AI racetrack. And it's the firms that are able to get aboard the leap faster than the rest of the pack that I think will gain a considerable edge in that road to superintelligence, where the second or third place finishers might not be all too happy with the returns on investment.

Story Continues

The Big Three optical connectivity darlings

In any case, Coherent ( NASDAQ:COHR ), Lumentum ( NADSAQ:LITE ), and Corning ( NYSE:GLW ) have really picked up traction in recent years, but with the latest pullback in the names, I think there could be an opportunity for dip-buyers to consider nibbling into a position now that some of the froth has been taken right off the top.

On the surface, each name still looks wildly expensive, even after the latest plunge into a bear market. Despite the recent market jitters, Wall Street pros still seem to be pounding the table.

With Street-high targets of $465 on Coherent (44% gain from here), $1,300 on Lumentum (62% gain), and $270 on Corning shares (42% gain), it's clear that analysts aren't all too rattled by the market's recent action.

The wind remains at the back of these optical connectivity plays, and as long as AI demand stays robust while buildouts keep moving forward, Nvidia's big optical connectivity bets might be significant winning bets that, once again, Jensen Huang's firm spotted early in the game.

Of course, time will tell how the Nvidia-backed darlings fare, especially once rates increase, but, for the most part, I wouldn't want to bet against the rise of the photonics plays. Whether you choose to bet on the glass fiber with Corning, optical transceivers with Coherent, or optical switches with Lumentum, I do think that each firm could keep rising in the market cap ranks from here, even with the latest setback.

Meet America's Newest $1b Unicorn (Sponsor)

A US startup just passed a $1 billion private valuation, joining billion-dollar private companies like OpenAI and ByteDance. Unlike those other unicorns, you can invest in EnergyX right now; but only until July 16.

Over 50,000 people already have, along with global giants like General Motors and POSCO.

Here's why there's so much interest: EnergyX's patented tech can recover up to 3X more lithium than traditional methods. That's a big deal, as demand for lithium is expected to 5X current production levels by 2040. Become an early-stage EnergyX shareholder before the 7/16 investment deadline.

Contact editorial@247wallst.com for any questions or corrections.

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存储预期与油价共振压低芯片股

重要性4/5 中高

事件新且直接影响SOXX，但归因链和若干异常数据缺少一手来源支持。

标签

标的：`SOXX`来源：24/7 Wall St.发布日期：2026-07-13重要性：4/5 中高评级理由：事件新且直接影响SOXX，但归因链和若干异常数据缺少一手来源支持。评级依据：timeliness, event_materiality, source_quality原文字数：935

中文摘要

核心结论

文章把07/13半导体板块回撤归于SK海力士盈利预期低于市场共识、油价上升及此前涨幅过大。SOXX下跌4%，设备股和AI硬件同步承压，但多个价格、盈利和预测数字来自单一二手媒体，需要独立核验。

重要性评级

评级：4/5（中高）

报道与SOXX及主要成分股直接相关，且发布时间接近日报；即时行情和跨市场归因有用，但数据异常幅度较大，来源质量限制其可信度。

关键事实

文章称Intel（英特尔，INTC）、AMD（超威半导体）和Applied Materials（应用材料，AMAT）早盘各下跌约4%。
韩国券商KIS对SK海力士2026年第二季度利润的估计比市场共识低8%，理由包括HBM4（第四代高带宽内存）出货偏慢。
文中称SK海力士下跌15%，韩国综合股价指数下跌9%并短暂停牌。
NVIDIA（英伟达，NVDA）和Broadcom（博通，AVGO）各跌2%，Lam Research（泛林集团，LRCX）跌5%。
SOXX下跌4%至555.93美元，文章强调其对存储和AI硬件情绪的敏感度。
西得州中质原油24小时上涨3.64%至每桶74.01美元，文章将其与美伊冲突及半导体成本压力联系。
文中称LRCX来自韩国的收入为13.4亿美元。
Intel 2026年第一季度收入135.8亿美元，同比增长7%；数据中心与AI业务增长22%。

作者观点与证据

作者认为存储周期担忧、能源成本和高估值共同触发获利回吐。价格变化支持板块同步走弱，但油价对芯片企业利润的即时影响未被量化，Polymarket（预测市场）给出的67%财报超预期概率也不属于公司基本面证据。

与相关标的的关系

SOXX直接反映半导体板块回撤，AMAT和LRCX受存储客户资本开支预期影响较大；INTC、AMD、NVDA和AVGO则同时受AI硬件情绪及宽基科技风险偏好影响。

时效性与限制

发布于美东时间 07/13 10:22（UTC+8 07/13 22:22）。即时价格时效性强但很快过期；文章未链接KIS原始报告，部分涨幅、价格和盈利数据异常，应与交易所、公司财报及正式研究报告复核。

后续跟踪

SK海力士正式盈利结果及HBM4出货指引。
WTI原油和霍尔木兹风险变化。
AMAT、LRCX对韩国客户的收入及订单指引。
SOXX成分股财报与板块资金流。

英文原文

Intel, AMD, and Applied Materials Drop 4% as SK Hynix Rout and Oil Spike Hit Chip Stocks

David Moadel

Mon, July 13, 2026 at 10:22 PM GMT+8 5 min read

INTC

-6.12%

-4.21%

AMAT

-4.50%

POLA.PVT

SKHY

-9.32%

Quick Read

Intel, AMD, and Applied Materials shares fell 4% after SK Hynix's profit estimate missed consensus by 8%, triggering a 15% plunge and a brief KOSPI trading halt.

Lam Research dropped 5% and the SOXX ETF fell 4% as U.S.-Iran fighting over the Strait of Hormuz spiked WTI crude oil to $74, amplifying pressure on chip margins.

Intel's Q2 2026 earnings, due this month, could reset the memory-versus-AI-compute debate for the sector, with Polymarket pricing a 67% chance of a beat.

This lithium producer surpassed a $1B private valuation, joining some of America's most powerful startups. Now you can invest in EnergyX alongside global giants like General Motors, but only through July 16. (sponsor)

Shares of Intel ( NASDAQ:INTC ) are down 4% to $104.97 in Monday morning trading, while Advanced Micro Devices ( NASDAQ:AMD ) stock is off 4% to $533.58 and Applied Materials ( NASDAQ:AMAT ) shares are down 4% to $581. The selling started at the open and leveled out into mid-morning.

Thinkstock The move caps a blistering run for the chip complex. Intel stock is up 182% year to date (YTD), AMD shares are up 147%, and Applied Materials shares have gained 126%. With the NASDAQ 100 down 1.28% on the session, the broader tech tape has weakened alongside semis, amplifying the profit-taking impulse.

Memory Rout and Oil Spike Hit Chip Complex

The immediate trigger came from Asia. South Korean brokerage KIS published a Q2 2026 profit estimate for SK Hynix that landed 8% below consensus, citing slow HBM4 shipments and heavy reliance on high-bandwidth memory. SK Hynix shares fell 15% on the Korean exchange, dragging Samsung and the KOSPI, which slid 9% and triggered a brief trading halt.

The read-through was swift. Applied Materials, which counts SK Hynix as a key HBM and DRAM equipment customer, absorbed the biggest hit in the group. NVIDIA ( NASDAQ:NVDA ) stock and Broadcom ( NASDAQ:AVGO ) stock each declined 2% as memory-cycle worries rippled across the AI hardware complex.

July 16 is the Final Day to Tap Into the Lithium Boom (sponsor)

General Motors, POSCO, and 50,000+ everyday investors have already backed lithium producer EnergyX .

Here's why you should do the same before their July 16 investment deadline: lithium prices are up 75% this year, with demand projected to grow a staggering 5X by 2040.

With tech that can recover up to 3X more lithium than traditional methods, EnergyX is preparing to unlock up to 15M+ tons. Become a private-stage EnergyX investor before the July 16 deadline .

Adding to the pressure, renewed U.S.-Iran fighting over the Strait of Hormuz sent crude sharply higher. WTI crude oil is up 3.64% over the past 24 hours to $74.01 a barrel, which is a concern as rising energy costs pressure semiconductor margins and stoke broader macro risk-off flows.

Story Continues

Sector Proxy and Equipment Names Under Pressure

The iShares Semiconductor ETF ( NASDAQ:SOXX ) is down 4% to $555.93, mirroring the sector drawdown. The fund is concentrated in the exact names caught in today's selloff, so its beta to memory and AI-hardware sentiment is elevated. It does not use leverage, but concentration risk is meaningful.

Lam Research ( NASDAQ:LRCX ) stock, another equipment maker with heavy memory exposure, is down 5% to $332.95. Lam's South Korea revenue of $1.34 billion underscores the direct SK Hynix read-through for the picks-and-shovels equipment group.

Bull and Bear Case on Intel

For Intel as the primary mover, the bull case rests on an AI-driven chip cycle that has already delivered. Intel's Q1 2026 revenue rose 7% year over year (YoY) to $13.58 billion, and the Data Center and AI segment grew 22% YoY under CEO Lip-Bu Tan. Polymarket contracts assign a 67% probability to Intel topping its next quarterly report.

The bear case is what Monday is pricing in. Memory-cycle risk flagged by the SK Hynix estimate, oil-driven macro pressure, and rich valuations after Intel's 361% one-year gain all argue for caution. Investors should consider keeping their position sizes modest given the daily volatility on names that have tripled or more from year-ago levels.

What to Watch

Watch for whether WTI crude oil stabilizes below $75 and whether SK Hynix finds a floor overnight in Seoul. Any further escalation around the Strait of Hormuz could keep the risk premium in oil elevated, extending pressure on the chip complex.

The next catalyst is earnings. Intel's Q2 2026 earnings report is due later this month, and Polymarket contracts on the release expire July 23. That report may reset the memory-versus-AI-compute debate for the whole group, and investors can watch it closely for margin and Data Center guidance.

Meet America's Newest $1b Unicorn (Sponsor)

Over 50,000 people already have, along with global giants like General Motors and POSCO.

Contact editorial@247wallst.com for any questions or corrections.

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nVent与Vertiv数据中心竞逐

重要性4/5 中高

同业比较直接覆盖VRT的区域风险、增长预期和估值，事实密度较高。

标签

标的：`VRT`来源：Zacks发布日期：2026-07-13重要性：4/5 中高评级理由：同业比较直接覆盖VRT的区域风险、增长预期和估值，事实密度较高。评级依据：直接标的相关, 同业可比性较强, 经营与估值数据丰富, 部分判断依赖管理层预期原文字数：1122

中文摘要

核心结论

Zacks认为nVent Electric（电气连接与保护设备商，NVT）在当前增长、订单和估值组合上优于VRT。VRT的人工智能基础设施需求仍强，但欧洲、中东及非洲地区收入疲弱，估值也高于NVT。

重要性评级

评级：4/5（中高）。文章直接比较两家数据中心基础设施供应商，包含订单、积压、区域表现、盈利预测和估值数据。

关键事实

NVT一季度有机销售增长34%，基础设施销售同比增长近80%，有机订单增长约40%。
NVT积压订单达到26亿美元，多数交付期超过12个月并延伸至2027年。
VRT一季度欧洲、中东及非洲地区有机收入同比下降29%，管理层预期2026年下半年改善。
VRT正扩充电力管理、冷却、服务和测试能力，并收购液冷服务商PurgeRite。
2026年每股收益共识为NVT的4.56美元和VRT的6.38美元；未来市销率分别为4.83倍和7.75倍。
年初至今NVT与VRT分别上涨57.6%和96.8%。

作者观点与证据

作者看好NVT订单增长、积压和较低估值，并将VRT区域弱势列为短期拖累。文章同时确认VRT订单管线扩大、集成式电力与冷却方案以及800伏架构需求，但没有衡量两者产品结构和利润率差异。

与相关标的的关系

NVT与VRT均覆盖数据中心电力、液冷和基础设施环节，比较具有直接参考价值。VRT的规模、集成方案和全球布局可能支持更高倍数，文章未对该溢价作完整拆解。

时效性与限制

文章发布于美东时间 07/13 10:11（UTC+8 07/13 22:11）。主要经营数据来自2026年一季度，区域复苏仍为管理层预期。

后续跟踪

VRT欧洲、中东及非洲地区下半年订单与收入恢复。
NVT新增产能和26亿美元积压订单转化。
两家公司液冷、800伏产品及利润率进展。

英文原文

NVT vs. VRT: Which Data Center Infrastructure Stock is a Better Buy?

Om Jaiswal

Mon, July 13, 2026 at 10:11 PM GMT+8 5 min read

-4.07%

-1.68%

nVent Electric NVT and Vertiv VRT are major players in the data center market, particularly in the rapidly growing area of AI data center infrastructure and liquid cooling solutions. While nVent Electric mainly sells electrical enclosures, connections and protection products used across industrial, commercial and infrastructure markets, including data centers, Vertiv focuses on power and cooling infrastructure for data centers.

Both NVT and VRT are positioned to benefit from long-term infrastructure and data-center investment trends. However, from an investment point of view, one stock offers a more favorable outlook than the other right now. Let's break down their fundamentals, growth prospects, market challenges and valuation to determine which stock offers a more compelling investment case.

The Case for nVent Electric Stock

nVent Electric is benefiting from strong demand for data center infrastructure, which is becoming a major driver of its revenue growth. In the first quarter of 2026, the company reported organic sales growth of 34%, with infrastructure sales rising nearly 80% year over year. Management said data centers were the biggest contributor to growth, helping the company deliver record sales, orders and backlog.

The company is seeing demand across both gray-space and white-space data center applications. In the gray space, growth was driven by engineered buildings, enclosures and power connections. In the white space, liquid cooling, power distribution units and cable management solutions performed well. Management noted that growth was broad-based across the portfolio and supported by demand from hyperscalers, neocloud providers, multitenant operators and distribution partners.

nVent Electric's order trends also remain strong. Organic orders increased about 40% in the first quarter, largely driven by AI data center projects. Backlog reached a record $2.6 billion, rising in the low double digits sequentially. The company stated that most of its backlog extends beyond 12 months and into 2027, providing visibility into future revenues. In the first quarter, new products added more than 20 percentage points to sales growth, with many of those products tied to data center applications.

To support demand, nVent Electric is increasing capacity across its operations, which should help the company generate more revenue once fully ramped up. The company recently opened its new Blaine, MN, facility and expects production to ramp up through 2026. It is also investing in additional capacity for liquid cooling and other data center products. Overall, the above-mentioned factors show that data center demand is likely to remain an important revenue growth driver for the company.

Story Continues

The Case for Vertiv Stock

Vertiv continues to benefit from strong spending on AI data centers. During the first-quarter 2026 earnings call, management stated that customers are moving ahead with larger AI projects and demand remains strong across its key markets. The company's pipeline continues to grow, and orders are expected to increase in 2026. The Americas remained the strongest market, while demand remains healthy across India, the rest of Asia and China. Management stated that the AI infrastructure build-out is still in its early stages, which should support demand over the long term.

To meet this demand, Vertiv is increasing investments across its business. The company is expanding manufacturing capacity for power management, cooling products, infrastructure solutions and IT systems. During the first quarter, Vertiv completed the acquisition of PurgeRite, which strengthens its liquid cooling services. Further, VRT is also adding more engineers, increasing service capacity and expanding testing facilities. These investments should support higher customer demand and increase production capacity.

Vertiv is also expanding its product portfolio to address changing AI data center requirements. The company said customers are increasingly adopting integrated solutions such as OneCore and SmartRun, which combine power, cooling and infrastructure into a single system to speed up deployment. Management expects demand for liquid cooling and next-generation power technologies, including 800-volt architecture, to increase as AI workloads become more power-intensive.

However, EMEA remained Vertiv's weakest region in the first quarter. Organic revenues in the EMEA region fell 29% year over year because the company received fewer orders in the second and third quarters of 2025. Management expects sales to improve in the second half of 2026 as order activity and customer demand recover. If orders remain weak or projects are delayed, EMEA's recovery could take longer than expected and could weigh on Vertiv's overall growth.

How Do Earnings Estimates Compare for NVT & VRT?

The Zacks Consensus Estimate for NVT's 2026 and 2027 EPS is pegged at $4.56 and $5.64, respectively. The estimates for 2026 and 2027 have been revised upward by a penny and 7 cents, respectively, over the past 30 days.

Zacks Investment Research

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for VRT's fiscal 2026 and 2027 EPS is pinned at $6.38 and $8.55, respectively. The estimates for fiscal 2026 and 2027 have both been revised upward by 2 cents over the past 30 days.

Zacks Investment Research

Image Source: Zacks Investment Research

NVT vs. VRT: Price Performance and Valuation

Year to date, shares of nVent Electric and Vertiv have surged 57.6% and 96.8%, respectively.

NVT vs. VRT: YTD Price Return Performance

Zacks Investment Research

Image Source: Zacks Investment Research

Currently, nVent Electric is trading at a forward sales multiple of 4.83X, lower than Vertiv's forward sales multiple of 7.75X. VRT does seem pricey compared with NVT. In contrast, NVT's reasonable valuation makes it more attractive for investors looking for value and stability.

NVT vs. VRT: Forward 12-Month P/S Ratio

Zacks Investment Research

Image Source: Zacks Investment Research

Conclusion: NVT Has an Edge Over VRT

Both nVent Electric and Vertic are benefiting from higher spending on AI data centers and infrastructure. However, VRT's near-term prospects suffer from weaker demand in the EMEA region, where the recovery depends on stronger order activity in the second half of 2026.

In contrast, nVent Electric is experiencing strong demand for data center infrastructure, which is helping drive strong orders and a growing backlog. Further, NVT's reasonable valuation offers some downside protection as well, making the stock an attractive buy.

Currently, nVent Electric sports a Zacks Rank #1 (Strong Buy), giving a clear edge over Vertiv, which carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.

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nVent Electric PLC (NVT) : Free Stock Analysis Report

Vertiv Holdings Co. (VRT) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

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Duolingo人工智能成本权衡

重要性1/5 低

与COHR缺少直接业务关系，且关键公司代码错误显著削弱可靠性。

标签

标的：`COHR`来源：Zacks发布日期：2026-07-13重要性：1/5 低评级理由：与COHR缺少直接业务关系，且关键公司代码错误显著削弱可靠性。评级依据：与输入标的关系微弱, 正文主体为其他公司, 存在实体代码错误, COHR信息缺少证据展开原文字数：645

中文摘要

核心结论

文章称Duolingo（多邻国）的人工智能功能和实验体系推动用户与收入增长，同时推理成本将压低2026年毛利率。原文多次把Duolingo错误标为DOCU，COHR仅出现在Zacks备选股票段落，直接相关性很弱。

重要性评级

评级：1/5（低）。主体并非COHR，且公司代码存在明显错误，无法作为COHR日报的重要事实输入。

关键事实

2026年一季度每股收益0.89美元，高于共识0.79美元；收入同比增长27%至2.92亿美元。
日活跃用户为5,650万，月活跃用户为1.378亿，付费用户为1,250万。
国际象棋产品推出不足一年，日活跃用户接近700万。
2026年收入预计12.1亿美元，预订额指引12.8亿美元，调整后息税折旧摊销前利润率目标25.7%。
管理层预计2026年日活跃用户同比增长约20%，人工智能使用扩大将增加推理成本。
COHR仅被列为Zacks第1级股票，长期盈利增长预期为46.8%。

作者观点与证据

作者认为用户增长优先和人工智能功能可支持远期变现，但短期成本及定价测试会增加利润率和每用户收入波动。Duolingo代码错误削弱文本可靠性，COHR数据也没有业务分析支撑。

与相关标的的关系

输入标的是COHR，正文与其光通信业务没有事件或产业链联系，仅在文末排名清单中出现。

时效性与限制

文章发布于美东时间 07/13 09:41（UTC+8 07/13 21:41）。Duolingo通常使用DUOL代码，原文使用DOCU并同时列出Docusign报告链接，存在实体混淆。

后续跟踪

核对文章涉及公司的正确股票代码。
COHR的46.8%增长预期来源及修订情况。
将该文从COHR直接新闻中区分。

英文原文

AI-Backed Growth Benefits DUOL Amid Expected Rise in Inference Costs

Zacks Equity Research

Mon, July 13, 2026 at 9:41 PM GMT+8 3 min read

+2.52%

DOCU

+1.40%

COHR

-5.27%

Duolingo, Inc. DOCU delivered first-quarter 2026 earnings of 89 cents per share, beating the Zacks Consensus Estimate of 79 cents by 12.7%. Revenues rose 27.0% year over year to $292 million and topped the consensus estimate of $288.5 million by 1.2%.

How Is Duolingo Faring?

By the first quarter of 2026, Duolingo reached 56.5 million daily active users (DAU) and 137.8 million monthly active users, with 12.5 million paid subscribers at the year-end, driven by thousands of A/B tests run by an experimentation engine and multiplying AI features.

Management aims at broadening access to AI-powered learning in 2026 as inference costs decline, while ensuring stable ad load to lower friction. Although the 2026 outlook prioritizes user growth over monetization, the combination of large-scale engagement, disciplined testing and a richer feature set creates multiple avenues to reaccelerate monetization beyond 2026.

Duolingo expanded new subjects alongside languages through 2025 and into early 2026. Chess amassed nearly 7 million daily active users less than a year post-launch, and management targets Duolingo Math to become a leading tutor app in 2026 with a parent-paid, supplemental positioning. The plan to introduce more AI experiences is expected to support the top line.

Duolingo, Inc. Revenue (TTM)

Duolingo, Inc. Revenue (TTM) Duolingo, Inc. revenue-ttm | Duolingo, Inc. Quote

Management will hold ad load flat in 2026 to support free-user growth while targeting to push yield via more direct deals, higher-quality brand advertisers and language-in-learning targeting. This plan preserves engagement while working to move revenues per ad up without adding friction.

DOCU anticipates a share repurchase authorization of up to $400 million in 2026, signaling balance sheet flexibility. Despite a planned investment year, the 2026 outlook targets an adjusted EBITDA margin of 25.7%, with the first quarter of 2026 being the highest-margin quarter.

Meanwhile, DOCU witnessed a decline in DAU growth rate through 2025 and expects 20% year-over-year growth throughout 2026. Bookings growth is guided to $1.28 billion and revenues are anticipated to be $1.21 billion in 2026, with top-line growth expected to slow after the first quarter of 2026 and stabilize in the second half.

With AI features shared with a far greater portion of the user base, management expects a lower gross margin in 2026 due to increasing inference costs. The EBITDA margin cadence reflects this, with margins lowering mid-year before kicking back up in the second half. Even as unit costs fall, scaling AI-rich learning increases near-term costs and compresses margins.

Story Continues

We expect uncertainty as A/B testing on pricing and tiering in 2026 grows. While the strategy appears sound, this experimentation may create volatility in average revenue per user and revenue mix, especially as results take time to emerge.

Zacks Rank & Stocks to Consider

Duolingo currently has a Zacks Rank #3 (Hold).

Better-ranked stocks in the broader Zacks Business Services sector include Coherent Corp. COHR, presently flaunting a Zacks Rank #1 (Strong Buy), and Visa V, with a Zacks Rank of 2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.

Coherent Corp has a long-term earnings growth expectation of 46.8%. Coherent Corp delivered a trailing four-quarter earnings surprise of 6.2%, on average.

Visa has a long-term earnings growth expectation of 14.3%. Visa delivered a trailing four-quarter earnings surprise of 3.2%, on average.

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Docusign Inc. (DOCU) : Free Stock Analysis Report

Visa Inc. (V) : Free Stock Analysis Report

Coherent Corp. (COHR) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

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SK海力士预期冲击存储板块

重要性4/5 高优先级

直接解释DRAM及核心存储股最新大幅波动，并揭示基金集中度；触发因素仍是未获公司确认的券商预测。

标签

标的：`DRAM`来源：24/7 Wall St.发布日期：2026-07-13重要性：4/5 高优先级评级理由：直接解释DRAM及核心存储股最新大幅波动，并揭示基金集中度；触发因素仍是未获公司确认的券商预测。评级依据：发布时间接近日报, 直接关联DRAM, 包含前三大持仓占比, 覆盖多只存储股, 关键预期尚未由公司确认原文字数：1081

中文摘要

核心结论

韩国券商下调SK海力士第二季度利润预期并提示HBM4（第四代高带宽存储器）出货偏慢，触发存储股获利回吐。DRAM基金前三大持仓占73%，使韩国龙头下跌对基金净值产生较大影响。

重要性评级

评级：4/5（高优先级）

文章发布时间接近日报，直接覆盖DRAM、Micron、SanDisk、Western Digital和SK海力士；关键触发来自券商估计，尚未得到公司财报确认。

关键事实

发布于美东时间 07/13 09:35（UTC+8 07/13 21:35）。
韩国券商KIS对SK海力士第二季度利润的估计比市场共识低8%，理由包括HBM4出货慢于预期和对HBM合同依赖较高。
SK海力士在亚洲市场一度下跌15%，文章称其为公司最大单日跌幅；KOSPI指数下跌9%并暂停交易20分钟。
Micron、SanDisk和Western Digital开盘后数分钟均下跌约6%。
DRAM（存储主题ETF）下跌约9%至57.52美元；Samsung、SK海力士和Micron合计占净资产73%。
截至前一交易日，Micron、SanDisk和Western Digital年内分别上涨243%、707%和238%。
文章援引Micron第三财季收入415亿美元、同比增长346%等数据，但数值异常高，需核对公司原始财报。

作者观点与证据

作者认为此次下跌包含高涨幅后的获利回吐，也反映市场对存储周期动能减弱的担忧。KIS估计是直接催化，散户情绪、预测市场概率和媒体解读只能作为辅助材料。

与相关标的的关系

DRAM的高度集中使SK海力士、Samsung和Micron的盈利预期直接主导基金波动；SanDisk和Western Digital还承受NAND（闪存）及存储设备周期影响。

时效性与限制

文章是盘中快照，跌幅可能与收盘数据不同；若干财务数字和预测市场数据应独立复核。

后续跟踪

SK海力士正式财报及HBM4出货指引
DRAM前三大持仓权重
Micron与SanDisk财务数据核验
韩国市场恢复交易后的价格变化

英文原文

Micron, SanDisk, Western Digital Fall 6% as SK Hynix’s Weak Outlook Rattles Memory Stocks

David Moadel

Mon, July 13, 2026 at 9:35 PM GMT+8 5 min read

-4.32%

SKHY

-9.32%

SNDK

-12.63%

-4.64%

005930.KS

+2.94%

Quick Read

After SK Hynix plunged 15% on an 8%-below-consensus profit estimate, Micron, SanDisk, and Western Digital each dropped 6% Monday despite year-to-date gains exceeding 200%.

The Roundhill Memory ETF (DRAM) fell 9%, with Samsung, SK Hynix, and Micron serving as its top three holdings and representing 73% of net assets, amplifying Korean losses.

This lithium producer surpassed a $1B private valuation, joining some of America's most powerful startups. Now you can invest in EnergyX alongside global giants like General Motors, but only through July 16. (sponsor)

Memory and storage stocks are selling off sharply Monday morning as a weak second-quarter profit estimate for South Korea's SK Hynix rattled the AI memory trade. Micron Technology ( NASDAQ:MU ) stock, SanDisk ( NASDAQ:SNDK ) shares, and Western Digital ( NASDAQ:WDC ) stock were each down 6% a few minutes after the day's session started.

Thinkstock The moves come after historic runs. Micron stock was up 243% year to date (YTD) through Friday's close, SanDisk shares had climbed 707%, and Western Digital stock was higher by 238%. Today's 5% pullback trims only a small slice of those gains.

Renewed U.S.-Iran headlines and the ongoing debate about the payoff on AI capital spending sit in the background of these stock declines. However, specific events surrounding SK Hynix are hitting memory/storage stocks particularly hard.

Weak SK Hynix Estimate Triggers a Memory Reset

The trigger came from Seoul. South Korean brokerage KIS published a Q2 2026 profit estimate for SK Hynix 8% below consensus, citing slower-than-expected HBM4 (high-bandwidth memory) shipments and heavy reliance on HBM contracts. That call cut into the core bull thesis for the entire memory complex.

SK Hynix stock fell 15% in Asia, its largest single-day drop ever, a stunning reversal from its strong U.S. NASDAQ debut on Friday. Samsung slid alongside it and the KOSPI dropped 9%, triggering a 20-minute trading halt. U.S.-listed SK Hynix shares were set to open sharply lower after Friday's debut.

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Story Continues

U.S. memory names sold in sympathy. SK Hynix is Micron's most direct competitor in DRAM and high-bandwidth memory, so any signal that HBM4 shipments are slipping raises questions about pricing power across the group. The reaction reads as profit-taking plus a scare that the memory super-cycle's momentum may be cooling.

Peers and the Memory ETF Feel the Ripple

Seagate Technology ( NASDAQ:STX ) stock is down 4% to $869 this morning after a YTD run of 231% through Friday's close of $910.34. The hard-disk maker trades on similar AI storage tailwinds as Western Digital, and both are moving in tandem with the DRAM and NAND names. Seagate stock also carries a beta of 2.07, so its swings have tended to run larger than the broader tape in both directions.

The Roundhill Memory ETF ( NYSEARCA:DRAM ) is taking a bigger hit than the U.S. constituents, with the ETF down 9% to $57.52. That reflects concentration: the top three holdings, Samsung Electronics, SK Hynix, and Micron, account for 73% of net assets, and the Korean names are leading the losses. The ETF is a narrow, non-leveraged thematic fund, and today's move highlights its single-region concentration risk.

Sell-side conviction hasn't evaporated, though. Citi recently reaffirmed a Buy on Western Digital with an $800 target, well above Friday's close. That constructive analyst view is being overshadowed by sector-wide selling this morning.

What to Watch Now

The bull case for Micron rests on durable AI-driven memory demand. Micron's recent Q3 FY2026 results showed revenue of $41.5 billion, up 346% year over year (YoY), with non-GAAP EPS of $25.11 and gross margin expanding to 85%. CEO Sanjay Mehrotra guided Q4 FY2026 revenue to $50 billion, plus or minus $1 billion, citing multi-year Strategic Customer Agreements and HBM4 already in high-volume shipments. The bear case is memory cyclicality, the HBM4 shipment and pricing concern flagged for SK Hynix, and rich valuations after a massive run. Investors should consider keeping their position sizes modest given the volatility.

SanDisk's own Q3 FY2026 report was similarly outsized. Revenue jumped 251% YoY to $5.9 billion, non-GAAP EPS came in at $23.41, and management guided Q4 revenue between $7.75 billion and $8.25 billion. The company also cleared $650 million in debt to reach a zero-debt balance sheet, giving it flexibility to weather any near-term memory pricing wobble.

Prediction market participants are leaning cautious near term. Polymarket odds place the highest conviction on Micron trading in the $930 to $960 range this week, with a 0.865 probability that shares finish today lower. Upside conviction above $1,020 drops sharply.

Still, Reddit sentiment tells a more bullish story. Aggregate sentiment on Micron scored 66 (bullish) as of Monday morning, and SanDisk sentiment on WallStreetBets held between 58 and 75 through the initial selloff, indicating retail dip-buyers stayed engaged. Traders can watch for whether the $920 level holds on Micron stock and whether the DRAM ETF stabilizes once U.S.-listed SK Hynix shares find a level after their delayed open, and could look for any updated commentary from Korean analysts later this week.

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Coherent入选全美最佳公司榜

重要性2/5 中低

直接公司荣誉具有声誉参考，但缺少排名细节和经营增量，日报优先级有限。

标签

标的：`COHR`来源：GlobeNewswire发布日期：2026-07-13重要性：2/5 中低评级理由：直接公司荣誉具有声誉参考，但缺少排名细节和经营增量，日报优先级有限。评级依据：直接涉及COHR, 评选方法有外部数据, 公司新闻稿, 缺少具体得分与财务影响原文字数：530

中文摘要

核心结论

Coherent宣布入选TIME（《时代》）与Statista（统计与商业数据平台）评选的2026年“全美最佳公司”榜单。该荣誉反映员工满意度、财务表现和可持续发展透明度的综合评分，不构成订单或盈利变化证据。

重要性评级

评级：2/5（中低）。事件直接涉及COHR并提供评选方法，但属于公司新闻稿，缺少具体名次与分项得分。

关键事实

评选基于员工满意度、财务表现和可持续发展透明度三类指标。
员工维度使用过去三年约21.7万名美国企业员工的调查数据。
财务维度要求企业2025年收入至少1亿美元，并考察2021—2025年收入及2023—2025年利润、资产和资产回报率变化。
可持续发展维度覆盖碳排放、CDP（全球环境信息披露平台）评分、董事会女性比例及合规政策。
得分最高的1,000家公司获得认可。

作者观点与证据

稿件由Coherent发布，管理层将获奖归因于员工创新、协作与客户服务。评选方法包含外部数据和调查，但正文未披露COHR名次、得分或相对同业表现。

与相关标的的关系

事件直接关系COHR的雇主品牌、治理和外部声誉，对近期收入、积压订单及人工智能光通信需求没有可量化影响。

时效性与限制

文章发布于美东时间 07/13 09:15（UTC+8 07/13 21:15）。这是付费分发的公司新闻稿，信息范围限于获奖公告。

后续跟踪

TIME与Statista完整榜单中的具体名次。
COHR分项得分及同业比较。
员工与经营指标能否在后续披露中得到验证。

英文原文

Coherent Named One of TIME

This is a paid press release. Contact the press release distributor directly with any inquiries.

Coherent Named One of TIME's America's Best Companies 2026

Coherent Corp.

Mon, July 13, 2026 at 9:15 PM GMT+8 2 min read

COHR

-5.27%

Coherent Corp. Recognition celebrates Coherent's people, whose innovation and dedication drive the company's success

SAXONBURG, Pa., July 13, 2026 (GLOBE NEWSWIRE) -- Coherent Corp. (NYSE: COHR), a global leader in photonics, has been awarded on TIME's list of America's Best Companies 2026 . This prestigious award is presented in collaboration with Statista, the world-leading statistics portal and industry ranking provider. The award list can be viewed on TIME.com .

TIME and Statista identified America's Best Companies 2026 based on three primary dimensions:

Employee Satisfaction – Based on survey data from ~217,000 verified employees at U.S. companies over the past three years, covering company recommendations and employer ratings across image, atmosphere, working conditions, salary, workplace, and equality.

Financial Performance – Drawn from Statista's revenue database (last five years). Companies needed at least US $100 million in revenue in 2025. Performance was assessed on multiple metrics: short-term (2023–2025) and long-term (2021–2025) revenue growth (relative and absolute), changes in net income, asset growth, and the evolution of return on assets (ROA), all for 2023–2025.

Sustainability Transparency – Based on an ESG index from Statista's ESG Database and additional research, covering:

Environmental: 2024 carbon emissions intensity, reduction rate vs. 2022, and CDP score

Social: share of women on the board and existence of a human rights policy

Governance: presence of a GRI-aligned CSR report and a compliance/anti-corruption policy

The 1000 highest-scoring companies were recognized as America's Best Companies 2026.

"We're honored to be recognized by TIME as one of America's Best Companies," said Jim Anderson, Chief Executive Officer of Coherent . "This recognition reflects the dedication of our global teams, whose innovation, collaboration, and relentless focus on our customers continue to drive Coherent forward. Our people are our greatest strength, and this recognition belongs to every employee who contributes to our success."

"Our employees make Coherent what it is," said Grace Lee, Chief People Officer of Coherent . "We're committed to building an inclusive, high-performance culture where people have the opportunity to grow, innovate, and make a meaningful impact. Being recognized by TIME reinforces our commitment to creating an exceptional employee experience."

About Coherent

Coherent is the global photonics leader. We harness photons to drive innovation. Industry leaders in the datacenter, communications, and industrial markets rely on Coherent's world-leading technology to fuel their own innovation and growth.

Story Continues

Founded in 1971 and operating in more than 20 countries, Coherent brings the industry's broadest, deepest technology stack; unmatched supply chain resilience; and global scale to help its customers solve their toughest technology challenges. For more information, please visit us at coherent.com .

About Statista

Statista publishes hundreds of worldwide industry rankings and company listings with high-profile media partners. This research and analysis service is based on the success of statista.com, the leading data and business intelligence portal that provides statistics, relevant business data, and various market and consumer studies and surveys.

Media Contact:

Christina Itzkowitz

corporate.communications@coherent.com

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Vertiv收购ThermoKey

重要性4/5 中高

属于VRT直接并购事件，可明确观察区域扩张和产品补强，但关键财务条款缺失。

标签

标的：`VRT`来源：Simply Wall St.发布日期：2026-07-13重要性：4/5 中高评级理由：属于VRT直接并购事件，可明确观察区域扩张和产品补强，但关键财务条款缺失。评级依据：直接公司事件, 发布时间较新, 战略关联明确, 交易财务信息缺失原文字数：659

中文摘要

核心结论

Vertiv完成对意大利冷却设备商ThermoKey的收购，补充自然制冷剂兼容的干式冷却器与换热器，并扩大欧洲制造能力。交易强化其面向高密度人工智能及高性能计算负载的热管理产品线。

重要性评级

评级：4/5（中高）。这是VRT直接公司事件，战略路径清晰，但文章没有披露收购价格、收入贡献和财务影响。

关键事实

ThermoKey已正式并入Vertiv。
标的产品包括干式冷却器和换热器，可兼容自然制冷剂。
收购扩大Vertiv在EMEA（欧洲、中东及非洲）的制造布局。
文章给出的VRT股价为318.86美元，分析师一致目标价377.40美元。
Simply Wall St（基本面分析平台）称股价较其估算公允价值低19.2%，近30日上涨5.3%。

作者观点与证据

作者认为交易加深Vertiv在欧洲人工智能数据中心冷却领域的能力，并可能扩大高密度计算项目覆盖。战略判断有产品与产能依据，估值结论则来自平台自有模型；缺少交易条款使增量价值无法量化。

与相关标的的关系

事件直接关系VRT。ThermoKey可补充Vertiv现有电力与热管理系统，潜在影响包括欧洲交付能力、自然制冷剂方案和液冷外围散热配置。

时效性与限制

文章发布于美东时间 07/13 09:08（UTC+8 07/13 21:08）。正文未提供交易价格、ThermoKey收入、利润率、客户名单或整合成本。

后续跟踪

收购价格及财务并表影响。
ThermoKey产能与Vertiv销售渠道的整合进度。
欧洲高密度计算项目订单和区域利润率。

英文原文

Vertiv (VRT) Buys ThermoKey To Grow AI Data Center Cooling In EMEA

Bailey Pemberton

Mon, July 13, 2026 at 9:08 PM GMT+8 2 min read

VRT -4.07%

Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE.

Vertiv Holdings Co (NYSE:VRT) has completed its acquisition of Italian cooling specialist ThermoKey.

The deal adds dry coolers and heat exchangers compatible with natural refrigerants to Vertiv's portfolio for AI data centers in EMEA.

The acquisition expands Vertiv's manufacturing footprint in Europe to address denser AI and high performance computing workloads.

Vertiv enters this ThermoKey deal with recent stock performance that includes NYSE:VRT trading at $318.86 and very large multi year returns. Earlier company headlines centered on new manufacturing capacity in Malaysia, but this acquisition indicates Vertiv is also building depth in European thermal infrastructure. For investors watching the AI supply chain, the move ties Vertiv more directly to the physical backbone that supports power hungry compute clusters.

Looking ahead, the ThermoKey products could help Vertiv address more customer use cases where natural refrigerants and efficient heat rejection are key requirements. As AI and high density computing continue to spread across EMEA data centers, Vertiv now has a broader toolkit to compete for those infrastructure projects. Readers tracking NYSE:VRT may want to watch how the company integrates ThermoKey into its wider data center offering.

Stay updated on the most important news stories for Vertiv Holdings Co by adding it to your watchlist or portfolio . Alternatively, explore our Community to discover new perspectives on Vertiv Holdings Co.

NYSE:VRT Earnings & Revenue Growth as at Jul 2026 📰 Beyond the headline: 0 risks and 3 things going right for Vertiv Holdings Co that every investor should see.

Quick Assessment

✅ Price vs Analyst Target : Vertiv trades at $318.86 versus a consensus price target of $377.40, about 18% below analyst expectations.

✅ Simply Wall St Valuation : Shares are described as trading 19.2% below an estimated fair value, suggesting a valuation discount.

✅ Recent Momentum : The stock has returned 5.3% over the past 30 days, showing positive short term momentum.

There's only one way to know the right time to buy, sell or hold Vertiv Holdings Co. Head to Simply Wall St's company report for the latest analysis of Vertiv Holdings Co's Fair Value .

Key Considerations

📊 The ThermoKey deal ties Vertiv more closely to AI data center cooling in EMEA, which may strengthen its role in supporting high density workloads.

📊 Watch how quickly ThermoKey products are integrated into Vertiv's AI offering, and whether management comments link this to demand for natural refrigerant solutions.

⚠️ Execution risk around integrating new manufacturing capacity and technology, particularly across regions, is a key area for investors to monitor.

Story Continues

Dig Deeper

For the full picture including more risks and rewards, check out the complete Vertiv Holdings Co analysis . Alternatively, you can check out the community page for Vertiv Holdings Co to see how other investors believe this latest news will impact the company's narrative.

Companies discussed in this article include VRT .

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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美伊冲突推升油价压低盘前期指

重要性2/5 中低

宏观事件较新，但正文几乎完全被付费墙截断，对SOXX缺乏直接事实。

标签

标的：`SOXX`来源：MT Newswires发布日期：2026-07-13重要性：2/5 中低评级理由：宏观事件较新，但正文几乎完全被付费墙截断，对SOXX缺乏直接事实。评级依据：timeliness, content_completeness, evidence_caveat原文字数：95

中文摘要

核心结论

MT Newswires称美伊冲突再起推升油价，并使美国股指期货及主要ETF盘前走低。可见正文只确认SPY下跌0.4%，其余内容被付费墙截断，无法评估SOXX或其他行业基金的具体表现和传导路径。

重要性评级

评级：2/5（中低）

发布时间接近日报，宏观事件具时效性；原文严重不完整，SOXX仅出现在关联代码中，证据不足以支持更高优先级。

关键事实

标题称美伊冲突再起带动油价上涨，并压低盘前ETF和股指期货。
可见正文显示SPY（SPDR标普500 ETF）盘前下跌0.4%。
元数据列出QQQ下跌1.90%、标普500指数下跌0.79%、原油上涨1.63%，但截断正文没有说明这些数值的时间和口径。
BTC（比特币）在元数据中显示下跌1.41%。
SOXX被列为相关标的，但公开片段没有给出其价格变化或行业分析。

作者观点与证据

标题将风险资产走弱与美伊冲突、油价上涨联系起来。付费墙只留下开头残句，缺少事件细节、市场时间点、消息来源和完整跨资产数据，因果归因无法由现有文本核验。

与相关标的的关系

SPY和QQQ直接反映宽基风险偏好；SOXX可能通过科技股估值、能源成本和避险情绪受到间接影响，但现有正文没有提供该基金的独立证据。

时效性与限制

发布于美东时间 07/13 08:52（UTC+8 07/13 20:52）。信息时效性高，但原文受付费墙限制且正文截断，数字也缺少统一观测时点。

后续跟踪

美伊冲突和原油价格的后续变化。
SPY、QQQ与SOXX开盘后的实际表现。
完整报道中的期货、行业基金和债券数据。
事件消息的官方或一手来源。

英文原文

Exchange-Traded Funds, Equity Futures Lower Pre-Bell Monday as Renewed US-Iran Conflict Lifts Oil Prices

PREMIUM

Exchange-Traded Funds, Equity Futures Lower Pre-Bell Monday as Renewed US-Iran Conflict Lifts Oil Prices

MT Newswires

Mon, July 13, 2026 at 8:52 PM GMT+8 4 min read

BTC-USD

-1.41%

CL=F

+1.63%

+1.85%

-1.90%

^GSPC

-0.79%

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.4%, and the actively t

PREMIUM

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SK海力士美国上市牵动芯片ETF

重要性4/5 中高

新发行规模巨大且可能影响SOXX等基金，但指数纳入尚无正式确认。

标签

标的：`SOXX`来源：Zacks发布日期：2026-07-13重要性：4/5 中高评级理由：新发行规模巨大且可能影响SOXX等基金，但指数纳入尚无正式确认。评级依据：timeliness, fact_density, evidence_caveat原文字数：899

中文摘要

核心结论

SK Hynix（SK海力士）美国存托凭证首日上涨约13%，募资约265亿美元。美国上市扩大投资者覆盖，并可能影响SOXX、SMH、QQQ、EWY及IPO类基金，但指数纳入仍取决于资格与再平衡规则。

重要性评级

评级：4/5（中高）

文章直接讨论SOXX潜在纳入及多只ETF的影响，募资、发行规模和市场份额数据较丰富；未来指数资格属于推测，部分信息经二手来源转述。

关键事实

SK海力士美国存托凭证发行价149美元，首日升至168美元，涨幅约13%。
公司通过发行约1.779亿份ADR（美国存托凭证）募资约265亿美元；每份ADR代表0.1股普通股，对应1779万股普通股。
路透称认购需求约为发行数量的七倍。
临时代码SKHYV使用至首个交易日，随后转为纳斯达克永久代码SKHY。
公司文件称其HBM（高带宽内存）市场份额为56.4%，并与Micron（美光科技）和Samsung（三星电子）同为主要生产商。
公司计划把募集资金用于韩国新建半导体制造设施和扩充产能。
文中列出的过去12个月市盈率为20.64倍、远期市盈率为7.46倍；美光相应为22.42倍和6.40倍。
文章认为SK海力士可能获得PHLX半导体行业指数及纳斯达克100指数资格，但尚未确认。

作者观点与证据

作者认为AI基础设施推动高带宽内存短缺，美国上市将提高SK海力士的可投资性，并可能带来指数基金配置。发行价格、份数和公司市场份额提供事实支撑；纳入SOXX、QQQ及IPO基金的判断依赖指数规则和后续决定，不能视为已发生事件。

与相关标的的关系

SOXX和SMH可能因指数调整增加SK海力士敞口；QQQ取决于公司是否满足纳斯达克100快速纳入条件。EWY已把韩国上市的SK海力士作为重要成分，IPO和FPX则取决于各自的新股纳入规则。

时效性与限制

发布于美东时间 07/13 08:00（UTC+8 07/13 20:00）。首日行情和发行数据较新，但基金纳入、最终权重和实施日期均未确定，且文章没有引用指数提供商的正式公告。

后续跟踪

SK海力士永久代码切换后的成交和流通情况。
PHLX半导体行业指数与纳斯达克100的正式纳入公告。
SOXX、SMH、QQQ、EWY、IPO和FPX的再平衡权重。
募资资金投入产能及高带宽内存供给变化。

英文原文

SK Hynix Surges in Blockbuster U.S. Market Debut: ETFs in Focus

Sanghamitra Saha

Mon, July 13, 2026 at 8:00 PM GMT+8 4 min read

SKHYV

0.00%

-3.28%

-3.23%

-4.16%

SOXX

-4.77%

The South Korean memory-chip giant SK Hynix (SKHYV) made a strong entrance on U.S. exchanges, with its shares jumping about 13% on the first day of trading, as quoted on Yahoo Finance. The stock climbed to $168 after pricing its American depositary receipts (ADRs) at $149 apiece.

The company raised approximately $26.5 billion through the offering, making it the largest U.S. IPO ever by a foreign company, according to Bloomberg data, as mentioned on Yahoo Finance. Shares were up about 2.5% after hours on July 10, 2026.

Record-Breaking IPO Draws Robust Investor Demand

The offering included 177.9 million ADRs, with each ADR representing one-tenth of a common share, equivalent to 17.79 million common shares. Reuters reported that investor demand surpassed the available shares by roughly seven times, the same source revealed.

The ADRs traded under the ticker SKHYV on Friday before transitioning to the permanent Nasdaq ticker SKHY starting Monday.

AI Boom Fuels Memory Chip Demand

SK Hynix is benefiting from explosive demand for high-bandwidth memory (HBM) and advanced storage chips, both of which are essential for artificial intelligence (AI) infrastructure. The rapid expansion of AI data centers has created a global shortage of memory products, affecting industries ranging from cloud computing to consumer electronics.

As one of NVIDIA's key suppliers, SK Hynix is expanding manufacturing capacity to meet rising demand driven by the global AI investment cycle.

HBM Gives SK Hynix a Competitive Edge

Unlike conventional storage, HBM sits close to AI processors and stores the most frequently accessed data, enabling significantly faster processing speeds. This technology is critical for powering AI workloads, as graphics processing units (GPUs) do not need constant access to an entire AI model.

According to the company's SEC filing, SK Hynix currently commands a 56.4% share of the HBM market. Along with Micron and Samsung, it is one of only three major producers of HBM, per the same Yahoo Finance source.

U.S. Listing Broadens Investor Access

The Nasdaq listing makes SK Hynix shares significantly easier for U.S. investors to own, particularly retail investors and smaller institutional funds. Previously, investing in SK Hynix largely required purchasing shares listed on the Korea Exchange.

The company may be eligible for inclusion in the PHLX Semiconductor Sector Index. The company's Korean-listed stock has delivered exceptional returns, surging 174% over the past six months and 634% over the past year.

Story Continues

Proceeds to Expand Manufacturing Capacity

SK Hynix intends to use the proceeds from the ADR sale to accelerate semiconductor production capacity in South Korea. The funds will primarily support the construction of new chip manufacturing facilities.

Supply Constraints Could Persist for Years

Industry analysts expect tight supply conditions to continue through the end of the decade, as building new semiconductor fabrication facilities requires significant capital and several years to complete. To secure future supply, memory manufacturers are increasingly signing long-term agreements with customers.

Inside the Valuation Comparison

SK Hynix (000660.KS) currently has a trailing twelve-month (TTM) price/earnings (P/E) ratio of 20.64X, while its forward P/E ratio stands at 7.46X, per Yahoo Finance data. In contrast, its competitor Micron Technology (MU) trades at a P/E (TTM) of 22.42X. MU shares currently trade at a forward 12-month price-to-earnings (P/E) multiple of just 6.40X.

ETFs to Gain

Against the above-mentioned backdrop, iShares Semiconductor ETF SOXX could be closely followed as the fund receive SK Hynix in its kitty over the medium term. Apart from chip ETFs like SOXX and VanEck Semiconductor ETF SMH, the Nasdaq-100 ETF Invesco QQQ ET F QQQ will likely be a key beneficiary.

Another recent high-profile IPO – SpaceX – also entered the Nasdaq 100 index lately. The next candidate could be SK Hynix. The Nasdaq has recently introduced a fast-track framework for newly public companies. The updated rules allow certain large IPOs to qualify for the Nasdaq-100 after only 15 trading days (read: SpaceX Set for Rapid Entry into Nasdaq-100: ETFs in Focus).

And, who can forget South Korea ETFs? SK Hynix takes the top position in iShares MSCI South Korea ETF EWY So, no wonder, the U.S. market entry of the company will leave a solid impact on EWY (read: Top-Performing ETF Areas of 1H 2026).

The IPO also puts focus on Renaissance IPO ETF IPO. Each quarter, the ETF is rebalanced as new IPOs are included and older members cycle out three years after their IPO. Constituents are weighted by float-adjusted market capitalization with a cap imposed on any weightings exceeding 10%.

Then comes First Trust US Equity Opportunities ETF FPX, which follows a rules-based value-weighted index measuring the average performance of U.S. IPOs during their first 1,000 trading days.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Invesco QQQ (QQQ): ETF Research Reports

VanEck Semiconductor ETF (SMH): ETF Research Reports

iShares Semiconductor ETF (SOXX): ETF Research Reports

Renaissance IPO ETF (IPO): ETF Research Reports

First Trust US Equity Opportunities ETF (FPX): ETF Research Reports

iShares MSCI South Korea ETF (EWY): ETF Research Reports

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

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Vertiv增长质量与高估值并存

重要性2/5 中低

VRT经营指标可作背景补充，但文章的清单式推荐和推广属性削弱证据价值。

标签

标的：`VRT`来源：StockStory发布日期：2026-07-13重要性：2/5 中低评级理由：VRT经营指标可作背景补充，但文章的清单式推荐和推广属性削弱证据价值。评级依据：直接提及VRT, 包含经营指标, 来源偏推广, 缺少完整风险与预测框架原文字数：648

中文摘要

核心结论

StockStory将VRT、BGC Group（金融经纪与金融科技平台）和Nicolet Bankshares（区域银行）列为长期跑赢候选。VRT入选依据是收入、自由现金流率和资本回报改善，但其47.6倍未来市盈率已反映较高预期。

重要性评级

评级：2/5（中低）。文章直接列出VRT部分经营指标，却是推广性质的选股清单，缺少盈利预测来源和风险分析。

关键事实

VRT过去五年回报为1,073%。
过去两年有机收入年均增长23.7%。
过去五年自由现金流率提高22.4个百分点。
文中股价为319.63美元，未来市盈率47.6倍。
BGC过去两年收入和每股收益年均分别增长24.8%和24.6%；NIC过去五年净利息收入年均增长21.9%。

作者观点与证据

作者认为持续销售增长、利润率扩张和资本回报提升可支持长期超额回报。VRT部分引用的历史经营指标具有参考意义，但“将跑赢市场”的结论没有情景分析，文末带有付费选股服务推广。

与相关标的的关系

VRT是三只推荐股票之一，也是唯一与数据中心基础设施直接相关的公司。BGC和NIC业务不同，无法为VRT提供有效同业比较。

时效性与限制

文章发布于美东时间 07/13 07:18（UTC+8 07/13 19:18）。指标缺少具体财年起止、原始报表引用和前瞻假设。

后续跟踪

VRT有机增长和自由现金流率能否延续。
资本回报改善的来源。
盈利增长与47.6倍估值的匹配程度。

英文原文

3 Market-Beating Stocks to Target This Week

Radek Strnad

Mon, July 13, 2026 at 7:18 PM GMT+8 3 min read

-4.07%

-2.52%

+1.86%

+0.30%

3 Market-Beating Stocks to Target This Week Stocks that outperform the market usually share key traits such as rising sales, expanding margins, and increasing returns on capital. The select few that can do all three for many years are often the ones that make you life-changing money.

Long story short, there is a near-perfect correlation between consistent earnings growth and huge winners. Taking that into account, here are three market-beating stocks that deserve a spot on your list.

Vertiv (VRT)

Five-Year Return: +1,073%

Formerly part of Emerson Electric, Vertiv (NYSE:VRT) manufactures and services infrastructure technology products for data centers and communication networks.

Why Will VRT Outperform?

Existing business lines can expand without risky acquisitions as its organic revenue growth averaged 23.7% over the past two years

Free cash flow margin grew by 22.4 percentage points over the last five years, giving the company more chips to play with

Returns on capital are climbing as management makes more lucrative bets

Vertiv's stock price of $319.63 implies a valuation ratio of 47.6x forward P/E. Is now the time to initiate a position? Find out in our full research report, it's free .

BGC (BGC)

Five-Year Return: +93.3%

Tracing its roots back to 1945 and named after founder Bernard Gerald Cantor, BGC Group (NASDAQ:BGC) operates a global brokerage and financial technology platform that facilitates trading across fixed income, foreign exchange, equities, energy, and commodities markets.

Why Are We Bullish on BGC?

Market share has increased this cycle as its 24.8% annual revenue growth over the last two years was exceptional

Earnings growth has trumped its peers over the last two years as its EPS has compounded at 24.6% annually

Acceptable return on equity suggests management generated shareholder value by investing in profitable projects

At $10.79 per share, BGC trades at 7.8x forward P/E. Is now the right time to buy? See for yourself in our full research report, it's free .

Nicolet Bankshares (NIC)

Five-Year Return: +134%

Starting as Green Bay Financial Corporation in 2000 before rebranding in 2002, Nicolet Bankshares (NYSE:NIC) is a regional bank holding company that provides commercial, agricultural, and consumer banking services primarily in Wisconsin, Michigan, and Minnesota.

Why Will NIC Beat the Market?

Annual net interest income growth of 21.9% over the last five years was superb and indicates its market share increased during this cycle

Net interest margin grew by 65 basis points (100 basis points = 1 percentage point) over the last two years, giving the firm more chips to play with

Annual tangible book value per share growth of 10.2% over the last five years was superb and indicates its capital strength increased during this cycle

Story Continues

Nicolet Bankshares is trading at $164.09 per share, or 1.4x forward P/B. Is now a good time to buy? Find out in our full research report, it's free .

Stocks We Like Even More

ONE MORE THING: Top 6 Stocks for This Week. This market is separating quality stocks from expensive ones fast. AI is taking down whole sectors with no warning. In a rotation this fast, you need more than a list of good companies.

Our AI system flagged Palantir before it ran 1,662%. AppLovin before it ran 753%. Nvidia before it ran 1,178%. Each week it produces 6 new names that pass the same tests. Get Our Top 6 Stocks for Free HERE .

Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,326% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,754% five-year return). Find your next big winner with StockStory today .

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台积电2026年月度营收

重要性未评级

标签

标的：`TSM`来源：Taiwan Semiconductor Manufacturing Company Limited发布日期：2026-07-13重要性：未评级

中文摘要

2026年6月合并净营收为新台币4426.80亿元，同比增长67.9%。
2026年1月至6月合并净营收为新台币2.404484万亿元，同比增长35.6%。
发行方注明2026年数据未经审计。

英文原文

TSMC 2026 monthly revenue

本地未取得可读全文：HTTP 403。可使用上方“打开原文”核查。

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存储ETF扩容与资金分流

重要性4/5 高优先级

提供DRAM、KMEM等存储ETF的最新资金与竞争事实，并指出SK海力士直接上市带来的渠道变化。

标签

标的：`DRAM`来源：The Daily Upside发布日期：2026-07-13重要性：4/5 高优先级评级理由：提供DRAM、KMEM等存储ETF的最新资金与竞争事实，并指出SK海力士直接上市带来的渠道变化。评级依据：直接关联DRAM和KMEM, 资金流数据具体, 发布时间较新, 覆盖产品竞争格局, 包含发行方观点原文字数：566

中文摘要

核心结论

DRAM创纪录吸金后，DISK、KMEM和HBMX相继进入存储主题市场；SK海力士在美国直接上市可能分流部分基金资金。HBM（高带宽存储器）供应紧张支撑行业叙事，但高估值和产品集中度增加回撤风险。

重要性评级

评级：4/5（高优先级）

文章直接覆盖DRAM和KMEM的资金规模、上市时间及竞争格局，适合评估主题ETF（交易所交易基金）的资金流变化。

关键事实

发布于美东时间 07/13 00:02（UTC+8 07/13 12:02）。
文章称DRAM自4月上市后获得超过230亿美元净流入，为达到该规模速度最快的ETF。
DRAM提供Samsung、SK海力士和Micron等存储龙头敞口。
HBM供应据称已售罄至2027年底，行业人士判断瓶颈短期内难以消除。
DISK于06/30（未给出具体时刻）上市，截至07/10收盘资产约4,300万美元。
KMEM同于06/30（未给出具体时刻）上市，净流入约4,000万美元；HBMX于06/02（未给出具体时刻）上市，资产约3,400万美元。
SK海力士美国上市让投资者可以直接持股，可能削弱部分ETF的替代渠道价值。

作者观点与证据

文章呈现两种判断：Kurv管理层认为供给瓶颈会继续吸引资金，VettaFi研究主管则提示高速上涨已计入显著增长预期。前者来自产品发行方，存在利益相关性。

与相关标的的关系

DRAM、KMEM和HBMX争夺同一存储主题资金；SK海力士直接上市会改变KMEM等高权重产品的稀缺性和资金来源。

后续跟踪

各存储ETF周度净流入
SK海力士美国上市后的成交和持仓替代效应
HBM供应合同覆盖期
新基金资产规模与集中度

英文原文

New Memory ETFs Look to Cache In on DRAM’s Historic Success

Quinn Waller

Mon, July 13, 2026 at 12:02 PM GMT+8 3 min read

SKHY

-9.32%

Concerned about an AI bubble? Sign up for The Daily Upside for smart and actionable market news, built for investors .

Let's take a trip down memory lane.

The Roundhill Memory ETF (DRAM) made history after its April launch, attracting more than $23 billion of net flows, the fastest exchange-traded fund to pull such numbers. The fund gives investors hard-to-find access to the biggest names in the memory chip manufacturing industry, including Korean companies that were previously difficult to invest in directly. Since then, several other memory funds have launched, with differing strategies all looking to grab a piece of the action. While the segment has been one of the best performers of the year, the recent US listing of Korean chipmaker SK Hynix may siphon some assets that would have otherwise flowed into these ETFs.

"SK Hynix, maybe, changes the game," said Todd Rosenbluth, head of research at VettaFi, now that investors can buy the stock directly. "A lot of money went into space ETFs in advance of SpaceX listing, and some of that money has flowed out because it was short-term investments."

READ ALSO: No SpaceX, No Tesla? No Problem for These 'Ex-Elon' ETFs and What's Behind a Rare Week in the Red for ETF Flows

Cache Me If You Can

Artificial intelligence relies on massive amounts of memory to power large language models, and as models improve, they need more of it to process data in real time. Three companies dominate memory chip manufacturing: Micron, the only American player, and Korean rivals Samsung and SK Hynix. The high demand has created a bottleneck in the AI infrastructure buildout. "These three companies have extreme pricing power," said Howard Chan, CEO and co-founder of Kurv, which recently launched its own memory ETF. "Because of this huge demand, supply for most of what they call HBM, high-bandwidth memory, has been sold out until the end of 2027. Flows will continue to come into the space because this bottleneck isn't an issue that's going to be resolved over the next six months or even a year."

Following DRAM's success, a few other recently launched ETFs are hoping to capitalize, according to Morningstar data:

The Tema Memory ETF (DISK), launched June 30, has attracted $43 million in assets as of the closing bell on Friday, according to ETF.com.

The Kurv Memory Select ETF (KMEM), which also listed June 30, pulled in $40 million in net flow.

The Tuttle Capital Concentrated Memory Stack ETF (HBMX), launched June 2, has $34 million in AUM.

Story Continues

Nothing Lasts Forever: Chan sees room for memory ETFs to keep running, but Rosenbluth isn't so sure. "Stocks don't rise in perpetuity," he said. "People who are looking at a product that has climbed this high, this fast, should be prepared that it might pull back because the stocks are priced for significant growth, which may or may not materialize."

This post first appeared on The Daily Upside . To receive exclusive news and analysis of the rapidly evolving ETF landscape, built for advisors and capital allocators, subscribe to our free ETF Upside newsletter.

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Vertiv与GE Vernova电力主线

重要性3/5 中

直接关联VRT和数据中心电力链，数字充分，但长期回报结论以作者预测为主。

标签

标的：`VRT`来源：Motley Fool发布日期：2026-07-12重要性：3/5 中评级理由：直接关联VRT和数据中心电力链，数字充分，但长期回报结论以作者预测为主。评级依据：直接标的相关, 行业需求数字充分, 公司业绩事实明确, 长期价格预测不确定性高原文字数：1022

中文摘要

核心结论

Motley Fool认为VRT和GE Vernova（通用电气维诺瓦，GEV）将受益于数据中心电力及冷却投资，并可能延续至2030年。两家公司订单与收入增长强劲，当前高估值要求人工智能基础设施投资持续兑现。

重要性评级

评级：3/5（中）。文章直接覆盖VRT和GEV的长期需求与估值，但结论属于作者预测，新增公司事实主要来自一季度业绩。

关键事实

VRT年内上涨102%，一季度收入同比增长30%。
VRT将全年销售增长指引提高至29%—31%，未来市盈率约51倍，预期盈利年均增长32%。
麦肯锡估计2030年前全球数据中心可能需要逾6万亿美元投资。
GEV年内上涨65%，一季度收入同比增长16%，剔除并购、资产出售和汇率后增长7%。
GEV积压订单同比增长71%至1,630亿美元，未来市盈率约71倍。
高盛预计2030年数据中心电力需求较2023年增长165%。

作者观点与证据

作者把电力、燃气轮机、冷却系统和长订单周期视为长期增长支撑，并预测两只股票可跑赢市场。收入、指引和积压订单提供基本面依据，至2030年的股价表现及VRT“至少翻倍”属于作者推演。

与相关标的的关系

VRT直接供应数据中心电力管理和冷却设备；GEV供应发电与电网设备；NVDA代表推动数据中心建设的算力需求。三者处于同一资本开支链条的不同环节。

时效性与限制

文章发布于美东时间 07/12 14:43（UTC+8 07/13 02:43）。长期预测高度依赖数据中心投资、经济周期和估值倍数，文章未建立下行情景。

后续跟踪

VRT全年29%—31%销售增长指引执行情况。
GEV积压订单转化和燃机交付周期。
数据中心资本开支及电力接入约束。

英文原文

2 Top Power Stocks That Could Outperform the Market Through 2030

John Ballard, The Motley Fool

Mon, July 13, 2026 at 2:43 AM GMT+8 5 min read

NVDA

-3.52%

-4.07%

-4.49%

Artificial intelligence (AI) has a major bottleneck, and it isn't limited to chips, servers, or memory. Estimates suggest that trillions in investment will be needed to build the power infrastructure to support data centers in the coming years.

That's good news for investors who feel like they missed the early innings of the AI bull market. AI is still in its infancy compared to what it could become over the next 30 years, and companies that supply the power and cooling behind the scenes could be positioned for years of growth.

Two leaders in this space, Vertiv Holdings (NYSE: VRT) and GE Vernova (NYSE: GEV), have already seen their share prices soar 102% and 65%, respectively, this year. Here's why they should continue to outperform the market through the end of the decade, and likely beyond.

Image source: Getty Images.

Vertiv Holdings

The unprecedented investment pouring into data centers powered by graphics processing units (GPUs) is driving higher demand for power management and cooling systems. Vertiv is a leader in this market and has deep relationships with leading hyperscalers.

Its first-quarter revenue was up 30% year over year, which is the level of growth you want to see to outperform the S&P 500 index, which has historically returned about 10% annually over many decades. Vertiv's revenue increase has accelerated during the AI boom over the past three years.

"Our pipeline generation is robust, and we're still expecting another year of strong order performance in 2026," CEO Giordano Albertazzi said during the quarterly earnings call. Following its strong start to the year, management raised its full-year guidance and now expects sales to rise between 29% and 31% year over year.

Vertiv's competitive moat is largely built on its scale and ability to fulfill large orders, particularly for complex data center requirements. The consulting firm McKinsey estimates that global data centers could require over $6 trillion of investment by 2030, which could lead to a substantial increase in orders for Vertiv.

Its valuation reflects the positive outlook, with the shares trading at a high forward price-to-earnings (P/E) multiple of 51. Earnings are also expected to grow at an annualized rate of 32%. Even allowing for the possibility that the market re-rates the stock at a marginally lower earnings multiple, there is enough earnings potential for the stock to at least double in value by 2030 and outperform the market.

Story Continues

GE Vernova

Gas turbines are a crucial component in delivering power to data centers. The demand for the largest units is so high that the reported wait times for new orders are a minimum of five years. GE Vernova is a leading supplier of gas turbines and other technology and services to run a modernized electricity grid.

The company has significant scale, with its installed base of technologies helping deliver 25% of the world's electricity. Revenue increased 16% year over year in the first quarter, and rose 7% excluding the impact of acquisitions, business sales, and foreign currency translation. However, the most telling number showing how much demand remains ahead is the huge backlog of orders, which rose 71% year over year in the first quarter to $163 billion.

This backlog is why the stock is likely to continue rising in value and outperform the market. CEO Scott Strazik said on the recent earnings call, "Delivering on our growing backlog in the second half of this decade will lead to a larger and even more profitable service book that will benefit us in the 2030s and beyond." That points not only to increasing revenue but also to substantial earnings growth.

Goldman Sachs projects global power demand from data centers to rise 165% from 2023 levels by 2030. GE Vernova is one of the best stocks to ride this opportunity. Its high forward P/E of 71 is supported by stable, growing electricity demand, a long order book, and earnings increase expectations of about 31% annually.

The main risk for these power infrastructure stocks would be a slowdown in data center investment or the entire economy. Either scenario would likely send these stocks lower, but that would be a temporary slump. Over the long term, AI data centers will need more electricity, not less. Vertiv and GE Vernova are strong stocks to ride this megatrend.

Should you buy stock in Vertiv right now?

Before you buy stock in Vertiv, consider this:

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John Ballard has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends GE Vernova, Goldman Sachs Group, and Vertiv. The Motley Fool has a disclosure policy .

2 Top Power Stocks That Could Outperform the Market Through 2030 was originally published by The Motley Fool

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格芯SLATE封装技术进入量产准备

重要性3/5 中

属于GFS直接技术进展，指标清楚，但量产时间较远且商业验证尚未披露。

标签

标的：`GFS`来源：Insider Monkey发布日期：2026-07-12重要性：3/5 中评级理由：属于GFS直接技术进展，指标清楚，但量产时间较远且商业验证尚未披露。评级依据：commercialization_uncertainty原文字数：312

中文摘要

核心结论

GlobalFoundries（格芯）宣布SLATE晶圆对晶圆键合技术已具备生产准备条件，计划在2027年下半年扩大至规模量产。该技术可将射频器件芯片面积最多缩小45%，目标市场是空间受限的5G移动设备前端。

重要性评级

评级：3/5（中）

这是GFS直接产品与制造进展，技术指标明确；商业贡献预计较晚，文章主要复述公司公告，并夹带高回报股票推广。

关键事实

文章发布于美东时间 07/12 12:32（UTC+8 07/13 00:32）。
格芯于06/23（未给出具体时刻）宣布SLATE技术达到生产准备阶段。
技术部署于9SW射频SOI（绝缘体上硅）平台，由新加坡300毫米工厂制造。
公司预计2027年下半年扩大至规模量产。
SLATE可垂直堆叠和集成大型场效应晶体管，芯片面积最多缩小45%。
目标器件包括5G移动设备中的天线调谐器和放大器。
集成式PDK（工艺设计套件）已经提供，客户可开始下一代移动与无线应用原型设计。

作者观点与证据

文章认为SLATE与9SW平台结合可支持更紧凑、能效更高的蜂窝射频前端。主要证据来自格芯技术公告和公司预计量产时间，尚无客户名称、订单金额、良率、成本或收入贡献数据。

与相关标的的关系

GFS是技术提供者和制造方，产品进展直接关联其特色工艺及射频业务。文章没有给出该技术对格芯整体收入或利润率的量化影响。

时效性与限制

发布日距离06/23（未给出具体时刻）的原始公告约三周，量产目标位于2027年下半年。Insider Monkey正文包含“万倍上涨潜力”等推广内容，不能作为技术商业化证据。

后续跟踪

客户原型验证和设计订单
2027年下半年量产进度
良率、制造成本与产能利用率
SLATE相关收入及射频业务利润率

英文原文

GlobalFoundries (GFS) Announces Production Readiness of SLATE Wafer-to-Wafer Bonding Technology

Maham Fatima

Mon, July 13, 2026 at 12:32 AM GMT+8 2 min read

-7.29%

GlobalFoundries Inc. (NASDAQ: GFS ) is one of the best up and coming stocks to invest in right now . On June 23, GlobalFoundries announced the production readiness of its SLATE wafer-to-wafer bonding technology on its 9SW radio-frequency silicon-on-insulator platform. Manufactured at the company's 300mm facility in Singapore, this 3D integration solution is expected to ramp to volume production by the second half of 2027.

The SLATE technology allows designers to stack and integrate large-size field-effect transistors in vertical architectures, reducing die size by up to 45%. This capability helps decrease the total design area for radio-frequency components, such as antenna tuners and amplifiers, in space-constrained 5G mobile devices.

GlobalFoundries (GFS) Announces Production Readiness of SLATE Wafer-to-Wafer Bonding Technology Close-up of Silicon Die are being Extracted from Semiconductor Wafer and Attached to Substrate by Pick and Place Machine. Computer Chip Manufacturing at Fab. Semiconductor Packaging Process.

By combining the 9SW platform with advanced 3D packaging, GlobalFoundries Inc. (NASDAQ:GFS) aims to support the development of more compact and power-efficient cellular front-ends. An integrated process design kit is currently available to help designers begin prototyping for next-generation mobile and wireless applications.

GlobalFoundries Inc. (NASDAQ:GFS) is a leading multinational semiconductor manufacturer operating as a pure-play foundry, producing chips designed by other companies.

While we acknowledge the risk and potential of GFS as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than GFS and that has 10,000% upside potential, check out our report about the cheapest AI stock .

Disclosure: None. Follow Insider Monkey on Google News .

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三只稀土ETF的持仓差异

重要性4/5 中高

提供稀土主题基金的可比数据和USAR政策背景，适合跨标的阅读，但关键持仓权重缺失。

标签

标的：`USAR`来源：MarketBeat发布日期：2026-07-12重要性：4/5 中高评级理由：提供稀土主题基金的可比数据和USAR政策背景，适合跨标的阅读，但关键持仓权重缺失。评级依据：fact_density, portfolio_relevance, evidence_strength原文字数：1116

中文摘要

核心结论

文章认为稀土供应链瓶颈集中在分离、精炼和磁体制造，并比较REMX、EART、SETM三只ETF（交易所交易基金）的覆盖范围。三者分别偏向稀土产业、关键技术材料和多种关键矿产，产品集中度与资产规模差异明显。

重要性评级

评级：4/5（中高）

文章与USAR、MP及稀土主题直接相关，基金规模、费率和持仓数量较完整；政策与公司资金描述仍需官方文件核验，部分表述带有产品推介倾向。

关键事实

中国优势被归因于自20世纪80年代持续投入精炼、分离、化学工程和磁体制造，而非单纯拥有矿藏。
文章称美国政府于2025年7月投入4亿美元优先股，成为MP的重要股东，以支持加工和第二座磁体工厂。
文中称USAR在2026年初获得16亿美元资金渠道，并向美国战争部发行1610万股；政府持股可能随权证行使达到12%至25%。
REMX（VanEck稀土及战略金属ETF）持有38家公司，Albemarle（雅保，ALB）权重约7.2%，管理资产24亿美元，费率0.58%。
REMX过去12个月上涨逾91%，5月后回落至52周区间中部。
EART（Global X稀土与关键材料ETF）持有逾50家公司，管理资产约4000万美元，费率0.59%，过去12个月上涨逾60%。
SETM（Sprott关键材料ETF）持有约125至170家公司，铀业权重最高，管理资产约5.6亿美元，费率0.65%；过去12个月上涨74%，近三个月下跌逾14%。

作者观点与证据

作者认为美国重建中游加工能力需要多年，单一企业面临技术、许可和执行风险，基金可分散公司特有风险。基金规模、持仓和收益率属于可核查产品事实；政府持股、拨款及权证描述未附原始文件链接，政策表述也缺少实施条件。

与相关标的的关系

USAR与MP是美国稀土政策支持的直接受益主体，也可能成为相关基金持仓或主题驱动来源。REMX对稀土链条最集中；EART延伸至电动车、储能、机器人和雷达材料；SETM覆盖铀等更多关键矿产，对USAR的敏感度相对较低。

时效性与限制

发布于美东时间 07/12 11:45（UTC+8 07/12 23:45）。资产规模、权重和收益率会随申赎及价格变化；文章没有列出完整持仓，也未确认USAR在三只基金中的实际权重。

后续跟踪

三只基金对USAR、MP及中游加工企业的实际权重。
美国政府资金拨付、权证行使和项目建设条件。
基金申赎、费率及指数再平衡。
美国分离、精炼和磁体产能投产进度。

英文原文

3 Rare-Earth ETFs That Help Investors Balance Exposure and Risk

Aerial view of an open-pit mine with terraced rock walls, mining equipment, and an adjacent processing plant.

Chris Markoch, MarketBeat

Sun, July 12, 2026 at 11:45 PM GMT+8 5 min read

-5.19%

USAR

-6.87%

SETM

-3.52%

ALB-PA

+0.42%

REMX

NASDAQ

Key Points

Interested in VanEck Rare Earth and Strategic Metals ETF? Here are five stocks we like better.

China's rare-earth dominance stems from decades of investment in refining and processing infrastructure rather than superior mineral deposits.

The Trump administration is funding U.S. companies like MP Materials, USA Rare Earth, Vulcan Elements, and ReElement Technologies to rebuild domestic refining capacity.

Investors seeking diversified exposure to this long-term theme can consider ETFs such as REMX, EART, and SETM, which hold dozens of related companies.

It's not hard to see why investing in rare-earth metals is a long-term investment theme. Rare-earth metals are 17 metallic elements with unusual magnetic, optical, and conductive properties that make them indispensable to modern technology, including:

Defense and national security

→ MarketBeat Week in Review – 07/06 - 07/10

Artificial intelligence, semiconductors, and data centers

Electrification and clean energy

→ Pushing the Edge: Super Micro Computer Reboots the AI Landscape

The rare-earth story is frequently positioned as one of scarcity, but that isn't the case. Many countries have abundant rare-earth deposits, including the United States, Australia, Canada, Brazil, and India.

China's dominance in rare-earths stems from decades of developing its midstream processing industry, rather than just controlling the largest deposits. Beginning in the 1980s, China invested heavily in refining, separation technology, chemical engineering capacity, and magnet manufacturing—areas that other countries avoided because of cost, environmental complexity, and long development timelines.

→ Why WD-40 Is Proving Great Businesses Never Go Out of Style

Rare-earth refining is chemically intensive and produces radioactive byproducts, and China's willingness to subsidize the industry and manage the environmental burden allowed it to scale rapidly while competitors fell behind. This is where today's investment opportunities exist.

Why Rare-Earth Refining Is the Real Investment Opportunity

The bottleneck in rare-earth is in the refining process. This was a conscious choice that was made by China (to invest in refining) and many other countries, including the United States, which chose not to invest in refining.

The Trump administration is accelerating domestic rare‑earth development through targeted industrial policy, including federal funding, strategic partnerships, and streamlined permitting for critical‑mineral projects. Rather than broad deregulation, the focus has been on removing specific bottlenecks that historically made U.S. refining uneconomic—such as long environmental review timelines and limited federal support for midstream processing.

Story Continues

These policy shifts are designed to help companies begin refining rare-earth elements inside the United States for the first time in decades. As a result, several U.S. companies are now receiving federal support to build refining, separation, and magnet‑manufacturing capacity—marking the first major rebuild of the domestic rare‑earth supply chain in more than 30 years.

MP Materials (NYSE: MP): The Pentagon became the company's largest shareholder after buying $400 million in preferred stock in July 2025. The investment supports the company's expansion of rare-earth processing and the construction of a second magnet manufacturing plant.

USA Rare Earth (NASDAQ: USAR): The Trump administration announced a partnership in early 2026 that gives the company access to $1.6 billion in funding. The deal also issued 16.1 million shares to the Department of War, which could increase the government's stake to between 12% and 25%, depending on warrant exercise.

Vulcan Elements & ReElement Technologies: The Department of War issued these rare-earth startups a $620 million loan and $50 million in federal incentives. The investment is to help the companies scale their magnet and ore processing capacity.

This is where some investors may believe the opportunity carries too much risk. After all, there are no guarantees in this sector, and the real payoff is likely years away. However, for patient investors with a long-term outlook, that's an ideal argument for investing in an exchange-traded fund (ETF) that includes dozens of holdings in the sector. This provides exposure to the entire supply chain without overreliance on one or two companies.

REMX: A Diversified ETF for Rare-Earth Investing

The VanEck Rare Earth and Strategic Metals ETF (NYSEARCA: REMX) tracks an index of global companies that mine, refine, or recycle rare-earth and strategic metals.

The fund is an ideal option for investors looking for a direct proxy for the current export-control backdrop,

REMX is a weighted average market cap fund with 38 holdings. Albemarle (NYSE: ALB) holds the most weight in the fund at around 7.2%. The fund has $2.4 billion of assets under management (AUM) with a net expense ratio of 0.58%.

REMX is up over 91% in the last 12 months. But a sharp sell-off that started in May has pushed the stock price into the middle of its 52-week range, which may create a solid entry point for investors.

EART ETF Targets the Companies Powering Future Technologies

The Global X Rare Earth & Critical Materials ETF (NASDAQ: EART) is a more targeted play on the rare-earth theme.

The fund targets companies that produce rare-earth components and other raw or composite materials that are essential to expanding the development of critical technologies such as electric vehicles (EVs), energy storage, robotics, and radar systems.

The fund has over 50 holdings that are weighted according to their Free Float Market Capitalization. The fund currently has around $40 million of AUM with a net expense ratio of 0.59%.

EART is up over 60% in the last 12 months. Like the REMX, the fund has been in a downtrend since mid-May, giving investors a similar opportunistic setup.

SETM ETF Provides Diversified Critical Materials Exposure

In contrast to the EART, which takes a narrower focus on the rare-earth sector, the Sprott Critical Materials ETF (NASDAQ: SETM) takes a broader view and includes a focus on several critical metals that are essential to the modern industrial economy.

For example, in percentage terms, uranium companies have the most exposure in the fund.

With its focus on a wider range of metals, the fund has at any given time between 125 and 170 holdings, which provides significant diversification. The fund has close to $560 million of AUM and a net expense ratio of 0.65%.

SETM is up 74% in the last 12 months. But like the broader sector, the fund is down over 14% in the last three months.

The article " 3 Rare-Earth ETFs That Help Investors Balance Exposure and Risk " was originally published by MarketBeat.

View MarketBeat's top stocks for July 2026 .

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Coherent估值依赖光模块扩产

重要性3/5 中

直接覆盖COHR的业务增长、扩产与估值，但关键公允价值来自平台远期模型。

标签

标的：`COHR`来源：Simply Wall St.发布日期：2026-07-12重要性：3/5 中评级理由：直接覆盖COHR的业务增长、扩产与估值，但关键公允价值来自平台远期模型。评级依据：直接标的相关, 业务与估值数字明确, 订单可见度较高, 模型假设披露不完整原文字数：863

中文摘要

核心结论

Simply Wall St认为COHR在人工智能光通信需求和积压订单支撑下，较其384.45美元公允价值估计低15.6%。当前9.6倍市销率已明显高于行业与同业，估值能否兑现取决于光模块采用和磷化铟扩产进度。

重要性评级

评级：3/5（中）。文章直接讨论COHR增长与估值，包含细分业务和市场倍数，但公允价值依赖平台模型及远期假设。

关键事实

COHR股价为324.50美元，近一个月下跌15.72%，近七日下跌2.66%。
年初至今上涨66.98%，一年股东总回报为247.80%。
数据中心业务增长41%，积压订单延伸至2028年。
平台估算公允价值为384.45美元，采用8.94%折现率。
公司在美国得克萨斯州建设六英寸磷化铟生产线。
当前市销率9.6倍，高于美国电子行业2.9倍和同业6倍，但低于平台估算的合理倍数11.8倍。

作者观点与证据

作者将人工智能数据中心的800G、1.6T及更高速光收发器需求、产能扩张和订单积压作为正面证据。公允价值依赖尚未完整披露的远期收入、利润率和现金流预测，竞争加剧或扩产延误会削弱模型结果。

与相关标的的关系

全文直接分析COHR。六英寸磷化铟产线可能影响产量、成本和供应链韧性，订单积压则提供至2028年的需求可见度。

时效性与限制

文章发布于美东时间 07/12 10:06（UTC+8 07/12 22:06）。平台提醒其分析可能未纳入最新价格敏感公告，公允价值并非公司指引。

后续跟踪

数据中心业务增速与积压订单转化。
六英寸磷化铟产线爬坡、良率和成本。
市销率与盈利预测的变化。

英文原文

Is Coherent (COHR) Undervalued As AI Demand And Backlog Strength Raise Expectations?

Simply Wall St

Sun, July 12, 2026 at 10:06 PM GMT+8 3 min read

COHR

-5.27%

Make better investment decisions with Simply Wall St's easy, visual tools that give you a competitive edge.

Coherent (COHR) is back in focus after fresh data on its exposure to AI infrastructure, including a 41% jump in its datacenter segment and a record backlog of orders stretching through 2028.

See our latest analysis for Coherent.

Coherent's shares currently trade at US$324.50. Despite a recent pullback, with the 1 month share price return down 15.72% and the 7 day return down 2.66%, momentum over longer periods has been strong. A year to date share price return of 66.98% and a 1 year total shareholder return of 247.80% point to investors reassessing both growth potential and risk as AI infrastructure orders and margin trends develop.

If the AI infrastructure theme has your attention, it could be worth widening your lens to other enablers using our screener for 52 AI infrastructure stocks

After a sharp run that has cooled in recent weeks, Coherent now trades below the average analyst target. Internal fair value work suggests only a small premium, raising the question: is the market being cautious or simply realistic about the AI story?

Most Popular Narrative: 15.6% Undervalued

With Coherent at $324.50 against a widely followed fair value estimate of $384.45, the current gap reflects a narrative built on AI optics demand, capacity expansion, and long term earnings ambitions under an 8.94% discount rate.

The ongoing expansion of AI datacenter infrastructure and high-performance computing is propelling structural growth in demand for advanced optical transceivers (800G, 1.6T, and beyond), optical circuit switches, and related photonics components, which is fueling robust sequential order growth and sustained revenue momentum in Coherent's datacom and communications business. Major investments in internal manufacturing, particularly the world's first 6-inch indium phosphide production line in Texas, are providing scale and cost structure advantages, as well as improved supply chain resiliency, enabling Coherent to boost volumes, lower production costs, and expand gross margins.

Read the complete narrative.

Want to see what earnings, revenue, and margin profile this narrative is banking on for Coherent? The projections reach far beyond current profitability, with a valuation tied to future cash generation that would usually be reserved for mature compounders. Curious how those assumptions add up to a higher fair value than today's price? The full narrative fills in the missing numbers and timing.

Story Continues

Result: Fair Value of $384.45 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, this Coherent narrative still hinges on timely AI optics adoption and smooth indium phosphide expansion. Delays or tighter competition could quickly challenge those fair value assumptions.

Find out about the key risks to this Coherent narrative.

Another View on Coherent's Valuation

While the popular narrative points to Coherent trading about 15.6% below a fair value of $384.45 based on future earnings and growth assumptions, the current P/S ratio of 9.6x tells a tougher story. It sits well above the US Electronic industry at 2.9x and above peers at 6x, even though it is below an estimated fair ratio of 11.8x that the market could move toward over time. For investors, that gap suggests valuation risk if expectations cool before fundamentals catch up, so which signal carries more weight for you right now?

See what the numbers say about this price — find out in our valuation breakdown.

NYSE:COHR P/S Ratio as at Jul 2026

Next Steps

Curious whether Coherent's setup feels more exciting or concerning after all this? Take a closer look at the data now and weigh both the upside potential and the risks by checking the 2 key rewards and 3 important warning signs

Looking for more investment ideas beyond Coherent?

If Coherent has sharpened your interest in AI and growth stories, do not stop here. Broaden your watchlist now with a few targeted stock idea shortlists.

Target resilient income by checking companies we highlight as potential dividend pillars through the 9 dividend fortresses .

Hunt for potential mispriced opportunities with the screener containing 19 high quality undiscovered gems , where strong fundamentals meet lower market attention.

Focus on financial strength first and scan the solid balance sheet and fundamentals stocks screener (47 results) before the crowd piles in.

Companies discussed in this article include COHR .

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

打开原文

人工智能光通信五环节扫描

重要性3/5 中

COHR经营数据丰富且产业链覆盖较广，但来源带有宣传倾向，部分跨领域关联缺乏直接证据。

标签

标的：`COHR`来源：24/7 Wall St.发布日期：2026-07-12重要性：3/5 中评级理由：COHR经营数据丰富且产业链覆盖较广，但来源带有宣传倾向，部分跨领域关联缺乏直接证据。评级依据：直接涉及COHR, 公司经营数据密集, 提供产业链比较, 若干关联判断证据不足原文字数：1351

中文摘要

核心结论

文章把人工智能数据中心带宽升级拆分为光引擎、光收发器、代工、光纤激光器和高功率激光五个环节，并将COHR列为成熟光收发器供应商。COHR数据较扎实，其他部分存在未经充分证明的数据中心关联和强烈荐股语气。

重要性评级

评级：3/5（中）。文章提供COHR收入、利润率和指引数据，也有产业链横向信息；来源的宣传表达和若干推断降低可信度。

关键事实

COHR最近季度收入18.05亿美元，同比增长20.5%。
数据中心与通信业务收入13.62亿美元，同比增长40.6%，占总收入75%。
非通用会计准则营业利润率由18.6%升至20.3%，下一季度收入指引为19.1亿—20.5亿美元。
POET预计2026年出货逾3万台光引擎，第三季度启动800G量产；期末现金约4.3亿美元。
Fabrinet季度收入12.14亿美元，同比增长39.29%，资本开支同比增121.35%至6,376万美元。
nLIGHT季度收入8,018万美元，同比增长55.2%，主要增长来自国防业务。

作者观点与证据

作者认为光连接将承接下一阶段人工智能资本开支。COHR和Fabrinet的数据可直接反映光通信需求；把IPG Photonics与nLIGHT的技术能力映射到数据中心收入，证据较弱，尤其nLIGHT当前增长主要来自航空航天与国防。

与相关标的的关系

COHR是文中规模最大的商业光收发器供应商，并被描述为接受英伟达20亿美元投资、拥有美国制造合作关系。其他公司覆盖相邻或潜在环节，可用于观察竞争和供应链容量。

时效性与限制

文章发布于美东时间 07/12 09:00（UTC+8 07/12 21:00）。正文含付费选股推广，部分目标价、客户关系和技术迁移判断未附原始来源。

后续跟踪

COHR数据中心业务收入占比和营业利润率。
800G、1.6T产能及客户订单。
相邻公司的数据中心收入是否获得正式披露。

英文原文

These 5 Optical Chip Stocks Are Cashing in on AI Data Center Bandwidth

Joel South

Sun, July 12, 2026 at 9:00 PM GMT+8 7 min read

COHR -5.27%

LASR -4.52%

FN +0.75%

IPGP -2.78%

POET -3.73%

Quick Read

Coherent's datacenter segment surged 41% to $1.4B while POET ramps to 30,000+ optical engines backed by $430M in cash to fund production.

nLIGHT beat Q1 EPS by 161% with revenue up 55%, as its defense laser tech creates unpriced optionality in AI datacenter infrastructure.

Fabrinet's capex nearly doubled to $64M year-over-year, a silent signal that hyperscaler demand is filling optical manufacturing capacity ahead of schedule.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Coherent didn't make the cut. Grab the names FREE today .

AI data center operators are staring down a bandwidth wall, and the fastest way over it runs through glass, not copper. Coherent alone just reported its Datacenter & Communications segment hit $1.362 billion in revenue, up 40.6% year-over-year, now 75% of total revenue versus 41% pro forma a year earlier. That is the shape of a spending wave that has not crested. Here are the five optical chip names positioned to catch it.

24/7 Wall St.

1. POET Technologies (The Surprise Lead)

POET Technologies ( NASDAQ:POET ) is the smallest name on this list and the one with the most torque to the 800G/1.6T transition. Its Optical Interposer platform packages lasers, detectors, and photonic ICs onto a single substrate, exactly the kind of integration hyperscalers need to hit next-generation bandwidth without frying their power budgets. The story is no longer purely speculative: management now says it expects to ship more than 30,000 optical engines in 2026, with high-volume 800G production beginning in Q3 2026 from Malaysia.

The numbers are early but the slope is steep. Q1 FY26 revenue came in at $503,389, up 201.9% year-over-year, beating the $347,970 estimate by 44.66%. The Lumilens supply agreement is anchored by an initial $50 million purchase order for EOI-based optical engines, with potential to scale beyond $500 million over five years. And POET ended the last reported period with roughly $430 million in cash after raising about $375 million gross, meaning the ramp is funded.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Coherent didn't make the cut. Grab the names FREE today .

Shares are up 16.06% year to date even after falling 24.32% over the past month. The pullback is where the asymmetry lives. The obvious question: Who is capturing the volume that POET is only beginning to feed?

2. Coherent (The Heavyweight)

Coherent ( NYSE:COHR ) is the name every institutional desk already owns. It is the largest merchant supplier of optical transceivers into hyperscale data centers, the recipient of a $2 billion NVIDIA investment tied to US manufacturing, and a fresh addition to the S&P 500. When Jensen Huang talks about scaling AI infrastructure, this is one of the two or three companies that physically has to say yes.

Story Continues

The most recent quarter tells the story in three data points. Revenue reached $1.805 billion, up 20.5% year-over-year. The Datacenter & Communications segment specifically grew 40.6% year-over-year to $1.362 billion, or 75% of total revenue. And non-GAAP operating margin expanded to 20.3% from 18.6% a year earlier, with management guiding Q4 FY26 revenue to $1.91 billion to $2.05 billion.

Shares are up 66.98% year to date and 246.24% over the past year. The stock trades at roughly 38x forward earnings, which is what leadership costs. Owning the merchant leader is the safe way to play the theme. Owning the manufacturer behind the merchant leader is a different trade entirely.

3. Fabrinet (The Picks and Shovels)

Fabrinet ( NYSE:FN ) does not design chips. It builds them, in exacting volume, for the companies that do. Fabrinet is the contract manufacturer behind a startling share of the world's high-speed optical transceivers, and its book has been dominated by NVIDIA's networking silicon and AWS-linked datacom programs. When hyperscalers order more 800G and 1.6T ports, Fabrinet's line utilization is the tell.

Q3 FY26 revenue came in at $1.214 billion, up 39.29% year-over-year and beating estimates by 2.22%, with non-GAAP EPS of $3.72, a beat of 4.42%. It is the fourth consecutive quarter of EPS beats. Capex nearly doubled to $63.76 million, up 121.35% year-over-year, which is management shouting, without a press release, that customer demand is filling their forward capacity.

The stock is down 1.73.% this year but up 62.88% over the past year. It has pulled back nearly 19% in the last month. The average analyst price target sits at $749.11. This is the entry window that only shows up when the market briefly forgets what the capex line is signaling. Now for the name most investors wrote off two years ago.

4. IPG Photonics (The Turnaround With a Second Act)

IPG Photonics ( NASDAQ:IPGP ) built its empire on high-power fiber lasers for industrial welding and cutting. That legacy is why the stock is still down 47.91% over five years. But under a new CEO, IPG is redeploying its laser and semiconductor stack into medical, defense, and micromachining, and its fiber and pump-laser expertise is quietly finding its way into next-generation datacenter photonics roadmaps. The market is starting to reprice the option.

Q1 FY26 revenue reached $265.5 million, up 16.6% year-over-year and beating estimates by 3.33%, with emerging growth products now 53% of revenue. Book-to-bill has stayed firmly above one for a second consecutive quarter, and North America revenue rose 27% year-over-year. The board just authorized a new $100 million buyback, and R&D climbed to $33.3 million from $28.3 million, a rare combination of capital return and reinvestment.

Shares are up 43.95% year to date and 43.56% over the past year, with an average analyst price target of $130.50. If you are looking for a Coherent-like re-rating that has not fully played out, this is the mirror image. And it sets up the payoff.

5. nLIGHT (The Payoff)

nLIGHT ( NASDAQ:LASR ) is the trade that hides in plain sight. On paper it is a defense laser company, and yes, it just unveiled a 70kW-class laser weapon system. But the fiber laser and semiconductor laser technology that arms directed-energy platforms is the same physics that pumps the optical engines feeding hyperscale AI clusters. nLIGHT sits at the intersection of two of the most inelastic spending buckets in the market: Pentagon directed-energy and AI infrastructure.

The Q1 FY26 print was the loudest on this list. Revenue hit $80.18 million, up 55.2% year-over-year, beating by 11.15%. Non-GAAP EPS came in at 22 cents versus the 8 cents expected, a beat of 160.66%. Aerospace & Defense revenue reached $55.13 million, up 68.6% year-over-year, with defense product revenue nearly doubling to a record $33.10 million. Gross margin expanded to 33.1% from 26.7%, and adjusted EBITDA swung to $13.83 million from $0.116 million.

The stock is up 87.78% year to date and 287.99% over the past year, with the average analyst target at $89.29. CEO Scott Keeney flagged a "pipeline of directed energy opportunities" that has not yet fully hit the income statement. The datacenter angle is the free option nobody is charging for yet.

The Setup

The AI datacenter bandwidth story is not a single-name trade. It is a stack: interposer engines (POET), merchant transceivers (Coherent), contract manufacturing (Fabrinet), fiber laser reinvention (IPG), and the defense-plus-datacenter wild card (nLIGHT). Coherent's segment growth, Fabrinet's capex doubling, and nLIGHT's triple-digit EPS surprise are all pointing at the same underlying reality: the pipe between GPUs is where the next leg of AI capex lands. The window to position ahead of the next round of hyperscaler capex announcements is narrower than the pullbacks suggest.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Coherent didn't make the cut. Grab the names FREE today .

Contact editorial@247wallst.com for any questions or corrections.

打开原文

Nebius暴涨后的增长门槛

重要性4/5 中高

直接覆盖NBIS的合同、盈利和估值，数字密集且较新，但包含较强的作者归因与远期预测依赖。

标签

标的：`NBIS`来源：Motley Fool发布日期：2026-07-12重要性：4/5 中高评级理由：直接覆盖NBIS的合同、盈利和估值，数字密集且较新，但包含较强的作者归因与远期预测依赖。评级依据：fact_density, valuation_context, forecast_dependency原文字数：976

中文摘要

核心结论

Nebius在2026年上半年上涨229.9%，文章将涨幅归于大型合同、英伟达投资和盈利改善；当前估值已要求2027年收入超过三倍增长，需求或执行稍有偏差都可能放大估值波动。

重要性评级

评级：4/5（中高）

文章集中整理NBIS上半年合同、财务改善和估值假设，事实密度较高；部分因果关系和远期收入预期来自作者及分析师判断。

关键事实

标普全球市场财智数据显示，NBIS在2026年上半年上涨229.9%。
Nebius于2026年1月获选建设以色列国家超级计算机。
公司于2026年3月取得Meta价值270亿美元、为期五年的算力合同，服务从2027年开始。
英伟达同意投资20亿美元，并协助Nebius在2030年前部署5吉瓦英伟达算力容量。
文章称第一季度收入同比增长684%，调整后EBITDA（息税折旧摊销前利润）由亏损5,400万美元转为盈利1.30亿美元。
SemiAnalysis（半导体研究机构）数据显示，2026年3月英伟达H100租赁价格较2025年10月上涨约40%。
NBIS估值约为2026年平均收入预期的16.4倍、2027年平均收入预期的5倍；最乐观2027年收入预期对应约3倍。

作者观点与证据

作者认为，大额合同降低了基础设施扩张的需求风险，旧款H100租金上涨也延长了设备经济寿命。英伟达投资可能帮助Nebius获取客户和融资，但其与Meta合同扩大的因果联系只是作者推测。估值合理性依赖分析师远期收入预测，并要求2027年收入增长超过三倍。

与相关标的的关系

NBIS是全文直接研究对象；NVDA既是投资者和设备供应商，也影响Nebius的产能部署与设备残值。Meta合同决定未来收入能见度，但客户集中度和履约成本未被量化。

时效性与限制

文章发布于美东时间 07/12 08:40（UTC+8 07/12 20:40）。内容回顾2026年上半年，适合验证涨幅背后的事实基础，无法替代合同原文、公司财报或现金流分析。

后续跟踪

Meta合同的收入确认、资本支出和回报率
2027年收入增速能否达到估值隐含水平
H100等旧款GPU租金与利用率
5吉瓦容量建设进度及融资成本

英文原文

Why Nebius Rocketed 230% in the First Half of 2026

Billy Duberstein, The Motley Fool

Sun, July 12, 2026 at 8:40 PM GMT+8 4 min read

NBIS

-4.16%

NVDA

-3.52%

Shares of European AI neocloud Nebius Group N.V. (NASDAQ: NBIS) rallied 229.9% in the first half of 2026, according to data from S&P Global Market Intelligence .

It was a stellar first half of the year for most hardware and semiconductor stocks involved with artificial intelligence build-out. However, Nebius outperformed all of the other AI "neoclouds" due to its strong execution, large contract wins, and new AI-related acquisitions.

Oh, and the investment by Nvidia (NASDAQ: NVDA) in the company didn't hurt either.

Nebius lands big contracts, impressing Wall Street

Nebius has transformed into an AI neocloud over the past few years. Given that we are in the relatively early stages of the AI era, these stocks tend to react to large contract wins, as such deals help "de-risk" their current infrastructure build-out .

Nebius landed a few such deals during the first half. In January, the company was selected by the Israel Innovation Authority to build out the country's national supercomputer. Israel is perhaps the most technologically advanced place in the world outside of Silicon Valley and China. Hence, Nebius's winning the contract through a competitive bidding process is a strong endorsement.

Nebius also won a monster $27 billion, multi-year contract from Meta Platforms (NASDAQ: META) in March. Meta was already a Nebius customer, although on a much smaller scale. However, the five-year compute deal beginning in 2027 is significantly larger, and the news helped catapult Nebius' shares higher.

Nebius also received accolades on the investment side, as Nvidia (NASDAQ: NVDA) agreed to invest $2 billion into the company. As part of the deal, Nebius will gain early access to the latest Nvidia architectures, and Nvidia will help Nebius deploy five gigawatts of Nvidia-based capacity by 2030.

Nvidia had already invested the same amount on similar terms in Nebius rival CoreWeave (NASDAQ: CRWV) in January, so Nebius "evened the score" in a sense by landing this deal. Furthermore, Nvidia's backing seemed to increase the probability that Nvidia would help Nebius find customers and raise capital. The expanded Meta Platforms deal actually occurred just after the Nvidia announcement, so the Nvidia commitment to Nebius may have been a catalyst.

Story Continues

These big deals paved the way for Nebius's blowout earnings report in mid-May. In its first quarter, revenue surged 684% year over year, trouncing expectations. At the same time, the company's adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) flipped from a $54 million loss to a $130 million profit.

Not only did the quarter's results impress, but CEO Arkady Volozh also noted that demand for compute was still vastly outstripping supply, suggesting strong results ahead. That dovetails with research firm SemiAnalysis's April data, which showed older Nvidia H100 rental pricing had increased by some 40% in March compared with October.

A major fear for neocloud companies like Nebius is that older GPUs will depreciate and lose value as newer chips enter the market. So, the fact that older GPUs' rental prices were not only not decreasing but actually increasing is a strong sign that older GPUs hold their value. A longer useful life for each Nvidia chip thereby increases the value Nebius and other neoclouds will reap from their massive current investments, and therefore the value of their stocks.

Image source: Getty Images.

Nebius looks frothy, but not on 2027 estimates

After its first-half run, Nebius trades at a frothy-looking 16.4 times this year's average revenue estimate; however, that price-to-sales ratio compresses to just five times the average 2027 revenue estimate for the company, and just three times the most optimistic analysts' estimate.

That's actually a very reasonable valuation, although it implies a more-than-tripling of revenue next year, even in the average estimate. Therefore, investors need to hope Nebius's revenue trajectory continues on its hockey-stick like path, and that it can sell its compute profitably. Recent results and GPU rental pricing appear encouraging on that front; however, if the AI demand story changes in any material way, Nebius' current high valuation could cause the stock to experience a significant pullback.

Should you buy stock in Nebius Group right now?

Before you buy stock in Nebius Group, consider this:

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*Stock Advisor returns as of July 12, 2026.

Billy Duberstein and/or his clients have positions in Meta Platforms. The Motley Fool has positions in and recommends Meta Platforms and Nvidia. The Motley Fool has a disclosure policy .

Why Nebius Rocketed 230% in the First Half of 2026 was originally published by The Motley Fool

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格芯战略官预设计划减持

重要性3/5 中

一手监管申报且直接关联GFS，但交易规模有限，预设计划和持股口径约束了解释力度。

标签

标的：`GFS`来源：Motley Fool发布日期：2026-07-11重要性：3/5 中评级理由：一手监管申报且直接关联GFS，但交易规模有限，预设计划和持股口径约束了解释力度。评级依据：regulatory_filing原文字数：834

中文摘要

核心结论

格芯首席战略官Michael James Hogan在预设的Rule 10b5-1（美国证券交易委员会预先安排交易计划）下出售2700股并赠与100股，直接持股减少78%。交易比例醒目，但预设性质削弱了将其解读为临时看空信号的依据。

重要性评级

评级：3/5（中）

SEC Form 4（美国证券交易委员会内部人持股变动表）提供一手交易事实，直接关联GFS；交易规模较小，且文章来源对动机和股价下跌原因加入了推断。

关键事实

文章发布于美东时间 07/10 21:13（UTC+8 07/11 09:13）。
Hogan在07/08和07/09（均未给出具体时刻）处置2800股，其中出售2700股、赠与100股。
出售交易价值为187124美元，加权平均售价66.83美元。
交易后直接持有795股，按07/09（未给出具体时刻）收盘价69.71美元计算价值55419.45美元。
直接持股数量减少78%。
交易依据Rule 10b5-1预先安排计划执行。
截至07/09（未给出具体时刻），GFS过去一年回报约70%，市值382亿美元。
公司过去12个月收入68亿美元、净利润7.78亿美元；2026年第一季度销售额16亿美元，同比增长3%，毛利率由22.4%升至27.6%。

作者观点与证据

文章认为大比例减持在半导体板块回落期间可能压低情绪，同时承认交易参数事先确定，临时判断色彩有限。处置事实与价格来自Form 4，股价下跌归因于获利了结和板块轮动则属于作者解释，未附资金流证据。

与相关标的的关系

GFS是唯一直接标的。交易后剩余直接持股较少，可能影响市场对管理层利益一致性的讨论；绝对出售金额相对382亿美元市值很小，无法单独反映公司经营趋势。

时效性与限制

文章在交易后约一至两日发布。它没有说明Hogan的间接持股、未归属股权奖励或完整薪酬结构，因此78%只适用于披露的直接持股。

后续跟踪

后续Form 4披露及预设计划剩余安排
Hogan的间接持股和股权激励变化
第二季度收入与毛利率
半导体板块回落期间GFS的相对表现

英文原文

A GlobalFoundries Insider Sold 78% of His Company Shares. Here

A GlobalFoundries Insider Sold 78% of His Company Shares. Here's a Closer Look at the Transaction.

Robert Izquierdo, The Motley Fool

Sat, July 11, 2026 at 9:13 AM GMT+8 4 min read

-7.29%

Michael James Hogan, Chief Strategy Officer of Globalfoundries Inc. (NASDAQ:GFS), reported the disposition of 2,800 ordinary shares on July 8, 2026 and July 9, 2026, according to a recent SEC Form 4 filing .

Transaction summary

Metric

Value

Transaction value

$187,124

Shares sold

2,700

Shares gifted

100

Post-transaction shares (directly held)

795

Post-transaction value

$55,419.45

Transaction value based on SEC Form 4 weighted average sale price ($66.83); post-transaction value based on July 09, 2026 market close ($69.71).

Key questions

How has the insider's direct equity position changed following this activity?

Michael James Hogan reduced the direct holding of ordinary shares by 78%, retaining a post-transaction balance of 795 shares which represent the residual direct interest in the firm's equity.

In what market context did this disposition occur?

The activity occurred following a period in which Globalfoundries shares delivered a 70% one-year return as of the July 9, 2026 market close, with the insider selling shares at $66.83 per share.

What was the nature of these transactions?

The dispositions were performed under a Rule 10b5-1 plan. This indicates that the sale of 2,700 shares and the gift of 100 shares were pre-arranged, with the execution parameters established prior to the transaction dates to provide for systematic liquidity.

Company Overview

Metric

Value

Share Price (as of market close 2026-07-09)

$69.71

Market Capitalization

$38.2 billion

Revenue (TTM)

$6.8 billion

Net Income (TTM)

$778.0 million

Company Snapshot

GlobalFoundries Inc. operates as a global semiconductor foundry specializing in the design and manufacturing of integrated circuits, including microprocessors, mobile application processors, baseband and network processors, radio frequency modems, microcontrollers, power management units, and microelectromechanical systems for a broad range of consumer and industrial electronic applications.

The company generates revenue through a foundry business model, providing semiconductor manufacturing services to fabless design companies and original equipment manufacturers that require advanced chip production capabilities without maintaining their own fabrication facilities.

GlobalFoundries serves a diverse customer base spanning telecommunications, automotive, industrial, consumer electronics, and computing sectors, with particular strength in serving mid-range and specialized semiconductor applications across global markets.

GlobalFoundries Inc. operates as one of the world's leading independent semiconductor foundries with a global manufacturing footprint and approximately 13,000 employees. The company has demonstrated strong financial performance with TTM revenue of $6.8 billion and net income of $778.0 million, reflecting robust demand for specialized semiconductor manufacturing services.

Story Continues

GlobalFoundries' competitive positioning is anchored by its advanced manufacturing capabilities, diversified customer base, and strategic focus on high-value semiconductor segments that support critical infrastructure and emerging technologies.

What this transaction means for investors

The sale of GlobalFoundries stock by Chief Strategy Officer Michael Hogan came at a time when shares experienced a substantial fall from the 52-week high of $92.55 reached on May 26. The price drop was due to investors cashing in after a strong run up in the second quarter, and a broader sell-off across the semiconductor sector.

Amidst this backdrop, it's not comforting for investors to see Hogan adding his dispositions to the fray, especially since it depleted nearly 80% of his holdings. Still, the transactions were pre-arranged as part of his Rule 10b5-1 plan, indicating they were non-discretionary in nature. Consequently, it seems Hogan's sales happened to coincide with Wall Street's rotation away from semiconductor stocks.

GlobalFoundries had a solid first quarter with sales of $1.6 billion, up 3% year over year, and excellent margin expansion as its gross margin rose to 27.6% compared to 22.4% in the previous year.

Should you buy stock in GlobalFoundries right now?

Before you buy stock in GlobalFoundries, consider this:

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Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $407,004 ! Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,244,599 !

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*Stock Advisor returns as of July 10, 2026.

Robert Izquierdo has positions in GlobalFoundries. The Motley Fool has positions in and recommends GlobalFoundries. The Motley Fool has a disclosure policy .

A GlobalFoundries Insider Sold 78% of His Company Shares. Here's a Closer Look at the Transaction. was originally published by The Motley Fool

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ETF League Tables: Roundhill AUM Nears $34B

重要性未评级

标签

标的：`DRAM`来源：etf.com发布日期：2026-07-10重要性：未评级

中文摘要

本地未取得可读全文：HTTP 404。可使用上方“打开原文”核查。

英文原文

ETF League Tables: Roundhill AUM Nears $34B

本地未取得可读全文：HTTP 404。可使用上方“打开原文”核查。

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美光暴涨凸显SOXX分散特征

重要性3/5 中

收益对比与SOXX直接相关，但关键财务数据异常，来源可信度限制阅读优先级。

标签

标的：`SOXX`来源：24/7 Wall St.发布日期：2026-07-10重要性：3/5 中评级理由：收益对比与SOXX直接相关，但关键财务数据异常，来源可信度限制阅读优先级。评级依据：fact_density, source_quality, data_quality原文字数：1001

中文摘要

核心结论

文章用2026年初至07/09的收益比较说明：Micron Technology（美光科技，MU）上涨247.66%，SOXX上涨93.36%，行业基金保留了半导体景气敞口并降低单一公司波动。论证具有直观性，但文中部分财务和价格数据异常，需要一手资料复核。

重要性评级

评级：3/5（中）

与SOXX直接相关并呈现单股和行业基金的收益差异，但写作带有强烈劝导与广告色彩，若干关键数字可信度存疑。

关键事实

2025年12月31日至2026年07/09，美光上涨247.66%，SOXX上涨93.36%。
按文中测算，年初投入SOXX的1万美元到07/09约为19336美元。
SOXX覆盖约30家美国上市半导体公司，费率为0.34%。
文章称美光2026财年第三季度收入414.56亿美元，同比增长345.72%，毛利率由37.7%升至84.6%。
文中称美光发布业绩后一度报1190.02美元，一周后降至975.56美元，突出单股波动。
管理层称DRAM（动态随机存取存储器）和NAND（闪存）需求显著超过供应，紧张状况可能延续至2027年以后。
作者把AI基础设施对高带宽内存、图形处理器和先进封装的需求视为板块共同驱动。

作者观点与证据

作者倾向以SOXX承接AI内存主题，依据是同一期间收益、基金成分分散和费率。收益对比可以说明历史波动差异，无法证明未来风险收益；文章所列美光收入、毛利率、股价和市值量级异常，且穿插私募项目推广，降低了证据质量。

与相关标的的关系

MU提供高带宽内存和存储周期的集中敞口；SOXX通过约30只半导体股票分散单一企业风险，同时仍受行业估值、AI资本开支和周期回撤影响。

时效性与限制

发布于美东时间 07/10 14:45（UTC+8 07/11 02:45），收益窗口截止07/09（未给出具体时刻）。文章距日报数日，且关键公司财务数字应与美光正式财报和复权行情重新核对。

后续跟踪

美光正式财报中的收入、毛利率和供需指引。
SOXX最新成分权重及美光占比。
高带宽内存供给紧张持续时间。
单股与行业基金的波动和回撤差异。

英文原文

Missed MU’s Monster Rally? SOXX Holders Cashed In Too

Michael Williams

Sat, July 11, 2026 at 2:45 AM GMT+8 5 min read

-4.32%

SOXX

-4.77%

Quick Read

MU surged 248% year-to-date through July 9, but SOXX still turned a $10,000 stake into $19,336 without picking a single winner.

Micron dropped from $1,190 to $975 in one week after reporting blockbuster earnings, showing why single-stock concentration punishes even correct bets.

This lithium producer surpassed a $1B private valuation, joining some of America's most powerful startups. Now you can invest in EnergyX alongside global giants like General Motors, but only through July 16. (sponsor)

Open any investing forum this week and Micron Technology ( NASDAQ:MU ) is inescapable. The memory maker just posted a quarter that broke its own history books, and the stock has ridden the AI buildout into a market cap north of $1.1 trillion. On Reddit, one wallstreetbets thread with the title "MU $2000 is no longer a meme" pulled hundreds of upvotes. You know the feeling. You didn't buy it. Now everyone else did.

bigjom jom / Shutterstock.com Take a breath. If you owned the iShares Semiconductor ETF ( NASDAQ:SOXX ) instead, you were sitting on a monster year of your own.

The Window: Year to Date Through July 9, 2026

Same window, both tickers, no cherry picking. From December 31, 2025 through July 9, 2026, Micron rose 247.66%. Over that exact same stretch, SOXX climbed 93.36%.

Translate SOXX to dollars: a $10,000 stake on New Year's Day was worth roughly $19,336 by July 9. In a little over six months. Without staring at a single earnings transcript.

Same Tide, Different Boats

Micron's run isn't a mystery. The company just reported Q3 FY2026 revenue of $41.456 billion, a 345.72% year-over-year jump off a prior-year base of $9.30 billion. Gross margin ballooned to 84.6% from 37.7% a year earlier. That is a memory chip business behaving like a luxury software business.

CEO Sanjay Mehrotra summed up the driver on the earnings call: "The memory industry has been structurally transformed by the proliferation of AI. We are only in the early innings." He added that "DRAM and NAND industry demand continues to significantly exceed industry supply" and that tightness should persist beyond calendar 2027.

July 16 is the Final Day to Tap Into the Lithium Boom (sponsor)

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Here's why you should do the same before their July 16 investment deadline: lithium prices are up 75% this year, with demand projected to grow a staggering 5X by 2040.

With tech that can recover up to 3X more lithium than traditional methods, EnergyX is preparing to unlock up to 15M+ tons. Become a private-stage EnergyX investor before the July 16 deadline .

Story Continues

That force, the AI infrastructure buildout demanding high-bandwidth memory, GPUs, packaging, and every layer of the chip stack, doesn't stop at one company's loading dock. It lifted the whole sector. SOXX tracks a basket of roughly 30 U.S.-listed semiconductor names, so owning it meant owning the theme. You didn't have to pick the winner. You just had to be in the room while winners were being made. For a wider view of how the same buildout is reshaping the market, our 7 Stocks Powering the AI Boom report walks through the businesses riding this wave.

The Trade-Off

Yes, MU holders made more. A lot more. 247.66% vs. 93.36% isn't close. If you're keeping score, you left money on the table.

But single-stock concentration cuts both ways. Even Micron itself gave you a nasty preview inside the rally: after the blockbuster earnings report, the stock traded at $1,190.02 in the hour after filing, then slid to $975.56 a week later. Same company, same earnings, hundreds of dollars per share of whiplash. One popular post on wallstreetbets was literally titled "I'm more confused by yesterday's sell-off than the earnings."

That is what single-stock ownership feels like even when you're right. SOXX spreads that risk across around 30 semiconductor companies for an expense ratio of 0.34%. You pay a few basis points to skip the sleepless nights and the "why is my winner down 20% in five sessions?" group chats. You gave up the top of the trade to avoid ever being on the wrong side of the bottom.

Process Over Prediction

Chasing the hot ticker is stock picking with a side of regret. If you nail it, you're a genius until the next earnings call. If you miss it, you feel like you missed the whole decade. Owning the theme is a different game: you accept you won't top-tick anything, and in exchange you capture most of the move without needing to be a memory-cycle analyst.

The AI memory story is a supply-and-demand imbalance that Mehrotra's own team says has no clear line-of-sight resolution before 2028. Whether Micron keeps leading, whether a rival closes the gap, whether the next standout is in packaging or logic or something not yet on your radar, that's the guessing game. Being in the sector is the process.

Next time a ticker takes over your feed, before you feel behind, check whether the theme underneath it is already sitting quietly in a fund somewhere. Often, it is. Often, you already own it.

Meet America's Newest $1b Unicorn (Sponsor)

Over 50,000 people already have, along with global giants like General Motors and POSCO.

Contact editorial@247wallst.com for any questions or corrections.

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AAOI与半导体篮子收益比较

重要性3/5 中等优先级

对PSI与高波动光模块个股的收益和风险比较有参考价值，但来源商业化明显，若干数据缺少原始出处。

标签

标的：`PSI`来源：24/7 Wall St.发布日期：2026-07-10重要性：3/5 中等优先级评级理由：对PSI与高波动光模块个股的收益和风险比较有参考价值，但来源商业化明显，若干数据缺少原始出处。评级依据：直接关联PSI, 包含区间收益和业务数据, 揭示单股波动差异, 存在营销内容, 部分指标透明度不足原文字数：1005

中文摘要

核心结论

AAOI受AI（人工智能）数据中心光互连需求推动，年内涨幅远超PSI；PSI同期也实现翻倍，并以行业分散降低单一公司的业绩和情绪风险。文章主张用主题篮子理解行情，但带有明显营销和劝导色彩。

重要性评级

评级：3/5（中等优先级）

文章提供AAOI、PSI及光模块需求数据，对半导体主题比较有用；社交媒体情绪指标和部分行业数字缺少原始出处。

关键事实

发布于美东时间 07/10 14:17（UTC+8 07/11 02:17）。
从2025年12月31日至2026年07/09（未给出具体时刻），AAOI上涨250.57%，PSI上涨102.24%。
期初投入1万美元对应PSI期末约20,220美元；PSI费率约0.56%。
AAOI第一季度数据中心收入8,140万美元，同比翻倍以上，并完成首批800G产品批量交付。
文章称全球半导体第一季度收入2,985亿美元，同比增长79.2%；美国芯片销售同比增长83.1%。
AAOI贝塔值为3.687，过去一个月下跌24.97%，52周价格区间为18.50至233.67美元。
文中称Reddit情绪分数在72小时内由94降至22，但未说明计算方法。

作者观点与证据

作者偏向用PSI获取半导体主题敞口，并以AAOI的高波动、业绩偏差和网络情绪反转支持分散化叙事。文章穿插顾问匹配服务推广，情绪数据透明度较低。

与相关标的的关系

PSI覆盖美国上市半导体公司，可受益于数据中心、GPU（图形处理器）和高速光互连投入；AAOI则提供更集中的光收发器业务暴露。

时效性与限制

收益比较截至07/09，不能代表07/14的最新价格；行业统计和社交情绪数据需核对原始来源。

后续跟踪

AAOI 800G及1.6T产品出货
PSI成分与集中度变化
超大规模云厂商资本开支
光模块收入和利润率

英文原文

AAOI Soared 251%, But PSI Quietly Doubled Your Money Too

Michael Williams

Sat, July 11, 2026 at 2:17 AM GMT+8 5 min read

AAOI

-6.70%

RDDT

+2.86%

-4.86%

Quick Read

AAOI surged 250% year-to-date, but PSI, a semiconductor ETF riding the same AI wave, delivered 102%, nearly doubling a $10,000 stake.

AAOI dropped 25% in a single month while Reddit sentiment crashed from bullish to bearish in 72 hours, the part nobody screenshots.

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You saw the chart. Applied Optoelectronics ( NASDAQ:AAOI ) went vertical this year, and your feed will not shut up about it. The screenshots, the rocket emojis, the "full port" posts. And you didn't buy a single share.

Quality Stock Arts / Shutterstock.com The optical transceiver maker is up 250.57% year to date, riding the AI datacenter buildout that needs faster and faster fiber to move data between GPUs. That is the kind of return that ruins your week when you missed it.

Here is the twist: you didn't miss it. Not really.

The Number That Kills the FOMO

Over the same window, from December 31, 2025 through July 9, 2026, the Invesco Semiconductors ETF ( NYSEARCA:PSI ) returned 102.24%. A $10,000 stake at the start of the year sat at roughly $20,220 on July 9.

That is a serious return. A chip basket that more than doubled in a little over six months while you slept, worked, and refreshed your brokerage app in peace.

PSI is a basket of U.S.-listed semiconductor names, an index-tracking fund from Invesco that spreads exposure across the sector for an expense ratio of roughly 0.56%. You paid a rounding error to own the theme.

Are You Ready To Retire, Or Years Behind?

Same Wave, Different Surfboard

The force that lifted Applied Optoelectronics is the broader AI capex wave: hyperscalers pouring money into datacenters, GPUs needing high-speed interconnects, and optical transceivers stepping up from 400G to 800G and 1.6 Tb products. AAOI's Q1 2026 datacenter revenue more than doubled year over year to $81.4 million, and CEO Thompson Lin said the company "completed our first volume shipment of our 800G products to one of our large hyperscale customers in Q1."

Story Continues

That same demand is why global semiconductor revenue hit $298.5 billion in Q1 2026, up 79.2% year over year, and why U.S. chip sales jumped 83.1% versus the prior year. The rising tide is real, and it lifted the whole sector, not just one Texas transceiver shop.

PSI's job is to own that tide as a basket. You don't have to know which company wins the 800G qualification race or which fab lands the next hyperscale contract. You just need exposure to the fact that hyperscalers are spending, and chips get bought either way. If you want a broader read on which names are riding this cycle, our team's 7 Stocks Powering the AI Boom report walks through the ecosystem in depth.

The Part Nobody Screenshots

Yes, AAOI holders made more. A lot more. 250.57% beats 102.24%, and it is not close.

Now the other side. AAOI has a beta of 3.687, a 52-week range of $18.50 to $233.67, and a habit of missing earnings estimates even when revenue is exploding. Q3 2025 saw 82.1% revenue growth alongside a wide EPS miss. Q1 2026 revenue grew 51.4% and the stock still missed the consensus loss estimate.

And in the past month alone, AAOI is down 24.97%. Reddit's r/wallstreetbets flipped from "ALL IN ON AAOI" posts on July 4 to a "Bottleneck bros are moving to Robotics" thread with 102 upvotes by July 7. Sentiment scores fell from 94 to 22 inside 72 hours. That is single-stock life. You get the top and the trapdoor in the same package.

PSI spreads that exposure across a basket of chip names. Any one blowup gets diluted. You give up the euphoric top of the trade. You also skip the part where a Reddit post empties the room.

Process Over Prediction

Chasing hot tickers is stock-picking with extra regret attached. You have to be right about the company, right about the timing, and lucky about the exit. Owning the theme through a diversified fund gets you most of the move with a fraction of the white-knuckle moments.

You didn't need to pick AAOI to profit from AI optics. You needed to be exposed to semiconductors while the AI capex cycle was running, and PSI was one straightforward way to do that. The stock-pickers who nailed AAOI deserve the win. The investor who owned the basket got most of the move without ever needing to be a hero.

Next time a ticker takes over your timeline, the useful question to ask is "what is the underlying driver, and do I already own it in some form?" Answer that clearly and the FOMO gets a lot quieter.

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Contact editorial@247wallst.com for any questions or corrections.

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大型云厂商扩大数据中心规划

重要性3/5 中

行业需求与APLD直接相关且月度数据较新，但正文极短，无法建立公司级收入联系。

标签

标的：`APLD`来源：Investor's Business Daily发布日期：2026-07-10重要性：3/5 中评级理由：行业需求与APLD直接相关且月度数据较新，但正文极短，无法建立公司级收入联系。评级依据：-原文字数：65

中文摘要

核心结论

北美数据中心项目管线在2026年6月环比增长4%，增长主要由大型云服务商推动。Google和Amazon扩容计划为APLD等数据中心开发商提供需求背景，但短摘录没有披露项目规模、地点或签约关系。

重要性评级

评级：3/5（中）

数据与APLD需求环境直接相关，发布时间较近；正文只有两分钟文章的一句摘要，无法判断APLD能否获得实际项目。

关键事实

文章发布于美东时间 07/10 13:48（UTC+8 07/11 01:48）。
北美数据中心项目管线在2026年6月较5月增长4%。
大型云服务商是本次管线增长的主要推动者。
标题点名Google和Amazon提高数据中心容量计划。
行情栏显示GOOGL下跌1.31%、GOOG下跌1.23%、AMZN上涨0.80%、APLD下跌7.42%。
现有正文没有披露新增容量、资本开支、项目地点或供应商名单。

作者观点与证据

文章把Google、Amazon扩容与北美项目管线增长联系起来，提供了环比4%的行业指标。归档内容过短，未说明数据来源、统计口径、已规划与已开工项目的区别，也没有证据表明APLD是相关合同方。

与相关标的的关系

GOOG和AMZN是扩容主体，APLD是潜在数据中心基础设施受益者。两家大型云厂商扩大规划可支持行业需求预期，但APLD的订单、租约、融资和并网进度仍需独立验证。

时效性与限制

文章反映2026年6月月度变化，发布于07/10。由于仅有短摘录，4%的统计样本和项目阶段均不清楚，不能据此推算收入。

后续跟踪

Google和Amazon新增容量及资本开支明细
北美管线中已获批、已融资和已开工项目比例
APLD是否获得新增租约或开发协议
电网接入和设备交付周期

英文原文

Google, Amazon Increase Data-Center Capacity Plans

Google, Amazon Increase Data-Center Capacity Plans · Investor's Business Daily

PATRICK SEITZ

Sat, July 11, 2026 at 1:48 AM GMT+8 2 min read

GOOGL

-1.31%

AMZN

+0.80%

APLD

-7.42%

GOOG

-1.23%

The project pipeline for data centers in North America increased by 4% in June from May, with hyperscalers driving the growth.

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Coherent利润率改善路径

重要性4/5 中高

利润率和经营杠杆是COHR业绩兑现的直接指标，文章提供的数据具有较高日报价值。

标签

标的：`COHR`来源：Zacks发布日期：2026-07-10重要性：4/5 中高评级理由：利润率和经营杠杆是COHR业绩兑现的直接指标，文章提供的数据具有较高日报价值。评级依据：直接标的相关, 利润率证据明确, 估值与盈利修订兼备, 调整后口径需要复核原文字数：514

中文摘要

核心结论

Zacks认为COHR正把人工智能光网络需求转化为更高利润：产量上升提高工厂利用率并改善供应链效率，带动调整后营业利润率和净利润增长。高估值与盈利预测下修仍构成约束。

重要性评级

评级：4/5（中高）。文章直接聚焦COHR利润率，给出经营杠杆、估值和积压订单信息；发布时间比当日早三个交易日。

关键事实

第三季度调整后营业利润率同比提高163个基点。
调整后净利润同比增长近56%。
公司积压订单延伸至2028年，长期供货协议延伸至2030年。
文章称英伟达战略投资强化COHR资产负债表。
COHR过去一年上涨249%，同期所属行业上涨10%。
未来十二个月市盈率39.02倍，高于行业22.03倍。
2026年盈利共识在过去60日下调。

作者观点与证据

作者把工厂利用率、固定成本摊薄和供应链效率视为利润率改善来源，证据来自调整后利润率与净利润。文章对持续改善的判断以人工智能需求保持强劲为条件，并未提供分产品毛利率或一次性调整明细。

与相关标的的关系

全文直接关系COHR。与Lumentum和IPG Photonics相比，文章强调COHR对人工智能基础设施的敞口、长期供货协议和英伟达投资。

时效性与限制

文章发布于美东时间 07/10 13:33（UTC+8 07/11 01:33）。页面提示行情数据延迟；调整后指标与盈利共识需结合公司原始财报复核。

后续跟踪

调整后及通用会计准则利润率变化。
工厂利用率与供应链成本。
2026年盈利共识能否恢复上修。

英文原文

Coherent

We are experiencing some temporary issues. The market data on this page is currently delayed.

Coherent's Margin Expansion is a Metric Investors Should Watch

Zacks Equity Research

Fri, July 10, 2026 at 10:33 AM PDT 2 min read

COHR

-0.43%

Coherent Corp.'s COHR improving profitability is emerging as one of the company's most encouraging trends, reflecting the financial benefits of the ongoing AI infrastructure boom.

During the third quarter, Coherent expanded its adjusted operating margin by 163 basis points from the year-ago period. While higher demand for AI-related optical networking products has fueled revenue growth, the margin improvement shows that the company is converting that demand into stronger profits.

The expansion was supported by higher factory utilization and better supply chain efficiencies. As production volumes increased, fixed manufacturing costs were spread across more units, allowing incremental revenues to flow through to earnings more efficiently.

The impact is already visible on the bottom line. Adjusted net income jumped nearly 56% year over year, highlighting the operating leverage created by rising production levels. Rather than relying solely on sales growth, Coherent is demonstrating that its manufacturing network is becoming increasingly efficient as demand strengthens.

This combination of expanding margins, improving operational efficiency and robust earnings growth suggests Coherent's financial profile is becoming stronger. If AI-driven demand remains healthy, continued improvements in manufacturing utilization and cost efficiency could support additional profit expansion in the quarters ahead, making margin performance a key metric for investors to monitor.

Peer Lens

Among U.S.-listed peers, Lumentum Holdings LITE and IPG Photonics IPGP offer useful comparisons for investors evaluating Coherent. Like Coherent, both LITE and IPGP operate in optical components and photonics markets that benefit from increasing demand for high-speed data communications and advanced laser technologies.

However, Coherent currently stands apart because of its unusually strong exposure to AI infrastructure, a record backlog extending into 2028, long-term supply agreements through 2030 and a significantly strengthened balance sheet following NVIDIA's strategic investment. These factors have helped improve earnings visibility and differentiate Coherent's growth profile within the photonics industry.

COHR's Price Performance, Valuation & Estimates

Coherent's stock has rallied a whopping 249% in a year against the industry's 10% growth.

Zacks Investment Research Image Source: Zacks Investment Research

From a valuation perspective, COHR trades at a forward 12-month price-to-earnings ratio of 39.02X, higher than the industry's 22.03X. It has a Value Score of C.

Story Continues

Zacks Investment Research Image Source: Zacks Investment Research

The Zacks Consensus Estimate for COHR's earnings for 2026 has decreased over the past 60 days.

COHR currently has a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Coherent Corp. (COHR) : Free Stock Analysis Report

IPG Photonics Corporation (IPGP) : Free Stock Analysis Report

Lumentum Holdings Inc. (LITE) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

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英伟达软件护城河与估值折价

重要性4/5 中高

直接涉及NVDA和SOXX的估值传导，数据密集，但观点来源和推广型媒体降低证据权重。

标签

标的：`SOXX`来源：24/7 Wall St.发布日期：2026-07-10重要性：4/5 中高评级理由：直接涉及NVDA和SOXX的估值传导，数据密集，但观点来源和推广型媒体降低证据权重。评级依据：fact_density, portfolio_relevance, source_quality原文字数：819

中文摘要

核心结论

Jim Cramer认为NVIDIA（英伟达，NVDA）的软件与互连生态具有强专有性，23倍远期市盈率低于SanDisk（闪迪，SNDK）的27倍，估值关系未充分体现业务质量差异。文章同时承认大基数增长放缓、客户集中和中国出口限制可解释部分折价。

重要性评级

评级：4/5（中高）

文章与NVDA及SOXX直接相关，估值、收入、毛利率和产品生态数据丰富；主线源自电视评论，且部分财务数字需要公司文件复核。

关键事实

Cramer在07/09（未给出具体时刻）的节目中称英伟达是历史上专有性最强的芯片公司。
文中称NVDA远期市盈率23倍、过去12个月市盈率31倍；SNDK相应为27倍和59倍。
NVDA 2027财年第一季度收入816.1亿美元，同比增长85%；数据中心收入752.5亿美元，数据中心网络业务增长199%。
非美国通用会计准则毛利率为75%，管理层给出的2027财年第二季度收入指引为910亿美元。
软件与系统生态包括CUDA-X（并行计算软件库）、NVLink Fusion（芯片互连平台）、Spectrum-X（以太网平台）和Dynamo（推理服务框架）。
文章列举OpenAI、Anthropic（人工智能公司）、META、Oracle（甲骨文）和xAI的部署计划，作为Blackwell与Vera Rubin平台需求依据。
文中称NVDA 2026财年收入2159.4亿美元，并列出超大规模云客户集中、中国出口限制和现金税负上升等风险。
NVDA是SOXX重要成分股，因此单股估值和波动会传导至基金。

作者观点与证据

作者认为英伟达的软件生态、互连能力和高毛利支持优于商品型存储厂商的估值质量，同时认可较低远期倍数可能反映增长减速和监管风险。估值比较清晰，但Cramer评论属于观点，客户部署清单也未给出合同金额与交付节奏。

与相关标的的关系

NVDA承受直接估值重估；SNDK作为商品型NAND存储对照。SOXX因持有NVDA获得相关敞口，也会分散单一公司风险；META和ORCL属于AI基础设施客户或合作方，需求承诺影响英伟达订单可见度。

时效性与限制

发布于美东时间 07/10 12:54（UTC+8 07/11 00:54）。估值倍数和股价对市场变化敏感；文章来自24/7 Wall St.并夹杂推广内容，财务数字和分析师统计应以公司申报及正式数据源核验。

后续跟踪

2027财年第二季度收入和毛利率指引兑现情况。
Blackwell与Vera Rubin交付、客户资本开支及订单集中度。
中国出口限制对收入和产品组合的影响。
NVDA与SNDK远期盈利预测及估值差变化。

英文原文

Jim Cramer Says NVIDIA Is the Most Proprietary Chip Company in History, and the Market Is Getting Its Valuation Wrong

David Moadel

Sat, July 11, 2026 at 12:54 AM GMT+8 4 min read

NVDA

-3.52%

ORCL-PD

-4.39%

SOXX

-4.77%

META

-1.86%

SNDK

-12.63%

Quick Read

Cramer called NVIDIA the most proprietary chip company in history, yet its 23x forward P/E trails commodity memory maker SanDisk's 27x multiple.

NVDA's software moat, built on CUDA, NVLink Fusion, and Dynamo, locks developers into its architecture in ways SNDK's commodity NAND memory simply cannot replicate.

The lower NVDA multiple may rationally price in the challenge of sustaining 85% growth off a $216 billion revenue base amid China export restrictions.

Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .

In his Mad Money broadcast on July 9, Jim Cramer defended a former tech-market darling, arguing that the market has the valuation math backwards. His frustration centered on why sellers keep unloading NVIDIA ( NASDAQ:NVDA ) while assigning higher forward multiples to memory names like SanDisk ( NASDAQ:SNDK ).

Shutterstock / Piotr Swat Cramer put it directly: "Some commodity chip companies like SanDisk now have price-earnings multiples higher on next year's earnings than NVIDIA." He added, "I regard that as insulting. Nvidia is the most proprietary chip company in the history of the world." NVIDIA stock traded at $209.79 Friday afternoon, with a market cap of around $5.08 trillion.

The forward multiple data supports the argument. NVIDIA stock carries a forward price-to-earnings ratio of 23x and a trailing multiple of 31x, while SanDisk stock trades at a 27x forward multiple and a 59x trailing figure.

The Proprietary Moat Cramer Is Defending

NVIDIA's most recent quarter puts hard numbers behind the moat argument. The company's Q1 FY2027 revenue reached $81.61 billion, up 85% year over year (YoY), with Data Center revenue of $75.25 billion and Data Center Networking up 199%.

NVIDIA's non-GAAP gross margin expanded to 75%, and management guided Q2 FY2027 revenue to $91 billion. The proprietary layer runs deeper than silicon: CUDA-X software, NVLink Fusion compute fabric, Spectrum-X Ethernet, and the Dynamo inference stack lock developers into NVIDIA's architecture in ways commodity accelerators cannot replicate.

Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .

CEO Jensen Huang has repeatedly framed the AI infrastructure buildout as the largest in human history, and deployment commitments from OpenAI, Anthropic, Meta Platforms ( NASDAQ:META ), Oracle ( NYSE:ORCL ), and xAI translate that into tangible order flow for NVIDIA's Blackwell and Vera Rubin platforms.

Wall Street sentiment reflects the view. NVIDIA stock currently carries 10 Strong Buy, 48 Buy, 2 Hold, and 1 Sell rating, with an average analyst price target of $301.62.

Story Continues

The SanDisk Comparison

SanDisk stock has been on a rocket ride. Shares are up 710% year-to-date (YTD), if you can believe it. SanDisk' Q3 FY2026 revenue jumped 251% YoY to $5.95 billion, with Datacenter revenue up 645% YoY.

SanDisk sells NAND memory, a product category that historically cycles through boom-and-bust pricing tied to industry-wide capacity. That structural difference is what Cramer was pointing at when contrasting proprietary economics against commodity economics.

The Bear Case Worth Considering

A cheaper forward multiple on NVIDIA stock can reflect the market pricing in decelerating growth off a large base. NVIDIA's FY2026 revenue reached $215.94 billion, and comparable percentage growth becomes mathematically harder. Customer concentration among hyperscalers, China export restrictions, and rising cash taxes are real considerations.

A lower multiple can be a rational discount rather than clear mispricing. For investors weighing entry, moderating one's position size makes sense given NVIDIA stock's 2.21 beta and history of sharp drawdowns. Readers exploring the broader AI thesis can review our 7 Stocks Powering the AI Boom report for adjacent names benefiting from the buildout.

For investors wanting NVIDIA exposure without single-stock risk, the iShares Semiconductor ETF ( NASDAQ:SOXX ) offers broad sector access. The concentration risk remains meaningful, though, as NVIDIA sits among the fund's top holdings.

The Bottom Line

Cramer's core claim is defensible on the data. NVIDIA stock's forward multiple sits below SanDisk's despite carrying arguably the strongest software moat and highest-margin franchise in semiconductors. The proprietary software layer, from CUDA to Dynamo to NVLink Fusion, separates NVIDIA from any peer chipmaker.

A discount can reflect legitimate concerns about the law of large numbers, cyclical risk, and hyperscaler concentration, and both realities can coexist. Investors should keep their position sizes calibrated to the stock's volatility, and diversification through semiconductor ETF exposure can soften single-name risk.

Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .

Contact editorial@247wallst.com for any questions or corrections.

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AAOI扩产加剧光模块竞争

重要性3/5 中

可用于观察COHR所在高速光模块市场的需求和竞争，但关键远期数字主要是管理层预测。

标签

标的：`COHR`来源：Zacks发布日期：2026-07-10重要性：3/5 中评级理由：可用于观察COHR所在高速光模块市场的需求和竞争，但关键远期数字主要是管理层预测。评级依据：与COHR存在直接竞争关系, 产能与订单数据具体, 发布时间尚新, 远期预测验证不足原文字数：651

中文摘要

核心结论

Applied Optoelectronics（应用光电，AAOI）正扩大800G和1.6T光收发器交付与产能，显示人工智能数据中心需求旺盛，也加大其与COHR和Lumentum的竞争。产能和收入预测来自管理层，规模跃升仍待订单及交付验证。

重要性评级

评级：3/5（中）。文章主体是AAOI，但对COHR的竞争环境、英伟达合作和高速光模块需求有直接参考价值。

关键事实

AAOI一季度800G收入460万美元，占数据中心收入5.6%。
管理层预计二季度800G出货量接近一季度四倍。
首批1.6T订单预计最早于2026年第三季度开始交付，并在年底前完成。
公司预计800G与1.6T月产能在2026年底超过65万件，2027年底超过93万件。
原文称到2027年中800G月收入约2.17亿美元、数据中心收发器月收入约4.71亿美元。
AAOI年内上涨250.6%，过去十二个月市销率18.32倍，高于行业16.35倍。
2026年每股收益共识为0.80美元，同比增幅407.69%。

作者观点与证据

作者将首批量产订单、扩产和供需缺口视为增长支撑，同时指出COHR和Lumentum与英伟达的战略合作形成竞争压力。远期月收入和产能数字跨度很大，应以公司文件及实际交付复核。

与相关标的的关系

COHR是AAOI在高速光网络市场的直接竞争者。文章称COHR与英伟达合作涵盖先进光网络及CPO（共封装光学），包括20亿美元股权投资和延伸至本十年末的供货协议。

时效性与限制

文章发布于美东时间 07/10 12:44（UTC+8 07/11 00:44）。远期预测缺少客户名称、合同金额和产能利用率，且未解释月收入预测与当前规模之间的完整桥接。

后续跟踪

AAOI二季度800G出货兑现程度。
1.6T交付和客户验收。
COHR与英伟达合作的量产节奏及市场份额。

英文原文

AAOI Benefits From Strong 800G Transceivers Demand: More Upside Ahead?

Nilanshi Mukherjee

Sat, July 11, 2026 at 12:44 AM GMT+8 3 min read

COHR

-5.27%

Applied Optoelectronics AAOI is benefiting from the strong demand for 800G transceivers, a trend that is fundamentally reshaping the company's growth trajectory. In the first quarter alone, AAOI completed its first volume shipment of 800G single-mode transceivers to a major hyperscale customer, with 800G revenues reaching $4.6 million, or 5.6% of total data center revenues.

Management expects to ship nearly four times the quantity of 800G units in the second quarter as additional orders move into delivery. The company also announced a first volume order for 1.6T transceivers from another long-term hyperscale customer, with 800G deliveries expected in the second quarter and 1.6T deliveries expected as early as the third quarter, completing by year-end 2026.

AAOI's ability to scale manufacturing capacity rapidly remains a key catalyst. The company has made significant investments in expanding its U.S. manufacturing footprint, especially in Texas, and internationally in Taiwan and China.

The company expects to produce more than 650,000 units of 800G and 1.6T products per month by the end of 2026, and anticipates increasing this to more than 930,000 units per month by the end of 2027. This expansion is crucial, as demand for these high-speed modules is projected to outpace production capacity through mid-2027, underscoring the strength and persistence of the AI infrastructure trend.

AAOI's strong position in the 800G transceiver market is fueling both operational and financial momentum. The company forecasts that 800G revenues will reach approximately $217 million per month by mid-2027, contributing to a total data center transceiver revenue of about $471 million monthly.

AAOI Faces Stiff Competition

Applied Optoelectronics is facing stiff competition from Lumentum LITE and Coherent COHR in the optical networking market. Coherent and Lumentum's partnerships with NVIDIA pose a significant threat to AAOI.

During the third quarter of fiscal 2026, Coherent announced a strategic partnership with NVIDIA focused on advanced optical networking and CPO technologies for AI data centers. The agreement includes a $2 billion equity investment from NVIDIA and a multi-year supply agreement extending through the end of the decade.

In March 2026, Lumentum entered into a multiyear strategic agreement with NVIDIA to accelerate the development of advanced optical technologies for next-generation AI infrastructure. The partnership includes a multibillion-dollar purchase commitment and a $2 billion NVIDIA investment to expand Lumentum's U.S. manufacturing capacity and R&D capabilities.

Story Continues

AAOI's Share Price Performance, Valuation, and Estimates

Applied Optoelectronics shares have skyrocketed 250.6% in the year-to-date period, outperforming the Zacks Computer & Technology sector's rise of 15.3% and the Zacks Electronics - Semiconductors increase of 44.9%.

AAOI Stock's Performance

Zacks Investment Research

Image Source: Zacks Investment Research

Applied Optoelectronics shares are currently overvalued, as suggested by its Value Score of F. AAOI stock is trading at a premium with a trailing 12-month Price/Sales of 18.32X compared with the Electronics - Semiconductors industry's 16.35X.

AAOI's Valuation

Zacks Investment Research

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for 2026 earnings is pegged at 80 cents per share, which has been unchanged over the past 30 days. This suggests 407.69% year-over-year growth.

Applied Optoelectronics, Inc. Price and Consensus

Applied Optoelectronics, Inc. Price and Consensus Applied Optoelectronics, Inc. price-consensus-chart | Applied Optoelectronics, Inc. Quote

AAOI's Zacks Rank

Applied Optoelectronics currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .

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Applied Optoelectronics, Inc. (AAOI) : Free Stock Analysis Report

Coherent Corp. (COHR) : Free Stock Analysis Report

Lumentum Holdings Inc. (LITE) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

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APLD租约高度集中于两大客户

重要性4/5 中高

直接量化APLD合同集中度、估值和投产风险，事实密度较高，但发布时间距日报已有数日。

标签

标的：`APLD`来源：Zacks发布日期：2026-07-10重要性：4/5 中高评级理由：直接量化APLD合同集中度、估值和投产风险，事实密度较高，但发布时间距日报已有数日。评级依据：fact_density, evidence_strength, timeliness原文字数：627

中文摘要

核心结论

Applied Digital（应用数字，APLD）约360亿美元已签约租赁收入中，近86%来自两家客户。大额长期合同提供收入可见度，也把2027—2028年园区投产、租户资本开支和信用状况集中成单一风险链。

重要性评级

评级：4/5（中高）

文章直接量化APLD合同集中度，并补充估值、亏损预期及同业差异，对审视其增长质量有较高参考价值。

关键事实

一家超大规模云客户通过Delta Forge 1、Polaris Forge 3和Delta Forge 2贡献近200亿美元合同收入。
CoreWeave（云端人工智能基础设施公司，CRWV）通过Polaris Forge 1贡献约110亿美元。
第三家超大规模云客户在Polaris Forge 2对应约50亿美元。
前两大客户合计占已签约收入近86%，新增合同仍主要来自既有客户关系。
多个AI（人工智能）数据中心园区计划于2027—2028年投入运营。
APLD年初至文章发布时上涨31.7%；远期12个月市销率为13.14倍，高于Zacks金融板块的8.97倍。
Zacks预计APLD 2026财年每股亏损0.70美元，上年亏损0.80美元，并给予第5级“强力卖出”评级。

作者观点与证据

Zacks认为客户集中将持续限制增长的稳定性，依据是合同金额分布、投产时间和与Equinix、Digital Realty（数字地产信托，DLR）多元客户结构的比较。评级与估值判断属于Zacks自有模型口径，合同数据未进一步披露租户信用条款、退出条件或建设融资安排。

与相关标的的关系

APLD承受最直接的建设和客户信用风险；CRWV既是重要租户，也是集中度来源。DLR被用作客户结构更分散的同业参照，文章未提供其合同集中度的同口径数字。

时效性与限制

发布于美东时间 07/10 12:05（UTC+8 07/11 00:05）。文章距离07/14日报约四天，合同存量仍有参考意义，但缺少新增租赁、工程进度和租户信用变化的后续核验。

后续跟踪

2027—2028年各园区建设、通电和租金起算进度。
前两大客户的资本开支、融资能力及合同履约情况。
新增客户数量及非前两大客户合同占比。
建设支出、自由现金流和外部融资需求。

英文原文

APLD

APLD's Customer Concentration Remains High: Will it Limit Growth?

Zacks Equity Research

Sat, July 11, 2026 at 12:05 AM GMT+8 3 min read

APLD

-7.42%

-1.38%

DLR-PJ

-1.04%

DLR-PL

-0.74%

CRWV

-6.27%

Applied Digital APLD continues to expand its artificial intelligence data center platform aggressively, but its persistently high customer concentration remains an important investment risk. Although the company has built a sizable portfolio of long-term hyperscale leases, future revenue generation remains heavily dependent on a limited number of counterparties, tying growth closely to the investment priorities and financial health of a few large customers.

The exposure remains substantial. Applied Digital has approximately $36 billion in contracted lease revenues, with nearly $20 billion associated with one hyperscaler across Delta Forge 1, Polaris Forge 3 and Delta Forge 2. CoreWeave represents another $11 billion through Polaris Forge 1, while a third hyperscaler at Polaris Forge 2 accounts for the remaining $5 billion. Consequently, nearly 86% of the company's contracted revenues are derived from just two customers, highlighting the limited diversification of its revenue pipeline.

This dependence increases execution risk as multiple AI data center campuses are scheduled to become operational through 2027 and 2028. Any delay in capacity deployments, moderation in AI infrastructure investments or deterioration in the credit profile of these key tenants could materially affect future revenue generation. While Applied Digital continues to expand its development pipeline, much of the incremental contracted capacity remains tied to existing hyperscale relationships instead of materially broadening its customer mix.

With the bulk of contracted revenues still resting on just two hyperscalers and little evidence of a broader tenant base taking shape, APLD's customer concentration is likely to remain a defining constraint on the sustainability of its growth trajectory.

APLD Faces Stiff Competition

Applied Digital faces intense competition from Equinix EQIX and Digital Realty Trust DLR, both of which operate with significantly more diversified customer portfolios.

Equinix generates revenues from a broad base of enterprise, cloud and network customers across global markets, while Digital Realty Trust serves a balanced mix of hyperscalers, enterprises and colocation customers. In comparison, Applied Digital remains heavily reliant on a limited number of hyperscale tenants for the bulk of its contracted lease revenues.

Unlike Equinix and Digital Realty Trust, Applied Digital's elevated customer concentration increases its exposure to customer-specific investment decisions and execution risks, potentially making its long-term revenue stream more volatile.

Story Continues

APLD's Share Price Performance, Valuation & Estimates

Applied Digital shares have returned 31.7% year to date, while the broader Zacks Finance sector has appreciated 4.6% and the Zacks Financial-Miscellaneous Services industry has plunged 12.5%.

APLD Stock's Performance

Zacks Investment Research

Image Source: Zacks Investment Research

Applied Digital stock is trading at a forward 12-month price/sales of 13.14X compared with the broader sector's 8.97X. APLD has a Value Score of F.

APLD's Valuation

Zacks Investment Research

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for fiscal 2026 loss is pegged at 70 cents per share. Applied Digital reported a loss of 80 cents per share in the previous year.

Applied Digital Corporation Price and Consensus

Applied Digital Corporation Price and Consensus Applied Digital Corporation price-consensus-chart | Applied Digital Corporation Quote

APLD currently carries a Zacks Rank #5 (Strong Sell).

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Applied Digital Corporation (APLD) : Free Stock Analysis Report

Equinix, Inc. (EQIX) : Free Stock Analysis Report

Digital Realty Trust, Inc. (DLR) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

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美光扩产重塑存储供应链

重要性3/5 中

供应链计划与GFS存在关联，但直接性有限，且多项异常数字与市场判断缺少可核验来源。

标签

标的：`GFS`来源：MarketBeat发布日期：2026-07-10重要性：3/5 中评级理由：供应链计划与GFS存在关联，但直接性有限，且多项异常数字与市场判断缺少可核验来源。评级依据：fact_density原文字数：1118

中文摘要

核心结论

文章认为Micron（美光科技）通过2500亿美元美国制造计划、国内晶圆供应协议和HBM4（第四代高带宽内存）良率提升，正在强化人工智能存储竞争力。文中若干财务、期权和竞争数据异常激进，部分说法缺少原始文件支撑，需谨慎核验。

重要性评级

评级：3/5（中）

文章包含美光、SK海力士及GFS的供应链联系，数据丰富；MarketBeat的叙事和部分数字可信度存疑，对GFS主要是间接映射。

关键事实

文章发布于美东时间 07/10 11:10（UTC+8 07/10 23:10）。
文中称美光加快2500亿美元美国晶圆制造计划，纽约州Clay工厂施工比计划提前一个季度。
美光计划投入30亿美元用于美国本土采购，其中5亿美元为GlobalWafers（环球晶圆）得州300毫米晶圆厂提供战略融资。
双方拟签订十年硅晶圆供应协议，为美光纽约州和爱达荷州工厂提供原料。
文章称SK海力士占全球高带宽内存市场57%，并提及其280亿美元纳斯达克上市安排。
文中称美光HBM4缺陷率下降和良率爬坡快于预期。
文章声称美光收入同比增长345.8%、每股收益25.11美元、净利率55.91%、债务权益比0.05。
文中提到2026年8月到期、行权价1100美元和1150美元的价外看涨期权扫单，但未给出成交量、权利金或数据源。

作者观点与证据

作者看好美光本土供应链、HBM4执行和盈利扩张，并把SK海力士描述为面临地缘供应链弱点。资本计划和供应协议具备事实基础，期权“聪明钱”、技术领先及市场份额重估属于作者推断；异常高的增长率、每股收益和行权价需要通过公司申报与期权链复核。

与相关标的的关系

GFS自2021年起与环球晶圆保持多年合作，因此可能受益于美国晶圆产能建设；文章也指出这种影响属于供应链外溢，GFS并非美光协议的直接签约方。GFS智能移动设备收入占比34%，文中称其收入仅增长3.1%，与美光人工智能存储敞口差异较大。

时效性与限制

文章发表于07/10，资本开支和供应协议具有中长期属性。文中包含推广链接，并使用未充分披露来源的期权活动、利润和上市数据，不能直接视为已核实公司事实。

后续跟踪

美光2500亿美元计划的分期投资与施工节点
HBM4良率、客户认证和市场份额
环球晶圆得州工厂的审批、建设与供货进度
文中财务和期权数据的原始来源核验

英文原文

Micron

Micron's $250 Billion Bet Could Reshape the AI Memory Race

Jeffrey Neal Johnson, MarketBeat

Fri, July 10, 2026 at 11:10 PM GMT+8 6 min read

MU -4.32%

000660.KS +0.43%

GFS -7.29%

options

financials

Key Points

Interested in Micron Technology, Inc.? Here are five stocks we like better.

Micron Technology accelerated its $250 billion domestic fabrication buildout, including a 10-year silicon supply deal with GlobalWafers to secure U.S.-based chip manufacturing.

Micron is reportedly ramping HBM4 yields faster than expected, challenging SK Hynix's 57% market share ahead of its rival's $28 billion Nasdaq listing.

Micron posted 345.8% year-over-year revenue growth and strong margins, while options traders reportedly targeted call strikes of $1,100 and $1,150 for August 2026.

Micron Technology (NASDAQ: MU) just accelerated a $250 billion domestic fabrication commitment, pouring concrete a full quarter ahead of schedule at its new Clay, New York mega-fab.

This capital deployment moves beyond standard capacity expansion. It represents the creation of a closed-loop U.S. manufacturing ecosystem that actively derisks the memory supercycle and insulates domestic production from volatility in the Taiwan Strait.

→ MarketBeat Week in Review – 07/06 - 07/10

When capital expenditures reach a quarter-trillion dollars, the market takes notice. Understanding how this localized supply chain dominance impacts Micron's forward valuation and competitive positioning is critical for investors navigating the semiconductor sector.

Securing the Raw Silicon Foundation in Texas

Building a semiconductor fabrication plant requires years of planning, billions in capital, and a highly synchronized supply chain. Micron is tackling supply chain vulnerabilities head-on by allocating $3 billion to domestic sourcing initiatives.

→ Pushing the Edge: Super Micro Computer Reboots the AI Landscape

The most pivotal piece of this allocation is a $500 million strategic financing agreement with GlobalWafers to secure raw silicon capacity at a new Texas facility. Raw silicon wafers are the foundational canvas of chipmaking. By locking in a 10-year domestic supply agreement, Micron ensures its New York and Idaho fabs will have the critical materials needed to operate without relying on trans-Pacific shipping routes. This localized infrastructure solidifies long-term dominance in the supply chain.

As enterprise companies and governments continue to demand secure AI infrastructure, a fully U.S.-based memory pipeline increasingly commands a definitive geopolitical safety premium.

→ Why WD-40 Is Proving Great Businesses Never Go Out of Style

Out-Executing SK Hynix on the HBM4 Battlefield

To understand current valuation dynamics, investors need to examine the architecture of a modern AI data center. Graphics processing units starve without High-Bandwidth Memory (HBM) feeding them information at lightning speed.

Story Continues

South Korean competitor SK Hynix currently dominates the HBM space with a 57% global market share. On July 10, SK Hynix expects to launch a formidable $28 billion Nasdaq listing to fund its own capacity expansion. While the capital raise is substantial, SK Hynix operates with a structural vulnerability. The company relies heavily on packaging and testing facilities located in regions exposed to friction in the South China Sea. If geopolitical tensions rise, their supply chain grinds to a halt.

Micron is moving aggressively to capture market share from SK Hynix and other competitors by out-executing its rivals on the manufacturing floor. Recent management commentary indicates Micron is achieving faster-than-expected defect reduction and yield ramps in its upcoming HBM4 architecture.

In semiconductor manufacturing, yield dictates everything. Yield measures the percentage of usable, defect-free chips that come off a silicon wafer. Higher yields equal fatter net margins and faster time-to-market. Micron's ability to scale domestic HBM4 yields directly threatens SK Hynix's market share, offering cloud service providers a more reliable, technologically superior product free from international shipping chokepoints.

Separating the Halo Effect From Pure-Play Alpha

When capital flows into a localized sector, neighboring businesses often catch a draft. Critically, GlobalWafers does not supply Micron alone—the same raw silicon feeds much of the domestic foundry base, including GlobalFoundries (NASDAQ: GFS), which has maintained a multi-year strategic partnership with GlobalWafers since 2021.

That shared pipeline is why GlobalFoundries experienced an immediate intraday price expansion as markets reacted to Micron's capital deployment. As Micron's capital derisks the broader domestic silicon ecosystem, foundries drawing from that same raw material pipeline stand to benefit from increased stability.

However, investors evaluating the sector should separate a sympathetic halo effect from pure-play AI infrastructure growth. A closer look at the fundamentals reveals a stark contrast in revenue quality between the two companies. GlobalFoundries operates as a pure-play contract manufacturer but relies heavily on legacy consumer electronics.

Smart mobile devices currently account for 34% of GlobalFoundries' revenue mix. While Micron posted a 345.8% year-over-year revenue growth driven by sold-out AI memory capacity, GlobalFoundries managed a modest 3.1% increase.

Forward projections point to EBITDA margin compression for GlobalFoundries, burdened by cyclical drag from the handset market. Trading at a steep forward price-to-earnings (P/E) ratio of 50.3 compared to a trailing P/E of 50.0, GlobalFoundries lacks the unhedged data center exposure that drives structural valuation breakouts.

Smart Money Front-Runs the Forward Multiple

Institutional money always leaves footprints, and the derivatives market suggests a significant bullish sentiment shift for Micron. Recent options data reveals aggressive out-of-the-money call sweeps targeting the $1,100 and $1,150 strikes expiring in August 2026. This highly targeted derivatives positioning suggests smart money is front-running a valuation re-rating ahead of the SK Hynix liquidity event.

The fundamentals support this institutional accumulation. Micron's trailing P/E ratio currently sits at 22, but its forward P/E compresses dramatically to 14. Those forward multiples signal anticipated earnings growth, heavily supported by recent quarterly performance. Micron just reported earnings per share of $25.11, beating consensus estimates by $3.72. Operating with net margins of 55.91% and a virtually nonexistent debt-to-equity ratio of 0.05, Micron's balance sheet is uniquely positioned to absorb the $250 billion expansion without destructive shareholder dilution.

Building Your Portfolio Around the Reshoring Trade

Semiconductors are no longer just technology products; they are critical sovereign assets. By aggressively reshoring its manufacturing footprint, Micron has recognized the vulnerability of its globalized memory supply chain and deployed a quarter-trillion-dollar solution.

As SK Hynix attempts to absorb $28 billion in capital to defend its incumbent status, the market is actively recalculating risk. Micron's accelerating HBM4 yields and domestic moat render offshore memory operators structurally vulnerable.

Investors looking to capitalize on this U.S. infrastructure buildout might consider adding Micron to their watchlists. As the AI memory supercycle continues to tighten global capacity and supply, companies that command physical supply chain security are uniquely positioned to dictate market pricing and capture dominant market share.

The article " Micron's $250 Billion Bet Could Reshape the AI Memory Race " was originally published by MarketBeat.

View MarketBeat's top stocks for July 2026 .

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亚马逊涨价映射新云定价

重要性3/5 中

对NBIS竞争定价有直接参考，但证据以分析师推断为主，缺少公司经营数据。

标签

标的：`NBIS`来源：Insider Monkey发布日期：2026-07-10重要性：3/5 中评级理由：对NBIS竞争定价有直接参考，但证据以分析师推断为主，缺少公司经营数据。评级依据：analyst_view, pricing_signal原文字数：381

中文摘要

核心结论

法国巴黎银行分析师认为，亚马逊GPU预留服务涨价20%显示短期算力定价环境仍有支撑，Nebius面向开源模型的技术栈可能吸引寻求较低成本方案的企业；该判断尚未获得NBIS订单或利润率数据验证。

重要性评级

评级：3/5（中）

文章直接讨论NBIS定价能力和竞争位置，但主要依据单名分析师观点，事实增量有限。

关键事实

2026年7月2日，法国巴黎银行分析师Stefan Slowinski给予NBIS“中性”评级。
文章称NBIS当年累计涨幅已超过345%，分析师认为股价已有较充分表现。
亚马逊近期将GPU预留服务价格上调20%。
分析师引用SpaceX与谷歌、Anthropic的人工智能基础设施协议，作为算力需求仍强的旁证。
Nebius提供大规模GPU集群、云服务和开发工具，并支持企业部署微调后的开源模型。

作者观点与证据

文章转述分析师判断：亚马逊涨价可能促使企业寻找成本更低的新云方案，Nebius的开源模型支持能力因此具有相对优势。该证据链由竞争对手涨价和若干行业协议组成，缺少Nebius自身提价、签约、利用率或毛利率变化。

与相关标的的关系

NBIS是直接受评标的；AMZN的价格调整提供行业定价参照。GOOG、Anthropic和SpaceX仅用于证明算力需求，原文没有说明这些协议会向Nebius导流。

时效性与限制

文章发布于美东时间 07/10 09:54（UTC+8 07/10 21:54），讨论的是2026年7月2日分析师报告。来源带有选股推广内容，且未引用亚马逊涨价的完整产品范围与条款。

后续跟踪

亚马逊涨价涉及的GPU型号、期限和客户范围
Nebius新签企业客户与开源模型工作负载
NBIS实际定价、利用率和毛利率
云厂商同类服务的价格变化

英文原文

Here’s Why Analysts Think Nebius (NBIS) Could Benefit From Amazon’s GPU Price Increase

Jabran Kundi

Fri, July 10, 2026 at 9:54 PM GMT+8 2 min read

NBIS -4.16%

Nebius Group NV (NASDAQ: NBIS ) is one of the 10 Best AI Stocks to Watch in July . On July 2, Nebius Group NV (NASDAQ:NBIS) received some analyst attention on Wall Street as a result of Meta's entry into the cloud computing business. Stefan Slowinski of BNP Paribas has a Neutral rating on the stock, partly because Nebius' stock has already risen over 345% this year so far.

Nebius Group NV (NASDAQ:NBIS) is one of the 10 Best AI Stocks to Watch in July While he thinks the stock has run its course, the company's business is expected to stay strong. He believes the company's pricing power will remain intact and cited SpaceX's recent deals with Google and Anthropic as evidence that the demand for compute continues to stay strong. In his note to investors, Slowinski said:

"Near term, we continue to find the pricing environment supportive, evidenced in part by SpaceX's recent AI infrastructure deals with Anthropic and Google."

On the subject of strong demand, the analyst also pointed out that Amazon's recent 20% price increase for GPU reservation service would benefit NeoClouds like Nebius. Enterprises continue to look for cheaper alternatives, and Nebius provides exactly that through its open-source models. This factor, he believes, could be the catalyst for NBIS' next rally, if that materializes:

"In this regard, Nebius screens relatively well as its AI cloud stack appears better positioned to support fine-tuned open-source models for enterprise customers seeking cheaper alternatives to frontier models."

Nebius Group NV (NASDAQ:NBIS) is a technology company that provides infrastructure and services to AI builders worldwide. It offers Nebius AI, an AI-centric cloud platform that provides full-stack infrastructure, including large-scale GPU clusters, cloud services, and developer tools.

While we acknowledge the potential of NBIS as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock .

Disclosure: None. Follow Insider Monkey on Google News .

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美伊紧张下盘前市场分化

重要性1/5 低优先级

与SOXX和跨资产盘前环境有关，但正文严重残缺，无法验证标题所暗示的事件影响。

标签

标的：`SOXX`来源：MT Newswires发布日期：2026-07-10重要性：1/5 低优先级评级理由：与SOXX和跨资产盘前环境有关，但正文严重残缺，无法验证标题所暗示的事件影响。评级依据：发布时间距日报约四天, 正文被付费墙截断, 仅有一项不完整盘前报价, SOXX缺少直接事实原文字数：97

中文摘要

核心结论

文章试图说明，美伊紧张局势再起、二季度财报季临近之际，美国股指期货与ETF（交易所交易基金）盘前走势分化。现存正文被付费墙截断，无法核实完整市场数据和事件分析。

重要性评级

评级：1/5（低优先级）

主题涉及SOXX及跨资产盘前环境，但可用正文仅保留标题和一项不完整报价，证据不足。

关键事实

发布于美东时间 07/10 09:07（UTC+8 07/10 21:07）。
标题将盘前分化与美伊紧张局势、二季度财报季并列。
可见片段称SPY（标普500指数ETF）上涨0.03%。
页面行情标签列出BTC-USD、QQQ、FAS、FAZ和SPY，但这些涨跌幅可能对应页面抓取时点，未必属于正文口径。
SOXX（半导体ETF）被列为输入关联标的，正文可见部分没有提供其走势或成分股信息。

作者观点与证据

标题采用事件驱动的盘前综述框架，但正文在首段中途终止，无法判断作者是否提供了美伊局势影响市场的因果证据。

与相关标的的关系

对SOXX、SPY、QQQ及能源、黄金等资产只有主题层面的间接关联，缺少可验证的板块数据。

时效性与限制

文章距日报约四天，且原文受订阅限制；不能据此还原当时完整盘前格局。

后续跟踪

完整原文中的股指期货和行业ETF报价
美伊局势是否出现可验证的新进展
二季度财报预期对半导体板块的影响

英文原文

Exchange-Traded Funds, Equity Futures Mixed Pre-Bell Friday Amid Renewed US-Iran Tensions Ahead of Q2 Earnings Season

PREMIUM

Exchange-Traded Funds, Equity Futures Mixed Pre-Bell Friday Amid Renewed US-Iran Tensions Ahead of Q2 Earnings Season

MT Newswires

Fri, July 10, 2026 at 9:07 PM GMT+8 4 min read

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The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.03%, and the actively tr

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打开原文

台积电财报前的高预期定价

重要性3/5 中

财报窗口临近且半导体关联度高，但GFS只属对照标的，文章观点和营销色彩较浓。

标签

标的：`GFS`来源：24/7 Wall St.发布日期：2026-07-10重要性：3/5 中评级理由：财报窗口临近且半导体关联度高，但GFS只属对照标的，文章观点和营销色彩较浓。评级依据：event_timeliness, company_guidance原文字数：687

中文摘要

核心结论

文章在台积电07/16（未给出具体时刻）财报前持强烈乐观立场，依据月度收入、公司指引、先进制程份额和分析师评级判断增长仍可延续。94.5%的预测市场胜率和目标价上行空间反映高预期，也提高财报稍有偏差时的解读风险。

重要性评级

评级：3/5（中）

临近台积电财报，事件时效性高，并涉及GFS的制程定位；文章标题和结尾直接鼓励行动，且部分比较过度简化。

关键事实

文章发布于美东时间 07/10 08:30（UTC+8 07/10 20:30）。
台积电计划于07/16（未给出具体时刻）发布业绩。
2026年5月合并收入4169.8亿新台币，同比增长30.1%；1至5月累计收入1.96万亿新台币，同比增长30.0%。
管理层指引第二季度收入390亿至402亿美元，毛利率65.5%至67.5%。
Polymarket（预测市场）给出台积电超过一致预期94.5%的概率，第二季度收入高于390亿美元的概率为84%。
文章称台积电市盈率37倍、远期每股收益14.49美元，2026年美元收入增速指引高于30%。
17名分析师给予买入评级、2名给予持有、无人给予卖出；文中基准目标价514.04美元，较当时价格高15.81%。
台积电于2025年第四季度进入2纳米量产；2026年第一季度7纳米及以下制程贡献74%的晶圆收入，高性能计算占收入61%。

作者观点与证据

作者认为台积电的收入增长、毛利率、自由现金流和先进制程能力足以支撑当前估值。月度收入和公司指引属于较强证据，预测市场概率、目标价和“财报前确定性”属于市场判断。正文带有多次营销插入和直接行动措辞，阅读时应与事实层分开。

与相关标的的关系

TSM是直接研究对象。GFS被描述为专注12纳米以上特色工艺，未直接参与人工智能加速器领先制程竞争；这种对比说明两家公司市场定位差异，但“无法竞争”的表述忽略GFS在射频、电源和特色工艺领域的独立需求。

时效性与限制

文章发布后距离07/16（未给出具体时刻）财报仅数日，财报公布后预测内容会迅速失效。部分季度口径、资本开支期间和竞争描述需要公司正式材料复核。

后续跟踪

第二季度收入和毛利率相对指引的位置
2纳米良率、产能与客户放量
2026年520亿至560亿美元资本开支执行
GFS特色工艺与台积电先进制程需求的分化

英文原文

Taiwan Semiconductor Is a No-Brainer Buy Before July 16 Earnings. Here’s Why

Joel South

Fri, July 10, 2026 at 8:30 PM GMT+8 3 min read

2330.TW

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Quick Read

Prediction markets give TSM a 94.5% chance of beating Q2 consensus, with 17 Wall Street buy ratings, zero sells, and a base-case price target implying 16% upside.

TSM already runs 2nm high-volume production while Intel Foundry posts operating losses and GlobalFoundries cannot compete above 12nm for AI accelerators.

TSM's Q4 free cash flow surged 43% year-over-year, funding a $54 billion 2026 capex plan while Q1 gross margins expanded 390 basis points sequentially.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Taiwan Semiconductor Manufacturing didn't make the cut. Grab the names FREE today .

Taiwan Semiconductor Manufacturing ( NYSE:TSM ) presents one of the cleanest large-cap setups heading into next Thursday's earnings report, and the setup gives retirement-focused investors a rare combination of visible earnings momentum, guided margin expansion and a valuation the growth rate already outruns.

24/7 Wall St

The Setup Into July 16

Monthly filings have already de-risked the earnings report. May 2026 consolidated revenue hit NT$416.98 billion, up 30.1% year-over-year, with Jan-May cumulative revenue of NT$1.96 trillion, up 30.0%. Management guided Q2 2026 revenue to $39.0 to $40.2 billion (32% YoY at midpoint) with gross margin at 65.5% to 67.5%. Polymarket traders assign a 94.5% probability that TSM beats consensus, and an 84% probability of Q2 revenue above $39 billion.

Valuation the Growth Rate Outruns

TSM trades at a 37x P/E against a forward EPS of $14.49, while the business runs 30%+ revenue growth and a Q1 gross margin of 66.2%. CEO C.C. Wei has guided full-year 2026 growth "above 30%" in USD, and the AI accelerator CAGR through 2029 is tracking in the higher 50s. The 247 base case sits at $514.04, or 15.81% upside, with the bull case at $536.23. Wall Street backs it up: 17 buy ratings against 2 holds and zero sells.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Taiwan Semiconductor Manufacturing didn't make the cut. Grab the names FREE today .

The Cash Machine Funds Itself

TSM Analyst Ratings — 24/7 Wall St. Q4 2025 free cash flow of NT$368.6 billion, +42.73% YoY, comfortably funds the aggressive $52 to $56 billion 2026 capex plan while margins keep expanding. Q4 gross margin of 62.3% blew past the 59% to 61% guide, and Q1 delivered a 390 bps sequential jump. TSM lifted the quarterly dividend to NT$6.00 for Q3 2025, with management reiterating a "sustainable and steadily increasing cash dividend per share" policy. For retirement investors reviewing income durability, our dividend ladder research pairs naturally with TSM's cash generation profile.

Story Continues

Head to Head: TSM Owns the Leading Edge

TSM Price Scenario — 24/7 Wall St. The obvious foundry alternative is Intel ( NASDAQ:INTC ) . TSM entered 2-nanometer high-volume manufacturing in Q4 2025 with good yield, running 74% of Q1 2026 wafer revenue on 7nm and below (36% from N5, 25% from N3). Intel Foundry lacks an external leading-edge customer base at anything close to that scale, and the segment continues to post operating losses.

GlobalFoundries ( NASDAQ:GFS ) tops out above 12nm, ceding the entire AI accelerator opportunity by design. HPC drove 61% of Q1 2026 revenue, up 20% sequentially. Wei's own words on the moat: "It takes 2 to 3 years to build a new fab. And it takes another 1 to 2 years to ramp it up."

TSM has already gained nearly 37% year to date, and the setup into Thursday says the run continues. The setup argues for accumulation ahead of the July 16 open.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Taiwan Semiconductor Manufacturing didn't make the cut. Grab the names FREE today .

Contact editorial@247wallst.com for any questions or corrections.

打开原文

SK海力士赴美上市重估存储龙头

重要性5/5 高

上市定价、265亿美元募资、盈利与美国收入占比均为高密度事实，并直接影响存储芯片及AI供应链相关标的的日报阅读。

标签

标的：`000660.KS`来源：Associated Press发布日期：2026-07-10重要性：5/5 高评级理由：上市定价、265亿美元募资、盈利与美国收入占比均为高密度事实，并直接影响存储芯片及AI供应链相关标的的日报阅读。评级依据：发布时间距日报较近, 直接关联多个半导体标的, 上市与财务数字完整, 美联社来源质量较高, 缺少HBM订单和估值细节原文字数：4789

中文摘要

核心结论

SK海力士在美国上市首日上涨12.8%，17790万份ADR（美国存托凭证）募资265亿美元，成为外国公司在美规模最大的首次股票发行。文章将这次上市与AI（人工智能）基础设施扩张、HBM（高带宽存储器）供不应求及公司盈利跃升联系起来。

重要性评级

评级：5/5（高）

报道同时提供上市定价、募资规模、收入结构和行业供需数据，直接关联SK海力士、三星电子、美光、英伟达及美国存储芯片估值。发布时间为美东时间 07/10 07:37（UTC+8 07/10 19:37），距本批次采集约四天，仍具较强行业参考价值。

关键事实

SK海力士的ADR于07/09（未给出具体时刻）定价149美元，07/10（未给出具体时刻）以170美元开盘、168.01美元收盘，首日涨幅12.8%。
公司发行17790万份ADR，募资265亿美元；美联社称其为外国公司在美国规模最大的首次股票发行。
韩国KOSPI（韩国综合股价指数）2026年年内上涨77%，SK海力士首尔上市股票年内已涨逾两倍；美国上市当日，首尔股票下跌0.3%。
Renaissance Capital（美国首次公开发行研究机构）统计，2026年第二季度共有48宗IPO（首次公开发行），合计募资1048亿美元，创五年来季度募资新高；其中SpaceX（美国航天企业）募资750亿美元。
SK海力士在全球HBM市场占据领先位置，并与英伟达合作供应先进存储芯片。
美国市场贡献SK海力士2025年收入的68.8%；公司计划在印第安纳州建设首座美国生产设施。
公司2025年收入略低于650亿美元，利润同比翻倍至约280亿美元。
SK海力士、三星电子与韩国政府宣布合计投资800万亿韩元，约5180亿美元，在韩国西南部建设芯片制造中心。

作者观点与证据

报道认为，AI基础设施扩张推高存储芯片需求和价格，并改善芯片制造商盈利，SK海力士赴美上市由此获得强劲需求支撑。证据包括首日成交价格、募资规模、2025年收入与利润、美国收入占比，以及苹果因存储芯片涨价而上调部分Mac和iPad价格的案例。关于AI热潮延续和未来利润增长的描述主要是行业叙事，文章未提供HBM份额、订单规模、产能利用率或远期合同价格。

与相关标的的关系

000660.KS对应SK海力士韩国上市股票，SKHY对应其美国市场证券，上市扩大了美国投资者的直接参与渠道。005930.KS三星电子与MU美光同属存储芯片竞争体系，行业价格与供给变化会影响其收入和利润；NVDA英伟达是SK海力士先进存储合作方，HBM供应关系直接连接AI加速器产能。

时效性与限制

文章发布于美东时间 07/10 07:37（UTC+8 07/10 19:37），采集于美东时间 07/13 22:15（UTC+8 07/14 10:15）。原文包含大量网页导航噪声，正文未披露发行后总股本、稀释比例、承销结构、HBM市场份额及最新订单数据。

后续跟踪

美国ADR与韩国本地股票之间的价格、汇率和存托比例差异。
HBM合同价格、产能扩张节奏及英伟达采购规模。
印第安纳州工厂的投资额、建设进度和量产时间。
三星电子与美光的HBM认证、产能及利润率变化。

英文原文

SK Hynix rises nearly 13% in debut on Wall Street as demand for memory chips soars amid AI frenzy

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SK Hynix rises nearly 13% in debut on Wall Street as demand for memory chips soars amid AI frenzy

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A logo of SK Hynix is seen at Korea Electronics Show in Seoul, South Korea, on Oct. 8, 2019. The big South Korean chipmaker will begin trading on the Nasdaq Friday, July 10, 2026. (AP Photo/Lee Jin-man, File)

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Currency traders pass by a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Monday, July 6, 2026. (AP Photo/Ahn Young-joon)

SK Hynix rises nearly 13% in debut on Wall Street as demand for memory chips soars amid AI frenzy

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DAMIAN J. TROISE

Updated [hour]:[minute] [AMPM] [timezone], [monthFull] [day], [year]

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NEW YORK (AP) — Shares of South Korean memory chipmaker SK Hynix rose 12.8% as they made their debut on Wall Street, at a time when demand for chips is surging thanks to the frenzy around artificial intelligence .

The company is already one of the largest in South Korea, along with Samsung Electronics, and is a member of the Kospi index. Even with a recent pullback, the country’s Kospi index is up 77% so far this year and SK Hynix shares have more than tripled.

SK Hynix priced its American depositary receipts, or ADRs, at $149 each Thursday. They opened Friday at $170 and closed at $168.01. The offering of 177.9 million ADRs raised proceeds of $26.5 billion, making it the biggest-ever initial share sale in the U.S. by a foreign company. An ADR is issued by a bank or broker and is a simplified way for U.S. investors to own foreign stocks through the U.S. markets.

SK Hynix is going public in the U.S. amid a surge in IPO proceeds. There were 48 IPOs raising a total of $104.8 billion during the second quarter, according to Renaissance Capital. It is the biggest quarter for deal proceeds in five years, in large part because of SpaceX raising $75 billion. Many of the companies going public are capitalizing on the demand for all things AI.

SK Hynix has a dominant position globally for high bandwidth memory, which is essential for the development of advanced AI technology. The company recently entered a partnership with Wall Street’s most valuable company, Nvidia, for advanced memory chips as AI infrastructure expands globally.

纳指旧领涨股集体退潮

重要性4/5 中高

提供NBIS回撤的指数轮动背景和可比较数据，时效较好，但样本与观察窗口有限。

标签

标的：`NBIS`来源：Yahoo Finance发布日期：2026-07-10重要性：4/5 中高评级理由：提供NBIS回撤的指数轮动背景和可比较数据，时效较好，但样本与观察窗口有限。评级依据：timeliness, market_breadth原文字数：450

中文摘要

核心结论

纳斯达克100指数自6月初大致横盘，春季领涨的人工智能硬件、存储和半导体股票却明显回撤，资金同时流向此前落后的成分股和大型科技公司，显示指数内部正在轮动。

重要性评级

评级：4/5（中高）

文章提供NBIS所在领涨组合的相对表现和指数内部广度数据，对判断单股回撤是否属于板块轮动有直接帮助。

关键事实

3月30日至6月25日，当前纳斯达克100成分股中表现最强的10只股票中位涨幅超过200%。
6月25日之后，同一组合下跌约12%。
组合包括SanDisk、Astera Labs、美光、英特尔、迈威尔科技、希捷、Nebius、AMD、西部数据和Arm。
Astera Labs与Nebius在6月调整中加入指数，调整于6月22日生效。
6月25日以来，纳斯达克100成分股中位数上涨约2%，春季表现最弱的10只股票上涨约8%。
“七巨头”同期反弹；苹果接近2026年6月2日以来首次创收盘新高。
费城半导体指数守住文章所称关键支撑，并较当周周二低点反弹近10%。

作者观点与证据

作者将市场表现解释为领涨结构切换：旧领涨股降温，但指数和多数成分股仍有支撑。该判断来自AlphaSpace数据和Yahoo Finance（雅虎财经）的分组统计；“关键支撑”属于技术观察，文章没有提供估值、盈利预期或资金流数据。

与相关标的的关系

NBIS被列入春季最强、随后回撤的10只成分股，AMD、Arm、希捷和西部数据处于同一轮动组合。文章支持板块层面的背景解释，但不能单独判断NBIS基本面变化。

时效性与限制

文章发布于美东时间 07/10 06:00（UTC+8 07/10 18:00）。统计窗口较短，最强与最弱各10只股票的分组容易受极端涨幅和指数调仓影响。

后续跟踪

旧领涨组合相对纳斯达克100的后续表现
纳斯达克100上涨家数和等权指数
费城半导体指数能否维持近期低点
NBIS纳入指数后的被动资金与成交量

英文原文

Nasdaq

Nasdaq's hottest winners just fell behind: Chart of the Day

Jared Blikre

Updated Fri, July 10, 2026 at 9:06 PM GMT+8 2 min read

ALAB

-12.33%

^NDX

-1.88%

NBIS

-4.16%

-4.21%

SNDK

-12.63%

The Nasdaq-100 ( ^NDX ) is holding up. Its old leaders are struggling.

The 10 best-performing current Nasdaq-100 members from March 30 to June 25 surged more than 200% on a median basis, according to a Yahoo Finance analysis of AlphaSpace data. Since then, that same group is down about 12%.

The group includes Sandisk ( SNDK ), Astera Labs ( ALAB ), Micron ( MU ), Intel ( INTC ), Marvell ( MRVL ), Seagate ( STX ), Nebius ( NBIS ), AMD ( AMD ), Western Digital ( WDC ), and Arm ( ARM ). Astera and Nebius were both added to the index in the June rebalance, which took effect June 22.

Yahoo Finance analysis of AlphaSpace data That is a sharp leaderboard flip inside an index that has mostly moved sideways since early June.

The spring winners were easy to spot: AI hardware, memory, storage, and anything tied to the next bottleneck.

Now that group has lost the lead.

That does not mean investors are dumping growth. The median Nasdaq-100 stock is still up about 2% since June 25, while the 10 weakest spring performers are up about 8%.

The "Magnificent Seven" have bounced back over that same stretch, helping offset the damage to the former AI hardware leaders.

Apple ( AAPL ) has been one of the clearest examples, catching a summer bid after lagging earlier in the rebound and coming within striking distance of its first record close since June 2. Nvidia ( NVDA ) has also held up better than the broader chip wreck, even as memory stocks have entered a bear market .

The shift fits with the broader rotation that has defined the market this week. The chip sell-off has been real, but the Nasdaq has not treated it like a full growth unwind. In fact, the PHLX Semiconductor Index ( ^SOX ) held its critical support line this week and is up nearly 10% from Tuesday's low.

That is the healthier version of a pause: Former leaders cool, the index holds, and buyers show up elsewhere.

If the new supports start losing ground too, the leaderboard flip becomes something bigger.

Jared Blikre is the global markets and data editor for Yahoo Finance. Follow him on X at @SPYJared or email him at jaredblikre@yahooinc.com .

Click here for in-depth analysis of the latest stock market news and events moving stock prices

Read the latest financial and business news from Yahoo Finance

打开原文

定制芯片热度退潮拖累设备股

重要性3/5 中

含Meta算力计划和设备市场预测，但盘前行情已过时，APLD的业务分类也不准确。

标签

标的：`APLD`来源：Stocktwits发布日期：2026-07-10重要性：3/5 中评级理由：含Meta算力计划和设备市场预测，但盘前行情已过时，APLD的业务分类也不准确。评级依据：timeliness, source_quality, evidence_caveat原文字数：521

中文摘要

核心结论

Meta Platforms（元宇宙平台公司，META）加速自研芯片的消息先推升设备股，随后盘前动能消退。报道把短线回撤与长期晶圆厂设备扩张预期并列，APLD与设备制造商的业务映射则较弱。

重要性评级

评级：3/5（中）

文章提供盘前价格、Meta产能计划和花旗行业规模预测，但主要反映短线情绪，且把数据中心运营商APLD列入芯片设备股，分类存在偏差。

关键事实

Lam Research（泛林集团，LRCX）和KLA（科磊，KLAC）盘前各跌2.4%，APLD跌近1%。
前一交易日三者分别上涨约6%、3.8%和2.7%。
路透称Meta计划自9月开始制造代号Iris的新型AI芯片，并计划次年把总算力提高至14吉瓦。
Iris属于四代MTIA（Meta训练与推理加速器）项目，由Meta设计、Broadcom（博通）合作、台积电代工。
花旗估计晶圆厂设备市场将由约1450亿美元增至2027年的2000亿美元、2028年的2500亿美元。
Stocktwits（投资者社交平台）显示LRCX和KLAC散户情绪为看空，APLD为中性。

作者观点与证据

作者将回撤解释为前一日定制芯片消息驱动的涨势耗尽，证据主要是连续两日价格变化和路透报道。花旗预测支持设备需求的中期扩张叙事，但没有证明单日下跌由同一因素导致。

与相关标的的关系

LRCX和KLAC直接供应晶圆制造设备，受新增产能和资本开支影响。META的自研芯片计划可能扩大代工及设备需求。APLD经营AI数据中心，文章未说明其如何直接受益于晶圆厂设备支出，因此关联度低于LRCX和KLAC。

时效性与限制

发布于美东时间 07/10 05:25（UTC+8 07/10 17:25）。盘前价格和社交平台情绪有效期很短；市场规模预测是分析师估计，缺少方法与地区拆分。

后续跟踪

Meta的Iris量产时间和14吉瓦算力计划。
LRCX、KLAC及台积电订单和资本开支指引。
2027—2028年晶圆厂设备市场预测的后续修订。
APLD与定制芯片扩产之间是否出现直接合同联系。

英文原文

LRCX, APLD, KLAC: Why Chip Equipment Stocks Are Falling Premarket Today

LRCX, APLD, KLAC: Why Chip Equipment Stocks Are Falling Premarket Today · Stocktwits

Yuvraj Malik

Fri, July 10, 2026 at 5:25 PM GMT+8 2 min read

LRCX

-5.83%

KLAC

-4.00%

META

-1.86%

APLD

-7.42%

Lam Research and KLA Corp stocks declined 2.4% each, while Applied Digital shares fell nearly 1%.

Citi estimates that the wafer fab market will grow from $145 billion currently to $200 billion in 2027 and $250 billion in 2028.

Retail sentiment was 'bearish' for LRCX and KLA, and 'neutral' for APLD.

Shares of leading chip equipment makers pulled back in early premarket trading on Friday, giving back a portion of the previous session's gains after reports that Meta Platforms Inc. was accelerating its custom chip program sparked a rally that appears to have run its course.

Lam Research and KLA each declined 2.4%, while Applied Digital fell nearly 1% — retracing part of the 6%, 3.8%, and 2.7% gains they posted respectively on Thursday.

See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox

Reuters reported that Meta plans to begin manufacturing a new AI chip, codenamed "Iris," from September, as part of a broader plan to boost its total computing capacity to 14 gigawatts next year, according to an internal memo reviewed by the agency.

Investors initially read the news as a bullish signal for chip equipment makers — the companies that supply the wafer fabrication tools used to turn raw silicon into microchips — and piled into Lam Research, KLA, and Applied Materials. By Friday morning, however, that momentum had faded.

Citi estimates the wafer fab equipment market will grow from $145 billion today to $200 billion in 2027 and $250 billion in 2028, a second-order effect of the rapid expansion in chip production. Year-to-date, LRCX, KLA, and APLD have each risen more than 90%.

On Stocktwits, retail sentiment was 'bearish' for LRCX and KLA, and 'neutral' for APLD.

Hyperscales Targeting Custom Chips

Meta is designing custom chips in partnership with Broadcom, with production handled by Taiwan Semiconductor Manufacturing.

The forthcoming Iris chip is part of a four-generation project for Meta Training and Inference Accelerators (MTIA) that Meta will design in-house.

Major cloud players such as Alphabet and Amazon have pursued a similar strategy for years, using custom chips to lower costs and reduce their dependence on suppliers like Nvidia.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Yuvraj Malik has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy . This article was originally published on StockTwits .

Arthur Hayes Predicts $1M For Bitcoin And Warns AI Bubble Is 'Bigger Than Subprime'

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Circle 宣布获得设立全国信托银行的 OCC 最终批准

重要性未评级

标签

标的：`CRCL`来源：Circle Internet Group, Inc.发布日期：2026-07-10重要性：未评级

中文摘要

Circle 宣布已获 OCC 最终批准设立 First National Digital Currency Bank, N.A.，运营名称为 Circle National Trust。
公司披露银行开业后先为 Circle 及关联方提供受托数字资产托管；未来可能向有限数量的银行及其他金融机构直接提供托管。
USDC 储备管理被表述为未来能力，并非公告时已投入运营的业务。

英文原文

Circle Receives Final OCC Approval to Establish National Trust Bank

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美国制裁伊朗影子兑换网络

重要性4/5 中高

制裁行动连接霍尔木兹航运、伊朗金融网络和二级制裁风险，地缘与能源相关度较高，但部分事实来自单方执法陈述。

标签

来源：U.S. Department of the Treasury发布日期：2026-07-10重要性：4/5 中高评级理由：制裁行动连接霍尔木兹航运、伊朗金融网络和二级制裁风险，地缘与能源相关度较高，但部分事实来自单方执法陈述。评级依据：时效性：07/10公告、07/14日报仍具事件价值, 跨资产相关度：涉及原油、航运和美元结算, 证据强度：OFAC正式制裁行动, 限制：涉案叙述主要来自美国财政部认定原文字数：1870

中文摘要

核心结论

美国财政部在伊朗恢复袭击霍尔木兹海峡国际航运后，制裁Ali Ansari及三家伊朗兑换机构、相关负责人和两家境外壳公司，目标是切断伊朗受制裁银行及高层利益网络的跨境资金通道。

重要性评级

评级：4/5（中高）

事件涉及霍尔木兹海峡、伊朗金融体系和二级制裁风险，对能源、航运与地缘风险分析有较高阅读价值。证据来自美国制裁机关的正式公告，但有关贪腐和资金用途的陈述主要为美方执法认定。

关键事实

美国财政部于美东时间 07/09 20:00（UTC+8 07/10 08:00）发布行动，背景是伊朗恢复袭击霍尔木兹海峡国际航运。
OFAC（美国财政部外国资产控制办公室）指称迪拜的伊朗籍商人Ali Ansari管理一套服务于Mojtaba Khamenei、其他政权高层及IRGC（伊朗伊斯兰革命卫队）的全球资产网络。
Ansari曾拥有Ayandeh Bank；该银行在2025年10月中旬被伊朗政府强制解散，此前积累了数十亿美元债务。
Smart Global Limited于2011年在圣基茨和尼维斯设立，名下资产分布于德国、卢森堡、西班牙、英国、塞浦路斯和阿联酋等地。
Darbani Exchange与Lavasani Exchange据称过去数年分别为受制裁伊朗银行转移数亿美元外汇。
Khandan Exchange持有超过1.17亿美元、归属于受制裁伊朗银行的外汇。
CDM Trading Limited和Naba Alzaki Raw Materials Trading LLC被认定为相关资金网络使用的境外壳公司。
被封锁主体直接或合计持有50%以上的实体也受封锁；参与重大交易的外国金融机构可能面临二级制裁。

作者观点与证据

财政部将这些主体描述为贪腐、影子银行和规避制裁网络，并以行政命令及资产、合同和主体关系作为执法依据。公告没有披露底层交易记录、司法裁判或各方回应，因此对资金归属和用途的描述应视为美国政府的制裁认定。

与相关标的的关系

事件没有对应单一股票代码。它通过霍尔木兹航运安全、伊朗跨境结算能力和外国金融机构合规风险，关联原油、航运、保险、美元结算及中东风险溢价。

时效性与限制

公告发布于美东时间 07/09 20:00（UTC+8 07/10 08:00），抓取时间为美东时间 07/13 22:15（UTC+8 07/14 10:15）。制裁事实可由官方名单核验，公告中的政治评价与涉案金额口径尚缺少独立材料交叉验证。

后续跟踪

被制裁主体的资产冻结与执法进展。
外国金融机构是否采取账户或结算限制。
霍尔木兹海峡航运事件的频率与范围。
伊朗相关兑换和壳公司网络是否出现替代节点。

英文原文

Treasury Targets Key Supreme Leader Financier and Iran’s Shadow Exchange Houses

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Treasury Targets Key Supreme Leader Financier and Iran’s Shadow Exchange Houses

July 10, 2026

WASHINGTON —Today, following Iran’s resumption of attacks on international shipping in the Strait of Hormuz, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) took action against Iranian financial facilitator Ali Ansari (Ansari) , who oversees a sprawling global network of assets benefitting Iran’s leader—Mojtaba Khamenei—and other regime elites. Ansari has effectively institutionalized large‑scale embezzlement within the Iranian regime, diverting publicly funded wealth into an extensive overseas portfolio of real estate and commercial holdings to enrich himself, regime elites—including notable senior figures within the Supreme Leader’s Office—and the Islamic Revolutionary Guard Corps (IRGC). OFAC today also targeted key Iranian exchange houses that move billions of dollars annually on behalf of sanctioned Iranian banks, using layers of shell companies to obscure the regime’s illicit financial activity.

“The so-called Supreme Leader is hiding in seclusion while his regime crumbles,” said Secretary of the Treasury Scott Bessent . “Treasury will continue using every tool at its disposal to isolate him and other regime elites from the global financial system. We will preserve these assets for the Iranian people.”

Today’s action is being taken pursuant to E.O. 13902, which targets persons operating in Iran’s financial and petroleum sectors, E.O. 13876, which focuses on the Supreme Leader of Iran and his affiliates, and the counterterrorism authority E.O. 13224, as amended by E.O. 13886 (“E.O. 13224, as amended”). These designations build on a series of OFAC actions targeting Iranian shadow banking and currency exchange house networks.

key FINANCIER for the SUPREME LEADER’s office

Dubai-based Iranian national Ali Ansari has made a name for himself by institutionalizing embezzlement within the Iranian regime and has subsequently amassed a global network of investment properties and financial holdings, both on behalf of Mojtaba Khamenei and for his own self-serving interests by using his close ties to regime elites to enrich himself and his allies at the expense of the Iranian people.

Ansari was previously the owner and director of the U.S. sanctioned and now bankrupt and defunct Ayandeh Bank , and he used this position to overextend loans and embezzle billions of dollars from the Iranian people until the Iranian government forced the bank’s dissolution in mid-October 2025. Ayandeh Bank racked up billions in debt as it issued loans backed by the Central Bank of Iran to Ansari’s own companies and commercial ventures in Iran. While Ansari’s embezzlement was causing untold damage to Iran’s economy and the already soaring inflation affecting the daily lives of ordinary Iranians, Ansari was using his publicly funded wealth to simultaneously expand an overseas business empire on behalf of Mojtaba Khamenei.

Using numerous shell companies and bank accounts across multiple jurisdictions, Ansari has accumulated millions of dollars’ worth of holdings under the Saint Kitts and Nevis-based Smart Global Limited , a holding company established in 2011 under the former name Ziba Leisure Limited. Through Smart Global Limited, Ansari has invested the Iranian people’s money into real estate and commercial properties throughout Germany, Luxembourg, Spain, the United Kingdom, Cyprus, the United Arab Emirates, and beyond. Although held in Ansari’s name, many of these financial interests are ultimately held for the financial benefit of Mojtaba Khamenei, his family, and other Iranian elites in the regime and the IRGC who have protected Ansari from facing punishment despite his blatant corruption and the significant damage he has caused to the Iranian economy and people.

Ali Ansari is being designated pursuant to E.O. 13876 for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, Mojtaba Khamenei, as well as pursuant to E.O. 13224, as amended, for having acted or purported to act for or on behalf of, directly or indirectly, the IRGC. Smart Global Limited is being designated pursuant to E.O. 13876 for being owned or controlled by, or having acted or purported to act for or on behalf of, directly or indirectly, Ali Ansari, and pursuant to E.O. 13224, as amended, for being owned, controlled, or directed by, or having acted or purported to act for or on behalf of, directly or indirectly, Ali Ansari.

Iranian Exchange Houses

Iran’s international banking activities are heavily reliant on Iran-based currency exchange houses which hold and move money on behalf of their Iranian bank customers. These exchange houses are often family-run “general partnership” companies formed by at least two individuals, wherein the company partners are ultimately liable for the funds with which they are entrusted by the banks.

Mohammad Darbani , Shokufeh Rostam Abadi , and Zahra Sarshari are the controlling partners of Iranian exchange house Mohammad Darbani and Partners Exchange General Partnership Company , which has facilitated transactions moving hundreds of millions of dollars in foreign currency on behalf of sanctioned Iranian banks over the last several years. As of early 2026, Darbani Exchange held tens of millions of dollars’ worth of foreign currency on behalf of its sanctioned Iranian bank customers. Shokufeh Rostam Abadi is the exchange house’s chief executive officer (CEO) while Mohammad Darbani is the chairman of the board of directors and Zahra Sarshari is a board member.

Ahmad Navai Lavasani and Amir Navai Lavasani are the controlling partners of Iranian exchange house Lavasani and Partners General Partnership Company , which has entered into contracts with sanctioned Iranian banks Bank Melli, Bank Saderat, Sina Bank, Shahr Bank, Eghtesad Novin Bank, Tourism Bank, Bank Pasargad, and Bank Mellat. As of early 2026, Lavasani Exchange held hundreds of millions of dollars’ worth of foreign currency on behalf of its sanctioned Iranian bank customers and has facilitated transactions moving hundreds of millions of dollars in foreign currency on behalf of sanctioned Iranian banks over the last several years. Ahmad Navai Lavasani is the exchange house CEO and Amir Navai Lavasani is the chairman of the board of directors.

Mohsen Khandan and Ali Asghar Khandan are the controlling partners of Iranian exchange house Mohsen Khandan and Partners General Partnership Company , which has entered into contracts with sanctioned Iranian banks Parsian Bank, Export Development Bank, Bank Saderat, Bank Sepah, Sina Bank, Karafarin Bank, Saman Bank, and Tejarat Bank. Khandan Exchange holds over $117 million in foreign currency on behalf of sanctioned Iranian banks. Mohsen Khandan is the exchange house CEO and Ali Asghar Khandan is the only other partner and board member.

Mohammad Darbani and Partners Exchange General Partnership Company, Lavasani and Partners General Partnership Company, and Mohsen Khandan and Partners General Partnership Company are being designated pursuant to E.O. 13902 for operating in the financial sector of the Iranian economy. Mohammad Darbani, Shokufeh Rostam Abadi, and Zahra Sarshari are being designated pursuant to E.O. 13902 for acting for or on behalf of, directly or indirectly, Mohammad Darbani and Partners Exchange General Partnership Company. Ahmad Navai Lavasani and Amir Navai Lavasani are being designated pursuant to E.O. 13902 for acting for or on behalf of, directly or indirectly, Lavasani and Partners General Partnership Company. Mohsen Khandan and Ali Asghar Khandan are being designated pursuant to E.O. 13902 for acting for or on behalf of, directly or indirectly, Mohsen Khandan and Partners General Partnership Company.

These exchange houses move and maintain the equivalent of billions of dollars annually on behalf of sanctioned Iranian banks, which transact through vast layers of cover and shell companies that conceal the sanctioned Iranian commercial parties ultimately behind these transactions. Hong Kong-based CDM Trading Limited is a front company which has been used to conduct financial transactions by multiple Iranian exchange houses, to include Mohsen Khandan and Partners General Partnership Company. Similarly, Naba Alzaki Raw Materials Trading LLC is a UAE-based front company which has been used by Mohsen Khandan and Partners General Partnership Company as part of Iran’s rahbar network.

CDM Trading Limited and Naba Alzaki Raw Materials Trading LLC are being designated pursuant to E.O. 13902 for operating in the financial sector of the Iranian economy.

SANCTIONS IMPLICATIONS

As a result of today’s action, all property and interests in property of the designated or blocked persons described above that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC. In addition, any entities that are owned, directly or indirectly, individually or in the aggregate, 50 percent or more by one or more blocked persons are also blocked. Unless authorized by a general or specific license issued by OFAC, or exempt, OFAC’s regulations generally prohibit all transactions by U.S. persons or within (or transiting) the United States that involve any property or interests in property of blocked persons.

Violations of U.S. sanctions may result in the imposition of civil or criminal penalties on U.S. and foreign persons. OFAC may impose civil penalties for sanctions violations on a strict liability basis. OFAC’s Economic Sanctions Enforcement Guidelines provide more information regarding OFAC’s enforcement of U.S. economic sanctions. The prohibitions include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any designated or blocked person, or the receipt of any contribution or provision of funds, goods, or services from any such person. Non-U.S. persons are also prohibited from causing or conspiring to cause U.S. persons to wittingly or unwittingly violate U.S. sanctions, as well as engaging in conduct that evades U.S. sanctions. Individuals located in the U.S. or abroad who provide information about sanctions violations to FinCEN’s whistleblower incentive program may be eligible for awards if the information they provide leads to a successful enforcement action that results in monetary penalties exceeding $1,000,000. In addition, financial institutions and other persons may risk exposure to sanctions for engaging in certain transactions or activities with designated or otherwise blocked persons.

Furthermore, engaging in certain transactions involving the persons designated today may risk the imposition of secondary sanctions on participating foreign financial institutions. OFAC can prohibit or impose strict conditions on opening or maintaining, in the United States, a correspondent account or a payable-through account of a foreign financial institution that knowingly conducts or facilitates any significant transaction on behalf of a person who is designated pursuant to the relevant authority.

The power and integrity of OFAC sanctions derive not only from OFAC’s ability to designate and add persons to the Specially Designated Nationals and Blocked Persons List (SDN List), but also from its willingness to remove persons from the SDN List consistent with the law. The ultimate goal of sanctions is not to punish, but to bring about a positive change in behavior. For information concerning the process for seeking removal from an OFAC list, including the SDN List, or to submit a request, please refer to OFAC’s guidance on Filing a Petition for Removal from an OFAC List .

Click here for more information on the persons designated today .

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Circle获批设立国家信托银行

重要性5/5 高

最终监管批准直接改变Circle的合规基础设施和潜在业务范围，对CRCL与USDC均具有明确、近期的标的相关性。

标签

标的：`CRCL`来源：Circle Internet Group, Inc.发布日期：2026-07-10重要性：5/5 高评级理由：最终监管批准直接改变Circle的合规基础设施和潜在业务范围，对CRCL与USDC均具有明确、近期的标的相关性。评级依据：时效性：07/10公司公告, 直接标的相关度：CRCL与USDC, 证据强度：OCC最终批准这一监管事实明确, 限制：经营贡献和未来职能尚未落地原文字数：674

中文摘要

核心结论

Circle获得OCC（美国货币监理署）最终批准，将设立Circle National Trust国家信托银行。新机构首先为Circle及关联方提供受托数字资产托管，未来可能面向有限数量的金融机构，并计划具备管理USDC（美元稳定币）储备的能力。

重要性评级

评级：5/5（高）

这是CRCL（Circle上市股票）与USDC监管基础设施的直接重大进展，主体、监管机关和业务范围均明确。文章由公司发布，实施时间、外部客户需求和储备管理落地仍待后续披露。

关键事实

Circle于美东时间 07/09 20:00（UTC+8 07/10 08:00）宣布获得OCC最终批准。
获批机构法定名称为First National Digital Currency Bank, N.A.，运营名称为Circle National Trust。
该机构将接受OCC直接联邦监管，初期为Circle及其关联方提供受托数字资产托管。
经批准的商业计划允许其视需求向有限数量的机构客户直接提供托管服务，重点包括银行和受监管衍生品机构。
章程为未来管理USDC储备提供制度基础，但文章使用的是计划性表述，尚未宣布该能力已经启用。
Circle于2025年6月30日提交申请，2025年12月获得有条件批准。
Circle称其2015年取得纽约州BitLicense（虚拟货币业务许可），2024年符合欧盟MiCA（加密资产市场监管框架），并在英国、新加坡、百慕大、加拿大和阿布扎比取得或满足相关许可要求。

作者观点与证据

公司将批准描述为数字资产进入美国金融体系及提升USDC透明度、治理和规模的重要节点。最终批准与监管主体属于可核验事实；机构采用速度、外部托管需求及对USDC信任度的提升属于管理层预期，文章没有提供收入、客户数量或启用日期。

与相关标的的关系

对CRCL的直接路径包括新增受监管托管能力、潜在机构客户服务和未来储备管理职能。对USDC的直接路径是托管与潜在储备管理纳入联邦信托银行框架；文章没有说明铸造、赎回机制或储备资产构成已发生即时变化。

时效性与限制

公告发布于美东时间 07/09 20:00（UTC+8 07/10 08:00），抓取时间为美东时间 07/13 22:15（UTC+8 07/14 10:15）。来源为Circle公司新闻稿，监管批准事实较强，经营效果和未来能力主要依据公司表述。

后续跟踪

Circle National Trust的正式开业日期。
首批托管资产、客户范围与收费模式。
USDC储备管理职能是否获准并实际迁移。
OCC后续监管文件及资本、治理要求。

英文原文

Circle Receives Final OCC Approval to Establish National Trust Bank | Circle

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Circle Receives Final OCC Approval to Establish National Trust Bank

July 10, 2026

Circle Receives Final OCC Approval to Establish National Trust Bank

Company

Milestone enables institutional custody services

NEW YORK — July 10, 2026 — Circle Internet Group, Inc. (NYSE: CRCL), one of the world’s leading internet financial platform companies, today announced that it has received approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish First National Digital Currency Bank, N.A., a national trust bank. The bank will operate under the name Circle National Trust.

OCC approval of a national trust bank charter represents a major U.S. regulatory milestone and strengthens the infrastructure of USDC 1 – the world’s largest regulated stablecoin – through federally-regulated custody, with reserve management planned as a future capability. It places Circle National Trust under direct federal oversight by the OCC, the primary regulator for national banks and national trust banks.

As a federally regulated national trust bank, Circle National Trust aligns digital asset infrastructure with the longstanding role of national trust banks in safeguarding client assets under strict fiduciary standards. This brings USDC infrastructure into a proven federal banking framework designed to ensure safety, soundness, and transparency.

Upon opening, Circle National Trust will offer fiduciary digital asset custody services for Circle and its affiliates. As per its business plan, which was approved by the OCC, "depending on demand, FNDCB may eventually offer its digital asset custody service to a limited number of institutional customers directly, focusing on banks and other financial institutions, such as regulated derivatives organizations." The charter is also designed to enable future capabilities, including management of the USDC Reserve, which would bring those operations under federal regulatory oversight and further enhance the safety, transparency, and trust of USDC.

“OCC approval to establish Circle National Trust marks a defining step in bringing blockchain technology and digital assets into the core of the U.S. financial system,” said Jeremy Allaire, Co-Founder, Chairman, and CEO of Circle. “Federal oversight of our trust bank sets a new standard for transparency, governance, and scale for Circle’s infrastructure and unlocks a new phase of adoption, where leading financial institutions can build on public blockchains with clarity and confidence.”

As an OCC-chartered national trust bank, Circle National Trust advances USDC’s role as trusted, federally regulated digital dollar infrastructure for payments, settlement, and capital markets activity, supporting the role of the U.S. dollar in an increasingly digital global economy.

Circle submitted its application to the OCC on June 30, 2025 and received a conditional approval in December, 2025, building on its long-standing commitment to regulatory engagement. In 2015, Circle became the first company to receive a BitLicense from the New York Department of Financial Services and remains engaged with the leading U.S. state digital asset regulator. In 2024, Circle became the first global stablecoin issuer to comply with the European Union’s Markets in Crypto-Assets framework. Circle also holds licenses in the UK, Singapore, and Bermuda, and has met Canadian Value-Referenced Crypto Asset requirements. In 2025, Circle secured a license from Abu Dhabi Global Market’s Financial Services Regulatory Authority.

ABOUT CIRCLE

Circle (NYSE: CRCL) is one of the world’s leading internet financial platform companies, building the foundation of a more open, global economy through digital assets, payment applications, and programmable blockchain infrastructure. Circle’s platform includes the world’s largest regulated stablecoin network anchored by USDC, Circle Payments Network for global money movement, and Arc, an enterprise-grade blockchain designed to become the Economic OS for the internet. Enterprises, financial institutions, and developers use Circle to power trusted, internet-scale financial innovation. Learn more at circle.com .

1 USDC is issued by regulated affiliates of Circle. A list of Circle’s regulatory authorizations can be found here .

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AI租约重估矿企数据中心资产

重要性4/5 中高

提供直接适用于APLD的合同资产估值框架，但关键模型参数和公司级测算缺失。

标签

标的：`APLD`来源：TheStreet发布日期：2026-07-09重要性：4/5 中高评级理由：提供直接适用于APLD的合同资产估值框架，但关键模型参数和公司级测算缺失。评级依据：portfolio_relevance, fact_density, evidence_caveat原文字数：455

中文摘要

核心结论

Compass Point认为，转型AI数据中心的比特币矿企可按已签长期租约的净租金价值重新审视。APLD、TeraWulf（泰拉沃夫，WULF）和Cipher Mining（赛弗矿业，CIFR）的已签业务与企业价值之间差距最大，未来两年将由实际交付和收租验证。

重要性评级

评级：4/5（中高）

文章与APLD直接相关，并给出区别已签合同价值与未出租开发管线的估值框架；缺少分析师模型输入和逐家公司测算结果。

关键事实

Compass Point分析师Michael Donovan和Ed Engel把已签AI租约的未来租金扣除剩余建设成本，再与企业价值比较。
APLD、WULF和CIFR被列为已签业务价值与当前估值差距最大的公司。
报告认为市场给予这些公司尚未出租AI容量的价值较低。
Core Scientific（核心科学，CORZ）的现有合同大致已反映在估值中，进一步变化依赖新增客户。
Riot Platforms（Riot平台，RIOT）的估值更多依赖Corsicana园区和开发管线，而非当前已签收入。
Compass Point预计未来两年将进入从宣布合同转向交付设施、开始收租的验证阶段。

作者观点与证据

作者引用Compass Point经CoinDesk转述的研究，认可长期AI租约可降低比特币价格波动对收入的影响。证据只呈现估值方法和相对结论，没有租约折现率、建设成本、融资结构或租户信用假设，无法独立复算所谓价值差距。

与相关标的的关系

APLD被列为潜在估值差距较大的代表；WULF和CIFR具有相似的矿企转型路径。BTC（比特币）价格仍影响原有挖矿业务，但文章关注的是AI租约带来的经常性现金流。

时效性与限制

发布于美东时间 07/09 18:57（UTC+8 07/10 06:57）。观点距日报约四天，适合作为估值框架，不能视作最新项目进度；核心研究经二手媒体转述，数据透明度有限。

后续跟踪

已签园区的完工、通电和租金起算日期。
剩余建设成本、融资成本及资本结构变化。
新增租户签约及未出租容量转化率。
租金现金流与比特币挖矿收入占比。

英文原文

Analysts reveal investors are underestimating Bitcoin miners

Analysts reveal investors are underestimating Bitcoin miners · TheStreet · Shutterstock

Pooja Rajkumari

Fri, July 10, 2026 at 6:57 AM GMT+8 2 min read

BTC-USD -1.41%

APLD -7.42%

WULF -4.92%

CIFR -9.16%

Investors may be significantly underestimating the value of Bitcoin (BTC) mining companies that have pivoted toward artificial intelligence data centers.

According to Compass Point analysts Michael Donovan and Ed Engel, the Bitcoin miners should be increasingly assessed like landlords generating steady rental income from long-term AI leases.

To test that thesis, Compass Point estimated the future rental income tied to already-signed contracts, net of remaining construction costs, then compared that figure to each company's enterprise value, as per CoinDesk .

The goal was to isolate how much of a company's valuation reflects contracted business versus speculative future development that hasn't yet secured tenants.

Related: Analysts send blunt warning to Bitcoin miners

Where the market may be missing value

Bitcoin miners like Applied Digital (NASDAQ: APLD), TeraWulf (NASDAQ: WULF) and Cipher Digital (NASDAQ: CIFR) showed the largest gap between contracted business and current valuations, according to the report.

This suggests the market is assigning little value to the additional AI capacity these companies have yet to lease.

Core Scientific (NASDAQ: CORZ) and Riot Platforms (NASDAQ: RIOT) stood apart for different reasons. Core Scientific's existing contracts are largely already priced in. This means further upside depends on new customer signings.

Meanwhile, Riot is valued more on the promise of its Corsicana campus and broader pipeline than on current contracted income.

Compass Point said the next two years will mark a turning point as these companies shift from announcing AI infrastructure deals to actually delivering them.

Trending on TheStreet Roundtable

Donald Trump breaks silence on $1B crypto earnings

Michael Saylor reveals why Strategy sold Bitcoin and why critics are wrong

Billionaire investor reveals key reasons behind Bitcoin's decline

As facilities come online and tenants begin paying rent, investors should get a clearer view of the recurring cash flow these sites can generate, unlike Bitcoin mining revenue, which fluctuates with crypto prices.

The former-miner-to-AI-data-center trade has already been one of the market's strongest AI-adjacent stories over the past year. However, returns have varied as investors weigh construction timelines, financing needs and the pace of leasing.

Following recent pullbacks across the group, Compass Point said the market may now be entering a phase where execution, not announcements, determines how these stocks are valued.

Related: Bernstein unveils outperform-rated miners to buy before bitcoin halving

This story was originally published by TheStreet on Jul 9, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.

打开原文

Eos任命首席法务官

重要性1/5 低

文章与COHR缺少明确关系，且付费墙截断导致事实完整性不足。

标签

标的：`COHR`来源：MT Newswires发布日期：2026-07-09重要性：1/5 低评级理由：文章与COHR缺少明确关系，且付费墙截断导致事实完整性不足。评级依据：与输入标的无明确联系, 正文严重截断, 仅有人事任命标题事实, 无法验证完整生效信息原文字数：79

中文摘要

核心结论

Eos Energy Enterprises（长时储能企业，EOSE）任命Marie Batz Martin为首席法务官。可见正文被付费墙截断，无法确认完整生效日期、履历、职责或任命背景。

重要性评级

评级：1/5（低）。事件与输入标的COHR没有明确业务联系，且原文信息严重不完整。

关键事实

主体为Eos Energy Enterprises。
任命职位为首席法务官。
获任者为Marie Batz Martin。
页面同时列出EOSE、NTAP和COHR，但正文没有解释后两者与事件的关系。

作者观点与证据

现有内容仅提供任命事实，没有作者分析、公司引述或可评估的战略证据。原句在“effective Mond”处中断，不能据此补全日期。

与相关标的的关系

正文未建立COHR与Eos Energy此次人事任命之间的关系。COHR可能只是页面行情关联标签，不足以认定为相关公司事件。

时效性与限制

文章发布于美东时间 07/09 16:49（UTC+8 07/10 04:49）。付费墙只保留一段残句，信息完整性不足。

后续跟踪

Eos Energy正式公告中的生效日期与履历。
核实COHR出现在页面标签中的原因。
排除无直接关联的行情标签。

英文原文

Eos Energy Names Marie Batz Martin as Chief Legal Officer

PREMIUM

Eos Energy Names Marie Batz Martin as Chief Legal Officer

MT Newswires

Fri, July 10, 2026 at 4:49 AM GMT+8

EOSE

-1.14%

NTAP

-2.93%

COHR

-5.27%

Eos Energy Enterprises (EOSE) has appointed Marie Batz Martin as chief legal officer, effective Mond

PREMIUM

Upgrade to read this MT Newswires article and get so much more.

A Silver or Gold subscription plan is required to access premium news articles.

Upgrade Already have a subscription? Sign in

打开原文

财政账户回落释放银行准备金

重要性5/5 高

官方周度流动性数据，准备金和财政账户变化显著，对跨资产日报具有直接宏观参考价值。

标签

来源：Board of Governors of the Federal Reserve System发布日期：2026-07-09重要性：5/5 高评级理由：官方周度流动性数据，准备金和财政账户变化显著，对跨资产日报具有直接宏观参考价值。评级依据：official_source, liquidity_relevance原文字数：4346

中文摘要

核心结论

截至2026年7月8日当周，美联储准备金余额增加1,320亿美元，主要对应美国财政部一般账户大幅下降；同期美联储持有证券小幅增加，资产负债表结构仍由国债和抵押贷款支持证券主导。

重要性评级

评级：5/5（高）

H.4.1（美联储资产负债表周报）是官方流动性数据，准备金和财政账户的单周变化对美元流动性及跨资产环境具有直接参考价值。

关键事实

截至2026年7月8日，存款机构准备金余额为3.137万亿美元，较前周增加1,320亿美元，较上年同期减少2,313亿美元。
美国财政部一般账户期末余额为7,492亿美元；周均余额为7,741亿美元，较前周减少1,062亿美元。
美联储持有证券期末规模为6.453万亿美元，较前周增加105亿美元，较上年同期增加1,041亿美元。
期末美国国债持有量为4.503万亿美元，其中国库券4,992亿美元。
国库券持有量较前周增加100亿美元，较上年同期增加3,038亿美元。
抵押贷款支持证券期末余额为1.948万亿美元，较前周持平，较上年同期减少1,901亿美元。
逆回购期末余额为3,485亿美元，较前周增加100亿美元，较上年同期减少2,613亿美元；其中绝大部分属于外国官方和国际账户。
美联储贷款期末余额为58亿美元，较前周减少20亿美元；一级信贷为58亿美元。
美联储总资产为6.736万亿美元，较前周增加110亿美元，较上年同期增加737亿美元。

作者观点与证据

周报只呈现官方会计数据。准备金单周上升与财政部一般账户下降在数量和方向上高度对应，说明财政现金流是当周准备金变化的重要机械因素；这属于资产负债表关系判断，不能单凭一周数据推断政策立场或持续流动性趋势。

与相关标的的关系

原文没有指定股票代码。准备金、财政部一般账户、逆回购和证券持有量共同构成美元流动性背景，可影响国债、美元、股票和加密资产的资金条件；周报不提供资产价格因果结论。

时效性与限制

数据发布于美东时间 07/09 16:30（UTC+8 07/10 04:30），观测日为2026年7月8日。部分表格同时列示周均与期末值，比较时必须保持口径一致；单周变化可能受税收、国债结算和日历因素扰动。

后续跟踪

财政部一般账户后续补库或继续回落
准备金余额能否维持在3万亿美元以上
国库券持有量和抵押贷款支持证券余额变化
逆回购结构及外国官方账户使用量

英文原文

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Data

Federal Reserve Balance Sheet: Factors Affecting Reserve Balances - H.4.1

Current Release

Release Dates

About

Announcements

Technical Q&As

###

Current Release

PDF

RSS

Data

Download

FRED

Release Date:

July 09, 2026

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Reserve Bank credit, related items, and

reserve balances of depository institutions at

Federal Reserve Banks

Averages of daily figures

Wednesday

Jul 8, 2026

Week ended

Jul 8, 2026

Change from week ended

Jul 1, 2026

Jul 9, 2025

Reserve Bank credit

6,685,539

+ 8,390

+ 71,934

6,688,711

Securities held outright 1

6,450,444

+ 7,774

+ 101,137

6,453,494

U.S. Treasury securities

4,499,699

+ 7,774

+ 291,234

4,502,749

Bills 2

496,404

+ 7,111

+ 300,986

499,249

Notes and bonds, nominal 2

3,611,801

2,566

+ 26,550

3,611,801

Notes and bonds, inflation-indexed 2

282,634

+ 2,566

33,397

282,634

Inflation compensation 3

108,861

+ 664

2,903

109,066

Federal agency debt securities 2

2,347

Mortgage-backed securities 4

1,948,398

190,098

1,948,398

Unamortized premiums on securities held outright 5

213,963

22,445

213,881

Unamortized discounts on securities held outright 5

-25,748

2,054

-25,704

Repurchase agreements 6

+ 1

Foreign official

Others

+ 1

Loans

6,660

1,067

1,241

5,822

Primary credit

6,607

1,067

+ 184

5,771

Secondary credit

Seasonal credit

Paycheck Protection Program Liquidity Facility

1,425

Other credit extensions

Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program) 7

628

+ 2

4,557

628

Float

-274

+ 170

+ 79

-353

Central bank liquidity swaps 8

170

+ 115

170

Other Federal Reserve assets 9

39,695

+ 1,982

+ 913

40,773

Foreign currency denominated assets 10

18,965

+ 25

18,893

Gold stock

11,041

Special drawing rights certificate account

15,200

Treasury currency outstanding 11

53,256

+ 14

+ 688

53,256

Total factors supplying reserve funds

6,784,000

+ 8,428

+ 71,928

6,787,100

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

1. Factors Affecting Reserve Balances of Depository Institutions (continued)

Millions of dollars

Reserve Bank credit, related items, and

reserve balances of depository institutions at

Federal Reserve Banks

Averages of daily figures

Wednesday

Jul 8, 2026

Week ended

Jul 8, 2026

Change from week ended

Jul 1, 2026

Jul 9, 2025

Currency in circulation 11

2,474,853

+ 2,061

+ 72,367

2,474,567

Reverse repurchase agreements 12

348,804

+ 4,026

258,968

348,475

Foreign official and international accounts

346,054

+ 9,339

44,093

345,128

Others

2,750

5,313

214,875

3,347

Treasury cash holdings

344

333

Deposits with F.R. Banks, other than reserve balances

1,039,827

132,061

+ 490,826

1,004,306

Term deposits held by depository institutions

U.S. Treasury, General Account

774,062

106,175

+ 454,173

749,244

Foreign official

9,445

+ 8

9,447

Other 13

256,321

25,884

+ 36,646

245,616

Treasury contributions to credit facilities 14

2,029

Other liabilities and capital 15

-178,739

+ 2,411

+ 1,162

-177,959

Total factors, other than reserve balances,

absorbing reserve funds

3,685,089

123,586

+ 303,266

3,649,723

Reserve balances with Federal Reserve Banks

3,098,911

+ 132,014

231,338

3,137,377

Note: Components may not sum to totals because of rounding.

Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

Face value of the securities.

Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of

the securities.

Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.

Cash value of agreements.

Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned

to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the

foreign central bank.

Includes bank premises, accrued interest, and other accounts receivable.

10.

Revalued daily at current foreign currency exchange rates.

11.

Estimated.

12.

Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities

13.

Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

14.

Book value. Amount of equity investments in MS Facilities 2020 LLC.

15.

Includes the liability for earnings remittances due to the U.S. Treasury.

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.

H.4.1

1A. Memorandum Items

Millions of dollars

Memorandum item

Averages of daily figures

Wednesday

Jul 8, 2026

Week ended

Jul 8, 2026

Change from week ended

Jul 1, 2026

Jul 9, 2025

Securities held in custody for foreign official and international accounts

2,902,215

9,641

336,190

2,880,357

Marketable U.S. Treasury securities 1

2,619,159

9,636

276,060

2,597,278

Federal agency debt and mortgage-backed securities 2

207,741

51,708

207,742

Other securities 3

75,316

8,421

75,336

Securities lent to dealers

43,915

+ 5,004

+ 11,464

42,070

Overnight facility 4

43,915

+ 5,004

+ 11,464

42,070

U.S. Treasury securities

43,915

+ 5,004

+ 11,464

42,070

Federal agency debt securities

Note: Components may not sum to totals because of rounding.

Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 5, and 6.

Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the securities.

Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.

Face value. Fully collateralized by U.S. Treasury securities.

H.4.1

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, July 8, 2026

Millions of dollars

Remaining Maturity

Within 15

days

16 days to

90 days

91 days to

1 year

Over 1 year

to 5 years

Over 5 year

to 10 years

Over 10

years

All

Loans 1

2,496

3,326

...

5,822

U.S. Treasury securities 2

Holdings

89,001

379,529

498,247

1,432,105

490,642

1,613,225

4,502,749

Weekly changes

+ 7,392

+ 36,147

33,521

+ 240

+ 52

+ 205

+ 10,514

Federal agency debt securities 3

Holdings

2,134

213

2,347

Weekly changes

Mortgage-backed securities 4

Holdings

5,395

103,845

1,839,078

1,948,398

Weekly changes

+ 131

+ 15,284

15,414

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program) 5

490

...

626

Repurchase agreements 6

...

Central bank liquidity swaps 7

170

Reverse repurchase agreements 6

348,475

...

348,475

Term deposits

...

Note: Components may not sum to totals because of rounding.

...Not applicable.

Loans includes primary, secondary, and seasonal loans; the Paycheck Protection Program Liquidity Facility (PPPLF); and other credit extensions. A component of PPPLF loans presented in the Within 15 days category has reached contractual maturity, and collection is expected based upon the terms of the PPPLF. Loans exclude the loans from the Federal Reserve Bank of Boston (FRBB) to MS Facilities 2020 LLC, which were eliminated when preparing the FRBB's statement of condition, consistent with consolidation under generally accepted accounting principles.

Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the original face value of such securities.

Face value.

Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

Book value of the loan participations held by the MS Facilities 2020 LLC. A component of loan participations held by MS Facilities 2020 LLC presented in the Within 15 days category has reached contractual maturity, and collectability is assessed in accordance with the MS Facilities 2020 LLC policy.

Cash value of agreements.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to

the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign

central bank.

H.4.1

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Account name

Wednesday

Jul 8, 2026

Mortgage-backed securities held outright 1

1,948,398

Residential mortgage-backed securities

1,940,864

Commercial mortgage-backed securities

7,534

Commitments to buy mortgage-backed securities 2

Commitments to sell mortgage-backed securities 2

Cash and cash equivalents 3

Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

Current face value. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within 180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed securities generally settle within three business days.

This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6.

4. Information on Principal Accounts of Credit Facilities LLC

Millions of dollars

Credit Facilities LLC:

Wednesday Jul 8, 2026

Net portfolio holdings of

Credit Facilities LLC

Outstanding

principal

Outstanding

amount

amount of

Treasury

of loan

facility

contributions

extended to

asset

and

the LLC 1

purchases 2

other assets 3

Total

MS Facilities 2020 LLC (Main Street Lending Program)

585

628

Note: Components may not sum to totals because of rounding.

Book value. This amount was eliminated when preparing the Federal Reserve Banks' statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 6. Loans are extended from the Federal Reserve Bank to the LLC upon settlement of the investment activity.

Outstanding amount of facility asset purchases includes loan participations at face value, net of an allowance for credit losses, updated as of March 31, 2026.

Includes short term receivables, interest and dividend receivables, and other assets of the facility. Also includes the portion of the Treasury contribution to the credit facilities, which is held as investments in nonmarketable Treasury securities and the residual portion which is held as cash and cash equivalents at the FRBNY. The amount of cash and cash equivalents held at the FRBNY are eliminated in consolidation and, as result, are excluded from net portfolio holdings in Tables 1, 5, and 6. Refer to the note on consolidation accompanying table 6.

H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Assets, liabilities, and capital

Eliminations from consolidation

Wednesday

Jul 8, 2026

Change since

Wednesday

Jul 1, 2026

Jul 9, 2025

Assets

Gold certificate account

11,037

Special drawing rights certificate account

15,200

Coin

1,368

Securities, unamortized premiums and discounts, repurchase agreements, and loans

6,647,493

+ 8,251

+ 77,852

Securities held outright 1

6,453,494

+ 10,514

+ 104,125

U.S. Treasury securities

4,502,749

+ 10,514

+ 294,223

Bills 2

499,249

+ 9,956

+ 303,831

Notes and bonds, nominal 2

3,611,801

+ 26,550

Notes and bonds, inflation-indexed 2

282,634

33,397

Inflation compensation 3

109,066

+ 558

2,760

Federal agency debt securities 2

2,347

Mortgage-backed securities 4

1,948,398

190,098

Unamortized premiums on securities held outright 5

213,881

22,426

Unamortized discounts on securities held outright 5

-25,704

+ 16

2,066

Repurchase agreements 6

Loans 7

5,822

2,010

1,782

Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program) 8

628

4,561

Items in process of collection

(0)

Bank premises

655

+ 95

Central bank liquidity swaps 9

170

+ 115

Foreign currency denominated assets 10

18,893

Other assets 11

40,118

+ 3,083

+ 966

Total assets

(0)

6,735,609

+ 11,045

+ 73,697

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Assets, liabilities, and capital

Eliminations from consolidation

Wednesday

Jul 8, 2026

Change since

Wednesday

Jul 1, 2026

Jul 9, 2025

Liabilities

Federal Reserve notes, net of F.R. Bank holdings

2,423,008

+ 71,012

Reverse repurchase agreements 12

348,475

+ 10,037

261,298

Deposits

(0)

4,141,683

1,263

+ 264,508

Term deposits held by depository institutions

Other deposits held by depository institutions

3,137,377

+ 60,358

204,622

U.S. Treasury, General Account

749,244

58,115

+ 438,196

Foreign official

9,447

+ 2

+ 10

Other 13

(0)

245,616

3,507

+ 30,925

Deferred availability cash items

(0)

401

Treasury contributions to credit facilities 14

2,029

Other liabilities and accrued dividends 15

-225,663

+ 3,069

Total liabilities

(0)

6,687,904

+ 11,037

+ 71,547

Capital accounts

Capital paid in

40,920

+ 8

+ 2,150

Surplus

6,785

Other capital accounts

Total capital

47,705

+ 8

+ 2,150

Note: Components may not sum to totals because of rounding.

Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

Face value of the securities.

Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility and other credit extensions.

Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to

the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign

central bank.

10.

Revalued daily at current foreign currency exchange rates.

11.

Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.

12.

Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

13.

14.

Book value. Amount of equity investments in MS Facilities 2020 LLC.

15.

Includes the liability for earnings remittances due to the U.S. Treasury.

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, July 8, 2026

Millions of dollars

Assets, liabilities, and capital

Total

Boston

New York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St. Louis

Minneapolis

Kansas

Dallas

San

City

Francisco

Assets

Gold certificates and special drawing rights certificates

26,237

891

8,007

818

1,240

1,901

3,698

1,737

791

452

758

2,291

3,653

Coin

1,368

168

188

103

240

104

116

211

Securities, unamortized premiums and discounts, repurchase agreements,

and loans 1

6,647,493

166,743

3,375,517

132,162

256,526

547,926

465,728

416,729

109,938

57,136

82,767

326,153

710,168

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program) 2

628

Central bank liquidity swaps 3

170

Foreign currency denominated

assets 4

18,893

788

6,086

623

1,920

4,144

673

1,033

473

112

249

536

2,255

Other assets 5

40,821

1,047

18,491

883

1,594

3,717

3,927

2,452

839

554

846

2,066

4,406

Interdistrict settlement account

+ 3,745

+ 68,326

11,835

4,736

38,039

28,310

+ 13,113

4,738

+ 2,910

+ 6,651

5,941

1,145

Total assets

6,735,609

173,891

3,476,543

122,825

256,603

519,873

445,825

435,313

107,338

61,226

91,377

325,226

719,568

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, July 8, 2026 (continued)

Millions of dollars

Assets, liabilities, and capital

Total

Boston

New York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St. Louis

Minneapolis

Kansas

Dallas

San

City

Francisco

Liabilities

Federal Reserve notes, net

2,423,008

84,266

746,010

64,629

119,290

171,805

349,049

126,929

78,271

40,697

54,307

221,754

366,001

Reverse repurchase agreements 6

348,475

8,709

177,080

6,927

13,456

28,738

24,433

21,841

5,759

2,994

4,341

17,082

37,113

Deposits

4,141,683

83,413

2,670,722

53,207

127,826

348,805

69,454

306,128

21,803

17,397

33,292

84,751

324,885

Depository institutions

3,137,377

83,402

1,842,437

53,205

127,795

347,932

69,442

131,249

21,800

17,340

33,266

84,664

324,845

U.S. Treasury, General Account

749,244

Foreign official

9,447

9,420

Other 7

245,616

69,622

864

174,878

Earnings remittances due to the U.S. Treasury 8

-235,052

-5,426

-136,188

-3,736

-9,850

-40,655

165

-22,918

-359

-1,418

-14,784

Treasury contributions to credit facilities 9

Other liabilities and accrued

dividends

9,790

993

3,548

237

373

1,109

872

750

281

211

230

369

817

Total liabilities

6,687,904

171,955

3,461,172

121,265

251,095

509,803

443,973

432,730

106,140

60,941

90,752

324,047

714,033

Capital

Capital paid in

40,920

1,653

13,186

1,336

4,818

8,582

1,610

2,212

1,029

245

536

986

4,725

Surplus

6,785

283

2,185

224

690

1,488

242

371

170

193

810

Other capital

Total liabilities and capital

6,735,609

173,891

3,476,543

122,825

256,603

519,873

445,825

435,313

107,338

61,226

91,377

325,226

719,568

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, July 8, 2026 (continued)

Securities include outright holdings of U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, including securities lent to dealers under the overnight securities

lending facility; refer to table 1A. Mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Unamortized premiums and discounts are the differences between

the purchase price and the face value of the securities that have not been amortized. For U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities,

amortization is on an effective-interest basis. Repurchase agreements reflect the cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

Loans includes primary, secondary, and seasonal loans; the Paycheck Protection Program Liquidity Facility; and other credit extensions.

Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate

equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.

Revalued daily at current foreign currency exchange rates.

Includes items in process of collection, bank premises, accrued interest (which represents the daily accumulation of interest earned), and other accounts receivable.

Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

The Federal Reserve Banks remit residual net earnings to the U.S. Treasury after providing for the costs of operations, payment of dividends, and the amount necessary to maintain each Federal Reserve Bank's allotted surplus cap. Positive amounts represent the estimated weekly remittances due to U.S. Treasury. Negative amounts represent the cumulative deferred asset position, which is incurred during a period when earnings are not sufficient to provide for the cost of operations, payment of dividends, and maintaining surplus. The deferred asset is the amount of net earnings that the Federal Reserve Banks need to realize before remittances to the U.S. Treasury resume.

Book value. Amount of equity investments in MS Facilities 2020 LLC.

Note on consolidation:

On July 15, 2020, the Federal Reserve Bank of Boston (FRBB) began extending loans to the MS Facilities 2020 LLC, under the authority of section 13(3) of the Federal Reserve Act. The LLC is a special purpose vehicle that was formed to help ensure credit flows to small and medium-sized businesses and to eligible nonprofits. The assets of the LLC and the amount provided by U.S. Treasury as credit protection to the FRBB are used to secure the loan from the FRBB.

The FRBB is the managing member of MS Facilities 2020 LLC. Consistent with generally accepted accounting principles, the assets and liabilities of the LLC have been accounted for and consolidated with the assets and liabilities of the FRBB, in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the loan from the FRBB to the LLC is eliminated as are any balances held at the Federal Reserve Bank of New York (FRBNY) for the LLC consolidated to the FRBB. Treasury contributions to credit facilities are held at FRBNY until invested. Net assets of the LLC appear as assets on table 6 (and in table 1 and table 5), and the liabilities of the LLC to entities other than the FRBB, including those with recourse only to the portfolio holdings of the LLC, are included in other liabilities in this table (and table 1 and table 5). Net portfolio holdings of the LLC include assets purchased pursuant to terms of the credit facility and the amount provided by U.S. Treasury as credit protection to the FRBB appear as liabilities on table 6 (and in table 1 and table 5).

H.4.1

7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts

Millions of dollars

Federal Reserve notes and collateral

Wednesday

Jul 8, 2026

Federal Reserve notes outstanding

2,824,935

Less: Notes held by F.R. Banks not subject to collateralization

401,927

Federal Reserve notes to be collateralized

2,423,008

Collateral held against Federal Reserve notes

2,423,008

Gold certificate account

11,037

Special drawing rights certificate account

15,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged 1,2

2,396,771

Other assets pledged

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities 1,2

6,453,494

Less: Face value of securities under reverse repurchase agreements

400,372

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged

6,053,122

Note: Components may not sum to totals because of rounding.

Includes face value of U.S. Treasury, agency debt, and mortgage-backed securities held outright, compensation to adjust for the effect of inflation on the original face value of inflation-indexed securities, and cash value of repurchase agreements.

Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

Last Update: July 09, 2026

打开原文

美国量子产业基金化设想

重要性3/5 中

GFS量子晶圆厂拟获资金具有直接政策意义，但项目阶段早，政策倡议及回报尚未验证。

标签

标的：`GFS`来源：24/7 Wall St.发布日期：2026-07-09重要性：3/5 中评级理由：GFS量子晶圆厂拟获资金具有直接政策意义，但项目阶段早，政策倡议及回报尚未验证。评级依据：policy_funding原文字数：888

中文摘要

核心结论

SandboxAQ首席执行官Jack Hidary主张美国借鉴挪威2万亿美元主权财富基金，以长期联邦资本支持量子、半导体、药物和材料技术。文章把SandboxAQ的5亿美元项目与IBM、GFS拟获量子晶圆厂激励联系起来，但主权财富基金仍是个人政策建议。

重要性评级

评级：3/5（中）

文章涉及GFS拟获3.75亿美元联邦量子晶圆厂资金，政策关联直接；多数安排仍处于奖励或意向书阶段，发布时间也早于当日日报窗口数日。

关键事实

文章发布于美东时间 07/09 15:46（UTC+8 07/10 03:46）。
Hidary在07/09（未给出具体时刻）接受CNBC（美国财经电视台）采访时提出美国主权财富基金设想。
文中称SandboxAQ获得美国商务部CHIPS（芯片与科学法案相关计划）5亿美元奖励，用于LQM（大型定量模型）。
LQM面向数值和物理系统，可用于电池材料、药物、能源、材料和金融服务。
SandboxAQ模型已通过Google Cloud Marketplace（谷歌云市场）向企业客户提供。
商务部于05/21（未给出具体时刻）宣布与9家公司签署意向书，计划提供20.13亿美元量子产业激励。
IBM拟获10亿美元建设量子级超导晶圆厂，GFS拟获3.75亿美元建设安全的美国本土量子晶圆厂。
挪威政府全球养老基金的规模在文中约为2万亿美元。

作者观点与证据

Hidary认为联邦资本应以长期资产配置方式培育战略技术，并为纳税人创造价值和提升供应链韧性。资金金额、企业名单及产品渠道属于事实性信息；美国是否应建立主权财富基金、量子项目能否产生公共投资回报均属政策主张，文章未分析治理、财政来源或利益冲突。

与相关标的的关系

GFS拟获3.75亿美元，直接关系其量子级晶圆制造能力；IBM拟获更大规模资金，构成同一联邦量子产业布局。SandboxAQ和NVIDIA在文中用于说明人工智能与定量模型生态，未提供对GFS近期财务结果的量化影响。

时效性与限制

文中多项资金使用“奖励”“计划”和“意向书”表述，法律约束力、拨款条件及最终到账进度没有展开。文章含股票推广，政策评价主要来自受益企业管理者。

后续跟踪

GFS与商务部最终协议及拨款条件
量子晶圆厂建设时间和客户需求
SandboxAQ项目的商业采用与技术验证
美国主权投资工具的正式立法或行政进展

英文原文

SandboxAQ CEO: “It’s Time That America Really Has a Sovereign Wealth Fund.” Why America Should Copy Norway’s $2 Trillion Fund

Thomas Richmond

Fri, July 10, 2026 at 3:46 AM GMT+8 3 min read

+0.93%

SAAQ.PVT

NVDA

-3.52%

-7.29%

Quick Read

IBM secured $1 billion and GlobalFoundries $375 million in CHIPS Act quantum foundry investments, part of $2 billion in Commerce Department incentives announced in May.

Hidary argues America needs a sovereign wealth fund modeled on Norway's $2 trillion vehicle to strategically deploy federal capital into deep-tech sectors.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and IBM didn't make the cut. Grab the names FREE today .

Artificial intelligence may be the biggest technology race in the world, but SandboxAQ CEO Jack Hidary believes the United States is still investing with the wrong playbook.

janews / Shutterstock.com Speaking on CNBC on Thursday, July 9, Hidary argued that America should treat strategic technologies the way countries like Norway manage national wealth by making long-term investments in industries that strengthen economic competitiveness. The timing of his comments was notable, coming alongside a $500 million federal award for SandboxAQ's large quantitative models (LQMs) and growing government support for quantum computing and advanced manufacturing.

Why Hidary Wants a U.S. Sovereign Wealth Fund

Hidary framed recent federal equity stakes and grants as part of a broader capital strategy, not one-off subsidies. "Many countries out there have a sovereign wealth fund. Norway has a very successful one now at $2 trillion . It's time that America really has a sovereign wealth fund to really push forward the core technologies that advance our economy," he said on CNBC.

He tied that thesis directly to domestic capacity. "This investment in SandboxAQ and in other companies... [is] really part of a larger picture of a sovereign wealth strategy that builds value for the American taxpayer , builds resiliency so that we can build semiconductors in America , so that we can build the advanced pharmaceuticals in America as well ," Hidary added.

Oslo's Government Pension Fund Global in Norway, valued at $2 trillion, functions as a long-duration equity investor funded by resource revenues. Hidary's version would deploy federal capital into deep-tech companies whose outputs, from battery chemistries to pharmaceutical candidates, feed strategic industries.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and IBM didn't make the cut. Grab the names FREE today .

The $500 Million CHIPS Award and What LQMs Do

SandboxAQ announced it had won a $500 million award from the Department of Commerce's CHIPS program for its large quantitative models. LQMs sit alongside large language models in the current AI stack but are engineered to reason about numerical and physical systems rather than text. Hidary said the models can produce novel battery chemistries without relying on foreign raw-material sources, an explicit response to supply-chain concentration in critical minerals.

Story Continues

His framing of the addressable opportunity was blunt. "If you want to make a new drug for cancer, for Alzheimer's, if you want to make a new material for batteries... we just won the award from the CHIPS program of the Department of Commerce. 500 million award for our LQMs," he said. Because 85% of the U.S. economy is quantitatively based, the target market for quantitative reasoning tools stretches across pharma, energy, materials, and financial services.

SandboxAQ's models are now available on the Google Cloud Marketplace to enterprise customers. Placing LQMs inside an existing procurement channel shortens sales cycles for regulated buyers that already run workloads on Google Cloud.

Quantum Computing May Be the Next Federal Investment Wave

Hidary's sovereign-wealth argument fits alongside the Commerce Department's broader quantum push. On May 21, 2026, the department announced $2.013 billion in federal incentives under the CHIPS and Science Act through letters of intent with 9 companies, including two quantum foundries and seven quantum computing companies.

IBM ( NYSE:IBM ) was slated to receive $1 billion in planned funding to establish a new quantum foundry subsidiary for quantum-grade superconducting wafers, and GlobalFoundries ( NASDAQ:GFS ) was set for $375 million in planned funding to establish a secure, domestic quantum foundry.

Hidary flagged that program as an underappreciated catalyst. "The Department of Commerce recently announced letters of intent in a number of quantum hardware companies. I think that could be a very big positive for that sector," he said.

For readers interested in how AI power demand and infrastructure could create new opportunities, our team's Free Report: 7 Stocks Powering the AI Boom (That Aren't Chipmakers) is worth reading.

What to Watch Next

Hidary's proposal reaches well beyond SandboxAQ. His broader argument is that America should treat strategic technologies as long-term national investments rather than as isolated corporate subsidies.

The next clues will come from Washington. Additional CHIPS awards, enterprise adoption of SandboxAQ's models through Google Cloud Marketplace, and any movement toward a U.S. sovereign investment vehicle would all signal whether policymakers are embracing the capital-allocation strategy Hidary envisions.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and IBM didn't make the cut. Grab the names FREE today .

Contact editorial@247wallst.com for any questions or corrections.

打开原文

芯片投资消息放大SOXL涨幅

重要性3/5 中等优先级

直接关联SOXL并包含多项供应链投资事实，但文章已过四天，主要用于还原近期波动路径。

标签

标的：`SOXL`来源：Motley Fool发布日期：2026-07-09重要性：3/5 中等优先级评级理由：直接关联SOXL并包含多项供应链投资事实，但文章已过四天，主要用于还原近期波动路径。评级依据：直接关联SOXL, 包含资本开支与采购数字, 事件来源部分来自路透, 单日行情已明显过时原文字数：628

中文摘要

核心结论

Micron的美国供应链投资与Meta的大额AI（人工智能）基础设施采购推动半导体板块走强，SOXL凭借三倍日内杠杆放大成分股涨幅。文章反映的是单日事件驱动行情，不能说明后续趋势。

重要性评级

评级：3/5（中等优先级）

文章直接解释SOXL此前上涨14.1%的原因，但距日报已有四天，且行情随后发生明显反转。

关键事实

发布于美东时间 07/09 14:29（UTC+8 07/10 02:29）。
美东时间 07/09 14:00（UTC+8 07/10 02:00），纳斯达克指数上涨1.2%，SOXL上涨14.1%。
Micron当时上涨近8%，并宣布最多投资30亿美元强化美国半导体供应链。
Micron拟向GlobalWafers提供5亿美元贷款，支持其得州谢尔曼300毫米硅晶圆厂，并签订十年采购协议。
据路透报道，Meta与SanDisk签署多年NAND（闪存）供应协议，同时采购Samsung的DRAM（动态随机存取存储器）、住友电工光纤及台积电制造的Iris芯片。
文章称Meta当年AI基础设施支出计划为1450亿美元。
Micron、Broadcom和台积电均为SOXL相关成分股。

作者观点与证据

作者将SOXL涨幅与多项半导体投资、采购消息及杠杆结构联系起来。事件和成分关系明确，但没有拆分各项消息对基金涨幅的独立贡献。

与相关标的的关系

Micron、Broadcom和台积电上涨可直接推动SOXL的单日净值；三倍杠杆同时会在板块反转时扩大损失。

时效性与限制

该文记录07/09盘中状态，07/13 SOXL已出现大幅回落，适合作为近期波动路径的前序材料。

后续跟踪

Micron与GlobalWafers项目进度
Meta采购协议的规模和交付期
SOXL每日再平衡后的净值路径
半导体供应链资本开支

英文原文

Direxion Daily Semiconductor Bull 3X ETF Explodes

Rich Smith, The Motley Fool

Fri, July 10, 2026 at 2:29 AM GMT+8 3 min read

^IXIC

-1.55%

-4.32%

NVDA

-3.52%

SOXL

-13.99%

6488.TWO

-2.70%

It's Thursday, 2 p.m., and do you know where the Nasdaq is?

It's up a respectable 1.2% -- but the Direxion Daily Semiconductor Bull 3X Shares ETF (NYSEMKT: SOXL) is up much, much more, surging past 14.1% on some billion-dollar-plus news items in semiconductors today.

Image source: Getty Images.

Micron boosts the market

The first news comes from Micron (NASDAQ: MU) stock, which is surging nearly 8% after announcing it's investing up to $3 billion "to strengthen the U.S. semiconductor supply chain ecosystem," including by loaning GlobalWafers Co., Ltd. $500 million to help build its 300mm raw silicon wafer manufacturing facility in Sherman, Tex., and its signing a 10-year deal to buy the wafers GlobalWafers churns out.

In related news, Reuters is reporting that Meta Platforms (NASDAQ: META) has signed a multi-year supply agreement to source NAND flash memory for its data centers from Sandisk (NASDAQ: SNDK), and is also buying DRAM from Samsung, and fiber optic cables from Sumitomo Electric, and Iris artificial intelligence chips from Taiwan Semiconductor Manufacturing (NYSE: TSM) -- with Broadcom (NASDAQ: AVGO) doing the chip design work.

It's all part of a Meta plan to spend $145 billion building out AI infrastructure this year alone.

3x the risk, 3x the gain

Think all the above might be enough to get semiconductor investors excited? Today it is, for sure. And several of the companies making headlines today -- Micron, Broadcom, and Taiwan Semiconductor Manufacturing -- are components of the Direxion Daily Semiconductor Bull 3X Shares ETF, too.

Their share price gains directly translate into upwards momentum for the ETF, and once 3x'ed... well, that's how you take a 1.2% Nasdaq gain, and parlay it into a 14.1% skyrocket for this heavily leveraged bet on semiconductor stocks.

Should you buy stock in Direxion Shares ETF Trust - Direxion Daily Semiconductor Bull 3x Shares right now?

Before you buy stock in Direxion Shares ETF Trust - Direxion Daily Semiconductor Bull 3x Shares, consider this:

Story Continues

Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $407,651 ! Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,252,823 !

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*Stock Advisor returns as of July 9, 2026.

Rich Smith has positions in Meta Platforms. The Motley Fool has positions in and recommends Broadcom, Meta Platforms, Micron Technology, and Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy .

Direxion Daily Semiconductor Bull 3X ETF Explodes was originally published by The Motley Fool

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SK海力士美国上市前热度

重要性2/5 较低优先级

与存储主题直接相关，但只有简短上市预告，关键信息已被后续市场表现覆盖。

标签

标的：`DRAM`来源：Barrons.com发布日期：2026-07-09重要性：2/5 较低优先级评级理由：与存储主题直接相关，但只有简短上市预告，关键信息已被后续市场表现覆盖。评级依据：直接关联SK海力士与DRAM, 正文仅一段, 认购来源未具名, 事件时效已被后续交易取代原文字数：114

中文摘要

核心结论

SK海力士美国存托凭证上市前获得强劲认购，显示美国市场对存储主题的需求旺盛。可用正文仅有一段，无法评估发行定价、规模和上市后的基本面影响。

重要性评级

评级：2/5（较低优先级）

事件与DRAM及存储股直接相关，但文章极短，且上市前预期已被后续交易事实取代。

关键事实

发布于美东时间 07/09 14:01（UTC+8 07/10 02:01）。
SK海力士计划于07/10（未给出具体时刻）在纳斯达克开始交易。
交易代码为SKHY，工具为ADR（美国存托凭证）。
部分报道显示认购倍数超过七倍。
页面关联DRAM、Micron和SanDisk，但正文没有给出这些标的的影响数据。

作者观点与证据

文章把超额认购视为华尔街存储热度的延续，证据只有未具名报道中的七倍以上认购数字。

与相关标的的关系

SK海力士直接在美国交易可能改变DRAM等基金提供海外存储龙头敞口的稀缺性，也会增加同业估值比较的即时性。

时效性与限制

这是上市前材料，后续上市表现和盈利预期已经成为更重要的信息；正文长度不足以核实发行细节。

后续跟踪

SKHY上市后成交量与价格
最终发行规模和定价
DRAM资金流是否受到分流
SK海力士正式业绩指引

英文原文

Memory Stock Surge Sets Stage for SK Hynix

Memory Stock Surge Sets Stage for SK Hynix's U.S. Trading Debut

Memory Stock Surge Sets Stage for SK Hynix's U.S. Trading Debut · Barrons.com · Marketwatch

Barrons.com

Fri, July 10, 2026 at 2:01 AM GMT+8 1 min read

000660.KS

+0.49%

SNDK

-12.63%

^GSPC

-0.79%

-4.32%

DRAM

-9.11%

SK Hynix is set to begin trading on the U.S. market on Friday adding to the mounting memory hype on Wall Street. The South Korean memory chip maker will list its American depositary receipts on the Nasdaq under the ticker “SKHY.” The ADR listing is highly anticipated with some reports signaling it is more than seven times oversubscribed.

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CoreWeave债务压过订单增长

重要性4/5 中高

CRWV与NBIS对比直接、财务数字丰富，可用于识别新云资本结构差异，但需核验期间口径。

标签

标的：`NBIS`来源：24/7 Wall St.发布日期：2026-07-09重要性：4/5 中高评级理由：CRWV与NBIS对比直接、财务数字丰富，可用于识别新云资本结构差异，但需核验期间口径。评级依据：peer_comparison原文字数：680

中文摘要

核心结论

CoreWeave收入和积压订单快速增长，但高资本支出、负自由现金流、利息负担及利润率收缩压制市场评价；文章用Nebius和IREN的经营改善说明新云企业之间的执行差异正在扩大。

重要性评级

评级：4/5（中高）

文章直接比较CRWV与NBIS，包含收入、现金流、负债和利润率数据，对新云板块的相对风险识别有较高价值；部分同业数据和市场情绪口径仍需核验。

关键事实

文章称CRWV过去一年下跌40.57%，同期NBIS上涨359.62%、IREN上涨154.62%、NVDA上涨27.74%。
CoreWeave 2026年第一季度收入20.8亿美元，同比增长111.69%，积压订单994亿美元。
当季净亏损扩大至7.40亿美元，资本支出77亿美元，利息费用增至5.36亿美元。
总负债508亿美元，自由现金流为负47亿美元。
五个季度内毛利率由78%降至68%，调整后营业利润率降至1%。
文章称Nebius在2026年第二季度实现调整后EBITDA（息税折旧摊销前利润）1.295亿美元，并给出全年约40%的调整后EBITDA利润率目标及30亿至34亿美元收入指引。
英伟达向CoreWeave投资20亿美元，双方目标是在2030年前建设超过5吉瓦人工智能工厂容量。
华尔街平均目标价为142.29美元，隐含53.83%上涨空间，评级分布为24个买入、11个持有、2个卖出。

作者观点与证据

作者认为，市场更关注CoreWeave能否以可控融资成本把积压订单转化为现金流，而非订单总额本身。财务数据支持资本密集和利润率压力，但Reddit情绪分数、分析师目标价及推广性同业比较的证据质量低于公司财报。

与相关标的的关系

CRWV是直接研究对象；NBIS被作为已实现盈利改善的同业参照，IREN则代表由比特币基础设施转向人工智能云的竞争者。NVDA同时是设备供应商、投资者和容量合作方。

时效性与限制

文章发布于美东时间 07/09 12:37（UTC+8 07/10 00:37）。文中混用不同期间的股价与财务数据，且证券集体诉讼仅为指控，尚非裁决事实。

后续跟踪

CoreWeave积压订单转化率与客户集中度
自由现金流、利息费用和再融资成本
毛利率及调整后营业利润率恢复进度
CRWV与NBIS单位算力的资本回报差异

英文原文

Down 40%, CoreWeave Is Being Left Behind By the Market

Rich Duprey

Fri, July 10, 2026 at 12:37 AM GMT+8 3 min read

CRWV

-6.27%

NVDA

-3.52%

NBIS

-4.16%

IREN

-5.25%

Quick Read

CoreWeave (CRWV) grew revenue 111% to $2.08B but burned $4.7B in free cash flow with $50.8B in liabilities, sending shares down 40%.

Nebius (NBIS) surged 360% and now commands a larger market cap than CoreWeave after flipping EBITDA positive and targeting 40% margins.

Analysts set a $142 price target implying 54% upside, but CoreWeave must execute against its debt stack before the market rewards the $99B backlog.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and CoreWeave, Inc. Class A Common Stock didn't make the cut. Grab the names FREE today .

The AI infrastructure trade has minted winners across the neocloud sector, but one name has been conspicuously left out. CoreWeave ( NASDAQ:CRWV ) has fallen 40.57% over the past year, even as Nebius Group ( NASDAQ:NBIS ) has surged 359.62% and IREN ( NASDAQ:IREN ) has climbed 154.62%. Even NVIDIA ( NASDAQ:NVDA ), CoreWeave's largest partner, is up 27.74% over the same stretch.

metamorworks / iStock via Getty Images

The Capital Intensity Problem

CoreWeave's Q1 2026 report showed revenue of $2.08 billion, up 111.69% year over year, and a revenue backlog of $99.4 billion. Yet the net loss widened to $740 million, capex hit $7.7 billion in a single quarter, and interest expense doubled to $536 million. Total liabilities reached $50.8 billion, and free cash flow ran to negative $4.7 billion.

CEO Michael Intrator framed the growth story on the earnings call: "We added more backlog in a single quarter than most AI cloud platforms have in their history." Gross margin, however, compressed from 78% to 68% over five quarters, and adjusted operating margin fell to 1%. Investors also noted a securities fraud class action alleging concealed data center construction delays. Reddit sentiment turned bearish (scores 35 to 42) after the report.

CRWV Earnings Explorer — 24/7 Wall St.

Peers Showing Operating Leverage

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and CoreWeave, Inc. Class A Common Stock didn't make the cut. Grab the names FREE today .

Nebius flipped adjusted EBITDA positive to $129.5 million in Q2 2026, targeting a ~40% adjusted EBITDA margin for the year on $3.0B to $3.4B in revenue guidance. CEO Arkady Volozh described the strategy: "We are not simply responding to where the industry stands today; we have the knowledge and experience to build the infrastructure, tools, and capabilities for where it will be tomorrow." Nebius's market cap now exceeds CoreWeave's.

IREN, meanwhile, converted its Bitcoin footprint into an AI Cloud platform, signing a $3.40 billion five-year NVIDIA contract with up to $2.10 billion in NVIDIA investment. CEO Daniel Roberts noted, "There are no idle GPUs...all of our operational capacity is fully contracted." For readers hunting for exposure to picks-and-shovels names benefiting from the buildout, our AI Boom Suppliers research walks through the supplier layer feeding these hyperscalers.

Story Continues

Can CoreWeave Close the Gap?

NVIDIA's $2 billion equity investment and a partnership targeting 5+ GW of AI factories by 2030 remain the strongest structural anchor. Jensen Huang has called the AI factory buildout "the largest infrastructure expansion in human history." Wall Street analysts hold an average price target of $142.29, implying 53.83% upside from current levels, with 24 Buy ratings against 11 Hold and 2 Sell.

Management projects margin recovery to a low double-digit adjusted operating margin by Q4 2026 and $30 billion+ annualized run rate by 2027. Whether the market rewards that trajectory depends on execution against the debt stack rather than another backlog headline.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and CoreWeave, Inc. Class A Common Stock didn't make the cut. Grab the names FREE today .

Contact editorial@247wallst.com for any questions or corrections.

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三大AI芯片股估值分化

重要性3/5 中等优先级

提供SOXX核心成分股的增长和估值比较，事实密度较高，但已过数日且部分数据需用原始财报复核。

标签

标的：`SOXX`来源：24/7 Wall St.发布日期：2026-07-09重要性：3/5 中等优先级评级理由：提供SOXX核心成分股的增长和估值比较，事实密度较高，但已过数日且部分数据需用原始财报复核。评级依据：直接关联SOXX成分股, 包含收入增速和估值倍数, 横向比较具有阅读价值, 来源为二手财经媒体原文字数：874

中文摘要

核心结论

Marvell的AI（人工智能）数据中心业务快速增长，但85倍滚动市盈率和接近现价的分析师目标价压缩了估值余量。文章比较认为，Broadcom的增长规模为66倍市盈率提供部分支撑，NVIDIA以31倍滚动市盈率呈现三者中较低的增长调整后估值。

重要性评级

评级：3/5（中等优先级）

文章提供MRVL、AVGO、NVDA及SOXX的横向数据，但部分数字异常激进，来源主要是二手财经媒体和公司口径。

关键事实

发布于美东时间 07/09 11:57（UTC+8 07/09 23:57）。
Marvell盘中上涨约7%至247美元附近，年内上涨191%，滚动市盈率85倍。
Marvell第一财季收入24.18亿美元，同比增长27.6%；数据中心收入18.33亿美元，占总收入76%。
公司指引第二财季收入27亿美元，对应同比增长约35%；分析师平均目标价为252.26美元。
Broadcom第二财季收入221.9亿美元，同比增长47.9%；AI半导体收入108亿美元，同比增长143%。
NVIDIA第一财季收入816.2亿美元，同比增长85.2%；滚动和远期市盈率分别为31倍和22倍。
SOXX（半导体ETF）当日上涨5%，费率为0.34%。

作者观点与证据

作者倾向认可AI基础设施增长，同时认为Marvell估值已计入较多乐观预期。比较依赖滚动市盈率、收入增速和目标价，未统一调整三家公司的会计周期、利润质量及业务结构。

与相关标的的关系

SOXX同时持有Marvell、Broadcom和NVIDIA，三家公司估值及业绩预期会直接影响基金表现；成分集中也放大头部AI基础设施公司的波动。

时效性与限制

文章发布距日报约五天，盘中涨幅已失去即时性；公司数据和估值倍数仍可作为阶段性比较，需核对原始财报。

后续跟踪

Marvell第二财季收入与利润率兑现情况
Broadcom AI半导体收入指引
NVIDIA收入增速与估值变化
SOXX头部成分集中度

英文原文

Marvell Technology Climbs 7% on the AI Chip Recovery: Is It Overvalued Next to Broadcom and Nvidia?

David Moadel

Thu, July 9, 2026 at 11:57 PM GMT+8 4 min read

MRVL -7.75%

AVGO -3.98%

005930.KS +3.15%

NVDA -3.52%

^GSPC -0.79%

Quick Read

MRVL's 85x trailing P/E and analyst targets near its current quote make it pricier than NVDA, which trades at just 31x despite 85% revenue growth; meanwhile, AVGO carries a trailing P/E ratio of 66x.

The SOXX ETF surged 5%, confirming a broad sector rally, though heavy concentration in top AI-infrastructure names amplifies both gains and downside risk for ETF investors.

Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .

Shares of Marvell Technology ( NASDAQ:MRVL ) are up 7% to $247 and change in midday trading Thursday, riding a broad semiconductor rebound that's lifted the entire AI chip complex. Marvell stock came into the session bruised after a sharp multi-week pullback, setting up an oversold bounce.

Thinkstock The move stems from broad sector catalysts. Traders are responding to blowout preliminary Q2 results from Samsung, continued strength at SK Hynix, and Fundstrat's Tom Lee framing the recent selloff as a buying opportunity in AI infrastructure names.

Some of Marvell's peers are participating in the rally while others are lagging behind. Broadcom ( NASDAQ:AVGO ) stock is up 3%, but NVIDIA ( NASDAQ:NVDA ) shares are down 1% today.

A Broad Sector Rebound Powers the Move

Marvell stock had faded after its June 22, 2026 S&P 500 inclusion, unwinding some of the technical buying that drove a strong run into the event. Insider selling and valuation concerns amplified the July drawdown.

The supportive fundamental backdrop hasn't changed. Marvell has an expanded NVIDIA partnership via NVLink Fusion, a reported $2 billion strategic investment tie-up, a wave of analyst target hikes, and the recent Teralynx T100 switch launch with 102.4 Tbps of silicon aimed at AI clusters.

Marvell's AI-Driven Growth Story

Marvell's Q1 FY2027 results reported May 27, 2026 showed revenue of $2.418 billion, up 27.6% year over year (YoY), with data center revenue of $1.833 billion (76% of total). Management guided Q2 FY2027 revenue to $2.7 billion, implying 35% YoY growth.

Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .

The company's valuation is a pressure point, though. Marvell stock trades at a trailing P/E of 85x per Yahoo Finance, the richest of the three names. That reflects both depressed trailing earnings and a stock that has run 191% year to date (YTD).

CEO Matt Murphy told investors that the company sees "exceptional AI-related bookings" and significantly raised its FY2027 and FY2028 outlook. That growth is real, but the average analyst target price of $252.26 sits near MRVL stock's current quote, which suggests that the implied upside is limited.

Story Continues

Broadcom Trades at a Growth-Justified Premium

Broadcom stock trades at a trailing P/E ratio of 66x, above the sector average but below that of Marvell. AVGO stock is up 15% YTD, well behind Marvell's move but still ahead of the market.

Broadcom's Q2 FY2026 results, reported June 3, 2026, showed revenue of $22.19 billion, up 47.9% YoY, with AI semiconductor revenue of $10.8 billion, up 143% YoY. The company's Q3 FY2026 guidance calls for AI semiconductor revenue of $16 billion, over 200% YoY growth. That scale gives Broadcom's premium some cover.

NVIDIA Screens as the Cheapest of the Trio

NVIDIA stock trades at a trailing P/E of 31x with a forward P/E of 22x. NVDA stock is up 8% YTD, lagging both peers despite $81.62 billion in Q1 FY2027 revenue (up 85.2% YoY) and Q2 guidance of $91 billion. On growth-adjusted multiples, NVIDIA stock screens as the most reasonably valued of the three AI chip leaders.

The apparent contradiction is that NVIDIA stock carries the largest market cap at $4.77 trillion but also the lowest multiple. Evidently, the earnings scale has finally caught up to the share price.

SOXX Confirms the Sector Move

The iShares Semiconductor ETF ( NASDAQ:SOXX ) is up 5% today, confirming a sector-wide rally rather than a single-name story. The ETF holds Marvell, Broadcom, and NVIDIA and carries a 0.34% expense ratio.

The concentration risk is worth noting with the SOXX ETF. The fund's top holdings dominate the returns, so this ETF behaves as an amplified play on the same AI-infrastructure trade lifting its largest components today.

What to Watch Now

Investors can watch for whether Marvell stock holds today's 7% gain into the close, given the stock's beta of 2.2 and recent volatility. A close at session highs would suggest that the oversold bounce has legs.

Discipline is crucial here, and investors should consider keeping their position sizes modest in high-beta AI names. Marvell's next fundamental catalyst is the company's Q2 FY2027 earnings, which will test whether the AI-infrastructure thesis can grow into the multiple.

Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .

Contact editorial@247wallst.com for any questions or corrections.

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Saturn扩展Nebius软件层

重要性3/5 中

产品集成与NBIS直接相关，但经营影响尚无采用率和收入证据，估值预测依赖较强。

标签

标的：`NBIS`来源：Simply Wall St.发布日期：2026-07-09重要性：3/5 中评级理由：产品集成与NBIS直接相关，但经营影响尚无采用率和收入证据，估值预测依赖较强。评级依据：product_update, forecast_dependency原文字数：773

中文摘要

核心结论

Saturn Cloud（人工智能开发平台）进入Nebius市场的自助部署渠道，使Nebius从基础GPU算力延伸至模型微调、接口和企业安全工作流；单项集成尚不足以证明护城河扩大，企业采用率和软件收入仍待验证。

重要性评级

评级：3/5（中）

文章直接涉及NBIS产品差异化，但核心事实只有一项平台集成，估值部分高度依赖远期预测。

关键事实

Saturn Cloud的人工智能令牌工厂平台已可在Nebius市场进行自助部署。
客户可在Nebius的英伟达基础设施上使用托管微调、OpenAI兼容接口和企业级安全功能。
Nebius AI Cloud 3.6同步强化了安全、治理和开发者体验。
文章认为这些产品把Nebius的服务范围从原始GPU算力扩展至托管工作流和合规工具。
Simply Wall St的叙事预测Nebius到2029年收入245亿美元、盈利8.196亿美元，并称需要203.4%的年收入增长。
其估算公允价值为245.43美元，较当时股价高13%；较谨慎的分析师收入情景约为2029年191亿美元。

作者观点与证据

作者认为Saturn集成有助于提高企业吸引力，但不会单独改变投资逻辑，也无法消除Meta出售富余算力后出现的价格和容量竞争。产品功能属于已披露事实，2029年收入、盈利和公允价值均为模型假设，且原文部分基期数字表达存在歧义。

与相关标的的关系

NBIS直接受益于软件层和企业工作流扩展；NVDA为底层算力供应商。若高级服务形成规模，NBIS可能降低对基础算力价格的依赖，但文章没有收入分拆或客户采用数据。

时效性与限制

文章发布于美东时间 07/09 11:11（UTC+8 07/09 23:11）。Simply Wall St说明其分析主要基于历史数据和分析师预测，可能未覆盖最新价格敏感公告。

后续跟踪

Saturn Cloud部署客户数与实际使用量
软件和托管服务收入占比
企业客户续约率及单位客户收入
Meta富余算力对市场价格的影响

英文原文

Is Nebius Group (NBIS) Using Saturn Cloud To Quietly Redefine Its AI Moat?

Sasha Jovanovic

Thu, July 9, 2026 at 11:11 PM GMT+8 3 min read

NBIS -4.16%

NVDA -3.52%

In recent days, Saturn Cloud Inc. announced that its AI token factory platform is now available for self-service deployment in the Nebius marketplace, enabling Nebius customers to deploy Saturn Cloud on Nebius's NVIDIA infrastructure with managed fine-tuning, OpenAI-compatible endpoints, and enterprise-grade security features.

This deeper integration extends Nebius's AI Cloud ecosystem beyond raw compute into higher-value software workflows, potentially strengthening its appeal to enterprises seeking turnkey model development and deployment capabilities.

Next, we'll examine how this expanded Saturn Cloud integration influences Nebius Group's investment narrative, particularly around differentiation in the competitive AI infrastructure market.

Explore 26 top quantum computing companies leading the revolution in next-gen technology and shaping the future with breakthroughs in quantum algorithms, superconducting qubits, and cutting-edge research.

Nebius Group Investment Narrative Recap

To own Nebius, you have to believe its full stack AI cloud can stay differentiated even as hyperscalers and big customers like Meta push into the same space. The Saturn Cloud self service launch looks helpful but not thesis changing on its own, and it does little to address the biggest near term risk: intensifying price and capacity competition in AI infrastructure after Meta's move to sell excess compute.

The most relevant recent development alongside Saturn Cloud is Nebius AI Cloud 3.6, which upgraded security, governance and developer experience. Together, these moves push Nebius further up the value chain, from raw GPUs toward managed workflows and compliance ready tooling. If enterprises adopt these higher level services at scale, they could reinforce Nebius's current growth catalysts while partly offsetting margin pressure from basic compute commoditization.

Yet, despite the excitement around AI partnerships and index inclusion, investors should also be aware that...

Read the full narrative on Nebius Group (it's free!)

Nebius Group's narrative projects $24.5 billion revenue and $819.6 million earnings by 2029. This requires 203.4% yearly revenue growth and roughly a $84 million earnings increase from $735.3 million today.

Uncover how Nebius Group's forecasts yield a $245.43 fair value , a 13% upside to its current price.

Exploring Other Perspectives

NBIS 1-Year Stock Price Chart Some of the lowest analysts were already cautious, assuming revenue might need to climb toward about US$19.1 billion by 2029, and that heavy capital spending could still leave Nebius far from their preferred earnings or free cash flow profile. In light of the Saturn Cloud news, you should weigh that more pessimistic view against the more optimistic growth story and decide which scenario feels closer to your own expectations.

Story Continues

Explore 13 other fair value estimates on Nebius Group - why the stock might be worth less than half the current price!

Decide For Yourself

Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

A great starting point for your Nebius Group research is our analysis highlighting 2 key rewards and 3 important warning signs that could impact your investment decision.

Our free Nebius Group research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Nebius Group's overall financial health at a glance.

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Companies discussed in this article include NBIS .

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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CoreWeave扩产与估值分歧

重要性4/5 中高

包含CRWV扩产、融资、估值及NBIS竞争信息，直接性和数字密度较高，但规划数据尚待兑现。

标签

标的：`NBIS`来源：Zacks发布日期：2026-07-09重要性：4/5 中高评级理由：包含CRWV扩产、融资、估值及NBIS竞争信息，直接性和数字密度较高，但规划数据尚待兑现。评级依据：capacity_expansion, valuation_context, management_guidance原文字数：672

中文摘要

核心结论

CoreWeave以超过3.5吉瓦的签约电力和逾200亿美元融资扩张人工智能算力，需求与积压订单支持2027年增长目标；高于行业的市净率、盈利预期下调和资本密集度形成明显约束。

重要性评级

评级：4/5（中高）

文章提供CRWV容量、融资和竞争格局数据，也覆盖NBIS产品进展，适合比较新云企业扩张路径；主要材料来自公司管理层和Zacks观点。

关键事实

CoreWeave当年已取得超过200亿美元债务和股权融资。
公司当季运行电力容量超过1吉瓦，目标在2026年底超过1.7吉瓦。
当季新增超过400兆瓦签约电力，总签约容量超过3.5吉瓦，多数计划在2027年底前上线。
第一季度积压订单新增额创纪录，并包含Vera Rubin项目；Blackwell、Hopper和Ampere算力仍在部署。
NBIS发布Nebius AI Cloud Aether 3.6和人工智能基础设施助手Nebius Echo，并于2026年5月同意收购Eigen AI。
微软Azure当季新增1吉瓦容量，计划两年内把数据中心规模翻倍。
CRWV年内上涨25.6%，同期互联网软件行业下跌8.7%。
CRWV市净率为8.46倍，高于行业4.67倍；过去60天当年盈利一致预期遭下调，Zacks评级为第4档“卖出”。

作者观点与证据

Zacks认为CoreWeave能够把稀缺电力和GPU资源快速转为云容量，并受益于训练向推理和企业生产环境迁移。容量与融资数字支持扩张叙事，但文章没有量化资本成本、客户集中度或新增容量回报率；Zacks评级与正文的积极基调也存在分歧。

与相关标的的关系

CRWV是直接研究对象；NBIS通过全栈推理平台和企业工具与其竞争。MSFT凭借Azure扩容参与同一需求市场，并拥有更广的客户与资本基础。

时效性与限制

文章发布于美东时间 07/09 10:53（UTC+8 07/09 22:53）。文中部分扩产数字来自管理层规划，已签约电力不等于已运行或已产生收入的容量。

后续跟踪

1.7吉瓦运行容量目标的交付进度
新增容量的客户合同与利用率
债务融资成本和盈利预期修订
CRWV、NBIS与Azure的推理服务定价

英文原文

AI Demand is Exploding: Why CoreWeave is Well-Positioned to Win

Zacks Equity Research

Thu, July 9, 2026 at 10:53 PM GMT+8 3 min read

CRWV -6.27%

MSFT +1.53%

NBIS -4.16%

As organizations race to build and deploy increasingly sophisticated AI models, the need for massive computing power seems to compound. This growing demand has created an emerging opportunity for AI-focused cloud infrastructure providers, like CoreWeave, Inc. CRWV.

Management highlighted four key themes –rising AI demand across hyperscalers and enterprises, a broader platform supporting training, inference, agentic AI workloads, rapid infrastructure expansion with more than 3.5 GW of contracted power and stronger financing that has secured more than $20 billion in debt and equity this year. AI workloads are shifting from training to inference and enterprise production, driving deeper commitments from existing customers while attracting new enterprise clients. This momentum fueled record backlog additions in the first quarter, including initial Vera Rubin deals alongside continued deployment of Blackwell, Hopper and Ampere capacity, with most of the new business expected to support its 2027 growth targets.

CoreWeave's aggressive infrastructure expansion is a key competitive advantage. It continues to strengthen its competitive edge by rapidly converting scarce AI infrastructure into revenue-generating AI cloud capacity. CRWV surpassed 1 GW of active power in the quarter and remains on track to exceed 1.7 gigawatts by the end of 2026. During the quarter, CoreWeave added more than 400 MW of contracted power, increasing its total to over 3.5 GW, with most of the capacity expected to come online by the end of 2027 through long-term lease agreements.

With strong customer demand, strategic global expansion, innovative AI services and partnerships with leading technology companies, CoreWeave appears well-positioned to capitalize on the AI infrastructure boom.

CRWV's AI Dominance Faces Fierce Rivals

Nebius Group N.V. NBIS recently unveiled Nebius AI Cloud Aether 3.6, a wide range of enhancements focused on developer productivity, enterprise-grade security, governance and storage performance. The release also marks the debut of Nebius Echo, an AI-powered infrastructure assistant that represents NBIS' vision for agentic cloud computing. To strengthen its position in the rapidly evolving AI cloud market, NBIS inked an agreement to acquire Eigen AI, in May. By integrating Eigen AI's optimization stack into its Token Factory platform, NBIS aims to create a vertically integrated AI inference ecosystem that combines massive compute infrastructure, advanced model optimization and enterprise-ready deployment pipelines.

Story Continues

Microsoft MSFT capitalizes on AI business momentum and Copilot adoption alongside Azure cloud infrastructure expansion. The Azure AI platform continues to benefit from demand across AI and non-AI services, with customer demand exceeding available capacity. It added another GW of capacity during the quarter and remains on track to double its overall data center footprint within two years. New data center investments were announced across four continents. In May, it signed new agreements with U.S. and U.K. government partners, the Center for AI Standards and Innovation and the AI Security Institute to advance AI testing and safety evaluation frameworks.

CRWV's Price Performance and Estimates

Shares of CoreWeave have gained 25.6% year to date against the Internet Software industry's fall of 8.7%.

Zacks Investment Research

Image Source: Zacks Investment Research

In terms of Price/Book, CRWV's shares are trading at 8.46X, higher than the Internet Software Services industry's 4.67X.

Zacks Investment Research

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for CRWV's earnings for the current year has been revised downward over the past 60 days.

Zacks Investment Research

Image Source: Zacks Investment Research

CRWV currently carries a Zacks Rank #4 (Sell).

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .

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CoreWeave Inc. (CRWV) : Free Stock Analysis Report

Microsoft Corporation (MSFT) : Free Stock Analysis Report

Nebius Group N.V. (NBIS) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

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纳指纳入后的Nebius估值压力

重要性3/5 中

与NBIS估值直接相关，但模型预测占比较高，新增经营证据和统一价格口径不足。

标签

标的：`NBIS`来源：Simply Wall St.发布日期：2026-07-09重要性：3/5 中评级理由：与NBIS估值直接相关，但模型预测占比较高，新增经营证据和统一价格口径不足。评级依据：index_inclusion, valuation_model原文字数：771

中文摘要

核心结论

Nebius纳入纳斯达克100并推出新产品后，指数资金和增长预期继续支撑估值叙事；75.4倍市盈率、重资本投入及竞争加剧使当前价格对收入和利润兑现高度敏感。

重要性评级

评级：3/5（中）

文章直接讨论NBIS估值和指数纳入，但主要依赖Simply Wall St模型，新增公司事实有限。

关键事实

Nebius已被纳入纳斯达克100指数，通常会带来指数挂钩资金需求。
文章称NBIS年内上涨140.67%，过去90天上涨58.79%。
当时收盘价为216.48美元，Simply Wall St最受关注的估值叙事给出245.43美元公允价值，对应11.8%的折价。
NBIS市盈率为75.4倍，高于美国软件行业28.9倍和同业37.9倍，也高于其模型给出的71倍合理比率。
文章将人工智能产品发布、Meta竞争及开源技术普及列为影响长期定价与利润率的因素。
多年期算力合同和数据中心建设需要大量资本，可能压缩利润空间。

作者观点与证据

作者认为指数纳入和产品发布强化了增长叙事，但估值能否成立取决于快速收入扩张、利润率演变和远期盈利倍数。公允价值来自模型假设，并非市场成交事实；市盈率对盈利口径和预测期也较敏感。

与相关标的的关系

NBIS是直接估值对象。META既可能是需求方，也被文章列作新增算力竞争者，其富余容量进入市场可能影响基础算力价格。

时效性与限制

文章发布于美东时间 07/09 10:14（UTC+8 07/09 22:14）。文章说明其分析基于历史数据和分析师预测，可能未纳入最新价格敏感公告；股价涨幅口径与同批其他文章存在差异，需按统一起止日期复核。

后续跟踪

纳入指数后的被动资金与成交量变化
收入增速、毛利率和资本支出
估值模型采用的远期盈利与折现假设
Meta算力供给对云服务价格的影响

英文原文

Can Nebius Group (NBIS) Justify Its Valuation Following Nasdaq 100 Inclusion And New AI Launches?

Simply Wall St

Thu, July 9, 2026 at 10:14 PM GMT+8 3 min read

NBIS

-4.16%

META

-1.86%

Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St.

Nebius Group (NasdaqGS:NBIS) has been added to the Nasdaq-100, a shift that often draws in index-linked capital, just as the company rolls out new AI offerings and faces fresh competition from Meta Platforms.

See our latest analysis for Nebius Group.

The recent index inclusion and AI product launches come after a volatile stretch, with Nebius Group's share price up 140.67% year to date and 58.79% over 90 days. Over 1 year, the total shareholder return is very large, suggesting strong but choppy momentum as investors reassess growth prospects and competitive risks.

If Nebius's AI story has your attention, it can be useful to see what else is moving in the space by reviewing 52 AI infrastructure stocks

Nebius Group is now in the Nasdaq-100 after a sharp run and a pullback on Meta related headlines. The question is whether to accept today's price or hold out for a cleaner entry as volatility settles into fundamentals.

Most Popular Narrative: 11.8% Undervalued

With Nebius Group last closing at $216.48 against a most followed narrative fair value of $245.43, the gap centers on aggressive AI infrastructure and earnings assumptions.

The current valuation assumes Nebius Group can sustain hyper growth in AI compute infrastructure, but market-wide demand for AI and machine learning clouds is attracting intense competition and accelerating adoption of open-source technologies, which could drive pricing pressure and erode margins over the next several years, directly impacting long-term profitability and gross margins.

Read the complete narrative.

Want to see what justifies that higher fair value? The narrative focuses on rapid revenue expansion, shrinking margins, and a rich future earnings multiple that rivals premium software leaders.

Result: Fair Value of $245.43 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, Nebius Group's premium P/E assumptions and heavy capital needs, from multi year AI contracts to data center buildouts, could pressure margins and challenge the underpriced narrative.

Find out about the key risks to this Nebius Group narrative.

Another View on Nebius Group's Valuation

The fair value narrative suggests Nebius Group is 11.8% undervalued, but the current P/E of 75.4x tells a tougher story. That is higher than the US Software industry at 28.9x, above peers at 37.9x, and above a fair ratio of 71x, which points to valuation risk if sentiment cools.

Story Continues

Before leaning on any one method, it is worth stress testing whether those premium multiples feel justified for your own time horizon and risk tolerance, or whether they leave less room for error if growth or AI enthusiasm slows.

See what the numbers say about this price — find out in our valuation breakdown.

NasdaqGS:NBIS P/E Ratio as at Jul 2026

Next Steps

If this Nebius Group story feels finely balanced between risk and opportunity, take a closer look at the data now and shape your own view with 2 key rewards and 3 important warning signs .

Looking for more investment ideas beyond Nebius Group?

If Nebius Group has sharpened your appetite for opportunities, do not stop here. Widen your search with focused screeners that surface stocks aligned with your own priorities.

Target potential mispricing and hunt for companies that combine quality with room to rerate by scanning 44 high quality undervalued stocks .

Strengthen your income stream and focus on reliability by reviewing 9 dividend fortresses that aim to keep distributions flowing.

Dial down risk and prioritize resilience by filtering for 72 resilient stocks with low risk scores before the crowd turns its attention to them.

Companies discussed in this article include NBIS .

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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美光供应链投资带动格芯联想

重要性3/5 中

GFS价格反应和供应关系明确，但并非协议直接参与者，商业影响尚无量化证据。

标签

标的：`GFS`来源：InvestorsHub发布日期：2026-07-09重要性：3/5 中评级理由：GFS价格反应和供应关系明确，但并非协议直接参与者，商业影响尚无量化证据。评级依据：indirect_beneficiary, pending_agreement原文字数：366

中文摘要

核心结论

美光宣布最高30亿美元美国半导体供应链投资后，GFS股价上涨6%，市场依据GFS与环球晶圆的既有合作推演间接受益。美光并未在公告中直接提及GFS，股价反应不能替代订单或收入证据。

重要性评级

评级：3/5（中）

事件包含GFS当日价格反应和明确供应链联系，但受益路径是二级推演，且协议尚待正式文件、监管批准和交割条件落实。

关键事实

文章发布于美东时间 07/09 09:57（UTC+8 07/09 21:57）。
美光宣布最高30亿美元投资，用于强化美国半导体供应链。
其中5亿美元将以战略融资方式支持环球晶圆在得州Sherman建设300毫米硅晶圆厂。
美光与环球晶圆拟签订十年供应协议，以锁定长期晶圆产能。
GFS股价在消息后上涨6%。
美光公告没有直接提及GFS。
环球晶圆与GFS已有长期战略伙伴关系及多年供应协议。
拟议协议仍需最终文件、常规监管批准和标准交割条件。

作者观点与证据

文章认为环球晶圆美国本土产能扩张可提升GFS供应稳定性，因此市场给予GFS正面反应。美光融资和供应协议构成直接事实，GFS受益属于关系链推演；文中没有披露环球晶圆对GFS新增产能、价格条件或订单承诺。

与相关标的的关系

MU（美光科技）和环球晶圆是交易直接参与方，GFS通过现有供应合作间接关联。该项目可能改善美国300毫米原始硅晶圆供给，但对GFS成本、产量与收入的影响尚未量化。

时效性与限制

文章发布于消息当日，但截至当日日报已过去数个交易日。协议仍处于拟议阶段，GFS上涨6%的具体时间区间和成交量未披露。

后续跟踪

美光与环球晶圆签署最终协议
得州300毫米晶圆厂的建设和认证进度
环球晶圆与GFS供应协议是否扩展
GFS产能利用率、原料成本与订单变化

英文原文

GlobalFoundries Shares Rise After Micron Expands U.S. Semiconductor Supply Chain Investment (GFS)

Fiona Craig

Thu, July 9, 2026 at 9:57 PM GMT+8 2 min read

-4.32%

-7.29%

6488.TWO

-3.03%

Semiconductor ©PickPik

Micron Investment Boosts Confidence in U.S. Chip Manufacturing

GlobalFoundries Inc. (NASDAQ:GFS) shares climbed 6% after Micron Technology Inc. (NASDAQ:MU) unveiled plans to invest up to $3 billion to strengthen the U.S. semiconductor supply chain.

As part of the initiative, Micron will provide $500 million in strategic financing to GlobalWafers Co., Ltd. to support construction of its 300mm silicon wafer manufacturing facility in Sherman, Texas. The companies also intend to enter into a 10-year supply agreement that will secure long-term access to wafer production capacity for Micron.

Existing Partnership Supports Positive Sentiment

Although GlobalFoundries was not directly referenced in Micron's announcement, investors responded positively because GlobalWafers has an established long-term strategic partnership and multi-year supply agreement with GlobalFoundries.

That relationship positions GlobalFoundries to benefit from continued investment in domestic semiconductor manufacturing as the U.S. expands its chip production capabilities.

Micron's broader investment strategy is designed to strengthen the availability of critical manufacturing materials while supporting rising demand for advanced memory and storage products driven by artificial intelligence and other data-intensive technologies.

"Securing a reliable supply of critical input materials is essential to supporting Micron's long-term growth and technology roadmap," said Ben Tessone, senior vice president and chief procurement officer at Micron Technology.

Long-Term Collaboration Continues to Expand

GlobalWafers said the latest agreement builds on an already well-established relationship between the two companies.

"Micron has long been an important partner of GlobalWafers, and we are honored to further deepen our strategic collaboration and jointly support the stable supply of critical materials for the semiconductor industry," said Doris Hsu, Chairperson and CEO of GlobalWafers.

GlobalWafers is currently the only supplier participating in the CHIPS for America Program capable of producing advanced 300mm raw silicon wafers within the United States.

The proposed agreement remains subject to definitive documentation, customary regulatory approvals and standard closing conditions. The companies also plan to explore joint development of next-generation wafer technologies and future semiconductor manufacturing processes.

Global Foundries stock price

Micron Technology stock price

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MP起诉USAR争夺磁材技术人才

重要性4/5 中高

诉讼直接关联USAR和MP的技术及人才基础，但证据停留在指控阶段，且缺少原始法院文件。

标签

标的：`USAR`来源：Simply Wall St.发布日期：2026-07-09重要性：4/5 中高评级理由：诉讼直接关联USAR和MP的技术及人才基础，但证据停留在指控阶段，且缺少原始法院文件。评级依据：event_materiality, evidence_caveat, timeliness原文字数：897

中文摘要

核心结论

MP Materials（MP材料，MP）起诉USA Rare Earth（美国稀土公司，USAR），指控其窃取磁体技术并违法招募关键工程师。争议把知识产权、专业人才和项目执行风险同时带入两家公司的美国磁材扩张路径。

重要性评级

评级：4/5（中高）

诉讼直接涉及USAR与MP，对技术来源、人才稳定和政府支持项目具有潜在影响；文章未提供诉状编号、具体商业秘密或USAR回应。

关键事实

MP指控USAR获取其专有磁体技术，并非法招募关键工程师。
文章称MP股价约53美元，过去一年回报76.5%，三年回报107.8%，五年回报51.3%。
作者认为争议涉及MP从采矿向高附加值磁体制造延伸所依赖的工艺知识。
诉讼可能带来法律成本、管理层精力分散及敏感信息披露风险。
人才竞争发生在美国政府支持稀土项目扩张、中国加强出口管制的背景下。
文章提到MP与国防部门和Apple（苹果公司）存在合同，但未披露诉讼对这些合同的实际影响。

作者观点与证据

作者倾向认为，若MP成功保护知识产权，其长期供货谈判地位可能加强；诉讼也暴露磁材扩产所需人才和技术的稀缺性。证据主要是MP的指控和历史市场数据，尚无法院认定、禁令、和解或被告答辩，因此不能把指控当作既定事实。

与相关标的的关系

MP是原告，潜在影响包括技术保护、法律成本和人才留存；USAR是被告，面临技术来源、招聘行为和项目进度审查。Lynas（莱纳斯稀土）及其他同业可能受人才流动和合作条款收紧的间接影响。

时效性与限制

发布于美东时间 07/09 08:13（UTC+8 07/09 20:13）。诉讼信息距日报约五天，后续程序可能已变化；来源为二次分析，缺少法院文件和双方完整陈述。

后续跟踪

德州法院诉状、禁令申请和案件排期。
USAR正式答辩及双方和解可能性。
涉案工程师去留与项目人员变动。
政府合同或资金条款是否因诉讼调整。

英文原文

MP Materials (MP) Sues USA Rare Earth Over Magnet Technology And Engineer Hiring

Bailey Pemberton

Thu, July 9, 2026 at 8:13 PM GMT+8 4 min read

-5.19%

USAR

-6.87%

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE.

MP Materials (NYSE:MP) has filed a lawsuit against USA Rare Earth, accusing the company of stealing proprietary magnet technology.

The complaint also alleges illegal recruitment of key MP Materials engineers, intensifying competition for scarce technical talent.

The dispute unfolds as China expands export controls affecting U.S. rare earth companies, including MP Materials.

For investors watching MP Materials, the legal action comes at a time when the stock trades around $53.0 and has delivered a 76.5% return over the past year. Over a 3-year period the stock is up 107.8%, while over 5 years it is up 51.3%. This performance highlights how closely the company is tied to interest in rare earth supply chains.

Looking ahead, the lawsuit and China's export controls put extra attention on MP Materials' technology, intellectual property, and ability to retain specialized engineers. Readers may want to track any court findings, potential settlements, and policy developments, as these could influence how the company positions itself in the rare earth magnet segment and broader U.S. supply chain efforts.

Stay updated on the most important news stories for MP Materials by adding it to your watchlist or portfolio . Alternatively, explore our Community to discover new perspectives on MP Materials.

NYSE:MP Earnings & Revenue Growth as at Jul 2026 We've flagged 1 risk for MP Materials. See which could impact your investment.

The lawsuit puts MP Materials' core magnet technology and talent retention at the center of its investment story. By accusing USA Rare Earth of stealing process know how that took years and substantial capital to develop, MP Materials is signaling how important proprietary intellectual property is to its move from mining into higher margin magnet manufacturing. The case also shines a light on fierce competition for engineers as U.S. rare earth projects backed by government funding expand. For investors, this legal action sits alongside China's export controls as another factor that could influence MP Materials' partnerships, contract terms, and long term bargaining power with customers that want secure domestic supply.

How This Fits Into The MP Materials Narrative

If MP Materials succeeds in protecting its magnet technology, that would support the narrative that it can build a defensible position in value added manufacturing backed by long duration offtake deals.

The dispute highlights technology and execution risk for its magnet expansion, which could challenge assumptions that downstream projects ramp smoothly and at planned economics.

The lawsuit and talent squeeze introduce legal and human capital factors that are not fully addressed in the focus on contracts with the Department of Defense and Apple.

Story Continues

Knowing what a company is worth starts with understanding its story. Check out one of the top narratives in the Simply Wall St Community for MP Materials to help decide what it's worth to you.

The Risks and Rewards Investors Should Consider

⚠️ Legal costs, management distraction, and potential disclosure of sensitive information during litigation could weigh on MP Materials' execution of new magnet projects.

⚠️ China's export controls, combined with insider selling and a high reported P/E, underline that expectations around MP Materials carry valuation and policy risk.

🎁 A successful defense of proprietary technology could strengthen MP Materials' position when negotiating long term supply agreements with customers such as automakers and electronics producers.

🎁 Government backed rare earth initiatives and public private partnerships may create a supportive backdrop for companies that can prove ownership and control of their technology.

What To Watch Going Forward

Investors in MP Materials may want to follow key milestones in the Texas court case, including any injunctions, settlements, or findings about trade secrets, as these could shape how unique the company's magnet capabilities really are. It is also worth watching whether rivals such as USA Rare Earth, Lynas, and major diversified miners adjust their hiring or partnership activity in response to the dispute. Finally, tracking how China's export controls are implemented, and whether U.S. government agencies adjust funding or contract terms for MP Materials, will help clarify how the company's competitive position in the rare earth supply chain evolves.

To ensure you're always in the loop on how the latest news impacts the investment narrative for MP Materials, head to the community page for MP Materials to never miss an update on the top community narratives.

Companies discussed in this article include MP .

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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美国稀土扩产遭遇人才断层

重要性5/5 高

高质量多源报道揭示USAR、MP等项目共同面对的人才与工艺约束，对执行风险解释力强。

标签

标的：`USAR`来源：Bloomberg发布日期：2026-07-09重要性：5/5 高评级理由：高质量多源报道揭示USAR、MP等项目共同面对的人才与工艺约束，对执行风险解释力强。评级依据：source_quality, fact_density, evidence_strength原文字数：1327

中文摘要

核心结论

美国稀土供应链的约束已从矿产资源延伸到分离、冶金和磁体制造人才。企业依赖退休专家、跨行业工程师和缺少经验的新毕业生，意味着政府资金与厂房建设无法单独保证项目按期投产。

重要性评级

评级：5/5（高）

彭博以企业、大学、诉讼和劳动力数据交叉呈现结构性瓶颈，直接解释USAR、MP及其他美国稀土项目的执行风险，来源质量和事实密度均较高。

关键事实

86岁的Jack Lifton重新参与行业咨询，为Energy Fuels（能源燃料公司）等客户提供稀土分离和商业化工艺建议。
稀土17种元素的分离可能需要数十道萃取步骤，相关经验在美国已中断数十年。
MP于5月起诉USAR，指控其招募一名高级工程师及另外七名员工并获取加工和磁体制造专有信息。
Ramaco Resources（拉马科资源）另行起诉一名前员工，指控其向USAR分享专有研究。
美国矿业毕业生数量约为中国的十五分之一，上一年约285人。
美国现有约12所认证矿业院校，不到20世纪80年代初的一半；约22.1万名矿业从业者中，逾半预计到2029年退休。
怀俄明大学仅有二十多名学生专攻稀土；2025年入门石油工程师平均薪资104051美元，矿业工程师为79823美元。
USAR于年初收购法国Carester 12.5%股权，以获得技术及资深专家资源。

作者观点与证据

作者认为人才断层可能使美国稀土项目经历多年开发问题。证据来自企业高管、顾问、大学负责人、毕业生、工资和教育体系数据，并以多起人才诉讼说明竞争强度。个别受访者观点带有自身项目经验和利益立场，但多个独立案例指向同一执行约束。

与相关标的的关系

USAR通过招聘和Carester持股获取能力，同时承受MP及Ramaco诉讼风险；MP需保护工程团队和工艺知识。Energy Fuels、Aclara（阿克拉资源）等项目也面临相同的人才培养周期，行业扩产速度可能低于企业公开时间表。

时效性与限制

发布于美东时间 07/09 06:00（UTC+8 07/09 18:00）。结构性人才数据适合作为中期背景，但文中没有逐家公司人员配置、岗位缺口或产能延期量化模型。

后续跟踪

关键企业工程师流动和技术团队扩充情况。
MP、Ramaco与USAR相关诉讼进展。
联邦人才培养项目的招生、毕业和就业数据。
各分离厂、磁体厂的调试时间及实际达产率。

英文原文

Rare Earth Talent Scramble Lures 86-Year-Old From Retirement

Jacob Lorinc

Thu, July 9, 2026 at 6:00 PM GMT+8 6 min read

USAR

-6.87%

METCZ

+0.08%

-5.19%

ARA.TO

-6.06%

(Bloomberg) -- Jack Lifton first retired from the mining industry more than a quarter century ago. These days, at 86, he's busier than ever.

APLD现金流与融资压力受审视

重要性3/5 中

财务风险点与APLD直接相关，但证据粒度较粗，且文章带有明显筛选服务推广。

标签

标的：`APLD`来源：StockStory发布日期：2026-07-09重要性：3/5 中评级理由：财务风险点与APLD直接相关，但证据粒度较粗，且文章带有明显筛选服务推广。评级依据：fact_density, source_quality, evidence_caveat原文字数：651

中文摘要

核心结论

StockStory对APLD持谨慎立场，理由是收入规模较小、自由现金流为负及流动性偏弱，而当前估值已计入较高增长预期。文章把这些风险与CAVA、NVR并列筛选，分析深度有限。

重要性评级

评级：3/5（中）

APLD财务和估值数字与标的直接相关，但内容属于营销型股票筛选，缺少资产负债表、现金消耗和盈利预测的详细依据。

关键事实

APLD市值约118.5亿美元，收入基数为3.555亿美元。
文章称公司自由现金流为负，投资回收期存在不确定性。
作者认为流动性状况可能导致后续股权融资及股东稀释。
APLD文中价格为31.44美元，对应远期企业价值与息税折旧摊销前利润比率40.7倍。
对照公司NVR市值174.9亿美元，远期市盈率17.9倍；其过去两年每股收益年均下降7.5%。
CAVA过去两年同店销售额平均增长9.8%，文章预计次年收入增长23.8%，但远期市盈率达114倍。

作者观点与证据

作者把APLD列入两只应回避的中盘股，证据集中于收入规模、负自由现金流、流动性和估值倍数。文中没有给出自由现金流金额、净债务、融资到期表或远期息税折旧摊销前利润的来源，末尾还包含明显的选股服务推广。

与相关标的的关系

APLD是文章直接评价对象，风险路径涉及建设资金、股权稀释和规模效应。CAVA与NVR仅作为同一筛选文章中的对照，业务上与APLD没有直接联系。

时效性与限制

发布于美东时间 07/09 04:29（UTC+8 07/09 16:29）。价格和估值倍数会随市场快速变化；财务判断缺少期间口径，不宜脱离最新财报使用。

后续跟踪

最新季度自由现金流和建设资本支出。
现金余额、债务到期及可用融资额度。
新增融资的规模、价格与稀释程度。
远期息税折旧摊销前利润预测及兑现情况。

英文原文

1 Mid-Cap Stock on Our Watchlist and 2 We Ignore

Radek Strnad

Thu, July 9, 2026 at 4:29 PM GMT+8 3 min read

-0.64%

CAVA

+0.50%

APLD

-7.42%

1 Mid-Cap Stock on Our Watchlist and 2 We Ignore Mid-cap stocks have the best odds of scaling into $100 billion corporations thanks to their tested business models and large addressable markets. But the many opportunities in front of them attract significant competition, spanning from industry behemoths with seemingly infinite resources to small, nimble players with chips on their shoulders.

Luckily for you, our mission at StockStory is to help you make money and avoid losses by sorting the winners from the losers. That said, here is one mid-cap stock with huge upside potential and two best left ignored.

Two Mid-Cap Stocks to Sell:

NVR (NVR)

Market Cap: $17.49 billion

Known for its unique land acquisition strategy, NVR (NYSE:NVR) is a respected homebuilder and mortgage company in the United States.

Why Should You Dump NVR?

Sales stagnated over the last two years and signal the need for new growth strategies

Earnings per share fell by 7.5% annually over the last two years while its revenue was flat, showing each sale was less profitable

Shrinking returns on capital suggest that increasing competition is eating into the company's profitability

At $6,432 per share, NVR trades at 17.9x forward P/E. Read our free research report to see why you should think twice about including NVR in your portfolio, it's free .

Applied Digital (APLD)

Market Cap: $11.85 billion

Pivoting from its origins in cryptocurrency mining to become a key player in the AI infrastructure boom, Applied Digital (NASDAQ:APLD) designs and operates specialized data centers that provide high-performance computing infrastructure for artificial intelligence and blockchain applications.

Why Are We Wary of APLD?

Smaller revenue base of $355.5 million means it hasn't achieved the economies of scale that some industry juggernauts enjoy (but also enables it to grow faster if it executes properly)

Negative free cash flow raises questions about the return timeline for its investments

Unfavorable liquidity position could lead to additional equity financing that dilutes shareholders

Applied Digital is trading at $31.44 per share, or 40.7x forward EV-to-EBITDA. Check out our free in-depth research report to learn more about why APLD doesn't pass our bar .

One Mid-Cap Stock to Watch:

CAVA (CAVA)

Market Cap: $10.28 billion

Starting from a single Washington, D.C. location, CAVA (NYSE:CAVA) operates a fast-casual restaurant chain offering customizable Mediterranean-inspired dishes.

Why Is CAVA Interesting?

Fast expansion of new restaurants to reach markets with few or no locations is justified by its same-store sales growth

Average same-store sales growth of 9.8% over the past two years indicates its restaurants are resonating with diners

Expected revenue growth of 23.8% for the next year suggests its market share will rise

Story Continues

CAVA's stock price of $67.89 implies a valuation ratio of 114x forward P/E. Is now the right time to buy? See for yourself in our in-depth research report, it's free .

High-Quality Stocks for All Market Conditions

Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,326% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+351% five-year return). Find your next big winner with StockStory today .

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四只存储ETF策略拆解

重要性5/5 最高优先级

直接提供DRAM、KMEM、HBMX和DISK的持仓、费率及产业差异，对理解存储ETF风险暴露最有价值。

标签

标的：`DRAM`, `KMEM`来源：etf.com发布日期：2026-07-09重要性：5/5 最高优先级评级理由：直接提供DRAM、KMEM、HBMX和DISK的持仓、费率及产业差异，对理解存储ETF风险暴露最有价值。评级依据：直接关联DRAM和KMEM, 持仓权重数据完整, 包含费率与资金规模, 区分HBM和NAND暴露, 明确指出预测性假设原文字数：1306

中文摘要

核心结论

DRAM、HBMX、KMEM和DISK虽然都覆盖存储产业，持仓结构差异显著：DRAM集中三大HBM（高带宽存储器）厂商，KMEM重仓SK海力士，HBMX扩展至设备商，DISK偏向NAND（闪存）。产品差异主要来自产业环节和集中度，费率没有形成明显竞争优势。

重要性评级

评级：5/5（最高优先级）

文章直接拆解DRAM和KMEM等基金的权重、费率、资产流入与产业逻辑，是本批次中最完整的产品比较材料。

关键事实

发布于美东时间 07/09 01:34（UTC+8 07/09 13:34）。
DRAM于04/02（未给出具体时刻）上市，约三个月吸引超过210亿美元净流入，资产接近260亿美元，基金价格近乎三倍。
DRAM费率0.65%；SK海力士、Samsung和Micron各占约四分之一，合计约四分之三。
HBMX于06/02（未给出具体时刻）上市，费率0.95%；持有Micron约9%、Applied Materials约8%、ASML和Lam Research各约6%。
KMEM于07/01（未给出具体时刻）上市，费率0.65%；SK海力士约42%、Micron约20%、Samsung约19%。
DISK于06/30（未给出具体时刻）上市，费率0.75%；Kioxia约17%、SanDisk约16%，明显偏向NAND。
三只新基金各吸引约3,000万美元；DISK和KMEM上市仅约一周。
Tema预计存储器在超大规模云厂商物料成本中的占比可能从约30%升至一两年后的近50%，但属于发行方预测。

作者观点与证据

作者认为DISK与DRAM的差异最大，因为其押注数据中心将部分上下文存储从昂贵的DRAM（动态随机存取存储器）转向闪存；同时指出该迁移尚未得到充分验证。作者质疑HBMX加入设备商后削弱了存储纯度。

与相关标的的关系

KMEM对SK海力士的权重约42%，单一公司变化影响突出；DRAM平均集中于三大HBM厂商；DISK更受NAND价格周期影响；HBMX还会受到整体半导体资本开支影响。

时效性与限制

权重和资产规模均可能快速变化；产品发行方关于需求迁移的陈述带有产品定位动机。

后续跟踪

四只基金最新权重与资产规模
HBM和NAND价格差异
数据中心存储架构是否转向闪存
SK海力士美国上市后的KMEM集中度

英文原文

New Memory ETFs Line Up to Challenge Runaway DRAM

Sumit Roy

Thu, July 9, 2026 at 1:34 PM GMT+8 6 min read

000660.KS

+0.49%

KMEM

-10.97%

HBMX

-5.43%

DRAM

-9.11%

005930.KS

+3.14%

The Roundhill Memory ETF (DRAM) is one of the most successful fund launches of all time. Since coming to market on April 2, it has pulled in more than $21 billion of net inflows while its share price has nearly tripled, pushing assets close to $26 billion.

All of that happened in roughly three months, which makes DRAM the fastest-growing ETF on record.

The timing could not have been better. DRAM launched just as memory stocks were going vertical, driven by one of the sharpest supply/demand imbalances the industry has ever seen.

Before DRAM, it wasn't easy for U.S. investors to play the memory theme. Two of the biggest names in the space, SK Hynix and Samsung, do not trade on U.S. exchanges (the former is set to list ADRs on the Nasdaq this Friday), so investors who wanted the exposure were buying South Korea funds like the iShares MSCI South Korea ETF (EWY) , which included the memory giants along with a host of unrelated stocks.

DRAM gave them a pure-play alternative aimed squarely at memory.

But given the enormous inflows DRAM has seen, it was only a matter of time before other issuers tried to peel off a piece for themselves. Three have shown up so far, but interestingly, none is competing on price.

DRAM charges 0.65%, and the newcomers run from a matching 0.65% up to 0.95%. Instead, each is trying to stake out a different slice of the memory theme.

What These Funds Own

It helps to understand the memory industry before comparing the funds. Memory chips come in two broad flavors. DRAM (the type of memory, not the ETF) is the fast, volatile working memory that loses its contents the moment the power goes off, and high-bandwidth memory, or HBM, is a premium version of it, built by stacking DRAM chips vertically and wiring them together so data can move at very high speeds.

HBM is the component that sits right next to the GPUs in an AI server, and it is the biggest bottleneck in the current build-out.

NAND flash is the other category, the non-volatile storage that holds data whether the power is on or not, and the stuff inside solid-state drives.

The big three, SK Hynix, Samsung and Micron, dominate DRAM and HBM. They make NAND too, and Samsung is in fact the biggest NAND producer, but their profits come mostly from the DRAM and HBM side right now.

Kioxia and SanDisk are the pure NAND plays, with no DRAM or HBM businesses of their own.

DRAM, the ETF, focuses on, well, DRAM. SK Hynix, Samsung and Micron—the three companies that dominate HBM—each make up roughly a quarter of the portfolio, about three-quarters of the fund between them, with SanDisk, Seagate, Western Digital, Kioxia and a handful of others filling out the rest.

Story Continues

HBMX Reaches Beyond the Chipmakers

The first challenger to DRAM was the Tuttle Capital Concentrated Memory Stack ETF (HBMX) , which launched June 2 and charges 0.95%. Tuttle casts a wider net, targeting the whole "memory semiconductor ecosystem," which means not just the chipmakers but the companies that supply the equipment, materials and services used to build memory.

Micron sits around 9% and SanDisk around 5%, but the fund also holds Applied Materials near 8%, ASML at 6% and Lam Research at 6%. Those equipment makers do supply the memory manufacturers, but they also sell to logic customers like TSMC, so their fortunes track overall semiconductor capex rather than memory specifically.

That makes HBMX less of a pure memory bet and more of a memory-plus-semicap play.

KMEM Tilts Hard Toward SK Hynix

The Kurv Memory Select ETF (KMEM) went the other way. It launched July 1, matches DRAM's 0.65% fee, and doubles down on the big three. SK Hynix alone is about 42% of the portfolio, with Micron near 20% and Samsung around 19%.

So like DRAM, roughly three-quarters of the fund sits in the HBM trio, only with a much heavier tilt toward SK Hynix, which holds the largest share of the HBM market and, in Kurv's telling, trades cheaper than its peers.

It is almost an attempt to out-DRAM DRAM. If you are more bullish on SK Hynix in particular, this is one way to express it.

DISK Bets on Flash Instead

The Tema Memory ETF (DISK) , which launched June 30 at 0.75%, is the one doing something genuinely interesting. It stays inside the memory theme but deliberately leans away from HBM.

Its top holdings are Kioxia at about 17% and SanDisk at 16%, with Samsung around 9%, SK Hynix near 8% and Micron further down the list at 5%.

Kioxia and SanDisk are storage and NAND-flash names rather than HBM producers, so DISK is effectively betting on the parts of the memory market that the HBM-heavy funds underweight.

Of the three, it is the most differentiated from DRAM while still being unmistakably a memory fund.

Tema's Case

DISK's tilt is a deliberate call on where memory demand is heading, and Tema's chief investment officer, Yuri Khodjamirian, laid out the case for overweighting NAND in an interview with ETF.com.

On the demand side, memory is eating up a growing share of what hyperscalers spend, by the firm's estimate somewhere around 30% of the bill of materials this year and potentially closer to half within a year or two.

DRAM is the expensive part of that bill, and as agentic AI widens context windows, with agents spinning up other agents and each one needing to hold its own instructions in working memory, keeping all of it in DRAM and HBM starts to get prohibitively expensive.

Tema's bet is that data centers increasingly offload some of that context onto cheaper flash, which plays straight to the NAND names.

Meanwhile, on the supply side, because DRAM and HBM carry much fatter margins right now, the manufacturers that make both are steering fab capacity toward them and away from NAND, which tightens the flash market and pushes prices up.

Of course, there is a risk to this bet. DRAM and HBM are where the fattest margins and the clearest AI demand sit today, so leaning away from them means tilting toward a more commodity-like and more cyclical corner of memory.

NAND has historically been more volatile on pricing and quicker to see its margins compress when the cycle turns, and the context-offload thesis is a forecast rather than a fact.

If HBM demand keeps surging and the shift toward flash arrives slowly, DISK's NAND overweight could cause it to lag the HBM-heavy funds.

Early Traction

The flows for the three DRAM ETF competitors have so far been modest, but it's early days. Each of the three has taken in somewhere around $30 million since launch.

For HBMX, which has had roughly a month to gather assets, that isn't much to write home about. For DISK and KMEM, both barely a week old, it is a solid start.

The more important question for investors is whether they are worth owning. I won't make an investment call here, but to me, DISK appears the most differentiated versus DRAM.

The ETF gives you memory without the massive overweight in the HBM names, which is smart product positioning on the part of Tema, but also potentially compelling for investors who are bullish on NAND.

HBMX is the one I would question. Reaching into equipment makers and the broader ecosystem waters down the very thing that made DRAM a phenomenon—a clean and concentrated bet on memory.

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The $2 trillion chip sell-off hits a make-or-break level: Chart of the Day

重要性未评级

发布时间早于日报 5 天摘要窗口。

标签

标的：`DRAM`来源：Yahoo Finance发布日期：2026-07-08重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：446

中文摘要

该文章早于本次日报摘要窗口，未生成新的中文摘要；可展开原文或打开来源核查。

英文原文

The $2 trillion chip sell-off hits a make-or-break level: Chart of the Day

Jared Blikre

Wed, July 8, 2026 at 11:50 PM GMT+8 2 min read

SOX=F

-4.55%

SOXX

-4.77%

DRAM

-9.11%

^SOX

-4.78%

Chip stocks are trying to bounce after a $2 trillion sell-off pushed the group back to the line between a pullback and a breakdown.

The PHLX Semiconductor Index ( ^SOX ) is testing the same 12,000-ish area that briefly stopped the group in May, triggering a classic chart setup. An old ceiling can become a new floor, but only if buyers defend it when prices come back down. Buyers successfully defended the area one month ago.

For SOX, the line bulls need to hold is roughly 11,950 on a closing basis. For the iShares Semiconductor ETF ( SOXX ), the matching level is around 535.

Hold those levels, and the bounce could easily extend toward 13,000 on SOX, with 14,000 the bigger wall above that. Lose them, and the chart starts pointing lower fast — potentially an elevator ride down another 1,000 points toward 11,000.

The selling pressure behind the test is real.

Since June 22, the closing peak for SOX, the Roundhill Memory ETF ( DRAM ), and many chip stocks, Yahoo Finance's nearly 60-stock semiconductor basket has lost roughly $2.1 trillion in market value, with a median decline of 21%.

DRAM has already entered bear market territory — down over 20% close to close — but SOX's corresponding level is a bit lower, around 11,700.

Memory remains the loudest stress point. Samsung ( 005930.KS ) and SK Hynix ( 000660.KS ) both fell another 6% overnight to a six-week low. Samsung is now down more than 25% from its peak — as is Micron ( MU ) in the US — while SK Hynix is down 30%.

That turns SK Hynix's planned Nasdaq debut Friday into a live sentiment check for the AI memory trade.

The company's roughly $28 billion ADR offering will make its shares directly available to US investors for the first time. The offering is strongly oversubscribed , Reuters reported, signaling institutional appetite even as the trade is selling off.

For chip bulls, the job is simple. Hold roughly 11,950 on SOX and 535 on SOXX, and the sell-off can still look like a retest. Close below, and the elevator opens toward 11,000.

Jared Blikre is the global markets and data editor for Yahoo Finance. Follow him on X at @SPYJared or email him at jaredblikre@yahooinc.com.

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Why Penguin Solutions May Be the Smartest AI Infrastructure Stock

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Why Penguin Solutions May Be the Smartest AI Infrastructure Stock

Penguin Solutions logo overlaid on a data center hallway lined with server racks.

Thomas Hughes, MarketBeat

Wed, July 8, 2026 at 11:25 PM GMT+8 5 min read

PENG -1.46%

IREN -5.25%

APLD -7.42%

NBIS -4.16%

forecast

Key Points

Interested in Penguin Solutions, Inc.? Here are five stocks we like better.

Penguin Solutions reported fiscal Q3 2026 revenue of $479 million, up nearly 48% year-over-year and well above consensus estimates, driven largely by AI demand.

The company raised full-year guidance significantly, including a 22% revenue growth target and improved adjusted gross margin and earnings per share forecasts.

Analysts and institutional investors remain bullish, with a Moderate Buy consensus, rising price targets, and shares up more than 200% since April despite high valuation concerns.

While not technically a pure-play GPU-as-a-Service or neocloud operator, Penguin Solutions (NASDAQ: PENG) is essentially in the same business as Nebius (NASDAQ: NBIS), Iren (NASDAQ: IREN), and Applied Digital (NASDAQ: APLD), but with far less risk.

What it does is enable businesses, enterprises, governments, and hyperscalers to access AI-capable, high-performance computing (HPC) capacity, along with the software and services to run it.

→ PriceSmart Stock Eyes $220 as Chile Expansion Fuels Growth

The difference is that Nebius, Iren, and Applied Digital take on significant risk by owning GPUs, data centers, and the infrastructure to operate them, while Penguin Solutions doesn't. It is the true enabler, focusing on clients with the capacity to build their own HPC systems and providing them with the engineering, hardware, software, and services to make it all work. This includes long-term contracts for data center operation and maintenance, which is the real story in AI. While the data center buildout gets the headlines today, it will be day-to-day operations and maintenance that drive revenue and cash flow in the long term.

Penguin Solutions Earnings Results Signal Game-Changing Shift

Penguin Solutions' Q3 fiscal 2026 results and guidance were so hot, underpinned by AI demand, as to be comparable to NVIDIA's (NASDAQ: NVDA), relatively speaking. Revenue grew by nearly 48% year-over-year to $479 million, more than $55 million above MarketBeat's reported consensus estimates and about 1,360 basis points better than expected. Strength was driven by AI, with Integrated Memory more than doubling year over year (YOY). Integrated Memory is critical to Penguin Solutions' business, as it helps unblock the memory bottleneck by enabling HPC datacenters to pool memory across clusters, improving latency and efficiency.

→ PepsiCo's Dividend Could Turn Patience Into Real Profit

Margin was another critical factor in this equation. Long criticized for its profitability metrics, the company appears to be turning a corner. While gross margins were compressed, internal improvements and revenue leverage aided operating margin expansion, allowing top-line strength to carry through. Highlights include record-setting GAAP and adjusted operating income, with adjusted operating income up by 67% compared to the 48% top-line advance. Looking ahead, the strength is expected to continue, as reflected in the guidance.

Story Continues

The guidance was as eye-popping as the revenue, with full-year revenue now expected to grow by 22%, a 1,000 bps improvement from the prior quarter. Within that, the adjusted gross margin target was improved by 50 bps, and adjusted earnings per share (EPS) by 45 cents or 2,040 bps, and all may be cautious. There is clear momentum in the data center industry, and Penguin Solutions has emerged as a top-tier service provider. With this in play, investors should expect results to remain strong for the foreseeable future.

→ MarketBeat Week in Review – 07/06 - 07/10

Penguin's fiscal Q3 strength is also seen in its balance sheet. While cash is down year-to-date, the drawdown is minimal; the company is well-capitalized, and metrics, including receivables, inventory, and equity, reflect strength. Receivables more than doubled to over $700 million, more than offsetting the cash decline, while inventory also more than doubled and long-term debt declined. The impact on equity was substantial, increasing by nearly 11.5%.

Penguin Solutions Q3 Results Affirm Analysts' Support: Price Targets Rise

Penguin Solutions' fiscal Q3 results affirmed the bullish posture analysts had displayed ahead of the release, prompting some to lift their price targets again following the report. Commentary focused on the massive top-line beat and margin improvements, which directly refute the critics.

The takeaway is that 10 analysts rate this stock as a Moderate Buy, there is a 70% Buy-side bias, and the price targets are rising. The consensus price target lags price action, but this is not a concern, as it rose by 40% on a trailing 3-month basis as of early July, with high-end targets forecasting fresh all-time highs.

Institutional activity is also bullish, with them owning more than 97% of the shares and aggressively buying at a $3-to-$1 pace over the trailing 12 months. They provide solid support and limit downside risk, setting the stage for retail investors to drive shares higher. The likely outcome is that institutions continue to underpin support in future quarters while improving visibility leads retail money into the market.

The chart action is robust. PENG shares have rallied strongly since April, rising by more than 200%. Price action has pulled back from its peak, but MACD convergences suggest this rally is far from over. Convergences, a sign of strength, exist across multiple time frames, including monthly, weekly, and daily chart action, a convergence in its own right, suggesting new highs are likely. The critical support and resistance targets are near $60 and $75; a move below $60 is unexpected, while a move above $70 is more likely. The biggest risk is the valuation, which is high at approximately 35x earnings. However, the fiscal Q3 results affirm a healthy growth outlook, putting this stock at value levels within a few years.

The article " Why Penguin Solutions May Be the Smartest AI Infrastructure Stock " was originally published by MarketBeat.

View MarketBeat's top stocks for July 2026 .

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TSMC Outpaces Sector & Peers in a Year: Is the Stock Still a Buy?

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标的：`GFS`来源：Zacks发布日期：2026-07-08重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：995

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TSMC Outpaces Sector & Peers in a Year: Is the Stock Still a Buy?

Moumi Mondal

Wed, July 8, 2026 at 10:01 PM GMT+8 5 min read

2330.TW

-1.02%

^GSPC

-0.79%

-2.89%

-7.29%

-5.83%

The global semiconductor foundry market is attracting growing investor interest, driven by advancements in artificial intelligence (AI), machine learning, 5G and the Internet of Things (IoT). Foundries continue to heavily invest in research and development to offer advanced process nodes, helping meet demand for these high-tech applications. According to Fortune Business Insights, the market is projected to witness a CAGR of 3.4% through 2026-2034, expanding from $175.1 billion in 2025. Taiwan Semiconductor Manufacturing Company TSM, or TSMC, dominates this space with more than 70% market share.

Over the past year, the stock has surged 90.4%, outperforming the Zacks Computer and Technology sector's 37.2% gain and the S&P 500 composite's 24.9% return. TSMC also outpaced peers GlobalFoundries GFS and ON Semiconductor ON, or onsemi, both of which gained 58.9% over the same period.

TSM Stock's 12-month Performance

Zacks Investment Research

Image Source: Zacks Investment Research

Based on its last closing price, TSM stock is trading above its 50-day and 200-day simple moving averages (SMAs), signaling sustained bullish momentum.

TSM Technical Indicator

Zacks Investment Research

Image Source: Zacks Investment Research

Tailwinds Supporting TSMC

TSMC reported May 2026 consolidated net revenues of NT$416.98 billion (New Taiwan Dollars), up 1.5% from April 2026 and 30.1% from May 2025. For the first five months of 2026, consolidated revenues totaled NT$1.96 trillion, marking a 30% increase compared with the same period last year.

Robust AI-related demand underpins the company's growth outlook. Management stated that the shift from generative AI and the query mode to agentic AI and command and action mode is driving higher token consumption and increasing the need for computation, supporting demand for leading-edge silicon. TSMC continues to see a strong signal and positive outlook from its customers as well as cloud service providers, maintaining a high level of conviction in the multiyear AI megatrend.

Performance-wise, first-quarter 2026 revenues increased 6.4% sequentially to $35.9 billion, slightly ahead of the company's guidance. Gross margin expanded by 390 basis points (bps) sequentially to 66.2%, driven by cost improvement efforts, a higher overall capacity utilization rate and a more favorable foreign exchange rate. Operating margin improved 410 bps sequentially to 58.1% due to operating leverage.

TSMC's 2-nanometer (N2) and A16 technologies continue to lead the industry in addressing the demand for energy-efficient computing, with almost all the innovators working with TSMC. N2 is ramping up successfully in multiple phases at both the company's Hsinchu and Kaohsiung sites, led by strong demand from both smartphone and High-Performance Computing ("HPC") AI applications.

Story Continues

At the same time, the company is stepping up its capital expenditure to expand its global 3-nanometer capacity. The expansion spans Taiwan, Arizona and Japan, alongside 5-nanometer tool conversions and capacity optimization across N7, N5 and N3 nodes. TSMC's A14 technology development is also on track, for which it is seeing a high level of customer interest and engagement from both smartphone and HPC applications.

TSMC's Near-Term Financial Outlook

TSMC remains confident that full-year 2026 revenues will grow by more than 30% in U.S. dollar terms, reflecting the strength of its differentiated technology and broad customer base.

For the second quarter, the company expects revenues between $39 billion and $40.2 billion, representing 10% sequential growth and 32% year-over-year growth at the midpoint. Based on an exchange rate assumption of $1 to 31.7 New Taiwan Dollars, the second-quarter gross margin is projected at 65.5%-67.5% and operating margin at 56.5%-58.5%. Management noted that the initial ramp-up of its 2-nanometer technology will dilute gross margin by 2%-3% for the year.

TSMC also expects capital expenditures to trend toward the high end of its previously announced $52-$56 billion range as it expands capacity to support customer demand. Despite the elevated spending, management reiterated its focus on delivering profitable growth for shareholders.

TSM Stock's Estimate Trend

At present, the Zacks Consensus Estimate expects TSMC's earnings per share (EPS) to grow 44.1% to $15.35 in 2026, followed by another 27% increase to $19.50 in 2027. Analyst estimates for both years have moved higher over the past three months. The company's revenues are expected to grow 32.3% in 2026 and another 26.6% in 2027.

Zacks Investment Research

Image Source: Zacks Investment Research

How Valuation Metrics Look for TSMC

Based on the forward 12-month Price/Earnings (P/E), TSM trades at 25.84X, slightly above its median of 24.33X and the 24.98X sector average. In contrast, GFS trades at a P/E of 38.63X, while ON sits with 24.35X.

TSM's One-Year P/E

Zacks Investment Research

Image Source: Zacks Investment Research

Conclusion

TSMC benefits from strong demand for its leading-edge process technologies. The performance of its key profitability metrics is supported by cost improvement efforts and a high-capacity utilization rate. The higher level of capital spending reflects management's confidence in delivering profitable growth to shareholders and also capturing long-term growth opportunities. At the same time, TSMC remains well-positioned to continue capitalizing on the strong industry tailwinds.

The stock has significantly outperformed the sector and other peers over the past 12 months. From a valuation standpoint, TSM is trading close to both its historical median and sector average. Backed by positive earnings estimate revisions, the stock appears to be an attractive investment opportunity.

TSM carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Taiwan Semiconductor Manufacturing Company Ltd. (TSM) : Free Stock Analysis Report

ON Semiconductor Corporation (ON) : Free Stock Analysis Report

GlobalFoundries Inc. (GFS) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

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SEALSQ, GlobalFoundries Collaborate on Post-Quantum Cryptography, Quantum Computing

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标的：`GFS`来源：MT Newswires发布日期：2026-07-08重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：76

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SEALSQ, GlobalFoundries Collaborate on Post-Quantum Cryptography, Quantum Computing

PREMIUM

SEALSQ, GlobalFoundries Collaborate on Post-Quantum Cryptography, Quantum Computing

MT Newswires

Wed, July 8, 2026 at 8:55 PM GMT+8 1 min read

LAES -3.21%

GFS -7.29%

SEALSQ (LAES) and GlobalFoundries (GFS) said Wednesday they signed a memorandum of understanding to

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CRML, UUUU, USAR, ALOY, GLND: Greenland’s Rare-Earth Trade Draws Investors As Trump Revives Arctic Ambitions

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标的：`USAR`来源：Stocktwits发布日期：2026-07-08重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：985

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CRML, UUUU, USAR, ALOY, GLND: Greenland’s Rare-Earth Trade Draws Investors As Trump Revives Arctic Ambitions

CRML, UUUU, USAR, ALOY, GLND: Greenland’s Rare-Earth Trade Draws Investors As Trump Revives Arctic Ambitions · Stocktwits

Shivani Kumaresan

Wed, July 8, 2026 at 1:06 PM GMT+8 4 min read

USAR

-6.87%

CRML

-6.29%

ALOY

-9.85%

EFR.TO

-3.85%

GLND

+5.26%

Trump renewed his call for the U.S. to take control of Greenland, saying the Arctic island is vital to national security.

The island's Tanbreez project is among the world's largest undeveloped rare earth deposits.

Critical Metals gained attention for its 92.5% stake in Greenland's Tanbreez project.

Shares of Critical Metals Corp. (CRML), REalloys (ALOY), Energy Fuels (UUUU), USA Rare Earth (USAR) and Greenland Energy Company (GLND), companies tied to critical minerals and Arctic energy, advanced after President Donald Trump renewed calls for the United States to take control of Greenland during the NATO summit in Ankara.

The remarks renewed investor focus on Greenland's importance as Washington seeks to secure supplies of rare earths and other critical minerals used in defense, AI infrastructure, electric vehicles and advanced manufacturing.

See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox

Critical Metals, REalloys, Energy Fuels, USA Rare Earth and Greenland Energy stocks gained between 0.4% and 2%, overnight, ahead of Wednesday.

Why Trump Is Talking About Greenland Again

Trump renewed his push for the U.S. to take control of Greenland, arguing the Arctic island is essential to American national security because of its location and vast natural resources.

Speaking during a bilateral meeting with Turkish President Recep Tayyip Erdoğan, Trump said Greenland should be under U.S. control rather than Denmark's, reviving a proposal he first introduced in 2019.

He also said Greenland is surrounded by Chinese and Russian vessels, reinforcing his view that Washington should control the territory.

U.S. Rare Earth Supply Chain: Why Greenland Matters

Investors turned their focus on the diplomatic dispute's implications for companies involved in rare earth mining, mineral processing and Arctic energy exploration.

Greenland is home to huge deposits of rare earth minerals, along with oil and natural gas resources. These materials are increasingly important for manufacturing electric vehicles, renewable energy systems, advanced electronics and military equipment.

Among Greenland's best-known mining assets is the Tanbreez project, regarded as one of the world's largest undeveloped rare earth deposits. The renewed political attention also comes as the Pentagon works to reduce reliance on Chinese mineral supply chains before upcoming procurement deadlines.

China is the world's leading supplier of rare earth minerals, producing about 70% of global output and handling around 90% of the world's rare earth processing and refining.

Story Continues

Tanbreez Project: Why Critical Metals Is At Center Of The Greenland Trade

Critical Metals stock attracted attention because the company holds a 92.5% stake in the Tanbreez rare earth project in southern Greenland.

The company is working to build an alternative supply chain outside China by shipping minerals directly to processing facilities in North America and Europe. In June, Critical Metals began a 10,000-meter drilling program at the site to support mine planning. It also bought the Ocean Endeavour, an ice-capable vessel that can house up to 300 workers, as it prepares to advance the project toward commercial production.

On Stocktwits, retail sentiment around the stock turned to 'neutral' from 'bearish' territory the previous day.

ALOY's Importance In Processing Crtical Metals

REalloys stock also remained in focus as it plays an important role in processing rare earth minerals into materials used in defense and other advanced industries.

The company has secured a long-term agreement to purchase 15% of the first-phase output from Critical Metals' Tanbreez rare earth project in southern Greenland. On Tuesday, the U.S. Army selected REalloys to build and operate the first commercial critical minerals processing and metallization facility on a U.S. military base in Euclid, Ohio.

Meanwhile, Energy Fuels continues expanding its domestic rare earth processing capabilities, and USA Rare Earth is building an integrated U.S. magnet manufacturing supply chain.

Greenland Energy's Arctic Oil Ambitions

Greenland Energy focuses on exploring oil and gas resources in Greenland. The company holds exclusive exploration rights to about 2 million acres in the Jameson Land Basin in eastern Greenland, an area that independent studies estimate could contain up to 13 billion barrels of recoverable oil.

After going public through a SPAC merger in March, GLND partnered with Halliburton Co. (HAL) to support drilling operations planned for later this year.

What Are Retail Traders Saying

On Stocktwits, retail traders discussed upside potential for rare earth stocks after Trump's speech.

A user said , "$CRML $CRMX I'm biting at these lows… renewed Greenland talks should keep coming… due for an inevitable move higher."

Another user said , "The Greenlandic government would have to be out of its mind not to quickly grant $GLND Greenland Energy the oil exploration permit in Greenland. Trump would exploit it as proof of the need to seize Greenland without discussion."

So far this year, ALOY, CRML and USAR stocks have gained between 26% and 50%, while GLND and UUUU are down 79% and 11%, respectively.

Also See: Why Did CRNX, D, BCRX Stocks Surge To 52-Week Highs Today?

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Shivani Kumaresan has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy . This article was originally published on StockTwits .

ALHC Stock Clocks Worst Day In Over 2 Years On Whistleblower Financial Manipulation Allegation

BE Stock Drops 6% After Short Seller Flags Supply Chain Snag On Chinese Overreliance; Bloom Energy Says "Will Correct Record"

TSLA Stock Slips: Tesla's AI Chief Confirms Voice Commands For FSD Under Works

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Bitcoin Core 30.3与31.1发布

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标的：`BTC`来源：Bitcoin Core发布日期：2026-07-08重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：126

中文摘要

Bitcoin Core项目页面列示30.3和31.1均于2026-07-08发布，下载页将31.1列为最新版本。

英文原文

Bitcoin

Bitcoin Core 30.3 released

Bitcoin Core 30.3 is now available.

Published on July 08, 2026

Bitcoin Core 31.1 released

Bitcoin Core 31.1 is now available.

Published on July 08, 2026

Private Broadcast May Reveal Sender IP Address in Bitcoin Core 31.0

A bug in the -privatebroadcast feature, newly introduced in Bitcoin Core 31.0, may reveal the originator’s IP address to the receiving peer under certain net...

Published on June 06, 2026

CVE-2024-52911 - Script Interpreter Remote Crash

A specially-crafted block can be used to remotely crash a Bitcoin Core node by exploiting a use-after-free in its script interpreter.

Published on May 05, 2026

Bitcoin Core 31.0 released

Bitcoin Core 31.0 is now available.

Published on April 19, 2026

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Democratic Lawmakers Probe Lutnick’s Possible Ties to Cantor Fitzgerald Deal

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Democratic Lawmakers Probe Lutnick’s Possible Ties to Cantor Fitzgerald Deal

Democratic Lawmakers Probe Lutnick’s Possible Ties to Cantor Fitzgerald Deal · The Wall Street Journal · Jonathan Ernst/Reuters

Ben Glickman

Wed, July 8, 2026 at 5:46 AM GMT+8 2 min read

USAR

-6.87%

The firm, previously led by the commerce secretary, helped USA Rare Earth raise private funds in connection with the U.S. government’s investment.

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Why Direxion Daily Semiconductor Bull 3X ETF Just Crashed

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标的：`SOXL`来源：Motley Fool发布日期：2026-07-07重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：640

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Why Direxion Daily Semiconductor Bull 3X ETF Just Crashed

Rich Smith, The Motley Fool

Wed, July 8, 2026 at 2:23 AM GMT+8 3 min read

^IXIC

-1.55%

005930.KS

+3.14%

SOXL

-13.99%

NVDA

-3.52%

It's Tuesday, 1:45 p.m., and do you know where the Nasdaq is?

It's down 0.65% -- but that's not a patch on the damage being done today to the Direxion Daily Semiconductor Bull 3X Shares ETF (NYSEMKT: SOXL), which crashed 14% this afternoon.

And Samsung is to blame.

Image source: Getty Images.

Korea sends the semi market South

South Korean technology giant Samsung reported Q2 2026 earnings last night. Sales climbed 28% sequentially and more than doubled year over year. Operating profit surged many times over, to $58.4 billion.

And yet Samsung stock sold off 7% today. Why?

Korea's semiconductor giant beat analyst forecasts, but in a quirk of this artificial intelligence-fueled stock market, Samsung failed to beat investor expectations, which were for even higher numbers. This triggered a "buy the rumor, sell the news" phenomenon, with investors selling Samsung despite its good news, including confirmation that computer memory prices are still rising and that its profits are continuing to climb.

3x the risk, 3x the pain

So how did this affect the Direxion Daily Semiconductor Bull 3X ETF? Well, the first thing you need to know is that Samsung isn't a component of this ETF, so logically, Samsung's 7% price decline shouldn't have affected it much at all.

And yet it did.

Worries over Samsung's failure to wow the market sparked a sell-off among other semiconductor stocks that are components of the ETF -- names like Nvidia (NASDAQ: NVDA), Micron (NASDAQ: MU), and Intel (NASDAQ: INTC), all of which are among the ETF's top 10 holdings.

Worse, Direxion's strategy of magnifying stock price movements 3x meant the Daily Semiconductor Bull 3X ETF suffered far greater losses than its components.

And that's how a 7% sell-off in one stock in Korea created a 14% loss here in the U.S. of A.

Should you buy stock in Direxion Shares ETF Trust - Direxion Daily Semiconductor Bull 3x Shares right now?

Before you buy stock in Direxion Shares ETF Trust - Direxion Daily Semiconductor Bull 3x Shares, consider this:

Story Continues

Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $409,970 ! Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,200,223 !

See the 10 stocks »

*Stock Advisor returns as of July 7, 2026.

Rich Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Intel, Micron Technology, and Nvidia. The Motley Fool has a disclosure policy .

Why Direxion Daily Semiconductor Bull 3X ETF Just Crashed was originally published by The Motley Fool

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Up 102% in 2026, This Chip ETF Mysteriously Avoids Taiwan Semiconductor

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标的：`PSI`来源：24/7 Wall St.发布日期：2026-07-07重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：923

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Up 102% in 2026, This Chip ETF Mysteriously Avoids Taiwan Semiconductor

Up 102% in 2026, This Chip ETF Mysteriously Avoids Taiwan Semiconductor · 24/7 Wall St.

Michael Williams

Wed, July 8, 2026 at 1:20 AM GMT+8 5 min read

2330.TW

-1.02%

NVDA

-3.52%

-4.21%

-2.89%

-4.86%

Quick Read

PSI has doubled in 2026 by owning chip designers like AMD and MaxLinear rather than their manufacturer, Taiwan Semiconductor.

TSMC's ADR status bars it from PSI's US-focused index despite a $2.34 trillion market cap and a 49% gain in 2026.

Nvidia holds just a 3.91% weight in PSI, spreading AI-driven gains across memory, analog, and equipment names rather than one mega-cap.

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The Invesco Semiconductors ETF ( NYSEARCA:PSI ) has roughly doubled this year, gaining 102.37% from December 31, 2025 through July 6, 2026. The surprise: the fund carries the word "semiconductors" in its name yet holds zero shares of Taiwan Semiconductor Manufacturing ( NYSE:TSM ), the world's largest dedicated independent (pure-play) semiconductor foundry and the company that actually fabricates chips for Nvidia, AMD, and Apple.

PSI owns the chip designers, but it does not own their manufacturer.

What PSI Is

PSI is an Invesco-issued ETF listed on NYSE Arca that tracks a US-focused semiconductor index. As of the fund's April 30, 2026 NPORT filing, net assets stood at roughly $1.995 billion across 33 positions. Expense ratio and formal benchmark language are not disclosed in the most recent prospectus data available.

What is clear is the shape of the portfolio: 30 equity positions plus three short-term cash vehicles, spanning chip design, wafer fabrication equipment, memory, analog, and packaging.

Why It's Up

The fund's run tracks the AI infrastructure buildout, and its top holdings are the direct beneficiaries. The largest position is MaxLinear at 7.98% of net assets, followed by Advanced Micro Devices at 6.26%, Texas Instruments at 4.97%, Broadcom at 4.84%, and Micron Technology at 4.67%.

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The semiconductor capital equipment names round out the top tier: KLA at 4.39%, Lam Research at 3.99%, and Applied Materials at 3.94%. Nvidia sits at 3.91%, a relatively modest weight given its dominance in AI accelerators. That flat-ish weighting has been an asset in 2026, spreading gains across memory, analog, and equipment names rather than concentrating them in a single mega-cap.

Over the past year, PSI is up 158.54%. Over the past month it added 10.04%. The trailing week has been rougher, with the fund down 10.34% as the sector cooled from recent highs.

Story Continues

The TSMC Absence

Taiwan Semiconductor is not in the portfolio. The April 30, 2026 NPORT-P filing lists all 33 positions, and TSM appears in none of them. The likely reason is index construction: PSI's underlying index screens toward US-domiciled operating companies, and Taiwan-based TSMC trades in the US only as an ADR, placing it outside that universe. Israel-domiciled Tower Semiconductor and Camtek show up in the fund, so the screen is not purely US-listed, but foreign ADRs of Taiwan-based issuers appear to be excluded.

The gap matters because TSMC is the counterparty behind the fund's biggest holdings. CEO C.C. Wei has guided to over 30% full-year 2026 revenue growth, and quarterly revenue grew 35.1% year over year in the most recent report. TSM itself is up 49.42% year to date and 94.49% over the past year, with a market cap of $2.34 trillion.

What The Exclusion Means

Broader semiconductor funds that include foreign issuers do hold TSMC, often as a top-three weight. PSI's US tilt has produced a stronger 2026 return than TSM's own ADR, largely because MaxLinear, AMD, and the wafer-equipment complex have run harder than the foundry stock. It also means PSI carries more concentrated exposure to US design cyclicals and equipment makers, and less exposure to the manufacturing bottleneck that ultimately gates the whole industry. If leading-edge foundry pricing power reasserts itself, PSI will feel it only indirectly through its equipment suppliers.

Retirement-focused investors weighing PSI should look past the year-to-date headline. The fund has doubled in six months and given back double digits in a single week. Past performance does not guarantee future results, and this is not investment advice.

The Takeaway

PSI is a concentrated bet on the US semiconductor ecosystem: designers, equipment, memory, and analog. It has delivered outsized 2026 returns by owning the customers of TSMC rather than TSMC itself. Whether that trade continues depends on whether US-listed chip names can keep outrunning the foundry that supplies them.

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Micron, Samsung, SK Hynix just dragged memory stocks into a bear market

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标的：`DRAM`来源：Yahoo Finance发布日期：2026-07-07重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：486

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英文原文

Micron, Samsung, SK Hynix just dragged memory stocks into a bear market

Jared Blikre

Tue, July 7, 2026 at 11:45 PM GMT+8 2 min read

-4.32%

005930.KS

+3.15%

000660.KS

+0.49%

DRAM

-9.11%

SNDK

-12.63%

The AI memory trade finally cracked.

Micron ( MU ), Samsung ( 005930.KS ), SK Hynix ( 000660.KS ), and the Roundhill Memory ETF ( DRAM ) are all down more than 20% from recent closing highs, turning one of 2026's hottest trades into a bear market just as Samsung's record profit failed to impress investors.

Samsung did not miss on earnings. Its estimates for operating profit of $59 billion and sales of $113 billion were monster numbers, which is what makes the sell-off more telling.

The damage is no longer contained to a few memory names.

Semiconductor stocks in Yahoo Finance's basket have lost roughly $1.5 trillion in market value since June 25, based on Tuesday's intraday prices. Micron alone is down nearly $350 billion over that stretch. Sandisk ( SNDK ), Intel ( INTC ), Applied Materials ( AMAT ), and Lam Research ( LRCX ) have each lost more than $100 billion.

Semiconductors heat map — since June 25, 2026 (7 trading days) · Yahoo Finance The sell-off has also broadened. Twenty-five semiconductor names in the group are down at least 20% since June 25, including Western Digital ( WDC ), Seagate ( STX ), Teradyne ( TER ), ON Semiconductor ( ON ), and GlobalFoundries ( GFS ).

The bigger chip basket is not there yet. The PHLX Semiconductor Index ( ^SOX ) would need to fall another 9% from Monday's close to enter a bear market, making the memory stock break the sharper stress point for now.

The difference this time is follow-through. Earlier memory and chip stock dips since the late-March market low were bought quickly. This one has gone further, lasted longer, and pushed the leaders through the bear-market line.

That does not mean the AI memory trade is dead. The group is still sitting on a median gain of nearly 60% since late March and has added nearly $5 trillion in market value over that stretch.

But it does mean the bar has changed.

Friday's planned SK Hynix US listing now arrives as a test of sentiment, not just a victory lap. It echoes the question around SpaceX fever testing the chip trade — whether a hot-theme listing validates the boom or marks the moment investors start wondering how much good news is already priced in.

The memory shortage may still be real. The market's patience is not.

Jared Blikre is the global markets and data editor for Yahoo Finance. Follow him on X at @SPYJared or email him at jaredblikre@yahooinc.com.

Click here for in-depth analysis of the latest stock market news and events moving stock prices

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EIA在霍尔木兹交通恢复假设下更新石油预测

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来源：U.S. Energy Information Administration发布日期：2026-07-07重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：698

中文摘要

EIA的7月短期能源展望以2026-06-18美国与伊朗谅解备忘录及霍尔木兹海峡交通增加为前提，预计世界原油产量和贸易在年末附近恢复至冲突前水平。
EIA称布伦特原油2026年6月均价为每桶85美元，并预测2026年第三季度均价74美元、2026年全年82美元、2027年65美元。
EIA预测美国原油产量2026年为每日1380万桶、2027年为每日1400万桶。

英文原文

U.S. Energy Information Administration - EIA - Independent Statistics and Analysis

Press Room

Glossary &rsaquo; FAQS &rsaquo;

Overview

Press Releases

Testimony

Presentations

Events

U.S. ENERGY INFORMATION ADMINISTRATION

WASHINGTON DC 20585

FOR IMMEDIATE RELEASE

July 7, 2026

EIA increases global oil production forecast after the opening of the Strait of Hormuz

The U.S. Energy Information Administration published its July Short-Term Energy Outlook (STEO), increasing its expectations for global oil production.

Shipping traffic through the Strait of Hormuz has increased following the June 18 memorandum of understanding (MOU) between the United States and Iran to end a months-long conflict and reopen the strait. EIA now expects worldwide crude oil production and trade flows to rebound to near pre-conflict levels by year’s end, with most previously shut in production returning online by the first quarter of 2027. EIA forecasts that more oil production globally will lower crude oil and gasoline prices, with the U.S. average retail gasoline prices averaging about $3.60 per gallon (gal) in the second half of this year, down from $4.48/gal in May.

Key takeaways from the July STEO are below.

U.S. energy market indicators

2025

2026

2027

Brent crude oil spot price (dollars per barrel)

$69

$82

$65

Retail gasoline price (dollars per gallon)

$3.10

$3.64

$3.09

U.S. crude oil production (million barrels per day)

13.6

13.8

14.0

Natural gas price at Henry Hub (dollars per million British thermal units)

$3.53

$3.67

$3.49

U.S. liquefied natural gas gross exports (billion cubic feet per day)

Shares of U.S. electricity generation

Natural gas

40%

Coal

17%

15%

Nuclear

18%

Conventional hydropower

Wind

11%

12%

Solar

Other energy sources

U.S. GDP (percentage change)

2.1%

2.3%

U.S. CO 2 emissions (billion metric tons)

4.9

4.8

Data source: U.S. Energy Information Administration, Short-Term Energy Outlook, July 2026

Note: Values in this table are rounded and may not match values in other tables in this report.

Global oil markets. Following the June 18 MOU between the United States and Iran to end the conflict and increased traffic through the Strait of Hormuz, EIA increased its forecast for global oil production and now expects crude oil output and trade flows to return to near pre-conflict levels by year end, with most shut in production restored by early 2027.

Crude oil price forecast. Rising global oil supply and slowing inventory withdrawals have pushed oil prices lower. The Brent crude oil spot price averaged $85 per barrel (b) in June, down $22/b from May and $32/b from the April 2026 peak. EIA forecasts Brent crude oil prices to average $74/b in the third quarter of 2026, $27/b lower than last month’s forecast. EIA expects continued oil inventory builds over the next year will push crude oil prices lower, with Brent falling to an average of $65/b in 2027.

U.S. gasoline prices. Lower crude oil prices will contribute to a drop in U.S. retail gasoline prices, with EIA’s forecast showing 3Q26 averages declining to $3.80/gal from $4.21/gal in 2Q26. Although tight gasoline inventories keep refiners’ margins elevated in the near term, we expect rebuilding stocks and the end of the summer demand season to narrow those margins and push prices even lower to about $3.40/gal in 4Q26, with the annual average falling below $3.10/gal in 2027.

Natural gas prices. Record U.S. natural gas production will help meet rising demand and push prices lower, with Henry Hub spot prices averaging close to $3.70 per million British thermal units (MMBtu) in 2026 before easing below $3.50/MMBtu in 2027.

The full July 2026 Short-Term Energy Outlook is available on the EIA website .

The product described in this press release was prepared by the U.S. Energy Information Administration (EIA), the statistical and analytical agency within the U.S. Department of Energy. By law, EIA’s data, analysis, and forecasts are independent of approval by any other officer or employee of the U.S. government. The views in the product and this press release therefore should not be construed as representing those of the U.S. Department of Energy or other federal agencies.

EIA Program Contact: Tim Hess, STEO@eia.gov

EIA Press Contact: EIAMedia@eia.gov

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八个OPEC+国家公布2026年8月产量调整

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来源：OPEC发布日期：2026-07-05重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：289

中文摘要

沙特、俄罗斯、伊拉克、阿联酋、科威特、哈萨克斯坦、阿尔及利亚和阿曼同意从2026年8月起调整每日18.8万桶产量。
公告称调整可以暂停或逆转；下一次会议定于2026-08-02。

英文原文

Organization of the Petroleum Exporting Countries

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Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman adjust production and reaffirm commitment to market stability

The seven OPEC+ countries, which previously announced

additional voluntary adjustments in April and November 2023, namely Saudi

Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 5

July 2026, to review global market conditions and outlook.

In their collective commitment to support oil market

stability, the seven participating countries decided to implement a production

adjustment of 188 thousand barrels per day from the additional voluntary

adjustments announced in April 2023. This adjustment will be implemented in August

2026 as detailed in the table below. The additional voluntary adjustments

announced in April 2023 may be returned in part or in full subject to evolving

market conditions and in a gradual manner. The countries will continue to

closely monitor and assess market conditions, and in their continuous efforts

to support market stability, they reaffirmed the importance of adopting a

cautious approach and retaining full flexibility to increase, pause or reverse

the phase out of the voluntary production adjustments, including reversing the

previously implemented voluntary adjustments announced in November 2023.

The seven OPEC+ countries also noted that this measure will

provide an opportunity for the participating countries to accelerate their

compensation. The seven countries reiterated their collective commitment to

achieve full conformity with the Declaration of Cooperation, including the

additional voluntary production adjustments that will be monitored by the Joint

Ministerial Monitoring Committee (JMMC). They also confirmed their intention to

fully compensate for any overproduced volume since January 2024.

The seven OPEC+ countries will hold monthly meetings to

review market conditions, conformity, and compensation. The seven countries

will meet on 2 August 2026.

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Top-Performing ETF Areas of 1H 2026

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标签

标的：`PSI`来源：Zacks发布日期：2026-07-02重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：891

中文摘要

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英文原文

Top-Performing ETF Areas of 1H 2026

Sanghamitra Saha

July 2, 2026 4 min read

^GSPC

-0.79%

^IXIC

-1.55%

+5.54%

BWET

+3.74%

-4.86%

U.S. stocks just capped a strong first half of 2026 and a robust second quarter as semiconductor shares powered the market rally. The strength in semiconductors provided a major boost to the broader market and reinforced investor confidence in the ongoing AI-driven growth story.

Major Indexes Deliver Strong First-Half Returns

The Dow Jones advanced 8.9% during the first six months of the year, marking its best first-half performance since 2021, when it gained 12.7%. The S&P 500 rose 9.6%, while the Nasdaq outperformed with a gain of more than 12%.

Small-cap stocks also enjoyed a standout period. The Russell 2000 jumped nearly 22%, recording its strongest first-half performance since 1991, as quoted on CNBC.

Volatile Start Gives Way to a Strong Recovery

The first half of the year was marked by significant volatility. Markets reached record highs despite sharp fluctuations in energy prices caused by the Iran conflict and ongoing concerns about whether AI-related spending could remain sustainable.

Inside the Iran War

Following large-scale U.S.-Israel strikes on Iranian military infrastructure in February 2026, the United States and Iran engaged in months of warfare. The conflict severely disrupted global oil routes when Iran moved to block the Strait of Hormuz.

However, by mid-2026, the two nations signaled a ceasefire, bringing active hostilities to a halt and moving toward an extended period of Pakistan-mediated negotiations.

AI Bubble Concerns Doing Rounds

The AI trade has been a winning market theme, but the gains have been relatively narrow, increasing portfolio concentration risk and leaving investors more exposed to drawdowns and volatility in the technology sector.

As per a CNBC article, in June, approximately $2.3 trillion was wiped off the combined market value of the Mag 7 as investors grew increasingly concerned about the sustainability of massive AI infrastructure spending and whether the expected returns would justify the significant capital outlays.

Upbeat Earnings: Key Positive of 1H 2026

Solid corporate earnings remained the key market driver. Total S&P 500 earnings are expected to increase by 23.7% in the June quarter of 2026 from the same period last year, with revenues expected to rise 11.4% year over year.

Note that investor sentiment improved considerably during the second quarter as worries surrounding the AI trade subsided and geopolitical tensions appeared to be moving toward resolution.

The S&P 500 and Nasdaq gained 14.9% and 21.4%, respectively, in Q2, delivering their strongest quarterly performances since the second quarter of 2020. The Dow climbed 12.9%, its best quarter since the final three months of 2022, as quoted on the same CNBC article.

Story Continues

Fed Stays Put, Hints at Hawkish Path Ahead

The Federal Reserve left interest rates unchanged in June for the fourth straight policy meeting, keeping the benchmark federal funds rate in the 3.50%-3.75% range. This meeting was also the first under the new Fed Chair Kevin Warsh.

While the Fed kept rates on hold, its latest projections suggest that policymakers are leaning toward keeping borrowing costs higher for longer. Several officials signaled rate hikes later this year, as quoted on Yahoo Finance.

Alphabet Joins Dow Jones

Alphabet GOOGL officially entered the Dow Jones Industrial Average, earning one of Wall Street's most recognizable blue-chip distinctions in June-end.The addition marks a major milestone for the Dow Jones index, shifting its focus away from traditional telecommunications toward artificial intelligence and other key tech areas (read: Alphabet Joins Dow Jones: ETF Likely to Benefit).

Winning ETF Areas in Focus

Against this backdrop, below we highlight a few winning ETF areas of this year.

Shipping

Breakwave Tanker Shipping ETF BWET – Up 670.2% YTD

The Middle East conflict and the closure of the Strait of Hormuz have disrupted key shipping routes, driving a sharp surge in freight rates. This has strengthened the investment case for BWET.

Semiconductor

Invesco Semiconductors ETF PSI – Up 121.2%

The rise of AI, cloud computing, big data, data centers, the Internet of Things, 5G expansion, smartphone upgrades, and new gadgets has been fueling demand for chips and other semiconductor products.

South Korea

iShares MSCI South Korea ETF EWY – Up 90.8%

South Korean stocks have seen an unprecedented rally in 2026. Driven by the global artificial intelligence boom and heavy international demand for memory chips, the tech-heavy EWY has rallied.

Utilities

Tortoise AI Infrastructure ETF TCAI – Up 77.7%

In 2026, the AI infrastructure market has grown far beyond foundational chipmakers to encompass memory, networking, power management, and physical data center construction.

Gasoline

United States Gasoline Fund LP UGA – Up 68.8%

The fund's price surged in 2026 due to supply shocks linked to Middle East hostilities, particularly the U.S.-Iran conflict in late winter, which sent wholesale gasoline futures sharply higher. This was further augmented by the start of the summer driving season.

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Invesco Semiconductors ETF (PSI): ETF Research Reports

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iShares MSCI South Korea ETF (EWY): ETF Research Reports

This article originally published on Zacks Investment Research (zacks.com).

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Best Performing ETFs of 2026

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标的：`PSI`来源：etf.com发布日期：2026-07-01重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1243

中文摘要

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英文原文

Best Performing ETFs of 2026

Sumit Roy

July 2, 2026 6 min read

-0.77%

-1.90%

With one half of 2026 in the books, the year is shaping up to be another good one for stocks.

Through the first six months, the Vanguard S&P 500 ETF (VOO) gained 10.2%, while the Invesco QQQ Trust (QQQ) doubled that with a 20.2% return.

As usual, though, plenty of ETFs did far better than that, and that's what we'll look at here.

A pair of funds ran up more than 900% on the year, and it took a gain north of 535% just to crack the overall top 10. The top of the board is dominated by leveraged products, with only a single nonleveraged fund making the cut.

But even if you strip the leveraged funds out, the bar is still high. A fund needed a roughly a 100% gain to land in the nonleveraged top 10.

Below we'll take a look at both sides, the nonleveraged winners and the leveraged ones.

A Tanker Fund Leads the Way

On the nonleveraged side, the Breakwave Tanker Shipping ETF (BWET) sits on top with a 684% gain. I've written about this fund a few times this year. BWET holds crude oil tanker freight futures, contracts tied to the rate for hauling oil by sea, with most of the portfolio tracking very large crude carriers traveling from the Persian Gulf to Asia.

When the Strait of Hormuz effectively closed earlier this year and tankers were pushed onto longer routes, freight rates went vertical and BWET went with them.

Oil prices themselves have since come back down as the strait reopened, but tanker futures have held up far better, because the crossing is still fragile, the backlog of stranded ships is only slowly clearing, and war risk premiums remain elevated.

It's worth remembering that BWET is a trading vehicle rather than a buy-and-hold investment, as freight rates have historically been mean reverting.

Then It's Semiconductors, All the Way Down

Outside of BWET, every other fund in the nonleveraged top 10 traces back to the AI infrastructure and semiconductor boom. That includes the Invesco Semiconductors ETF (PSI) , up 138%, and the VistaShares Artificial Intelligence Supercycle ETF (AIS) , up 124%.

I've written about AIS before. What makes it stand out is that it's an AI fund beating most of the straight semiconductor ETFs while holding a broader basket than chips alone (though it still leans heavily on semiconductor names).

The well-known iShares Semiconductor ETF (SOXX) also made the list at 113%, as did the iShares MSCI South Korea ETF (EWY) at 106%. EWY's gain came courtesy of its outsized weightings in SK Hynix and Samsung, two of the biggest winners from the super spike in memory prices.

Investors leaned on EWY as a memory proxy for a good stretch this year, until the Roundhill Memory ETF (DRAM) launched and stole its thunder. Incidentally, DRAM returned 166% from its April 2 launch through June 30, but it's not included on our list since it wasn't trading at the start of the year.

Story Continues

Outside the Top 10

The pattern continues past the top 10: Semiconductor ETFs keep turning up well down the list, alongside broader AI funds that are themselves stuffed with chip names, plus the occasional Korea or Taiwan fund that's essentially a de facto semiconductor play.

You have to go all the way to number 17 to hit something a little different: the ProShares Nanotechnology ETF (TINY) .

TINY tracks the Solactive Nanotechnology Index, but—surprise—its top holdings include a number of semiconductor equipment stocks, names like Applied Materials, Lam Research, and ASML.

A few other names further down are worth calling out. The Nomura Focused Emerging Markets Equity ETF (EMEQ) gained 77%, roughly three times the return of the broader iShares Core MSCI Emerging Markets ETF (IEMG) .

But once again, the performance is being powered by semiconductors. EMEQ holds about a third of its portfolio in TSMC, SK Hynix, and Samsung.

Other ETFs worth mentioning: the KraneShares SSE STAR Market 50 Index ETF (KSTR) , up 72%; the iShares MSCI Taiwan ETF (EWT) , up 71%; the State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) , up 71%; the Global X Hydrogen ETF (HYDR) , up 67%; and the United States Gasoline Fund (UGA) , up 66%.

The Full List

Just as the nonleveraged list of best performing ETFs is dominated by AI stocks, so too is the all-encompassing list.

The overall top 10 is almost entirely 2x long bets on single AI stocks. The Direxion Daily MU Bull 2X Shares (MUU) leads at 959%, followed by the Direxion Daily INTC Bull 2X Shares (LINT) at 842% and the GraniteShares 2x Long DELL Daily ETF (DLLL) at 772%, and on down the line.

Impressively, BWET managed to break into this list too with its 684%, the lone nonleveraged fund keeping pace with a field of geared single-stock products.

The only other fund in the top 10 that isn't a single-stock bet is the Direxion Daily Semiconductor Bull 3X Shares (SOXL) , up 537%. It tracks an index rather than one stock, but its triple leverage, grandfathered in from an earlier regulatory era, let it hang with the 2x single-stock crowd.

For the full list of the top-performing ETFs of the first half of 2026, see the tables below.

Best Performing ETFs of 2026 (excluding leverage/single stock ETFs)

Name

Ticker

YTD Return

Breakwave Tanker Shipping ETF

BWET

683.84%

Invesco Semiconductors ETF

PSI

138.09%

VistaShares Artificial Intelligence Supercycle ETF

AIS

124.37%

First Trust Nasdaq Semiconductor ETF

FTXL

120.38%

Xtrackers Semiconductor Select Equity ETF

CHPS

118.74%

iShares Semiconductor ETF

SOXX

113.00%

iShares MSCI South Korea ETF

EWY

105.80%

YieldMax Target 12 Semiconductor Option Income ETF

SOXY

101.84%

Invesco PHLX Semiconductor ETF

SOXQ

101.45%

Franklin FTSE South Korea ETF

FLKR

101.26%

YieldMax Semiconductor Portfolio Option Income ETF

CHPY

95.36%

Global X AI Semiconductor & Quantum ETF

CHPX

94.58%

State Street SPDR S&P Semiconductor ETF

XSD

94.11%

Tortoise AI Infrastructure ETF

TCAI

88.98%

Matthews Korea Active ETF

MKOR

87.31%

VanEck Semiconductor ETF

SMH

82.30%

ProShares Nanotechnology ETF

TINY

80.27%

Invesco Exchange-Traded Fund Trust Invesco Dorsey Wright Technology Momentum ETF

PTF

78.53%

State Street Galaxy Transformative Tech Accelerators ETF

TEKX

78.51%

Strive US Semiconductor ETF

SHOC

78.25%

Best Performing ETFs of 2026 (all U.S.-listed ETFs)

Name

Ticker

YTD Return (NAV)

Direxion Daily MU Bull 2X ETF

MUU

959.13%

GraniteShares 2x Long MU Daily ETF

MULL

927.48%

Direxion Daily Intc Bull 2X ETF

LINT

842.84%

GraniteShares 2x Long INTC Daily ETF

INTW

840.82%

GraniteShares 2x Long DELL Daily ETF

DLLL

771.63%

GraniteShares 2x Long MRVL Daily ETF

MVLL

701.19%

Breakwave Tanker Shipping ETF

BWET

683.84%

Leverage Shares 2X Long ARM Daily ETF

ARMG

593.29%

Direxion Daily Semiconductor Bull 3X ETF

SOXL

536.58%

Tradr 2X Long BE Daily ETF

BEX

535.25%

GraniteShares 2x Long NBIS Daily ETF

NBIL

531.70%

Tradr 2X Long NBIS Daily ETF

NEBX

524.46%

Leverage Shares 2X Long BE Daily ETF

BEG

518.96%

Leverage Shares 2X Long NBIS Daily ETF

NBIG

516.86%

Direxion Daily AMD Bull 2X ETF

AMUU

435.95%

Graniteshares 2x Long AMD Daily ETF

AMDL

432.43%

Leverage Shares 2X Long AMD Daily ETF

AMDG

429.37%

Tradr 2X Long LRCX Daily ETF

LRCU

396.41%

Tradr 2X Long ALAB Daily ETF

LABX

382.11%

Leverage Shares 2X Long KLAC Daily ETF

KLAG

368.94%

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SOXL’s 16% Daily Collapse Exposes the Real Cost: $7.9 Billion in Hidden Swap Financing

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标的：`SOXL`来源：24/7 Wall St.发布日期：2026-07-01重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：732

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英文原文

SOXL’s 16% Daily Collapse Exposes the Real Cost: $7.9 Billion in Hidden Swap Financing

Michael Williams

July 2, 2026 4 min read

SOXL

-13.99%

-4.16%

SOXX

-4.77%

Quick Read

SOXL dropped 16% in one session while its index fell just 6%, and embedded swap financing costs quietly erode NAV every trading day.

SOXX and SMH track the same semiconductor basket without daily resets or swap financing, charging just 0.34% annually with no volatility decay.

Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .

On July 1, 2026, holders of Direxion Daily Semiconductor Bull 3X Shares ( NYSEARCA:SOXL ) watched the fund drop 16.38% in a single session, from $266.71 to $223.01. The underlying semiconductor basket, tracked by the iShares Semiconductor ETF, fell 5.68% the same day. That gap, roughly triple the index move, is the product you bought: a daily 3x leveraged bet on semis.

24/7 Wall St.

What You're Actually Paying

SOXL is a daily 3x leveraged fund. The fund runs a derivatives book with $7.9 billion in notional swap and futures exposure, roughly 46.6% of net assets, to deliver that daily multiple on roughly $16.95 billion in net assets. Those swaps are not free. Counterparties charge financing spreads over short rates, and those costs come out of your NAV every day, whether the fund rises or falls.

The management fee itself is not disclosed in the most recent NPORT filing, but the swap financing embedded in the structure is the larger cost. By contrast, iShares Semiconductor ETF ( NASDAQ:SOXX ), which tracks the same index unlevered, carries a net expense ratio of 0.34%, or about $34 per year per $10,000 invested. SOXL holders pay that fee equivalent several times over once financing on the swap book is included.

Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .

The Part the Factsheet Doesn't Highlight

Leverage decay is the real hidden tax. A 3x daily reset fund does not deliver 3x the index return over any period longer than one day. It compounds daily, which means volatility eats returns even when the index finishes flat. The VIX averaged 18.09 over the past 12 months and spiked to 31.05 on March 27, 2026, with sustained readings in the 25 to 31 range from March 6 through the end of the month. Every one of those choppy days quietly compounded losses that never show up on a fee line.

You can see the drag in the long numbers. Over ten years, SOXL returned 16,172.67% and SOXX returned 2,182.74%. Triple the unlevered return would be far higher than what SOXL actually delivered. Over five years, SOXL gained 545.48% against SOXX at 346.78%. That is less than 2x the index over a period when SOXL charged you 3x the risk.

Story Continues

There is a concentration cost too. The top ten holdings, names like AMD at 4.56%, Broadcom at 4.51%, Micron at 4.33%, and NVIDIA at 3.89%, overlap almost perfectly with SOXX. You are renting the same basket as SOXX, with a financing bill attached.

The Cheaper Mirror

SOXX gives you the same semiconductor index at 0.34%, with no daily reset, no swap financing, and no volatility decay. VanEck Semiconductor ETF ( NASDAQ:SMH ) is another unlevered option with similar exposure at a low fee. The trade-off is obvious: you give up the 3x upside in a straight-line rally like the 534.57% YTD 2026 run in SOXL versus 113% in SOXX. You also give up the 16% single-day drops that reset your compounding base.

What This Means for You

Reddit's r/investing has been circulating a thread titled "What is your worst investing mistake? I've made one" where SOXL comes up as a cautionary example, drawing nearly 400 upvotes and over 470 comments by June 22, 2026. SOXL can clearly rally. The question worth asking is whether you understand that the fund is engineered for a single trading day, and whether the swap financing, daily reset, and volatility drag are costs you consciously chose to pay.

Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .

Contact editorial@247wallst.com for any questions or corrections.

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Kurv Launches the KMEM ETF: The Purest Play on Memory Production

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标的：`KMEM`来源：Business Wire发布日期：2026-07-01重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：729

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Kurv Launches the KMEM ETF: The Purest Play on Memory Production

This is a paid press release. Contact the press release distributor directly with any inquiries.

Kurv Launches the KMEM ETF: The Purest Play on Memory Production

KMEM: Top 3 Holdings with Look-Through

Business Wire

July 1, 2026 3 min read

CBOE

+3.38%

000660.KS

+0.49%

005930.KS

+3.14%

-4.32%

New fund provides a more focused and selective approach to gaining exposure to the supply/demand imbalance inherent in the ongoing AI build-out.

SAN FRANCISCO, July 01, 2026 --( BUSINESS WIRE )--Kurv Investment Management, an asset manager bringing an institutional approach to active ETFs, today announced the launch of the Kurv Memory Select ETF (CBOE BZX: KMEM ).

KMEM is designed to offer investors targeted exposure to the companies dominating memory chip production, including the current "Big Three" memory manufacturers - SK hynix, Samsung, and Micron Technology - as well as additional companies playing a major role in this space.

"AI infrastructure is only as powerful as the memory behind it and as demand for faster processing and larger models accelerates, memory chips are becoming the backbone of the AI economy," said Howard Chan, Founder and Chief Executive Officer of Kurv Investment Management. "At the same time, that demand is outpacing the supply, creating a supply/demand imbalance that could present an interesting opportunity for investors looking at the AI and AI-adjacent components of their equity portfolios."

"Names that are merely ancillary to this theme could in fact become hindrances to performance as the current leaders consolidate their positions and upstarts work to obtain market share," added Chan. "That makes it essential to have a pure play strategy when looking at memory. This is exactly what we've designed with KMEM and why we are so excited to be bringing this fund to market at this pivotal time."

"Despite the recent run up in price, we believe the bottleneck in the sector will continue for at least the next 3-4 years," said Chan. "KMEM tends to focus on names like SK hynix, where valuation is still cheaper compared to its competitors."

KMEM is actively managed and seeks to provide highly targeted exposure to domestic and international companies that design, manufacture and distribute a range of different memory chips, including Dynamic Random Access Memory (DRAM), Static Random Access Memory (SRAM), Random Access Memory (RAM), Flash Memory and other emerging memory types.

"The ongoing AI build-out stalls if the production of memory chips, and further innovation in memory, doesn't keep pace," continued Chan. "Forget the 'picks and shovels' of the AI trade, these are the mines themselves from which all of the advancements inherent in AI are waiting to be extracted."

For more information about KMEM, visit https://www.kurvinvest.com/etf/kmem#Exposure

Story Continues

About Kurv Investment Management

Kurv Investment Management is a tax-aware, option-based investment manager founded by a team of highly experienced professionals from industry-leading firms. Kurv Investment Management removes costly and complicated barriers to entry and streamlines management and reporting to serve its mission to provide access to high-caliber portfolio tools and investment options previously reserved for only the largest institutional investors.

Important Information:

An investor should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. To obtain a prospectus containing this and other information, please call 1-833-955-KURV (5878) or visit KurvInvest.com . Read the prospectus carefully before investing.

Investing in the Fund entails risk, including the loss of principal. The Fund is not a complete investment program and investors should review the risks associated with the Fund before investing. The Fund is an actively managed portfolio, and the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective. The Fund is new with a limited operating history.

Fund Objective: The fund seeks to maximize total return.

Fund Risks: The Fund seeks to primarily invest under normal circumstances in companies, domestic or foreign, that design, manufacture, and distribute memory chips (memory chip activities) ("Memory Companies"). Memory chips are semiconductor devices designed for the temporary or permanent storage and retrieval of data in computer systems.

The Kurv Memory Select ETF is distributed by Foreside Fund Services LLC, Member FINRA/SIPC. Foreside Fund Services LLC is not affiliated with Kurv Investment Management.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260701217846/en/

Contacts

Media Contact:

Chris Sullivan

Craft & Capital

chris@craftandcapital.com

Client Solutions Contact:

clientsolutions@kurvinvest.com

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Semiconductor ETFs to Buy as Micron Leads $2T AI-Led Chip Market Rally

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标的：`FTXL`来源：Zacks发布日期：2026-07-01重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1034

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Semiconductor ETFs to Buy as Micron Leads $2T AI-Led Chip Market Rally

Semiconductor ETFs to Buy as Micron Leads $2T AI-Led Chip Market Rally · Zacks

Aparajita Dutta

July 1, 2026 5 min read

-4.32%

-4.21%

INTC

-6.12%

FTXL

-4.90%

SHOC

-4.19%

Micron Technology MU delivered a historic rally in the second quarter of 2026, with its shares surging over 240% and adding approximately $920 billion to its market capitalization. As the broader semiconductor industry is experiencing an absolute renaissance, ignited by the global artificial intelligence (AI) boom, other chip giants, particularly Advanced Micro Devices AMD and Intel INTC, also contributed significantly to the industry's rally.

Micron's extraordinary performance was complemented by Intel's 216% jump, which added $480 billion to its market cap, while AMD's shares climbed 186% to add $615 billion in market value. Together, this rally contributed to a combined $2 trillion increase in market value for these three chipmakers alone (as cited in CNBC).

While such gains might tempt investors to add individual names like Micron or AMD to their portfolios, those concerned about chasing stocks at all-time highs may find a more balanced approach through semiconductor exchange-traded funds (ETFs) that hold these chip giants in their top positions, allowing them to benefit from the broader industry rally.

But before adding one or all of these ETFs to their portfolio, prudent investors may want to investigate the factors that drove this unprecedented growth, particularly Micron's, and understand why semiconductor ETFs offer a compelling strategy to capture the industry's potential.

Catalysts Behind Micron's Historic Q2 Surge

Micron's exceptional performance was driven by skyrocketing memory prices fueled by insatiable chip demand coming from accelerating AI infrastructure build-out worldwide. This helped this chipmaker top a $1 trillion market value for the first time in late May 2026, as its shares popped 19% in a single trading session.

MU's memory rally is further highlighted by its latest reported quarterly results, where its revenues more than quadrupled year over year. This upside in its top line was primarily driven by robust AI-led memory demand, with its data center revenues exceeding $25 billion, reflecting an annualized run rate of more than $100 billion.

Its gross margins jumped dramatically from 39% to an eye-popping 84.9%, thanks to higher pricing. Consequently, the memory chipmaker delivered record adjusted earnings growth of over 1,200% on a year-over-year basis.

No doubt, such strong quarterly results caused MU's stock price to jump 15% in after-hours trading following the earnings announcement.

Investor confidence in MU's long-term viability was further cemented by its latest partnership with AI leader Anthropic to supply next-generation infrastructure. With memory chip supply expected to remain tight past 2027, this deal locks in years of predictable, high-margin revenues for Micron and adds impetus to its share price appreciation.

Story Continues

A Booming Semiconductor Market & the Case for ETFs

The AI boom has transformed the semiconductor landscape, with investors widening their focus beyond chip giants like NVIDIA NVDA to include the entire ecosystem of "AI enablers". As a result, companies that design the processors, interconnects, and interfaces needed to support and leverage high-speed memory technologies such as High Bandwidth Memory ("HBM") are also experiencing strong share price appreciation, boosting the entire semiconductor industry.

For instance, Marvell Technology MRVL, which specializes in custom silicon and complex network data infrastructure, climbed approximately 201% in the second quarter.

The semiconductor industry is projected to maintain a massive multi-year growth trajectory, supported by constrained supply lines and unrelenting hyperscaler data center spending.

Timing entries into individual chip stocks can be challenging for investors, while also exposing them to the risks associated with concentrated single-stock investments. Specialized semiconductor ETFs can offer diversified exposure to the entire semiconductor value chain, enabling investors to capture upside from multiple segments, including memory makers like Micron, CPU manufacturers such as Intel and AMD, and networking specialists like Marvell.

ETFs to Buy

Considering the aforementioned discussion, one may consider adding the following semiconductor ETFs to their portfolios:

Strive U.S. Semiconductor ETF SHOC

This fund, with net assets worth $269 million, offers exposure to U.S.-listed semiconductor stocks. NVDA holds the first position in this fund, with 17.26% weightage, while MU holds the second spot with 13.81% weightage. AMD holds the sixth position in this fund, with 5% weightage, while INTC holds the ninth spot with 4.53% weightage. MRVL holds the 10th position with 4.13% weightage.

SHOC has rallied 77.7% year to date. The fund charges 40 basis points (bps) as fees.

Global X AI Semiconductor & Quantum ETF CHPX

This fund, with net assets worth $256.2 million, offers exposure to 38 companies that are positioned to benefit from the growth and advancement of the artificial intelligence (AI) semiconductor and quantum computing ecosystems. MU holds the first position in this fund, with 13.65% weightage, while AMD holds the sixth spot with 4.97% weightage. MRVL holds the seventh position in this fund, with 4.88% weightage, while INTC holds the ninth spot with 4.66% weightage.

CHPX has surged 95% year to date. The fund charges 50 bps as fees.

First Trust NASDAQ Semiconductor ETF FTXL

This fund, with net assets worth $2.75 billion, offers exposure to 34 U.S. semiconductor companies. INTC holds the first position in this fund, with 13.02% weightage, while MU holds the second spot with 12.52% weightage. MRVL holds the third position in this fund, with 7.67% weightage, while AMD holds the fourth spot with 6.08% weightage.

FTXL has jumped 120% year to date. The fund charges 60 bps as fees.

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Intel Corporation (INTC) : Free Stock Analysis Report

Advanced Micro Devices, Inc. (AMD) : Free Stock Analysis Report

Micron Technology, Inc. (MU) : Free Stock Analysis Report

NVIDIA Corporation (NVDA) : Free Stock Analysis Report

Marvell Technology, Inc. (MRVL) : Free Stock Analysis Report

First Trust NASDAQ Semiconductor ETF (FTXL): ETF Research Reports

Strive U.S. Semiconductor ETF (SHOC): ETF Research Reports

Global X AI Semiconductor & Quantum ETF (CHPX): ETF Research Reports

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

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Intel, AMD Jump 7% as Chip Stocks Catch a Risk-On Bid

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标的：`SOXL`来源：24/7 Wall St.发布日期：2026-06-30重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：836

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英文原文

Intel, AMD Jump 7% as Chip Stocks Catch a Risk-On Bid

David Moadel

July 1, 2026 4 min read

-4.21%

INTC

-6.12%

SOXL

-13.99%

AVGO

-3.98%

NVDA

-3.52%

Quick Read

Intel (INTC) and Advanced Micro Devices (AMD) shares each jumped 7% Tuesday, extending year-to-date gains of 277% and 163% as AI infrastructure spending powers broad semiconductor demand.

AMD now trades at 172x earnings and Intel's analyst consensus target of $96 sits well below current prices, flagging stretched valuations despite the rally.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and AMD didn't make the cut. Grab the names FREE today .

Chip stocks are catching a strong risk-on bid at midday Tuesday, with mega-cap semiconductors leading the broader tape higher. Intel ( NASDAQ:INTC ) stock is up 7% to $140.56, while Advanced Micro Devices ( NASDAQ:AMD ) stock is up 7% to $577.13.

Thinkstock The leveraged sector proxy is moving even harder. Direxion Daily Semiconductor Bull 3X Shares ( NYSEARCA:SOXL ) shares are up 11% to $263.09, amplifying the broader chip group's gain in a textbook session for the 3x daily product.

The move builds on a long stretch of leadership for AI infrastructure names. AMD stock is up 163% year to date and, astoundingly, Intel stock is up 277% over the same time frame.

Risk-On Bid Lifts the Chip Group

Today's rally looks like a broad sector move rather than a stock-specific event for either Advanced Micro Devices or Intel. The bid appears broadly sector-wide, with AMD and Intel rising alongside peers rather than on company-specific news.

The backdrop remains the AI infrastructure spending narrative that has powered semiconductors all year. AMD's most recent quarter showed Data Center revenue of $5.8 billion, up 57% year over year, with CEO Lisa Su telling investors customer engagement around the MI450 Series and Helios was "strengthening, with leading customer forecasts exceeding our initial expectations."

Intel's own Q1 2026 report showed Data Center and AI revenue up 22% year over year to $5.05 billion, with CEO Lip-Bu Tan flagging Intel Xeon 6 as the host CPU for NVIDIA ( NASDAQ:NVDA ) DGX Rubin NVL8 systems. That ecosystem positioning continues to support sentiment.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and AMD didn't make the cut. Grab the names FREE today .

SOXL Amplifies the Sector Move

SOXL offers broad leveraged exposure to the chip group. The Direxion Daily Semiconductor Bull 3X Shares is a leveraged ETF that seeks 300% of the daily performance of a broad semiconductor index whose constituents include NVIDIA, Advanced Micro Devices, Broadcom ( NASDAQ:AVGO ), and Intel. Top holdings as of the latest filing included Advanced Micro Devices at 4.56%, Broadcom at 4.51%, and Intel at 3.57%.

Story Continues

Because of the 3x daily reset, a strong up day for the chip group produces an outsized move in the ETF. That mechanic explains why a mid-single-digit advance in the underlying index translates into a double-digit pop for SOXL shares.

Investors can treat the product accordingly. Importantly, leveraged ETFs are designed for single-day tactical exposure.

They amplify both gains and losses, and due to daily compounding and volatility decay, they can underperform the underlying index over longer holding periods. SOXL is a high-risk instrument intended for short-term use, with daily compounding making it ill-suited for buy-and-hold portfolios.

Context: Big Runs, Big Volatility

Today's move comes off a soft prior week. Over the past year, AMD stock is up 298% and Intel stock is up 522%. SOXL shares are up 16% over the past month, even after a sharp pullback into late June.

Retail sentiment is reflecting the bounce. Reddit chatter on Advanced Micro Devices stock flipped from bearish readings of 28 to 43 in late June to bullish prints of 64 to 74 heading into this week. The composite sentiment read on AMD now sits at 60.68, bullish with medium confidence.

The valuation backdrop remains demanding, though. AMD trades at a P/E ratio of 172x, and the analyst consensus target on Intel of $96.07 sits well below the current share price.

What to Watch

The first question is whether today's gains hold into the close, or whether momentum traders fade the move after the SOXL spike. Volume and tape action through the afternoon will tell that story.

Beyond today, investors can watch for any incremental analyst notes on AI capex and the next round of hyperscaler commentary. With AMD's Q2 2026 guidance of $11.2 billion in revenue already on the table, the next scheduled earnings cycle is the more durable catalyst. In any case, position sizing should stay modest given how far these names have run.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and AMD didn't make the cut. Grab the names FREE today .

Contact editorial@247wallst.com for any questions or corrections.

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The Zacks Analyst Blog Highlights Micron, MUU, MULL, SHOC,CHPX and FTXL

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标的：`FTXL`来源：Zacks发布日期：2026-06-26重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：997

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The Zacks Analyst Blog Highlights Micron, MUU, MULL, SHOC,CHPX and FTXL

Zacks Equity Research

June 26, 2026 5 min read

-4.32%

NOVN.SW

+0.24%

QCOM

-2.74%

-9.01%

CHPX

-4.75%

For Immediate Release

Chicago, IL – June 26, 2026 – Zacks.com announces the list of stocks and featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Micron Technology MU, Direxion Daily MU Bull 2X ETF MUU and GraniteShares 2x Long MU Daily ETF MULL, AXS Knowledge Leaders ETF KNO, iShares MSCI USA Value Factor ETF VLUE, Strive U.S. Semiconductor ETF SHOC, Global X AI Semiconductor & Quantum ETF CHPX and First Trust Nasdaq Semiconductor ETF FTXL.

Here are highlights from Friday's Analyst Blog:

Top Research Reports for JPMorgan, Novartis & Qualcomm

On June 24, 2026, Micron Technology delivered another blockbuster quarter, reinforcing the strength of the AI memory cycle. The stock jumped 15% in after-hours trading following the announcement.

Record Quarter Crushes Expectations

Micron reported fiscal third-quarter results that comfortably beat Wall Street estimates. Revenues of $41.46 billion topped the Zacks Consensus Estimate of $36.52 billion. Adjusted EPS of $25.11 outperformed the Zacks Consensus Estimate of $20.98.

Revenues surged more than fourfold from $9.3 billion a year ago. Net income soared to $28.24 billion compared with $1.89 billion in the year-ago period.

Looking ahead, Micron projected fourth-quarter revenue of approximately $50 billion, far above the Zacks Consensus Estimate of $42.64 billion.

AI Demand Keeps Memory Markets Tight

The AI revolution continues to reshape the memory industry. Demand from data centers is consuming available production capacity, pushing up prices not only for high-performance AI memory but also for chips used in smartphones, laptops and automotive applications.

Supply shortages in memory and storage could take years to fully ease, even as industry capacity gradually improves through 2028, per management, as quoted on CNBC.

Perhaps the most significant development was Micron's announcement of 16 long-term customer agreements spanning three to five years.Thesecustomers include the likes of data center operators and automakers, per CNBC.

Sturdy Margins

Gross margin climbed to a record 84.9%, up from 74.9% in the previous quarter and just 39% a year earlier. The company expects margins to expand further to roughly 86% in the current quarter, as quoted on Yahoo Finance.

The numbers suggest that the memory market remains exceptionally tight rather than showing signs of weakening.

Data Center Business Leads the Charge

Story Continues

All four business segments delivered explosive growth, with data centers standing out as the primary driver.

Data center revenues jumped more than sevenfold to $11.5 billion from $1.53 billion a year earlier. Cloud memory revenues surged over 300% to $13.77 billion, while the mobile and client segment grew 250% to $11.52 billion. Automotive and embedded applications more than quadrupled, reaching $4.63 billion in sales.

AI Customers Are Securing Supply, Not Just Buying Chips

The broader takeaway for investors is that AI customers increasingly view memory as a strategic bottleneck rather than a commodity input.

Advanced AI systems require enormous amounts of high-speed memory. Micron's technology serves as a key component in chips produced by NVIDIA and Alphabet, as well as the servers that contain those processors.

As a result, customers are locking in long-term access to supply instead of relying on spot markets. The shift could help reduce Micron's historical earnings volatility and create a steadier growth profile.

ETFs in Focus

Against this backdrop, below we highlight a few ETFs that are heavy on Micron. While leveraged Micron ETFs include the likes of Direxion Daily MU Bull 2X ETF and GraniteShares 2x Long MU Daily ETF , these are risky bets.

AXS Knowledge Leaders ETF , iShares MSCI USA Value Factor ETF , Strive U.S. Semiconductor ETF , Global X AI Semiconductor & Quantum ETF and First Trust Nasdaq Semiconductor ETF has considerable weight in MU shares.

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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss . This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.

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Micron Technology, Inc. (MU) : Free Stock Analysis Report

iShares MSCI USA Value Factor ETF (VLUE): ETF Research Reports

First Trust NASDAQ Semiconductor ETF (FTXL): ETF Research Reports

Strive U.S. Semiconductor ETF (SHOC): ETF Research Reports

Global X AI Semiconductor & Quantum ETF (CHPX): ETF Research Reports

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

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ETF League Tables: T.Rowe Price Adds $1.1 Billion

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ETF League Tables: T.Rowe Price Adds $1.1 Billion

ETF.com Staff

June 26, 2026 49 min read

DRAM

-9.11%

Hero image 760x520 green (Table below reflects daily flows on June 25, 2026 and asset totals as of that date.)

ETF Brand League Table

Welcome to the etf.com league table. On this page, you'll find the U.S. ETF market through different lenses: brand and issuer. What's the difference? The brand is what the ETF says on the tin. For example, "iShares" is the brand of issuer "BlackRock's" ETFs. Because many issuers license their ETF infrastructure to third parties, we present the data in both ways. The identification of the correct brand and legal issuer is done by our key data provider, FactSet.

Brand

AUM ($, mm)

Net Flows ($, mm)

% of AUM

YTD 2026 Net Flows($,M)

iShares

4,499,393.04

14,430.35

0.32%

281,491.24

Vanguard

4,447,866.79

-16,856.56

-0.38%

269,945.44

SPDR

1,882,106.35

-256.00

-0.01%

23,314.74

Invesco

960,771.25

1,514.03

0.16%

51,397.33

Schwab

576,563.81

94.84

0.02%

31,704.19

JPMorgan

321,564.96

123.11

0.04%

35,824.76

Dimensional

295,004.32

756.03

0.26%

25,598.28

First Trust

219,881.22

308.44

0.14%

16,629.11

Fidelity

170,041.64

415.33

0.24%

16,093.18

VanEck

161,311.74

-1,741.81

-1.08%

8,921.00

Tradr

158,153.77

1,053.82

0.67%

45,482.85

Capital Group

148,335.60

601.68

0.41%

32,666.13

Avantis

136,992.88

598.38

0.44%

26,310.19

ProShares

122,856.72

226.50

0.18%

5,948.13

WisdomTree

98,536.03

-94.23

-0.10%

3,415.43

Global X

95,376.34

-28.91

-0.03%

12,204.06

Direxion

75,665.30

572.40

0.76%

-14,979.57

Goldman Sachs

63,368.13

99.28

0.16%

7,000.69

PIMCO

56,598.06

44.50

0.08%

10,077.16

FT Vest

55,072.36

493.83

0.90%

5,138.19

Franklin

46,480.49

245.01

0.53%

8,074.31

Janus Henderson

43,805.87

14.65

0.03%

4,991.39

Pacer

39,818.19

49.57

0.12%

-920.19

Innovator

35,538.05

803.60

2.26%

3,762.72

PGIM

33,660.14

-438.41

-1.30%

10,404.12

Roundhill

32,821.45

972.08

2.96%

18,227.46

Xtrackers

31,614.71

10.93

0.03%

811.25

T. Rowe Price

29,150.85

1,107.47

3.80%

6,857.99

Neos

29,138.50

122.13

0.42%

11,614.08

FlexShares

26,084.39

1.19

0.00%

1,111.00

VictoryShares

22,745.59

30.69

0.13%

2,619.49

AB Funds

19,603.40

54.54

0.28%

4,663.77

Amplify

18,989.01

29.44

0.16%

1,696.78

abrdn

18,907.66

-21.30

-0.11%

-935.65

Nuveen

17,947.42

8.17

0.05%

1,605.32

BNY Mellon

17,896.27

0.00

0.00%

1,260.05

Alpha Architect

16,267.37

-12.66

-0.08%

3,465.01

ARK

15,495.09

-39.28

-0.25%

-957.02

Grayscale

15,079.87

-11.36

-0.08%

-1,481.12

John Hancock

14,937.42

14.62

0.10%

5,129.43

GraniteShares

13,902.87

-629.29

-4.53%

1,182.30

Simplify

13,898.90

1.53

0.01%

2,150.67

Columbia

12,745.35

40.63

0.32%

1,174.44

Defiance

12,685.84

130.83

1.03%

4,318.71

Alerian

12,614.59

21.91

0.17%

658.26

Putnam

12,222.12

26.90

0.22%

4,202.68

Eaton Vance

11,652.35

42.36

0.36%

3,205.44

Principal

10,446.79

2.80

0.03%

1,218.47

YieldMax

9,484.86

35.59

0.38%

1,233.77

US Benchmark Series

9,138.09

-11.94

-0.13%

1,055.19

ALPS

8,678.49

11.38

0.13%

549.96

KraneShares

8,216.11

-23.28

-0.28%

607.72

Hartford

7,844.60

21.18

0.27%

1,191.67

BondBloxx

7,825.93

10.07

0.13%

1,967.67

REX Microsectors

7,706.24

0.00

0.00%

333.96

New York Life Investments

7,576.94

13.08

0.17%

1,096.97

SEI

7,248.33

1.35

0.02%

897.33

Harbor

7,156.03

-5.05

-0.07%

1,573.65

TCW

7,136.97

3.40

0.05%

1,385.40

American Century

6,385.58

-15.76

-0.25%

568.69

Aptus

5,702.74

2.27

0.04%

404.00

Allianz

5,672.90

0.84

0.01%

11,895.80

GMO

5,562.93

8.51

0.15%

1,627.92

Sprott

5,305.23

-14.93

-0.28%

1,185.42

Virtus

5,286.78

10.43

0.20%

526.05

Akre

5,231.36

-30.10

-0.58%

-2,849.27

Morgan Stanley

4,948.10

8.92

0.18%

452.04

Fundstrat

4,833.95

-2.50

-0.05%

268.35

ActivePassive

4,758.75

56.60

1.19%

305.72

Bitwise

4,652.32

0.14

0.00%

376.79

Bahl & Gaynor

4,485.79

-18.50

-0.41%

1,711.26

Main Funds

4,471.36

0.87

0.02%

342.33

Tema

4,386.37

-137.88

-3.14%

2,915.61

Cambria

4,359.39

0.00

0.00%

198.92

Invesco DB

4,231.57

-47.75

-1.13%

792.41

Eagle

4,161.37

7.51

0.18%

751.01

US Commodity Funds

4,152.39

-50.20

-1.21%

791.17

SP Funds

4,008.56

18.95

0.47%

1,005.91

4,006.63

-3.82

-0.10%

1,778.18

Neuberger Berman

3,780.10

-9.08

-0.24%

909.11

Freedom

3,713.48

7.17

0.19%

777.62

First Eagle

3,399.13

8.38

0.25%

1,980.96

Calamos

3,325.55

11.59

0.35%

1,782.52

Inspire

3,274.37

0.00

0.00%

439.35

Angel Oak

3,109.13

1.46

0.05%

865.21

MFS

3,005.06

-1.97

-0.07%

1,409.54

Thrivent

2,974.05

1.00

0.03%

107.56

DoubleLine

2,846.91

0.00

0.00%

555.74

Strive

2,823.55

-0.88

-0.03%

185.27

Bridgeway

2,769.10

-22.07

-0.80%

136.78

Federated Hermes

2,725.44

1.61

0.06%

956.08

Bluemonte

2,725.04

1.81

0.07%

455.14

Motley Fool

2,641.84

0.00

0.00%

-93.35

Brown Advisory

2,636.85

1.50

0.06%

229.59

Leverage Shares

2,628.61

81.42

3.10%

7,814.18

2,509.31

-10.31

-0.41%

416.82

Davis

2,486.65

-15.43

-0.62%

274.33

ROBO Global

2,480.89

22.94

0.92%

463.42

T-Rex

2,396.16

58.41

2.44%

2,279.77

Volatility Shares

2,312.96

-8.37

-0.36%

945.48

Horizon

2,179.06

-20.89

-0.96%

213.03

BlackRock

2,136.88

0.00

0.00%

-78.23

ERShares

2,092.30

-20.57

-0.98%

663.15

Rockefeller Capital Management

2,058.06

2.54

0.12%

116.63

VistaShares

1,973.64

59.89

3.03%

858.85

Distillate

1,970.03

0.00

0.00%

-36.19

Lazard

1,922.03

13.91

0.72%

878.55

Tortoise

1,892.89

3.47

0.18%

136.28

Portfolio Building Block

1,887.60

0.00

0.00%

1,824.40

Horizons

1,840.86

96.85

5.26%

428.91

Touchstone

1,799.00

1.82

0.10%

588.38

AdvisorShares

1,748.03

-0.90

-0.05%

38.68

Vident

1,649.25

0.00

0.00%

-10.55

Calvert

1,582.68

8.36

0.53%

185.58

Alger

1,490.07

7.95

0.53%

516.73

TrueShares

1,477.71

0.74

0.05%

385.27

Meridian

1,437.76

1.29

0.09%

39.74

iPath

1,419.57

-28.45

-2.00%

-16.74

Return Stacked

1,390.80

5.15

0.37%

211.59

HCM

1,380.46

0.00

0.00%

-1.96

Sapient

1,355.79

-25.88

-1.91%

-5.33

Kovitz

1,341.63

0.00

0.00%

19.23

Allspring

1,331.96

0.00

0.00%

84.10

Timothy

1,321.61

0.00

0.00%

109.38

Sterling Capital

1,305.05

-0.01

0.00%

744.13

CCM

1,251.55

0.91

0.07%

-12.40

Wahed

1,239.52

55.91

4.51%

189.17

Burney

1,236.95

1.72

0.14%

55.07

ETRACS

1,223.07

0.00

0.00%

276.84

Congress

1,171.78

0.00

0.00%

-5.53

Select

1,162.44

-5.45

-0.47%

176.29

Oakmark

1,149.27

-14.78

-1.29%

173.52

Natixis

1,141.88

0.42

0.04%

277.17

US Global

1,125.58

0.00

0.00%

30.70

Macquarie

1,116.39

9.70

0.87%

274.88

Monarch

1,099.99

0.00

0.00%

167.69

Oneascent

1,089.72

2.91

0.27%

170.13

USCF Advisers

1,088.56

0.00

0.00%

233.47

REX

1,078.94

0.00

0.00%

154.89

Cohen & Steers

1,069.58

0.00

0.00%

472.82

Summit Global Investments

1,029.93

0.47

0.05%

86.35

American Beacon

1,021.30

0.00

0.00%

496.22

Panagram

993.38

0.00

0.00%

-46.98

CoRe

992.07

0.00

0.00%

109.36

BBH

989.82

-3.64

-0.37%

-25.40

Northern Trust

963.53

0.00

0.00%

51.43

Gotham

949.46

0.00

0.00%

35.55

Brandes

946.49

4.21

0.45%

67.60

AAM

938.07

3.03

0.32%

94.99

Range

909.16

0.09

0.01%

97.82

Strategas

909.02

9.30

1.02%

371.35

3Edge

867.69

4.70

0.54%

204.32

Castellan

866.86

27.39

3.16%

63.68

Baron

822.71

-6.54

-0.80%

377.29

SMI Funds

819.07

0.00

0.00%

42.53

Procure

815.60

-1.20

-0.15%

688.33

Teucrium

815.36

-4.57

-0.56%

570.09

Scharf

809.75

0.00

0.00%

-43.54

CoinShares

805.76

0.00

0.00%

39.17

Zacks

796.54

0.02

0.00%

168.16

Twin Oak

794.11

0.00

0.00%

37.20

InfraCap

793.01

0.00

0.00%

122.13

Bushido

792.31

-98.90

-12.48%

82.83

Thornburg

780.37

6.85

0.88%

332.31

Strategy Shares

770.97

-1.04

-0.13%

-48.81

Longview

758.07

0.00

0.00%

50.18

SoFi

754.47

0.00

0.00%

39.16

Russell Investments

748.11

2.50

0.33%

163.33

The Brinsmere Funds

741.25

0.29

0.04%

-19.40

Convergence

715.07

3.41

0.48%

348.20

Swan

701.62

0.00

0.00%

55.23

Opus Capital Management

687.63

0.00

0.00%

-25.19

Day Hagan

679.49

0.00

0.00%

-51.08

Tidal ETFs

667.77

0.00

0.00%

-7.50

RPAR

651.87

0.00

0.00%

-2.35

Barclays

641.73

0.00

0.00%

17.98

Nicholas

637.92

3.92

0.61%

212.47

Matthews

634.40

0.00

0.00%

88.08

LSV

631.24

0.16

0.03%

3.23

Overlay Shares

625.91

3.20

0.51%

159.54

Counterpoint

624.81

6.10

0.98%

181.95

NPF

622.56

0.00

0.00%

0.17

Brookstone

606.11

0.00

0.00%

-23.99

Corgi

596.59

42.27

7.09%

581.07

ClearBridge

584.60

-0.02

0.00%

33.93

Applied Finance

574.38

0.00

0.00%

154.87

Elm

571.45

-99.22

-17.36%

36.87

Arlington

566.80

0.00

0.00%

14.84

TappAlpha

564.25

1.85

0.33%

323.85

GQG Partners

563.42

3.05

0.54%

210.91

Parametric

560.35

2.90

0.52%

112.86

FundX

545.27

0.00

0.00%

47.64

FPA

543.96

4.86

0.89%

226.78

FCF Advisors

535.28

0.00

0.00%

-336.48

Anfield

533.59

-77.67

-14.56%

-15.63

Voya

528.18

-21.09

-3.99%

196.19

Vert

526.54

0.02

0.00%

27.78

Max

514.05

0.00

0.00%

3.76

Eventide

503.95

1.87

0.37%

129.65

Kensington

500.13

0.77

0.15%

153.11

Adaptive

497.27

0.00

0.00%

9.65

Astoria

495.97

2.55

0.51%

96.02

Kurv

482.50

1.28

0.26%

267.72

PlanRock

480.99

-2.64

-0.55%

70.35

F/m

472.19

1.75

0.37%

246.68

AXS Investments

466.43

-4.53

-0.97%

70.57

Beyond

455.24

0.00

0.00%

91.59

REX Shares

449.79

4.63

1.03%

273.89

Myriad Capital

445.47

0.00

0.00%

6.52

Saba

424.11

0.00

0.00%

20.38

Equable

416.18

0.00

0.00%

66.55

Toews

414.24

0.00

0.00%

0.67

Tweedy, Browne Co.

410.30

0.00

0.00%

165.61

Palmer Square

405.96

0.52

0.13%

211.48

EA Series Trust

395.76

1.73

0.44%

86.65

Wisdom

384.70

0.00

0.00%

18.69

Westwood

384.63

3.40

0.88%

146.61

ClearShares

384.52

0.00

0.00%

-8.44

Pacific Funds

370.06

0.00

0.00%

238.65

Aberdeen

362.73

0.00

0.00%

83.73

Subversive

356.38

1.10

0.31%

-2.90

Segall Bryant & Hamill

354.08

0.00

0.00%

17.44

Themes

349.61

3.90

1.12%

122.76

Hedgeye

339.12

-1.90

-0.56%

211.46

ROC

333.57

-2.38

-0.71%

-16.57

Canary

325.86

0.00

0.00%

99.95

Optimize

317.02

0.00

0.00%

21.15

CastleArk

311.88

0.01

0.00%

-9.53

Transamerica

310.27

0.00

0.00%

267.79

NestYield

300.65

0.00

0.00%

54.16

Adasina

297.97

0.00

0.00%

6.27

Northern Funds

297.51

0.00

0.00%

163.93

Frontier

295.80

0.01

0.00%

4.05

Faith Investor Services

293.49

0.00

0.00%

82.32

MarketDesk

292.92

4.61

1.57%

156.64

Essential 40

289.44

0.00

0.00%

67.43

Quadratic

283.91

0.01

0.00%

-178.02

Fairlead

283.81

0.00

0.00%

0.98

Mango

281.58

10.80

3.84%

1,291.48

Nomura

280.85

-1.62

-0.58%

220.13

AGF

280.44

0.00

0.00%

64.60

Amplius

276.14

0.00

0.00%

5.04

Tuttle Capital

269.90

3.54

1.31%

2,701.58

Bancreek

269.66

0.00

0.00%

64.97

THOR

268.24

0.99

0.37%

12.36

Oak Funds

267.51

0.00

0.00%

3.05

Rareview Funds

264.00

0.00

0.00%

43.43

JLens

258.96

0.00

0.00%

35.72

Little Harbor Advisors

256.13

0.00

0.00%

3.42

Spear

252.22

0.00

0.00%

38.49

21Shares

248.65

0.36

0.14%

40.67

SRH

248.43

-1.47

-0.59%

-1.52

Leuthold

246.26

1.15

0.47%

103.46

EMQQ

245.59

-1.55

-0.63%

-26.72

Cabana

243.46

0.00

0.00%

-61.49

Regan

239.93

0.00

0.00%

55.18

State Street

236.74

32.43

13.70%

74.43

Weitz

225.11

0.00

0.00%

92.16

Hilton

222.27

0.00

0.00%

-15.68

CresAlta

221.81

-6.71

-3.02%

1.39

LeaderShares

218.26

0.00

0.00%

-99.05

Pathfinder

216.39

0.22

0.10%

215.62

Pabrai

214.55

0.00

0.00%

88.11

Hashdex

213.20

0.00

0.00%

126.45

212.56

0.00

0.00%

-30.59

Madison

208.01

0.00

0.00%

-17.64

Gadsden

207.91

0.00

0.00%

13.35

Towle

201.95

0.00

0.00%

88.34

Dana

197.77

1.19

0.60%

20.56

Guggenheim

194.70

2.50

1.28%

12.50

Renaissance

192.47

0.00

0.00%

12.32

BeeHive

192.24

0.00

0.00%

1.42

Unlimited

191.63

0.00

0.00%

100.04

Argent

190.77

0.00

0.00%

15.70

Adaptiv

186.86

0.00

0.00%

5.80

Obra

185.12

0.00

0.00%

113.73

McElhenny Sheffield

184.76

0.00

0.00%

28.93

Alexis

181.84

0.00

0.00%

15.22

Polen

181.15

0.00

0.00%

-145.89

Parnassus Investments

178.61

0.00

0.00%

63.71

OPAL

175.12

0.00

0.00%

40.76

Ballast

174.06

0.00

0.00%

3.45

Gabelli

173.06

-3.76

-2.17%

58.90

Rayliant

171.74

-0.46

-0.27%

-36.31

Pictet

171.12

0.79

0.46%

94.11

Tremblant

170.72

0.00

0.00%

5.16

DWS

167.20

0.00

0.00%

33.15

Liberty One

165.96

0.00

0.00%

76.06

SoundWatch Capital

164.06

0.00

0.00%

-4.06

RiverFront

163.46

0.00

0.00%

-19.35

Praxis

160.73

1.83

1.14%

15.65

Shelton Capital

151.07

0.00

0.00%

87.60

ACV

150.60

0.00

0.00%

2.57

SWP

150.60

0.00

0.00%

8.42

ETC

149.43

0.00

0.00%

-3.30

Hull

149.36

0.00

0.00%

10.32

DFA

146.87

2.95

2.01%

126.82

Emerald

146.73

0.33

0.23%

13.20

The Future Fund

142.99

0.00

0.00%

7.70

Absolute

141.64

0.00

0.00%

14.38

Raymond James

140.94

0.00

0.00%

72.24

WBI Shares

139.16

0.00

0.00%

-13.75

River1

138.33

0.00

0.00%

19.03

Hoya

138.23

0.00

0.00%

3.40

Genter Capital

136.64

0.21

0.15%

454.51

Conductor Fund

129.19

0.00

0.00%

1.03

Euclidean

128.83

-11.45

-8.89%

-19.82

Impact Shares

128.71

0.01

0.01%

-13.64

Relative Sentiment

127.57

0.00

0.00%

51.37

Donoghue Forlines

126.19

0.00

0.00%

63.84

Reckoner

125.99

0.00

0.00%

69.94

PLUS

125.18

-1.27

-1.02%

76.58

Texas Capital

121.99

0.00

0.00%

4.79

Founder

121.60

3.41

2.80%

110.81

REX-Osprey

121.16

0.00

0.00%

-35.63

118.13

0.00

0.00%

0.59

Impax

117.20

1.80

1.53%

-411.83

Altshares

116.86

-0.02

-0.01%

3.49

First Manhattan

116.84

0.00

0.00%

0.69

114.63

0.00

0.00%

45.05

Clough

114.23

2.01

1.76%

13.68

Keating

113.12

0.64

0.56%

3.75

Logan

112.57

0.00

0.00%

2.62

Academy

111.95

0.00

0.00%

25.43

Sparkline

111.60

0.00

0.00%

20.56

Siren

111.13

0.00

0.00%

-9.06

STF

109.60

0.00

0.00%

-10.62

SmartETFs

106.99

0.00

0.00%

17.99

Avos

105.62

0.00

0.00%

3.40

Mohr Funds

104.40

0.00

0.00%

1.84

Indexperts

103.46

0.00

0.00%

-0.15

AOT

101.94

0.00

0.00%

1.81

Miller

101.17

0.00

0.00%

11.46

ARS

99.29

0.00

0.00%

1.80

Sophus

97.13

1.57

1.61%

99.13

Pinnacle

96.18

0.00

0.00%

29.68

Hennessy

95.32

0.00

0.00%

-8.48

Arin

94.34

0.00

0.00%

2.78

IDX

91.25

0.00

0.00%

8.93

Sovereign's

89.91

0.00

0.00%

-8.35

Matrix

89.75

0.00

0.00%

-2.69

Diamond Hill

89.65

0.00

0.00%

29.52

Jensen

88.06

0.00

0.00%

-31.33

Acuitas

87.45

0.00

0.00%

77.68

Smart

87.05

-4.57

-5.24%

674.41

Affinity

85.27

0.00

0.00%

15.90

ArrowShares

84.54

0.00

0.00%

4.35

Ocean Park

83.03

0.00

0.00%

33.19

Stone Ridge

82.46

0.00

0.00%

3.14

BrandywineGLOBAL

81.60

0.00

0.00%

-58.09

WealthTrust

80.82

0.00

0.00%

12.65

aberdeen

79.05

0.00

0.00%

-14.36

North Square

78.00

0.76

0.98%

20.82

M.D. Sass

77.08

0.00

0.00%

6.49

Pzena

74.77

0.00

0.00%

38.30

SonicShares

74.17

0.00

0.00%

15.96

Carbon Collective

73.42

0.00

0.00%

7.03

Fitzgerald

72.57

0.00

0.00%

75.69

BufferLABS

71.20

0.00

0.00%

4.95

Moonvest

70.49

0.00

0.00%

41.03

Discipline Funds

70.38

1.01

1.43%

8.71

Anydrus

68.66

0.00

0.00%

8.24

Sound Income Strategies

68.11

0.00

0.00%

-2.93

Aztlan

67.82

0.00

0.00%

2.68

67.45

0.00

0.00%

0.47

Symmetry Panoramic

66.77

0.01

0.02%

7.22

Performance Trust

66.17

0.00

0.00%

30.90

Cambiar Funds

66.16

0.01

0.02%

0.65

PMV

65.38

0.00

0.00%

11.48

Golden Eagle

65.27

0.00

0.00%

49.00

RAM

64.45

0.01

0.02%

6.50

Breakwave

63.84

1.22

1.92%

-29.02

WarCap

62.87

0.00

0.00%

13.42

Suncoast

61.14

0.00

0.00%

8.01

Even Herd

60.60

0.00

0.00%

-3.14

Peak

60.02

0.00

0.00%

5.03

Warren

59.81

0.00

0.00%

14.64

Osprey

58.83

0.00

0.00%

-50.78

North Shore

57.84

-0.57

-0.98%

-0.81

Man

57.39

0.00

0.00%

3.06

LOGIQ

56.57

0.00

0.00%

0.05

Ritholtz

54.44

0.00

0.00%

7.18

UVA

53.74

0.00

0.00%

2.20

Cullen

53.72

0.00

-0.01%

11.19

NETL

52.95

0.00

0.00%

5.85

Nelson

52.51

0.00

0.00%

6.23

QRAFT

51.56

0.00

0.00%

-0.69

51.06

0.00

0.00%

9.73

RiverNorth

50.55

0.00

0.00%

5.15

Franklin Templeton

50.49

0.00

0.00%

0.00

Sarmaya Partners

50.30

0.00

0.00%

31.00

UBS

48.83

0.00

0.00%

0.00

Tuttle

46.94

0.00

0.00%

7.25

Mairs & Power

46.81

0.00

0.00%

10.78

Crossmark

45.09

-0.30

-0.67%

7.05

Alternative Access

45.03

0.01

0.01%

2.51

Worth Charting

44.25

0.00

0.00%

43.31

India

44.21

0.02

0.05%

-3.31

TimesSquare

44.21

0.00

0.00%

39.89

Bridges

43.36

0.00

0.00%

-3.05

Variant Perception

43.22

0.00

0.00%

5.01

Dakota

42.04

0.00

0.00%

-0.01

Goose Hollow

41.03

0.00

0.00%

-0.70

Formidable

40.81

0.00

0.00%

-1.37

Morgan Dempsey

40.14

0.00

0.00%

2.46

Cultivar

38.73

0.28

0.73%

2.02

Stacked

38.57

0.53

1.37%

-31.06

Concourse

38.28

-1.35

-3.54%

1.44

Man GLG

37.81

0.00

0.00%

1.63

Peerless

37.45

0.00

0.00%

11.08

RAFI Indices

37.37

0.00

0.00%

-2.14

CRM

37.35

0.10

0.26%

41.83

Chesapeake

37.14

0.00

0.00%

37.23

Guru

35.76

0.00

0.00%

-0.98

Tactical Funds

35.73

0.22

0.61%

1.33

ZEGA

34.82

0.00

0.00%

-1.16

Grizzle

34.80

0.00

0.00%

13.02

ChinaAMC

34.30

1.90

5.54%

18.42

Bastion

33.35

0.00

0.00%

2.74

ADRhedged

32.51

-0.02

-0.07%

7.93

Advent

32.06

0.00

0.00%

3.76

Acquirers Fund

32.00

0.00

0.00%

-2.84

The Nightview

31.00

0.00

0.00%

1.50

Point Bridge Capital

30.33

0.00

0.00%

-2.77

OTG

27.98

0.00

0.00%

4.28

Core Alternative

26.93

0.00

0.00%

-9.90

MUFG

25.11

0.00

0.00%

0.94

Intelligent Investor

23.34

0.00

0.00%

-0.85

NovaTide

21.45

0.00

0.00%

7.58

Manzil

21.43

0.00

0.00%

18.19

Wedbush

21.37

0.00

0.00%

19.12

Draco

21.24

0.00

0.00%

-2.75

Brendan Wood

20.85

0.00

0.00%

0.00

DGA

20.18

0.00

0.00%

-0.01

AMG Funds

20.06

0.00

0.00%

9.52

FMQQ

19.29

-0.01

-0.06%

-2.84

Altrius

19.09

0.00

0.00%

3.34

Defender

18.97

0.00

0.00%

19.04

GGM

18.88

0.00

0.00%

0.76

StockSnips

18.60

0.00

0.00%

-0.94

Leatherback

17.38

0.00

0.00%

-5.25

Atlas

17.15

0.00

0.00%

-0.26

Rainwater

17.14

0.00

0.00%

-1.96

Yorkville

17.06

0.00

0.00%

14.29

Pareto

16.63

0.00

0.00%

2.11

CrossingBridge Funds

15.88

4.76

30.00%

-6.80

Humilis

15.85

-1.49

-9.38%

16.08

DAC

15.13

0.00

0.00%

2.58

Clockwise Capital

14.43

0.00

0.00%

3.19

Archer Funds

13.35

0.26

1.92%

9.60

MKAM

12.99

0.00

0.00%

0.61

Free Market

12.91

0.00

0.00%

-6.14

CLS

12.50

0.00

0.00%

8.71

Truth Social

12.32

0.00

0.00%

9.33

Regents Park

12.18

-42.62

-350.00%

-39.04

Vegashares

11.96

2.36

19.73%

12.20

Build

11.92

0.00

0.00%

0.64

Alpha

11.53

-0.99

-8.57%

-0.01

Ionic

11.38

0.00

0.00%

0.97

WEBs

11.20

0.00

0.00%

7.44

Arimathea

10.97

0.00

0.00%

11.02

iMGP

10.43

0.00

0.00%

0.67

MRBL

10.26

0.00

0.00%

3.84

FINQ

10.22

0.00

0.00%

9.77

SanJac Alpha

9.99

0.00

0.00%

4.78

Billionaires

9.94

0.00

0.00%

9.93

FolioBeyond

9.91

0.00

0.00%

0.00

Armada ETF Advisors

9.74

0.00

0.00%

-1.70

Oasis

9.59

0.00

0.00%

1.94

ETFB

9.48

0.00

0.00%

1.00

Hypatia Capital

9.31

0.00

0.00%

1.38

Coastal

9.21

0.00

0.00%

2.85

Vontobel

9.11

0.00

0.01%

-0.01

Fundsmith

7.72

0.00

0.00%

2.79

GSR

7.71

0.00

0.00%

8.44

Onefund

7.23

0.00

0.00%

-0.75

X-Square

7.19

0.00

0.00%

2.57

Armor

7.04

0.00

0.00%

6.78

Prospera Funds

6.94

0.30

4.35%

4.92

WHITEWOLF

6.87

0.00

0.00%

0.47

Mason Capital

6.73

0.00

0.00%

0.30

ATAC

5.82

0.00

0.00%

-0.39

Templeton

5.79

0.00

0.00%

0.00

Income STKd

5.78

0.46

7.95%

9.21

Reverb ETF

5.70

0.00

0.00%

0.00

Honeytree

5.51

0.00

0.00%

-2.70

USCF

5.14

0.00

0.00%

-1.51

Ned Davis Research

4.46

0.00

0.00%

2.26

Kingsbarn

4.39

0.00

0.00%

-0.66

AllianceBernstein

4.20

0.00

0.00%

0.00

Wilmington Funds

3.43

0.00

0.00%

5.92

Abacus

3.29

0.00

0.00%

0.20

Arrow Funds

3.16

0.00

0.00%

-0.02

Horizon Kinetics

2.81

0.00

0.00%

2.66

Hotchkis & Wiley

2.70

0.00

0.00%

0.01

Fidelity Advisor

2.49

0.00

0.00%

0.00

Langar

2.37

0.00

0.00%

-0.95

CoreValues Alpha

2.35

0.00

0.00%

0.83

Ruk

2.14

0.00

0.00%

2.11

Aura

1.97

0.00

0.00%

2.06

Milliman

1.96

0.00

0.00%

1.51

Opportunistic

1.81

0.00

0.00%

-4.94

COtwo

1.80

0.00

0.00%

0.00

Cyber Hornet

1.47

0.00

0.00%

1.57

Climate Global

1.33

0.00

0.00%

0.90

Guinness Atkinson

1.03

0.00

0.00%

0.00

xETFs

0.84

0.00

0.00%

0.00

Fortuna

0.69

0.00

0.00%

0.00

TradersAI

0.68

0.00

0.00%

0.00

CORE16

0.64

0.00

0.00%

-0.44

L&G

0.47

0.00

0.00%

0.48

Deutsche X-trackers

0.15

0.00

0.00%

0.00

Stance

0.00

0.00%

0.00

Baillie Gifford Funds

0.00

0.00%

0.00

Harrison Street

0.00

0.00%

0.00

Amana

0.00

0.00%

0.00

Story Continues

ETF Issuer League Table

Issuer

AUM ($, mm)

Net Flows ($, mm)

% of AUM

YTD 2026 Net Flows($,M)

BlackRock, Inc.

4,501,529.91

14,430.35

0.32%

281,413.00

Vanguard

4,447,741.31

-16,855.94

-0.38%

269,902.52

State Street

1,719,590.23

362.11

0.02%

27,166.47

Invesco

965,002.82

1,466.27

0.15%

52,189.74

Charles Schwab

574,316.20

94.84

0.02%

30,968.89

JPMorgan Chase

321,564.96

123.11

0.04%

35,824.76

Dimensional

295,151.19

758.97

0.26%

25,725.10

First Trust

273,773.19

784.86

0.29%

20,762.07

Fidelity

170,044.14

415.33

0.24%

16,093.18

World Gold Council

162,752.86

-585.68

-0.36%

-3,777.30

VanEck

161,311.74

-1,741.81

-1.08%

8,921.00

AXS Investments

158,636.13

1,049.30

0.66%

45,568.60

The Capital Group Companies

148,335.60

601.68

0.41%

32,666.13

American Century Investments

143,378.47

582.62

0.41%

26,878.88

ProShare Advisors LLC

122,856.72

226.50

0.18%

5,948.13

WisdomTree

96,683.18

-102.38

-0.11%

2,415.06

Mirae Asset Global Investments Co., Ltd.

95,157.53

-34.44

-0.04%

12,108.32

Rafferty Asset Management

75,665.30

572.40

0.76%

-14,979.57

Goldman Sachs

63,663.83

102.15

0.16%

7,297.57

Allianz

62,270.96

45.35

0.07%

21,972.96

Franklin Templeton

47,358.91

244.99

0.52%

8,186.63

Janus Henderson

43,805.87

14.65

0.03%

4,991.39

Pacer Advisors

39,818.19

49.57

0.12%

-920.19

Alpha Architect

35,536.62

-119.69

-0.34%

5,582.26

Innovator

35,170.47

800.73

2.28%

3,452.41

Prudential

33,660.14

-438.41

-1.30%

10,404.12

Deutsche Bank AG

31,994.61

10.93

0.03%

813.82

Roundhill Investments

30,683.77

962.40

3.14%

17,804.83

T. Rowe Price Group, Inc.

29,150.85

1,107.47

3.80%

6,857.99

Neos Investments LLC

29,138.50

122.13

0.42%

11,614.08

Northern Trust

26,491.86

1.19

0.00%

1,325.95

Victory Capital

22,745.59

30.69

0.13%

2,619.49

SS&C

21,443.54

33.29

0.16%

1,176.28

Toroso Investments Topco LLC

20,063.26

180.61

0.90%

6,835.53

Abrdn Plc

19,402.67

-21.30

-0.11%

-842.84

Tidal Investments LLC

19,021.27

21.74

0.11%

2,706.45

Amplify Investments

18,989.01

29.44

0.16%

1,696.78

Morgan Stanley

18,743.49

62.55

0.33%

3,955.92

TIAA Board of Governors

17,932.06

8.17

0.05%

1,605.32

BNY Mellon

17,896.27

0.00

0.00%

1,260.05

ARK Investment Management LP

15,490.65

-39.28

-0.25%

-1,001.65

Manulife

14,937.42

14.62

0.10%

5,129.43

GraniteShares

13,902.87

-629.29

-4.53%

1,182.30

Simplify

13,898.90

1.53

0.01%

2,150.67

Equitable

13,200.43

48.27

0.37%

2,586.59

Ameriprise Financial

12,745.35

40.63

0.32%

1,174.44

Power Corporation of Canada

12,181.62

26.90

0.22%

4,190.08

Exchange Traded Concepts

10,583.17

20.39

0.19%

1,238.35

Principal

10,446.79

2.80

0.03%

1,218.47

1251 Capital Group Inc.

9,573.09

-10.69

-0.11%

1,169.81

Digital Currency Group, Inc.

8,799.78

-1.29

-0.01%

-1,883.64

CICC

8,500.02

-23.27

-0.27%

429.69

BMO

8,220.29

0.00

0.00%

337.72

SEI Investments

7,879.57

1.51

0.02%

900.55

Bondbloxx Investment Management Corp.

7,825.93

10.07

0.13%

1,967.67

New York Life

7,576.94

13.08

0.17%

1,096.97

The Hartford

7,543.43

21.18

0.28%

1,135.81

Defiance ETFs

7,534.34

1.18

0.02%

1,291.40

ORIX

7,156.03

-5.05

-0.07%

1,573.65

The TCW Group, Inc.

6,926.14

3.40

0.05%

1,384.26

Grayscale Investments LLC

6,112.77

-10.27

-0.17%

464.91

Virtus Investment Partners

5,841.85

10.43

0.18%

535.60

AllianceBernstein LP

5,726.49

6.27

0.11%

2,081.35

Grantham, Mayo, Van Otterloo & Co. LLC

5,562.93

8.51

0.15%

1,627.92

Aptus Capital Advisors

5,500.76

1.45

0.03%

130.11

Sprott

5,305.23

-14.93

-0.28%

1,185.42

Marygold

5,232.82

-50.20

-0.96%

1,016.01

Akre Capital Management LLC

5,231.36

-30.10

-0.58%

-2,849.27

Envestnet

4,758.75

56.60

1.19%

305.72

Bahl & Gaynor, Inc.

4,485.79

-18.50

-0.41%

1,711.26

Main Management

4,471.36

0.87

0.02%

342.33

Dawn Global Topco Ltd.

4,386.37

-137.88

-3.14%

2,915.61

Bitwise Asset Management, Inc.

4,201.47

0.14

0.00%

401.78

Eagle Capital Management LLC

4,161.37

7.51

0.18%

751.01

Eurazeo SA

4,051.23

-3.82

-0.09%

1,624.43

Sun Life Financial, Inc.

3,943.13

1.06

0.03%

1,504.53

Tuttle Capital Management LLC

3,901.92

56.50

1.45%

5,162.93

Cambria Investment Management LP

3,789.44

0.00

0.00%

223.06

Neuberger Berman

3,780.10

-9.08

-0.24%

909.11

BCP CC Holdings LP

3,393.77

8.38

0.25%

1,978.08

Calamos Family Partners, Inc.

3,325.55

11.59

0.35%

1,782.52

Inspire Impact Group LLC

3,274.37

0.00

0.00%

439.35

Angel Oak Cos. LLC

3,079.52

1.46

0.05%

854.27

Themes ETF

3,012.38

85.42

2.84%

7,975.97

Thrivent Financial for Lutherans

2,974.05

1.00

0.03%

107.56

Doubleline ETF Holdings LP

2,846.91

0.00

0.00%

555.74

Federated Hermes, Inc.

2,725.44

1.61

0.06%

956.08

The Motley Fool

2,641.84

0.00

0.00%

-93.35

Brown Advisory Management LLC

2,636.85

1.50

0.06%

229.59

Acp Horizon Holdings LP

2,492.70

96.85

3.89%

639.96

Davis Advisers

2,486.65

-15.43

-0.62%

274.33

Groupe BPCE

2,291.15

-14.36

-0.63%

450.69

The Charles Schwab Corp.

2,247.60

0.00

0.00%

735.30

Focus Financial Partners, Inc

2,099.70

0.00

0.00%

69.41

Capital Impact Advisors

2,092.30

-20.57

-0.98%

663.15

Barclays

2,061.30

-28.45

-1.38%

1.24

Volatility Shares LLC

1,978.45

-9.79

-0.50%

754.88

Distillate Capital

1,970.03

0.00

0.00%

-36.19

Lazard, Inc.

1,922.03

13.91

0.72%

878.55

Tortoise

1,892.89

3.47

0.18%

136.28

WisdomTree, Inc.

1,852.85

8.15

0.44%

1,000.37

Western & Southern Mutual Holding Co.

1,799.00

1.82

0.10%

588.38

AdvisorShares

1,748.03

-0.90

-0.05%

38.68

MM VAM LLC

1,652.07

0.00

0.00%

-10.56

Horizon Kinetics

1,504.47

-20.89

-1.39%

0.77

Alger

1,490.07

7.95

0.53%

516.73

Allspring Group Holdings LLC

1,331.96

0.00

0.00%

84.10

Timothy Plan

1,321.61

0.00

0.00%

109.38

Howard Capital Management Inc.

1,306.57

0.00

0.00%

-2.25

UBS

1,271.90

0.00

0.00%

276.84

Wahed

1,239.52

55.91

4.51%

189.17

Lagan Holding Co. Trust

1,171.78

0.00

0.00%

-5.53

US Global Investors

1,125.58

0.00

0.00%

30.70

TrueMark Group

1,117.55

0.00

0.00%

71.84

First Trust Advisors LP

1,114.58

17.41

1.56%

942.25

Kingsview Partners LLC

1,099.99

0.00

0.00%

167.69

Delaware Management Company Inc

1,099.92

8.08

0.73%

572.19

Oneascent Holdings LLC

1,089.72

2.91

0.27%

170.13

Aptus Holdings LLC

1,074.36

0.82

0.08%

277.63

Wedbush Fund Advisers LLC

1,071.44

0.00

0.00%

-48.38

Cohen & Steers, Inc. (New York)

1,069.58

0.00

0.00%

472.82

Twin Oak Holdings LP

1,061.62

0.00

0.00%

40.25

Summit Global LLC

1,029.93

0.47

0.05%

86.35

NZC Capital LLC

993.38

0.00

0.00%

-46.98

Brown Brothers Harriman

989.82

-3.64

-0.37%

-25.40

Resolute Investment Managers, Inc.

952.36

0.00

0.00%

504.47

Brandes Worldwide Holdings

946.49

4.21

0.45%

67.60

Baird Financial Group Inc.

909.02

9.30

1.02%

371.35

CI Financial

899.35

0.00

0.00%

65.08

3EDGE Asset Management LP

867.69

4.70

0.54%

204.32

Northern Trust Corp.

853.58

0.00

0.00%

0.41

Baron Capital Group

822.71

-6.54

-0.80%

377.29

ProcureAM

815.60

-1.20

-0.15%

688.33

Scharf Investments LLC

809.75

0.00

0.00%

-43.54

Coinshares International Ltd.

805.76

0.00

0.00%

39.17

Zacks

796.54

0.02

0.00%

168.16

Thornburg Investment Management

780.37

6.85

0.88%

332.31

REX Shares LLC

778.61

0.00

0.00%

136.44

Rational Advisors Inc.

770.97

-1.04

-0.13%

-48.81

Russell Investments Group Ltd.

748.11

2.50

0.33%

163.33

Estate Counselors LLC

741.25

0.29

0.04%

-19.40

Convergence Investment Partners, LLC

715.07

3.41

0.48%

348.20

Swan Global Investments

701.62

0.00

0.00%

55.23

AB Holding

680.68

0.00

0.00%

-4.17

The Burney Co.

661.54

0.00

0.00%

30.75

Affiliated Managers Group

653.17

0.00

0.00%

278.73

Day Hagan Asset Management

642.25

0.00

0.00%

-46.93

Matthews International Capital Management

634.40

0.00

0.00%

88.08

Teucrium

633.55

-5.15

-0.81%

437.11

Anfield Group

631.03

-120.29

-19.06%

-38.77

FCF Advisors

626.95

0.00

0.00%

-287.34

Liquid Strategies

625.91

3.20

0.51%

159.54

Counterpoint Mutual Funds LLC

624.81

6.10

0.98%

181.95

Norris, Perne & French LLP

622.56

0.00

0.00%

0.17

Corgi Insurance Services, Inc.

614.77

42.27

6.88%

599.09

AmeriLife

606.11

0.00

0.00%

-23.99

3Fourteen & SMI Advisory Services LLC

586.19

0.00

0.00%

45.88

Sterling Capital Management LLC

583.60

0.00

0.00%

102.67

Applied Finance Group

574.38

0.00

0.00%

154.87

Cygnet Capital LLC

571.45

-99.22

-17.36%

36.87

Killir Kapital Management LLC

571.01

10.80

1.89%

1,358.91

Arlington Capital Ltd.

566.80

0.00

0.00%

14.84

Tapp Finance, Inc.

564.25

1.85

0.33%

323.85

GQG Partners Inc

563.42

3.05

0.54%

210.91

Truemark Group LLC

546.42

0.74

0.14%

356.26

First Pacific Advisors LP

543.96

4.86

0.89%

226.78

Hedgeye Risk Management LLC

533.16

-1.90

-0.36%

331.95

Vert Asset Management LLC

526.54

0.02

0.00%

27.78

Rex Advisers LLC

516.71

2.64

0.51%

87.65

Eventide Asset Management, LLC

503.95

1.87

0.37%

129.65

Kensington Asset Management LLC

500.13

0.77

0.15%

153.11

Adaptive Investments

497.27

0.00

0.00%

9.65

Guardian Capital Group Ltd.

495.30

-0.01

0.00%

445.42

PlanRock Wealth Management LLC

480.99

-2.64

-0.55%

70.35

Myriad Asset Management Advisors LLC

445.47

0.00

0.00%

6.52

TFG Parent Holdings LLC

430.65

37.30

8.66%

491.16

RDJ Associates LLC

416.18

0.00

0.00%

66.55

Toews Corp.

414.24

0.00

0.00%

0.67

Palmer Square Holdings LLC

405.96

0.52

0.13%

211.48

ShariaPortfolio, Inc.

397.65

3.54

0.89%

150.54

Spend Life Wisely Co., Inc.

384.70

0.00

0.00%

18.69

Westwood Holdings Group, Inc.

384.63

3.40

0.88%

146.61

ClearShares LLC

384.52

0.00

0.00%

-8.44

Pacific Investments Ltd.

370.06

0.00

0.00%

238.65

Rex Financial LLC

361.07

1.99

0.55%

175.31

Corpus Partners LLC

334.51

1.43

0.43%

190.60

Running Oak Capital LLC

333.57

-2.38

-0.71%

-16.57

Canary Capital Group, Inc.

325.86

0.00

0.00%

99.95

CastleArk Management LLC

311.88

0.01

0.00%

-9.53

Voya Financial, Inc.

310.55

0.00

0.00%

200.43

Aegon

310.27

0.00

0.00%

267.79

The Hartford Insurance Group, Inc.

301.16

0.00

0.00%

55.85

Faith Investor Services LLC

293.49

0.00

0.00%

82.32

Frontier Asset Management LLC

292.98

0.01

0.00%

4.05

Macquarie Group Ltd

291.02

0.00

0.00%

-78.42

Cary Street Partners Financial LLC /VA/

283.81

0.00

0.00%

0.98

AGF

280.44

0.00

0.00%

64.60

Optimize Financial Inc.

273.91

0.00

0.00%

8.19

Kurv Investment, Inc.

267.91

0.68

0.25%

204.56

Neil Azous Revocable Trust

264.00

0.00

0.00%

43.43

Little Harbor Advisors

256.13

0.00

0.00%

3.42

Spear Advisors LLC

252.22

0.00

0.00%

38.49

Paralel Technologies LLC

248.43

-1.47

-0.59%

-1.52

The Leuthold Group LLC

246.26

1.15

0.47%

103.46

Regan Capital, LLC

239.93

0.00

0.00%

55.18

Infrastructure Capital Advisors LLC

237.94

0.00

0.00%

112.59

Marathon Partners LLC

232.88

0.00

0.00%

-3.35

Weitz Investment Management, Inc.

225.11

0.00

0.00%

92.16

AMG National Corp.

221.81

-6.71

-3.02%

1.39

Redwood

218.26

0.00

0.00%

-99.05

Graff Capital

216.39

0.22

0.10%

215.62

Kurv Investment Management LLC

214.58

0.60

0.28%

63.17

Dhandho Holdings LP

214.55

0.00

0.00%

88.11

Clipper Holding LP

210.83

0.00

0.00%

1.14

Thor Trading Advisors LLC

208.36

0.00

0.00%

4.50

Madison Investment Holdings, Inc.

208.01

0.00

0.00%

-17.64

Rayliant

206.03

1.44

0.70%

-17.88

Sterling Fund Management LLC

200.85

0.00

0.00%

191.67

Hashdex Ltd.

200.49

0.00

0.00%

122.22

Teucrium Trading LLC

197.80

0.58

0.29%

156.49

Guggenheim Capital LLC

194.70

2.50

1.28%

12.50

Renaissance Capital

192.47

0.00

0.00%

12.32

Mcivy Co. LLC

190.38

0.21

0.11%

456.72

Client First Investment Management LLC

186.86

0.00

0.00%

5.80

F/m Investments LLC

183.92

0.83

0.45%

145.26

Beyond Investing

182.87

0.00

0.00%

4.66

Alexis Investment Partners LLC

181.84

0.00

0.00%

15.22

Obra Capital, Inc.

180.03

0.00

0.00%

113.73

Inverdale Capital Management LLC

174.06

0.00

0.00%

3.45

GAMCO Investors, Inc.

173.06

-3.76

-2.17%

58.90

Belpointe

172.23

0.00

0.00%

24.20

Pictet & Partners

171.12

0.79

0.46%

94.11

Tremblant Capital

170.72

0.00

0.00%

5.16

Grayscale Operating LLC

167.32

0.20

0.12%

-62.39

818, Inc.

165.96

0.00

0.00%

76.06

Soundwatch Capital LLC

164.06

0.00

0.00%

-4.06

Everence Holdings Inc.

158.90

0.00

0.00%

13.83

Unlimited Funds, Inc.

152.77

0.00

0.00%

87.08

Shelton Capital Management

151.07

0.00

0.00%

87.60

Amun Holdings Ltd.

150.95

0.00

0.00%

-46.93

Ridgeline Research LLC

150.60

0.00

0.00%

2.57

SWP Investment Management LLC

150.60

0.00

0.00%

8.42

Hull Investments LLC

149.36

0.00

0.00%

10.32

Polen Capital Management LLC

146.98

0.00

0.00%

8.52

Astoria Portfolio Advisors LLC

146.86

-0.71

-0.48%

23.37

Future Fund Advisors

142.99

0.00

0.00%

7.70

Absolute Investment Advisers LLC

141.64

0.00

0.00%

14.38

Raymond James Financial

140.94

0.00

0.00%

72.24

WBI

139.16

0.00

0.00%

-13.75

Sound Capital Solutions LLC

138.33

0.00

0.00%

19.03

Pettee Investors

138.23

0.00

0.00%

3.40

Peakshares LLC

130.26

0.00

0.00%

17.86

IronHorse Holdings

129.19

0.00

0.00%

1.03

Wellington Management Group LLP

125.48

-0.62

-0.50%

42.93

Texas Capital Bancshares, Inc.

121.99

0.00

0.00%

4.79

Impax Asset Management Group

117.20

1.80

1.53%

-411.83

Water Island Capital

116.86

-0.02

-0.01%

3.49

First Manhattan Co.

116.84

0.00

0.00%

0.69

Q3 Asset Management Corp.

114.63

0.00

0.00%

45.05

Clough Capital Partners LLC

114.23

2.01

1.76%

13.68

Logan Capital Management Inc.

112.57

0.00

0.00%

2.62

SRN Advisors

111.13

0.00

0.00%

-9.06

Stf Management LP

109.60

0.00

0.00%

-10.62

Guinness Atkinson Asset Management

108.01

0.00

0.00%

17.99

Avos Capital Management, LLC

105.62

0.00

0.00%

3.40

Community Capital Management, Inc.

105.18

0.91

0.87%

-7.13

Retireful LLC

104.40

0.00

0.00%

1.84

Indexperts LLC

103.46

0.00

0.00%

-0.15

Corgi Strategies LLC

99.52

3.41

3.42%

89.76

Artemis Corp.

99.29

0.00

0.00%

1.80

Hennessy Advisors

95.32

0.00

0.00%

-8.48

Man Group Plc (Jersey)

95.20

0.00

0.00%

4.69

IDX Advisors LLC

91.25

0.00

0.00%

8.93

Sparkline Capital LP

91.16

0.00

0.00%

16.65

Sovereign's Capital Management LLC

89.91

0.00

0.00%

-8.35

Diamond Hill Investment Group

89.65

0.00

0.00%

29.52

Miller Value Partners LLC

88.70

0.00

0.00%

0.29

Jensen Investment Management, Inc.

88.06

0.00

0.00%

-31.33

Arrow Funds

87.70

0.00

0.00%

4.33

Acuitas Investments LLC

87.45

0.00

0.00%

77.68

Ocean Park Asset Management LLC

83.03

0.00

0.00%

33.19

Stone Ridge Holdings Group LP

82.46

0.00

0.00%

3.14

WealthTrust Asset Management LLC

80.82

0.00

0.00%

12.65

Argent Capital Management

80.42

0.00

0.00%

13.45

Falconx Holdings Ltd.

80.38

0.36

0.45%

63.77

NSI Holdings, Inc.

78.00

0.76

0.98%

20.82

Brookmont Capital Management LLC

77.14

0.00

0.00%

41.79

M. D. Sass LLC

77.08

0.00

0.00%

6.49

Pzena Investment Management LP

74.77

0.00

0.00%

38.30

Argent Holdings, Inc.

73.89

0.00

0.00%

0.29

Milliman, Inc.

73.84

0.00

0.00%

14.93

Impact Shares

73.78

0.00

0.00%

-0.05

Moonvest LLC

70.49

0.00

0.00%

41.03

Core Alternative Capital

70.04

0.00

0.00%

3.06

Sammons Enterprises, Inc.

68.93

0.00

0.00%

-8.25

FMC Group Holdings LP

67.45

0.00

0.00%

0.47

Symmetry Partners, LLC

66.77

0.01

0.02%

7.22

Public Trust Advisors LLC

66.17

0.00

0.00%

30.90

Cambiar Holdings

66.16

0.01

0.02%

0.65

Grace Partners of Dupage LP

65.81

0.00

0.00%

62.97

PMV Capital LLC

65.38

0.00

0.00%

11.48

Golden Eagle Asset Management Co., Ltd.

65.27

0.00

0.00%

49.00

Reflection Asset Management, LLC

64.45

0.01

0.02%

6.50

ETFMG

63.84

1.22

1.92%

-29.02

Warren Capital Management, Inc.

62.87

0.00

0.00%

13.42

Suncoast Equity Management LLC

61.14

0.00

0.00%

8.01

Redbird Capital Partners Alternative Holdings LLC

60.86

0.00

0.00%

59.93

Thor Analytics LLC

59.88

0.99

1.65%

7.86

Osprey Funds LLC

58.83

0.00

0.00%

-50.78

Split Rock Private Trading & Wealth Management LLC

57.84

-0.57

-0.98%

-0.81

Cullen Capital Management LLC

53.72

0.00

-0.01%

11.19

Sarmaya Partners LLC

50.30

0.00

0.00%

31.00

Mairs & Power, Inc.

46.81

0.00

0.00%

10.78

AG Financial Services Group

45.09

-0.30

-0.67%

7.05

Alternative Access Funds LLC

45.03

0.01

0.01%

2.51

Worth Charting Group LLC

44.25

0.00

0.00%

43.31

Dakota Wealth Management LLC

42.04

0.00

0.00%

-0.01

Bancreek Capital Management LP

41.07

0.00

0.00%

27.65

Goose Hollow Capital Management LLC

41.03

0.00

0.00%

-0.70

Formidable Asset Management

40.81

0.00

0.00%

-1.37

RiverNorth Holdings Co.

39.42

0.00

0.00%

3.09

Cultivar Capital, Inc.

38.73

0.28

0.73%

2.02

Concourse Capital Advisors LLC

38.28

-1.35

-3.54%

1.44

Donald L. Hagan LLC

37.25

0.00

0.00%

-4.15

Reckoner Capital Management LLC

35.12

0.00

0.00%

7.51

Donoghue Forlines LLC

34.52

0.00

0.00%

14.70

Power Financial Corp.

33.79

0.00

0.00%

11.27

Precidian Investments LLC

32.51

-0.02

-0.07%

7.93

Advent Capital Management LLC

32.06

0.00

0.00%

3.76

Acquirers Funds

32.00

0.00

0.00%

-2.84

Nightview Capital LLC

31.00

0.00

0.00%

1.50

Point Bridge Capital

30.33

0.00

0.00%

-2.77

Redbird Capital Partners LP

30.01

0.00

0.00%

2.51

Brookfield Asset Management Ltd.

29.61

0.00

0.00%

10.94

Yorkville America LLC

29.38

0.00

0.00%

23.62

S.C.M. Edge, LLC

28.44

0.00

0.00%

14.52

Msc Group SA

27.98

0.00

0.00%

4.28

Carbon Collective Investing LLC

25.78

0.00

0.00%

3.02

Horizon Kinetics Holding Corp.

25.56

0.00

0.00%

3.86

Le Mouvement des caisses Desjardins

25.30

0.00

0.00%

4.38

Mitsubishi UFJ Financial Group Inc.

25.11

0.00

0.00%

0.94

Dvx Ventures LLC

21.82

0.00

0.00%

3.36

Manzil Mortgage Services, Inc.

21.43

0.00

0.00%

18.19

Wedbush Family Partners LLC

21.37

0.00

0.00%

19.12

Sound Capital Holdings LLC

21.12

0.00

0.00%

21.15

Grant/GrossMendelsohn LLC

18.88

0.00

0.00%

0.76

Atlas Capital Team, Inc.

17.15

0.00

0.00%

-0.26

Cohanzick Management

15.88

4.76

30.00%

-6.80

Nuveen Securities LLC

15.35

0.00

0.00%

0.00

Clockwise Capital LLC

14.43

0.00

0.00%

3.19

Nicholas Wealth LLC

14.43

1.05

7.30%

16.56

Archer Investment Corp.

13.35

0.26

1.92%

9.60

SS&C Technologies Holdings, Inc.

13.00

0.00

0.00%

12.59

WEBs Investments, Inc.

12.61

0.00

0.00%

6.17

Wellesley Asset Management, Inc.

12.47

0.00

0.00%

11.18

Build Asset Management LLC

11.92

0.00

0.00%

0.64

Arimathea Corp.

10.97

0.00

0.00%

11.02

Dana Investment Advisors, Inc.

10.66

0.00

0.00%

8.83

Saracen Energy Advisors LP

9.99

0.00

0.00%

4.78

LionShares LLC

9.80

-9.74

-99.41%

3.21

Vega Financial Group, LLC

9.67

1.21

12.56%

9.75

Hypatia Capital Group LLC

9.31

0.00

0.00%

1.38

Vontobel Holding AG

9.11

0.00

0.01%

-0.01

CYBER HORNET ETFs LLC

8.70

0.00

0.00%

0.82

Defiance Group Holdings LLC

8.35

0.00

0.00%

7.52

The Eighth Wonder Foundation

7.72

0.00

0.00%

2.79

Framework Digital Advisors LLC

7.71

0.00

0.00%

8.44

X-Square Capital

7.19

0.00

0.00%

2.57

Prospera Funds, Inc.

6.94

0.30

4.35%

4.92

6.90

0.00

0.00%

-0.11

Albert D. Mason, Inc.

6.73

0.00

0.00%

0.30

Nomura Holdings

6.31

0.00

0.00%

1.25

Distribution Cognizant LLC

5.70

0.00

0.00%

0.00

First Eagle Investment Management LLC

5.36

0.00

0.00%

2.88

Reverence Capital Partners LLC

5.09

0.00

0.00%

0.00

Founder ETFs LLC

4.94

0.00

0.00%

4.10

Epiris Managers LLP

4.46

0.00

0.00%

2.26

ARK Invest LLC

4.44

0.00

0.00%

44.63

Kingsbarn Capital Management LLC

4.39

0.00

0.00%

-0.66

Abacus Life, Inc.

3.29

0.00

0.00%

0.20

The BAD Investment Company

3.20

0.00

0.00%

2.80

HWCap Holdings LLC

2.70

0.00

0.00%

0.01

Langar Investment Management LLC

2.37

0.00

0.00%

-0.95

AOT Invest LLC

2.17

0.00

0.00%

0.90

Everence Association, Inc.

1.83

100.00%

1.83

Hexis Capital Management Ltd.

1.52

0.00

0.00%

1.52

21Shares AG

1.33

0.00

0.00%

0.32

Fortuna Funds LLC

0.69

0.00

0.00%

0.00

Baillie Gifford & Co.

0.00

0.00%

0.00

Colliers International Group, Inc.

0.00

0.00%

0.00

ONEFUND LLC

0.00

0.00%

0.00

Saturna Capital Corp.

0.00

0.00%

0.00

打开原文

ETF Fund Flows: Semiconductors Pop on Relatively Flat Day

重要性未评级

发布时间早于日报 5 天摘要窗口。

标签

标的：`SOXL`来源：etf.com发布日期：2026-06-25重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：344

中文摘要

该文章早于本次日报摘要窗口，未生成新的中文摘要；可展开原文或打开来源核查。

英文原文

ETF Fund Flows: Semiconductors Pop on Relatively Flat Day

ETF.com Staff

June 26, 2026 2 min read

SOXX

-4.77%

DRAM

-9.11%

SOXL

-13.99%

etf.com Top 10 Creations (All ETFs)

Ticker

Name

Net Flows ($, mm)

AUM ($, mm)

AUM % Change

IVV

iShares Core S&P 500 ETF

14,262.66

856,312.50

1.67%

SPY

SPDR S&P 500 ETF Trust

3,081.45

772,110.12

0.40%

QQQ

Invesco QQQ Trust Series I

999.36

481,582.71

0.21%

SOXX

iShares Semiconductor ETF

935.25

43,594.53

2.15%

DRAM

Roundhill Memory ETF

881.11

23,362.81

3.77%

SPYM

SPDR Portfolio S&P 500 ETF

738.28

149,021.30

0.50%

SOXL

Direxion Daily Semiconductor Bull 3x Shares

642.43

26,465.69

2.43%

AVLV

Avantis U.S. Large Cap Value ETF

530.20

15,166.98

3.50%

QQQM

Invesco NASDAQ 100 ETF

505.50

98,263.12

0.51%

DFUS

Dimensional U.S. Equity Market ETF

327.88

20,579.96

1.59%

Top 10 Redemptions (All ETFs)

Ticker

Name

Net Flows ($, mm)

AUM ($, mm)

AUM % Change

VOO

Vanguard S&P 500 ETF

-12,887.49

975,475.86

-1.32%

SMH

VanEck Semiconductor ETF

-1,615.56

71,794.30

-2.25%

Vanguard Mid-Cap ETF

-1,573.09

104,926.67

-1.50%

IWM

iShares Russell 2000 ETF

-1,093.10

81,406.41

-1.34%

Vanguard Small-Cap ETF

-942.54

79,569.16

-1.18%

NVDL

GraniteShares 2x Long NVDA Daily ETF

-768.13

4,044.15

-18.99%

VTV

Vanguard Value ETF

-727.04

185,444.44

-0.39%

DIA

SPDR Dow Jones Industrial Average ETF Trust

-619.93

43,029.68

-1.44%

GLD

SPDR Gold Shares

-569.32

134,700.88

-0.42%

VBK

Vanguard Small-Cap Growth ETF

-474.91

23,805.33

-1.99%

ETF Daily Flows By Asset Class

Net Flows ($, mm)

AUM ($, mm)

% of AUM

Alternatives

1,360.14

140,927.69

0.97%

Asset Allocation

105.57

41,927.25

0.25%

Commodities E T Fs

-978.21

316,970.45

-0.31%

Currency

-194.05

95,790.02

-0.20%

International Equity

-245.32

2,811,378.26

-0.01%

International Fixed Income

967.25

433,911.75

0.22%

Inverse

-69.04

14,505.74

-0.48%

Leveraged

1,117.64

194,689.13

0.57%

Us Equity

1,882.28

9,379,411.11

0.02%

Us Fixed Income

979.32

2,127,567.88

0.05%

Total:

4,925.58

15,557,079.28

0.03%

打开原文

Micron Soars Post Q3 Earnings on AI Memory Crunch: ETFs to Watch

重要性未评级

发布时间早于日报 5 天摘要窗口。

标签

标的：`FTXL`来源：Zacks发布日期：2026-06-25重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：642

中文摘要

该文章早于本次日报摘要窗口，未生成新的中文摘要；可展开原文或打开来源核查。

英文原文

Micron Soars Post Q3 Earnings on AI Memory Crunch: ETFs to Watch

Sanghamitra Saha

June 26, 2026 3 min read

-4.32%

FTXL

-4.90%

CHPX

-4.75%

-1.19%

-9.01%

On June 24, 2026, Micron Technology MU delivered another blockbuster quarter, reinforcing the strength of the AI memory cycle. The stock jumped 15% in after-hours trading following the announcement.

Record Quarter Crushes Expectations

Revenues surged more than fourfold from $9.3 billion a year ago. Net income soared to $28.24 billion compared with $1.89 billion in the year-ago period.

Looking ahead, Micron projected fourth-quarter revenue of approximately $50 billion, far above the Zacks Consensus Estimate of $42.64 billion.

AI Demand Keeps Memory Markets Tight

Supply shortages in memory and storage could take years to fully ease, even as industry capacity gradually improves through 2028, per management, as quoted on CNBC.

Sturdy Margins

The numbers suggest that the memory market remains exceptionally tight rather than showing signs of weakening.

Data Center Business Leads the Charge

All four business segments delivered explosive growth, with data centers standing out as the primary driver.

AI Customers Are Securing Supply, Not Just Buying Chips

The broader takeaway for investors is that AI customers increasingly view memory as a strategic bottleneck rather than a commodity input.

Story Continues

ETFs in Focus

Against this backdrop, below we highlight a few ETFs that are heavy on Micron. While leveraged Micron ETFs include the likes of Direxion Daily MU Bull 2X ETF MUU and GraniteShares 2x Long MU Daily ETF MULL, these are risky bets.

AXS Knowledge Leaders ETF KNO, iShares MSCI USA Value Factor ETF VLUE, Strive U.S. Semiconductor ETF SHOC, Global X AI Semiconductor & Quantum ETF CHPX and First Trust Nasdaq Semiconductor ETF FTXL has considerable weight in MU shares.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Micron Technology, Inc. (MU) : Free Stock Analysis Report

iShares MSCI USA Value Factor ETF (VLUE): ETF Research Reports

First Trust NASDAQ Semiconductor ETF (FTXL): ETF Research Reports

Strive U.S. Semiconductor ETF (SHOC): ETF Research Reports

Global X AI Semiconductor & Quantum ETF (CHPX): ETF Research Reports

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

打开原文

美光截至2026年5月28日季度的10-Q文件

重要性未评级

发布时间早于日报 5 天摘要窗口。

标签

标的：`MU`来源：U.S. Securities and Exchange Commission发布日期：2026-06-25重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：33487

中文摘要

美光披露，HBM相较同节点传统DRAM需要更多晶圆和洁净室空间。
公司提示，若HBM需求减弱且供应商把产能转回传统DRAM，传统DRAM供应可能显著增加并形成价格压力。
公司称生成式AI已推动HBM和数据中心先进产品需求，但长期需求路径仍不确定。
新建产能为多年期、资本密集项目，回报实现存在较长前置期。

英文原文

mu-20260528

0000723125 --09-03 2026 Q3 False P1Y http://fasb.org/us-gaap/2025#LongTermDebtAndCapitalLeaseObligations http://fasb.org/us-gaap/2025#DebtCurrent http://fasb.org/us-gaap/2025#DebtCurrent http://fasb.org/us-gaap/2025#LongTermDebtAndCapitalLeaseObligations http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember one one one one one P6M P6M 33.3 1 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure utr:Rate mu:patent mu:segment 0000723125 2025-08-29 2026-05-28 0000723125 2026-06-17 0000723125 2026-02-27 2026-05-28 0000723125 2025-02-28 2025-05-29 0000723125 2024-08-30 2025-05-29 0000723125 2026-05-28 0000723125 2025-08-28 0000723125 us-gaap:CommonStockMember 2026-02-26 0000723125 us-gaap:AdditionalPaidInCapitalMember 2026-02-26 0000723125 us-gaap:RetainedEarningsMember 2026-02-26 0000723125 us-gaap:TreasuryStockCommonMember 2026-02-26 0000723125 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-02-26 0000723125 2026-02-26 0000723125 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended May 28, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 1-10658

Micron Technology, Inc.

(Exact name of registrant as specified in its charter)

Delaware 75-1618004

(State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.)

8000 S. Federal Way , Boise , Idaho 83716 -9632

( 208 ) 368-4000

Address of principal executive offices, including zip code Registrant’s telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol Name of each exchange on which registered

Common Stock, par value $0.10 per share MU Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer Accelerated Filer Non-Accelerated Filer Smaller Reporting Company Emerging Growth Company

☒ ☐ ☐ ☐ ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

The number of outstanding shares of the registrant’s common stock as of June 17, 2026 was 1,129,393,151 .

Table of Contents

Introduction

PART I. Financial Information

Item 1.

Financial Statements:

Consolidated Statements of Operations

Consolidated Statements of Comprehensive Income (Loss)

Consolidated Balance Sheets

Consolidated Statements of Changes in Equity

Consolidated Statements of Cash Flows

Notes to Consolidated Financial Statements

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Results of Operations

Liquidity and Capital Resources

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Item 4.

Controls and Procedures

PART II. Other Information

Item 1.

Legal Proceedings

Item 1A.

Risk Factors

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

Item 5.

Other Information

Item 6.

Exhibits

Signatures

Table of Contents

Definitions of Commonly Used Terms

As used herein, “we,” “our,” “us,” and similar terms include Micron Technology, Inc. and its consolidated subsidiaries, unless the context indicates otherwise. All period references are to our fiscal periods unless otherwise indicated. Abbreviations, acronyms, or terms that are commonly used or found in multiple locations throughout this report and include the following:

Term Definition Term Definition

2028 Notes 5.375% Senior Notes due April 2028, repaid October 2025

AI Artificial intelligence

2029 A Notes 5.327% Senior Notes due February 2029, repaid February 2026

CAC China’s Cyberspace Administration

2029 B Notes 6.750% Senior Notes due November 2029, repaid October 2025

CHIPS Act U.S. CHIPS and Science Act of 2022

2029 Term Loan A Senior Term Loan A due January 2029, repaid October 2025

DDR Double data rate DRAM

2030 Notes 4.663% Senior Notes due February 2030, repaid February 2026

EBITDA Earnings before interest, taxes, depreciation, and amortization

2031 Notes 5.300% Senior Notes due January 2031 EUV Extreme ultraviolet lithography

2032 Green Bonds 2.703% Senior Notes due April 2032 HBM High-bandwidth memory

2032 Notes 5.650% Senior Notes due November 2032 Micron Micron Technology, Inc. (Parent Company)

2033 A Notes 5.875% Senior Notes due February 2033 OEM Original equipment manufacturer

2033 B Notes 5.875% Senior Notes due September 2033 R&D Research and development

2035 A Notes 5.800% Senior Notes due January 2035 Revolving Credit Facility $2.0 billion Revolving Credit Facility due March 2030

2035 B Notes 6.050% Senior Notes due November 2035 SOFR Secured Overnight Financing Rate

2041 Notes 3.366% Senior Notes due November 2041 SSD Solid state drive

2051 Notes 3.477% Senior Notes due November 2051

Micron Technology, Inc. is an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, manufacturing, and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience.

Micron®, any associated logos, and all other Micron trademarks are the property of Micron. Other product names or trademarks that are not owned by Micron are for identification purposes only and may be the trademarks of their respective owners.

Available Information

Investors and others should note that we announce material, non-public information through a variety of means, including our investor relations website (investors.micron.com), filings with the U.S. Securities and Exchange Commission (“SEC”), press releases, public conference calls, blog posts (micron.com/about/blog), posts on X (@MicronTech), and webcasts. We use these channels to achieve broad, non-exclusionary distribution of information to the public and for complying with our disclosure obligations under Regulation FD. Therefore, we encourage investors, the media, and others interested in our company to review the information we post on such channels. Web links throughout this document are inactive textual references provided for convenience only, and the content on the referenced websites is not incorporated herein by reference and does not constitute a part of this Quarterly Report on Form 10-Q.

3 | 2026 Q3 10-Q

Table of Contents

Forward-Looking Statements

This Form 10-Q contains trend information and other forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements may be identified by words such as “anticipate,” “expect,” “intend,” “pledge,” “committed,” “plan,” “opportunities,” “future,” “believe,” “target,” “on track,” “estimate,” “continue,” “likely,” “may,” “will,” “would,” “should,” “could,” and variations of such words and similar expressions. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Specific forward-looking statements include, but are not limited to, statements regarding expected production ramp of certain products; plans to invest in research and development; anticipated technological developments and improvements in our products; potential change and impact in our effective tax rate; expectations related to construction, acquisition, expansion, and ramping of production and the contribution to our ability to supply customers of our facilities, including new memory manufacturing fabs in the United States; expectations regarding our strategic customer agreements and their impact on our financial results; estimated capital expenditures; payment of purchase obligations; receipt, timing, and utilization of government incentives and our ability to satisfy conditions attached to these incentives; the payment of future cash dividends; market conditions, including anticipated supply and demand conditions, and profitability in our industry; future demand for our products and factors that may impact such demand, including developments in AI; the potential impact of business, economic, political, legal, and regulatory developments upon our global operations, including tariffs and trade regulations; and the sufficiency of our cash and investments. Our actual results could differ materially from our historical results and those discussed in the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, those identified in Part II. Other Information, Item 1A. Risk Factors.

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Micron Technology, Inc.

Consolidated Statements of Operations

(In millions, except per share amounts)

(Unaudited)

Quarter Ended Nine Months Ended

May 28,

2026 May 29,

2025 May 28,

2026 May 29,

2025

Revenue $ 41,456 $ 9,301 $ 78,959 $ 26,063

Cost of goods sold 6,400 5,793 18,502 16,244

Gross margin 35,056 3,508 60,457 9,819

Research and development 1,316 965 3,737 2,751

Selling, general, and administrative 407 318 1,088 891

Other operating (income) expense, net 15 56 43 61

Operating income

33,318 2,169 55,589 6,116

Interest income 215 135 509 350

Interest expense — ( 123 ) ( 106 ) ( 353 )

Other non-operating income (expense), net ( 321 ) ( 68 ) ( 559 ) ( 90 )

33,212 2,113 55,433 6,023

Income tax (provision) benefit ( 4,978 ) ( 235 ) ( 8,178 ) ( 695 )

Equity in net income (loss) of equity method investees

9 7 13 10

Net income

$ 28,243 $ 1,885 $ 47,268 $ 5,338

Earnings per share

Basic $ 25.03 $ 1.69 $ 41.97 $ 4.79

Diluted 24.67 1.68 41.40 4.75

Number of shares used in per share calculations

Basic 1,128 1,118 1,126 1,114

Diluted 1,145 1,125 1,142 1,123

See accompanying notes to consolidated financial statements.

5 | 2026 Q3 10-Q

Table of Contents

Micron Technology, Inc.

Consolidated Statements of Comprehensive Income (Loss)

(In millions)

(Unaudited)

Quarter Ended Nine Months Ended

May 28,

2026 May 29,

2025 May 28,

2026 May 29,

2025

Net income

$ 28,243 $ 1,885 $ 47,268 $ 5,338

Other comprehensive income (loss), net of tax

Gains (losses) on derivative instruments 68 149 15 93

Unrealized gains (losses) on investments ( 11 ) ( 3 ) ( 8 ) ( 3 )

Pension liability adjustments ( 1 ) — ( 1 ) ( 1 )

Other comprehensive income (loss) 56 146 6 89

Total comprehensive income

$ 28,299 $ 2,031 $ 47,274 $ 5,427

See accompanying notes to consolidated financial statements.

Table of Contents

Micron Technology, Inc.

Consolidated Balance Sheets

(In millions, except par value amounts)

(Unaudited)

As of May 28,

2026 August 28,

2025

Assets

Cash and cash equivalents

$ 24,995 $ 9,642

Short-term investments 1,027 665

Receivables 31,025 9,265

Inventories 8,567 8,355

Other current assets 1,123 914

Total current assets 66,737 28,841

Long-term marketable investments 4,106 1,629

Property, plant, and equipment 56,426 46,590

Operating lease right-of-use assets 683 736

Intangible assets 473 453

Deferred tax assets 700 616

Goodwill 1,150 1,150

Other noncurrent assets 3,837 2,783

Total assets $ 134,112 $ 82,798

Liabilities and equity

Accounts payable and accrued expenses $ 15,521 $ 9,649

Current debt 582 560

Other current liabilities 3,385 1,245

Total current liabilities 19,488 11,454

Long-term debt 5,140 14,017

Noncurrent operating lease liabilities 654 701

Noncurrent unearned government incentives 1,020 1,018

Other noncurrent liabilities 7,086 1,443

Total liabilities 33,388 28,633

Commitments and contingencies

Shareholders’ equity

Common stock, $ 0.10 par value, 3,000 shares authorized, 1,275 shares issued and 1,129 outstanding ( 1,266 shares issued and 1,122 outstanding as of August 28, 2025)

128 127

Additional capital 14,442 13,339

Retained earnings 94,682 48,583

Treasury stock, 146 shares held ( 144 shares as of August 28, 2025)

( 8,502 ) ( 7,852 )

Accumulated other comprehensive income (loss) ( 26 ) ( 32 )

Total equity 100,724 54,165

Total liabilities and equity $ 134,112 $ 82,798

See accompanying notes to consolidated financial statements.

7 | 2026 Q3 10-Q

Table of Contents

Micron Technology, Inc.

Consolidated Statements of Changes in Equity

(In millions, except per share amounts)

(Unaudited)

Quarter Ended May 28, 2026

Common Stock Additional Capital Retained Earnings Treasury Stock Accumulated Other Comprehensive

Income (Loss) Total Shareholders’ Equity

Number

of Shares Amount

Balance as of February 26, 2026 1,274 $ 127 $ 14,092 $ 66,824 $ ( 8,502 ) $ ( 82 ) $ 72,459

Net income — — — 28,243 — — 28,243

Other comprehensive income (loss), net — — — — — 56 56

Stock issued under equity compensation plans 2 1 ( 1 ) — — — —

Stock-based compensation expense — — 355 — — — 355

Repurchase of stock – withholdings on employee equity awards ( 1 ) — ( 4 ) ( 213 ) — — ( 217 )

Dividends and dividend equivalents declared ($ 0.15 per share)

— — — ( 172 ) — — ( 172 )

Balance as of May 28, 2026 1,275 $ 128 $ 14,442 $ 94,682 $ ( 8,502 ) $ ( 26 ) $ 100,724

Quarter Ended May 29, 2025

Common Stock Additional Capital Retained Earnings Treasury Stock Accumulated Other Comprehensive

Income (Loss) Total Shareholders’ Equity

Number

of Shares Amount

Balance as of February 27, 2025 1,262 $ 126 $ 12,711 $ 43,839 $ ( 7,852 ) $ ( 191 ) $ 48,633

Net income — — — 1,885 — — 1,885

Other comprehensive income (loss), net — — — — — 146 146

Stock issued under equity compensation plans 2 — 1 — — — 1

Stock-based compensation expense — — 253 — — — 253

Repurchase of stock – withholdings on employee equity awards ( 1 ) — ( 5 ) ( 34 ) — — ( 39 )

Dividends and dividend equivalents declared ($ 0.115 per share)

— — — ( 131 ) — — ( 131 )

Balance as of May 29, 2025 1,263 $ 126 $ 12,960 $ 45,559 $ ( 7,852 ) $ ( 45 ) $ 50,748

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Micron Technology, Inc.

Consolidated Statements of Changes in Equity

(In millions, except per share amounts)

(Unaudited)

Nine Months Ended May 28, 2026

Common Stock Additional Capital Retained Earnings Treasury Stock Accumulated Other Comprehensive

Income (Loss) Total Shareholders’ Equity

Number

of Shares Amount

Balance as of August 28, 2025 1,266 $ 127 $ 13,339 $ 48,583 $ ( 7,852 ) $ ( 32 ) $ 54,165

Net income — — — 47,268 — — 47,268

Other comprehensive income (loss), net — — — — — 6 6

Stock issued under equity compensation plans 12 1 178 — — — 179

Stock-based compensation expense — — 954 — — — 954

Repurchase of stock – repurchase program — — — — ( 650 ) — ( 650 )

Repurchase of stock – withholdings on employee equity awards ( 3 ) — ( 29 ) ( 733 ) — — ( 762 )

Dividends and dividend equivalents declared ($ 0.38 per share)

— — — ( 436 ) — — ( 436 )

Balance as of May 28, 2026 1,275 $ 128 $ 14,442 $ 94,682 $ ( 8,502 ) $ ( 26 ) $ 100,724

Nine Months Ended May 29, 2025

Common Stock Additional Capital Retained Earnings Treasury Stock Accumulated Other Comprehensive

Income (Loss) Total Shareholders’ Equity

Number

of Shares Amount

Balance as of August 29, 2024 1,253 $ 125 $ 12,115 $ 40,877 $ ( 7,852 ) $ ( 134 ) $ 45,131

Net income — — — 5,338 — — 5,338

Other comprehensive income (loss), net — — — — — 89 89

Stock issued under equity compensation plans 13 1 152 — — — 153

Stock-based compensation expense — — 722 — — — 722

Repurchase of stock – withholdings on employee equity awards ( 3 ) — ( 29 ) ( 262 ) — — ( 291 )

Dividends and dividend equivalents declared ($ 0.345 per share)

— — — ( 394 ) — — ( 394 )

Balance as of May 29, 2025 1,263 $ 126 $ 12,960 $ 45,559 $ ( 7,852 ) $ ( 45 ) $ 50,748

See accompanying notes to consolidated financial statements.

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Micron Technology, Inc.

Consolidated Statements of Cash Flows

(In millions)

(Unaudited)

Nine Months Ended May 28,

2026 May 29,

2025

Cash flows from operating activities

Net income

$ 47,268 $ 5,338

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation expense and amortization of intangible assets 6,862 6,203

Stock-based compensation 954 722

Change in operating assets and liabilities:

Receivables ( 19,953 ) ( 123 )

Inventories ( 212 ) 148

Accounts payable and accrued expenses 3,329 38

Other current liabilities

2,139 ( 681 )

Other noncurrent liabilities

5,203 259

Other 112 ( 109 )

Net cash provided by operating activities 45,702 11,795

Cash flows from investing activities

Expenditures for property, plant, and equipment ( 19,602 ) ( 10,199 )

Purchases of available-for-sale securities ( 4,072 ) ( 1,203 )

Proceeds from government incentives 2,989 1,294

Proceeds from maturities and sales of available-for-sale securities

1,233 1,249

Other ( 236 ) ( 30 )

Net cash used for investing activities

( 19,688 ) ( 8,889 )

Cash flows from financing activities

Repayments of debt ( 9,380 ) ( 3,604 )

Repurchases of common stock - withholdings on employee equity awards

( 762 ) ( 290 )

Repurchases of common stock - repurchase program

( 650 ) —

Payments of dividends to shareholders ( 437 ) ( 392 )

Proceeds from issuance of debt

— 4,430

Other 583 70

Net cash provided by (used for) financing activities

( 10,646 ) 214

Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash 8 ( 3 )

Net increase in cash, cash equivalents, and restricted cash

15,376 3,117

Cash, cash equivalents, and restricted cash at beginning of period 9,646 7,052

Cash, cash equivalents, and restricted cash at end of period $ 25,022 $ 10,169

Supplemental disclosure

Non-cash acquisitions of finance lease right-of-use assets

$ 32 $ 1,247

See accompanying notes to consolidated financial statements.

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Micron Technology, Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(All tabular amounts in millions, except per share amounts)

(Unaudited)

Note 1. Significant Accounting Policies

For a discussion of our significant accounting policies, see Part II, Item 8. Financial Statements and Supplementary Data, Notes to Consolidated Financial Statements, Note 1. Significant Accounting Policies of our Annual Report on Form 10-K for the year ended August 28, 2025. There have been no changes to our significant accounting policies since our Annual Report on Form 10-K for the year ended August 28, 2025.

Basis of Presentation

The accompanying consolidated financial statements include the accounts of Micron Technology, Inc. and our consolidated subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), consistent in all material respects with those applied in our Annual Report on Form 10-K for the year ended August 28, 2025.

In the opinion of our management, the accompanying unaudited consolidated financial statements contain all necessary adjustments, consisting of a normal recurring nature, to fairly state the financial information set forth herein. Certain reclassifications have been made to prior-period amounts to conform to current-period presentation.

Our fiscal year is the 52- or 53-week period ending on the Thursday closest to August 31. Fiscal year 2026 contains 53 weeks and fiscal year 2025 contains 52 weeks. Our fourth quarter of fiscal year 2026 contains 14 weeks. All period references are to our fiscal periods unless otherwise indicated. These interim financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended August 28, 2025.

Note 2. Recently Issued Accounting Standards

In December 2023, the FASB issued ASU 2023-09 (ASC Topic 740), Improvements to Income Tax Disclosures . This ASU requires disaggregated income tax disclosures on the rate reconciliation and income taxes paid. This ASU will be effective for our annual reporting for 2026 on a prospective basis, with retrospective application permitted. Adoption of this new guidance will result in expanded disclosures in the Notes to Consolidated Financial Statements.

In November 2024, the FASB issued ASU 2024-03 (ASC Topic 220), Disaggregation of Income Statement Expenses . This ASU requires disclosure of certain expenses in the notes to the financial statements. This ASU will be effective for our annual reporting for 2028 on a prospective basis, with retrospective application permitted. Adoption of this new guidance will result in expanded disclosures in the Notes to Consolidated Financial Statements.

In September 2025, the FASB issued ASU 2025-06 (ASC Topic 350), Targeted Improvements to the Accounting for Internal-Use Software . This ASU makes targeted improvements to the accounting for internal-use software and will be effective for the first quarter of 2029, with early adoption permitted. This ASU provides for adoption on a prospective basis, with retrospective or modified retrospective application permitted. We are evaluating the timing and effects of our adoption of this new guidance on our financial statements.

In December 2025, the FASB issued ASU 2025-10 (ASC Topic 832), Accounting for Government Grants Received by Business Entities . This ASU establishes the accounting and presentation for government grants received by a business entity. The ASU will be effective for the first quarter of 2030, with early adoption permitted. This ASU provides for adoption either on a modified prospective, modified retrospective, or retrospective basis. We are evaluating the timing and effects of our adoption of this new guidance on our financial statements.

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Note 3. Variable Interest Entities

Certain third-party special purpose entities (the “Lease SPEs”) facilitate equipment lease financing transactions between us and various financial institutions. Neither we nor the financial institutions have an equity interest in the Lease SPEs, which are variable interest entities. The arrangements are financing vehicles and we do not bear any significant risks from variable interests with the Lease SPEs. We do not have the power to direct the activities of the Lease SPEs that most significantly impact their economic performance and, as such, we do not consolidate them. We had approximately $ 1.34 billion and $ 1.58 billion of financial lease liabilities and right-of-use assets under these arrangements as of May 28, 2026 and August 28, 2025, respectively.

Note 4. Cash and Investments

All of our short-term investments and long-term marketable investments were classified as available for sale as of the dates noted below. Cash and cash equivalents and the fair values of our available-for-sale securities, which approximated amortized costs, were as follows:

As of May 28, 2026 As of August 28, 2025

Cash and Cash Equivalents

Short-term Investments Long-term Marketable Investments (1)

Total Fair Value Cash and Cash Equivalents

Short-term Investments Long-term Marketable Investments (1)

Total Fair Value

Cash $ 18,427 $ — $ — $ 18,427 $ 7,875 $ — $ — $ 7,875

Level 1 (2)

Money market funds 70 — — 70 410 — — 410

Level 2 (3)

Certificates of deposit 6,180 6 — 6,186 1,292 6 — 1,298

Corporate bonds 68 844 2,982 3,894 23 559 1,047 1,629

Asset-backed securities — 74 1,083 1,157 — 31 521 552

Commercial paper

247 50 — 297 33 26 — 59

Government securities

3 53 41 97 9 43 61 113

24,995 $ 1,027 $ 4,106 $ 30,128 9,642 $ 665 $ 1,629 $ 11,936

Restricted cash (4)

27 4

Cash, cash equivalents, and restricted cash $ 25,022 $ 9,646

(1) The maturities of long-term marketable investments primarily range from one to five years , except for asset-backed securities which are not due at a single maturity date.

(2) The fair value of Level 1 securities is measured based on quoted prices in active markets for identical assets.

(3) The fair value of Level 2 securities is measured using information obtained from pricing services, which obtain quoted market prices for similar instruments, non-binding market consensus prices that are corroborated by observable market data, or various other methodologies, to determine the appropriate value at the measurement date. We perform supplemental analysis to validate information obtained from these pricing services. No adjustments were made to the fair values indicated by such pricing information as of May 28, 2026 or August 28, 2025.

(4) Restricted cash is included in other current assets.

Gross realized gains and losses from sales of available-for-sale securities were not material for any period presented.

Non-marketable Equity Investments

In addition to the amounts included in the table above, we had $ 185 million and $ 194 million of non-marketable equity investments without a readily determinable fair value that were included in other noncurrent assets as of May 28, 2026 and August 28, 2025, respectively. Our non-marketable equity investments are recorded at cost

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minus impairment, if any, adjusted for qualifying observable price changes. Subsequent to May 28, 2026, we purchased non-marketable equity securities in a leading AI company.

Note 5. Receivables

As of May 28,

2026 August 28,

2025

Trade receivables $ 26,894 $ 7,163

Government incentives

3,408 1,572

Income and other taxes 517 436

Other 206 94

$ 31,025 $ 9,265

Note 6. Inventories

As of May 28,

2026 August 28,

2025

Finished goods $ 621 $ 1,094

Work in process 6,960 6,401

Raw materials and supplies 986 860

$ 8,567 $ 8,355

Note 7. Property, Plant, and Equipment

As of May 28,

2026 August 28,

2025

Land $ 420 $ 420

Buildings 23,741 22,173

Equipment (1)

88,113 79,934

Construction in progress (2)

10,935 5,518

Software 1,782 1,651

124,991 109,696

Accumulated depreciation ( 68,565 ) ( 63,106 )

$ 56,426 $ 46,590

(1) Includes costs related to equipment not placed into service of $ 4.20 billion as of May 28, 2026 and $ 4.05 billion as of August 28, 2025.

(2) Primarily includes building-related construction and tool installation.

On November 19, 2025, we finalized an incentive arrangement for the expansion of our Singapore manufacturing facilities, followed by a second arrangement on April 17, 2026, for the expansion of our Singapore R&D. Under both arrangements, we will receive government support for qualified capital spending and labor costs. The incentive arrangements may be subject to reduction, recapture, or termination if certain conditions are not met. Terms and conditions are subject to the confidentiality provisions of the incentive arrangements.

In March 2026, we completed the acquisition of a wafer fabrication facility in Tongluo, Miaoli County, Taiwan, from Powerchip Semiconductor Manufacturing Corporation for total cash consideration of $ 1.8 billion.

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Note 8. Accounts Payable and Accrued Expenses

As of May 28,

2026 August 28,

2025

Accounts payable $ 3,649 $ 3,132

Property, plant, and equipment 6,914 4,391

Income and other taxes 2,795 628

Salaries, wages, and benefits 1,884 1,116

Other 279 382

$ 15,521 $ 9,649

Note 9. Debt

As of May 28, 2026 As of August 28, 2025

Net Carrying Amount Net Carrying Amount

Stated Rate Effective Rate Current Long-Term Total Current Long-Term Total

2031 Notes

5.300 % 5.41 % $ — $ 261 $ 261 $ — $ 995 $ 995

2032 Green Bonds 2.703 % 2.77 % — 996 996 — 996 996

2032 Notes

5.650 % 5.79 % — 70 70 — 496 496

2033 A Notes 5.875 % 5.96 % — 175 175 — 746 746

2033 B Notes 5.875 % 6.01 % — 213 213 — 892 892

2035 A Notes 5.800 % 5.90 % — 135 135 — 992 992

2035 B Notes 6.050 % 6.14 % — 219 219 — 1,241 1,241

2041 Notes 3.366 % 3.41 % — 497 497 — 497 497

2051 Notes 3.477 % 3.52 % — 486 486 — 496 496

2028 Notes N/A N/A — — — — 540 540

2029 Term Loan A N/A N/A — — — — 982 982

2029 A Notes N/A N/A — — — — 698 698

2029 B Notes N/A N/A — — — — 1,168 1,168

2030 Notes N/A N/A — — — — 794 794

Finance lease obligations

N/A 4.72 % 582 2,088 2,670 560 2,484 3,044

$ 582 $ 5,140 $ 5,722 $ 560 $ 14,017 $ 14,577

As of May 28, 2026, the fair value of our outstanding debt instruments approximated the carrying value of our debt. The fair value of our debt instruments was estimated based on Level 2 inputs, including the trading price of our notes when available, discounted cash flows, and interest rates based on similar debt issued by parties with credit ratings similar to ours.

Debt Activity

The table below presents the effects of debt prepayment activity in the first nine months of 2026:

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Transaction Date Decrease in Principal

Decrease in Carrying Value

Decrease in Cash

Prepayments

2028 Notes

October 24, 2025

$ ( 542 ) $ ( 541 ) $ ( 562 )

2029 B Notes October 24, 2025

( 1,159 ) ( 1,168 ) ( 1,276 )

2029 Term Loan A

October 27, 2025

( 984 ) ( 982 ) ( 984 )

2051 Notes

January 23, 2026 ( 10 ) ( 10 ) ( 7 )

2029 A Notes

February 20, 2026 ( 700 ) ( 698 ) ( 726 )

2030 Notes February 23, 2026 ( 796 ) ( 794 ) ( 816 )

2031 Notes

April 3, 2026

( 738 ) ( 734 ) ( 773 )

2032 Notes

April 3, 2026 ( 429 ) ( 426 ) ( 456 )

2033 A Notes

April 3, 2026 ( 574 ) ( 571 ) ( 616 )

2033 B Notes

April 3, 2026 ( 685 ) ( 679 ) ( 734 )

2035 A Notes

April 3, 2026 ( 864 ) ( 857 ) ( 921 )

2035 B Notes

April 3, 2026 ( 1,030 ) ( 1,022 ) ( 1,114 )

$ ( 8,511 ) $ ( 8,482 ) $ ( 8,985 )

In connection with these prepayments, we recognized losses in other non-operating income (expense) of $ 323 million and $ 500 million for the third quarter and first nine months of 2026, respectively.

Revolving Credit Facility

On May 6, 2026, we reduced our borrowing capacity under the Revolving Credit Facility from $ 3.50 billion to $ 2.00 billion. As of May 28, 2026, no amounts were outstanding under the Revolving Credit Facility. Borrowing under the Revolving Credit Facility would generally bear interest at a rate equal to adjusted term SOFR plus 0.875 % to 1.50 %, depending on our corporate credit ratings. Any amounts outstanding under the Revolving Credit Facility would mature on March 12, 2030 and amounts borrowed may be prepaid without penalty. Any obligations under the Revolving Credit Facility would be unsecured.

The Revolving Credit Facility requires us to maintain, on a consolidated basis, a net leverage ratio of total net indebtedness to adjusted EBITDA, as defined in the Revolving Credit Facility agreement and calculated as of the last day of each fiscal quarter, not to exceed 3.25 to 1.00, subject to a temporary four fiscal quarter increase in such maximum ratio to 3.75 to 1.00 following certain material acquisitions.

Note 10. Contingencies

We are currently a party to legal actions other than those described below arising from the normal course of business, none of which are expected to have a material adverse effect on our business, results of operations, or financial condition.

Patent Matters

As is typical in the semiconductor and other high-tech industries, from time to time, others have asserted, and may in the future assert, that our products or manufacturing processes infringe upon their intellectual property rights. A description of certain claims is below.

On April 28, 2021, Netlist, Inc. (“Netlist”) filed two patent infringement actions against Micron, Micron Semiconductor Products, Inc. (“MSP”), and Micron Technology Texas, LLC (“MTEC”) in the U.S. District Court for the Western District of Texas (“W.D. Tex.”). The first complaint alleges that one U.S. patent is infringed by certain of our non-volatile dual in-line memory modules. The second complaint alleges that three U.S. patents are infringed by certain of our load-reduced dual in-line memory modules (“LRDIMMs”). Each complaint seeks injunctive relief, damages, attorneys’ fees, and costs. On March 31, 2022, Netlist filed a patent infringement complaint against Micron and Micron Semiconductor (Deutschland) GmbH (“MSG”) in Düsseldorf Regional Court alleging that two German

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patents are infringed by certain of our LRDIMMs. The complaint seeks damages, costs, and injunctive relief. In rulings issued on March 7, 2024 and November 7, 2024, the Federal Patent Court in Germany declared both patents invalid. Netlist appealed those rulings. On May 21, 2026, the appeals court affirmed the ruling of invalidity of the first patent. The appeal regarding the second patent has not yet been decided.

On June 10, 2022, Netlist filed a patent infringement complaint against Micron, MSP, and MTEC in the U.S. District Court for the Eastern District of Texas (“E.D. Tex.”) alleging that six U.S. patents are infringed by certain of our memory modules and HBM products. On August 1, 2022, Netlist filed a second patent infringement complaint against the same defendants in E.D. Tex. alleging that one U.S. patent is infringed by certain of our LRDIMMs. On August 15, 2022, Netlist amended the second complaint to assert that two additional U.S. patents are infringed by certain of our LRDIMMs. The complaints in E.D. Tex. seek injunctive relief, damages, and attorneys’ fees. On May 23, 2024, following a four-day trial regarding the second complaint filed by Netlist in the E.D. Tex., a jury rendered a verdict that Micron’s memory modules infringe two asserted patents—U.S. Patent No. 7,619,912 (“the ‘912 patent”) and U.S. Patent No. 11,093,417 (“the ‘417 patent”)—and found that Micron should pay $ 425 million for infringement of the ‘912 patent and $ 20 million for infringement of the ‘417 patent. On July 9, 2025, Micron filed a notice that it will appeal the judgment. On April 17, 2024, the Patent Trial and Appeal Board (“PTAB”) of the United States Patent and Trademark Office (“USPTO”) issued a final written decision (“FWD”) finding unpatentable the sole asserted claim of the ‘912 patent. On September 10, 2024, Netlist filed a notice that it will appeal the ruling that the ‘912 patent is unpatentable to the U.S. Court of Appeals for the Federal Circuit (“Federal Circuit”). On July 30, 2024, the USPTO issued a FWD finding unpatentable all asserted claims of the ‘417 patent. On December 10, 2024, Netlist filed a notice that it will appeal the ruling that the ‘417 patent is unpatentable to the Federal Circuit. In the case of each of the ‘912 and ‘417 patents, if the United States Court of Appeals for the Federal Circuit affirms the FWD, then the affirmed FWD will preclude any pending actions asserting infringement of such patent (including enforcement of the infringement verdict).

On May 19, 2025, Netlist filed a complaint against Micron, MSP, and MTEC in E.D. Tex. alleging that one U.S. patent is infringed by our HBM products. On July 8, 2025, Netlist amended the complaint to allege that one additional U.S. patent is infringed by certain of our DIMMs. On March 6, 2026, the E.D. Tex. transferred the case to the United States District Court for the District of Delaware (“D. Del.”) pursuant to a motion by Micron to dismiss or transfer for improper venue. On July 28, 2025, Netlist filed an additional complaint against Micron, MSP, and MTEC in E.D. Tex. alleging that one U.S. patent is infringed by certain of our DIMMs. On April 1, 2026, the E.D. Tex. transferred the additional case to D. Del. These complaints seek damages, attorneys’ fees, and other equitable relief.

On January 23, 2023, BeSang Inc. filed a patent infringement complaint against Micron in E.D. Tex. The complaint alleges that one U.S. patent is infringed by certain of our 3D NAND and SSD products. The complaint seeks an injunction, damages, attorneys’ fees, and costs. On September 17, 2025, the District Court issued a judgment that the accused products do not infringe the asserted patent. On October 17, 2025, BeSang filed a notice of appeal of the District Court’s judgment.

On November 9, 2023, Yangtze Memory Technologies Company, Ltd. (“YMTC”) filed a patent infringement complaint against Micron and one of its subsidiaries in the U.S. District Court for the Northern District of California (“N.D. Cal.”). The complaint alleges that eight U.S. patents are infringed by certain of our 3D NAND products. The complaint seeks an injunction, damages, attorneys’ fees, and costs. On January 22, 2024, Micron Semiconductor (Shanghai) Co., Ltd. (“MSS”) was served with three patent infringement complaints filed by YMTC in Beijing Intellectual Property Court and on February 27, 2024, Micron was served with the same complaints. The complaints assert that Micron and MSS infringed three Chinese patents owned by YMTC by importing, selling, offering for sale, and assisting others to sell certain 3D NAND products and SSDs in China. The complaint seeks an injunction, damages, attorneys’ fees, and costs. On July 12, 2024, YMTC filed a second complaint against Micron and its subsidiary in N.D. Cal. The second complaint alleges that eleven U.S. patents are infringed by certain of our 3D NAND and DDR5 DRAM products. The complaint seeks an injunction, damages, attorneys’ fees, and costs. On September 11, 2024, MSS was served with five patent infringement complaints filed by YMTC in Shanghai Intellectual Property Court. The complaints assert that Micron and MSS infringed five Chinese patents owned by YMTC by importing, selling, offering for sale, and assisting others to sell certain 3D NAND products and SSDs in China. The complaint seeks an injunction, damages, attorneys’ fees, and costs.

On October 6, 2025, YMTC filed several patent infringement complaints against Micron and certain of its subsidiaries alleging that the Company’s manufacture, importation, sale, offering for sale, and/or assisting others to

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sell certain NAND and DRAM products infringe certain patents owned by YMTC. Specifically, YMTC filed the following complaints: A patent infringement complaint against Micron, MSP, and MTEC in E.D. Tex. alleging that seven patents are infringed by certain of our 3D NAND products and one patent is infringed by certain of our LPDRAM products; a patent infringement complaint in the London Chancery Division of the English High Court against Micron and Micron Europe Limited (“MEL”) alleging that three patents are infringed by certain of our NAND and DRAM products; three complaints against Micron and various combinations of subsidiaries, including MEL, MSP, MSG, and Micron Semiconductor France SAS in the Unified Patent Court in Dusseldorf, Germany, alleging that three patents are infringed by certain of our 3D NAND and LPDRAM products; and five complaints against Micron, MEL, and MSG in Munich Regional Court in Munich, Germany, alleging that five patents are infringed by certain of our 3D NAND products. Each of the complaints filed against us by YMTC on October 6, 2025, seeks an injunction, attorneys’ fees, damages, and costs.

On June 30, 2025, Advanced Memory Technologies, LLC (“AMT”) filed a patent infringement complaint against Micron in W.D. Tex. alleging that four U.S. patents are infringed by certain of our DRAM and NAND products. On November 4, 2025, AMT amended the complaint to allege that a fifth patent is infringed by certain of our DRAM products. The complaint seeks an injunction, damages, attorneys’ fees, and costs.

On March 6, 2026, Nextech Semiconductor, LLC (“Nextech”) filed a patent infringement complaint against Micron and MSP in W.D. Tex. alleging that six U.S. patents are infringed by certain of our DRAM, NAND, and SSD products. The complaint seeks an injunction, damages, attorneys’ fees and costs.

The above lawsuits pertain to substantially all of our DRAM, NAND, and other memory and storage products we manufacture, which account for substantially all of our revenue.

Securities Class Action Matters

On January 9, 2025, a putative class action complaint was filed against Micron and certain officers in the U.S. District Court for the Southern District of Florida for alleged violations of the Securities Exchange Act of 1934. On April 3, 2025, the case was transferred to the United States District Court for the District of Idaho (“D. Idaho”), and on May 23, 2025, an amended complaint was filed in D. Idaho. The amended complaint alleged that defendants made materially false or misleading statements regarding industry supply and demand dynamics and the demand for Micron's products. On February 3, 2026, the court dismissed the amended complaint but granted plaintiffs leave to file a further amended complaint. On April 3, 2026, the plaintiffs voluntarily dismissed the case.

Shareholder Derivative Matters

On February 20 and 21, 2025, two shareholder derivative complaints were filed against certain directors and officers of Micron, allegedly on behalf of and for the benefit of Micron, in D. Idaho. The complaints alleged violations of the Securities Exchange Act of 1934, breach of fiduciary duty, unjust enrichment, insider trading, abuse of control, and waste of corporate assets and were based on substantially the same statements asserted in the securities class action. On April 28, 2025, the complaints were consolidated and on May 14, 2025, the consolidated action was stayed. Following the dismissal of the securities class action, the consolidated action was dismissed.

On September 8, 2025, a substantially similar shareholder derivative complaint was filed in D. Del. On April 24, 2026, the action was dismissed.

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Other Matters

On June 7, 2025, YMTC filed a complaint against Micron and DCI Group AZ, LLC in the U.S. District Court for the District of Columbia. The complaint alleges that the defendants engaged in false advertising, product disparagement, and unfair competition regarding YMTC’s 3D NAND flash products in violation of the Lanham Act. The complaint seeks injunctive relief, damages, disgorgement of profits, attorneys’ fees, and costs.

On January 16, 2026, Neighbors for a Better Micron and Jobs to Move America filed a petition in the Supreme Court of New York against Micron, one of our subsidiaries, Onondaga County Industrial Development Agency (“OCIDA”), and certain other state and local government entities. The petition challenges certain aspects of OCIDA’s environmental review of the Company’s planned construction of up to four fabs in Clay, New York, and seeks a judgment to annul, vacate, and void all permits, approvals, and findings issued by the named government entities related to the project. The petition further seeks costs and attorneys’ fees.

In the normal course of business, we are a party to a variety of agreements pursuant to which we may be obligated to indemnify another party. It is not possible to predict the maximum potential amount of future payments under these types of agreements due to the conditional nature of our obligations and the unique facts and circumstances involved in each particular agreement. Historically, our payments under these types of agreements have not had a material adverse effect on our business, results of operations, or financial condition.

Contingency Assessment

We ar e unable to predict the outcome of any of the matters noted above and cannot make a reasonable estimate of the potential loss or range of possible losses. A determination that our products or manufacturing processes infringe the intellectual property rights of others or entering into a license agreement covering such intellectual property could result in significant liability and/or require us to make material changes to our products and/or manufacturing processes. Any of the foregoing, as well as the resolution of any other legal matter noted above, could have a material adverse effect on our business, results of operations, or financial condition.

Note 11. Equity

Common Stock Repurchases

Our Board of Directors has authorized the discretionary repurchase of up to $ 10 billion of our outstanding common stock through open-market purchases, block trades, privately-negotiated transactions, derivative transactions, and/or pursuant to Rule 10b5-1 trading plans. The repurchase authorization has no expiration date, does not obligate us to acquire any common stock, and is subject to market conditions, restrictions applicable under our CHIPS Act direct funding agreements, and our ongoing determination of the best use of available cash. No shares were repurchased in the third quarter of 2026. We repurchased 2.5 million shares of our common stock for $ 650 million in first nine months of 2026. Through May 28, 2026, we had repurchased an aggregate of $ 7.84 billion under the authorization. Amounts repurchased are included in treasury stock.

Dividends

We declared and paid dividends of $ 0.115 per share in the first and second quarters of 2026 and $ 0.15 per share in the third quarter of 2026. On June 24, 2026, our Board of Directors declared a quarterly dividend of $ 0.15 per share, payable in cash on July 21, 2026 , to shareholders of record as of the close of business on July 6, 2026 .

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Note 12. Derivative Instruments

Notional or Contractual Amount Fair Value (1) of

Assets (2)

Liabilities (3)

As of May 28, 2026

Derivative instruments with hedge accounting designation

Cash flow currency hedges

$ 4,096 $ 7 $ ( 106 )

Cash flow commodity hedges 406 105 ( 7 )

Fair value currency hedges

5,568 19 —

Derivative instruments without hedge accounting designation

Non-designated currency hedges

12,431 15 ( 48 )

$ 146 $ ( 161 )

As of August 28, 2025

Derivative instruments with hedge accounting designation

Cash flow currency hedges

$ 3,271 $ 41 $ ( 64 )

Cash flow commodity hedges 393 19 ( 20 )

Fair value currency hedges 3,049 1 ( 10 )

Derivative instruments without hedge accounting designation

Non-designated currency hedges

3,477 3 ( 18 )

$ 64 $ ( 112 )

(1) Forward and swap contracts are measured at fair value based on market-based observable inputs, including market spot and forward rates, interest rates, and credit-risk spreads (Level 2).

(2) Included in receivables and other noncurrent assets.

(3) Included in accounts payable and accrued expenses and other noncurrent liabilities.

Derivative Instruments with Hedge Accounting Designation

Cash Flow Hedges: We utilize forward contracts that generally mature within two years designated as cash flow hedges to minimize our exposure to changes in currency exchange rates or commodity prices for certain capital expenditures and manufacturing costs.

Fair Value Hedges: We utilize currency forward contracts that generally mature within one year designated as fair value hedges to minimize our exposure to changes in currency exchange rates for non-U.S.-dollar-denominated cash and investments in debt securities. The fair value of our hedged cash and investments in debt securities was $ 5.54 billion and $ 3.05 billion as of May 28, 2026 and August 28, 2025, respectively. The changes in the fair values of derivatives designated as fair value hedges and the offsetting changes in the underlying fair values of the hedged items are both recognized in earnings.

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Derivative Instruments without Hedge Accounting Designation

Currency Derivatives: We generally utilize a rolling hedge strategy with currency forward contracts that mature within one year to hedge our exposures of monetary assets and liabilities from changes in currency exchange rates. At the end of each reporting period, monetary assets and liabilities denominated in currencies other than the U.S. dollar are remeasured into U.S. dollars and the associated outstanding forward contracts are marked to market. Realized and unrealized gains and losses on derivative instruments without hedge accounting designation, as well as the changes in the underlying monetary assets and liabilities from changes in currency exchange rates, are included in other non-operating income (expense), net.

Gains and losses from our derivative instruments were not material for the periods presented.

Note 13. Equity Compensation Plans

As of May 28, 2026, 48 million shares of our common stock were available for future awards under our equity compensation plans, including 7 million shares approved for issuance under our employee stock purchase plan (“ESPP”).

Restricted Stock and Restricted Stock Units (“Restricted Stock Awards”)

Nine Months Ended May 28,

2026 May 29,

2025

Restricted stock award shares granted 7 11

Weighted-average grant-date fair value per share $ 227.18 $ 100.25

Employee Stock Purchase Plan (“ESPP”)

Employees purchased 2 million shares in each six -month ESPP offering period that ended in the second quarter of 2026 and 2025 at a share price of $ 92.77 and $ 78.63 , respectively.

Stock-based Compensation Expense

Stock-based compensation expense recognized in our statements of operations is presented below. Stock-based compensation expense of $ 132 million and $ 96 million was capitalized and remained in inventory as of May 28, 2026 and August 28, 2025, respectively.

Quarter Ended Nine Months Ended

May 28,

2026 May 29,

2025 May 28,

2026 May 29,

2025

Stock-based compensation expense by caption

Cost of goods sold $ 143 $ 115 $ 371 $ 294

Research and development 129 89 355 254

Selling, general, and administrative 69 59 192 165

$ 341 $ 263 $ 918 $ 713

Stock-based compensation expense by type of award

Restricted stock awards $ 309 $ 239 $ 829 $ 643

ESPP 32 24 89 70

$ 341 $ 263 $ 918 $ 713

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As of May 28, 2026, $ 2.13 billion of total unrecognized compensation costs for unvested awards, before the effect of any future forfeitures, was expected to be recognized through the third quarter of 2030, resulting in a weighted-average period of 1.2 years.

Note 14. Revenue and Customer Contract Liabilities

Revenue by Technology

Quarter Ended Nine Months Ended

May 28,

2026 May 29,

2025 May 28,

2026 May 29,

2025

DRAM $ 31,328 $ 7,071 $ 60,908 $ 19,594

NAND 9,943 2,155 17,683 6,251

Other (primarily NOR)

185 75 368 218

$ 41,456 $ 9,301 $ 78,959 $ 26,063

See Item 1. Financial Statements, Notes to Consolidated Financial Statements, Note 17. Segment and Other Information for disclosure of disaggregated revenue by market segment.

We recently executed certain strategic customer agreements, including agreements executed subsequent to May 28, 2026. These agreements are structured as take-or-pay agreements, with binding commitments for specific volumes over the multi-year contract terms and include contractually enforceable volumes. Pricing for most agreements is either fixed, or is subject to minimum and maximum pricing. A minority of the agreements do not have any fixed pricing or price bands, as pricing for those agreements is subject to market conditions.

Our remaining performance obligations disclosure is based on minimum committed volumes and minimum pricing and is not expected to be indicative of future revenue under these contracts. Agreements without fixed pricing or price bands are not included in the remaining performance obligations disclosure. As a practical expedient, we have excluded contracts that have an original term of one year or less from our remaining performance obligations disclosure.

As of May 28, 2026, the transaction price allocated to our remaining performance obligations was approximately $ 5 billion, of which $ 422 million has been recognized as contract liabilities. Contract liabilities primarily consisted of customer deposits associated with strategic customer agreements for which revenue has not yet been recognized and are primarily included in other noncurrent liabilities. As of August 28, 2025, our remaining performance obligations were not material. Approximately one-third of the remaining performance obligations as of May 28, 2026 are expected to be recognized as revenue over the next twelve months.

As of May 28, 2026 and August 28, 2025, other current liabilities included $ 3.32 billion and $ 1.19 billion, respectively, for estimates of consideration payable to customers, including pricing adjustments and returns.

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Note 15. Income Taxes

Our income tax (provision) benefit consisted of the following:

Quarter Ended Nine Months Ended

May 28,

2026 May 29,

2025 May 28,

2026 May 29,

2025

Income before taxes

$ 33,212 $ 2,113 $ 55,433 $ 6,023

Income tax (provision) benefit ( 4,978 ) ( 235 ) ( 8,178 ) ( 695 )

Effective tax rate 15.0 % 11.1 % 14.8 % 11.5 %

The change in our effective tax rate for the third quarter and first nine months of 2026, as compared to the corresponding periods of 2025, was primarily due to the 15% minimum tax Pillar Two Model Rules (“Pillar Two”). Singapore enacted legislation to implement Pillar Two, effective for us in 2026, which largely offsets the benefit from our Singapore tax incentive arrangements.

Other noncurrent liabilities included $ 5.79 billion and $ 648 million related to income taxes payable as of May 28, 2026 and August 28, 2025, respectively.

Note 16. Earnings Per Share

Quarter Ended Nine Months Ended

May 28,

2026 May 29,

2025 May 28,

2026 May 29,

2025

Net income – Basic and Diluted

$ 28,243 $ 1,885 $ 47,268 $ 5,338

Weighted-average common shares outstanding – Basic 1,128 1,118 1,126 1,114

Dilutive effect of equity compensation plans

17 7 16 9

Weighted-average common shares outstanding – Diluted 1,145 1,125 1,142 1,123

Earnings per share

Basic $ 25.03 $ 1.69 $ 41.97 $ 4.79

Diluted 24.67 1.68 41.40 4.75

Antidilutive potential common shares excluded from the computation of diluted earnings per share, that could dilute basic earnings per share in the future, were not material for the third quarter or first nine months of 2026 and were 7 million shares and 10 million shares for the third quarter and first nine months of 2025, respectively.

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Note 17. Segment and Other Information

Segment information reported herein is consistent with the way our Chief Executive Officer, who is our Chief Operating Decision Maker (“CODM”), assesses the performance of our segments based on segment revenue, cost of goods sold, operating expenses, and operating income. The segment information reported herein is regularly provided to and reviewed and evaluated by our CODM to budget, forecast, and decide how to allocate resources for capital investments, human capital, and other strategic investments across our segments.

We have the following four business units, which are based on market segments and our reportable segments:

• Cloud Memory Business Unit (“CMBU”): Focused on memory solutions for large hyperscale cloud customers, and HBM for all data center customers.

• Core Data Center Business Unit (“CDBU”): Focused on memory solutions for mid-tier cloud, enterprise, and OEM data center customers and storage solutions for all data center customers.

• Mobile and Client Business Unit (“MCBU”): Focused on memory and storage solutions for the mobile and client segments.

• Automotive and Embedded Business Unit (“AEBU”): Focused on memory and storage solutions for the automotive, industrial, and consumer segments.

Our other operations do not meet the thresholds of a reportable segment and are reported under All Other. Certain operating expenses directly associated with the activities of a specific segment are charged to that segment. Other indirect operating income and expenses are generally allocated to segments based on their respective percentage of cost of goods sold or forecasted wafer production. Certain income and expenses are not allocated to segments because our CODM does not consider these amounts in the assessment of the performance of our segments. Substantially all of the unallocated amounts are related to stock-based compensation. We do not identify or report internally our assets (other than goodwill) or capital expenditures by segment, nor do we allocate gains and losses from equity method investments, interest, other non-operating income or expense items, or taxes to segments.

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Quarter Ended May 28, 2026

CMBU CDBU MCBU

AEBU All Other Unallocated

Total

Revenue $ 13,769 $ 11,524 $ 11,521 $ 4,634 $ 8 $ — $ 41,456

Cost of goods sold 2,278 1,537 1,463 975 4 143 6,400

Gross margin 11,491 9,987 10,058 3,659 4 ( 143 ) 35,056

Research and development 592 391 107 96 — 130 1,316

Selling, general, and administrative 108 79 81 70 — 69 407

Other operating (income) expense, net ( 2 ) ( 2 ) ( 3 ) — 1 21 15

Operating income

$ 10,793 $ 9,519 $ 9,873 $ 3,493 $ 3 $ ( 363 ) $ 33,318

Quarter Ended May 29, 2025

CMBU CDBU MCBU

AEBU All Other Unallocated

Total

Revenue $ 3,386 $ 1,530 $ 3,255 $ 1,127 $ 3 $ — $ 9,301

Cost of goods sold 1,415 956 2,467 837 3 115 5,793

Gross margin 1,971 574 788 290 — ( 115 ) 3,508

Research and development 337 223 201 114 1 89 965

Selling, general, and administrative 61 45 105 49 ( 1 ) 59 318

Other operating (income) expense, net — ( 1 ) — 1 ( 2 ) 58 56

Operating income

$ 1,573 $ 307 $ 482 $ 126 $ 2 $ ( 321 ) $ 2,169

Nine Months Ended May 28, 2026

CMBU CDBU MCBU

AEBU All Other Unallocated

Total

Revenue $ 26,802 $ 19,590 $ 23,487 $ 9,062 $ 18 $ — $ 78,959

Cost of goods sold 6,097 4,155 5,090 2,776 13 371 18,502

Gross margin 20,705 15,435 18,397 6,286 5 ( 371 ) 60,457

Research and development 1,628 1,040 409 302 — 358 3,737

Selling, general, and administrative 274 177 263 182 — 192 1,088

Other operating (income) expense, net ( 1 ) — ( 1 ) — — 45 43

Operating income

$ 18,804 $ 14,218 $ 17,726 $ 5,802 $ 5 $ ( 966 ) $ 55,589

Nine Months Ended May 29, 2025

CMBU CDBU MCBU

AEBU All Other Unallocated

Total

Revenue $ 8,981 $ 5,652 $ 8,099 $ 3,319 $ 12 $ — $ 26,063

Cost of goods sold 4,025 3,072 6,260 2,579 10 298 16,244

Gross margin 4,956 2,580 1,839 740 2 ( 298 ) 9,819

Research and development 851 644 671 330 1 254 2,751

Selling, general, and administrative 146 147 290 144 ( 1 ) 165 891

Other operating (income) expense, net — — 1 1 1 58 61

Operating income

$ 3,959 $ 1,789 $ 877 $ 265 $ 1 $ ( 775 ) $ 6,116

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Depreciation and amortization expense included in operating income was as follows:

Quarter Ended Nine Months Ended

May 28,

2026 May 29,

2025 May 28,

2026 May 29,

2025

CMBU $ 780 $ 548 $ 2,291 $ 1,600

CDBU 550 361 1,534 1,193

MCBU 678 877 2,005 2,361

AEBU 353 306 1,024 1,040

All Other 2 2 5 5

Unallocated 1 — 3 4

$ 2,364 $ 2,094 $ 6,862 $ 6,203

Revenue from one customer was 10 % and 16 % (primarily included in the CMBU segment) of total revenue for the first nine months of 2026 and 2025, respectively.

As of May 28, 2026 and August 28, 2025, CMBU, CDBU, MCBU, and AEBU had goodwill of $ 654 million, $ 109 million, $ 284 million, and $ 103 million, respectively.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This discussion should be read in conjunction with the consolidated financial statements and accompanying notes for the year ended August 28, 2025. All period references are to our fiscal periods unless otherwise indicated. Our fiscal year is the 52 - or 53-week period ending on the Thursday closest to August 31. Fiscal 2026 contains 53 weeks and fiscal 2025 contains 52 weeks. The third quarter of 2026 contains 13 weeks and the fourth quarter of 2026 contains 14 weeks. All tabular dollar amounts are in millions, except per share amounts.

Overview

Micron Technology, Inc. is an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience.

We manufacture our products at wholly-owned facilities and also utilize subcontractors for certain manufacturing processes. Our global network of manufacturing centers of excellence not only allows us to benefit from scale while streamlining processes and operations, but it also brings together some of the world’s brightest talent to work on the most advanced memory technology. Centers of excellence bring expertise together in one location, providing an efficient support structure for end-to-end manufacturing, with quicker cycle times, in partnership with teams, such as R&D, product development, human resources, procurement, and supply chain. For our locations in Singapore and Taiwan, this is also a combination of bringing fabrication and back-end manufacturing together. We continue to make significant investments to develop proprietary product and process technology, which generally increases bit density per wafer and reduces per-bit manufacturing costs of each generation of product. We continue to introduce new generations of products that offer improved performance characteristics, including higher data transfer rates, advanced packaging solutions, lower power consumption, improved read/write reliability, and increased memory density.

We face intense competition in the semiconductor memory and storage markets. To remain competitive, we must continuously develop and implement new products and technologies and decrease manufacturing costs in spite of inflationary pressures, changing technologies, rapid market changes, and regulatory uncertainty. Our success is largely dependent on obtaining returns on our R&D investments, efficient utilization of our manufacturing infrastructure, development and integration of advanced product and process technologies, market acceptance of our diversified portfolio of semiconductor-based memory and storage solutions, and efficient capital spending.

Product Technologies

Our product portfolio of memory and storage solutions, advanced solutions, and storage platforms is based on our high-performance semiconductor memory and storage technologies, including DRAM, NAND, and NOR. We sell our products through our business units into various markets in numerous forms, including components, modules, SSDs, managed NAND, multi-chip packages, and wafers. Many of our system-level solutions combine NAND, a controller, firmware, and in some cases DRAM.

DRAM: DRAM products are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval with a variety of performance characteristics. DRAM products lose content when power is turned off (“volatile”) and are most commonly used in the data center, client PC, graphics, industrial, mobile, and automotive markets. DRAM products include High-Bandwidth Memory (“HBM”), which is a 3D stacked DRAM architecture that utilizes through-silicon via (“TSV”) connections for more efficient communication giving it the ability to achieve a higher bandwidth while consuming less power compared to other memory types.

NAND: NAND products are non-volatile, re-writeable semiconductor storage devices that provide high-capacity, low-cost storage with a variety of performance characteristics. NAND is used in SSDs for the data center, client PC, consumer, and automotive markets, and in removable storage markets. Managed NAND is used in smartphones

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and other mobile devices, and in the consumer, automotive, and embedded markets. Low-density NAND is ideal for applications like automotive, surveillance, machine-to-machine, automation, printer, and home networking.

NOR: NOR products are non-volatile, re-writable semiconductor memory devices that provide fast read speeds. NOR is most commonly used for reliable code storage (e.g., boot, application, operating system, and execute-in-place code in an embedded system) and for frequently changing small data storage and is ideal for automotive, industrial, and consumer applications.

Industry Conditions

Memory and Storage Demand

AI-driven memory and storage growth is outpacing industry supply. In the third quarter of 2026, we continued to benefit from substantial improvements in pricing and margins, reflecting strong demand growth, driven in large part by the continued advancement of AI. The AI-driven growth in the data center has accelerated demand for memory and storage at a rate greater than our ability and the industry’s ability to increase supply. This has led to decisions on supply allocation that may impact certain customers and end markets as the overall market demand for memory and storage exceeds overall industry supply. Robust overall DRAM and NAND demand and constrained supply has led to increased pricing and improved the profitability across our portfolio.

Strategic Customer Agreements

The evolving industry landscape, characterized by strong long-term customer demand for memory solutions and structurally constrained supply growth, has elevated the strategic importance of memory to our customers’ product roadmaps. As customers increasingly seek to secure committed long-term access to advanced memory technology and committed long-term memory supply, we have experienced increased customer engagement in strategic commitments. In the third and fourth quarters of 2026, we entered into, and expect to continue to enter into, strategic customer agreements. These agreements provide customers contracted supply assurance and greater pricing visibility, and provide us higher visibility and improved stability in our business performance.

Strategic customer agreements are structured as take-or-pay agreements, with binding commitments for specific volumes over the multi-year contract terms. Pricing for most agreements is either fixed, or is subject to minimum and maximum pricing. The largest agreements generally have a ceiling price for existing products that approximates the market price in the second calendar quarter of 2026, and a floor price through the term of the agreement. A minority of the agreements do not have any fixed pricing or price bands, as pricing for those agreements is subject to market conditions.

We expect gross margins from our strategic customer agreements with price bands, even at floor pricing levels, to yield gross margins well above our peak quarterly margins in any past cycle. Accordingly, we believe these agreements accelerate the transformation of our business model and will significantly enhance the durability and predictability of our financial performance.

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Results of Operations

Consolidated Results

Third Quarter Second Quarter Third Quarter Nine Months Ended

2026 2026 2025 2026 2025

Revenue $ 41,456 100 % $ 23,860 100 % $ 9,301 100 % $ 78,959 100 % $ 26,063 100 %

Cost of goods sold 6,400 15 % 6,105 26 % 5,793 62 % 18,502 23 % 16,244 62 %

Gross margin 35,056 85 % 17,755 74 % 3,508 38 % 60,457 77 % 9,819 38 %

Research and development 1,316 3 % 1,250 5 % 965 10 % 3,737 5 % 2,751 11 %

Selling, general, and administrative 407 1 % 344 1 % 318 3 % 1,088 1 % 891 3 %

Other operating (income) expense, net 15 — % 26 — % 56 1 % 43 — % 61 — %

Operating income

33,318 80 % 16,135 68 % 2,169 23 % 55,589 70 % 6,116 23 %

Interest income (expense), net 215 1 % 123 1 % 12 — % 403 1 % (3) — %

Other non-operating income (expense), net (321) (1) % (98) — % (68) (1) % (559) (1) % (90) — %

Income tax (provision) benefit (4,978) (12) % (2,371) (10) % (235) (3) % (8,178) (10) % (695) (3) %

Equity in net income (loss) of equity method investees 9 — % (4) — % 7 — % 13 — % 10 — %

Net income

$ 28,243 68 % $ 13,785 58 % $ 1,885 20 % $ 47,268 60 % $ 5,338 20 %

Total Revenue: Total revenue for the third quarter and first nine months of 2026 was impacted by the factors described in the section titled “Industry Conditions—Memory and Storage Demand” above.

Total revenue for the third quarter of 2026 increased 74% as compared to the second quarter of 2026, primarily due to increases in sales of both DRAM and NAND products.

• Sales of DRAM products increased 67%, primarily due to a low-60% range increase in average selling prices and a low-single-digit percentage range increase in bit shipments.

• Sales of NAND products increased 99%, primarily due to a mid-80% range increase in average selling prices and a mid-single-digit percentage range increase in bit shipments.

Total revenue for the third quarter of 2026 increased 346% as compared to the third quarter of 2025, primarily due to increases in sales of both DRAM and NAND products.

• Sales of DRAM products increased 343%, primarily due to a low-260% range increase in average selling prices and a low-20% range increase in bit shipments.

• Sales of NAND products increased 361%, primarily due to a mid-310% increase in average selling prices and a low-double-digit increase in bit shipments.

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Total revenue for the first nine months of 2026 increased 203% as compared to the first nine months of 2025, primarily due to increases in sales of both DRAM and NAND products.

• Sales of DRAM products increased 211%, primarily due to an approximate 140% increase in average selling prices and an approximate 30% increase in bit shipments.

• Sales of NAND products increased 183%, primarily due to an approximate 130% increase in average selling prices and a low-20% range increase in bit shipments.

Consolidated Gross Margin: Our consolidated gross margin has been impacted by the factors described in the section titled “Industry Conditions—Memory and Storage Demand.” Our consolidated gross margin percentage increased to 85% for the third quarter of 2026 from 74% for the second quarter of 2026 as a result of improvements in margins for both DRAM and NAND products. Margins improved primarily due to increases in average selling prices and also benefited from continued strong execution and favorable mix.

Our consolidated gross margin percentage improved to 85% for the third quarter of 2026 from 38% for the third quarter of 2025 and improved to 77% for the first nine months of 2026 from 38% for the first nine months of 2025. Improvements in our consolidated gross margins for the third quarter and first nine months of 2026 as compared to corresponding periods of 2025 were due to improvements in margins for both DRAM and NAND products. Margins improved, primarily due to increases in average selling prices and, to a lesser extent, favorable mix and manufacturing cost reductions.

Revenue by Business Unit

Third Quarter Second Quarter Third Quarter Nine Months Ended

2026 2026 2025 2026 2025

CMBU

$ 13,769 33 % $ 7,749 32 % $ 3,386 36 % $ 26,802 34 % $ 8,981 34 %

CDBU

11,524 28 % 5,687 24 % 1,530 16 % 19,590 25 % 5,652 22 %

MCBU

11,521 28 % 7,711 32 % 3,255 35 % 23,487 30 % 8,099 31 %

AEBU

4,634 11 % 2,708 11 % 1,127 12 % 9,062 11 % 3,319 13 %

All other

8 — % 5 — % 3 — % 18 — % 12 — %

$ 41,456 $ 23,860 $ 9,301 $ 78,959 $ 26,063

Percentages of total revenue may not total 100% due to rounding.

Changes in revenue for each business unit for the third quarter of 2026 as compared to the second quarter of 2026 were as follows:

• CMBU revenue increased 78%, primarily due to increases in average selling prices and bit shipments.

• CDBU revenue increased 103%, primarily due to increases in average selling prices and favorable mix.

• MCBU revenue increased 49%, primarily due to increases in average selling prices, partially offset by lower bit shipments.

• AEBU revenue increased 71%, primarily due to increases in average selling prices and bit shipments.

Changes in revenue for each business unit for the third quarter and first nine months of 2026 as compared to the corresponding periods of 2025 were as follows:

• CMBU revenue increased 307% and 198%, respectively, primarily due to increases in average selling prices and bit shipments.

• CDBU revenue increased 653% and 247%, respectively, primarily due to increases in average selling prices and bit shipments.

• MCBU revenue increased 254% and 190%, respectively, primarily due to increases in average selling prices, partially offset by lower bit shipments.

• AEBU revenue increased 311% and 173%, respectively, primarily due to increases in average selling prices and bit shipments.

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Operating Income by Business Unit

Third Quarter Second Quarter Third Quarter Nine Months Ended

2026 2026 2025 2026 2025

CMBU

$ 10,793 78 % $ 5,127 66 % $ 1,573 46 % $ 18,804 70 % $ 3,959 44 %

CDBU

9,519 83 % 3,809 67 % 307 20 % 14,218 73 % 1,789 32 %

MCBU

9,873 86 % 5,836 76 % 482 15 % 17,726 75 % 877 11 %

AEBU

3,493 75 % 1,682 62 % 126 11 % 5,802 64 % 265 8 %

All other

3 38 % 1 20 % 2 67 % 5 28 % 1 8 %

$ 33,681 $ 16,455 $ 2,490 $ 56,555 $ 6,891

Percentages reflect operating income as a percentage of revenue for each business unit.

Changes in operating income for each business unit for the third quarter of 2026 as compared to the second quarter of 2026 were as follows:

• CMBU operating income was higher, primarily due to increases in average selling prices and higher bit shipments.

• CDBU operating income was higher, primarily due to increases in average selling prices.

• MCBU operating income was higher, primarily due to increases in average selling prices and favorable mix, partially offset by lower bit shipments.

• AEBU operating income was higher, primarily due to increases in average selling prices, higher bit shipments, and favorable mix.

Changes in operating income for each business unit for the third quarter and first nine months of 2026 as compared to the corresponding periods of 2025 were as follows:

• CMBU operating income was higher, primarily due to increases in average selling prices, higher bit shipments, and manufacturing cost reductions.

• CDBU operating income was higher, primarily due to increases in average selling prices, higher bit shipments, and manufacturing cost reductions.

• MCBU operating income was higher, primarily due to increases in average selling prices and manufacturing cost reductions, partially offset by lower bit shipments.

• AEBU operating income was higher, primarily due to increases in average selling prices, higher bit shipments, and manufacturing cost reductions.

Operating Expenses and Other

Research and Development: R&D expenses vary primarily with the number of development and pre-qualification wafers processed and end-product solutions developed, personnel costs, and the cost of advanced equipment dedicated to new product and process development. Because of the lead times necessary to manufacture our products, we typically begin to process wafers before completion of performance and reliability testing. Development of a product is deemed complete when it is qualified through internal reviews and tests for performance, functionality, and reliability. R&D expenses can vary significantly depending on the timing of product qualification and product specifications.

R&D expenses for the third quarter of 2026 increased 5% as compared to the second quarter of 2026, primarily due to increases in employee compensation. R&D expenses for the third quarter and first nine months of 2026 both increased 36%, as compared to the corresponding periods of 2025, primarily due to higher volumes of development and pre-qualification wafers, as we ramp R&D investments in support of long-term opportunities in memory and storage, and increases in employee compensation.

Selling, General, and Administrative: SG&A expenses for the third quarter of 2026 increased 18% as compared to the second quarter of 2026, primarily due to increases in employee compensation. SG&A expenses for the third quarter and first nine months of 2026 increased 28% and 22%, respectively, as compared to the corresponding periods of 2025, primarily due to increases in employee compensation.

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Interest Income (Expense), Net: Interest income (expense) improved in the third quarter of 2026 as compared to the second quarter of 2026 and for the third quarter and first nine months of 2026 as compared to the corresponding periods of 2025, primarily due to a decrease in interest expense due to lower debt balances and an increase in interest income due to higher cash and investments balances.

Income Taxes: Our income tax (provision) benefit consisted of the following:

Third Quarter Second Quarter Third Quarter Nine Months Ended

2026 2026 2025 2026 2025

Income before taxes

$ 33,212 $ 16,160 $ 2,113 $ 55,433 $ 6,023

Income tax (provision) benefit (4,978) (2,371) (235) (8,178) (695)

Effective tax rate 15.0 % 14.7 % 11.1 % 14.8 % 11.5 %

The change in our effective tax rate for the third quarter of 2026, as compared to the second quarter of 2026 was primarily due to changes in profitability, which reduced the relative impact of discrete tax benefits. The change in our effective tax rate for the third quarter and first nine months of 2026, as compared to the corresponding periods of 2025, was primarily due to the 15% minimum tax Pillar Two Model Rules (“Pillar Two”). Singapore enacted legislation to implement Pillar Two, effective for us in 2026, which largely offsets the benefit from our Singapore tax incentive arrangements.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted, introducing broad changes to the U.S. tax code, including modifications to corporate and international tax provisions, which primarily are effective for us beginning in 2026 and 2027. The aggregate impact of the OBBBA remains uncertain. We will continue to monitor future developments, including regulatory guidance and interpretations, which could have a material impact on our income tax provision. Further changes in the tax laws of foreign jurisdictions could arise as a result of the base erosion and profit-shifting project, including Pillar Two, undertaken by the Organisation for Economic Co-operation and Development. We continue to monitor for additional guidance and legislative changes related to Pillar Two in the jurisdictions where we operate.

Various tax reforms are being considered in multiple jurisdictions that, if enacted, contain provisions that could materially impact our tax expense. We continue to monitor the potential impact of these various tax reform proposals to our overall global effective tax rate and financial statements.

Other: Further information can be found in the following notes contained in Item 1. Financial Statements, Notes to Consolidated Financial Statements:

• Note 9. Debt

• Note 13. Equity Compensation Plans

Liquidity and Capital Resources

Our primary sources of liquidity are cash generated from operations and financing obtained from capital markets and financial institutions. Cash generated from operations is highly dependent on selling prices for our products, which can vary significantly from period to period. Cash and marketable investments totaled $30.13 billion as of May 28, 2026, and $11.94 billion as of August 28, 2025. Our cash and investments consist primarily of bank deposits, money market funds, and liquid investment-grade, fixed-income securities, which are diversified among industries and individual issuers. To mitigate credit risk, we invest through high-credit-quality financial institutions and by policy generally limit the concentration of credit exposure by restricting the amount of investments with any single obligor. As of May 28, 2026, $5.40 billion of our cash and marketable investments was held by our foreign subsidiaries.

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We recently executed certain strategic customer agreements, including agreements executed subsequent to May 28, 2026. These agreements include binding commitments for specific volumes over the multi-year contract terms. Strategic customer agreements often include substantial customer deposits and related financial commitments. In connection with these strategic customer agreements, we expect to receive cash deposits and related financial commitments of $22 billion for agreements concluded to date. Approximately $18 billion of these commitments will be in the form of cash deposits.

We continuously evaluate alternatives for efficiently funding our capital expenditures and ongoing operations. As of May 28, 2026, $2.00 billion was available to draw under our Revolving Credit Facility. Funding of certain significant capital projects is also supported by the receipt of government incentives. Our incentives are conditioned upon achieving or maintaining certain outcomes and satisfying compliance requirements and are subject to reduction, termination, or clawback.

To develop new product and process technology, support future growth, achieve operating efficiencies, and maintain product quality, we must continue to invest in manufacturing technologies, facilities and equipment, and R&D. We estimate capital expenditures for property, plant, and equipment, net of proceeds from government incentives, to be approximately $27 billion in 2026. Actual amounts for 2026 will vary depending on market conditions and may vary from quarter to quarter due to the timing of expenditures and proceeds from government incentives. As of May 28, 2026, we had purchase obligations of approximately $2.93 billion for the acquisition of property, plant, and equipment, substantially all of which is expected to be paid within one year. For a description of other contractual obligations, such as finance leases and debt, see Item 1. Financial Statements, Notes to Consolidated Financial Statements, Note 9. Debt.

In addition to the supply capacity we generate through our proprietary product and process technology that increases bit density per wafer, we will need to add new DRAM wafer capacity to support projected memory demand in the second half of the decade and beyond. Following the enactment of the CHIPS Act, we announced plans to invest in leading-edge memory manufacturing sites in Idaho and New York, based on CHIPS Act support through grants and investment tax credits.

As part of this plan, in September 2022, we broke ground on a leading-edge memory manufacturing fab in Boise, Idaho. Construction of the fab began in October 2023, with first DRAM wafer output projected in mid-calendar 2027. In June 2025, in connection with certain amendments to our CHIPS Act agreements, we announced plans for a second leading-edge memory manufacturing fab in Idaho to serve growing market demand fueled by AI. We plan to begin construction of the second Idaho fab in 2026, and expect initial wafer output by late calendar 2028.

Our investment plan for New York includes construction of a leading-edge DRAM memory manufacturing site, consisting of up to four fabs to be built over the next 20-plus years, in Clay, New York. In January 2026, we broke ground on our first New York fab, which will provide supply in 2030 and beyond. We expect these new fabs to be key to meeting our requirements for additional wafer capacity, in line with industry demand trends and our objective of maintaining stable bit share.

On December 9, 2024, we entered into direct funding agreements with the U.S. Department of Commerce for up to $6.1 billion in direct funding pursuant to the CHIPS Act for a planned fab in Boise, Idaho, and two planned fabs in Clay, New York. On June 11, 2025, we entered into amendments to the direct funding agreements to add a second planned fab in Boise, Idaho, and allocate certain award funding to the second planned Idaho fab from the $6.1 billion grants previously awarded under the December 2024 direct funding agreements. The direct funding for up to $6.1 billion remains unchanged. On June 11, 2025, we also entered into a direct funding agreement with the U.S. Department of Commerce for up to $275 million in direct funding to expand and modernize our fab in Manassas, Virginia. The grants under the funding agreements represent total CHIPS Act grants of up to $6.4 billion in connection with our U.S. manufacturing expansion and modernization projects. In addition, we announced plans to bring advanced HBM packaging capabilities to the United States.

In addition to the CHIPS Act direct funding, we receive a 35% investment tax credit on qualified investments in U.S. semiconductor manufacturing under the CHIPS Act. We have also signed a non-binding term sheet with the State of New York that provides for up to $5.5 billion in funding for the planned four-fab facility over the next 20-plus years through a combination of tax credits for qualified capital investments and incentives for eligible new job wages.

Outside the United States, we are investing in manufacturing technologies, facilities and equipment, and R&D, and advancing our global back-end assembly and test network. These investments support our product portfolio and

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extend our ability to meet global market demand in the future. Planned investments and those underway include the following:

• India: Our assembly and test facility in Gujarat commenced commercial shipments and will start ramping production in 2026;

• Japan: We are modernizing our Hiroshima manufacturing facility to support future DRAM nodes and AI memory production;

• Singapore: We broke ground in January 2025 on an HBM advanced packaging facility to meaningfully expand our total advanced packaging capacity beginning in the first half of calendar 2027. In January 2026, we broke ground on an additional advanced wafer fab facility located within our existing NAND manufacturing complex. This facility will provide additional cleanroom space when it becomes operational in the second half of calendar 2028, helping address growing market demand for NAND technology driven by the rapid expansion of AI and data-centric applications; and

• Taiwan: We are modernizing and expanding our production capacity for DRAM and HBM products to meet rising market demand. In March 2026, we completed the acquisition of a wafer fabrication facility in Tongluo, Miaoli County, Taiwan, from Powerchip Semiconductor Manufacturing Corporation for cash consideration of $1.8 billion. We expect this site to support meaningful product shipments from the existing fab beginning in mid-calendar 2027. Adding to the existing fab, we have begun construction of a similar-sized second cleanroom at this site.

In certain countries outside of the U.S, we receive or expect to receive, government incentives related to our investments. The amounts of these government incentives generally offset a portion of our planned investments and require us to meet certain conditions in order to receive such incentives.

Our Board of Directors has authorized the discretionary repurchase of up to $10 billion of our outstanding common stock through open-market purchases, block trades, privately-negotiated transactions, derivative transactions, and/or pursuant to Rule 10b5-1 trading plans. Through May 28, 2026, we had repurchased an aggregate of $7.84 billion under the authorization. The repurchase authorization has no expiration date, does not obligate us to acquire any common stock, and is subject to market conditions, restrictions applicable under our CHIPS Act direct funding agreements, and our ongoing determination of the best use of available cash. See Item 1. Financial Statements, Notes to Consolidated Financial Statements, Note 11. Equity.

On June 24, 2026, our Board of Directors declared a quarterly dividend of $0.15 per share, payable in cash on July 21, 2026, to shareholders of record as of the close of business on July 6, 2026. The declaration and payment of any future cash dividends are at the discretion and subject to the approval of our Board of Directors. Our Board of Directors’ decisions regarding the amount and payment of dividends will depend on many factors, including, but not limited to, our financial condition, results of operations, capital requirements, business conditions, debt service obligations, contractual restrictions, industry practice, legal requirements, regulatory constraints, and other factors that our Board of Directors may deem relevant.

We expect that our cash and investments, cash flows from operations, funding from government incentives, customer deposits under strategic customer agreements, and available financing will be sufficient to meet our requirements at least through the next 12 months and thereafter for the foreseeable future.

Cash Flows

Nine Months Ended May 28,

2026 May 29,

2025

Net cash provided by operating activities $ 45,702 $ 11,795

Net cash used for investing activities

(19,688) (8,889)

Net cash provided by (used for) financing activities

(10,646) 214

Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash 8 (3)

Net increase in cash, cash equivalents, and restricted cash $ 15,376 $ 3,117

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Operating Activities: Cash provided by operating activities reflects net income adjusted for certain non-cash items, including depreciation expense, amortization of intangible assets, and stock-based compensation, and the effects of changes in operating assets and liabilities .

T he increase in cash provided by operating activities for the first nine months of 2026 as compared to the first nine months of 2025 was primarily due to higher net income in the current year adjusted for non-cash items, an increase in accounts payable and accrued expenses mostly related to property, plant and equipment and income and other taxes, an increase in other current liabilities resulting mainly from higher consideration payable to customers for pricing adjustments, and an increase in noncurrent liabilities largely due to higher noncurrent income taxes payable related to the implementation of Pillar Two. These increases were partially offset by a significant increase in receivables due to higher revenue in the first nine months of 2026.

Investing Activities: For the first nine months of 2026, net cash used for investing activities consisted primarily of $19.60 billion of expenditures for property, plant, and equipment and $2.84 billion of net outflows from purchases, maturities, and sales of available-for-sale securities, partially offset by $2.99 billion of proceeds from government incentives to offset capital expenditures.

For the first nine months of 2025, net cash used for investing activi ties consisted primarily of $10.20 billion of expenditures for property, plant, and equipment, partially offset by $1.29 billion of proceeds from government incentives to offset capital expenditures .

Financing Activities: For the first nine months of 2026, net cash used for financing activities consisted primarily of $9.38 billion of repayments of debt, which included the prepayment in full of the 2028 Notes, 2029 Term Loan A, 2029 A Notes, 2029 B Notes, and 2030 Notes and the partial prepayments of the 2031 Notes, 2032 Notes, 2033 A Notes, 2033 B Notes, 2035 A Notes, and 2035 B Notes; $762 million for the repurchases of common stock for withholdings on employee equity awards; $650 million for the acquisition of 2.5 million shares of our common stock under our share repurchase authorization; and $437 million for payments of dividends to shareholders. See Item 1. Financial Statements, Notes to Consolidated Financial Statements, Note 9. Debt.

For the first nine months of 2025, net cash provided by financing activi ties consisted primarily of $1.68 billion of proceeds from the issuance of the 2029 Term Loan A; approximately $1.25 billion of proceeds from the issuance of the 2035 B Notes; approximately $1.00 billion of proceeds from the issuance of the 2035 A Notes; and $499 million of proceeds from the issuance of the 2032 Notes; partially offset by $3.60 billion of repayments of debt ; $392 million for paym ents of dividends to shareholders; and $290 million for the repurchases of common stock for withholdings on employee equity awards.

Critical Accounting Estimates

For a discussion of our critical accounting estimates, see Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Critical Accounting Estimates of our Annual Report on Form 10-K for the year ended August 28, 2025. There have been no significant changes to our critical accounting estimates since our Annual Report on Form 10-K for the year ended August 28, 2025.

Recently Issued Accounting Standards

See Part I, Item 1. Financial Statements, Notes to Consolidated Financial Statements, Note 2. Recently Issued Accounting Standards.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

For further discussion about market risk and sensitivity analysis related to changes in interest rates and currency exchange rates, see Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk in our Annual Report on Form 10-K for the year ended August 28, 2025. There have been no material changes to our market risk during the nine months ended May 28, 2026.

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ITEM 4. CONTROLS AND PROCEDURES

An evaluation was carried out under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based upon that evaluation, the principal executive officer and principal financial officer concluded that those disclosure controls and procedures were effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act are recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including the principal executive officer and principal financial officer, to allow timely decisions regarding disclosure.

During the third quarter of 2026, there were no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

For a discussion of legal proceedings, see Part I. Financial Information, Item 1. Financial Statements, Notes to Consolidated Financial Statements, Note 10. Contingencies and Item 1A. Risk Factors in this Quarterly Report on Form 10-Q.

SEC regulations require disclosure of certain proceedings related to environmental matters unless we reasonably believe that the related monetary sanctions, if any, will be less than a specified threshold. We use a threshold of $1 million for this purpose.

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ITEM 1A. RISK FACTORS

In addition to the factors discussed elsewhere in this Form 10-Q, this section discusses important factors which could cause actual results or events to differ materially from those contained in any forward-looking statements made by us. The order of presentation is not necessarily indicative of the level of risk that each factor poses to us. Any of these factors could have a material adverse effect on our business, results of operations, financial condition, or stock price. Our operations could also be affected by other factors that are presently unknown to us or not considered significant.

Risk Factor Summary

Risks Related to Our Business, Operations, and Industry

• volatility in average selling prices of our products;

• a range of factors that may adversely affect our gross margins;

• our international operations, including geopolitical risks;

• the highly competitive nature of our industry;

• our ability to develop, produce, and supply new and competitive memory and storage technologies and products;

• realizing expected returns from capacity expansions;

• achieving or maintaining certain outcomes and the compliance requirements associated with incentives from various governments;

• availability and quality of materials, supplies, electrical power, gas, water, and capital equipment, or dependency on third-party service providers;

• a downturn or ongoing adverse conditions in regional or worldwide economies;

• disruptions to our manufacturing processes from operational issues, natural disasters, or other events;

• dependency on certain customers, including international customers, and end markets;

• products that fail to meet specifications, are defective, or are incompatible with end uses;

• breaches of our security systems or products, systems failures, interruptions, delays in service, catastrophic events, and resulting interruptions of our systems or those of our customers, suppliers, or business partners;

• uncertainties and outcomes associated with the use and evolution of AI;

• attracting, retaining, and motivating highly skilled employees;

• responsible sourcing requirements and related regulations;

• sustainability and governance expectations or standards;

• acquisitions and/or strategic transactions and investments; and

• restructure plans may not realize expected savings or other benefits.

Risks Related to Intellectual Property and Litigation

• protecting our intellectual property and retaining key employees who are knowledgeable about and develop our intellectual property;

• legal, regulatory and administrative investigations, inquiries, proceedings, and claims; and

• claims that our products or manufacturing processes infringe or otherwise violate the intellectual property rights of others or failure to obtain or renew license agreements covering such intellectual property.

Risks Related to Laws and Regulations

• impacts of government actions and compliance with tariffs, trade restrictions, and/or trade regulations;

• tax expense and tax laws in key jurisdictions; and

• compliance with laws, regulations, or industry standards, including environmental considerations.

Risks Related to Capitalization and Financial Markets

• our ability to generate sufficient cash flows or obtain access to external financing;

• our debt obligations;

• changes in foreign currency exchange rates;

• counterparty default risk;

• volatility in the trading price of our common stock; and

• fluctuations in the amount and frequency of our common stock repurchases and payment of cash dividends and resulting impacts.

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Risks Related to Our Business, Operations, and Industry

Volatility in average selling prices for our semiconductor memory and storage products may adversely affect our business.

We have experienced significant volatility in our average selling prices and may continue to experience such volatility in the future. Over the past five fiscal years, annual percentages changes in DRAM average selling prices have ranged from an increase in the low 40% range to a decrease in the high 40% range. DRAM average selling prices increased approximately 140% for the first nine months of 2026 compared to the first nine months of 2025. In the past five fiscal years, annual percentage changes in NAND average selling prices have ranged from an increase in the low 30% range to a decrease in the low 50% range. NAND average selling prices increased approximately 130% for the first nine months of 2026 compared to the first nine months of 2025. In some prior periods, average selling prices for our products have been below our manufacturing costs, and we may experience such circumstances in the future. Significant declines in average selling prices in future periods could have a material adverse effect on our business, results of operations, or financial condition.

Our gross margins may be adversely affected by a range of factors.

In addition to the impact of our average selling prices, our gross margins are dependent, in part, upon continuing decreases in per gigabit manufacturing costs, which is primarily achieved through improvements in our manufacturing processes and product designs. Factors that may limit our ability to reduce our per gigabit manufacturing costs at sufficient levels to prevent deterioration of or improve gross margins include, but are not limited to:

• strategic product diversification decisions affecting product mix;

• increasing complexity of our product portfolio, which may impact operational costs;

• increasing complexity of manufacturing processes;

• difficulties in transitioning to smaller line-width process technologies or additional 3D memory layers or NAND cell levels;

• process complexity, including number of mask layers and fabrication steps;

• manufacturing yield and defect density;

• technological barriers;

• changes in process technologies;

• new products that may require relatively larger die sizes or advanced packaging technologies;

• start-up or other costs associated with capacity expansions;

• regional cost differences that may become more pronounced when we transition the manufacture of certain products within our global network;

• higher costs of goods and services due to, among other things, inflationary pressures, regulatory actions, including tariffs or trade restrictions, increased input costs, or market conditions; and

• higher manufacturing costs per gigabit due to fabrication facility underutilization, lower wafer output, and insufficient volume to run new technology nodes to achieve cost optimization.

Many factors may result in a reduction of our output or a delay in ramping production, which have in the past and could in the future lead to underutilization of our production assets. These factors may include, among others, a weak demand environment, industry oversupply, inventory surpluses, difficulties in ramping emerging technologies, supply chain disruptions, and delays from equipment suppliers. A significant portion of our manufacturing costs are fixed and do not vary proportionally with changes in production output. As a result, lower utilization, lower wafer output, and corresponding increases in our per gigabit manufacturing costs could result in higher inventory carrying costs, and have had, and may continue to have, an adverse effect on our gross margins, business, results of operations, or financial condition.

We operate in a dynamic and rapidly evolving industry where the timeframes for product transitions, facility expansions, production ramps, and supply chain shifts are increasingly compressed. To remain competitive, we must continuously develop and implement new products and technologies and decrease manufacturing costs in spite of inflationary pressures and regulatory uncertainty. As we streamline our production and shift capacity to

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leading-edge nodes, we face execution risks that could impact our ability to meet customer demand and maintain market coverage.

There can be no assurance we will be able to do the following:

• timely identify and address technology inflections and market changes;

• accurately forecast demand and inventory levels of our customers or distributors;

• timely ramp production as we transition our operations footprint to new fabrication facilities;

• maintain operational flexibility in response to unforeseen changes in customer demand; and

• maintain supply scalability during downturns in the semiconductor markets in which we compete as we streamline our product portfolio to drive further fabrication efficiencies.

Our ability to execute on multiple transitions simultaneously, while maintaining supply continuity, quality standards, and cost competitiveness, is critical to sustaining our market position. If we do not successfully anticipate technology inflections and respond to changes in customer requirements and market changes, our business, results of operations, or financial condition could be materially adversely affected. Any misalignment between forecasted and actual demand, or delays in ramping new technologies, could result in elevated inventory levels, underutilized capacity, and gross margin pressure.

We have a broad portfolio of products to address our customers’ needs, which span multiple market segments and are subject to rapid technological changes. Our manufacturing costs on a per gigabit basis vary across our portfolio as they are largely influenced by the technology node in which the solution was developed. We strive to balance our demand and supply for each technology node, but the dynamics of our markets and our customers can create periods of imbalance, which can lead us to carry elevated inventory levels and underutilized capacity. Consequently, we may incur charges in connection with obsolete or excess inventories, or we may not fully recover our costs, which would reduce our gross margins. In addition, due to the customized nature of certain products we manufacture, we may be unable to sell certain finished goods inventories to alternative customers or manufacture in-process inventory to different specifications, which may result in excess and obsolescence charges or loss of revenue in future periods.

In addition, if we are unable to supply products that meet customer design and performance specifications, we may be required to sell such products at lower average selling prices, which may reduce our gross margins. Our gross margins may also be impacted by shifts in product mix, driven by our strategy to optimize our portfolio to best respond to changing market dynamics.

Our industry goes through cycles with demand changes that are not fully aligned to the available supply in the market. We may not be able to predict or quickly respond to trends in the dynamics of our markets and our customers or changes in customer demand, which could negatively impact our gross margin. Although AI is a relatively new demand driver for our products, it is evolving rapidly, and the expected timing and amount of demand related to AI can change significantly. As a result, it may be difficult to accurately forecast such demand, and we have incurred and expect to continue to incur costs in anticipation of demand that ultimately may not materialize or may not be sustained. Additionally, periods of sustained higher prices for memory and storage products may reduce demand or result in our customers modifying product designs to reduce memory and storage content or seeking alternative technologies and solutions. If demand for our products materializes but is lower than expected, we may not be able to reduce our costs in response, which would adversely impact our gross margins. If demand exceeds our forecast, we may be unable to increase supply sufficiently to meet such demand, which could result in a loss of revenue or damage to customer relationships. Our inability to align supply with demand could have a material adverse effect on our business, results of operations, or financial condition.

We face geopolitical and other risks associated with our international operations that could materially adversely affect our business, results of operations, or financial condition.

In addition to our U.S. operations, a substantial portion of our operations are conducted in Taiwan, Singapore, Japan, Malaysia, China, and India, and many of our customers, suppliers, and vendors also operate internationally. In 2025, approximately one-third of our revenue was from sales to customers who have headquarters located outside the United States, while approximately 80% of our revenue in 2025 was from products shipped to customer locations outside the United States.

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Our international operations are subject to a number of risks, including:

• restrictions on sales of goods or services to one or more of our significant foreign customers;

• export and import duties, changes to import and export regulations, customs regulations and processes, and restrictions on the transfer of funds, including currency controls and global tariffs, which could negatively affect the amount and timing of payments from certain of our customers and, as a result, our cash flows;

• compliance with U.S. and international laws involving international operations, including the Foreign Corrupt Practices Act of 1977, as amended, sanctions and anti-corruption laws, export and import laws, intellectual property, cybersecurity and data privacy laws, and similar rules and regulations;

• theft of intellectual property;

• political and economic instability, including instability resulting from domestic and international conflicts;

• government actions, civil unrest, or international conflicts preventing the flow of products and materials, including delays in shipping and obtaining products and materials, cancellation of orders, or loss or damage of products;

• public perception of governments in the regions where we operate;

• problems with the transportation or delivery of products and materials;

• issues arising from cultural or language differences and labor unrest;

• longer payment cycles and greater difficulty in collecting accounts receivable;

• compliance with trade, technical standards, and other laws in a variety of jurisdictions;

• contractual and regulatory limitations on the ability to maintain flexibility with staffing levels;

• disruptions to manufacturing or R&D activities as a result of actions imposed by governments;

• changes in economic policies of foreign governments;

• loss of market share in foreign jurisdictions resulting from political and regulatory uncertainty regarding possible trade restrictions, domestic sourcing initiatives, or other government actions;

• difficulties in staffing and managing international operations; and

• public health issues.

If we or our customers, suppliers, or vendors are impacted by any of these risks, it could have a material adverse effect on our business, results of operations, or financial condition.

Following the May 2023 decision of its cybersecurity review of our products sold in China, the CAC determined that critical information infrastructure operators in China may not purchase Micron products, impacting our revenue with companies headquartered in mainland China and Hong Kong, including direct sales, as well as indirect sales through distributors. Further actions by the Chinese government, through CAC action or other means, could impact revenue inside or outside China, or our operations in China, or our ability to ship products to our customers, any of which could have a material adverse effect on our business, results of operations, or financial condition.

In addition, the U.S. government has in the past and continues to restrict American firms, including us, from selling products and software to certain of our customers and may in the future impose similar restrictions on one or more of our significant customers. We may not be able to fully prevent the unauthorized resale, diversion, or misuse of our products by third parties. These restrictions may not prohibit our competitors from selling similar products to our customers, which may result in a loss of sales and market share. Even as such restrictions are lifted, financial or other penalties or continuing export restrictions imposed with respect to our customers could have a continuing negative impact on our future revenue and results of operations, and we may not be able to recover any customers or market share we lose, or make such recoveries at acceptable average selling prices, while complying with such restrictions.

Political, economic, or other actions may adversely affect our operations in Taiwan. A majority of our DRAM production output in 2025 was from our fabrication facilities in Taiwan, and any loss of output could have a material adverse effect on us. Any political, economic, or other actions may also adversely affect our customers and the technology industry supply chain, for which Taiwan is a central hub, and as a result, could have a material adverse impact on us.

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The semiconductor memory and storage markets are highly competitive.

We face intense competition in the semiconductor memory and storage markets from a number of companies, including Samsung Electronics Co., Ltd.; SK hynix Inc.; Kioxia Holdings Corporation; Sandisk Corporation; ChangXin Memory Technologies, Inc. (“CXMT”); and Yangtze Memory Technologies Co., Ltd. (“YMTC”). Our competitors may use aggressive pricing to obtain market share. Some of our competitors are large corporations or conglomerates that may operate in jurisdictions with lower labor and compliance costs and may have a larger market share and greater resources to invest in technology, capitalize on growth opportunities, and withstand downturns in the semiconductor markets in which we compete. Consolidation of industry competitors could put us at a competitive disadvantage as our competitors may benefit from increased manufacturing scale and a stronger product portfolio. Alternatively, new entrants into the memory and storage market could have a significant adverse impact on our competitive position. We operate in different jurisdictions than our competitors and may be impacted by unfavorable changes in currency exchange rates, import/export restrictions, and other trade regulations, including tariffs.

In addition, governments have provided, and may continue to provide, significant assistance, financial or otherwise, to some of our competitors or to new entrants and may intervene in support of national industries and/or competitors. As a result, we face the threat of increasing competition and DRAM and NAND oversupply due to significant investment in the semiconductor industry, including by the Chinese government and various state-owned or affiliated entities, such as CXMT and YMTC. In addition, the CAC’s decision that critical information infrastructure operators in China may not purchase Micron products had an adverse impact on our ability to compete effectively in China and elsewhere.

We intend to advance our process technology to increase bit output per wafer, improve yields, and increase wafer supply. In addition, our competitors may increase capital expenditures resulting in future increases in worldwide supply. We, and some of our competitors, have plans to construct new fabrication facilities and/or ramp production at existing fabrication facilities. Increases in worldwide supply of semiconductor memory and storage, if not accompanied by commensurate increases in demand, could lead to declines in average selling prices for our products and could materially adversely affect our business, results of operations, or financial condition. Additionally, rapid technological change in markets we serve could contribute to shortened product life cycles and a decline in average selling prices of our products. If competitors are more successful at developing or implementing new product or process technology, their products could have cost or performance advantages.

The competitive nature of our industry could have a material adverse effect on our business, results of operations, or financial condition.

Our future success depends on our ability to develop, produce, and supply new and competitive memory and storage technologies and products in a dynamic market environment.

Our key semiconductor memory and storage technologies face technological barriers to continue to meet long-term customer needs. These barriers include achieving acceptable yields and quality for HBM products with their multiple chip layers, potential limitations on stacking additional 3D memory layers, increasing bits per cell (i.e., cell levels), meeting higher density requirements, developing advanced packaging solutions, improving power consumption and reliability, and delivering advanced features and higher performance. We may face technological barriers to continue to shrink our products at our current or historical rate, which has generally reduced per gigabit cost. We have invested and expect to continue to invest in R&D for new and existing products and process technologies, such as EUV lithography, to continue to deliver advanced product requirements. Such new technologies can add complexity and risk to our schedule and may affect our costs and production output. We may be unable to recover our investment in R&D or otherwise realize the economic benefits of reducing die size or increasing memory and storage densities. Our competitors are working to develop new memory and storage technologies that may offer performance and/or cost advantages to existing technologies and render existing technologies obsolete. Accordingly, our future success may depend on our ability to develop and produce viable and competitive new memory and storage technologies.

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We are developing new products, including system-level memory and storage products and solutions, which complement our traditional products or leverage their underlying design or process technology. We have invested and expect to continue to invest in new semiconductor product and system-level solution development. We are increasingly differentiating our products and solutions to meet the specific demands of our customers, which increases our reliance on our customers’ ability to accurately forecast the needs and preferences of their customers.

In addition, our ability to successfully introduce new products often requires us to make product specification decisions multiple years in advance of when new products enter the market. Recent technologies, such as generative AI models have emerged, and while they have driven increased demand for HBM and other advanced products in the data center and other markets, the long-term trajectory is unknown and associated demand may fluctuate. Due to the higher performance and more complex manufacturing process, HBM requires a higher number of wafers and more cleanroom space to produce the same number of bits as conventional DRAM in the same technology node. If demand for HBM weakens and suppliers shift capacity from HBM to conventional DRAM, this could result in a significant increase in conventional DRAM supply. An oversupplied DRAM market may lead to downward pressure on pricing, which could adversely impact our financial results. Conversely, as the demand for DRAM, HBM, or any of our other products has increased and may continue to increase, we may be unable to increase supply sufficiently to meet such demand. Our ability to meet demand is influenced by numerous factors, including changes in product development cycles, cleanroom capacity, ramping technologies, and evolving customer requirements. When demand exceeds our supply, we have been and may be unable to scale supply sufficiently, requiring us to make decisions about manufacturing priorities, as well as customer and market supply allocations. Periods of constrained supply, insufficient customer supply allocations, or elevated pricing for memory and storage products may strain long-term customer relationships, result in disruptions to downstream markets and supply chains and, where such products are viewed as critical inputs to certain industries, lead to legal or other disputes or government and regulatory focus. If these conditions persist, they could limit or severely restrict our ability to sell our product into certain end markets in the future.

Our product demand may also be impacted significantly by the strategic actions of our customers. It is important that we deliver products in a timely manner that meet customer requirements at the time our customers are designing and evaluating samples for their products. If we do not meet their product design schedules, our customers may exclude us from further consideration as a supplier for those products. The process to develop new products requires us to demonstrate advanced functionality, performance, and reliability, often well in advance of a planned ramp of production, in order to secure design wins with our customers. Many factors may negatively impact our ability to meet anticipated timelines and/or expected or required quality standards with respect to the development of certain of our products. In addition, some of our components have long lead times, requiring us to place orders up to a year in advance of anticipated demand. Such long lead times increase the risk of excess inventory or loss of sales in the event our forecasts vary substantially from actual demand.

There can be no assurance of the following:

• we will be successful in developing competitive new semiconductor memory and storage technologies and products;

• we will be able to cost-effectively manufacture new products;

• we will be able to successfully achieve revenue targets for these technologies;

• margins and cash flows generated from sales of these products will allow us to recover costs of development efforts;

• we will be able to establish or maintain key relationships with customers, or that we will not be prohibited from working with certain customers, for specific chip set or design requirements;

• we will accurately predict and design products that meet our customers’ specifications; or

• we will be able to introduce new products into the market and qualify them with our customers on a timely basis.

Unsuccessful efforts to develop new memory and storage technologies and products could have a material adverse effect on our business, results of operations, or financial condition.

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We may not be able to achieve expected returns from capacity expansions.

We continue to expand our production capacity in the United States and in other regions where we operate, in large part, to meet expected demand for our products. These expansion projects are multi-year projects that require significant lead time and commitment of capital well in advance of achieving any returns. Semiconductor fabs are complex, capital-intensive projects and require specialized knowledge, expertise, experience, and skill sets to construct and operate.

Our construction projects are highly dependent on available sources of materials and specialized equipment, as well as labor, skilled sub-contractors, and other service providers. Increasing demand, supply constraints, inflation, tariffs, trade restrictions, and other market conditions could result in shortages and higher costs. Additionally, difficulties in obtaining labor, skilled sub-contractors and other service providers, or other resources could result in delays in completion of our construction projects and cost increases, including costs to operate these facilities, and could impair our ability to meet customer demand and result in loss of market share to competitors.

In the United States and in certain other regions, fab building has been uncommon in recent years. Concurrent semiconductor expansion projects across the industry introduce significant competition for the limited pool of construction talent with requisite expertise and experience in these regions. As such, expanding production capacity in the United States and certain other regions may introduce more challenges than we would experience in geographies with more established ecosystems.

In addition, these expansions involve several risks, including the following:

• inability to meet capital expenditure requirements for capacity expansions, including during periods of relatively low free cash flow generation, resulting from challenging memory and storage industry conditions;

• unavailability of necessary funding, which may include external sources;

• inability to realize expected grants, investment tax credits, and other government incentives, including through the CHIPS Act and other national, international, state, and local grants;

• potential changes in laws or provisions of grants, investment tax credits, and other government incentives, including the CHIPS Act;

• delays and potential restrictions related to environmental and other government regulations or permits;

• potential restrictions on expanding in certain geographies;

• inability to complete construction as scheduled and within budget;

• inability to attract, retain and motivate key talent;

• inability to timely ramp production in a cost-effective manner;

• increases to our cost structure until new production is ramped to adequate scale; and

• insufficient customer demand to utilize our increased capacity.

From time to time, we have experienced impacts from certain of the above items and, because these risks are a characteristic of our business, we expect to experience them in the future. Depending on the nature and extent of the impact from these risks, we may be unable to produce sufficient capacity in the expected timeframe which could result in delays in the completion of our construction projects and increased costs, including costs to operate these facilities.

We have a broad portfolio of products to address our customers’ needs, which span multiple market segments and are subject to rapid technological changes. We invest our capital in areas that we believe best align with our business strategy and optimize future returns. Investments in capital expenditures may not generate expected returns or cash flows. Significant judgment is required to determine which capital investments will result in optimal returns, and we could invest in projects that are ultimately less profitable than those projects we do not select. Our strategic decision-making process involves careful evaluation and prioritization of investments to ensure alignment with our long-term goals. Additionally, we may choose to exit business or market segments that do not provide us with optimal returns. As we streamline our product portfolio, we may face execution risks that could impact our ability to support demand and maintain share in certain markets. Further, as we continue to optimize the efficiency of our fabrication facilities to support demand from leading edge notes, any delays in completion and ramping of new production facilities, or failure to optimize our investment choices, could significantly impact our ability to realize expected returns on our capital expenditures.

Any of the above factors could have a material adverse effect on our business, results of operations, or financial condition.

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Our incentives from various governments are conditioned upon achieving or maintaining certain outcomes and satisfying compliance requirements and are subject to reduction, termination, or clawback, and could impose certain limitations on our business.

We have received, and expect to receive in the future, benefits and incentives from national, state, and local governments in various regions of the world designed to encourage us to establish, maintain, or increase investment, workforce, research and development, or production in those regions. However, there is no guarantee that such government incentives and benefits will continue to be available in the future on the same terms, terms that are acceptable to us or at all and existing incentives could be modified or terminated by government authorities. In addition, we have discretion in the timing of use of certain of these incentives. If we choose to exercise such discretion due to the cyclicality of our business or other factors, we may not be able to fully utilize these incentives. Our future business plans may be impacted by obtaining these government incentives, which may take various forms, including grants, subsidies, loans, and tax arrangements, and typically require us to achieve or maintain certain levels of investment, capital spending, employment, technology deployment or development milestones, construction or production milestones, or research and development activities to qualify for such incentives or could restrict us from undertaking certain activities. We may fail to achieve these milestones, in a timely manner or at all, due to a variety of factors, some of which may be outside of our control, including a cyclical downturn in our business or global downturn. Failure to achieve such milestones could result in up to all of certain incentives being clawed back, in some cases along with interest and/or loss of project assets. In some cases, these incentives have additional terms and conditions regarding our business operations or governance that are required to be satisfied as a condition to receive incentives or disbursements. Compliance with these terms and conditions may add complexity to our operations and increase our costs and failure to comply could result in termination of incentive programs or clawbacks of incentive amounts received, in some cases along with interest and/or loss of project assets.

We may be unable to obtain sufficient future incentives to continue to fund a portion of our capital expenditures and operating costs, without which our cost structure may be adversely impacted and planned capital expenditures and research and development expenditures may be affected. For example, in December 2024, we entered into direct funding agreements, providing funds for the construction of fab facilities in Idaho and New York, with the United States Department of Commerce (the “Department”) under the Department’s CHIPS Incentives Program established pursuant to the CHIPS Act. In June 2025, such agreements were subsequently amended to expand our investments, and we entered into a direct funding agreement to provide funds to expand and modernize our fab in Virginia. The awards under the direct funding agreements are subject to various conditions, and we may not receive the funding expected on the same terms or at all. We cannot guarantee that we will successfully achieve or maintain outcomes or satisfy the compliance requirements to qualify for these incentives or that the granting agencies will provide or continue to provide such funding.

These incentive arrangements, including the funding agreements, typically provide the granting agencies with rights to audit our compliance with their terms and obligations. Such audits could result in modifications to, or termination of, the applicable incentive program. In addition, the incentives we receive, including the funding agreements, are in some cases subject to reduction, termination, or clawback under certain circumstances, and any decrease or clawback of government incentives could have a material adverse effect on our business, results of operations, or financial condition.

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Our business, results of operations, or financial condition could be adversely affected by the availability and quality of materials, supplies, electrical power, gas, water, and capital equipment, or dependency on third-party service providers.

Our supply chain and operations are dependent on the availability of materials that meet exacting standards and the use of third parties to provide us with components and services. We generally have multiple sources of supply for our materials and services. However, only a limited number of suppliers are capable of delivering certain materials, components, and services that meet our standards and, in some cases, materials, components, or services are provided by a single or sole source, and we may be unable to qualify new suppliers on a timely basis. The availability of materials or components, such as chemicals, silicon wafers, gases, photoresists, semiconductors, substrates, lead frames, printed circuit boards, targets, and reticle glass blanks is impacted by various factors. These factors could include a shortage of raw materials or a disruption in the processing or purification of those raw materials into finished goods. Shortages or increases in lead times have occurred in the past, are currently occurring with respect to some materials and components, and may occur from time to time in the future because of the nature of the industry. Constraints within our supply chain for certain materials and integrated circuit components could limit our bit shipments, which could have a material adverse effect on our business, results of operations, or financial condition.

Our manufacturing processes are also dependent on our relationships with third-party manufacturers of controllers, analog integrated circuits, and other components used in some of our products and with outsourced semiconductor foundries, assembly and test providers, contract manufacturers, logistics carriers, and other service providers, including providers of maintenance for our advanced semiconductor manufacturing equipment and providers of electricity and other utilities. Although we have certain long-term contracts with some of our suppliers, many of these contracts do not provide for long-term capacity or pricing commitments. To the extent we do not have firm commitments from our third-party suppliers over a specific time period or for any specific capacity, quantity, and/or pricing, our suppliers may allocate capacity to their other customers and capacity and/or materials may not be available when needed or at reasonable prices. Inflationary pressures may continue to increase costs for materials, supplies, and services. Regardless of contract structure, large swings in demand may exceed our contracted supply and/or our suppliers’ capacity to meet those demand changes, resulting in a shortage of parts, materials, or capacity needed to manufacture our products. In periods of shortage, we may not be able to obtain the needed supply in a timely manner or we may be required to incur increased costs in order to meet our contractual commitments and demand from our customers or experience a decrease in revenue. In addition, if any of our suppliers were to cease operations or become insolvent, this could impact their ability to provide us with necessary supplies, and we may not be able to obtain the needed supply in a timely manner or at all from other providers.

Certain materials are primarily available in a limited number of countries, including rare earth elements, minerals, and metals. Trade disputes, geopolitical tensions, economic circumstances, political conditions, or public health issues may limit our ability to obtain such materials. Although these rare earth and other materials are generally available from multiple suppliers, China is a predominant producer of these materials. China has restricted export of certain of these materials and may in the future continue to restrict, expand restrictions, or stop exporting these or other materials, and as a result, our suppliers’ ability to obtain such supply may be constrained, and we may be unable to obtain sufficient quantities, or obtain supply in a timely manner or at a commercially reasonable cost. Constrained supply of rare earth elements, minerals, and metals may restrict our ability to manufacture certain of our products and make it difficult or impossible to compete with other semiconductor memory and storage manufacturers who are able to obtain sufficient quantities of these materials from China.

We and/or our suppliers and service providers could be affected by regional conflicts, acts of war, civil unrest, labor disruptions, sanctions, tariffs, embargoes, or other trade restrictions, and retaliatory actions in response to such actions, as well as laws and regulations enacted in response to concerns regarding climate change, conflict minerals, responsible sourcing practices, public health crises, or other matters, which could limit the supply of our materials and/or increase the cost. Environmental regulations could limit our ability to procure or use certain chemicals or materials in our operations or products. In addition, disruptions in transportation lines could delay our receipt of materials. Our ability to procure components to repair equipment essential for our manufacturing processes could also be negatively impacted by various restrictions or disruptions in supply chains, among other items. The disruption of our supply of materials, components, or services, or the extension of our lead times could have a material adverse effect on our business, results of operations, or financial condition.

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Our operations are dependent on a reliable and uninterrupted supply of electrical power, gas, and water to our manufacturing facilities. Any power shortages, capacity constraints, prolonged outages, or significant or unexpected increases in the cost of power could have a material adverse effect on our business, results of operations, or financial condition.

Our operations are dependent on our ability to procure advanced semiconductor manufacturing equipment that enables the transition to lower cost manufacturing processes. For certain key types of equipment, including photolithography tools, we are sometimes dependent on a single supplier. From time to time, we have experienced difficulties in obtaining some equipment on a timely basis due to suppliers’ limited capacity. Our inability to obtain equipment on a timely basis could adversely affect our ability to transition to next generation manufacturing processes and reduce our costs. Delays in obtaining equipment could also impede our ability to ramp production and could increase our overall costs of a ramp. Our inability to obtain advanced semiconductor manufacturing equipment in a timely manner could have a material adverse effect on our business, results of operations, or financial condition.

Our construction projects to expand production and R&D capacity are highly dependent on available sources of labor, materials, equipment, and services. Increasing demand, supply constraints, inflation, and other market conditions could result in increasing shortages and higher costs for these items. Difficulties in obtaining these resources could result in delays in completion of our construction projects and cost increases, which could have a material adverse effect on our business, results of operations, or financial condition.

Our inability to source materials, supplies, capital equipment, or third-party services could affect our overall production output and our ability to fulfill customer demand. Significant or prolonged shortages of our products could halt customer manufacturing and damage our relationships with these customers. Any damage to our customer relationships as a result of a shortage of our products could have a material adverse effect on our business, results of operations, or financial condition.

Similarly, if our customers experience disruptions to their supplies, materials, components, or services, or the extension of their lead times, they may reduce, cancel, or alter the timing of their purchases with us, which could have a material adverse effect on our business, results of operations, or financial condition.

Downturns or ongoing adverse conditions in regional or worldwide economies may harm our business.

Downturns or ongoing adverse conditions in regional or worldwide economies, due to inflation, geopolitics, changes in government borrowing or spending, trade disputes, war, major central bank policy actions, including interest rate increases, public health crises, or other factors, have harmed our business in the past, and current and future downturns could also adversely affect our business. Adverse economic conditions affect demand for devices that incorporate our products, such as personal computers, smartphones, automobiles, and servers. Reduced demand for memory and storage products could result in significant decreases in our average selling prices and product sales. In addition, to the extent our customers or distributors have elevated inventory levels or are impacted by a deterioration in credit markets, we may experience a decrease in short-term and/or long-term demand resulting in industry oversupply and declines in pricing for our products.

A deterioration of conditions in regional or worldwide credit markets could limit our ability to obtain external financing to fund our operations and capital expenditures. In addition, we may experience losses on our holdings of cash and investments due to failures of financial institutions and other parties. Difficult economic conditions may also result in a higher rate of losses on our accounts receivable due to credit defaults. Additionally, our current or potential future customers may experience cash flow problems and as a result may modify, delay, or cancel plans to purchase our products. Any inability of our current or potential future customers to pay us for our products may adversely affect our earnings and cash flow. As a result, downturns or ongoing adverse conditions in regional or worldwide economies could have a material adverse effect on our business, results of operations, or financial condition.

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If our manufacturing process is disrupted by operational issues, natural disasters, or other events, our business, results of operations, or financial condition could be materially adversely affected.

We and our subcontractors and suppliers manufacture products using highly complex processes that require technologically advanced equipment and continuous modification to improve yields and performance. Difficulties in the manufacturing process or the effects from a shift in product mix can reduce yields or disrupt production and may increase our per gigabit manufacturing costs. We and our subcontractors and suppliers maintain operations and continuously implement new product and process technology at manufacturing facilities, which are widely dispersed in multiple locations in several countries, including the United States, Singapore, Taiwan, Japan, Malaysia, China, and India. As a result of the necessary interdependence within our network of manufacturing facilities, an operational disruption at one of our or a subcontractor’s or supplier’s facilities may have a disproportionate impact on our ability to produce many of our products.

From time to time, there have been disruptions in our manufacturing operations as a result of power outages, improperly functioning equipment and facilities, disruptions in supply of raw materials or components, or equipment failures. We have manufacturing and other operations in locations subject to natural occurrences and possible climate changes, such as severe and variable weather and geological events resulting in increased costs, or disruptions to our manufacturing operations or those of our suppliers or customers. In addition, climate change may pose physical risks to our manufacturing facilities or our suppliers’ facilities, including increased extreme weather events that could result in supply delays or disruptions. Other events, including political or public health crises, such as an outbreak of contagious diseases, may also affect our production capabilities or that of our suppliers, including as a result of quarantines, closures of production facilities, lack of supplies, or delays caused by restrictions on travel or shipping. Events of the types noted above have occurred from time to time and, because these risks are a characteristic of our business, they may occur in the future. As a result, in addition to disruptions to operations, our insurance premiums may increase or we may not be able to fully recover any sustained losses through insurance.

If production is disrupted for any reason, manufacturing yields may be adversely affected, or we may be unable to meet our customers’ requirements and they may purchase products from other suppliers. This could result in a significant increase in manufacturing costs, loss of revenue, or damage to customer relationships, any of which could have a material adverse effect on our business, results of operations, or financial condition.

A significant portion of our revenue is concentrated with certain customers and end markets.

In 2025, over half of our total revenue came from our top ten customers. Among our end markets, approximately one-half of our total revenue was concentrated in the data center end market. A disruption in our relationship with any of our top customers or a significant decrease in demand for our data center products, including due to disruptions or delays in the build-out of data centers by our customers and partners, or in the overall data center end market, could adversely affect our business. The build-out of data centers by our customers and partners requires significant energy capacity, water, and capital, and any shortage of these and other necessary resources, any stakeholder opposition to data center development, or any delays in the build-out of data centers, could impact our future revenue and financial performance. In addition, access to capital for our customers could be constrained, which may cause companies to face difficulties securing financing for large-scale infrastructure projects. These limitations could delay customer and partner deployments or reduce the scale of accelerated computing and AI adoption, which could have a material adverse effect on our business, results of operations, and financial condition.

We could experience fluctuations in our customer base or the mix of revenue by customer or end market, as markets and strategies evolve. Demand for our products may fluctuate due to factors beyond our control. Our inability to qualify our products to meet customer or end market requirements could adversely impact our revenue. A meaningful change in inventory strategy by our top customers or in certain end markets could impact our industry bit demand growth outlook. In addition, any consolidation of our customers or consolidation of significant end markets could limit the opportunity for sale of our products. Additionally, we have entered into, and expect to continue to enter into, strategic customer agreements with certain customers with binding commitments for specific volumes over the multi-year contract terms. Pricing for most agreements is either fixed, or is subject to minimum and maximum pricing. The largest agreements generally have a ceiling price for existing products and a floor price through the term of the agreement. A minority of the agreements do not have any fixed pricing or price bands, as pricing for those agreements is subject to market conditions. In connection with these customer agreements, we have received, and expect to continue to receive, customer deposits and other related financial commitments. Any failure to perform our obligations under these arrangements could subject us to contractual damages or other

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financial consequences. These arrangements could also constrain our available supply and limit our flexibility to respond to changes in market conditions, and if customers fail to meet their purchase commitments, we may need to enforce our contractual rights, which could result in litigation or disputes that adversely effect our business, customer relationships, or both, and any such disputes could have a material adverse effect on our business, results of operations, or financial condition. Further, if we are unable to satisfy customer demand and customers are required to purchase products from our competitors, they may shift immediate and future purchases to such competitors, which could harm our customer relationships and adversely impact our access to certain end markets. The loss of, or restrictions on our ability to sell to, one or more of our major customers or in certain end markets, or any significant reduction in orders or a shift in product mix, could have a material adverse effect on our business, results of operations, or financial condition. See Part I. Financial Information, Item 1. Financial Statements, Notes to Consolidated Financial Statements, Note 17. Segment and Other Information.

Increases in sales of system solutions may increase our dependency upon specific customers and our costs to develop, qualify, and manufacture our system solutions.

Our development of system-level memory and storage products is dependent, in part, upon successfully meeting our customers’ specifications for those products. Developing and manufacturing system-level products with specifications unique to a customer increases our reliance upon that customer for purchasing our products at sufficient volumes and prices in a timely manner. Even if our products meet customer specifications, our sales of system-level solutions are dependent upon our customers choosing our products over those of our competitors and purchasing our products at sufficient volumes and prices. Our competitors’ products may be less costly, provide better performance, or include additional features when compared to our products. Our long-term ability to sell system-level memory and storage products is reliant upon our customers’ ability to create, market, and sell their products containing our system-level solutions at sufficient volumes and prices in a timely manner. If we fail to successfully develop and market system-level products, our business, results of operations, or financial condition may be materially adversely affected.

Manufacturing system-level solutions, such as SSDs, managed NAND, and HBM, typically results in higher per-unit manufacturing costs and longer cycle time as compared to other products. Even if we are successful in selling system-level solutions to our customers in sufficient volume, we may be unable to generate sufficient profit if our per-unit manufacturing costs are not offset by higher per-unit selling prices. Manufacturing system-level solutions to customer specifications requires a longer development cycle, as compared to discrete products, to design, test, and qualify, which may increase our costs. Some of our system-level solutions are increasingly dependent on sophisticated firmware that may require significant customization to meet customer specifications, which increases our costs and time to market. Additionally, we may need to update our controller and hardware design, as well as our firmware or develop new firmware as a result of new product introductions or changes in customer specifications and/or industry standards, which increases our costs. System complexities and extended warranties for system-level products could also increase our warranty costs. Our failure to cost-effectively manufacture system-level solutions and/or controller, hardware design, and firmware in a timely manner may result in reduced demand for our system-level products and could have a material adverse effect on our business, results of operations, or financial condition.

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Products that fail to meet specifications, are defective, or are otherwise incompatible with end uses could impose significant costs on us.

Products that do not meet specifications or that contain, or are perceived by our customers to contain, defects or that are otherwise incompatible with end uses could impose significant costs on us or otherwise materially adversely affect our business, results of operations, or financial condition. From time to time, we experience problems with non-conforming, defective, or incompatible products after we have shipped such products. In recent periods, we have further diversified and expanded our product offerings, which could potentially increase the chance that one or more of our products could fail to meet specifications in a particular application. Our products and solutions may be deemed fully or partially responsible for functionality in our customers’ products and may result in sharing or shifting of product or financial liability from our customers to us for costs incurred by the end user as a result of our customers’ products failing to perform as specified. In addition, if our products and solutions perform critical functions in our customers’ products or are used in high-risk consumer end products, such as autonomous driver assistance programs, home and enterprise security, smoke and noxious gas detectors, medical monitoring equipment, or wearables for child and elderly safety, our potential liability may increase. We could be adversely affected in several ways, including the following:

• we may be required or agree to compensate customers for costs incurred or damages caused by defective or incompatible products and to replace products;

• we could incur a decrease in revenue or adjustment to pricing commensurate with the reimbursement of such costs or alleged damages;

• we could be required to indemnify our customers or end users or we may face other claims, including litigation, which could result in increased costs in defending ourselves and/or paying resulting damages; and

• we may encounter adverse publicity, which could cause a decrease in sales of our products or harm our reputation or relationships with existing or potential customers.

Any of the foregoing items could have a material adverse effect on our business, results of operations, or financial condition.

Breaches of our security systems or products, systems failures, interruptions, delays in service, catastrophic events, and resulting interruptions in the availability of our systems or those of our customers, suppliers, or business partners, could expose us to losses.

We maintain a system of controls over the physical security of our facilities. We also manage and store various proprietary information and sensitive or confidential data relating to our operations. In addition, we process, store, and transmit data relating to our customers, suppliers, and employees, including sensitive personal information. Unauthorized persons, employees, former employees, nation states, or other parties may gain access to our facilities or technology infrastructure and systems through fraudulent means and may steal trade secrets or other proprietary information, compromise confidential information, create system disruptions, or have other impacts. This risk is exacerbated as competitors for talent, particularly engineering talent, attempt to hire our employees. Through cyberattacks on technology infrastructure and systems, unauthorized parties may obtain access to computer systems, networks, and data, including cloud-based platforms. Our technology infrastructure and systems and that of our suppliers, vendors, service providers, cloud solution providers, and partners have in the past experienced, and may in the future experience, such attacks, which could impact our operations. Cyberattacks can include ransomware, denial-of-service attacks, zero-day attacks, supply chain attacks, “phishing” and other forms of social engineering, exploitation of open source software vulnerabilities, and other malicious software programs or other attacks, including those using techniques that change frequently or may be disguised or difficult to detect, or designed to remain dormant until a triggering event, impersonation of authorized users, and efforts to discover and exploit any design flaws, “bugs,” security vulnerabilities, as well as intentional or unintentional acts by employees or other insiders with access privileges. The emergence and maturation of AI capabilities may also lead to new and/or more sophisticated methods of attack. Globally, cyberattacks are increasing in number and the attackers are increasingly organized and well-financed, or supported by state actors, and are developing increasingly sophisticated systems to not only attack, but also to evade detection. In addition, geopolitical tensions or conflicts may create a heightened risk of cyberattacks. Breaches of our physical security, including break-ins, sabotage or vandalism, attacks on our technology infrastructure and systems, security breaches or incidents, or attacks on our customers, suppliers, or business partners who maintain or otherwise process confidential or sensitive information regarding us and our customers and suppliers, could result in damage to, or loss, disruption, or unavailability of data

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or systems, or inappropriate disclosure, destruction, loss, or other processing of confidential or sensitive information. In addition, our systems and those of our third-party vendors may experience service interruptions, data loss or compromise, and outages for other reasons, including human error, pandemics, fires, other natural disasters, power losses, disruptions in telecommunications services, fraud, military or political conflicts, terrorist attacks and other geopolitical unrest, computer viruses, ransomware, and other malicious software, changes in social, political, or regulatory conditions or in laws and policies, or other changes or events.

Any such event, or the perception it has occurred, may result in significant losses and damage our reputation with customers and suppliers and may expose us to claims, demands, and litigation.

Products and the systems and applications that incorporate or otherwise utilize our products are also targets for cyberattacks. While some of our products contain encryption, security algorithms, or features designed to help protect third-party content, user-generated data stored on our products, or the functionality of our products as intended, systems and applications that utilize these products could be compromised, breached, or circumvented by motivated attackers. Further, our products contain sophisticated hardware, firmware and software (some of which is provided by third parties) that may contain weaknesses or defects in design or manufacture, including “bugs” and other problems that could interfere with the intended operation of our products or be potentially exploited by such attackers. If systems or applications that utilize our products experience a cyberattack, our products are attacked, or our suppliers, third-party service providers, cloud solution providers, or sub-processors are breached or attacked, this could harm our business by requiring us to employ additional resources to remediate the errors or defects, and could expose us to litigation, claims, and harm to our reputation.

We cannot be certain that any applicable insurance coverage we maintain will be adequate or otherwise protect us with respect to claims, expenses, fines, penalties, business loss, data loss, litigation, regulatory actions, or other impacts arising from security breaches or incidents, or that such coverage will continue to be available on acceptable terms or at all. Any of the foregoing security risks could have a material adverse effect on our business, results of operations, or financial condition.

New and evolving laws and regulations relating to cybersecurity, data privacy, digital products, and AI impose requirements for information confidentiality, integrity, availability, personal and proprietary data collection, storage, use, sharing, deletion, and AI systems to be appropriately transparent, fair, secure, responsibly deployed, and accountable. Along with these laws and regulations, standards and market expectations could cause us to incur additional direct costs for compliance, as well as increased indirect costs resulting from our customers’, suppliers’, or partners’ reluctance to share information or solutions due to actual or perceived inadequate controls. As a result of these considerations, we could experience a reduction of production or sales of our products; remediation costs and activities; increased compliance costs; regulatory penalties, fines, civil or criminal sanctions, and other legal liabilities; and reputational challenges. Compliance with, or our failure, or the failure of our third-party sales channel partners or agents, to comply with, laws, regulations, or industry standards could have a material adverse effect on our business, results of operations, or financial condition.

We may be adversely impacted by any of the multiple uncertainties and outcomes associated with the use and evolution of AI.

We are increasingly incorporating AI capabilities into the development of technologies and our business operations, and into our products and services. AI technology is complex and rapidly evolving, and may expose us to significant competitive, legal, regulatory, and other risks. The implementation of AI can be costly and there is no guarantee that our use of AI will enhance our technologies, benefit our business operations, or produce products and services that are preferred by our customers. AI will continue to increase or change the competitive environment in our markets. Our competitors may be more successful in their AI strategy or they may have access to greater AI resources or technology and develop superior products and services.

Additionally, AI algorithms or training methodologies may be flawed, and datasets may contain irrelevant, insufficient or biased information, which can cause errors in outputs. The use of AI in the development of our products could also cause loss of intellectual property, as well as subject us to risks related to intellectual property infringement or misappropriation, data privacy, and cybersecurity. AI is also the subject of an evolving set of legal requirements and regulations, and we may be subject to new and conflicting laws and regulations. In addition, public and governmental perceptions regarding the use and impact of AI may evolve over time. Any of these matters may give rise to legal liability, damage our reputation, and materially harm our business.

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We must attract, retain, and motivate highly skilled employees.

To stay competitive, we need a highly skilled, global workforce and effective succession management for key roles. Hiring, retaining, and motivating qualified executives and other skilled talent is critical to our business, and competition can be intense. If our total compensation programs, benefits, and workplace culture are not seen as competitive and inclusive, our ability to attract and retain talent could be compromised.

Intense competition for talent can lead to increased compensation costs. Significant attrition and delays in replacing employees can result in a loss of critical skills, reduced morale, business disruptions, inefficiencies during transitions, and increased expenses. Additionally, changes to immigration policies and travel restrictions due to public health crises or other causes may limit our ability to hire, retain, or transfer talent to specific locations.

Our business success depends on our ability to attract, retain, and motivate key talent. Failure to do so could inhibit our ability to maintain or expand operations and adversely impact our operating results.

Compliance with responsible sourcing requirements and any related regulations could increase our operating costs or limit the supply and increase the cost of certain materials, supplies, and services, and if we fail to comply, customers may reduce purchases from us or disqualify us as a supplier.

We and many of our customers have adopted responsible sourcing programs that require us to meet certain sustainability, governance, or other criteria, and to periodically report on our performance against these requirements, including that we source the materials, supplies, and services we use and incorporate into the products we sell as prescribed by these programs. Many customer programs require us to remove a supplier within a prescribed period if such supplier ceases to comply with prescribed criteria, and our supply chain may at any time contain suppliers at risk of being removed due to non-compliance with responsible sourcing requirements. Some of our customers may elect to disqualify us as a supplier (resulting in a permanent or temporary loss of sales to such customer) or reduce purchases from us if we are unable to verify that our performance or products (including the underlying supply chain) meet the specifications of our customers’ responsible sourcing programs on a continuous basis. Meeting responsible sourcing requirements may increase operating requirements and costs or limit the sourcing and availability of some of the materials, supplies, and services we use, particularly when the availability of such materials, supplies, and services is concentrated to a limited number of suppliers. From time to time, we remove suppliers or require our suppliers to remove suppliers from their supply chains based on our responsible sourcing requirements or customer requirements, and we or our suppliers may be unable to replace such removed suppliers in a timely or cost-effective manner. Any inability to replace removed suppliers in a timely or cost-effective manner may affect our ability and/or the cost to obtain sufficient quantities of materials, supplies, and services necessary for the manufacture of our products. Our inability to replace suppliers we have removed in a timely or cost-effective manner or comply with customers’ responsible sourcing requirements or with any related regulations could have a material adverse effect on our business, results of operations, or financial condition.

Evolving sustainability and governance expectations or standards or failure to achieve our related goals could adversely affect our business, results of operations, financial condition, or stock price.

In recent years, there has been an increased focus from stakeholders on sustainability and governance matters, including greenhouse gas emissions and climate-related risks, carbon-free electricity, water stewardship, waste management, inclusion, responsible sourcing and supply chain, and human rights. We actively manage these issues and have established and publicly announced certain sustainability goals, commitments, and targets which we may refine or modify further in the future. These goals, commitments, and targets reflect our current plans and aspirations and are not guarantees that we will be able to achieve them. Achieving these goals may entail significant costs, for example, we have entered into several virtual power purchase agreements to obtain renewable energy credits at a cost that will vary based on future prices for electrical power. Evolving stakeholder expectations and our efforts to manage these issues, report on them, and accomplish our goals present numerous operational, regulatory, reputational, financial, legal, and other risks, any of which could have a material adverse impact, including on our reputation and stock price.

Such risks and uncertainties include:

• reputational harm, including damage to our relationships with customers, suppliers, investors, governments, or other stakeholders;

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• adverse impacts on our ability to manufacture and sell products and maintain our market share;

• the success of our collaborations with third parties;

• loss of business due to failure to meet our customers’ sustainability targets;

• increased risk of litigation, investigations, or regulatory enforcement action;

• unfavorable sustainability and governance ratings or investor sentiment;

• diversion of resources and increased costs to control, assess, and report on sustainability and governance metrics;

• our ability to achieve our goals, commitments, and targets within timeframes announced;

• increased costs to achieve our goals, commitments, and targets;

• unforeseen operational and technological difficulties;

• access to and increased cost of capital; and

• adverse impacts on our stock price.

Opinions, perspectives, and expectations on sustainability and governance matters may differ amongst our stakeholders and may evolve over time. We have been and may continue to be subject to conflicting expectations and views on various matters, and legal requirements and interpretations may change. Any failure, or perceived failure, to meet evolving stakeholder expectations and industry standards or achieve our sustainability and governance goals, commitments, and targets could have an adverse effect on our business, results of operations, financial condition, or stock price.

In addition, external standards for measuring and reporting sustainability metrics may change over time and may result in cost increases, significant revisions to our strategies and targets, or impact our ability to achieve them. We also are or may become subject to new sustainability laws and regulations, such as the State of California’s new climate change disclosure rules. Compliance with these laws and regulations, as well as increased scrutiny from regulators, customers, and other stakeholders on our sustainability practices, could result in additional costs and expose us to new risks. Any scrutiny of our sustainability disclosures, our failure to achieve related strategies and targets, or our failure to disclose our sustainability measures consistent with applicable laws and regulations or to the satisfaction of regulators or our stakeholders could negatively impact our reputation or result in penalties, fines, or other adverse consequences.

Acquisitions and/or strategic transactions, including strategic investments, involve numerous risks.

Acquisitions of businesses, enterprises or assets, and strategic transactions, such as joint ventures and other partnering arrangements, involve numerous risks, including the following:

• integrating the operations, technologies, and products of acquired or newly formed entities or strategic partnerships into our operations;

• increasing capital expenditures to upgrade and maintain facilities;

• increased debt levels;

• the assumption of unknown or underestimated liabilities;

• the use of cash to finance a transaction, which may reduce the availability of cash to fund working capital, capital expenditures, R&D expenditures, and other business activities;

• diverting management’s attention from daily operations;

• managing larger or more complex operations and facilities and employees in separate and diverse geographic areas;

• hiring and retaining key employees;

• requirements imposed by government authorities in connection with the regulatory review of a transaction, which may include, among other things, divestitures, imposition of significant obligations, or restrictions on the conduct of our business or the acquired business or assets;

• underestimating the costs or overestimating the benefits, including product, revenue, cost and other synergies and growth opportunities that we expect to realize, and we may not achieve those benefits;

• failure to maintain customer, vendor, and other relationships;

• inadequacy or ineffectiveness of an acquired company’s internal financial controls, disclosure controls and procedures, compliance programs, and/or environmental, health and safety, anti-corruption, human resources, or other policies or practices; and

• impairment of acquired intangible assets, goodwill, or other assets as a result of changing business conditions or technological advancements.

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The global memory and storage industry has experienced consolidation and may continue to consolidate. We engage, from time to time, in discussions regarding potential acquisitions and similar opportunities. To the extent we are successful in completing any such transactions, we could be subject to some or all of the risks described above. Acquisitions of, or strategic transactions with, technology companies or assets are inherently risky and may not be successful and could have a material adverse effect on our business, results of operations, or financial condition.

In addition, we have made, and may continue to make, strategic investments in companies within our ecosystem to further our strategic objectives. These investments subject us to losses on all or part of our investment, earnings volatility, and potential illiquidity of our investments.

We may incur restructure charges in future periods and may not realize expected savings or other benefits from restructure plans.

From time to time, we have because of the nature of our business, and may in the future, enter into restructure initiatives in order to, among other items, streamline our operations, increase our synergies, respond to changes in business conditions, our markets, or product offerings, or to centralize certain key functions. We may not realize expected savings or other benefits from future restructure activities and may incur additional restructure charges or other losses in future periods associated with other initiatives. In connection with any restructure initiatives, we could incur restructure charges, loss of production output or sufficient customer demand to maintain scale, loss of key personnel, disruptions in our operations, difficulties in the timely delivery of products, and loss of customers and local market share, which could have a material adverse effect on our business, results of operations, or financial condition.

Risks Related to Intellectual Property and Litigation

We may be unable to protect our intellectual property or retain key employees who are knowledgeable about and develop our intellectual property.

We maintain a system of controls over our intellectual property, including U.S. and foreign patents, trademarks, copyrights, trade secrets, licensing arrangements, confidentiality procedures, non-disclosure agreements with employees, consultants, and vendors, and a general system of internal controls. Despite our system of controls over our intellectual property, it may be possible for our current or future competitors to obtain, copy, use, or disclose, illegally or otherwise, our product and process technology or other proprietary information. The laws of some foreign countries may not protect our intellectual property to the same degree as do U.S. laws, and our confidentiality, non-disclosure, and non-compete agreements may be unenforceable or difficult and costly to enforce. The use of AI in the development of our products and services could also cause loss of intellectual property, as well as subject us to risks related to intellectual property infringement or misappropriation.

Additionally, our ability to maintain and develop intellectual property is dependent upon our ability to attract, develop, and retain highly skilled employees. If our competitors or future entrants into our industry are successful in hiring our employees, they may directly benefit from the knowledge these employees gained while they were under our employment, and this may also negatively impact our ability to maintain and develop intellectual property.

Our inability to protect our intellectual property or retain key employees who are knowledgeable about and develop our intellectual property could have a material adverse effect on our business, results of operations, or financial condition.

Legal, regulatory, and administrative investigations, inquiries, proceedings, and claims could have a material adverse effect on our business, results of operations, or financial condition.

From time to time, we are subject to various legal, regulatory, and administrative investigations, inquiries, proceedings, and claims that arise out of the ordinary conduct of our business or otherwise, both domestically and internationally. Such claims, investigations, inquiries, and proceedings may include, but are not limited to, allegations of anticompetitive conduct, infringement of intellectual property, and claims related to our compliance with securities and other laws. See Part I. Financial Information, Item 1. Financial Statements, Notes to Consolidated Financial Statements, Note 10. Contingencies.

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We may be associated with and subject to litigation, claims, inquiries, investigations, or disputes arising from or as a result of:

• our relationships with vendors or customers, supply agreements and our capacity to supply, or contractual obligations with our subcontractors or business partners;

• the actions of our vendors, subcontractors, or business partners;

• our indemnification obligations, including obligations to defend our customers against third-party claims asserting infringement of certain intellectual property rights, which may include patents, trademarks, copyrights, or trade secrets;

• our compliance with regulatory requirements, including defending against related third-party claims;

• alleged violations of laws or regulations relating to antitrust/competition requirements;

• fluctuations in stock price; and

• the terms of our product warranties or from product liability claims.

As we continue to focus on developing system solutions with manufacturers of consumer products, including autonomous driving, augmented reality, humanoid robots, AI, and others, we may be exposed to greater potential for personal liability claims against us as a result of consumers’ use of those products. We, our officers, or our directors have been and could continue to be subject to claims of alleged violations of securities laws.

Expansion of our production capacity is subject to inherent safety risks for our employees and contractors. Expansion and renovation activities may involve accidents, which could result in project delays, litigation, claims or disputes by our contractors and others, as well as increased insurance costs. While the risks of our construction projects are covered by insurance and contractual indemnities from our contractors, we may not have insurance coverage or rights to indemnity for all risks. Additionally, while we maintain insurance coverage for certain claims and liabilities, there can be no assurance that we are adequately insured to protect against all claims and potential liabilities, and we may elect to self-insure with respect to certain matters.

Exposures to various legal proceedings and claims, with or without merit, could require significant attention from our management and could lead to significant costs and expenses as we defend claims, are required to pay damage awards, or enter into settlement agreements, any of which could have a material adverse effect on our business, results of operations, or financial condition.

Claims that our products or manufacturing processes infringe or otherwise violate the intellectual property rights of others, or failure to obtain or renew license agreements covering such intellectual property, could materially adversely affect our business, results of operations, or financial condition.

As is typical in the semiconductor and other high technology industries, from time to time others have asserted, and may in the future assert, that our products or manufacturing processes infringe upon, misappropriate, misuse, or otherwise violate their intellectual property rights. We are unable to predict the outcome of these assertions made against us. Any of these types of claims, regardless of the merits, could subject us to significant costs to defend or resolve such claims and may consume a substantial portion of management’s time and attention. As a result of these claims, we may be required to:

• pay significant monetary damages, fines, royalties, or penalties;

• enter into license or settlement agreements covering such intellectual property rights;

• make material changes to or redesign our products and/or manufacturing processes; and/or

• cease manufacturing, selling, offering for sale, importing, marketing, or using products and/or manufacturing processes in certain jurisdictions.

We may not be able to take any of the actions described above on commercially reasonable terms and any of the foregoing results could have a material adverse effect on our business, results of operations, or financial condition. See Part I. Financial Information, Item 1. Financial Statements, Notes to Consolidated Financial Statements, Note 10. Contingencies.

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We have a number of intellectual property license agreements. Some of these license agreements require us to make one-time or periodic payments. We may need to obtain additional licenses or renew existing license agreements in the future. We are unable to predict whether these license agreements can be obtained or renewed on terms acceptable to us. The failure to obtain or renew licenses as necessary could have a material adverse effect on our business, results of operations, or financial condition.

Risks Related to Laws and Regulations

Government actions and regulations, such as export restrictions, tariffs, and trade protection measures, may limit our ability to sell our products to certain customers or markets, or could otherwise restrict our ability to conduct operations.

International trade disputes, geopolitical tensions, and military conflicts have led, and continue to lead, to new and increasing export restrictions, trade barriers, tariffs, and other measures, as well as retaliatory actions, that can increase our manufacturing costs, make our products less competitive, reduce demand for our products, limit our ability to sell to certain customers or markets, limit our ability to procure or increase our costs for components or raw materials, impede or slow the movement of our goods across borders, impede our ability to perform R&D activities, or otherwise restrict our ability to conduct operations. Government actions around the world may lead to further changes in trade policy, domestic sourcing initiatives, increases in foreign government incentives supporting domestic businesses, or other formal and informal measures that could make it more difficult to sell our products in, or restrict our access to, some markets and/or customers. For example, following the May 2023 decision of its cybersecurity review of our products sold in China, the CAC determined that critical information infrastructure operators in China may not purchase Micron products, impacting our revenue with companies headquartered in mainland China and Hong Kong, including direct sales, as well as indirect sales through distributors. Further actions by the Chinese government, through CAC action or other means, could impact revenue inside or outside China, or our operations in China, or our ability to ship products to our customers, any of which could have a material adverse effect on our business, results of operations, or financial condition.

We cannot predict what actions may be taken with respect to export regulations, tariffs, or other trade regulations between the United States and other countries, what products or companies may be subject to such actions, or what actions may be taken by other countries in retaliation. Further changes in trade policy, tariffs, restrictions on exports or other trade barriers, or restrictions on supplies, equipment, and raw materials, including rare earth minerals, may limit our ability to produce products, increase our selling and/or manufacturing costs, decrease margins, reduce the competitiveness of our products, reduce customer demand for our products, or inhibit our ability to sell products or purchase necessary equipment and supplies. For example, increasing geopolitical tensions have resulted in new and proposed export controls associated with products, including those that support or enable AI applications, which could, in turn, restrict future sales of certain products to China or other markets, or restrict our ability to obtain equipment, components, and raw materials. Similarly, new and proposed tariffs in the United States, China, or other markets on products, materials, and equipment may increase our selling costs, thus impacting demand for our products. On April 14, 2025, the U.S. Bureau of Industry and Security announced the initiation of investigations into the industry on the effects on U.S. national security of imports of semiconductors under Section 232 of the Trade Expansion Act of 1962. The scope of the industry-wide investigation includes semiconductors, semiconductor manufacturing equipment, and their derivative products, including semiconductor substrates and bare wafers, legacy chips, leading-edge chips, microelectronics, and other components. While the results of this investigation are currently unknown, the investigation may result in industry-wide additional tariffs and trade restrictions, which may adversely impact our business. Such changes may also result in reputational harm to us, the development or adoption of technologies that compete with our products, long-term changes in global trade and technology supply chains, or negative impacts on our customers’ products which incorporate our solutions. On February 20, 2026, the administration announced they would initiate new trade investigations under Section 301 of the Trade Act of 1974. While the scope of any such investigations is currently unknown, these proposed investigations may also result in additional tariffs or trade restrictions, which could adversely impact our business. We may take actions to mitigate the impact of increases in tariffs and changes in trade policies, and any such actions could result in additional costs, manufacturing delays, or other difficulties, as well as additional risks, and may not be effective. Any of the effects described in this risk factor could have a material adverse effect on our business, results of operations, or financial condition.

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The technology industry is subject to intense media, political, and regulatory scrutiny, which can increase our exposure to reputational hazards, government investigations and measures aimed at addressing market and other challenges, legal actions, and penalties. Although we have policies, controls, and procedures designed to help ensure compliance with applicable laws, there can be no assurance that our employees, contractors, suppliers, or agents will not violate such laws or our policies. Violations of trade laws, restrictions, or regulations can result in fines; criminal sanctions against us or our officers, directors, or employees; prohibitions on the conduct of our business; and damage to our reputation.

Tax-related matters could have a material adverse effect on our business, results of operations, or financial condition.

We are subject to income taxes in the United States and many foreign jurisdictions. Our provision for income taxes and cash tax liabilities in the future could be adversely affected by numerous factors, including changes in the geographic mix of our earnings among jurisdictions, challenges by tax authorities to our tax positions and intercompany transfer pricing arrangements, failure to meet performance obligations with respect to tax incentive agreements, expansion of our operations in various countries, fluctuations in foreign currency exchange rates, adverse resolution of audits and examinations of previously filed tax returns, and changes in tax laws and regulations.

Changes to income tax laws and regulations, or the interpretation of such laws, in any of the jurisdictions in which we operate could significantly increase our effective tax rate and ultimately reduce our cash flows from operating activities and otherwise have a material adverse effect on our financial condition. On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted, introducing broad changes to the U.S. tax code, including modifications to corporate and international tax provisions which primarily are effective for us beginning in 2026 and 2027. The aggregate impact of the OBBBA remains uncertain. We will continue to monitor future developments, including regulatory guidance and interpretations, which could have a material impact on our income tax provision. Further changes in the tax laws of foreign jurisdictions could arise as a result of the base erosion and profit-shifting project, including Pillar Two Model Rules (“Pillar Two”), undertaken by the Organisation for Economic Co-operation and Development. We continue to monitor for additional guidance and legislative changes related to Pillar Two in the jurisdictions where we operate.

We and others are subject to a variety of complex and evolving laws, regulations, or industry standards, including with respect to environmental, health, safety, and product considerations, which may have a material adverse effect on our business, results of operations, or financial condition.

The manufacture of our products requires the use of facilities, equipment, chemicals, and materials that are subject to a broad array of laws and regulations in numerous jurisdictions in which we operate. This includes increasing regulations on a class of chemicals known as per- and polyfluoroalkyl substances (PFAS). Additionally, we are subject to a variety of other laws and regulations relative to the construction, maintenance, and operations of our facilities. Any changes in laws, regulations, or industry standards could cause us to incur additional direct costs, as well as increased indirect costs related to our relationships with our customers and suppliers, and otherwise harm our operations and financial condition. Any failure to comply with laws, regulations, or industry standards could adversely impact our reputation and our financial results. Additionally, we engage various third parties as sales channel partners or to represent us or otherwise act on our behalf who are also subject to a broad array of laws, regulations, and industry standards. Our engagement with these third parties may also expose us to risks associated with their respective compliance with laws and regulations.

New and evolving environmental, health, safety, and product considerations, including those related to greenhouse gas emissions and climate change, the purchase, use, and disposal of regulated and/or hazardous chemicals, and the potential resulting environmental, health, or safety impacts, may result in new laws, regulations, or industry standards that may affect us, our suppliers, and our customers. Such laws, regulations, or industry standards could require us to alter our product design, manufacturing, and operations and incur additional direct costs for compliance, as well as increased indirect costs resulting from our customers, suppliers, or both incurring additional compliance costs that are passed on to us. These costs may adversely impact our results of operations and financial condition.

As a result of the considerations detailed in this risk factor, we could experience the following:

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• suspension of production or sales of our products;

• limited supplies of chemicals or materials used to make our products;

• remediation costs and activities;

• increased compliance costs;

• alteration of our manufacturing processes;

• regulatory penalties, fines, civil or criminal sanctions, litigation and other legal liabilities; and

• reputational challenges.

While we maintain insurance for certain potential liabilities, such insurance does not cover all types and amounts of potential liabilities and is subject to various exclusions, as well as caps on recoverable amounts. Our insurance may not be adequate or otherwise cover all claims, penalties, fines, expenses, regulatory actions, litigation, sanctions, other liabilities or losses, and may not continue to be available on acceptable terms or at all.

Compliance with, or our failure, or the failure of our third-party sales channel partners or agents, to comply with, laws, regulations, or industry standards could have a material adverse effect on our business, results of operations, or financial condition.

Risks Related to Capitalization and Financial Markets

We may be unable to generate sufficient cash flows or obtain access to external financing necessary to fund our operations, make scheduled debt payments, pay our dividend, and make adequate capital investments.

Our cash flows from operations depend primarily on the volume of semiconductor memory and storage products sold and average selling prices. To develop new product and process technology, support future growth, achieve operating efficiencies, and maintain product quality, we must make significant capital investments in manufacturing technology, capital equipment, facilities, R&D, and product and process technology.

From time to time, we utilize external sources of financing when needed. As a result of our debt levels, expected debt amortization, prevailing interest rates, general capital market, changes in government borrowing or spending, and other economic conditions, it may be difficult for us to obtain financing on terms acceptable to us or at all. We have experienced volatility in our cash flows and operating results and we expect to continue to experience such volatility in the future, which may negatively affect our credit rating. Our credit rating may also be affected by our liquidity, financial results, economic risk, or other factors, which may increase the cost of borrowings and make it difficult for us to obtain financing on terms acceptable to us or at all. There can be no assurance that we will be able to generate sufficient cash flows, access capital or credit markets, or find other sources of financing to fund our operations, make debt payments, refinance our debt, pay our quarterly dividend, and make adequate capital investments to remain competitive in terms of technology development and cost efficiency. Our inability to do any of the foregoing could have a material adverse effect on our business, results of operations, or financial condition.

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Debt obligations could adversely affect our financial condition.

We have incurred in the past, and expect to incur in the future, debt to finance our capital investments, business acquisitions, and to realign our capital structure. As of May 28, 2026, we had debt with a carrying value of $5.72 billion and may incur additional debt, including under our $2.00 billion Revolving Credit Facility. Our debt obligations could adversely impact us as follows:

• require us to use a large portion of our cash flow to pay principal and interest on debt, which will reduce the amount of cash flow available to fund our business activities;

• adversely impact our credit rating, which could increase borrowing costs and reduce our ability to raise funds on favorable terms;

• limit our future ability to raise funds for capital expenditures, strategic acquisitions or business opportunities, R&D, and other general corporate requirements;

• restrict our ability to incur specified indebtedness, create or incur certain liens, and enter into sale-leaseback financing transactions;

• increase our vulnerability to adverse economic and industry conditions;

• increase our exposure to rising interest rates from variable rate indebtedness; and

• result in certain of our debt instruments becoming immediately due and payable or being deemed to be in default if applicable cross default, cross-acceleration and/or similar provisions are triggered.

Our ability to meet our payment obligations under our debt instruments depends on our ability to generate significant cash flows or obtain external financing in the future. This, to some extent, is subject to market, economic, financial, competitive, legislative, and regulatory factors, as well as other factors that are beyond our control. There can be no assurance that our business will generate cash flow from operations, or that additional capital will be available to us, in amounts sufficient to enable us to meet our debt payment obligations and to fund other liquidity needs. Additionally, events and circumstances may occur which would cause us to not be able to satisfy applicable draw-down conditions and utilize our Revolving Credit Facility. If we are unable to generate sufficient cash flows to service our debt payment obligations or satisfy our debt covenants, we may need to refinance, restructure, or amend the terms of our debt, sell assets, reduce or delay capital investments, or seek to raise additional capital. If we are unable to implement one or more of these alternatives, we may be unable to meet our debt payment obligations, which could have a material adverse effect on our business, results of operations, or financial condition.

Changes in foreign currency exchange rates could materially adversely affect our business, results of operations, or financial condition.

The substantial majority of our sales are transacted in the U.S. dollar; however, across our global operations, significant transactions and balances are denominated in currencies other than the U.S. dollar (our reporting currency), primarily the Canadian dollar, Chinese yuan, euro, Indian rupee, Japanese yen, Malaysian ringgit, New Taiwan dollar, and Singapore dollar. In addition, a significant portion of our manufacturing costs are denominated in some of the foreign currencies mentioned above. Exchange rates for some of these currencies against the U.S. dollar have been volatile and may be volatile in future periods. If these currencies strengthen against the U.S. dollar, our manufacturing costs could significantly increase. Exchange rates for the U.S. dollar that adversely change against our foreign currency exposures could have a material adverse effect on our business, results of operations, or financial condition.

We are subject to counterparty default risks.

We have numerous arrangements with financial institutions that subject us to counterparty default risks, including cash deposits, investments, and derivative instruments. Additionally, we are subject to counterparty default risk from our customers for amounts receivable from them. As a result, we are subject to the risk that the counterparty will default on its performance obligations. A counterparty may not comply with its contractual commitments which could then lead to its defaulting on its obligations with little or no notice to us, which could limit our ability to mitigate our exposure. Additionally, our ability to mitigate our exposures may be constrained by the terms of our contractual arrangements or because market conditions prevent us from taking effective action. If one of our counterparties becomes insolvent or files for bankruptcy, our ability to recover any losses suffered as a result of that counterparty’s default may be limited by the liquidity of the counterparty or the applicable laws governing the bankruptcy proceedings. In the event of such default, we could incur significant losses, which could have a material adverse effect on our business, results of operations, or financial condition.

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The trading price of our common stock has been and may continue to be volatile.

Our common stock has experienced substantial price volatility in the past and may continue to do so in the future. Additionally, we, the technology industry, and the stock market as a whole have on occasion experienced extreme stock price and volume fluctuations that have affected stock prices in ways that may have been unrelated to the specific operating performance of individual companies. The trading price of our common stock may fluctuate widely due to various factors, including, but not limited to, actual or anticipated fluctuations in our financial condition and operating results, changes in financial forecasts or estimates by us, other participants in our markets, including our customers and competitors, changes in financial or other market estimates and ratings by securities and other analysts, changes in our capital structure, including issuance of additional debt or equity to the public, interest rate changes, regulatory changes, news regarding our products or products of our competitors, market perception regarding certain technologies, and broad market and industry fluctuations. These fluctuations may not be related to our specific financial or operating performance or our expectations regarding our financial or operating performance. In addition, stock price fluctuations could impact the value of our equity compensation, which could affect our ability to recruit and retain employees.

For these reasons, investors should not rely on recent or historical trends to predict future trading prices of our common stock, financial condition, results of operations, or cash flows. Investors in our common stock may not realize any return on their investment in us and may lose some or all of their investment. Volatility in the trading price of our common stock could also result in the filing of securities class action litigation matters, which could result in substantial costs and the diversion of management time and resources.

The amount and frequency of our share repurchases may fluctuate, and we cannot guarantee that we will purchase all of the shares under our share repurchase authorization, or that it will enhance long-term shareholder value. Share repurchases could also increase the volatility of the trading price of our stock and would diminish our cash reserves.

Although our Board of Directors has authorized share repurchases of up to $10 billion of our outstanding common stock, of which approximately $2.16 billion remains, the authorization does not obligate us to repurchase any common stock. The amount, frequency, and execution of our share repurchases pursuant to our share repurchase authorization may fluctuate based on our operating results, cash flows, restrictions applicable under our CHIPS Act direct funding agreements, and priorities for the use of cash for other purposes. Since repurchases under the authorization began in 2019, our expenditures for share repurchases in any one year have ranged from no repurchases to a high of $2.66 billion of repurchases. Cash uses that could impact our repurchases include, but are not limited to, operational spending, capital spending, acquisitions, and repayment of debt. Other factors, including changes in tax laws, could also impact our share repurchases.

We cannot guarantee that we will purchase all of the shares under our share repurchase authorization or that it will enhance long-term shareholder value. The repurchase authorization could affect the trading price of our stock and increase volatility, and any announcement of a pause in, or termination of, this program may result in a decrease in the trading price of our stock. In addition, this program is a use of cash, which may reduce the availability of cash for other business purposes, including investments, acquisitions, dividends, or repayment of indebtedness.

There can be no assurance that we will continue to declare cash dividends in any particular amounts or at all.

Our Board of Directors has adopted a dividend policy pursuant to which we currently pay a cash dividend on our common shares on a quarterly basis. The declaration and payment of any dividend is subject to the approval of our Board of Directors and our dividend may be discontinued or reduced at any time. There can be no assurance that we will declare cash dividends in the future in any particular amounts, or at all.

Future dividends, if any, and their timing and amount, may be affected by, among other factors: our financial condition, results of operations, capital requirements, business conditions, debt service obligations, contractual restrictions, industry practice, legal requirements, regulatory constraints, and other factors that our Board of Directors may deem relevant. A reduction in or elimination of our dividend payments could have a negative effect on the trading price of our stock. In addition, the payment of dividends is a use of cash, which may reduce the availability of cash for other business purposes, including investments, acquisitions, or repayment of indebtedness.

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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

In 2018, we announced that our Board of Directors authorized the discretionary repurchase of up to $10 billion of our outstanding common stock through open-market purchases, block trades, privately-negotiated transactions, derivative transactions, and/or pursuant to Rule 10b5-1 trading plans. The repurchase authorization has no expiration date, does not obligate us to acquire any common stock, and is subject to market conditions, restrictions applicable under our CHIPS Act direct funding agreements, and our ongoing determination of the best use of available cash. During the quarter ended May 28, 2026, we did not repurchase any common stock under the authorization and as of May 28, 2026, $2.16 billion of the authorization remained available for the repurchase of our common stock.

Shares of common stock withheld as payment of withholding taxes upon the vesting of restricted stock are also treated as common stock repurchases. Shares withheld as payment of withholding taxes upon the vesting of restricted stock units are not considered repurchases for purposes of this Item and are not required to be reported.

In the third quarter of 2026, shares withheld as payment upon the vesting of restricted stock consisted of the following:

Period Total number of shares purchased Average price paid per share Total number of shares purchased as part of publicly announced plans or programs Approximate dollar value of shares that may yet be purchased under publicly announced plans or programs (in millions)

February 27, 2026 – March 26, 2026

— $ — —

March 27, 2026 – April 23, 2026

912 465.66 —

April 24, 2026 – May 28, 2026

— — —

912 $ 465.66 — $ 2,156

ITEM 5. OTHER INFORMATION

Securities Trading Plans of Directors and Executive Officers

No directors or officers, as defined in Rule 16a-1(f) of the Exchange Act, adopted and/or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as defined in Item 408 of Regulation S-K, during the last fiscal quarter.

Table of Contents

Index to Exhibits

Exhibit Number Description of Exhibit Filed Herewith Form Period Ending Exhibit/ Appendix Filing Date

3.1 Restated Certificate of Incorporation, as amended, of the Registrant

10-Q 2/26/26 3.1 3/19/26

3.2 Amended and Restated Bylaws of Registrant as of July 17, 2025

8-K

3.1

7/18/25

10.1^ Waiver and Amendment No. 3 to Direct Funding Agreement, dated February 27, 2026, by and between Micron Idaho Semiconductor Manufacturing (Triton) LLC and U.S. Department of Commerce

10.2^ Waiver and Amendment No. 3 to Direct Funding Agreement, dated February 27, 2026, by and between Micron New York Semiconductor Manufacturing LLC and U.S. Department of Commerce

31.1 Rule 13a-14(a) Certification of Chief Executive Officer

31.2 Rule 13a-14(a) Certification of Chief Financial Officer

32.1 Certification of Chief Executive Officer Pursuant to 18 U.S.C. 1350

32.2 Certification of Chief Financial Officer Pursuant to 18 U.S.C. 1350

101.INS Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document X

101.SCH Inline XBRL Taxonomy Extension Schema Document X

101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document X

101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document X

101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document X

101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document X

104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

^ Certain portions of this exhibit have been redacted because they are both not material and is the type that the Registrant treats as private or confidential. The Registrant hereby agrees to furnish supplementally to the Securities and Exchange Commission, upon its request, an unredacted copy of this exhibit.

61 | 2026 Q3 10-Q

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Micron Technology, Inc.

(Registrant)

Date June 24, 2026 By: /s/ Mark Murphy

Mark Murphy

Executive Vice President and Chief Financial Officer

(Principal Financial Officer)

/s/ Scott Allen

Scott Allen

Corporate Vice President and Chief Accounting Officer

(Principal Accounting Officer)

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美光公布2026财年第三季度业绩

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标的：`MU`来源：Micron Technology, Inc.发布日期：2026-06-24重要性：未评级原文字数：5

中文摘要

截至2026年5月28日的财季营收为414.56亿美元，上季为238.60亿美元，上年同期为93.01亿美元。
公司称HBM4已向主要客户平台进行大批量出货，并已向多个终端客户发送认证样品。
HBM4E预计在2027年进入量产；本季净资本开支为71亿美元。
公司给出的2026财年第四季度营收指引为500亿美元上下浮动10亿美元。

英文原文

Micron Technology, Inc. Reports Record Results for the Third Quarter of Fiscal 2026

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GlobalFoundries 的 9SW SLATE 封装技术达到可生产状态

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发布时间早于日报 5 天摘要窗口。

标签

标的：`GFS`来源：GlobalFoundries Inc.发布日期：2026-06-23重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：625

中文摘要

GlobalFoundries 宣布 9SW SLATE 晶圆键合技术达到 production-ready（可生产）状态，应用目标为 5G 移动设备和卫星通信的射频前端。
公司预计该技术到 2027 年下半年才进入批量生产。
PDK 已可通过 GF Connect 获取，原型验证 shuttle 安排在 2026 年下半年。

英文原文

GlobalFoundries qualifies SLATE™ advanced packaging technology on 9SW platform for next-generation radio frequency applications | GlobalFoundries Inc.

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GlobalFoundries qualifies SLATE™ advanced packaging technology on 9SW platform for next-generation radio frequency applications

June 23, 2026

PDF Version

Production-ready 3DI technology supports more compact FEMs for advanced 5G devices

MALTA, N.Y., June 23, 2026 (GLOBE NEWSWIRE) -- GlobalFoundries (Nasdaq: GFS) (GF) today announced the production readiness of its SLATE™ wafer-to-wafer bonding technology on its industry-leading 9SW radio-frequency silicon-on-insulator (RF-SOI) platform, delivering advanced 3D integration (3DI) for compact, high-performance cellular front-ends. Manufactured at GF’s 300mm facility in Singapore, 9SW SLATE technology is expected to ramp to volume production by the second half of 2027.

GF’s first-generation SLATE technology supports wafer-to-wafer (W2W) bonding, enabling designers to bond two 9SW wafers to stack and integrate large-size field-effect transistors (FETs) in vertical architectures. By folding large FETs across bonded wafers, SLATE technology can reduce overall die size by up to 45%, decreasing RF board space and total design area for space-constrained applications in smart mobile devices, including switches, low-noise amplifiers (LNAs) and antenna tuners.

First introduced in 2023, the 9SW RF-SOI platform is GF’s most advanced RF solution for front-end modules (FEMs), spanning sub-8GHz and FR3 frequency ranges for 5G mobile devices and satellite communications. 9SW, the fourth generation of GF’s XSW technology, delivers a significant reduction in standby currents for longer battery life with a more than 20% enhancement in efficiency through lower on-resistance and off-capacitance (Ron*Coff).

“Deploying SLATE on 9SW represents a significant step forward in RF integration, enabling our customers to design more compact and power-efficient solutions for next-generation 5G devices without compromising RF performance,” said Shankaran Janardhanan, senior vice president of GF’s RF business. “By combining our industry-leading 9SW platform with SLATE advanced packaging technology, we are unlocking new opportunities for innovation across next-generation mobile and wireless applications.”

“GF’s SLATE technology applied to its 9SW platform represents an important advancement in RF front-end integration, enabling designers to overcome traditional scaling and integration challenges,” said Vinod Kariat, corporate vice president of Custom IC and PCB group at Cadence. “Through Cadence’s Virtuoso Studio homogeneous integration, analysis and verification users can unlock SLATE’s 3D integration potential – giving designers the speed and confidence to deliver next-generation 5G front-end modules from concept to silicon.”

GF’s SLATE wafer-to-wafer bonding technology offers a roadmap for heterogeneous 3DI across its many differentiated technologies, including FDX™ FD-SOI, RF-SOI and silicon germanium (SiGe), for even greater system-level capabilities across diverse markets such as data centers, satellite connectivity, IoT and mobile devices.

An integrated process design kit (PDK) is available through the GF Connect portal to help jumpstart the design process. 9SW and 9SW SLATE are available for prototyping through GF’s GlobalShuttle™ multi-project wafer program with shuttles scheduled for the second half of the year.

About GF

GlobalFoundries (GF) is a leading manufacturer of essential semiconductors, enabling AI at scale from the cloud to the physical world. Through deep partnerships with customers, GF delivers differentiated, power-efficient and high-performance solutions for automotive, aerospace and defense, data center, smart mobile devices, internet of things and other high-growth markets. With global manufacturing operations across the U.S., Europe and Asia, GF is a trusted and holistic technology partner for customers around the world. GF’s talented, global team remains focused every day on security, longevity and sustainability. For more information, visit www.gf.com .

Forward-looking information

This news release may contain forward-looking statements, which involve risks and uncertainties. Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. GF undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, unless required by law.

Media Contact:

Stephanie Gonzalez

stephanie.gonzalez@gf.com

Search GF investor relations site

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Is Invesco Semiconductors ETF (PSI) a Strong ETF Right Now?

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发布时间早于日报 5 天摘要窗口。

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标的：`PSI`来源：Zacks发布日期：2026-06-18重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：727

中文摘要

该文章早于本次日报摘要窗口，未生成新的中文摘要；可展开原文或打开来源核查。

英文原文

Is Invesco Semiconductors ETF (PSI) a Strong ETF Right Now?

Is Invesco Semiconductors ETF (PSI) a Strong ETF Right Now? · Zacks

Zacks Equity Research

June 18, 2026 3 min read

-4.86%

Designed to provide broad exposure to the Technology ETFs category of the market, the Invesco Semiconductors ETF (PSI) is a smart beta exchange traded fund launched on 06/23/2005.

What Are Smart Beta ETFs?

The ETF industry has traditionally been dominated by products based on market capitalization weighted indexes that are designed to represent the market or a particular segment of the market.

Because market cap weighted indexes provide a low-cost, convenient, and transparent way of replicating market returns, they work well for investors who believe in market efficiency.

On the other hand, some investors who believe that it is possible to beat the market by superior stock selection opt to invest in another class of funds that track non-cap weighted strategies--popularly known as smart beta.

These indexes attempt to select stocks that have better chances of risk-return performance, based on certain fundamental characteristics or a combination of such characteristics.

This area offers many different investment choices, such as simplest equal-weighting, fundamental weighting and volatility/momentum based weighting methodologies; however, not all of these strategies can deliver superior results.

Fund Sponsor & Index

Managed by Invesco, PSI has amassed assets over $2.86 billion, making it one of the larger ETFs in the Technology ETFs. Before fees and expenses, this particular fund seeks to match the performance of the Dynamic Semiconductor Intellidex Index.

The Dynamic Semiconductor Intellidex Index is comprised of stocks of semiconductor companies. The Index is designed to provide capital appreciation by thoroughly evaluating companies based on a variety of investment merit criteria, including fundamental growth, stock valuation, investment timeliness and risk factors.

Cost & Other Expenses

Cost is an important factor in selecting the right ETF, and cheaper funds can significantly outperform their more expensive cousins if all other fundamentals are the same.

Annual operating expenses for this ETF are 0.56%, making it on par with most peer products in the space.

It's 12-month trailing dividend yield comes in at 0.04%.

Sector Exposure and Top Holdings

Even though ETFs offer diversified exposure which minimizes single stock risk, it is still important to look into a fund's holdings before investing. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.

Representing 100% of the portfolio, the fund has heaviest allocation to the Information Technology sector.

Story Continues

Taking into account individual holdings, Kla Corp (KLAC) accounts for about 5.28% of the fund's total assets, followed by Advanced Micro Devices Inc (AMD) and Broadcom Inc (AVGO).

The top 10 holdings account for about 46.23% of total assets under management.

Performance and Risk

So far this year, PSI has added roughly 112.38%, and is up roughly 199.15% in the last one year (as of 06/18/2026). During this past 52-week period, the fund has traded between $56.20 and $175.60.

The fund has a beta of 1.80 and standard deviation of 38.81% for the trailing three-year period, which makes PSI a high risk choice in this particular space. With about 32 holdings, it has more concentrated exposure than peers .

Alternatives

Invesco Semiconductors ETF is an excellent option for investors seeking to outperform the Technology ETFs segment of the market. There are other ETFs in the space which investors could consider as well.

iShares Semiconductor ETF (SOXX) tracks PHLX SOX Semiconductor Sector Index and the VanEck Semiconductor ETF (SMH) tracks MVIS US Listed Semiconductor 25 Index. iShares Semiconductor ETF has $44.06 billion in assets, VanEck Semiconductor ETF has $72.67 billion. SOXX has an expense ratio of 0.34% and SMH changes 0.35%.

Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Technology ETFs

Bottom Line

To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Invesco Semiconductors ETF (PSI): ETF Research Reports

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

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美联储2026年6月货币政策实施说明

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发布时间早于日报 5 天摘要窗口。

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来源：Board of Governors of the Federal Reserve System发布日期：2026-06-17重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：526

中文摘要

联邦基金利率目标区间为3.50%至3.75%。
准备金余额利率自2026-06-18起为3.65%；常备隔夜回购利率为3.75%；隔夜逆回购报价利率为3.50%，单一交易对手每日限额1600亿美元。
实施说明允许为维持充足准备金购买国库券及剩余期限不超过三年的美国国债，并继续滚动到期国债本金。

英文原文

Implementation Note issued June 17, 2026

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Federal Reserve issues FOMC statement

Press Release

June 17, 2026

Implementation Note issued June 17, 2026

Decisions Regarding Monetary Policy Implementation

The Federal Reserve has made the following decisions to implement the monetary policy stance announced by the Federal Open Market Committee in its statement on June 17, 2026:

The Board of Governors of the Federal Reserve System voted unanimously to maintain the interest rate paid on reserve balances at 3.65 percent, effective June 18, 2026.

As part of its policy decision, the Federal Open Market Committee voted to direct the Open Market Desk at the Federal Reserve Bank of New York, until instructed otherwise, to execute transactions in the System Open Market Account in accordance with the following domestic policy directive:

"Effective June 18, 2026, the Federal Open Market Committee directs the Desk to:

Undertake open market operations as necessary to maintain the federal funds rate in a target range of 3-1/2 to 3-3/4 percent.

Conduct standing overnight repurchase agreement operations at a rate of 3.75 percent.

Conduct standing overnight reverse repurchase agreement operations at an offering rate of 3.5 percent and with a per-counterparty limit of $160 billion per day.

When appropriate, increase the System Open Market Account holdings of securities through purchases of Treasury bills and, if needed, other Treasury securities with remaining maturities of 3 years or less to maintain an ample level of reserves.

Roll over at auction all principal payments from the Federal Reserve's holdings of Treasury securities. Reinvest all principal payments from the Federal Reserve's holdings of agency securities into Treasury bills."

In a related action, the Board of Governors of the Federal Reserve System voted unanimously to approve the establishment of the primary credit rate at the existing level of 3.75 percent.

This information will be updated as appropriate to reflect decisions of the Federal Open Market Committee or the Board of Governors regarding details of the Federal Reserve's operational tools and approach used to implement monetary policy.

More information regarding open market operations and reinvestments may be found on the Federal Reserve Bank of New York's website .

Last Update:

June 17, 2026

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Applied Digital 完成 15.9 亿美元高级担保票据发行

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发布时间早于日报 5 天摘要窗口。

标签

标的：`APLD`来源：U.S. Securities and Exchange Commission发布日期：2026-06-16重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1664

中文摘要

APLD 子公司完成发行本金总额 15.9 亿美元、票息 7.000%、2031 年到期的高级担保票据。
募集资金用途包括建设 Polaris Forge 1 的 ELN-04 150MW 关键 IT 负载、偿还桥接贷款、建立债务服务储备及支付交易费用。
契约限制发行人和担保子公司新增债务、分红或回购、设定留置权、资产出售及与设施无关的业务活动等事项。

英文原文

Applied Digital 2026-06-16 Form 8-K：15.9 亿美元高级担保票据

false

0001144879

2026-06-16

iso4217:USD

xbrli:shares

iso4217:USD

xbrli:shares

UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

Washington,

DC 20549

FORM

8-K

CURRENT

REPORT

Pursuant

to Section 13 or 15(d) of the Securities Exchange Act of 1934

June

16, 2026

(Date

of earliest event reported)

APPLIED

DIGITAL CORPORATION

(Exact

name of registrant as specified in its charter)

Nevada

001-31968

95-4863690

(State

or other jurisdiction

incorporation)

(Commission

File

Number)

(IRS

Employer

Identification

No.)

3811

Turtle Creek Boulevard , Suite 2100 , Dallas , Texas

75219

(Address

of principal executive offices)

(Zip

Code)

214 - 427-1704

(Registrant’s

telephone number, including area code)

N/A

(Former

name or former address, if changed since last report)

Check

the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under

any of the following provisions ( see General Instruction A.2. below):

☐

Written

communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting

material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement

communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement

communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate

by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405

of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐

Emerging growth company

an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying

with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities

registered pursuant to Section 12(b) of the Act:

Title

of each class

Trading

Symbol(s)

Name

of each exchange on which registered

Common

Stock

APLD

Nasdaq

Global Select Market

Item

1.01. Entry into a Material Definitive Agreement.

Senior

Secured Notes Offering

General

June 16, 2026, APLD ComputeCo 3 LLC (the “Issuer”), a subsidiary of Applied Digital Corporation (the “Company”

or “Applied Digital”), completed its previously announced private offering of 7.000% Senior Secured Notes due 2031 (the “notes”).

The notes were sold under a purchase agreement, dated as of June 9, 2026, entered into by and among the Issuer, the subsidiary guarantors

party thereto (the “Subsidiary Guarantors”) and Goldman Sachs & Co. LLC (“Goldman Sachs”) as the representative

(the “Representative”) of the several initial purchasers named in Schedule I thereto (the “Initial Purchasers”),

for resale to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933,

as amended (the “Securities Act”), and outside the United States to non-U.S. persons in reliance on Regulation S under the

Securities Act. The aggregate principal amount of notes sold in the offering was $1.59 billion.

The

notes were issued at a price equal to 100.000% of their principal amount. The Issuer intends to use the net proceeds from the offering

to (i) fund the construction and associated expenses of 150 megawatts of critical IT load (“ELN-04”) at Polaris Forge 1,

Applied Digital’s AI Factory campus at Ellendale, North Dakota, (ii) repay the aggregate principal balance plus any accrued interest

under the Credit and Guaranty Agreement with Goldman Sachs Bank USA, as administrative agent and as collateral agent and the lenders

party thereto, which was provided as a bridge loan facility, (iii) fund debt service reserves, and (iv) pay transaction expenses.

Indenture

June 16, 2026, the Issuer, APLD HPC Holdings 2 LLC (the direct parent of the Issuer), and the Subsidiary Guarantors entered into an indenture

(the “Indenture”) with respect to the notes with Wilmington Trust, National Association, as trustee (the “Trustee”)

and collateral agent (the “Collateral Agent”). The notes are senior secured obligations of the Issuer and bear interest at

a rate of 7.000% per annum, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2026.

The notes mature on June 15, 2031, unless earlier redeemed or repurchased in accordance with their terms. The principal amount of the

notes amortize on a semi-annual basis on June 15 and December 15 of each year (each, a “Payment Date”), beginning on the

first Payment Date following the final Commencement Date (as defined in the Indenture) which occurs with respect to all datacenter leases

in effect on the Issue Date (as defined in the Indenture), in amounts set forth in the Indenture. Required amortization is subject to

adjustment in case of partial redemption or repurchase or, in certain circumstances, the issuance of additional notes.

Redemption

or after June 15, 2028, the Issuer may redeem the notes at its option, in whole at any time or in part from time to time, at the redemption

prices set forth in the Indenture. Prior to June 15, 2028, the Issuer may redeem the notes at its option, in whole at any time or in

part from time to time, at a redemption price equal to 100% of the principal amount of the notes redeemed, plus a “make-whole”

premium and accrued and unpaid interest, if any. In addition, prior to June 15, 2028, the Issuer may redeem up to 40% of the aggregate

principal amount of the notes in an amount not to exceed the amount of the proceeds of certain equity offerings, at the redemption price

set forth in the Indenture, plus accrued and unpaid interest.

Certain

Covenants

The

Indenture limits the ability of the Issuer and the Subsidiary Guarantors to, among other things: (i) incur or guarantee additional indebtedness;

(ii) pay dividends or distributions on, or redeem or repurchase, capital stock and make other restricted payments; (iii) make certain

investments; (iv) create or incur liens; (v) consummate certain asset sales; (vi) enter into sale and lease back transactions; (vii)

hold assets or conduct operations unrelated to the operation of the Facilities and certain additional projects; (viii) engage in certain

transactions with its affiliates; and (ix) merge, consolidate or transfer or sell all or substantially all of its assets. These covenants

are subject to a number of important qualifications and exceptions as set forth in the Indenture. Additionally, upon the occurrence of

specified change of control events, the Issuer must offer to repurchase the notes at 101% of the principal amount, plus accrued and unpaid

interest, if any, to, but excluding, the purchase date. The Indenture also provides for customary events of default.

The

foregoing description of the Indenture and the notes does not purport to be complete and is qualified in its entirety by reference to

the full text of the Indenture (and the form of note included therein), a copy of which is filed with this Current Report on Form 8-K

as Exhibits 4.1 and 4.2 hereto and is hereby incorporated herein by reference.

Completion

Guarantee

The

Company has provided a customary completion guarantee with respect to each Project (as defined in the Indenture) related to the Facilities,

which requires the Company to provide the Issuer funds as necessary to ensure the completion of the Construction Period (as defined in

the Indenture) and, to the extent applicable under any respective datacenter lease, the occurrence of the Phase 1 Commencement Date under

and as defined in such datacenter lease prior to the applicable Outside Completion Date (as defined in such datacenter lease) subject

to any applicable extensions to such date pursuant to such datacenter lease, in the event that the proceeds of the notes and the available

funds (including previous equity contributions from the Company) are insufficient to do so.

Item

2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The

information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

Forward

Looking Statements

Statements

in this Current Report on Form 8-K about future expectations, plans, and prospects, as well as any other statements regarding matters

that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation

Reform Act of 1995. These statements include, but are not limited to, the anticipated use of any proceeds from the offering, and the

terms of the notes. The words “anticipate,” “believe,” “continue,” “could,” “estimate,”

“expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,”

“should,” “target,” “will,” “would,” and similar expressions are intended to identify

forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially

from those indicated by such forward-looking statements as a result of various important factors, including uncertainties related to

market conditions, the other factors discussed in the “Risk Factors” section of the Company’s Annual Report on Form

10-K filed with the Securities and Exchange Commission (the “SEC”) on July 30, 2025 and the risks described in other filings

that the Company may make from time to time with the SEC. Any forward-looking statements contained in this Current Report on Form 8-K

speak only as of the date hereof, and the Company specifically disclaims any obligation to update any forward-looking statement, whether

as a result of new information, future events, or otherwise, except to the extent required by applicable law.

Item

9.01. Financial Statements and Exhibits.

(d)

Exhibits .

Exhibit

No.

Description

4.1

Indenture, dated as of June 16, 2026, among APLD ComputeCo 3 LLC, APLD HPC Holdings 2 LLC, the Subsidiary Guarantors as defined therein and Wilmington Trust, National Association, as trustee and collateral agent, relating to the 7.000% senior secured notes.

4.2

Form of Note representing the 7.000% Senior Secured Notes due 2031 (included as Exhibit A to Exhibit 4.1).

104

Cover

Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant

to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by

the undersigned hereunto duly authorized.

Date:

June 16, 2026

APPLIED

DIGITAL CORPORATION

By:

/s/

Saidal Mohmand

Name:

Saidal

Mohmand

Title:

Chief

Financial Officer

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Chip ETFs to Buy as Broadcom Sinks Over 10% Despite Q2 Earnings Beat

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发布时间早于日报 5 天摘要窗口。

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标的：`FTXL`来源：Zacks发布日期：2026-06-05重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：897

中文摘要

该文章早于本次日报摘要窗口，未生成新的中文摘要；可展开原文或打开来源核查。

英文原文

Chip ETFs to Buy as Broadcom Sinks Over 10% Despite Q2 Earnings Beat

Aparajita Dutta

June 5, 2026 4 min read

AVGO

-3.98%

SOXQ

-4.86%

SOXX

-4.77%

-4.16%

FTXL

-4.90%

Shares of Broadcom Inc. AVGO plunged nearly 13% on June 4, 2026, despite the company announcing upbeat second-quarter fiscal 2026 results. The tech giant's infrastructure software revenues totaled $7.18 billion and grew 9% year over year, but fell short of analysts' expectations of $7.32 billion (as cited in CNBC). This shortfall may have weighed on investor sentiment and was reflected in the chipmaker's decline in the latest trading session.

This may encourage investors seeking exposure to AVGO to consider buying on the dip, particularly as the company's AI semiconductor revenues are expected to exceed $100 billion in fiscal 2027.

However, single-stock investing inherently exposes your portfolio to concentrated corporate vulnerabilities. In the case of AVGO, the explosive growth of its custom AI application-specific integrated circuit (ASIC) business comes with a distinct catch: lower profit margins. Notably, the company's fiscal second-quarter gross margin suffered a loss of 230 basis points year over year, primarily owing to its semiconductor business.

This margin pressure, compounded by slowing growth in the highly profitable infrastructure software segment that missed Wall Street expectations, threatens the cash-generating engine that supports Broadcom's capital-intensive AI strategy.

For investors looking to capitalize on AVGO's better-than-expected revenue growth from its AI business without being fully exposed to the company-specific challenges, a more prudent strategy would be to invest in semiconductor exchange-traded funds (ETFs) with significant exposure to this chipmaker. This approach should help mitigate risks from customer concentration, such as Broadcom's reliance on a handful of hyperscale clients, or geopolitical factors like recent government scrutiny of its customer Anthropic.

But before diving straight into these ETFs, let us review AVGO's overall performance in the fiscal second quarter.

A Brief Analysis of AVGO's Q2 Results

Broadcom's second-quarter fiscal 2026 adjusted earnings per share surpassed the Zacks Consensus Estimate by 1.7%, while its revenues beat the consensus mark by a whisker.

Its AI revenues more than doubled on a year-over-year basis.

AVGO ended the fiscal second quarter with an inventory of $3.4 billion as it continued to secure components to support strong AI demand.

Its Semiconductor Solutions segment registered record revenues worth $15 billion, which reflected a 79% year-on-year growth driven by AI.

AVGO expects to generate infrastructure software revenues of approximately $8.9 billion in the fiscal third quarter, suggesting an improvement of 31% year over year.

Story Continues

The company expects its AI revenues to triple in the fiscal third quarter to $16 billion, falling short of Wall Street's consensus forecast of approximately $17.2 billion.

However, AVGO expects its quarterly gross margin to shrink to 74%.

As Broadcom seeks to deliver high-performance compute capacity at the lowest possible cost and power consumption for leading AI frontier labs, including Anthropic and OpenAI, it is developing the AI XPV platform with Apollo, Blackstone and other major investors with the aim to deploy more than 20 gigawatts of compute capacity by 2028.

Broadcom-Heavy ETFs to Buy

Invesco PHLX Semiconductor ETF SOXQ

This fund, with a market value worth $2.63 billion, offers exposure to the 31 largest U.S.-listed securities of companies engaged in the semiconductor business. Of these, AVGO holds the fourth spot, with a 7.76% share of the fund.

SOXQ has surged 92.3% year to date. The fund charges 19 basis points (bps) as fees and sports a Zacks ETF Rank #1 (Strong Buy). It traded at a good volume of 4.79 million shares in the last trading session.

VanEck Semiconductor ETF SMH

This fund, with net assets worth $71.71 billion, provides exposure to 26 companies involved in semiconductor production and equipment. Of these, AVGO holds the sixth spot, with a 6.44% share of the fund.

SMH has soared 74.3% year to date. The fund charges 35 bps as fees and sports a Zacks ETF Rank #1. It traded at a good volume of 10.40 million shares in the last trading session.

iShares Semiconductor ETF SOXX

This fund, with net assets worth $40.47 billion, offers exposure to 30 U.S. companies that design, manufacture, and distribute semiconductors. Of these, AVGO holds the fourth spot, with a 6.11% share of the fund.

SOXX has skyrocketed 100.1% year to date. The fund charges 34 bps as fees and sports a Zacks ETF Rank #1. It traded at a good volume of 11.41 million shares in the last trading session.

First Trust NASDAQ Semiconductor ETF FTXL

This fund, with net assets worth $2.66 billion, provides exposure to 34 U.S. semiconductor companies. Of these, AVGO holds the fifth spot, with a 5.94% share of the fund.

FTXL has skyrocketed 110.8% year to date. The fund charges 60 bps as fees and sports a Zacks ETF Rank 1. It traded at a volume of 0.21 million shares in the last trading session.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Broadcom Inc. (AVGO) : Free Stock Analysis Report

VanEck Semiconductor ETF (SMH): ETF Research Reports

iShares Semiconductor ETF (SOXX): ETF Research Reports

First Trust NASDAQ Semiconductor ETF (FTXL): ETF Research Reports

Invesco PHLX Semiconductor ETF (SOXQ): ETF Research Reports

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

打开原文

USA Rare Earth 披露美国商务部资金协议条款

重要性未评级

发布时间早于日报 5 天摘要窗口。

标签

标的：`USAR`来源：U.S. Securities and Exchange Commission发布日期：2026-06-03重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：4939

中文摘要

协议上限包括 2.77 亿美元直接资助和由美国商务部担保的 13 亿美元 Federal Financing Bank 贷款。
资金按项目里程碑申请拨付，用于报销合格项目支出，并非签约日一次性到账。
贷款义务以 USAR 及担保子公司资产上的第一顺位留置权担保。
协议包括 2% 一次性承诺费、未使用额度每年 2% ticking fee、维护费及多项财务约束。

英文原文

USA Rare Earth 2026-06-03 Form 8-K：DOC 资金协议

false

0001970622

2026-06-03

iso4217:USD

xbrli:shares

iso4217:USD

xbrli:shares

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):

June 3, 2026

USA Rare Earth, Inc.

(Exact name of registrant as specified in its

charter)

Delaware

001-41711

98-1720278

(State or other jurisdiction

of incorporation)

(Commission File Number)

(IRS. Employer

Identification No.)

100 W Airport Road ,

Stillwater , Oklahoma 74075

(Address of principal executive offices, including

zip code)

Registrant’s telephone number, including

area code: ( 813 ) 867-6155

N.A.

(Former name or former address, if changed since

last report)

Check the appropriate box below if the Form 8-K filing is intended

to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.0001 per share

USAR

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth

company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange

Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check

mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting

standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01. Entry into a Material Definitive

Agreement.

Direct Funding Agreement & Loan Guarantee

Agreement

On January 26, 2026, USA Rare

Earth, Inc. (“ USAR ”) previously announced its entry into a non-binding letter of intent by and between USAR and the

United States Department of Commerce (the “ DOC ”) with respect to funding in an aggregate amount equal to $1.6 billion,

including $277.0 million in direct funding awards and $1.3 billion in senior secured debt with a 15-year term and an expected rate of

Treasury + 150 bps, under the CHIPS Incentives Program—Facilities for Semiconductor Materials and Manufacturing Equipment under

the CHIPS Act of 2022. In furtherance thereof, on June 3, 2026, USAR entered into (x) a Direct Funding Agreement (the “ Direct

Funding Agreement ”), by and among USAR, as the recipient, certain subsidiaries of USAR, as guarantors, and the DOC and (y) a

Loan Guarantee Agreement (the “ Loan Guarantee Agreement ” and, together with the Direct Funding Agreement, the “ Funding

Agreements ”), by and among USAR, as the borrower, certain subsidiaries of USAR, as guarantors, and the DOC.

Under the Direct Funding Agreement,

the DOC has agreed to provide direct funding awards (the “ Direct Funding ”) with a maximum award amount of $277.0 million

in the aggregate, comprised of (a) $132.0 million for the construction of a rare earth mining and processing facility in Sierra Blanca,

Texas (the “ Round Top Mine Project ”), (b) $50.0 million for the expansion and modernization of the existing magnet

making facility located in Stillwater, Oklahoma (the “ Stillwater Magnet Project ”), (c) $20.0 million for the expansion

and modernization of the existing strip casting and metal making facility located in Stillwater, Oklahoma (the “ Stillwater Metal

Project ”), (d) $60.0 million for the construction of a new magnet making facility (the “ Magnet Project 2 ”)

and (e) $15.0 million for the construction of a new strip casting and metal making facility (the “ Metal Project 2 ”).

With respect to each Project, Direct Funding under the Direct Funding Agreement is available from the date of the Direct Funding Agreement

until the Milestone Completion Longstop Date (as defined in the Direct Funding Agreement) for the last disbursement milestone for such

Project. The obligations of USAR under the Direct Funding Agreement are guaranteed by each of the subsidiary guarantors party thereto.

Under the Loan Guarantee Agreement,

the DOC has agreed to guarantee the repayment by USAR and its affiliates of advances in an aggregate principal amount of $1.3 billion

(“ FFB Advances ” and, together with the Direct Funding, the “ Awards ”) made by the Federal Financing

Bank (“ FFB ”), an instrumentality of the United States, to USAR. The FFB Advances are comprised of (a) $550.0 million

for the Round Top Mine Project, (b) $250.0 million for the Stillwater Magnet Project, (c) $100.0 million for the Stillwater

Metal Project, (d) $325.0 million for the Magnet Project 2 and (e) $75.0 million for the Metal Project 2. With respect to each

Project, FFB Advances under the Loan Guarantee Agreement are available from the date of the Loan Guarantee Agreement until the Project

Completion Longstop Date (as defined in the Loan Guarantee Agreement) for such Project. If USAR or its affiliates default on any payment

with respect to FFB Advances due to FFB, then the DOC becomes obligated to make payments to FFB, and USAR and its affiliates become immediately

obligated to reimburse the DOC for such payments. The obligations of USAR under the Loan Guarantee Agreement are guaranteed by each of

the subsidiary guarantors party thereto and secured by first-priority liens on substantially all of the assets of USAR and the subsidiary

guarantors.

Interest accrues on the FFB

Advances under the Loan Guarantee Agreement at rates specified in the applicable notes to be entered into with respect to each FFB Advance

(each, an “ FFB Note ”). Each FFB Advance matures fifteen (15) years after the first FFB Advance made under the applicable

FFB Note. Under the Loan Guarantee Agreement, USAR is required to pay to the DOC (i) a one-time commitment fee equal to 2.0% of the

FFB commitment amount, (ii) a ticking fee equal to 2.0% per annum on the unutilized FFB commitment, and (iii) an annual maintenance

fee equal to the lesser of 0.1% of the outstanding guaranteed loan balance and $200,000.

The Round Top Mine Project,

Stillwater Magnet Project, Stillwater Metal Project, Magnet Project 2 and Metal Project 2 are collectively referred to herein as the “ Projects .”

Conditions to the Awards

Under the Funding Agreements,

USAR may request disbursements of the Awards based on the achievement of various milestones to reimburse USAR and its applicable subsidiaries

for certain eligible uses of funds with respect to the Projects. Milestones for the Awards are Project-specific, such as the achievement

of feasibility studies, site design, facility completion, equipment installation, technology transfer, production capacity qualification

at various thresholds, securing customer purchase agreements, and attainment of target production volumes. Disbursements of the Awards

for each milestone are subject to various conditions precedent, including: (i) completion of the applicable disbursement milestone; (ii)

evidence that USAR has made equity contributions to its subsidiaries in cash to fund Project costs; (iii) compliance with representations,

warranties and covenants; and (iv) the absence of defaults under the applicable Funding Agreement and related documents. Under the Loan

Guarantee Agreement, additional conditions precedent to each FFB Advance include: (i) evidence that certain financial ratio thresholds

have been satisfied; (ii) evidence that the proceeds will be applied to eligible uses of funds; (iii) payment of all fees and expenses

due to the DOC; (iv) certification that budget amounts have not been exceeded; and (v) delivery of required permits and approvals.

Representations, Warranties and Covenants

The Funding Agreements contain

representations, warranties and covenants applicable to USAR and the subsidiary guarantors party thereto, including, but not limited to:

(i) reporting, maintenance, and the operation of the Projects; (ii) compliance with applicable laws, taxes, environmental requirements,

Davis-Bacon Act requirements and various regulations; (iii) restrictions on the eligible uses of the Awards; (iv) restrictions

on joint research and transactions with foreign countries and entities of concern; (v) the issuance of indebtedness other than permitted

indebtedness; (vi) restrictions on dividends, share repurchases and equity redemptions; (vii) restrictions on liens other than

permitted liens; (viii) maintenance of first priority security interests in the collateral for the benefit of the secured parties;

(ix) requirements for equity contributions to satisfy funding plans and project completion requirements; (x) insurance requirements

and loss proceeds application; (xi) restrictions on mergers, dispositions, and change of control transactions without consent of

the DOC; (xii) restrictions on affiliate transactions; (xiii) limitations on capital expenditures other than permitted capital

expenditures; (xiv) intellectual property maintenance and protection; (xv) maintenance of required approvals, permits, and licenses;

and (xvi) liquidity requirements and financial covenants, including fixed charge coverage ratios and book value to debt ratios.

Equity Raise Requirements

Under the Funding Agreements,

USAR is required to raise equity (which could include, at USAR’s option, up to $300.0 million of convertible loan notes) in the

following amounts by the corresponding dates (with equity raised on or after January 1, 2026 credited against the required amounts):

● On or prior to December 31, 2026, USAR is required to raise an aggregate

amount of equity equal to $1.45 billion. As previously announced, on January 28, 2026, USAR closed a private placement of 69,767,442 shares

of common stock at $21.50 per share, for aggregate gross proceeds of approximately $1.5 billion, which satisfied the equity raise requirement

for 2026.

● On or prior to March 31, 2027, USAR is required to raise an additional

aggregate amount of equity equal to $375.0 million plus the total cash acquisition costs for the announced proposed acquisition

of Serra Verde Group (“ SVRE ”).

● On or prior to December 31, 2027, USAR is required to raise an additional

aggregate amount of equity equal to $875.0 million.

USAR’s obligation to

raise the equity described above is reduced by an amount equal to (x) 100% of any dividends received from SVRE up to an aggregate

amount equal to the total cash acquisition costs for the acquisition of SVRE and (y) thereafter, 50% of any dividends received from

SVRE.

Under the Funding Agreements,

USAR is required to establish a revolving credit facility in an aggregate principal amount not to exceed $250.0 million by June 30, 2027.

In addition to the equity raise requirements described above, USAR is required to raise an aggregate amount of equity that is sufficient

to satisfy the cash collateral required under such working capital facility.

Events of Default; Acceleration; Termination

The Funding Agreements contain

events of default, including (i) clawback events, including failure to achieve project completion by applicable deadlines, engagement

in certain joint research or transaction activities involving any foreign country or entity of concern in violation of the guardrail provisions,

the impermissible use or disposition of a Project and, under the Direct Funding Agreement, property disposition and cumulative disbursement

ratio clawback events; (ii) payment defaults; (iii) cross defaults for indebtedness in excess of certain thresholds; (iv) certain

significant events of default such as the violation of specified covenants, abandonment of a Project, change of control without consent,

and the bankruptcy or insolvency of USAR or the subsidiary guarantors; and (v) other events of default, including breaches of certain

representations, warranties and covenants, major project document breaches, failure of security documents to provide first priority liens,

and violations of sanctions, export control laws, anti-money laundering laws or anti-corruption laws.

Rights and remedies in connection

with events of default include: (i) termination of the Funding Agreements or any awards thereunder; (ii) imposition of additional

conditions pending corrective actions; (iii) suspension or termination of the FFB commitment or the maximum award amount, or withholding

of disbursements; (iv) acceleration of all outstanding amounts due under the financing documents (automatic upon bankruptcy, insolvency

or dissolution); (v) foreclosure upon the collateral; (vi) recovery of awards or disbursements for clawback events; (vii) set-off

rights; (viii) specific performance; and (ix) initiation of debarment proceedings.

The Direct Funding Agreement

shall remain in effect until the later of (a) the second anniversary of the completion date of the last Project to be completed and

(b) the tenth anniversary of the execution of the Direct Funding Agreement. The Loan Guarantee Agreement shall remain in effect until

the indefeasible payment in full of all secured obligations and expiration or termination of the FFB commitment. Certain provisions, including

those relating to expansion transactions with any foreign country of concern, dispute resolution, and indemnification, shall survive termination.

Securities Issuance Agreement

Concurrently with the execution

and delivery of, and as inducement to enter into, the Direct Funding Agreement, USAR has entered into a Securities Issuance Agreement

(the “ Securities Issuance Agreement ”) with the DOC pursuant to which USAR will issue to the DOC 16,132,790 shares of

USAR Common Stock (the “ SIA Shares ”) and a warrant (the “ Warrant ”) to purchase 17,600,584 shares

of USAR Common Stock (the “ Warrant Shares ”) at an exercise price of $17.17 per share. Among other things, the Securities

Issuance Agreement provides for (i) a transfer restriction on the SIA Shares and the Warrant, including the Warrant Shares, received as

consideration pursuant to the Securities Issuance Agreement for 12 months following the issuance of such securities, (ii) customary resale

shelf registration rights on Form S-3 (or Form S-1 if USAR is not then eligible for Form S-3) and piggyback registration rights in favor

of the DOC, and (iii) a covenant that the DOC will not vote any SIA Shares or Warrant Shares, except with respect to certain matters required

by law and any merger, consolidation or similar business combination involving USAR.

Warrant

Concurrently with the execution

and delivery of, and as provided for under, the Securities Issuance Agreement, USAR has issued a Warrant (the “ Warrant ”)

for the Warrant and the underlying Warrant Shares. Among other things, the Warrant provides for (i) customary anti-dilution protections

for stock splits, subdivisions, reclassifications, or combinations, extraordinary dividends and share purchases with respect to the USAR

Common Stock, (ii) redemption rights pursuant to which the warrantholder may, in connection with any Business Combination (as defined

in the Warrant), require the acquiror to repurchase all or a portion of the Warrant at the Redemption Price (as defined in the Warrant)

and (iii) exchange rights pursuant to which the warrantholder may require, as a condition precedent to any Business Combination, that

the successor party assume all covenants, agreements and conditions of USAR under the Warrant.

The foregoing summaries of

the Funding Agreements, the Securities Issuance Agreement and Warrant do not purport to be a complete description of all the parties’

rights and obligations under such agreements, as applicable, and are qualified in their entirety by reference to the full text of such

agreements.

Item 2.03. Creation of a Direct Financial Obligation

or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information under Item

1.01 of this Current Report on Form 8-K related to the Funding Agreements is incorporated by reference herein.

Item 3.02. Unregistered Sales of Equity Securities

The information under Item

1.01 of this Current Report on Form 8-K related to the issuance of USAR Common Stock pursuant to the Securities Issuance Agreement and

the Warrant is incorporated herein by reference.

This Current Report on Form

8-K does not constitute an offer to sell any securities or a solicitation of an offer to buy any securities, nor shall there be any sale

of any securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or

qualification under the securities laws of any such state or jurisdiction.

Item 7.01. Regulation FD Disclosure

On June 3, 2026, USAR issued

a press release announcing its entry into the Funding Agreements, a copy of which is being furnished as Exhibit 99.1 hereto and incorporated

by reference herein.

The information provided

under this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, is “furnished” and shall not be deemed “filed”

with the Securities and Exchange Commission or incorporated by reference in any filing under the Securities Exchange Act of 1934, as amended,

or the Securities Act.

Cautionary Note Regarding Forward-Looking Statements

This Current Report on Form

8-K and the documents included as exhibits hereto contain “forward-looking statements” within the meaning of the Private Securities

Litigation Reform Act of 1995. These statements include those relating to the Awards, the expected timing and completion of the Awards,

the expected benefits of the Awards including anticipated financial results, our anticipated operating and financial performance, our

business plans, strategy, goals and prospects, our plans for and prospects of our acquisitions, investments and other business development

activities, including the announced proposed acquisition of SVRE and transactions with Carester SAS (“Carester”) and Texas

Mineral Resources Corp. (“TMRC”), our plans for capital raising activities, and our ability to successfully capitalize on

growth opportunities and prospects. Such statements can be identified by the fact that they do not relate strictly to historical or current

facts. Words such as “will,” “may,” “could,” “should,” “likely,” “ongoing,”

“anticipate,” “estimate,” “expect,” “project,” “predict,” “intend,”

“plan,” “believe,” “aim,” “build,” “continue,” “potential,” “vision,”

and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not

forward-looking.

Forward-looking statements

are subject to risks and uncertainties and potentially inaccurate assumptions that could cause actual results to differ materially from

our expectations, including without limitation: our ability to achieve the conditions to funding under the Funding Agreements, including

the requirement to raise additional equity capital; the risk that the Funding Agreements may be challenged in the future; risks that the

proposed transactions with SVRE, Carester and TMRC may not be consummated on their anticipated timelines or at all; we may not realize

the anticipated benefits of our proposed and prior acquisitions, including expected synergies, financial performance, estimated EBITDA

and, in the case of SVRE, integration of operations, on the anticipated timeline or at all; the ability of our Stillwater magnet manufacturing

facility to commence commercial operations on the timing and with the production capacity anticipated or at all; our limited operating

history; our ability to commercially extract minerals from the Round Top deposit on our anticipated timeline or at all; risks that we

may experience delays, unforeseen expenses, increased capital costs, and other complications while operating our business; our ability

to raise necessary capital on acceptable terms or at all; potential dilution to existing stockholders and the possible adverse effect

on our stock price if we issue additional common stock or equity-linked securities; the volatility of our stock price; the availability

of rare earth oxide, metal feedstock and other materials, utilities (including power and water) and equipment in quantities and prices

that allow us to develop and commercially operate our Stillwater facility and other facilities; our ability to meet individual customer

specifications and manufacture a consistently high quality product; fluctuations in demand for and prices of our products, including without

limitation as a result of dumping, predatory pricing and other tactics by USAR’s competitors or state actors or the overall competitive

environment; our ability to achieve positive cash flow or profitability or the ability to access cash flow within our corporate structure

due to restrictions contained in our financing agreements; our ability to convert current commercial discussions and/or memorandums of

understanding with customers for the sale of our products into definitive orders; geopolitical developments or disruptions, such as changes

in the political environment, export/import or environmental policy of the People’s Republic of China, the United States or other

countries in which we operate or sell products or otherwise; war, terrorism, natural disasters or public health emergencies; our ability

to retain or recruit key personnel; environmental, health and safety regulations; and our ability to comply with requirements for federal,

state and local government incentives and financing.

Additional risks and detailed

information regarding factors that may cause actual results to differ materially has been and will be included in USAR’s filings

with the SEC, including USAR’s most recently filed Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q

and subsequent filings. Any forward-looking statements speak only as of the date of this Current Report on Form 8-K (or such other date

as is specified in such statements), and USAR undertakes no obligation to update any forward-looking statements as a result of new information

or future events or developments, except to the extent required by law.

Item 8.01. Other Events

USAR is providing the additional

risk factors set forth below to supplement the risks described in “Risk Factors” in USAR’s Annual Report on Form 10-K

for the fiscal year ended December 31, 2025.

Risk Factors

The execution of the Funding Agreements, the Securities Issuance

Agreement and the Warrant with the Department of Commerce, the receipt of funding thereunder and the consummation of the related transactions

are subject to a number of risks and uncertainties, and the DOC’s ownership of a significant equity interest in USAR may subject

USAR and its stockholders to additional risks, any of which could have a material adverse effect on USAR’s business, financial condition

and results of operations or adversely impact the interests of our other stockholders.

● The timing and amount of funding under the Funding Agreements

is subject to the satisfaction of project milestones and other conditions to disbursement that we may not meet on the anticipated timeline

or at all. Disbursements of the Awards are conditioned on the achievement of specified Project milestones (including design, construction,

production qualification and capacity thresholds for the Round Top Mine Project, the Stillwater Magnet Project, the Stillwater Metal

Project, the Magnet Project 2 and the Metal Project 2), the making of cash equity contributions to our subsidiaries to fund Project costs,

the satisfaction of financial ratio and liquidity thresholds, the receipt of required permits and approvals and other customary conditions.

In addition, the Funding Agreements impose specified equity raising and credit facility requirements that USAR will need to satisfy on

the timeline contemplated by the Funding Agreements. There can be no assurance that we will achieve these milestones or satisfy the other

conditions on the anticipated timeline or at all, and any failure to do so could delay or reduce the funding we receive, result in a

clawback of amounts previously disbursed or give rise to an event of default under the Funding Agreements.

● The authorization of, and continued support for, the transactions

remain subject to changes in laws, regulations, administrations and appropriations. Although the DOC has confirmed its authority

to enter into the Funding Agreements, the Securities Issuance Agreement and the Warrant under the CHIPS Incentives Program—Facilities

for Semiconductor Materials and Manufacturing Equipment under the CHIPS Act of 2022, there can be no assurance that the transactions

will not be modified, challenged or impaired in the future. Potential sources of uncertainty include changes in federal or international

laws, regulations, administrative actions and interpretations thereof; a determination by any branch of the federal government that any

aspect of the agreements was unauthorized, void or voidable; future changes in administration or legislative priorities; the continued

availability of Congressional appropriations; geopolitical developments; and the defenses and remedies available to a government counterparty.

No other federal agency or branch is contractually bound to support, or refrain from challenging, the transactions, which may also be

subject to litigation or administrative challenge by third parties.

● The Funding Agreements contain extensive affirmative and

negative covenants, domestic content and national security guardrail provisions and ongoing reporting obligations that restrict our operational

and financial flexibility. These include restrictions on the incurrence of indebtedness, the granting of liens, asset dispositions,

dividends, share repurchases and equity redemptions; restrictions on mergers, dispositions and change of control transactions without

DOC consent; restrictions on joint research and transactions with foreign countries and entities of concern; limitations on capital expenditures

and affiliate transactions; compliance with the Davis-Bacon Act and other applicable laws; financial and liquidity covenants; and comprehensive

reporting obligations covering financial, operational, cybersecurity and supply chain matters. These requirements may be subject to broad

or changing interpretation, and any violation could result in the suspension, clawback or termination of funding. Compliance with these

covenants and conditions could restrict our ability to take actions that management believes are important to our long-term strategy,

including capital allocation, strategic transactions, geographic expansion and financing activities.

● The FFB Advances are secured by first-priority liens on

substantially all of our assets, and defaults under the Funding Agreements could trigger cross-defaults across our financing arrangements.

The FFB Advances and USAR’s related obligations are guaranteed by the subsidiary guarantors and secured by first-priority liens

on substantially all of the assets of USAR and the subsidiary guarantors. The Funding Agreements contain express cross-default provisions

in respect of indebtedness above specified thresholds. Upon an event of default, the DOC may, among other remedies, accelerate the FFB

Advances, terminate any of the Funding Agreements, withhold or claw back disbursements, foreclose on the collateral, exercise set-off

rights and initiate debarment proceedings. An event of default under the Funding Agreements, or under any of USAR’s or its subsidiaries’

other material indebtedness, could also, depending on the terms of the relevant contracts, trigger cross-default, change of control or

similar provisions under our and our subsidiaries’ other material contracts.

● The transactions are dilutive to existing stockholders,

the DOC will retain the equity issued to it regardless of the level of funding we receive and we will require substantial additional

capital. USAR has issued to the DOC 16,132,790 SIA Shares and the Warrant to purchase 17,600,584 Warrant Shares at an exercise price

of $17.17 per share, each of which is dilutive to existing stockholders. The DOC will retain 100% of these securities whether or not

we receive any or all of the funding contemplated by the Funding Agreements and even if any such funding is received and subsequently

clawed back, which would materially increase the effective dilution to other stockholders. Additional equity capital will also be required

to satisfy the equity contribution and other capital requirements under the Funding Agreements, and there can be no assurance that this

capital will be available on acceptable terms, on the required timeline, or at all.

● The DOC’s equity interest in USAR and its broader

role as a counterparty and regulator may limit our ability to pursue strategic transactions and may affect our relationships with customers,

suppliers, partners and other counterparties. The existence of a significant federal government equity interest, together with the

DOC’s contractual rights and remedies (including transfer restrictions, registration rights and anti-dilution protections) and

its broader authority over the laws, regulations and policies affecting our industry, may limit our ability to pursue potential future

strategic transactions that could be beneficial to stockholders, including by limiting the willingness of third parties to engage in

such transactions with us. The announcement or completion of the transactions and the presence of the federal government as a significant

stockholder could also prompt adverse reactions from, or increased scrutiny by, customers, suppliers, strategic partners, foreign governments,

employees, competitors or regulators (including under foreign subsidy, competition, investment screening, antitrust or similar regimes).

Given the scarcity of recent U.S. precedents for transactions of this type, it is difficult to foresee all of the potential consequences,

and there may also be litigation relating to the transactions and increased public and political scrutiny.

● The financial, tax and accounting treatment of the transactions

remains uncertain. Given the novelty and complexity of the transactions and the highly integrated nature of the Funding Agreements,

the Securities Issuance Agreement and the Warrant, USAR’s analysis of the financial, tax and accounting implications of its commitments

and obligations has not been completed and may take considerable time and require significant attention from management. The analysis

may require adjustment over time as a result of changes in tax law or regulations, changes in accounting practices, amendments to or

termination of any of the agreements or other unforeseen developments, any of which could result in the recognition of additional costs,

charges, losses or liabilities, restatements or other modifications of USAR’s financial statements or adjustments to previously

provided estimates or guidance.

Item 9.01. Financial Statements and

Exhibits.

(d) Exhibits:

The following exhibits are attached with this current

report on Form 8-K:

Exhibit No.

Description

10.1

Direct Funding Agreement, dated June 3, 2026, by and among USA Rare Earth, Inc., the subsidiary guarantors party thereto and the United States Department of Commerce

10.2

Loan Guarantee Agreement, dated June 3, 2026, by and among USA Rare Earth, Inc., the subsidiary guarantors party thereto and the United States Department of Commerce

10.3

Securities Issuance Agreement, dated June 3, by and between USA Rare Earth, Inc. and the United States Department of Commerce

10.4

Warrant, dated June 3, issued by USA Rare Earth, Inc. to the United States Department of Commerce

99.1

Press Release, dated June 3, announcing entry into the Direct Funding Agreement, the Loan Guarantee Agreement, Securities Issuance Agreement and Warrant

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

* The annexes, schedules, and certain exhibits to this Exhibit

have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Registrant hereby agrees to furnish supplementally a copy of any

omitted annex, schedule or exhibit to the SEC upon request.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934,

the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

USA Rare Earth, Inc.

Date:

June 3, 2026

By:

/s/ Valerie Ford Jacob

Name:

Valerie Ford Jacob

Title:

Chief Legal Officer

打开原文

博通公布2026财年第二季度业绩

重要性未评级

发布时间早于日报 5 天摘要窗口。

标签

标的：`AVGO`来源：Broadcom Inc.发布日期：2026-06-03重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：3766

中文摘要

第二财季总营收为221.87亿美元，同比增长48%。
公司披露AI半导体营收为108亿美元，同比增长143%，来源包括定制AI加速器和AI网络需求。
公司预计第三财季AI半导体营收为160亿美元、同比增长超过200%；该数字属于管理层指引。
公司在同一文件中列示客户集中、有限供应商、外包制造、贸易限制及需求预测误差等风险。

英文原文

Broadcom Inc. Announces Second Quarter Fiscal Year 2026 Financial Results and Quarterly Dividend | Broadcom Inc.

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Broadcom Inc. Announces Second Quarter Fiscal Year 2026 Financial Results and Quarterly Dividend

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Revenue of $22,187 million for the second quarter, up 48 percent from the prior year period

GAAP net income of $9,310 million for the second quarter; Non-GAAP net income of $12,074 million for the second quarter

Adjusted EBITDA of $15,244 million for the second quarter, or 69 percent of revenue

GAAP diluted EPS of $1.91 for the second quarter; Non-GAAP diluted EPS of $2.44 for the second quarter

Cash from operations of $10,493 million for the second quarter, less capital expenditures of $231 million , resulted in $10,262 million of free cash flow, or 46 percent of revenue

Quarterly common stock dividend of $0.65 per share

Third quarter fiscal year 2026 revenue guidance of approximately $29.4 billion , an increase of 84 percent from the prior year period

Third quarter fiscal year 2026 Non-GAAP operating income guidance of approximately 67 percent of projected revenue (1)

Third quarter fiscal year 2026 Adjusted EBITDA guidance of approximately 68 percent of projected revenue (1)

PALO ALTO, Calif. , June 3, 2026 /PRNewswire/ -- Broadcom Inc. (Nasdaq: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today reported financial results for its second quarter of fiscal year 2026, ended May 3, 2026 , provided guidance for its third quarter of fiscal year 2026 and announced its quarterly dividend.

" Broadcom achieved record revenue, operating profit and free cash flow in Q2 driven by accelerating growth in AI semiconductor revenue and strong operating leverage. Q2 semiconductor revenue from AI of $10.8 billion grew 143% year-over-year, above our forecast, driven by increasing demand for custom AI accelerators and AI networking," said Hock Tan , President and CEO of Broadcom Inc. "The momentum continues and in Q3 we expect semiconductor revenue from AI to grow over 200 percent year-over-year to $16.0 billion ."

"Q2 consolidated revenue grew 48% year-over-year to a record $22.2 billion . Adjusted EBITDA increased 52% year-over-year to a record $15.2 billion , representing 69% of revenue," said Kirsten Spears , CFO of Broadcom Inc. "In Q3 we expect consolidated revenue growth to increase 84% year-over-year to $29.4 billion , with non-GAAP operating margin stable at 67% reflecting our strong operating leverage."

(1) The Company is not readily able to provide a reconciliation of projected non-GAAP financial measures presented to the relevant projected GAAP measures without unreasonable effort.

Second Quarter Fiscal Year 2026 Financial Highlights

GAAP

Non-GAAP

(Dollars in millions, except per share data)

Q2 26

Q2 25

Change

Q2 26

Q2 25

Change

Net revenue

22,187

15,004

+48

22,187

15,004

+48

Net income

9,310

4,965

+88

12,074

7,787

+55

Earnings per common share - diluted

1.91

1.03

+85

2.44

1.58

+54

(Dollars in millions)

Q2 26

Q2 25

Change

Cash flow from operations

10,493

6,555

+60

Adjusted EBITDA

15,244

10,001

+52

Free cash flow

10,262

6,411

+60

Net revenue by segment

(Dollars in millions)

Q2 26

Q2 25

Change

Semiconductor solutions

15,009

8,408

+79

Infrastructure software

7,178

6,596

Total net revenue

22,187

100

15,004

100

The Company's cash and cash equivalents at the end of the fiscal quarter were $19,628 million , compared to $14,174 million at the end of the prior fiscal quarter.

During the second fiscal quarter, the Company generated $10,493 million in cash from operations and spent $231 million on capital expenditures, resulting in $10,262 million of free cash flow.

On March 31, 2026 , the Company paid a cash dividend of $0.65 per share, totaling $3,092 million .

The differences between the Company's GAAP and non-GAAP results are described generally under "Non-GAAP Financial Measures" below and presented in detail in the financial reconciliation tables attached to this release.

Third Quarter Fiscal Year 2026 Business Outlook

Based on current business trends and conditions, the outlook for the third quarter of fiscal year 2026, ending August 2, 2026 , is expected to be as follows:

Third quarter revenue guidance of approximately $29.4 billion ;

Third quarter non-GAAP operating income guidance of approximately 67 percent of projected revenue;

Third quarter Adjusted EBITDA guidance of approximately 68 percent of projected revenue.

The guidance provided above is only an estimate of what the Company believes is realizable as of the date of this release. The Company is not readily able to provide a reconciliation of projected non-GAAP financial measures to the relevant projected GAAP measures without unreasonable effort. Actual results will vary from the guidance and the variations may be material. The Company undertakes no intent or obligation to publicly update or revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law.

Quarterly Dividends

The Board of Directors of Broadcom has approved a quarterly cash dividend of $0.65 per share. The dividend is payable on June 30, 2026 to stockholders of record at the close of business ( 5:00 p.m. Eastern Time ) on June 22, 2026 .

Financial Results Conference Call

Broadcom Inc. will host a conference call to review its financial results for the second quarter of fiscal year 2026 and to discuss the business outlook today at 2:00 p.m. Pacific Time .

To Listen via Internet: The conference call can be accessed live online in the Investors section of the Broadcom website at https://investors.broadcom.com/ .

Replay: An audio replay of the conference call can be accessed for one year through the Investors section of Broadcom's website at https://investors.broadcom.com/ .

Non-GAAP Financial Measures

The non-GAAP measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. When possible, a reconciliation between GAAP and non-GAAP financial data is included in the supplemental financial data attached to this press release. The Company is not readily able to provide a reconciliation of projected non-GAAP measures to the comparable GAAP measures without unreasonable effort. Broadcom believes non-GAAP financial information provides additional insight into the Company's on-going performance. Therefore, Broadcom provides this information to investors for a more consistent basis of comparison and to help them evaluate the results of the Company's on-going operations and enable more meaningful period to period comparisons.

In addition to GAAP reporting, Broadcom provides investors with net income, operating income, gross margin, operating expenses, cash flow and other data on a non-GAAP basis. This non-GAAP information excludes amortization of acquisition-related intangible assets, stock-based compensation expense, restructuring and other charges, acquisition-related costs, including integration costs, non-GAAP tax reconciling adjustments, and other adjustments. Management does not believe that these items are reflective of the Company's underlying performance. Internally, these non-GAAP measures are significant measures used by management for purposes of evaluating the core operating performance of the Company, establishing internal budgets, calculating return on investment for development programs and growth initiatives, comparing performance with internal forecasts and targeted business models, strategic planning, evaluating and valuing potential acquisition candidates and how their operations compare to the Company's operations, and benchmarking performance externally against the Company's competitors. The exclusion of these and other similar items from Broadcom's non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent or unusual.

Free cash flow measures have limitations as they omit certain components of the overall cash flow statement and do not represent the residual cash flow available for discretionary expenditures. Investors should not consider presentation of free cash flow measures as implying that stockholders have any right to such cash. Broadcom's free cash flow may not be calculated in a manner comparable to similarly named measures used by other companies.

About Broadcom

Broadcom Inc. (NASDAQ: AVGO) is a technology leader that designs, develops, and supplies semiconductors and infrastructure software for global organizations' complex, mission-critical needs. Broadcom combines long-term R&D investment with superb execution to deliver the best technology, at scale. Broadcom is a Delaware corporation headquartered in Palo Alto, CA. For more information, visit www.broadcom.com .

Cautionary Note Regarding Forward-Looking Statements

This announcement contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning Broadcom . These statements include, but are not limited to, statements that address our expected future business and financial performance, our plans and expectations with regard to our share repurchases, and other statements identified by words such as "will," "expect," "believe," "anticipate," "estimate," "should," "intend," "plan," "potential," "predict," "project," "aim," and similar words, phrases or expressions. These forward-looking statements are based on current expectations and beliefs of Broadcom's management, current information available to Broadcom's management, and current market trends and market conditions and involve risks and uncertainties that may cause actual results to differ materially from those contained in these forward-looking statements. Accordingly, undue reliance should not be placed on such statements.

Particular uncertainties that could materially affect future results include risks associated with: global economic conditions and uncertainty; government regulations, trade restrictions and trade tensions; global political and economic conditions relating to our international operations; cyclicality in the semiconductor industry undergoing profound change due to AI; any loss of our significant customers and fluctuations in the timing and volume of significant customer demand; the slow or unsuccessful return on our research and development investments, expansion of our business strategy or adoption of new business models; our dependence on contract manufacturing and outsourced supply chain; our dependency on a limited number of suppliers; our ability to continue winning business in the semiconductor solutions industry; our ability to accurately estimate customers' demand and adjust our manufacturing and supply chain accordingly; dependence on senior management and our ability to attract and retain qualified personnel; our ability to maintain or improve gross margin; our ability to protect against cybersecurity threats and a breach of security systems; prolonged disruptions of our, our customers' or our suppliers' facilities or other significant operations; our ability to maintain appropriate manufacturing capacity and quality; dependence on and risks associated with distributors and other channel partners of our products; ability of our software portfolio to manage and secure IT infrastructures and environments; demand for our data center virtualization products and customer acceptance of our software, services and business strategy; competitiveness of our software solutions and compatibility of our software with operating environments, platforms or third-party products; our ability to enter into satisfactory software license agreements; use of open source software in our software and services; sales to government customers; our ability to manage our software solutions and services lifecycles; our competitive performance; quarterly and annual fluctuations in operating results; any acquisitions or dispositions we may make, such as delays, challenges and expenses associated with receiving governmental and regulatory approvals and satisfying other closing conditions, and with integrating acquired businesses with our existing businesses and our ability to achieve the benefits, growth prospects and synergies expected by such acquisitions; involvement in legal proceedings; our ability to protect our intellectual property and the unpredictability of any associated litigation expenses; any expenses or reputational damage associated with resolving customer product warranty and indemnification claims, or other undetected defects or bugs; our compliance with privacy and data security laws; corporate responsibility matters; our provision for income taxes and overall cash tax costs; our ability to maintain tax concessions in certain jurisdictions; potential tax liabilities as a result of acquiring VMware ; our significant indebtedness and the need to generate sufficient cash flows to service and repay such debt; the amount and frequency of our share repurchase program; and other events and trends on a national, regional, industry-specific and global scale, including those of a political, economic, business, competitive and regulatory nature.

Our filings with the SEC , which are available without charge at the SEC's website at https://www.sec.gov , discuss some of the important risk factors that may affect our business, results of operations and financial condition. Actual results may vary from the estimates provided. We undertake no intent or obligation to publicly update or revise any of the estimates and other forward-looking statements made in this announcement, whether as a result of new information, future events or otherwise, except as required by law.

Contact:

Ji Yoo

Broadcom Inc.

Investor Relations

650-427-6000

investor.relations@broadcom.com

(AVGO-Q)

BROADCOM INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED

(IN MILLIONS, EXCEPT PER SHARE DATA)

Fiscal Quarter Ended

Two Fiscal Quarters Ended

May 3,

February 1,

May 4,

May 3,

May 4,

2026

2025

2026

2025

Net revenue

22,187

19,311

15,004

41,498

29,920

Cost of revenue:

Cost of revenue

5,301

4,679

3,296

9,980

6,569

Amortization of acquisition-related intangible assets

1,461

1,462

1,483

2,923

2,967

Restructuring charges

Total cost of revenue

6,772

6,154

4,807

12,926

9,578

Gross margin

15,415

13,157

10,197

28,572

20,342

Research and development

2,995

2,965

2,693

5,960

4,946

Selling, general and administrative

1,055

1,019

1,083

2,074

2,032

Amortization of acquisition-related intangible assets

506

507

506

1,013

1,017

Restructuring and other charges

103

174

258

Total operating expenses

4,627

4,594

4,368

9,221

8,253

Operating income

10,788

8,563

5,829

19,351

12,089

Interest expense

(776)

(801)

(769)

(1,577)

(1,642)

Other income, net

118

433

551

128

Income before income taxes

10,130

8,195

5,085

18,325

10,575

Provision for income taxes

820

846

120

1,666

107

Net income

9,310

7,349

4,965

16,659

10,468

Net income per share:

Basic

1.96

1.55

1.05

3.51

2.23

Diluted

1.91

1.50

1.03

3.41

2.17

Weighted-average shares used in per share calculations:

Basic

4,747

4,741

4,707

4,744

4,701

Diluted

4,876

4,888

4,826

4,882

4,831

Stock-based compensation expense:

Cost of revenue

223

236

203

459

356

Research and development

1,395

1,447

1,169

2,842

1,991

Selling, general and administrative

474

493

399

967

704

Total stock-based compensation expense

2,092

2,176

1,771

4,268

3,051

BROADCOM INC.

FINANCIAL RECONCILIATION: GAAP TO NON-GAAP - UNAUDITED

(IN MILLIONS)

Fiscal Quarter Ended

Two Fiscal Quarters Ended

May 3,

February 1,

May 4,

May 3,

May 4,

2026

2025

2026

2025

Gross margin on GAAP basis

15,415

13,157

10,197

28,572

20,342

Amortization of acquisition-related intangible assets

1,461

1,462

1,483

2,923

2,967

Stock-based compensation expense

223

236

203

459

356

Restructuring charges

Gross margin on non-GAAP basis

17,109

14,868

11,911

31,977

23,707

Research and development on GAAP basis

2,995

2,965

2,693

5,960

4,946

Stock-based compensation expense

1,395

1,447

1,169

2,842

1,991

Research and development on non-GAAP basis

1,600

1,518

1,524

3,118

2,955

Selling, general and administrative expense on GAAP basis

1,055

1,019

1,083

2,074

2,032

Stock-based compensation expense

474

493

399

967

704

Acquisition-related costs

197

Selling, general and administrative expense on non-GAAP basis

581

524

594

1,105

1,131

Total operating expenses on GAAP basis

4,627

4,594

4,368

9,221

8,253

Amortization of acquisition-related intangible assets

506

507

506

1,013

1,017

Stock-based compensation expense

1,869

1,940

1,568

3,809

2,695

Restructuring and other charges

103

174

258

Acquisition-related costs

197

Total operating expenses on non-GAAP basis

2,181

2,042

2,118

4,223

4,086

Operating income on GAAP basis

10,788

8,563

5,829

19,351

12,089

Amortization of acquisition-related intangible assets

1,967

1,969

1,989

3,936

3,984

Stock-based compensation expense

2,092

2,176

1,771

4,268

3,051

Restructuring and other charges

116

114

197

300

Acquisition-related costs

197

Operating income on non-GAAP basis

14,928

12,826

9,793

27,754

19,621

Interest expense on GAAP basis

(776)

(801)

(769)

(1,577)

(1,642)

Loss on debt extinguishment

Interest expense on non-GAAP basis

(745)

(746)

(769)

(1,491)

(1,577)

Other income, net on GAAP basis

118

433

551

128

Excise tax benefit

(315)

Other

(21)

Other income, net on non-GAAP basis

118

236

107

Provision for income taxes on GAAP basis

820

846

120

1,666

107

Non-GAAP tax reconciling adjustments

1,407

1,167

1,148

2,574

2,434

Provision for income taxes on non-GAAP basis

2,227

2,013

1,268

4,240

2,541

Net income on GAAP basis

9,310

7,349

4,965

16,659

10,468

Amortization of acquisition-related intangible assets

1,967

1,969

1,989

3,936

3,984

Stock-based compensation expense

2,092

2,176

1,771

4,268

3,051

Restructuring and other charges

116

114

197

300

Acquisition-related costs

197

Loss on debt extinguishment

Excise tax benefit

(315)

Other

(21)

Non-GAAP tax reconciling adjustments

(1,407)

(1,167)

(1,148)

(2,574)

(2,434)

Net income on non-GAAP basis

12,074

10,185

7,787

22,259

15,610

Net income on GAAP basis

9,310

7,349

4,965

16,659

10,468

Non-GAAP Adjustments:

Amortization of acquisition-related intangible assets

1,967

1,969

1,989

3,936

3,984

Stock-based compensation expense

2,092

2,176

1,771

4,268

3,051

Restructuring and other charges

116

114

197

300

Acquisition-related costs

197

Loss on debt extinguishment

Excise tax benefit

(315)

Other

(21)

Non-GAAP tax reconciling adjustments

(1,407)

(1,167)

(1,148)

(2,574)

(2,434)

Other Adjustments:

Interest expense

745

746

769

1,491

1,577

Provision for income taxes on non-GAAP basis

2,227

2,013

1,268

4,240

2,541

Depreciation

163

150

142

313

284

Amortization of purchased intangibles and right-of-use assets

Adjusted EBITDA

15,244

13,128

10,001

28,372

20,084

Weighted-average shares used in per share calculations - diluted on GAAP basis

4,876

4,888

4,826

4,882

4,831

Non-GAAP adjustment (1)

111

Weighted-average shares used in per share calculations - diluted on non-GAAP basis

4,940

4,957

4,937

4,948

4,916

Net cash provided by operating activities

10,493

8,260

6,555

18,753

12,668

Purchases of property, plant and equipment

(231)

(250)

(144)

(481)

(244)

Free cash flow

10,262

8,010

6,411

18,272

12,424

(1) Non-GAAP adjustment for the number of shares used in the diluted per share calculations excludes the impact of stock-based compensation expense expected

to be incurred in future periods and not yet recognized in the financial statements, which would otherwise be assumed to be used to repurchase shares under the

GAAP treasury stock method.

BROADCOM INC.

CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED

(IN MILLIONS)

May 3 ,

November 2 ,

2026

2025

ASSETS

Current assets:

Cash and cash equivalents

19,628

16,178

Trade accounts receivable, net

10,830

7,145

Inventory

4,328

2,270

Other current assets

7,427

5,980

Total current assets

42,213

31,573

Long-term assets:

Property, plant and equipment, net

2,788

2,530

Goodwill

97,801

Intangible assets, net

28,333

32,273

Other long-term assets

8,023

6,915

Total assets

179,158

171,092

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

2,337

1,560

Employee compensation and benefits

1,134

2,129

Short-term debt

2,252

3,152

Other current liabilities

13,139

11,673

Total current liabilities

18,862

18,514

Long-term liabilities:

Long-term debt

62,655

61,984

Other long-term liabilities

9,950

9,302

Total liabilities

91,467

89,800

Stockholders' equity:

Preferred stock

Common stock

Additional paid-in capital

75,312

71,308

Retained earnings

12,166

9,761

Accumulated other comprehensive income

208

218

Total stockholders' equity

87,691

81,292

Total liabilities and equity

179,158

171,092

BROADCOM INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED

(IN MILLIONS)

Fiscal Quarter Ended

Two Fiscal Quarters Ended

May 3,

February 1,

May 4,

May 3,

May 4,

2026

2025

2026

2025

Cash flows from operating activities:

Net income

9,310

7,349

4,965

16,659

10,468

Adjustments to reconcile net income to net cash provided by operating activities:

Amortization of intangible and right-of-use assets

2,002

2,003

2,024

4,005

4,056

Depreciation

163

150

142

313

284

Stock-based compensation

2,092

2,176

1,771

4,268

3,051

Deferred taxes and other non-cash taxes

(603)

(455)

(571)

(1,058)

(1,267)

Loss on debt extinguishment

Non-cash interest expense

139

191

Other

Changes in assets and liabilities, net of acquisitions and disposals:

Trade accounts receivable, net

(2,370)

(1,315)

(590)

(3,685)

(1,129)

Inventory

(1,366)

(692)

(109)

(2,058)

(257)

Accounts payable

149

534

(613)

683

(372)

Employee compensation and benefits

270

(1,261)

287

(991)

(621)

Other current assets and current liabilities

474

(692)

(55)

(218)

(29)

Other long-term assets and long-term liabilities

271

321

(830)

592

(1,853)

Net cash provided by operating activities

10,493

8,260

6,555

18,753

12,668

Cash flows from investing activities:

Purchases of property, plant and equipment

(231)

(250)

(144)

(481)

(244)

Purchases of investments

(23)

(114)

(57)

(137)

(162)

Sales of investments

244

283

Other

(10)

Net cash used in investing activities

(208)

(115)

(133)

(323)

(307)

Cash flows from financing activities:

Proceeds from long-term borrowings

4,474

749

4,474

3,735

Payments on debt obligations

(1,250)

(3,650)

(4,900)

(8,090)

Proceeds from (repayments of) commercial paper, net

(119)

3,861

Payments of dividends

(3,092)

(3,086)

(2,785)

(6,178)

(5,559)

Repurchases of common stock - repurchase program

(600)

(7,850)

(2,450)

(8,450)

(2,450)

Shares repurchased for tax withholdings on vesting of equity awards

(1,766)

(3,802)

Issuance of common stock

113

118

113

118

Other

(2)

(37)

(4)

(39)

(50)

Net cash used in financing activities

(4,831)

(10,149)

(6,257)

(14,980)

(12,237)

Net change in cash and cash equivalents

5,454

(2,004)

165

3,450

124

Cash and cash equivalents at beginning of period

14,174

16,178

9,307

16,178

9,348

Cash and cash equivalents at end of period

19,628

14,174

9,472

19,628

9,472

Supplemental disclosure of cash flow information:

Cash paid for interest

695

619

700

1,314

1,371

Cash paid for income taxes

1,099

782

608

1,881

1,012

View original content: https://www.prnewswire.com/news-releases/broadcom-inc-announces-second-quarter-fiscal-year-2026-financial-results-and-quarterly-dividend-302790698.html

SOURCE Broadcom Inc.

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Should You Invest in the Invesco Semiconductors ETF (PSI)?

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Should You Invest in the Invesco Semiconductors ETF (PSI)?

Should You Invest in the Invesco Semiconductors ETF (PSI)? · Zacks

Zacks Equity Research

June 2, 2026 3 min read

-4.86%

-2.00%

Launched on June 23, 2005, the Invesco Semiconductors ETF (PSI) is a passively managed exchange traded fund designed to provide a broad exposure to the Technology - Semiconductors segment of the equity market.

While an excellent vehicle for long term investors, passively managed ETFs are a popular choice among institutional and retail investors due to their low costs, transparency, flexibility, and tax efficiency.

Sector ETFs are also funds of convenience, offering many ways to gain low risk and diversified exposure to a broad group of companies in particular sectors. Technology - Semiconductors is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 1, placing it in top 6%.

Index Details

The fund is sponsored by Invesco. It has amassed assets over $2.54 billion, making it one of the larger ETFs attempting to match the performance of the Technology - Semiconductors segment of the equity market. PSI seeks to match the performance of the Dynamic Semiconductor Intellidex Index before fees and expenses.

Costs

Investors should also pay attention to an ETF's expense ratio. Lower cost products will produce better results than those with a higher cost, assuming all other metrics remain the same.

Annual operating expenses for this ETF are 0.56%, making it on par with most peer products in the space.

It has a 12-month trailing dividend yield of 0.05%.

Sector Exposure and Top Holdings

ETFs offer a diversified exposure and thus minimize single stock risk but it is still important to delve into a fund's holdings before investing. Most ETFs are very transparent products and many disclose their holdings on a daily basis.

This ETF has heaviest allocation in the Information Technology sector -- about 100% of the portfolio.

Looking at individual holdings, Kla Corp (KLAC) accounts for about 5.28% of total assets, followed by Advanced Micro Devices Inc (AMD) and Broadcom Inc (AVGO).

The top 10 holdings account for about 46.23% of total assets under management.

Performance and Risk

The ETF has added about 94.82% and is up about 201.85% so far this year and in the past one year (as of 06/02/2026), respectively. PSI has traded between $53.08 and $161.63 during this last 52-week period.

Story Continues

The ETF has a beta of 1.78 and standard deviation of 37.59% for the trailing three-year period, making it a high risk choice in the space. With about 32 holdings, it has more concentrated exposure than peers.

Alternatives

Invesco Semiconductors ETF holds a Zacks ETF Rank of 1 (Strong Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, PSI is a great option for investors seeking exposure to the Technology ETFs segment of the market. There are other additional ETFs in the space that investors could consider as well.

iShares Semiconductor ETF (SOXX) tracks PHLX SOX Semiconductor Sector Index and the VanEck Semiconductor ETF (SMH) tracks MVIS US Listed Semiconductor 25 Index. iShares Semiconductor ETF has $38.76 billion in assets, VanEck Semiconductor ETF has $68.57 billion. SOXX has an expense ratio of 0.34%, and SMH charges 0.35%.

Bottom Line

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Is First Trust NASDAQ Semiconductor ETF (FTXL) a Strong ETF Right Now?

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标的：`FTXL`来源：Zacks发布日期：2026-06-02重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：722

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Is First Trust NASDAQ Semiconductor ETF (FTXL) a Strong ETF Right Now?

Is First Trust NASDAQ Semiconductor ETF (FTXL) a Strong ETF Right Now? · Zacks

Zacks Equity Research

June 2, 2026 3 min read

FTXL

-4.90%

A smart beta exchange traded fund, the First Trust NASDAQ Semiconductor ETF (FTXL) debuted on 09/20/2016, and offers broad exposure to the Technology ETFs category of the market.

What Are Smart Beta ETFs?

For a long time now, the ETF industry has been flooded with products based on market capitalization weighted indexes, which are designed to represent the broader market or a particular market segment.

A good option for investors who believe in market efficiency, market cap weighted indexes offer a low-cost, convenient, and transparent way of replicating market returns.

There are some investors, though, who think it's possible to beat the market with great stock selection; this group likely invests in another class of funds known as smart beta, which track non-cap weighted strategies.

Based on specific fundamental characteristics, or a combination of such, these indexes attempt to pick stocks that have a better chance of risk-return performance.

While this space offers a number of choices to investors, including simplest equal-weighting, fundamental weighting and volatility/momentum based weighting methodologies, not all these strategies have been able to deliver superior results.

Fund Sponsor & Index

FTXL is managed by First Trust Advisors, and this fund has amassed over $2.5 billion, which makes it one of the larger ETFs in the Technology ETFs. FTXL seeks to match the performance of the Nasdaq US Smart Semiconductor Index before fees and expenses.

The Nasdaq US Smart Semiconductor Index is a modified factor weighted index, designed to provide exposure to US companies within the semiconductor industry.

Cost & Other Expenses

When considering an ETF's total return, expense ratios are an important factor. And, cheaper funds can significantly outperform their more expensive cousins in the long term if all other factors remain equal.

Operating expenses on an annual basis are 0.60% for this ETF, which makes it on par with most peer products in the space.

FTXL's 12-month trailing dividend yield is 0.13%.

Sector Exposure and Top Holdings

ETFs offer diversified exposure and thus minimize single stock risk, but it is still important to delve into a fund's holdings before investing. Most ETFs are very transparent products and many disclose their holdings on a daily basis.

Representing 100% of the portfolio, the fund has heaviest allocation to the Information Technology sector.

When you look at individual holdings, Intel Corporation (INTC) accounts for about 8.89% of the fund's total assets, followed by Nvidia Corporation (NVDA) and Broadcom Inc. (AVGO).

Story Continues

Its top 10 holdings account for approximately 60.46% of FTXL's total assets under management.

Performance and Risk

Year-to-date, the First Trust NASDAQ Semiconductor ETF return is roughly 100.06% so far, and was up about 215.43% over the last 12 months (as of 06/02/2026). FTXL has traded between $86.19 $262.95 in this past 52-week period.

The ETF has a beta of 1.69 and standard deviation of 35.67% for the trailing three-year period. With about 35 holdings, it has more concentrated exposure than peers .

Alternatives

First Trust NASDAQ Semiconductor ETF is an excellent option for investors seeking to outperform the Technology ETFs segment of the market. There are other ETFs in the space which investors could consider as well.

iShares Semiconductor ETF (SOXX) tracks PHLX SOX Semiconductor Sector Index and the VanEck Semiconductor ETF (SMH) tracks MVIS US Listed Semiconductor 25 Index. iShares Semiconductor ETF has $38.76 billion in assets, VanEck Semiconductor ETF has $68.57 billion. SOXX has an expense ratio of 0.34% and SMH changes 0.35%.

Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Technology ETFs

Bottom Line

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The Semiconductor Play Nobody Owns Just Lapped Wall Street’s Biggest Names

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标的：`PSI`来源：24/7 Wall St.发布日期：2026-05-31重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1479

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The Semiconductor Play Nobody Owns Just Lapped Wall Street’s Biggest Names

Austin Smith

June 1, 2026 8 min read

NVDA

^GSPC

LRCX

INTC

Quick Read

Invesco Semiconductors ETF (PSI) gained 104.96% from Dec 31, 2025 to May 26, 2026, dramatically outperforming the S&P 500's 10.07% and iShares Semiconductor ETF's 89.42% due to its equal-weight structure holding 3.86% in Nvidia instead of the typical megacap concentration, with top holdings in Micron Technology (MU), Lam Research (LRCX), and Intel (INTC) that benefited from surging memory chip pricing and semiconductor capital equipment spending.

PSI's exceptional 2026 performance reflected the broadening of AI capital spending beyond megacap GPU designers to memory makers and equipment suppliers, a structural tailwind that is already largely priced in at current valuations, making future gains dependent on sustained memory pricing strength and hyperscaler capex momentum.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Invesco Semiconductors ETF didn't make the cut. Grab the names FREE today .

A $10,000 position in Invesco Semiconductors ETF ( NASDAQ:PSI ) on the last trading day of 2025 was worth ~$20,496 by the close on May 26, 2026, and that is the kind of arithmetic that ruins dinner parties. Your brother-in-law at Goldman is up 10.07% in the S&P 500. Your friend who only buys the Nasdaq 100 through Invesco QQQ Trust ( NASDAQ:QQQ ) is up 18.88%. The hedge fund manager at the end of the table, the one who keeps mentioning his Sharpe ratio, is somewhere in between. And the cheapest, most boring sleeve of a semiconductor ETF that almost nobody at those tables holds is up 104.96% in not quite five months.

That is the headline. The mechanism is the more interesting part, and so is the question of whether a reader who shows up to the chart in late May 2026 is buying the same setup or a much more expensive version of it.

The Arithmetic, On A Specific Day, In Plain Dollars

PSI opened 2026 at an adjusted price of $78.86 on the December 31, 2025 close. It traded at $161.63 on the May 26, 2026 close, including a 5.13% single-session move on the way there. So $10,000 became ~$20,496, or roughly a double in ~100 trading days. That is total return on an adjusted basis. The figure does not require a cherry-picked entry inside the window, because the window starts on the calendar year boundary. It is the boring, defensible version of the headline.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Invesco Semiconductors ETF didn't make the cut. Grab the names FREE today .

Stretch the lens out and the picture is louder. PSI is up 217.23% over the trailing year, 298.59% over five years, and 1,793.3% over ten. The Motley Fool ran the numbers in late 2025 and noted that $100 invested ten years ago was worth ~$920 today, an 820% total return versus the S&P 500's 233%. None of this is leverage. PSI is a plain, unlevered, fully invested basket.

Story Continues

The benchmark comparison is what gives the 2026 number its edge. iShares Semiconductor ETF ( NASDAQ:SOXX ), the cap-weighted competitor most institutions actually own, is up 89.42% year to date. That is an enormous number on its own. PSI still has ~15 percentage points on it. Against the S&P 500 the gap is closer to 95 percentage points. There are not many active equity funds in the world that are going to print that kind of relative number in 2026, which is the reason the title of the article uses the phrase it uses.

Why PSI And Not One Of The Famous Semi ETFs

The mechanism here is mostly one structural choice. PSI equal-weights ~30 semiconductor companies tracked through the Dynamic Semiconductor Intellidex Index. Cap-weighted funds like SOXX and the VanEck Semiconductor ETF lean hard on the largest two or three names, which in practice means a very large slug of the two biggest megacap chip designers does most of the work. PSI carries only 3.86% in NVIDIA, which sounds like a handicap until you notice what 2026 has actually rewarded.

Memory chips and semiconductor capital equipment. Those are the two pockets the equal weight forces you into, and they are the two pockets that PineBridge and others spent the late-2025 outlook season flagging. PineBridge's 2026 equity piece called out a rebound in memory and continued investments in advanced logic, with wafer fabrication equipment spending expected to rise on the back of those two threads. PSI's top weights have sat on Micron Technology, Lam Research, and Intel, which is to say, the memory cycle and the "pick and shovel" toolmakers. When those two pockets run, an equal-weight semis ETF outruns a cap-weighted one because the cap-weighted one is mostly concentrated in the single largest GPU designer.

The second piece of the mechanism is the AI capex story finally broadening out from the obvious winners. JPMorgan's 2026 outlook framed it directly, with tech sectors accounting for 36% of S&P 500 earnings and 56% of the index's capital spending growth over the last 12 months. That spending is not staying inside the megacap GPU designer. It is flowing to the people who build the memory, the etch tools, the deposition tools, the test equipment, and the specialty foundries. PSI's TradingView writeup in late April flagged a 182.6% surge from its 52-week low, attributing the run to the AI boom and the domestic chip production push. A Tower Semiconductor holding inside the basket was up 444% on a 12-month basis on the strength of defense radar and supply-chain reshoring work.

So the engine is identifiable. Equal weight plus a sector tailwind that rewards the second and third tier of names more than the megacap. The expense ratio is 0.56%, AUM is ~$1.29 billion, and the beta is 1.58. None of those numbers are unusual for the category. The performance came from holdings.

What A Reader Buying In Late May 2026 Is Actually Buying

This is the part the dinner-party victory lap leaves out. PSI rose 13% in the past week and 19.85% in the past month. SOXX rose 14.77% in the past week. Anything moving that fast is pricing in a lot of forward good news before the news lands. Morningstar's 2026 outlook tracks its Global Next Generation AI Index against fair value and notes the index sits above fair value, having ranged from 74% to 114% of fair value since 2023. An Intellectia AI valuation note from early April put PSI itself in the "fair" zone based on forward P/S ratio versus its 5-year average, with the caveat that the level "seems unsustainable despite strong revenue growth." That was 47 dollars ago on the chart.

The conditions that produced the run are mostly still in place. Wafer fab equipment spending is still expected to grow. Memory pricing has not rolled. The reshoring story still has years of capex behind it. PineBridge's view of ~25% annual growth in datacenter equipment for the next four to five years, anchored to electrical infrastructure constraints, is the kind of structural call that has held up across multiple outlook cycles. The setup is intact. It is also a lot more expensive than it was on January 2.

Three indicators are worth watching from here, all of them observable without a Bloomberg terminal. First, the memory pricing tape, because contract DRAM and NAND pricing from the largest US memory maker is what makes the largest single weight in PSI move. Second, the quarterly capex guidance from the hyperscalers and from TSMC, because that capex is the order book for the major wafer fab equipment toolmakers. Third, the Philadelphia Semiconductor Index, which is what SOXX is built around, because if SOXX rolls, PSI is going to roll harder given its higher beta. Vanguard's 2026 piece flagged that AI investment's outsized contribution to economic growth represents the key risk factor in 2026, which is a polite way of saying that if AI capex blinks, semis blink first.

The honest read is that PSI's 2026 was earned, and that the mechanism is identifiable and largely structural. The fund did exactly what it was built to do during a regime that happened to suit it. That is the durable part. The part that will not repeat on the same scale is the starting price. You can still own the mechanism. You cannot still own the entry. Watch memory pricing and watch hyperscaler capex, because that is where the next leg, up or down, is going to show up first.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Invesco Semiconductors ETF didn't make the cut. Grab the names FREE today .

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After Three Years of Tracking the AI Capex Cycle These 3 Semiconductor ETFs Sit on Top of the Trade

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标的：`FTXL`来源：24/7 Wall St.发布日期：2026-05-29重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1250

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After Three Years of Tracking the AI Capex Cycle These 3 Semiconductor ETFs Sit on Top of the Trade

David Beren

May 29, 2026 6 min read

ASML.AS

LRCX

SOXX

FTXL

Quick Read

iShares Semiconductor ETF (SOXX) tracks 30 U.S.-listed chip stocks with a 0.34% expense ratio and returned 87% year-to-date by capturing broad supplier exposure to the AI capex cycle; VanEck Semiconductor ETF (SMH) concentrates on 25 names including Taiwan Semi (9%), ASML, and Lam Research with 4% Netherlands and 9% Taiwan exposure, returning 65% year-to-date; First Trust Nasdaq Semiconductor ETF (FTXL) uses factor-weighted screening to emphasize semicap equipment and memory stocks including Micron and Credo, returning 99% year-to-date at a 0.60% fee with $1.48B in assets.

Hyperscaler AI capital spending projected near 25% annual growth through 2030 is distributing dollars across the semiconductor supply chain from chip designers to foundries to lithography equipment makers, and each ETF captures different layers of this structural shift.

The analyst who called NVIDIA in 2010 just named his top 10 stocks and First Trust NASDAQ Semiconductor ETF wasn't one of them. Get them here FREE .

After three years of hyperscaler capital spending feeding through to chip designers, foundry capacity, and lithography backlogs, the semiconductor ETF complex has separated into distinct buckets. iShares Semiconductor ETF ( NASDAQ:SOXX ), VanEck Semiconductor ETF ( NASDAQ:SMH ), and First Trust Nasdaq Semiconductor ETF ( NASDAQ:FTXL ) are the three broad U.S.-listed vehicles that capture the trade in clean, liquid form. They differ in construction, and that difference has produced a wide spread in performance during the current cycle.

Goldman Sachs Asset Management's 2026 outlook frames the backdrop bluntly: the AI capex boom is "driving business and investment activity" while the rest of the U.S. economy softens. PineBridge and MetLife describe datacenter equipment growth as "essentially locked in for the next four to five years" with annual growth near 25%. That is the structural setup behind the three funds below.

SOXX: The Largest, Broadest Way to Own the Cycle

SOXX tracks the NYSE Semiconductor Index, a modified market-cap weighted basket of 30 U.S.-listed chip names. The investment logic is straightforward: AI capex is a flow of dollars moving from a small group of hyperscalers to a wide set of suppliers, and SOXX owns enough of that supplier base to capture the cycle without making a single-name bet. The fund's expense ratio runs at 0.34%, with the fact sheet referenced as of March 2026.

The analyst who called NVIDIA in 2010 just named his top 10 stocks and First Trust NASDAQ Semiconductor ETF wasn't one of them. Get them here FREE .

Story Continues

The modified weighting matters, as a pure cap weighting would allow NVIDIA to dominate to a degree that resembles holding a single stock. The cap on top names spreads exposure into equipment makers and analog franchises that benefit from the same capex wave through a different mechanism. On the positive side, SOXX is up roughly 87% year-to-date and 180% over the trailing year, mirroring the trajectory of hyperscaler order books since the deepseek-driven reset early last year.

The trade-off: SOXX is U.S.-listed only, so there is no direct exposure to ASML or TSMC. However, investors who view the lithography and foundry layers as the truest bottleneck in the AI buildout will find that exclusion meaningful.

SMH: Concentrated Exposure to the Choke Points

SMH tracks the MarketVector US Listed Semiconductor 10% Capped Screened Index and holds 25 names. The fund carries $6.3 billion in net assets with an expense ratio of 0.35%. The point of owning SMH rather than SOXX is the willingness to let the largest, most capacity-constrained companies drive returns.

The top holdings as of May 27, 2026, are NVIDIA at 16%, Taiwan Semi at 9%, Intel at 8%, Advanced Micro Devices at 7%, and Broadcom at 7%. Micron sits at 6%. Equipment names, including ASML, Lam Research, and Applied Materials, make up around 12% of the fund. Geographically, about 4% sits in the Netherlands and 9% in Taiwan, reflecting exposure to the foundry and lithography links of the chain that SOXX skips.

As it stands, SMH returned 65% year-to-date and 152% over one year, lagging SOXX in 2026, but the lag tracks the way capital has rotated within the cycle. Memory and equipment names have outrun the largest cap-weighted incumbents over the past several months, and SMH's heavier top-5 concentration has worked against it during that rotation. As Eric Jhonsa put it on a recent podcast, "demand keeps staying ahead of supply" , which has favored capacity providers over the design layer.

The trade-off is concentration: a bad quarter from AMD or Broadcom moves SMH in a way it would not move SOXX, and international tickers add a second layer of geopolitical sensitivity around Taiwan and export controls.

FTXL: The Smart-Beta Outsider That Has Quietly Led the Group

FTXL represents our value play here. This fund tracks Nasdaq's unique AlphaDEX index, which ranks chip stocks by growth, value, and momentum metrics and then groups them into tier-weighted buckets. Its structural management fee sits right at 0.60%, marking it the costliest option among these choices. According to its latest official regulatory filing, the product managed roughly $1.48 billion in total investor assets as of the close of March.

That construction is what makes FTXL relevant to the AI capex theme rather than a generic diversified bet. The factor screen pulls in semicap equipment, memory, and connectivity names at weightings that the cap-weighted indexes underemphasize. As of March 31, 2026, top positions included NVIDIA at 8%, Intel at 8%, Broadcom at 8%, Qualcomm at 8%, and Micron at 7%. The portfolio extends to 34 holdings, including KLA, Marvell, ON Semiconductor, Astera Labs, and Credo, names that benefit from datacenter interconnect and advanced packaging spend.

The performance has been a surprise to the group. FTXL returned 99% year-to-date and 219% over the trailing 12 months. Memory rebound, semicap order strength, and recovery in second-tier analog names have all rewarded the factor tilt. That outperformance does not annualize cleanly into a thesis, and the fund's smaller AUM and 0.60% fee are real costs.

The tradeoff: factor methodologies rebalance on a schedule, which can mean trimming winners that the cap-weighted indexes keep riding. FTXL also concentrates on roughly the same names as SOXX and SMH at the top, so the diversification benefit is structural rather than dramatic.

Choosing Between the Three

The decision rests on which part of the AI capex chain an investor wants exposure to. SOXX is the default broad vehicle, leaning toward U.S.-listed designers and integrated manufacturers, and the largest pool of capital. SMH provides direct exposure to the foundry and lithography sectors through TSMC and ASML, with a concentration that cuts both ways. FTXL leans into semicap equipment, memory, and emerging interconnect names through a factor screen, with a higher fee and a smaller asset base, but a 2026 return profile that has run ahead of the two larger funds.

NVIDIA's own framing, that AI capex grows "3x to 4x" by the end of the decade, sets a long runway. Each of these three funds expresses a different view on which part of that spending compounds fastest.

The analyst who called NVIDIA in 2010 just named his top 10 AI stocks

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三星电子开始发送HBM4E样品

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标的：`005930.KS`来源：Samsung Electronics发布日期：2026-05-29重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：769

中文摘要

三星称HBM4E样品已开始出货，稳定针脚速率为14Gbps，并可扩展至16Gbps。
12层产品容量为48GB，单堆栈带宽最高3.6TB/s；后续计划增加32GB和64GB配置。
产品使用1c DRAM和三星晶圆代工4nm逻辑底层裸片；量产时间将与客户进度对齐。

英文原文

Samsung Electronics Begins Shipment of Industry-First HBM4E Samples

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Samsung Electronics Begins Shipment of Industry-First HBM4E Samples

Korea on May 29, 2026

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Samsung's 12-layer HBM4E achieves speeds of up to 16Gbps with improved energy efficiency and thermal performance

Proven processes from HBM4 production experience and technology enhancements support increasingly demanding next-generation AI workloads

Samsung Electronics, a global leader in advanced memory technology, today announced that it has begun shipping the industry’s first 12-layer HBM4E samples to major global customers, further strengthening its leadership in the next-generation HBM market.

Following the industry’s first mass production and commercial shipment of its industry-leading HBM4 earlier this year, Samsung now extends its HBM roadmap with the introduction of HBM4E samples, addressing the rapidly evolving demands of AI computing and hyperscale infrastructure.

“Following the successful mass production of HBM4, Samsung has once again demonstrated its distinct technological edge with HBM4E,” said Sang Joon Hwang, Executive Vice President and Head of Memory Development at Samsung Electronics. “Through our advanced manufacturing capabilities and preemptive infrastructure investments, we will continue to drive the growth of the global AI memory market.”

Samsung’s HBM4E delivers a stable pin speed of 14 gigabits-per-second (Gbps), with performance scalable up to 16Gbps to support increasingly intensive data processing requirements. This represents more than a 20% increase over its HBM4, while delivering memory bandwidth of up to 3.6 terabytes-per-second (TB/s) per stack, helping maximize computing performance for large language models (LLMs) and next-generation AI systems.

Samsung’s 12-layer HBM4E is offered in a 48-gigabyte (GB) capacity, representing more than a 30% increase over the previous generation, with plans to expand the lineup to include 32GB (8-layer) and 64GB (16-layer) configurations in accordance with customer requirements.

The HBM4E sets itself apart by taking full advantage of Samsung’s comprehensive semiconductor capabilities and leveraging the same leading-edge technologies refined through the company’s HBM4 production experience. This includes the industry’s most advanced 6th-generation 10-nanometer (nm)-class DRAM process (1c) and Samsung Foundry’s 4nm logic base die, allowing the HBM4E to secure enhanced process stability and manufacturability.

Design and process optimization across both memory and logic architectures of Samsung’s HBM4E also improves performance, power efficiency and yield.

In particular, advanced low-power design technologies and optimized packaging structures improved energy efficiency by 16% and thermal resistance characteristics by more than 14% compared to the previous generation. These enhancements also enable more effective heat dissipation, allowing prolonged reliability and lower energy consumption in next-generation data centers with intensive workloads.

Samsung plans to begin mass production for HBM4E aligned with customer schedules, following initial sample shipments and optimization.

Feedback from global customers on Samsung’s HBM4, introduced in February, have been highly positive, especially for its performance and energy efficiency. The HBM4 was the first in the industry to enter mass production and has successfully set the bar for the industry with speeds of 11.7Gbps in its system in package (SiP) tests.

As stable supply of Samsung’s HBM4 continues to grow, the company’s latest HBM4E using the same combination of core and base die is anticipated to enter mass production to further accelerate innovation in next-generation AI systems. With its comprehensive portfolio spanning memory, foundry, logic design and advanced packaging, Samsung will continue to ensure a stable semiconductor supply for the booming AI market.

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The Most-Compared ETFs Right Now — And What They Reveal

重要性未评级

发布时间早于日报 5 天摘要窗口。

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标的：`FTXL`, `PSI`来源：etf.com发布日期：2026-05-28重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1127

中文摘要

该文章早于本次日报摘要窗口，未生成新的中文摘要；可展开原文或打开来源核查。

英文原文

The Most-Compared ETFs Right Now — And What They Reveal

ETF.com Staff

May 29, 2026 6 min read

-1.90%

SOXL

-13.99%

balance Every month, tens of thousands of investors come to ETF.com not to read about ETFs—but to compare them head to head. The ETF Comparison Tool lets users stack any two (or three) funds side by side across costs, performance, holdings, and flows. Over the last 28 days, 96,861 users ran a pure ticker-vs-ticker comparison on our tool. What they searched tells a story about where investor attention—and anxiety—is right now.

Semiconductors Are the Runaway #1 Theme

Nothing comes close. The single most-searched matchup on the entire site is SMH vs. SOXX , with 2,478 active users—more than double the next most popular pair. Semiconductor ETFs dominate the top of the list in a way no other category does.

The matchup map is deep: SMH vs. QQQ (1,153 users), SMH vs. SOXQ (896), SOXQ vs. SOXX (708), QQQ vs. SOXX (367), SOXL vs. SOXX (367), SMH vs. CHPS (193), DRAM vs. SMH (151). When you add up every comparison that includes a semiconductor ETF, it's the most-trafficked category on the tool by a wide margin—likely north of 9,000 users in the period.

The debate isn't just VanEck vs. iShares. Investors are drilling down: broad semis vs. leveraged semis, pure-play chip designers vs. the full supply chain, large-cap leaders vs. smaller names in PSI and FTXL . The semiconductor trade is alive, contested, and highly researched.

The Growth ETF Wars

The second biggest storyline is a four-way fight between SCHG , VUG , QQQM , and QQQ . Investors are trying to figure out which growth ETF deserves the core slot in their portfolio—and they're not finding an obvious answer.

SCHG vs. QQQM drew 917 users. QQQM vs. VGT pulled 809. QQQ vs. VUG got 743. VUG vs. QQQM attracted 717. SCHG vs. VUG : 620. VUG vs. VGT : 587. QQQ vs. VGT : 581. The three-way matchup VUG vs. QQQM vs. SCHG added another 459.

What's notable is how often SCHG appears. Schwab's large-cap growth fund has quietly become a serious challenger to QQQ for cost-conscious investors, and the comparison traffic reflects that. SCHG 's 0.04% expense ratio versus QQQ 's 0.20% is a conversation that 2,000+ users a month are actively having.

Core Portfolio Fundamentals Still Drive Volume

Amid all the thematic excitement, the bread-and-butter comparisons remain extremely popular. QQQ vs. SPY (771 users), VTI vs. VOO (706), IVV vs. VOO (587), QQQ vs. VOO (583), SPY vs. IVV (566)—these are the "which foundational ETF should I own" questions that never go out of style.

The QQQ vs. QQQM comparison (629 users) deserves special mention. These are essentially the same index at different price points, but investors are clearly still working through whether the switch makes sense for their situation. At this volume, it's one of the most practically useful comparisons on the tool.

Story Continues

Nuclear Energy: The Sleeper Hit

One of the more surprising findings in the data is how actively investors are researching uranium and nuclear ETFs. URA vs. NLR drew 459 users—more than many mainstream equity matchups. NLR vs. URNM pulled 355. URA vs. URNM : 291. URNM vs. URA : 168. NLR vs. URA : 143. URNJ vs. URNM : 80.

That's a niche category generating well over 1,500 comparison sessions. For a theme most investors couldn't have named three years ago, nuclear is getting serious due diligence. The nuances matter to this crowd: physical uranium vs. uranium miners, pure-play vs. diversified nuclear, large producers vs. junior miners.

Momentum Has a Moment

SPMO —Invesco's S&P 500 Momentum ETF—appears in six different matchups across the top of the data. VOO vs. SPMO (570), QQQ vs. SPMO (569), QQQM vs. SPMO (538), VGT vs. SPMO (288), SPY vs. RSP (567). Investors are stress-testing momentum against their core holdings, asking whether chasing factor performance makes sense at this point in the cycle.

The RSP comparison is a related tell: equal-weight vs. cap-weight (567 users) is a question that resurfaces whenever concentration risk is on investors' minds. When the top 10 names in the S&P 500 account for a record share of the index, the equal-weight alternative starts looking interesting—at least interesting enough to compare.

AI and Robotics: Still Being Figured Out

The AI ETF category is generating real comparison traffic, but the matchups suggest investors are still sorting out which funds belong in which bucket. AIQ vs. BOTZ: 512 users. BOTZ vs. ARKQ: 330. BOTZ vs. ROBO: 253. BOTZ vs. AIQ: 185. AIQ vs. CHAT: 267. IRBO vs. BOTZ: 131.

BOTZ shows up as the reference point—the ETF everyone else gets compared to. But the high volume across multiple AI/robotics pairs suggests this is a category where investors haven't landed on a consensus pick. That's an opportunity for editorial clarity.

Defense Goes Mainstream

Defense ETF comparisons spiked in ways consistent with investors responding to geopolitical headlines. XAR vs. PPA: 253 users. XAR vs. ITA: 196. SHLD vs. ITA: 185. PPA vs. ITA: 133. These aren't abstract research queries—they read like investors actively deciding where to put new money in a sector they've recently decided to own.

Space ETFs show up nearby: UFO vs. ARKX (352), NASA vs. UFO (111), UFO vs. ROKT (68). The overlap with defense themes—several space ETFs hold significant aerospace and defense names—suggests some investors are treating the two categories as adjacent bets.

Cash and Short-Duration Bonds: Not Going Anywhere

Despite rate cut expectations, investors are still actively comparing their cash-parking options. TBIL vs. SGOV : 384 users. SGOV vs. BIL : 319. VBIL vs. SGOV : 296. BOXX vs. SGOV : 139. BIL vs. SGOV : 79.

The BOXX comparison is notable—it signals that some investors are now aware of the more exotic cash-management structures and are doing genuine due diligence on them. The T-bill ETF category has matured from a novelty into a crowded, actively-researched space.

What the Data Tells Us

Taken together, the comparison traffic over the last 28 days paints a picture of an investor base that is engaged, specific, and often ahead of the mainstream narrative. Semiconductors are being researched at a depth that goes well beyond "I want chip exposure." Growth ETFs are being evaluated on cost and construction, not just performance. Nuclear energy has graduated from talking point to portfolio consideration.

The comparison tool is, in a sense, a live map of investor decision-making—not what people bought, but what they were thinking about buying. Right now, they're thinking hard about chips, growth factors, nuclear power, and momentum. We'll keep tracking it.

Find other ETF Comparisons using ETF.com's ETF Comparison Tool

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Marvell 2027 财年第一季度 10-Q：数据中心收入、客户集中度与资本承诺

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发布时间早于日报 5 天摘要窗口。

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标的：`MRVL`来源：U.S. Securities and Exchange Commission发布日期：2026-05-28重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：46262

中文摘要

Marvell 披露 2027 财年第一季度净收入 24.178 亿美元，其中数据中心收入 18.327 亿美元，占 76%。
期末三个客户合计占应收账款总额 75%；当季一个直接客户和一个分销商分别贡献 16% 与 45% 的净收入。
截至 2026-05-02，公司借款总额为 50 亿美元；季度后签订长期晶圆及基板产能协议，承诺支付合计 8.70 亿美元押金。
向 NVIDIA 发行的 Series A 可转换优先股最初最多可转换为约 2180 万股普通股。

英文原文

mrvl-20260502

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended May 2, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-40357

MARVELL TECHNOLOGY, INC .

(Exact name of registrant as specified in its charter)

Delaware 85-3971597

(State or other jurisdiction of

incorporation or organization) (I.R.S. Employer

Identification No.)

1000 N. West Street, Suite 1200

Wilmington , Delaware 19801

( 302 ) 295-4840

(Address of principal executive offices, zip code and registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, par value $0.002 per share MRVL The Nasdaq Global Select Market

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐

Non-accelerated filer ¨

Smaller reporting company ☐

Emerging growth company ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

The number of shares of common stock of the registrant outstanding as of May 21, 2026 was 874.8 million.

Table of Contents

TABLE OF CONTENTS

Page

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements:

Unaudited Condensed Consolidated Balance Sheets as of May 2, 2026 and January 31, 2026

Unaudited Condensed Consolidated Statements of Operations for the three months ended May 2, 2026 and May 3, 2025

Unaudited Condensed Consolidated Statements of Comprehensive Income for the three months ended May 2, 2026 and May 3, 2025

Unaudited Condensed Consolidated Statements of Stockholders’ Equity for the three months ended May 2, 2026 and May 3, 2025

Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended May 2, 2026 and May 3, 2025

Notes to Unaudited Condensed Consolidated Financial Statements

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Item 4. Controls and Procedures

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Item 1A. Risk Factors

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Item 5. Other Information

Item 6. Exhibits

Signatures

Table of Contents

PART I: FINANCIAL INFORMATION

Item 1. Financial Statements

MARVELL TECHNOLOGY, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions, except par value per share)

May 2,

2026 January 31,

2026

ASSETS

Current assets:

Cash and cash equivalents $ 3,843.6 $ 2,638.8

Accounts receivable, net 1,871.7 2,186.6

Inventories 1,400.9 1,388.0

Prepaid expenses and other current assets 347.8 247.2

Total current assets 7,464.0 6,460.6

Property and equipment, net 972.5 935.0

Goodwill 13,883.5 11,062.2

Acquired intangible assets, net 2,561.5 1,754.7

Deferred tax assets 319.8 345.9

Other non-current assets 1,743.2 1,726.9

Total assets $ 26,944.5 $ 22,285.3

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable $ 709.7 $ 1,073.8

Accrued liabilities 1,335.6 1,337.1

Accrued employee compensation 231.5 309.8

Short-term debt — 499.8

Total current liabilities 2,276.8 3,220.5

Long-term debt 4,961.3 3,970.8

Other non-current liabilities 1,490.6 785.6

Total liabilities 8,728.7 7,976.9

Commitments and contingencies (Note 9)

Stockholders’ equity:

Preferred stock, $ 0.002 par value; 8.0 shares authorized; 2.0 shares issued and outstanding as of May 2, 2026 of Series A Convertible Preferred Stock ( none issued and outstanding as of January 31, 2026)

— —

Common stock, $ 0.002 par value

1.8 1.7

Additional paid-in capital 16,877.5 12,950.9

Retained earnings 1,336.5 1,355.8

Total stockholders’ equity 18,215.8 14,308.4

Total liabilities and stockholders’ equity $ 26,944.5 $ 22,285.3

See accompanying notes to unaudited condensed consolidated financial statements

Table of Contents

MARVELL TECHNOLOGY, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share amounts)

Three Months Ended

May 2,

2026 May 3,

2025

Net revenue $ 2,417.8 $ 1,895.3

Cost of goods sold 1,157.0 942.9

Gross profit 1,260.8 952.4

Operating expenses:

Research and development 652.3 507.7

Selling, general and administrative 258.4 186.4

Restructuring related charges (gain), net 10.7 ( 12.3 )

Total operating expenses 921.4 681.8

Operating income 339.4 270.6

Interest expense ( 52.8 ) ( 48.7 )

Other expense, net ( 203.3 ) ( 6.0 )

Interest and other loss, net ( 256.1 ) ( 54.7 )

Income before income taxes 83.3 215.9

Provision for income taxes 48.8 38.0

Net income $ 34.5 $ 177.9

Net income per share — basic $ 0.04 $ 0.21

Net income per share — diluted $ 0.04 $ 0.20

Weighted-average shares outstanding - common stock and preferred stock assuming conversion:

Basic 882.0 864.8

Diluted 893.3 875.6

See accompanying notes to unaudited condensed consolidated financial statements

Table of Contents

MARVELL TECHNOLOGY, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In millions)

Three Months Ended

May 2,

2026 May 3,

2025

Net income $ 34.5 $ 177.9

Other comprehensive loss, net of tax

Net change in unrealized loss on cash flow hedges — ( 0.5 )

Other comprehensive loss, net of tax — ( 0.5 )

Comprehensive income, net of tax $ 34.5 $ 177.4

See accompanying notes to unaudited condensed consolidated financial statements

Table of Contents

MARVELL TECHNOLOGY, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In millions, except per share amounts)

Preferred Stock Common Stock Additional Paid-in Capital Retained Earnings

Shares Amount Shares Amount Total

Balance at January 31, 2026 — $ — 847.3 $ 1.7 $ 12,950.9 $ 1,355.8 $ 14,308.4

Net income — — — — — 34.5 34.5

Issuance of Series A Convertible Preferred Stock in connection with a securities purchase agreement, net of issuance cost 2.0 — — — 1,999.6 — 1,999.6

Issuance of common stock in connection with equity incentive plans — — 2.9 — 3.3 — 3.3

Tax withholdings related to net share settlement of restricted stock units — — — — ( 227.2 ) — ( 227.2 )

Issuance of common stock in connection with acquisitions — — 26.8 0.1 2,097.9 — 2,098.0

Replacement equity awards attributable to pre-acquisition service — — — — 33.4 — 33.4

Vestings of common stock in connection with customer warrant — — — — 10.9 — 10.9

Stock-based compensation — — — — 208.7 — 208.7

Repurchases of common stock

— — ( 1.4 ) — ( 200.0 ) — ( 200.0 )

Cash dividends declared and paid ($ 0.06 per share)

— — — — — ( 53.8 ) ( 53.8 )

Balance at May 2, 2026 2.0 $ — 875.6 $ 1.8 $ 16,877.5 $ 1,336.5 $ 18,215.8

Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings (Accumulated Deficit)

Shares Amount Total

Balance at February 1, 2025 866.0 $ 1.7 $ 14,534.1 $ 0.4 $ ( 1,109.2 ) $ 13,427.0

Net income — — — — 177.9 177.9

Other comprehensive loss — — — ( 0.5 ) — ( 0.5 )

Issuance of common stock in connection with equity incentive plans 1.8 — 0.6 — — 0.6

Tax withholdings related to net share settlement of restricted stock units — — ( 50.2 ) — — ( 50.2 )

Vestings of common stock in connection with customer warrant — — 6.8 — — 6.8

Stock-based compensation — — 142.9 — — 142.9

Repurchases of common stock

( 5.6 ) — ( 340.0 ) — — ( 340.0 )

Cash dividends declared and paid ($ 0.06 per share)

— — — — ( 51.8 ) ( 51.8 )

Balance at May 3, 2025 862.2 $ 1.7 $ 14,294.2 $ ( 0.1 ) $ ( 983.1 ) $ 13,312.7

See accompanying notes to unaudited condensed consolidated financial statements

Table of Contents

MARVELL TECHNOLOGY, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

Three Months Ended

May 2,

2026 May 3,

2025

Cash flows from operating activities:

Net income $ 34.5 $ 177.9

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization 95.4 84.2

Stock-based compensation 207.6 142.1

Amortization of acquired intangible assets 225.2 245.7

Change in fair value of contingent consideration liability 331.8 —

Change in fair value of forward stock purchase contract ( 81.1 ) —

Restructuring related charges (gains), net — ( 14.0 )

Deferred income taxes 13.8 ( 4.3 )

Other expense, net 23.2 44.1

Changes in assets and liabilities, net of acquisitions:

Accounts receivable 314.9 ( 115.6 )

Prepaid expenses and other assets ( 28.5 ) 24.1

Inventories ( 11.4 ) ( 69.9 )

Accounts payable ( 355.9 ) ( 37.4 )

Accrued employee compensation ( 84.4 ) ( 117.6 )

Accrued liabilities and other non-current liabilities ( 46.3 ) ( 26.4 )

Net cash provided by operating activities 638.8 332.9

Cash flows from investing activities:

Purchases of technology licenses ( 0.5 ) ( 1.1 )

Purchases of property and equipment ( 155.7 ) ( 118.8 )

Proceeds from sales of property and equipment — 25.9

Acquisitions, net of cash acquired ( 1,270.9 ) —

Other, net 5.7 ( 0.1 )

Net cash used in investing activities ( 1,421.4 ) ( 94.1 )

Cash flows from financing activities:

Repurchases of common stock ( 200.0 ) ( 340.0 )

Proceeds from employee stock plans 3.3 0.6

Proceeds from issuance of preferred stock 2,000.0 —

Tax withholding paid on behalf of employees for net share settlement ( 227.2 ) ( 50.2 )

Dividend payments to stockholders ( 53.8 ) ( 51.8 )

Payments on technology license obligations ( 27.2 ) ( 26.8 )

Proceeds from borrowings 998.9 200.0

Principal payments of debt ( 500.0 ) ( 32.8 )

Other, net ( 6.6 ) ( 0.2 )

Net cash provided by (used in) financing activities 1,987.4 ( 301.2 )

Net increase (decrease) in cash and cash equivalents 1,204.8 ( 62.4 )

Cash and cash equivalents at beginning of period 2,638.8 948.3

Cash and cash equivalents at end of period $ 3,843.6 $ 885.9

See accompanying notes to unaudited condensed consolidated financial statements

Table of Contents

MARVELL TECHNOLOGY, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1. Basis of Presentation

The unaudited condensed consolidated financial statements of Marvell Technology, Inc. (“MTI”), a Delaware corporation, and its wholly owned subsidiaries (the “Company”), as of and for the three months ended May 2, 2026, have been prepared as required by the U.S. Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted as permitted by the SEC. These unaudited condensed consolidated financial statements and related notes should be read in conjunction with the Company’s fiscal 2026 audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2026. In the opinion of management, the financial statements include all adjustments, including normal recurring adjustments and other adjustments, that are considered necessary for fair presentation of the Company’s financial position and results of operations. All inter-company accounts and transactions have been eliminated. Operating results for the periods presented herein are not necessarily indicative of the results that may be expected for the entire year. Certain prior period amounts have been reclassified to conform to current period presentation. These financial statements should also be read in conjunction with the Company’s critical accounting policies included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2026 and those included in this Quarterly Report on Form 10-Q below. All dollar amounts in the financial statements and tables in these notes, except per share amounts, are stated in millions of U.S. dollars unless otherwise noted.

The Company’s fiscal year is the 52- or 53-week period ending on the Saturday closest to January 31. Accordingly, every fifth or sixth fiscal year will have a 53-week period. The additional week in a 53-week year is added to the fourth quarter, making such quarter consist of 14 weeks. Fiscal 2026 had a 52-week year. Fiscal 2027 is a 52-week year.

On February 2, 2026, the Company completed the acquisition of Celestial AI, Inc. (“Celestial”), a provider of a Photonic Fabric TM technology platform purpose-built for next-generation scale-up interconnect. The acquisition of Celestial is expected to accelerate the Company’s connectivity strategy for next-generation AI and cloud data centers. The unaudited condensed consolidated financial statements include the operating results of Celestial for the period from date of acquisition through the Company’s first quarter ended May 2, 2026. See “Note 4 – Business Combinations” and “Note 5 – Goodwill and Acquired Intangible Assets, Net” for more information.

On February 10, 2026, the Company completed the acquisition of XConn Technologies Holdings, Ltd. (“XConn”), a provider of advanced peripheral component interconnect express (“PCIe”) and compute express link (“CXL”) switching silicon, which expands the Company’s switching portfolio and augments the Company’s Ultra Accelerator Link TM (“UALink TM ”) scale-up switch team. The unaudited condensed consolidated financial statements include the operating results of XConn for the period from date of acquisition through the Company’s first quarter ended May 2, 2026. See “Note 4 – Business Combinations” and “Note 5 – Goodwill and Acquired Intangible Assets, Net” for more information.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including those related to revenue recognition, provisions for sales returns and allowances, inventory excess and obsolescence, contingent consideration, goodwill and other intangible assets, forward stock purchase contract, restructuring, government incentives, income taxes, litigation and other contingencies. Actual results could differ from these estimates and such differences could affect the results of operations reported in future periods. In the current macroeconomic environment, these estimates could require increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, these estimates may change materially in future periods.

Significant Accounting Policies

There have been no material changes during the three months ended May 2, 2026 to our significant accounting policies from the information provided in “Note 2 – Significant Accounting Policies” of the Notes to Consolidated Financial Statements set forth in Part II, Item 8 included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2026, except as described below.

Table of Contents

MARVELL TECHNOLOGY, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ‑ (Continued)

Derivative Financial Instruments

The Company accounts for its derivative instruments as either assets or liabilities and carries them at fair value. For derivative instruments that hedge the exposure to variability in expected future cash flows and are designated as cash flow hedges, the effective portion of the gain or loss on the derivative instrument is reported as a component of accumulated other comprehensive income (loss) in the statement of stockholders’ equity and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The ineffective portion of the gain or loss on the derivative instrument is recognized in current earnings. To receive hedge accounting treatment, cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions. Derivatives that are not designated as hedges are remeasured at fair value at each reporting period through earnings in the statement of operations and through cash provided by operating activities in the statements of cash flows.

Note 2. Recent Accounting Pronouncements

Accounting Pronouncements Not Yet Effective

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses requiring disaggregated disclosure of certain expense captions into specified categories in the notes to financial statements on an annual and interim basis. The ASU is effective for fiscal years beginning after December 15, 2026 with updates to be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company is evaluating the impact that this new standard will have on the Company’s consolidated financial statements.

In May 2025, the FASB issued ASU 2025-04, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer to reduce diversity in practice and improve the decision usefulness and operability of the guidance for share-based consideration payable to a customer in conjunction with selling goods or services. The ASU is effective for fiscal years beginning after December 15, 2026 with updates to be applied on a retrospective or modified retrospective basis. Early adoption is permitted. The Company is evaluating the impact that this new standard will have on the Company’s consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) : Targeted Improvements to the Accounting for Internal-Use Software . This ASU makes targeted improvements that clarify and modernize the accounting for costs related to internal-use software. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual periods, on either a prospective, retrospective, or modified basis. Early adoption is permitted. The Company is evaluating the impact that this new standard will have on the Company’s consolidated financial statements.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. This ASU establishes the accounting and presentation for government grants received by a business entity. This ASU will be effective for fiscal years beginning after December 15, 2028, and interim periods within those fiscal years. Early adoption is permitted. This ASU provides for adoption either on a modified prospective, modified retrospective, or retrospective basis. The Company is evaluating the impact that this new standard will have on the Company’s consolidated financial statements.

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MARVELL TECHNOLOGY, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ‑ (Continued)

Note 3. Revenue

Disaggregation of Revenue

The majority of the Company’s revenue is generated from sales of the Company’s products.

The following table summarizes net revenue disaggregated by end market (in millions, except percentages):

Three Months Ended

May 2,

2026 % of Total May 3,

2025 % of Total

Net revenue by end market:

Data center $ 1,832.7 76 % $ 1,440.6 76 %

Communications and other 585.1 24 % 454.7 24 %

$ 2,417.8 $ 1,895.3

The following table summarizes net revenue disaggregated by primary geographical market based on destination of shipment (in millions, except percentages):

Three Months Ended

May 2,

2026 % of Total May 3,

2025 % of Total

Net revenue based on destination of shipment:

China $ 1,057.9 44 % $ 708.9 37 %

Taiwan 519.7 21 % 327.3 17 %

United States 170.5 7 % 305.2 16 %

Other 669.7 28 % 553.9 30 %

$ 2,417.8 $ 1,895.3

These destinations of shipment are not necessarily indicative of the geographic location of the Company’s end customers or the country in which the Company’s end customers sell devices containing the Company’s products. For example, a substantial majority of the shipments made to China relate to sales to non-China based customers that have factories or contract manufacturing operations located within China. Net revenue for individual countries included in Other did not exceed 10% of the Company’s net revenue for any of the fiscal periods presented.

The following table summarizes net revenue disaggregated by customer type (in millions, except percentages):

Three Months Ended

May 2,

2026 % of Total May 3,

2025 % of Total

Net revenue by customer type:

Direct customers $ 1,188.9 49 % $ 1,069.3 56 %

Distributors 1,228.9 51 % 826.0 44 %

$ 2,417.8 $ 1,895.3

Contract Liabilities

Contract liabilities consist of the Company’s obligation to transfer goods or services to a customer for which the Company has received consideration or the amount is due from the customer. Contract liability balances are comprised of deferred revenue. The amount of revenue recognized during the three months ended May 2, 2026 that was included in the deferred revenue balance at January 31, 2026 was not material.

As of the end of a reporting period, some of the performance obligations associated with contracts will have been unsatisfied or only partially satisfied. The Company has elected the practical expedient and does not disclose the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less.

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MARVELL TECHNOLOGY, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ‑ (Continued)

Customer Warrant

During fiscal 2025, the Company issued a warrant to a customer for the purchase of up to 4.2 million shares (“Fiscal 2025 Warrant Shares”) of the Company’s common stock at an exercise price of $ 87.77 per share. The warrant has an exercise term of seven years and a vesting term of five years . The Fiscal 2025 Warrant Shares vest primarily based on the customer’s achievement of qualifying product revenue milestones and are recognized as a reduction to revenue as qualifying revenues are recognized during the vesting term. The grant date fair value of the warrant was determined to be $ 54.44 per share and a total fair value of $ 227.6 million using the Black-Scholes option pricing model. A total of 0.9 million Fiscal 2025 Warrant Shares were vested as of May 2, 2026.

During fiscal 2026, the Company issued a warrant to a customer for the purchase of up to 1.0 million shares (“Fiscal 2026 Warrant Shares”) of the Company’s common stock at an exercise price of $ 87.00 per share. The warrant has an exercise term of six years and a vesting term of five years . The Fiscal 2026 Warrant Shares vest based on the customer’s achievement of qualifying product revenues are recognized during the vesting term. The grant date fair value of the warrant was determined to be $ 53.02 per share and a total fair value of $ 55.4 million using the Black-Scholes option pricing model. None of the Fiscal 2026 Warrant Shares have vested as of May 2, 2026.

Note 4. Business Combinations

The following acquisitions were accounted for as business combinations under ASC 805. In accordance with U.S. GAAP requirements for business combinations, the Company allocated the fair value of the purchase consideration, including any contingent consideration, to the tangible assets, liabilities and intangible assets acquired, including in-process research and development (“IPR&D”), generally based on their estimated fair values. The excess purchase price over those fair values is recorded as goodwill. The accounting for business combinations requires management to make significant estimates and assumptions, especially with respect to the fair value of intangible assets and contingent consideration. Acquisition-related costs are expensed in the periods in which such costs are incurred, and recorded in selling, general and administrative expense in the unaudited condensed consolidated statements of operations. See “Note 5 – Goodwill and Acquired Intangible Assets, Net” for additional information.

Celestial AI

On February 2, 2026, the Company completed the acquisition of Celestial AI, Inc. (“Celestial”), a provider of a Photonic Fabric TM technology platform purpose-built for next-generation scale-up interconnect, for a total purchase consideration of $ 3.5 billion. The acquisition of Celestial is expected to accelerate the Company’s connectivity strategy for next-generation AI and cloud data centers. In accordance with the terms of the Agreement and Plan of Reorganization dated December 2, 2025 (the “Celestial Merger Agreement”), the Company issued shares of its common stock and paid cash in exchange for all outstanding equity of Celestial, including shares of Celestial’s preferred and common stock, employee equity awards and warrants.

Contingent on the achievement of specified revenue milestones, the Company may be required to pay additional cash and issue additional shares of its common stock through fiscal 2029. Contingent consideration liability was initially measured at fair value at the acquisition date and included as part of consideration transferred. The contingent consideration liability will be remeasured at fair value at each reporting date with changes recognized in Other expense, net in the Company’s unaudited condensed consolidated statements of operations. See “Note 6 – Fair Value Measurement” for additional information.

The factors contributing to the recognition of goodwill were based upon the Company's conclusion that there are strategic and synergistic benefits that are expected to be realized from the acquisition. Goodwill recorded for the Celestial acquisition is not expected to be deductible for tax purposes.

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MARVELL TECHNOLOGY, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ‑ (Continued)

The following table summarizes the total purchase consideration for Celestial (in millions):

Cash consideration $ 1,279.7

Common stock issued ( 24.5 million shares of the Company's common stock)

1,929.0

Stock consideration for replacement equity awards attributable to pre-combination service 12.9

Contingent consideration 315.8

Total purchase consideration 3,537.4

Less: Cash and cash equivalents acquired ( 302.8 )

Total purchase consideration, net of cash acquired $ 3,234.6

The purchase consideration allocation set forth herein is preliminary and may be revised with adjustments to goodwill as additional information becomes available during the measurement period from the closing date of the acquisition to finalize such preliminary estimates. Any such revisions or changes may be material.

The purchase price allocation for Celestial is as follows (in millions):

Cash and cash equivalents $ 302.8

Goodwill 2,404.4

Acquired intangible assets, net 951.0

Deferred tax liabilities ( 94.3 )

Other, net ( 26.5 )

Total purchase consideration $ 3,537.4

In connection with the Celestial acquisition, the Company recognized $ 29.1 million of acquisition-related transaction costs, which primarily consisted of legal and professional fees, during the three months ended May 2, 2026.

Revenue and earnings of Celestial since the acquisition date were not material.

Unaudited Supplemental Pro Forma Information

The unaudited supplemental pro forma financial information presents the combined results of operations as if Celestial had been acquired as of beginning of fiscal 2026. The pro forma information includes non-recurring adjustments for (i) amortization and depreciation for property and equipment and technology licenses, (ii) stock-based compensation expense, and (iii) acquisition related costs. For the three months ended May 2, 2026 and May 3, 2025, pro forma net income was $ 82.2 million and $ 96.8 million, respectively.

The unaudited supplemental pro forma financial information is for illustrative purposes only and is not necessarily indicative of the financial position or results of operations that would have been realized if the Celestial acquisition had been completed on the date indicated, does not reflect synergies that might have been achieved, nor is it indicative of future operating results or financial position. The pro forma adjustments are based upon currently available information and certain assumptions the Company believes are reasonable under the circumstances.

XConn

On February 10, 2026, the Company completed the acquisition of XConn Technologies Holdings, Ltd. (“XConn”), a provider of advanced PCIe and CXL switching silicon, for a total purchase consideration of $ 469.0 million. The acquisition of XConn expands the Company's switching portfolio and augments the Company's UALink TM scale-up switch team. In accordance with the terms of the Agreement and Plan of Reorganization dated January 5, 2026 (the “XConn Merger Agreement”), the Company issued shares of its common stock and paid cash in exchange for all outstanding equity of XConn, including shares of XConn’s preferred and common stock and employee equity awards.

The factors contributing to the recognition of goodwill were based upon the Company's conclusion that there are strategic and synergistic benefits that are expected to be realized from the acquisition. Goodwill recorded for the XConn acquisition is not expected to be deductible for tax purposes.

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MARVELL TECHNOLOGY, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ‑ (Continued)

The following table summarizes the total purchase consideration for XConn (in millions):

Cash consideration $ 272.1

Common stock issued ( 2.1 million shares of the Company's common stock)

168.9

Stock consideration for replacement equity awards attributable to pre-combination service 20.5

Settlement of pre-existing contractual relationship 7.5

Total purchase consideration 469.0

Less: Cash acquired ( 0.6 )

Total purchase consideration, net of cash acquired $ 468.4

The purchase price allocation for XConn is as follows (in millions):

Goodwill $ 394.9

Acquired intangible assets, net 81.0

Other, net ( 6.9 )

Total purchase consideration $ 469.0

Acquisition-related transaction costs in connection with the XConn acquisition were not material for the three months ended May 2, 2026. Pro forma financial information, as well as the revenue and earnings of XConn since the acquisition date, were not material for the periods presented.

Note 5. Goodwill and Acquired Intangible Assets, Net

Goodwill

Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. The carrying value of goodwill as of May 2, 2026 and January 31, 2026 was $ 13.9 billion and $ 11.1 billion, respectively. During the quarter ended May 2, 2026, the Company completed the acquisitions of Celestial and XConn, and an immaterial acquisition, which collectively increased goodwill by approximately $ 2.8 billion. See “Note 4 – Business Combinations” for further information.

Acquired Intangible Assets, Net

In connection with the Celestial and XConn acquisitions in the first quarter of fiscal 2027, the Company acquired $ 1.0 billion of intangible assets as follows (in millions, except for weighted-average useful life as of acquisition date):

Celestial XConn Total Weighted-Average Useful Life (Years)

Developed technology $ — $ 31.0 $ 31.0 4.0

Customer contracts and related relationships — 4.0 4.0 1.0

In-process research and development 951.0 46.0 997.0 n/a

$ 951.0 $ 81.0 $ 1,032.0

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MARVELL TECHNOLOGY, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ‑ (Continued)

As of May 2, 2026 and January 31, 2026, net carrying amounts excluding fully amortized intangible assets are as follows (in millions, except for weighted-average remaining amortization period):

May 2, 2026

Gross Carrying Amounts Accumulated Amortization and Impairment Net Carrying Amounts Weighted-Average Remaining Amortization Period (Years)

Developed technologies $ 4,656.0 $ ( 3,696.9 ) $ 959.1 3.3

Customer contracts and related relationships 2,005.0 ( 1,699.6 ) 305.4 1.2

Total acquired amortizable intangible assets $ 6,661.0 $ ( 5,396.5 ) $ 1,264.5 2.8

In-process research and development 1,297.0 — 1,297.0 n/a

Total acquired intangible assets $ 7,958.0 $ ( 5,396.5 ) $ 2,561.5

January 31, 2026

Gross Carrying Amounts Accumulated Amortization and Impairment

Net Carrying Amounts Weighted-Average Remaining Amortization Period (Years)

Developed technologies $ 4,625.0 $ ( 3,546.0 ) $ 1,079.0 3.3

Customer contracts and related relationships 2,001.0 ( 1,627.5 ) 373.5 1.4

Trade names 50.0 ( 47.8 ) 2.2 0.2

Total acquired amortizable intangible assets $ 6,676.0 $ ( 5,221.3 ) $ 1,454.7 2.8

In-process research and development

300.0 — 300.0 n/a

Total acquired intangible assets $ 6,976.0 $ ( 5,221.3 ) $ 1,754.7

The intangible assets are amortized on a straight-line basis over the estimated useful lives, except for certain customer contracts and related relationships, which are amortized using an accelerated method of amortization over the expected customer lives, which more closely align with the pattern of realization of economic benefits expected to be obtained. Each IPR&D will be accounted for an indefinite-lived intangible asset and will not be amortized until the underlying project reaches technological feasibility and commercial production, at which point, the IPR&D is reclassified as an amortizable acquired intangible asset and amortized over the asset’s estimated useful life. Useful lives for these IPR&D projects are expected to range between 6 to 13 years. In the event the IPR&D is abandoned, the related assets will be written off.

Amortization expense for acquired intangible assets for the three months ended May 2, 2026 and May 3, 2025 was $ 225.2 million and $ 245.7 million, respectively.

The following table presents the estimated future amortization expense of acquired amortizable intangible assets as of May 2, 2026 (in millions):

Fiscal Year Amount

Remainder of 2027 $ 600.2

2028 292.7

2029 139.6

2030 117.2

2031 60.8

Thereafter 54.0

$ 1,264.5

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MARVELL TECHNOLOGY, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ‑ (Continued)

Note 6. Fair Value Measurements

Fair value is an exit price representing the amount that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:

Level 1 — Observable inputs that reflect quoted prices for identical assets or liabilities in active markets.

Level 2 — Other inputs that are directly or indirectly observable in the marketplace.

Level 3 — Unobservable inputs that are supported by little or no market activity.

The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

The tables below set forth, by level, the Company’s assets that are measured at fair value on a recurring basis. The tables do not include assets that are measured at historical cost or any basis other than fair value (in millions):

Fair Value Measurements at May 2, 2026

Level 1 Level 2 Level 3 Total

Items measured at fair value on a recurring basis:

Assets

Cash equivalents:

Time deposits $ — $ 667.2 $ — $ 667.2

Prepaid expenses and other current assets:

Forward stock purchase contract — — 81.1 81.1

Other non-current assets:

Marketable equity investments 40.3 — — 40.3

Securities under the NQDC plan

7.0 — — 7.0

Severance pay fund — 0.8 — 0.8

Total assets $ 47.3 $ 668.0 $ 81.1 $ 796.4

Liabilities

Other non-current liabilities:

Contingent consideration liability

$ — $ — $ 647.6 $ 647.6

Total liabilities $ — $ — $ 647.6 $ 647.6

Fair Value Measurements at January 31, 2026

Level 1 Level 2 Level 3 Total

Items measured at fair value on a recurring basis:

Assets

Cash equivalents:

Time deposits $ — $ 72.7 $ — $ 72.7

Other non-current assets:

Marketable equity investments 21.7 — — 21.7

Securities under the NQDC plan 3.9 — — 3.9

Severance pay fund — 0.7 — 0.7

Total assets $ 25.6 $ 73.4 $ — $ 99.0

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MARVELL TECHNOLOGY, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ‑ (Continued)

The Company’s Level 1 assets include marketable equity investments and securities under the Company’s non-qualified deferred compensation (“NQDC”) plan, which are classified as other non-current assets and valued primarily using quoted market prices. The Company’s Level 2 assets include time deposits, as the market inputs used to value these instruments consist of market yield. In addition, the severance pay fund is classified within Level 2 of the fair value hierarchy as the valuation inputs are based on quoted prices and market observable data of similar instruments.

The contingent consideration liability associated with the Celestial acquisition is classified as Level 3 in the fair value hierarchy as the Company uses unobservable inputs in estimating the fair value using the Monte Carlo simulation valuation model. Critical estimates and inputs used for the valuation of contingent consideration include forecasted revenue, probability of achievement, stock price volatility, the Company’s stock price and other relevant assumptions and inputs. A significant change in any of these assumptions or relevant inputs could have a material impact to the fair value of the contingent consideration liability. Under the contingent consideration arrangement, the maximum potential settlement is approximately $ 233.0 million of undiscounted cash consideration and approximately 22.4 million shares of the Company’s common stock. See “Note 4 – Business Combinations” for further information.

The following table presents the changes in contingent consideration liability (in millions):

Balance at January 31, 2026 $ —

Initial measurement on acquisition date 315.8

Change in fair value 331.8

Balance at May 2, 2026 $ 647.6

In April 2026, the Company entered into a cash‑settled forward stock purchase contract to manage its exposure to changes in the Company’s stock price related to the contingent consideration arrangement associated with the Celestial acquisition. The contract has a notional amount of $ 300.0 million and a term of twelve months . The forward stock purchase contract is classified within Level 3 of the fair value hierarchy because the Monte Carlo simulation valuation model uses historical stock price volatility and the Company’s credit spread, both of which are unobservable inputs. The use of observable inputs in place of the unobservable inputs in the Company’s valuation model would not materially change the fair value. During the three months ended May 2, 2026, the Company recognized an unrealized gain of $ 81.1 million related to the forward stock purchase contract, which was recorded in Other expense, net in the Company’s unaudited condensed consolidated statements of operations.

The carrying value of investments in non-marketable equity securities recorded to fair value on a non-recurring basis is adjusted for observable transactions for identical or similar investments of the same issuer or for impairment. These securities relate to equity investments in privately-held companies. These items measured at fair value on a non-recurring basis are classified as Level 3 in the fair value hierarchy because the value is estimated based on valuation methods using the observable transaction price at the transaction date and other unobservable inputs such as volatility, rights and obligations of the securities held. As of May 2, 2026 and January 31, 2026, non-marketable equity investments had a carrying value of $ 140.1 million and $ 129.6 million, respectively, and are included in other non-current assets in the Company’s unaudited condensed consolidated balance sheets. Unrealized net gain including observable price changes for the three months ended May 2, 2026 and May 3, 2025 were not material.

Fair Value of Debt

The Company classified its senior notes as Level 2 in the fair value hierarchy as there are quoted prices from less active markets for the notes. The estimated aggregate fair value of the unsecured senior notes was $ 5.0 billion at May 2, 2026 and $ 4.5 billion at January 31, 2026. See “Note 7 – Debt” for additional information.

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MARVELL TECHNOLOGY, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ‑ (Continued)

Note 7. Debt

Summary of Borrowings and Outstanding Debt

The following table summarizes the Company’s outstanding debt at May 2, 2026 and January 31, 2026 (in millions):

Effective Interest Rate May 2,

2026 January 31,

2026

Face Value Outstanding:

4.875 % MTG/MTI 2028 Senior Notes

4.940 % / 4.988 %

$ 499.9 $ 499.9

1.650 % 2026 Senior Notes

1.839 % — 500.0

2.450 % 2028 Senior Notes

2.554 % 750.0 750.0

5.750 % 2029 Senior Notes

5.891 % 500.0 500.0

4.750 % 2030 Senior Notes

4.880 % 500.0 500.0

2.950 % 2031 Senior Notes

3.043 % 750.0 750.0

5.950 % 2033 Senior Notes

6.082 % 500.0 500.0

5.450 % 2035 Senior Notes

5.531 % 500.0 500.0

5.300 % 2036 Senior Notes

5.358 % 1,000.0 —

Total borrowings $ 4,999.9 $ 4,499.9

Less: Unamortized debt discount and issuance cost ( 38.6 ) ( 29.3 )

Net carrying amount of debt $ 4,961.3 $ 4,470.6

Less: Current portion (1) — 499.8

Non-current portion $ 4,961.3 $ 3,970.8

(1) The weighted-average interest rate on short-term debt outstanding at January 31, 2026 was 1.650 %.

2025 Revolving Credit Facility

On June 30, 2025, the Company entered into an agreement to amend and restate the credit facility to increase the borrowing capacity to $ 1.5 billion (as so amended and restated, the “2025 Revolving Credit Facility”). The 2025 Revolving Credit Facility has a 5 -year term and a stated floating interest rate which equates to an adjusted term SOFR plus an applicable margin. The borrowings from the 2025 Revolving Credit Facility will be used for general corporate purposes of the Company. The Company may prepay any borrowings at any time without premium or penalty. An unused commitment fee is payable quarterly based on unused balances at a rate that is based on the ratings of the Company’s senior unsecured long-term indebtedness. The annual unused commitment fee rate was 0.125 % at May 2, 2026.

As of May 2, 2026, the 2025 Revolving Credit Facility was undrawn and is available for draw down through June 30, 2030.

The 2025 Revolving Credit Facility requires that the Company and its subsidiaries comply with covenants relating to customary matters. As of May 2, 2026, the Company was in compliance with its debt covenants for the revolving line of credit agreement.

2026 Senior Unsecured Notes

The 2026 Senior Notes, due on April 15, 2026, which had a remaining principal of $ 500.0 million, were repaid in full during the quarter ended May 2, 2026.

2036 Senior Unsecured Notes

On April 15, 2026, the Company completed an offering of $ 1.0 billion aggregate principal amount of the Company's 5.300 % Senior Notes due 2036 (the "2036 Senior Notes").

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MARVELL TECHNOLOGY, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ‑ (Continued)

The 2036 Senior Notes have a 10-year term and mature on April 15, 2036. The stated and effective interest rates for the 2036 Senior Notes are 5.300 % and 5.358 %, respectively. The Company may redeem the 2036 Senior Notes, in whole or in part, at any time prior to their maturity at the redemption prices set forth in the 2036 Senior Notes. In addition, upon the occurrence of a change of control repurchase event (which involves the occurrence of both a change of control and a ratings event involving the 2036 Senior Notes being rated below investment grade), the Company will be required to make an offer to repurchase the 2036 Senior Notes at a price equal to 101 % of the principal amount of the 2036 Senior Notes, plus accrued and unpaid interest to, but excluding, the repurchase date. The indenture governing the 2036 Senior Notes also contains certain limited covenants restricting the Company's ability to incur certain liens, merge or consolidate with any other entity or convey, transfer or lease all or substantially all of the Company's properties or assets to another person, which, in each case, are subject to certain qualifications and exceptions. As of May 2, 2026, the Company had $ 1.0 billion borrowings outstanding from the 2036 Senior Notes.

Interest Expense and Future Contractual Maturities

During the three months ended May 2, 2026 and May 3, 2025, the Company recognized $ 50.0 million and $ 44.8 million, respectively, of interest expense in its unaudited condensed consolidated statements of operations related to interest, amortization of debt issuance costs and accretion of discount associated with the outstanding debt.

As of May 2, 2026, the aggregate future contractual maturities of the Company’s outstanding debt, at face value, are as follows (in millions):

Fiscal Year Amount

Remainder of 2027 $ —

2028 —

2029 1,249.9

2030 500.0

2031 500.0

Thereafter 2,750.0

Total $ 4,999.9

For additional information about the Company's debt, see “Note 7 – Debt” in the Notes to Consolidated Financial Statements within Part II, Item 8 of the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2026.

Note 8. Restructuring

The Company continuously evaluates its existing operations to increase operational efficiency, decrease costs and increase profitability. A restructuring plan was initiated during the third quarter of fiscal 2025 (the “Fiscal 2025 Plan”) to increase research and development investment in the data center end market and reduce investment in new product development in other end markets including the cancellation of certain future product releases. Restructuring charges were mainly comprised of impairment and write-off of acquired intangible assets, purchased technology licenses, inventories, property and equipment and other non-current assets, as well as recognition of contractual obligations, severance, other one-time termination benefits, and other costs. The Company expects the Fiscal 2025 Plan to be substantially completed by the end of fiscal 2027.

During the three months ended May 2, 2026, the Company recognized net restructuring related charges of $ 8.7 million, primarily related to contractual obligations and other. During the three months ended May 3, 2025, the Company recognized a net restructuring gain of $ 12.3 million, primarily driven by a gain on the sale of property affected by restructuring actions associated with project and facility reductions to optimize resources, partially offset by employee severance and related costs.

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MARVELL TECHNOLOGY, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ‑ (Continued)

The following table sets forth a reconciliation of the beginning and ending restructuring liability balances by major type of cost associated with the restructuring charges (in millions):

Employee Severance and Related Costs

Other Exit-Related Costs

Total

Balance at January 31, 2026 $ 0.4 $ 257.1 $ 257.5

Charges 0.8 7.9 8.7

Net cash payments ( 0.5 ) ( 18.3 ) ( 18.8 )

Balance at May 2, 2026 0.7 246.7 247.4

Less: non-current portion — 184.8 184.8

Current portion $ 0.7 $ 61.9 $ 62.6

The current portion of the restructuring liability is comprised of $ 57.2 million and $ 5.4 million included as components of accrued liabilities and accounts payable, respectively, and the non-current portion of the restructuring liability is included as a component of other non-current liabilities in the accompanying unaudited condensed consolidated balance sheets.

Note 9. Commitments and Contingencies

Warranty Obligations

The Company generally warrants that its products sold to its customers will conform to its approved specifications and be free from defects in material and workmanship under normal use and conditions for one year . The Company may offer a longer warranty period in limited situations based on product type and negotiated warranty terms with certain customers.

Commitments

The Company’s commitments primarily consist of wafer purchase obligations with foundry partners, supply capacity reservation payment commitments with foundries and test and assembly partners, technology license fee obligations, minimum purchase commitments under technology service agreements, and commitments for capital expenditures.

Future unconditional purchase commitments as of May 2, 2026, are as follows (in millions):

Fiscal Year Purchase Commitments to Foundries and Test and Assembly Partners

Technology Services and License Fees

Remainder of 2027 $ 2,265.2 $ 139.0

2028 174.4 196.1

2029 68.4 145.2

2030 66.3 131.7

2031 64.4 63.4

Thereafter 118.1 33.9

Total unconditional purchase commitments $ 2,756.8 $ 709.3

Technology license fees include the liabilities under agreements for technology licenses between the Company and various vendors.

In addition, as of May 2, 2026, the Company had approximately $ 185.5 million of commitments for capital expenditures, the majority of which are expected to be paid within the next twelve months.

Under the Company’s manufacturing relationships with its foundry partners, cancellation of outstanding purchase orders is allowed but requires payment of all costs and expenses incurred through the date of cancellation, and in some cases, may result in incremental fees, loss of amounts paid in advance, or loss of priority to reserved capacity for a period of time.

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MARVELL TECHNOLOGY, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ‑ (Continued)

The Company entered into manufacturing supply capacity reservation agreements with foundries and test and assembly suppliers in prior fiscal years. Under these arrangements, the Company agreed to pay capacity fees or refundable deposits to the suppliers in exchange for reserved manufacturing production capacity over the term of the agreements, which ranges from 4 to 10 years. In addition, the Company committed to certain purchase levels that were in line with the capacity reserved. The Company currently estimates that it has agreed to purchase level commitments of at least $ 448.1 million of wafers, substrates, and other manufacturing products for the remainder of fiscal 2027 through fiscal 2033 u nder the capacity reservation agreements. In addition, total fees and refundable deposits payable under these arrangements are $ 11.5 million through fiscal 2028. Such purchase commitments are summarized in the preced ing table. Subsequent to quarter end, the Company entered into agreements to secure wafer and substrate manufacturing capacity through fiscal years 2030 and 2033, respectively. In connection with these agreements, the Company committed to pay deposits totaling $ 870.0 million, payable in quarterly installments from the second quarter of fiscal 2027 through the second quarter of fiscal 2028.

In September 2021, the Company entered into a technology licensing agreement with a vendor which provided complete access to the vendor’s intellectual property portfolio for 10 years. The arrangement provided access to intellectual property over the term of the contract, including existing intellectual property, as well as intellectual property in development, and to be developed in the future. The contract provided support and maintenance over the term of the contract as well. In the third quarter of fiscal 2025, the Company ceased use of this arrangement due to restructuring actions taken during the quarter, resulting in recognition of asset impairment charges. See “Note 8 – Restructuring” for further information. Aggregate remaining fees of $ 268.5 million as of the cease use date are payable quarterly over the contract term.

Contingencies and Legal Proceedings

The Company currently is, and may from time to time become, subject to claims, lawsuits, governmental inquiries, inspections or investigations and other legal proceedings (collectively, “Legal Matters”) arising in the course of its business. Such Legal Matters, even if not meritorious, could result in the expenditure of significant financial and managerial resources.

The Company is currently unable to predict the final outcome of its pending Legal Matters and therefore cannot determine the likelihood of loss or estimate a range of possible loss, except with respect to amounts where it has determined a loss is both probable and estimable and has made an accrual. The Company evaluates, at least on a quarterly basis, developments in its Legal Matters that could affect the amount of any accrual, as well as any developments that would result in a loss contingency to become both probable and reasonably estimable. The ultimate outcome of its pending Legal Matters involves judgments, estimates and inherent uncertainties. An unfavorable outcome in a Legal Matter could require the Company to pay damages or could prevent the Company from selling some of its products in certain jurisdictions. While the Company cannot predict with certainty the results of the Legal Matters in which it is currently involved, the Company does not expect that the ultimate costs to resolve these Legal Matters will individually or in the aggregate have a material adverse effect on its financial condition, however, there can be no assurance that the current or any future Legal Matters will be resolved in a manner that is not adverse to the Company’s business, financial statements, results of operations or cash flows.

Indemnities, Commitments and Guarantees

During its normal course of business, the Company has made certain indemnities, commitments and guarantees under which it may be required to make payments in relation to certain transactions. These indemnities may include indemnities for general commercial obligations, indemnities to various lessors in connection with facility leases for certain claims arising from such facility or lease, and indemnities to directors and officers of the Company to the maximum extent permitted under the laws of Delaware. In addition, the Company has contractual commitments to various customers, which could require the Company to incur costs to repair an epidemic defect with respect to its products outside of the normal warranty period if such defect were to occur. The duration of these indemnities, commitments and guarantees varies, and in certain cases, is indefinite. Some of these indemnities, commitments and guarantees do not provide for any limitation of the maximum potential future payments that the Company could be obligated to make. In general, the Company does not record any liability for these indemnities, commitments and guarantees in the accompanying unaudited condensed consolidated balance sheets as the amounts cannot be reasonably estimated and are not considered probable. The Company does, however, accrue for losses for any known contingent liability, including those that may arise from indemnification provisions, when future payment is probable and estimable.

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MARVELL TECHNOLOGY, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ‑ (Continued)

Intellectual Property Indemnification

In addition to the above indemnities, the Company has agreed to indemnify certain customers for claims made against the Company’s products where such claims allege infringement of third-party intellectual property rights, including, but not limited to, patents, registered trademarks, and/or copyrights. Under the aforementioned indemnification clauses, the Company may be obligated to defend the customer and pay for the damages awarded against the customer as well as the attorneys’ fees and costs under an infringement claim. The Company’s indemnification obligations generally do not expire after termination or expiration of the agreement containing the indemnification obligation. Generally, but not always, there are limits on and exceptions to the Company’s potential liability for indemnification. Historically the Company has not made significant payments under these indemnification obligations and the Company cannot estimate the amount of potential future payments, if any, that it might be required to make as a result of these agreements. The maximum potential amount of any future payments that the Company could be required to make under these indemnification obligations could be significant.

Note 10. Stockholders ’ Equity

Celestial Acquisition

Following the Celestial acquisition and in accordance with the Celestial Merger Agreement, certain outstanding options to purchase shares of Celestial common stock, each granted under the Celestial AI Amended and Restated 2020 Equity Incentive Plan (“Celestial 2020 EIP”), were assumed by the Company and converted into options to purchase common shares of the Company . The Company filed a registration statement on February 4, 2026 to register 3.9 million common shares of the Company, issuable under the Celestial 2020 EIP, comprised of 3.1 million common shares issuable pursuant to the converted options under the Celestial 2020 EIP and 0.8 million common shares issuable pursuant to awards that may be granted, issued, purchased and/or settled under the Celestial 2020 EIP. The Celestial 2020 EIP provided for the grant of incentive stock options, restricted stock, and restricted stock units to employees, directors, and consultants, with awards generally vesting over 3 to 4 years and options generally having a term of 10 years.

The awards under the Celestial 2020 EIP assumed by the Company in the Celestial acquisition were measured at the acquisition date based on the estimated fair value of $ 203.0 million. A portion of that fair value, $ 12.9 million, which represented the pre-acquisition service provided by employees to Celestial, was included in the total consideration transferred as part of the acquisition. As of the acquisition date, the remaining portion of the fair value of those awards was $ 190.1 million, representing post-acquisition stock-based compensation expense that will be recognized as these employees provide service over the remaining vesting periods.

XConn Acquisition

Following the XConn acquisition and in accordance with the XConn Merger Agreement, certain outstanding options to purchase shares of XConn common stock, each granted under the XConn Amended and Restated 2021 Equity Incentive Plan (“XConn 2021 EIP”), were assumed by the Company and converted into options to purchase common shares of the Company. The Company filed a registration statement on February 20, 2026 to register 0.5 million common shares of the Company, issuable under the XConn 2021 EIP, comprised of 0.5 million common shares issuable upon exercise of convertible options under the XConn 2021 EIP, and 0.1 million common shares issuable pursuant to awards that may be granted, issued, purchased and/or settled under the XConn 2021 EIP. The XConn 2021 EIP provided for the grants incentive share options, nonstatutory share options, share appreciation rights, restricted shares, and restricted stock units to employees, non-employee directors, advisors and consultants with awards generally vest over 3 to 4 years and options generally having a term of 10 years.

The awards under the XConn 2021 EIP assumed by the Company in the XConn acquisition were measured at the acquisition date based on the estimated fair value of $ 35.4 million. A portion of that fair value, $ 20.5 million, which represented the pre-acquisition service provided by employees to XConn, was included in the total consideration transferred as part of the acquisition. As of the acquisition date, the remaining portion of the fair value of those awards was $ 15.0 million, representing post-acquisition share-based compensation expense that will be recognized as these employees provide service over the remaining vesting periods.

Preferred and Common Stock

Under the terms of the Company’s Certificate of Incorporation, the Board of Directors may determine the rights, preferences, and terms of the Company’s authorized shares of preferred stock.

As of May 2, 2026, the Company is authorized to issue 8.0 million shares of $ 0.002 par value preferred stock and 1.3 billion shares of $ 0.002 par value common stock.

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MARVELL TECHNOLOGY, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ‑ (Continued)

On March 31, 2026, the Company completed the issuance and sale of 2.0 million shares of Series A Convertible Preferred Stock, par value $ 0.002 per share (the “Series A Preferred Stock”), to NVIDIA Corporation (“NVIDIA”), for an aggregate purchase price of $ 2.0 billion. Each share of Series A Preferred Stock has a stated value of $ 1,000 and is initially convertible, at the option of the holder, into shares of the Company’s common stock at an initial conversion price of approximately $ 91.84 per share into an aggregate maximum of approximately 21.8 million shares of common stock, subject to the satisfaction of applicable regulatory requirements, including the expiration or termination of any applicable waiting period. Holders of the Series A Preferred Stock are entitled to receive dividends on an as‑converted basis in the same manner as holders of common stock, if and when such dividends are declared. In the event of a liquidation, dissolution, or winding up of the Company, holders of the Series A Preferred Stock participate pro rata with holders of common stock on an as‑converted basis. The Series A Preferred Stock has no redemption or preemptive rights. As of May 2, 2026, no shares of Series A Preferred Stock had been converted into common stock.

Note 11. Income Tax

The Company’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any, that arise during the period. Each quarter, the Company updates its estimate of the annual effective tax rate, and if the estimated annual effective tax rate changes, the Company makes a cumulative adjustment in such period. The Company’s quarterly tax provision, and estimate of its annual effective tax rate, is subject to variation due to several factors, including variability in accurately predicting its pre-tax income or loss and the mix of jurisdictions to which they relate, intercompany transactions, changes in tax laws, the applicability of special tax regimes, changes in how the Company does business, discrete items, and acquisitions or divestitures, as well as the integration of acquisitions.

The Company recorded income tax expense of $ 48.8 million and $ 38.0 million for the three months ended May 2, 2026 and May 3, 2025, respectively. The increase in the Company’s effective tax rate was primarily driven by non-deductible adjustments to contingent consideration liability, net of the tax impacts of the Company’s forward stock purchase contract. The Company’s estimated effective tax rate for the year differs from the U.S. statutory rate of 21% primarily due to a substantial portion of its earnings, or in some cases, losses being taxed or benefited at rates lower than the U.S. statutory rate, net of the impact of U.S. taxation of foreign operations, benefits from tax credits, non-deductible adjustments to contingent consideration liability, net of the tax impacts of the Company’s forward stock purchase contract, valuation allowance releases as well as discrete tax benefits and expenses for excess deductions and deficiencies on stock-based compensation.

The Company is subject to legislation based on the Organization for Economic Cooperation and Development’s 15% global minimum tax regime which applies to the majority of countries in which the Company operates. As a result of this legislation, the Company’s foreign earnings are generally subject to a minimum tax rate of 15%. On January 5, 2026, the OECD released a comprehensive package of administrative guidance, including the “side-by-side system” that exempts U.S. parented multinational businesses from certain provisions of Pillar Two, specifically the Income Inclusion Rule and the Undertaxed Profits Rule. The OECD guidance provides that the side-by-side system will be effective for fiscal years beginning on or after January 1, 2026. In certain jurisdictions, local legislative action is needed to effectuate “side by side system” and cannot be considered in the Company’s accounting estimates until enactment. The effects of any future legislation in this area are not yet reasonably estimable, but if such legislation is enacted in the future could have a significant effect on the Company’s provision for income taxes, the Company’s financial results, and the Company’s earnings and cash flows.

The One Big Beautiful Bill Act of 2025 (the “2025 Tax Act”) was signed into law on July 4, 2025. The 2025 Tax Act makes permanent key elements of the 2017 Tax Cuts and Jobs Act and modifies certain provisions of the U.S. International tax framework. Certain provisions of the 2025 Tax Act become effective in fiscal year 2027. The Company’s tax provision for the May 2, 2026 period includes the impact of the 2025 Tax Act. The Company will continue to evaluate the impact of the 2025 Tax Act on its income taxes.

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MARVELL TECHNOLOGY, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ‑ (Continued)

Note 12. Net Income Per Share

The computations of basic and diluted net income per share are presented in the following table (in millions, except per share amounts):

Three Months Ended

May 2,

2026 May 3,

2025

Common Stock Series A Preferred Stock Consolidated

Basic net income per share:

Numerator:

Allocation of undistributed loss $ ( 19.1 ) $ ( 0.2 ) $ ( 19.3 )

Dividends declared 52.5 1.3 53.8

Net income — basic $ 33.4 $ 1.1 $ 34.5 $ 177.9

Denominator:

Weighted-average shares outstanding — basic 874.1 7.9 882.0 864.8

Net income per share — basic $ 0.04 $ 0.14 $ 0.04 $ 0.21

Diluted net income per share:

Numerator:

Net income — basic $ 33.4 $ 1.1 $ 34.5

Allocation of earnings assuming conversion of preferred stock 1.1 — *

Net income — diluted $ 34.5 $ 1.1 $ 34.5 $ 177.9

Denominator:

Weighted-average shares outstanding — basic 874.1 7.9 882.0 864.8

Effect of dilutive securities:

Stock-based awards and warrant shares 11.3 — 11.3 10.8

Conversion of preferred stock 7.9 — * —

Weighted-average shares outstanding — diluted 893.3 7.9 893.3 875.6

Net income per share — diluted $ 0.04 $ 0.14 $ 0.04 $ 0.20

Anti-dilutive potential common shares 3.0 3.4

* Not applicable, as the effects of the assumed preferred stock conversion is reflected in the numerator and denominator for Consolidated basic net income per share computation.

The Company’s Series A Preferred Stock represents a second class of common stock for purposes of computing net income per share under the two-class method. This determination reflects that the Series A Preferred Stock does not have any material preferential rights relative to the Company’s common shares, and its rights and privileges are identical to common shares, except for certain voting rights. See “Note 10 – Stockholders’ Equity” for additional information.

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MARVELL TECHNOLOGY, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ‑ (Continued)

Basic net income per common share is calculated by dividing net income allocated to common stockholders including dividends declared, by the weighted-average number of common shares outstanding during the period. Potentially dilutive securities are included in the weighted-average number of common shares outstanding for the computation of diluted net income per common share. The Company applies the treasury stock method for potentially dilutive common shares from stock-based awards, including stock options, restricted stock units, employee stock purchase plan shares and warrant shares. Convertible preferred stock is included in the calculation of diluted net income per common share using the if-converted method. Under the if‑converted method, preferred stock dividends declared and the proportionate share of undistributed earnings (loss) previously attributable to preferred stock are added back to net income allocated to common stockholders, as such shares are assumed to have been converted to common stock at the beginning of the period or date of issuance on a weighted-average basis. In periods of net loss, all potentially dilutive securities are anti-dilutive.

Basic and diluted net income per preferred share is calculated by dividing net income allocated to preferred stockholder divided by the assumed conversion of preferred stock using the if-converted method on a weighted-average basis. Net income per preferred share was comparatively higher in the period of issuance based on the allocation of undistributed earnings (loss) using weighted-average shares outstanding, and in contrast, dividends were allocated based on shares outstanding as of the date of record.

Note 13. Segment Information

The Company operates in one reportable segment — the design, development and sale of integrated circuits. The chief executive officer was identified as the chief operating decision maker (“CODM”). Based on his direct involvement with the Company’s operations and product development, the CODM is ultimately responsible for and actively involved in the allocation of resources and the assessment of the Company’s performance using consolidated net income (loss) reported on the unaudited condensed consolidated statements of operations. The Company’s organizational structure is based along functional lines, with each of the functional department heads, as well as shared resources, reporting directly to the CODM or to a direct report of the CODM. The Company uses a highly-integrated approach in developing its products in that discrete technologies developed by the Company are frequently integrated across many of its products, and substantially all of the Company’s integrated circuits are manufactured under similar manufacturing processes. Accordingly, the Company operates under a single operating segment.

The following table presents a summary of consolidated net income inclusive of significant segment expenses and other expense information provided to the CODM (in millions):

Three Months Ended

May 2,

2026 May 3,

2025

Net revenue

$ 2,417.8 $ 1,895.3

Less:

Product costs (a) 994.0 761.8

Employee compensation and related in operating expenses 416.1 347.9

Amortization of acquired intangible assets 225.2 245.7

Restructuring related charges (gains), net 8.7 ( 12.3 )

Stock-based compensation 207.6 142.1

Engineering design related costs 72.6 50.7

Interest expense 52.8 48.7

Change in fair value of contingent consideration liability, net of forward stock purchase contract 250.7 —

Provision for income taxes 48.8 38.0

Other segment items (b) 106.8 94.8

Net income $ 34.5 $ 177.9

(a) Includes material, labor and other product related costs, excluding the other categories above.

(b) Includes depreciation and amortization expenses, facilities expenses, legal expenses, interest income and other income and expenses.

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MARVELL TECHNOLOGY, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ‑ (Continued)

This expense information is based on management's internal view of expense classification when reviewing aspects of financial and operating performance of the business, and may not be representative of expense classification that is comparable to other peer companies' internal management views. As a result, this expense information should not be considered in isolation or as substitute for analysis of Marvell’s results in conjunction with the accompanying unaudited condensed consolidated financial statements and notes thereto.

Note 14. Supplemental Financial Information (in millions)

Consolidated Balance Sheets

Accounts Receivable, net

The Company sells certain of its trade accounts receivable on a non-recourse basis to a third-party financial institution pursuant to a factoring arrangement. Total trade accounts receivable sold under the factoring arrangement was $ 300.9 million and $ 289.6 million for the three months ended May 2, 2026 and May 3, 2025, respectively. $ 295.8 million and $ 279.5 million remained subject to servicing by the Company as of May 2, 2026 and May 3, 2025, respectively. Factoring fees for the sales of receivables were recorded in Other expense, net and were not material for three months ended May 2, 2026 and May 3, 2025.

May 2,

2026 January 31,

2026

Inventories:

Work-in-process $ 1,166.5 $ 1,105.6

Finished goods 234.4 282.4

Inventories $ 1,400.9 $ 1,388.0

May 2,

2026 January 31,

2026

Property and equipment, net:

Machinery and equipment $ 1,909.1 $ 1,825.2

Land, buildings, and leasehold improvements 344.4 338.8

Computer software 142.4 137.1

Furniture and fixtures 44.2 41.5

2,440.1 2,342.6

Less: Accumulated depreciation ( 1,467.6 ) ( 1,407.6 )

Property and equipment, net $ 972.5 $ 935.0

May 2,

2026 January 31,

2026

Other non-current assets:

Prepaid ship and debits $ 572.4 $ 584.2

Operating right-of-use assets 283.7 284.1

Technology licenses 280.6 296.3

Prepayments on supply capacity reservation agreements 263.1 278.8

Non-marketable equity investments 140.1 129.6

Other 203.3 153.9

Other non-current assets $ 1,743.2 $ 1,726.9

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MARVELL TECHNOLOGY, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ‑ (Continued)

May 2,

2026 January 31,

2026

Accrued liabilities:

Variable consideration estimates (1) $ 702.2 $ 713.8

Accrued income tax payable 192.6 228.3

Technology license obligations 100.0 84.1

Deferred revenue 63.7 40.1

Accrued restructuring 57.2 55.1

Lease liabilities - current portion 54.5 56.5

Accrued interest 39.9 45.7

Accrued royalties 28.7 25.1

Other 96.8 88.4

Accrued liabilities $ 1,335.6 $ 1,337.1

(1) Substantially all of the variable consideration estimate is comprised of the ship and debit claims accrual, but also includes estimated customer returns, price discounts, price protection, rebates, and stock rotation programs.

May 2,

2026 January 31,

2026

Other non-current liabilities:

Contingent consideration liability $ 647.6 $ —

Lease liabilities - non-current 261.4 263.2

Non-current restructuring liabilities 184.8 193.9

Technology license obligations 145.2 160.4

Non-current income tax payable 119.8 117.4

Deferred tax liabilities 95.7 20.5

Other 36.1 30.2

Other non-current liabilities $ 1,490.6 $ 785.6

Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (loss), net of tax, by components for the comparative periods are presented in the following table (in millions):

For the three months ended May 2, 2026, there were no reconciling differences between net income and comprehensive income.

Unrealized Gain (Loss) on Cash Flow Hedges

Balance at February 1, 2025 $ 0.4

Other comprehensive income (loss) before reclassifications ( 0.4 )

Amounts reclassified from accumulated other comprehensive income (loss) ( 0.1 )

Net current-period other comprehensive income (loss), net of tax ( 0.5 )

Balance at May 3, 2025 $ ( 0.1 )

Consolidated Statements of Cash Flows

The noncash consideration paid for the acquisitions of Celestial and XConn was $ 2.3 billion and $ 196.9 million, respectively, for the three months ended May 2, 2026.

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MARVELL TECHNOLOGY, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ‑ (Continued)

Stock Repurchase Program

On September 24, 2025, the Company’s Board of Directors authorized a $ 5.0 billion addition to the balance of its existing stock repurchase program (collectively, the Stock Repurchase Program), increasing the total repurchase authority to $ 9.7 billion. The Company's stock repurchase program commenced in fiscal 2017, and has no fixed expiration. As of May 2, 2026, $ 5.3 billion remained available for future stock repurchases. The Company intends to effect stock repurchases in accordance with the conditions of Rule 10b-18 under the Exchange Act, but may also make repurchases in the open market outside of Rule 10b-18 or in privately negotiated transactions. The stock repurchase program is subject to market conditions, legal rules and regulations, and other factors, and does not obligate the Company to repurchase any dollar amount or number of shares of its common stock and the repurchase program may be extended, modified, suspended or discontinued at any time.

During the three months ended May 2, 2026, the Company repurchased 1.4 million shares of its common stock for $ 200.0 million, including 0.8 million shares of its common stock repurchased for $ 120.0 million pursuant to a 10b5-1 trading plan. During the three months ended May 3, 2025, the Company repurchased 5.6 million shares of its common stock for $ 340.0 million. The Company records all repurchases, as well as investment purchases and sales, based on their trade date. The repurchased shares are retired immediately after repurchases are completed.

Subsequent to quarter end through May 26, 2026, the Company repurchased 1.1 million shares of its common stock for $ 200.0 million pursuant to a 10b5-1 trading plan.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are subject to the “safe harbor” created by those sections. These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results to differ materially from those implied by the forward-looking statements. Words such as “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “seeks,” “estimates,” “forecasts,” “targets,” “may,” “can,” “will,” “would” and similar expressions identify such forward-looking statements.

Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. Factors that could cause actual results to differ materially from those predicted include, but are not limited to:

• risks related to our ability to design, develop and introduce new and enhanced products, in particular in the Data Center and Communications markets, in a timely and effective manner, as well as our ability to anticipate and adapt to changes in technology;

• risks related to our dependence on a few customers for a significant portion of our revenue, particularly as our major customers comprise an increasing percentage of our revenue, as well as risks related to a significant portion of our sales being concentrated in the data center end market, and risks related to the gain or loss of design wins with our key customers;

• risks related to changes in general macroeconomic conditions such as economic slowdowns, inflation, stagflation, high or rising interest rates, financial institution instability, and recessions; as well as risks related to global economic conditions such as the current armed conflict in Israel and the Middle East;

• risks related to the potential impact of AI on our business model and products;

• risks related to our ability to scale our business;

• risks related to our ability to successfully integrate and to realize anticipated benefits or synergies, on a timely basis or at all, in connection with our past, current, or any future acquisitions, divestitures, significant investments or strategic transactions;

• risks related to tariffs and trade restrictions with China and other foreign nations including risks related to the ability of our customers, particularly in jurisdictions such as China that may be subject to trade restrictions (including the need to obtain export licenses) to develop their own solutions, vertically integrate which may reduce the need for our products, or acquire fully developed solutions from third parties;

• risks related to the extension of lead time due to supply chain disruptions, component shortages that impact the costs and production of our products and kitting process, and constrained availability from other electronic suppliers impacting our customers’ ability to ship their products, which in turn may adversely impact our sales to those customers;

• risks related to our ability to execute on changes in strategy and realize the expected benefits from restructuring activities;

• risks related to cancellations, rescheduling or deferrals of significant customer orders or shipments, as well as the ability of our customers to manage inventory;

• risks related to the highly competitive nature of the end markets we serve, particularly within the semiconductor and infrastructure industries;

• risks related to our ability to maintain a competitive cost structure for our manufacturing, assembly, testing and packaging processes and our reliance on third parties to produce our products;

• risks related to our ability to attract, retain and motivate a highly skilled workforce, especially engineering, managerial, sales and marketing employees;

• risks related to any current and future litigation, regulatory investigations, or contractual disputes with customers that could result in substantial costs and a diversion of management’s attention and resources that are needed to successfully maintain and grow our business;

• cybersecurity risks;

• risks related to our debt obligations;

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• risks related to the specific conditions in the end markets we address, including seasonality and volatility in the technology sector and semiconductor industry;

• risks related to failures to qualify our products or our suppliers’ manufacturing lines;

• risks related to failures to protect our intellectual property, particularly outside the United States;

• risks related to the issuance of preferred stock;

• risks related to the potential impact of significant events or natural disasters or the effects of climate change (such as drought, flooding, wildfires, increased storm severity, sea level rise, and power outages), particularly in certain regions in which we operate or own buildings, such as Santa Clara, California, and where our third-party manufacturing partners or suppliers operate, such as Taiwan and elsewhere in the Pacific Rim;

• risks related to our sustainability programs;

• risks related to the impact of the COVID-19 pandemic or other future pandemics, on the global economy and on our customers, suppliers, employees and business; and

• risks related to failures of our customers to agree to pay for NRE (non-recurring engineering) costs, failure to pay enough to cover the costs we incur in connection with NREs or non-payment of previously agreed NRE costs due to us.

Additional factors which could cause actual results to differ materially include those set forth in the following discussion, as well as the risks discussed in Part II, Item 1A, “Risk Factors,” and other sections of this Quarterly Report on Form 10-Q. These forward-looking statements speak only as of the date hereof. Unless required by law, we undertake no obligation to update any forward-looking statements.

Overview

We are a leading supplier of data infrastructure semiconductor solutions, spanning the data center core to network edge. We are a fabless supplier of high-performance semiconductor products with core strengths in developing and scaling complex System-on-a-Chip architectures, integrating analog, mixed-signal and digital signal processing functionality. Leveraging leading intellectual property and deep system-level expertise, as well as highly innovative security firmware, our solutions are empowering the data economy and enabling the data center and communications and other end markets.

Net revenue in the first quarter of fiscal 2027 was $2.4 billion and was 28% higher than net revenue in the first quarter of fiscal 2026. This was due to increases in sales from the data center end market by 27%, and from the communications and other end market by 29%. The increase was partially offset by a decrease in sales from our automotive ethernet product portfolio due to the divestiture of our automotive ethernet business at the beginning of the third quarter of fiscal 2026.

Strong revenue growth from our data center market was driven by AI-related demand for a broad range of our products, including electro-optics, custom, storage, and switching. We have continued to see revenue recovery in our communications and other end market driven by normalizing customer inventory levels.

On February 2, 2026, we completed the acquisition of Celestial AI, Inc., a provider of a Photonic Fabric TM technology platform purpose-built for next-generation scale-up interconnect. The acquisition of Celestial is expected to accelerate our connectivity strategy for next-generation AI and cloud data centers.

On February 10, 2026, we completed the acquisition of XConn Technologies Holdings, Ltd., a provider of advanced PCIe and CXL switching silicon. The acquisition of XConn expands our switching portfolio and augments our UALink TM scale-up switch team.

The unaudited condensed consolidated financial statements include the operating results of Celestial and XConn for the period from the dates of acquisition through our first quarter ended May 2, 2026. See “Note 4 – Business Combinations” and “Note 5 – Goodwill and Acquired Intangible Assets, Net” in the Notes to Unaudited Condensed Consolidated Financial Statements for additional information.

During the first quarter of fiscal 2027, Marvell and NVIDIA Corporation (“NVIDIA”) announced a strategic partnership to connect our custom XPUs and compatible scale-up networking with NVIDIA’s AI infrastructure ecosystem. On March 31, 2026, we completed the issuance of Series A Convertible Preferred Stock to NVIDIA for an aggregate purchase price of $2.0 billion. See “Note 10 – Stockholders’ Equity” in the Notes to Unaudited Condensed Consolidated Financial Statements for additional information.

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We continue to monitor the environment for potential impacts on supply and demand from tariffs and other geo-political events.

Government Incentives and Grants. We continue to benefit from lower income tax rates in certain jurisdictions through statutory elections or agreements with governmental agencies, which may include a commitment to maintain, or increase, headcount and business investment levels in those jurisdictions. The tax benefits associated with these reduced income tax rates are recorded through our income tax provision for the periods in which such incentive tax rates are effective. However, changes in international taxation, notably the enactment by numerous countries of minimum tax legislation modeled after the Organization for Economic Cooperation and Development’s Pillar Two tax framework, could significantly reduce the income tax benefit associated with these tax incentives.

In addition, certain jurisdictions in which we operate have enacted alternative incentive programs, which operate within the Pillar Two tax framework. We have entered into agreements with governmental agencies to secure such incentives and we record the benefit associated with these incentives as earned when there is reasonable assurance that we will meet the conditions of the incentive agreements and that the incentives will ultimately be received.

Ultimate realization of the incentives is subject to satisfying certain minimum investment levels over the course of the incentive period and government agency reviews and audits of qualifying expenditures. We cannot guarantee that we will achieve the agreed upon investment levels over the incentive period and any failure to meet these investment levels or any change in the current law or government regulations may result in a clawback of some or all of the incentives and a corresponding reversal of any benefit recognized.

Capital Return Program. We remain committed to delivering stockholder value through our stock repurchase and dividend programs. Under the program authorized by our Board of Directors, we may repurchase shares of our common stock in the open market or through privately negotiated transactions. The extent to which we repurchase our stock and the timing of such repurchases will depend upon market conditions, legal rules and regulations, and other corporate considerations, as determined by our management team. During the three months ended May 2, 2026, we repurchased 1.4 million shares of our common stock for $200.0 million. As of May 2, 2026, $5.3 billion remained available for future stock repurchases. Subsequent to quarter end through May 26, 2026, we repurchased 1.1 million shares of our common stock for $200.0 million pursuant to a 10b5-1 trading plan.

We returned $253.8 million to stockholders in the three months ended May 2, 2026 through $200.0 million in repurchases of shares of our common stock and $53.8 million in cash dividends.

Cash and Short-Term Investments. Our cash and cash equivalents were $3.8 billion at May 2, 2026, which were $1.2 billion higher than our balance at January 31, 2026 of $2.6 billion.

Sales and Customer Composition. Our accounts receivable were concentrated with three customers at May 2, 2026, who represented a total of 75% of gross accounts receivable, compared with five customers at May 3, 2025, who represented a total of 72% of gross accounts receivable. Net revenue attributable to significant customers including both distributor and direct customers whose revenues represented 10% or more of total net revenue is presented in the following table:

Three Months Ended

May 2,

2026 May 3,

2025

Direct Customer:

Customer A

16% 16%

Distributor:

Distributor A 45% 36%

We regularly monitor the creditworthiness of our distributor and direct customers, and believe these distributors’ sales to diverse end customers and geographies further serve to mitigate our exposure to credit risk.

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Most of our sales are made to customers with operations located outside of the United States, primarily in Asia, and a majority of our products are manufactured outside the United States. Sales shipped to customers with operations in Asia represented approximately 83% and 74% of our net revenue in the three months ended May 2, 2026 and May 3, 2025, respectively. Because many manufacturers and manufacturing subcontractors of our customers are located in Asia, we expect that most of our net revenue will continue to be represented by sales to our customers in that region. For risks related to our global operations, see Part II, Item 1A, “Risk Factors,” including but not limited to the risk detailed under the caption “We face additional risks due to the extent of our global operations since a majority of our products, and those of many of our customers, are manufactured and sold outside of the United States. The occurrence of any or a combination of the additional risks described below would significantly and negatively impact our business and results of operations.”

The development process for our products is long, which may cause us to experience a delay between the time we incur expenses and the time revenue is generated from these expenditures. We anticipate that the rate of new orders may vary significantly from quarter to quarter. For risks related to our sales cycle, see Part II, Item 1A, “Risk Factors,” including but not limited to the risk detailed under the caption “We are subject to order and shipment uncertainties. If we are unable to accurately predict customer demand, we may hold excess or obsolete inventory, which would reduce our gross margin. Conversely, we may have insufficient inventory or be unable to obtain the supplies or contract manufacturing capacity to meet demand, which would result in lost revenue opportunities and potential loss of market share as well as damaged customer relationships.”

To secure capacity over the long term, we have entered into capacity reservation arrangements with certain foundries and partners. See “Note 9 – Commitments and Contingencies” in the Notes to Unaudited Condensed Consolidated Financial Statements for additional information.

Critical Accounting Policies and Estimates

There have been no material changes during the three months ended May 2, 2026 to our critical accounting policies and estimates from the information provided in the “Critical Accounting Policies and Estimates” section of Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2026.

In the current macroeconomic environment, our estimates could require increased judgment and carry a higher degree of variability and volatility. We continue to monitor and assess our estimates in light of developments, and as events continue to evolve and additional information becomes available, our estimates may change materially in future periods.

Results of Operations

The following table sets forth information derived from our Unaudited Condensed Consolidated Statements of Operations expressed as a percentage of net revenue:

Three Months Ended

May 2,

2026 May 3,

2025

Net revenue 100.0 % 100.0 %

Cost of goods sold 47.9 49.7

Gross profit 52.1 50.3

Operating expenses:

Research and development 27.0 26.8

Selling, general and administrative 10.7 9.8

Restructuring related charges, net 0.4 (0.6)

Total operating expenses 38.1 36.0

Operating income 14.0 14.3

Interest and other loss, net (10.6) (2.9)

Income before income taxes 3.4 11.4

Provision for income taxes 2.0 2.0

Net income 1.4 % 9.4 %

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Three months ended May 2, 2026 and May 3, 2025

Net Revenue

Three Months Ended

May 2,

2026 May 3,

2025 %

Change

(in millions, except percentage)

Net revenue $ 2,417.8 $ 1,895.3 28%

Our net revenue for the three months ended May 2, 2026 increased by $522.5 million, or 28%, compared to net revenue for the three months ended May 3, 2025. This was primarily due to a 27% increase in sales from the data center end market which benefited from strong AI-related demand. Sales from the communications and other end market also increased by 29%, which has continued to recover due to normalizing customer inventory levels, partially offset by a decrease in sales from our automotive ethernet product portfolio due to the divestiture of our automotive ethernet business at the beginning of the third quarter of fiscal 2026.

Cost of Goods Sold and Gross Profit

Three Months Ended

May 2,

2026 May 3,

2025 %

Change

(in millions, except percentage)

Cost of goods sold $ 1,157.0 $ 942.9 23%

% of net revenue 47.9 % 49.7 %

Gross profit $ 1,260.8 $ 952.4 32%

% of net revenue 52.1 % 50.3 %

Cost of goods sold as a percentage of net revenue decreased for the three months ended May 2, 2026 compared to the three months ended May 3, 2025, which was primarily due to better cost absorption driven by higher revenues, partially offset by a shift in product mix. As a result, gross margin for the three months ended May 2, 2026 increased by 1.8 percentage points, compared to the three months ended May 3, 2025.

Research and Development

Three Months Ended

May 2,

2026 May 3,

2025 %

Change

(in millions, except percentage)

Research and development $ 652.3 $ 507.7 28%

% of net revenue 27.0 % 26.8 %

Research and development expense increased by $144.6 million in the three months ended May 2, 2026 compared to the three months ended May 3, 2025. The increase was primarily due to higher overall spending to support our R&D initiatives, including increased employee compensation and related costs, primarily driven by growth in headcount including the addition of new employees from our recent acquisitions. The increase is also due to higher acquisition related costs of $22.3 million.

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Selling, General and Administrative

Three Months Ended

May 2,

2026 May 3,

2025 %

Change

(in millions, except percentage)

Selling, general and administrative $ 258.4 $ 186.4 39%

% of net revenue 10.7 % 9.8 %

Selling, general and administrative expense increased by $72.0 million in the three months ended May 2, 2026 compared to the three months ended May 3, 2025. The increase was primarily due to higher acquisition related costs of $42.6 million, as well as an increase in employee compensation and related costs, primarily driven by increased headcount including the addition of new employees from our recent acquisitions.

Restructuring Related Charges (Gains), Net

Three Months Ended

May 2,

2026 May 3,

2025 %

Change

(in millions, except percentage)

Restructuring related charges (gains), net $ 10.7 $ (12.3) *

% of net revenue 0.4 % (0.6) %

*Not meaningful.

We recognized net restructuring related charges of $10.7 million in the three months ended May 2, 2026 as we continued to evaluate our existing operations to increase operational efficiency, decrease costs and increase profitability. See “Note 8 – Restructuring” in the Notes to Unaudited Condensed Consolidated Financial Statements for further information.

Interest and Other Loss, Net

Three Months Ended

May 2,

2026 May 3,

2025 %

Change

(in millions, except percentage)

Interest expense $ (52.8) $ (48.7) 8%

Other expense, net (203.3) (6.0) *

Interest and other loss, net $ (256.1) $ (54.7) *

% of net revenue (10.6) % (2.9) %

*Not meaningful.

Interest and other loss, net increased by $201.4 million in the three months ended May 2, 2026 compared to the three months ended May 3, 2025. The increase was primarily due to a $331.8 million increase in fair value of the contingent consideration liability associated with the Celestial acquisition, partially offset by an unrealized gain of $81.1 million from the forward stock purchase contract and higher net unrealized gains from equity investments in the three months ended May 2, 2026.

Provision for income taxes

Three Months Ended

May 2,

2026 May 3,

2025 %

Change

(in millions, except percentage)

Provision for income taxes $ 48.8 $ 38.0 28%

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Our income tax expense for the three months ended May 2, 2026 was $48.8 million compared to a tax expense of $38.0 million for the three months ended May 3, 2025. T hese amounts differed from the U.S. federal statutory tax rate of 21%, primarily due to a substantial portion of earnings or losses being taxed or benefited at rates lower than the U.S. statutory rate, net of the impact of U.S. taxation of foreign operations, benefits from tax credits, valuation allowance releases, and discrete tax benefits and expenses for excess deductions and deficiencies on stock-based compensation. Income tax expense for the three months ended May 2, 2026 also differs from the U.S. statutory rate of 21% due to non-deductible adjustments to contingent consideration liability, net of the tax impacts of our forward stock purchase contract. The recorded tax expense is based on year-to-date pre-tax results, forecasted pre-tax results, forecasted annual tax expense and discrete adjustments for the respective periods.

The One Big Beautiful Bill Act of 2025 (the “2025 Tax Act”) was signed into law on July 4, 2025. The 2025 Tax Act makes permanent key elements of the 2017 Tax Cuts and Jobs Act and modifies certain provisions of the U.S. International tax framework. Certain provisions of the 2025 Tax Act become effective in fiscal year 2027. Our tax provision for the May 2, 2026 period includes the impact of the 2025 Tax Act. We will continue to evaluate the impact of the 2025 Tax Act on our income taxes.

Our provision for income taxes may be affected by changes in the geographic mix of earnings with different applicable tax rates, acquisitions or divestitures, changes in the realizability of deferred tax assets, accruals related to contingent tax liabilities and period-to-period changes in such accruals, the results of income tax audits, the expiration of statutes of limitations, the implementation of tax planning strategies, tax rulings, court decisions, settlements with tax authorities and changes in tax laws and regulations. It is also possible that significant negative evidence may become available that causes us to conclude that a valuation allowance is needed on certain of our deferred tax assets, which would adversely affect our income tax provision in the period of such change in judgment.

We are subject to legislation based on the Organization for Economic Cooperation and Development’s 15% global minimum tax regime which applies to the majority of countries in which we operate. As a result of this legislation, our foreign earnings are generally subject to a minimum tax rate of 15%. On January 5, 2026, the OECD released a comprehensive package of administrative guidance, including the “side-by-side system” that exempts U.S. parented multinational businesses from certain provisions of Pillar Two, specifically the Income Inclusion Rule and the Undertaxed Profits Rule. The OECD guidance provides that the side-by-side system will be effective for fiscal years beginning on or after January 1, 2026. In certain jurisdictions, local legislative action is needed to effectuate “side by side system” and cannot be considered in our accounting estimate until enactment. The effects of any future legislation in this area are not yet reasonably estimable, but if such legislation is enacted in the future could have a significant effect on our provision for income taxes, our financial results, and our earnings and cash flows.

We are subject to the examination of our income tax returns by the Internal Revenue Service and other tax authorities. The outcome of these audits cannot be predicted with certainty. Management regularly assesses the likelihood of adverse outcomes resulting from these examinations to determine the adequacy of our provision for income taxes. If any issues addressed in our tax audits are resolved in a manner not consistent with management’s expectations, we could be required to adjust our provision for income taxes in the period such resolution occurs.

The ultimate realization of deferred tax assets depends upon the generation of future taxable income during the periods in which those assets become deductible or creditable. We evaluate the recoverability of these assets, weighing all positive and negative evidence, and provide or maintain a valuation allowance for these assets if it is more likely than not that some, or all, of the deferred tax assets will not be realized. If negative evidence exists, sufficient positive evidence is necessary to support a conclusion that a valuation allowance is not needed. We consider all available evidence such as our earnings history including the existence of cumulative income or losses, reversals of taxable temporary differences, projected future taxable income, and tax planning strategies. In future periods, it is possible that significant positive or negative evidence could arise that results in a change in our judgment with respect to the need for a valuation allowance, which could result in a tax benefit, or adversely affect our income tax provision, in the period of such change in judgment.

We also continue to evaluate potential changes to our legal structure in response to guidelines and requirements in various international tax jurisdictions where we conduct business. See also Part II, Item 1A, “Risk Factors” of this Quarterly Report on Form 10-Q, under the caption “Changes in existing taxation benefits, tax rules or tax practices may adversely affect our financial results.”

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Liquidity and Capital Resources

Our principal source of liquidity as of May 2, 2026 consisted of approximately $3.8 billion of cash and cash equivalents, of which approximately $1.6 billion was held by subsidiaries outside of the United States, a portion of which are deemed to be indefinitely reinvested. We manage our worldwide cash requirements by, among other things, reviewing available funds held by our foreign subsidiaries and the cost effectiveness by which those funds can be accessed in the United States.

During the fiscal quarter ended May 2, 2026, we completed the acquisitions of Celestial and XConn in which we paid cash, net of cash acquired and holdback amounts, of $1.0 billion, and $270.2 million, respectively and also issued a total of 26.8 million shares of our common stock. For the Celestial acquisition, contingent on the achievement of specified revenue milestones, we may be required to pay additional cash and issue additional shares of our common stock through fiscal 2029. See “Note 4 – Business Combinations” and “Note 5 – Goodwill and Acquired Intangible Assets, Net” in the Notes to Unaudited Condensed Consolidated Financial Statements for more information.

On March 31, 2026, we completed the issuance and sale of 2.0 million shares of our Series A Convertible Preferred Stock to NVIDIA for an aggregate purchase price of $2.0 billion in cash. The shares of Series A Convertible Preferred Stock are initially convertible in the aggregate into a maximum of approximately 21.8 million shares of our common stock. See “Note 10 – Stockholders’ Equity” in the Notes to Unaudited Condensed Consolidated Financial Statements for additional information.

As of May 2, 2026, we had total borrowings outstanding of $5.0 billion, consisting of senior notes outstanding.

On April 15, 2026, we completed a debt offering and issued $1.0 billion Senior Notes with a 10-year term due in 2036 ("2036 Senior Notes"). We used a portion of the net proceeds from the 2036 Senior Notes to repay the $500.0 million 2026 Senior Notes at maturity.

We have a revolving credit facility with a borrowing capacity of up to $1.5 billion and a 5-year term (“2025 Revolving Credit Facility”). As of May 2, 2026, the 2025 Revolving Credit Facility was undrawn and is available for draw down through June 30, 2030.

Subsequent to quarter end, we entered into agreements to secure long-term wafer and substrate manufacturing capacity, in which we committed to pay deposits totaling $870.0 million, payable in quarterly installments from the second quarter of fiscal 2027 through the second quarter of fiscal 2028. For a description of our contractual obligations including debt and purchase commitments, see “Note 7 – Debt,” and “Note 9 – Commitments and Contingencies” in the Notes to Unaudited Condensed Consolidated Financial Statements. We generally expect to satisfy these commitments with cash on hand and cash provided by operating activities.

We may elect to factor trade accounts receivable from time to time as part of our overall liquidity and working capital management strategy. During the three months ended May 2, 2026, we generated cash from operations from the sale of certain trade accounts receivable on a non-recourse basis to a third-party financial institution pursuant to a factoring arrangement. See “Note 14 – Supplemental Financial Information” in the Notes to Unaudited Condensed Consolidated Financial Statements for additional information.

We believe that our existing cash and cash equivalents, together with cash generated from operations, and funds from our 2025 Revolving Credit Facility will be sufficient to cover our working capital needs, capital expenditures, investment requirements, any declared dividends, repurchases of our common stock, commitments (including those discussed in “Note 9 – Commitments and Contingencies” in the Notes to Unaudited Condensed Consolidated Financial Statements), and the income tax related to the sale of our automotive ethernet business, for at least the next twelve months. Our capital requirements will depend on many factors, including our rate of sales growth, market acceptance of our products, costs of securing access to adequate manufacturing capacity, the timing and extent of research and development projects and increases in operating expenses, all of which are subject to uncertainty.

To the extent that our existing cash and cash equivalents, together with cash generated from operations, and funds available under our 2025 Revolving Credit Facility are insufficient to fund our future activities, we may need to raise additional funds through public or private debt or equity financing. We may also acquire additional businesses, purchase assets or enter into other strategic arrangements in the future, which could also require us to seek debt or equity financing. Additional equity financing or convertible debt financing may be dilutive to our current stockholders. If we elect to raise additional funds, we may not be able to obtain such funds on a timely basis or on acceptable terms, if at all. In addition, the equity or debt securities that we issue may have rights, preferences or privileges senior to our common stock.

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Future payment of a regular quarterly cash dividend on our common and preferred stock and our planned repurchases of common stock will be subject to, among other things, the best interests of the Company and our stockholders, our results of operations, cash balances and future cash requirements, financial condition, developments in ongoing litigation, statutory requirements under Delaware law, U.S. securities laws and regulations, market conditions and other factors that our Board of Directors may deem relevant. Our dividend payments and repurchases of common stock may change from time to time, and we cannot provide assurance that we will continue to declare dividends or repurchase stock at all or in any particular amounts.

Cash Flows from Operating Activities

Net cash provided by operating activities for the three months ended May 2, 2026 was $638.8 million. We had a net income of $34.5 million adjusted for the following non-cash items: change in fair value of contingent consideration liability of $331.8 million, amortization of acquired intangible assets of $225.2 million, stock-based compensation expense of $207.6 million, depreciation and amortization of $95.4 million, unrealized gain on forward stock purchase contract of $81.1 million, deferred income tax of $13.8 million, and $23.2 million of net loss from other non-cash items. Cash outflow from working capital of $211.6 million for the three months ended May 2, 2026 was primarily driven by decreases in accounts payable, accrued employee compensation, and accrued liabilities and other non-current liabilities, partially offset by a decrease in accounts receivable. The decrease in accounts payable was primarily due to the timing of payments. The decrease in accrued employee compensation was primarily due to bonus payout of our annual employee bonus plan. The decrease in accrued liabilities and other non-current liabilities was primarily driven by decreases in income tax payable and stock rotation accruals, partially offset by higher ship and debit claims accrual. The decrease in accounts receivable was primarily due to increased factoring of receivables and more ratable billings and collections during the quarter.

Net cash provided by operating activities for the three months ended May 3, 2025 was $332.9 million. We had a net income of $177.9 million adjusted for the following non-cash items: amortization of acquired intangible assets of $245.7 million, stock-based compensation expense of $142.1 million, depreciation and amortization of $84.2 million, restructuring related gains of $14.0 million, deferred income tax benefit of $4.3 million, and $44.1 million of net loss from other non-cash items. Cash outflow from working capital of $342.8 million for the three months ended May 3, 2025 was primarily driven by a decrease in accrued employee compensation, and increases in accounts receivable and inventories. The decrease in accrued employee compensation was due to bonus payout of our annual employee bonus plan. The increase in accounts receivable was primarily due to higher sales and lower distribution sales reserves, partially offset by higher factored receivables. Inventories grew sequentially in support of expected revenue growth.

Cash Flows from Investing Activities

For the three months ended May 2, 2026, net cash used in investing activities of $1.4 billion was primarily driven by acquisitions, net of cash acquired of $1.3 billion, and purchases of property and equipment of $155.7 million.

For the three months ended May 3, 2025, net cash used in investing activities of $94.1 million was primarily driven by purchases of property and equipment of $118.8 million, partially offset by proceeds from sales of property and equipment of $25.9 million.

Cash Flows from Financing Activities

For the three months ended May 2, 2026, net cash provided by financing activities of $2.0 billion was primarily attributable to $2.0 billion proceeds from issuance of preferred stock, and $1.0 billion proceeds from borrowings, partially offset by $500.0 million repayment of debt principal, $227.2 million for tax withholding payments on behalf of employees for net share settlements, $200.0 million repurchases of common stock, $53.8 million for payment of our quarterly dividends, and $27.2 million payments on technology license obligations.

For the three months ended May 3, 2025, net cash used in financing activities of $301.2 million was primarily attributable to $340.0 million repurchases of common stock, $51.8 million for payment of our quarterly dividends, $50.2 million for tax withholding payments on behalf of employees for net share settlements, $32.8 million repayment of debt principal, and $26.8 million payments on technology license obligations, partially offset by $200.0 million proceeds from borrowings.

Indemnification Obligations

See “Note 9 – Commitments and Contingencies” in the Notes to Unaudited Condensed Consolidated Financial Statements set forth in Part I, Item 1 of this Quarterly Report on Form 10-Q.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

Interest Rate Risk . With our outstanding debt, we are exposed to various forms of market risk. We maintain an investment policy that requires minimum credit ratings, diversification of credit risk and limits the long-term interest rate risk by requiring effective maturities of generally less than five years. We typically invest our excess cash primarily in highly liquid debt instruments including money market funds and time deposits. Investments in both fixed rate and floating rate interest earning securities carry a degree of interest rate risk. Fixed rate securities may have their fair market value adversely impacted due to a rise in interest rates, while floating rate securities may produce less income than predicted if interest rates fall. There were no such investments on hand at May 2, 2026, aside from cash and cash equivalents.

Foreign Currency Exchange Risk . All of our sales and the majority of our expenses are denominated in U.S. dollars. Since we operate in many countries, a percentage of our international operational expenses are denominated in foreign currencies and exchange volatility could positively or negatively impact those operating costs. Increases in the value of the U.S. dollar relative to other currencies could make our products more expensive, which could negatively impact our ability to compete. Conversely, decreases in the value of the U.S. dollar relative to other currencies could result in our suppliers raising their prices to continue doing business with us. Additionally, we may hold certain assets and liabilities, including potential tax liabilities, in local currency on our consolidated balance sheets. These tax liabilities would be settled in local currency. Therefore, foreign exchange gains and losses from remeasuring the tax liabilities are recorded to interest and other loss, net. We do not believe that foreign exchange volatility has a significant effect on our current business or results of operations. However, fluctuations in currency exchange rates could have a greater effect on our business or results of operations in the future to the extent our expenses increasingly become denominated in foreign currencies.

We may enter into foreign currency forward and option contracts with financial institutions to protect against foreign exchange risks associated with certain existing assets and liabilities, certain firmly committed transactions, forecasted future cash flows and net investments in foreign subsidiaries. However, we may choose not to hedge certain foreign exchange exposures for a variety of reasons, including, but not limited to, accounting considerations and the prohibitive economic cost of hedging particular exposures.

To provide an assessment of the foreign currency exchange risk associated with our foreign currency exposures within operating expense, we performed a sensitivity analysis to determine the effect that an adverse change in exchange rates would have on our financial statements. If the U.S. dollar weakened by 10%, our operating expenses could increase by approximately 2%.

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Item 4. Controls and Procedures

Management’s Evaluation of Disclosure Controls and Procedures

Management, with the participation of our principal executive officer and principal financial officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act). Disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC and that such information is accumulated and communicated to management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures. Based on this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of May 2, 2026.

Changes in Internal Control Over Financial Reporting

No changes in the Company’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) occurred during the three months ended May 2, 2026 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Inherent Limitation on Effectiveness of Controls

Our management, including our principal executive officer and our principal financial officer, does not expect that our disclosure controls or our internal control over financial reporting will prevent or detect all error and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met. The design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Further, because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, have been detected. The design of any system of controls is based in part on certain assumptions about the likelihood of future events and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Projections of any evaluation of the effectiveness of controls to future periods are subject to risks. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

The information under the caption “Contingencies and Legal Proceedings” as set forth in “Note 9 – Commitments and Contingencies” of our Notes to Unaudited Condensed Consolidated Financial Statements, included in Part I, Item 1, is incorporated herein by reference. For additional discussion of certain risks associated with legal proceedings, see Part II, Item 1A, “Risk Factors,” immediately below.

Item 1A. Risk Factors

Investing in our common stock involves a high degree of risk. You should carefully consider the material risks and uncertainties described below and all information contained in this report before you decide to purchase our common stock. Many of these risks and uncertainties are beyond our control, including business cycles and seasonal trends of the computing, infrastructure, semiconductor and related industries and end markets. A manifestation of any of the following risks and uncertainties could, in circumstances we may or may not be able to accurately predict, render us unable to conduct our business as currently planned and materially and adversely affect our reputation, business, prospects, financial condition, cash flows, liquidity and operating results. In addition, the trading price of our common stock could decline due to the occurrence of any of these risks, and you could lose all or part of your investment. It is not possible to predict or identify all such risks and uncertainties; our operations could also be affected by risks or uncertainties that are not presently known to us or that we currently do not consider to present significant risks to our operations. Therefore, you should not consider the following discussion to be a complete statement of all the potential risks or uncertainties that we face.

SUMMARY OF FACTORS THAT MAY AFFECT OUR FUTURE RESULTS

The following summarizes the principal factors that make an investment in the Company speculative or risky. This summary should be read in conjunction with the remainder of this “Risk Factors” section and should not be relied upon as an exhaustive summary of the material risks facing our business. The occurrence of any of these risks could harm our business, financial condition, results of operations and/or growth prospects or cause our actual results to differ materially from those contained in forward-looking statements we have made in this report and those we may make from time to time. You should consider all of the risk factors described in our public filings when evaluating our business.

• risks related to changes in general macroeconomic conditions such as economic slowdowns, inflation, stagflation, high or rising interest rates, financial institution instability, and recessions, as well as risks related to global economic conditions such as the current armed conflict in Israel and the Middle East;

• risks related to the potential impact of AI on our business model and products;

• risks related to our ability to scale our business;

• risks related to our ability to execute on changes in strategy and realize the expected benefits from restructuring activities;

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• risks related to cancellations, rescheduling or deferrals of significant customer orders or shipments, as well as the ability of our customers to manage inventory;

• risks related to the highly competitive nature of the end markets we serve, particularly within the semiconductor and infrastructure industries;

• risks related to our ability to maintain a competitive cost structure for our manufacturing, assembly, testing and packaging processes and our reliance on third parties to produce our products;

• risks related to our ability to attract, retain and motivate a highly skilled workforce, especially engineering, managerial, sales and marketing employees;

• cybersecurity risks;

• risks related to our debt obligations;

• risks related to the specific conditions in the end markets we address, including seasonality and volatility in the technology sector and semiconductor industry;

• risks related to failures to qualify our products or our suppliers’ manufacturing lines;

• risks related to failures to protect our intellectual property, particularly outside the United States;

• risks related to the issuance of preferred stock;

• risks related to our sustainability programs;

• risks related to the impact of the COVID-19 pandemic or other future pandemics, on the global economy and on our customers, suppliers, employees and business; and

Our quarterly results of operations have fluctuated in the past and could do so in the future. Because our results of operations are difficult to predict, you should not rely on quarterly comparisons of our results of operations as an indication of our future performance. Due to fluctuations in our quarterly results of operations and other factors, the price at which our common stock will trade is likely to continue to be highly volatile. Accordingly, you may not be able to resell your common stock at or above the price you paid. In future periods, our stock price could decline if, among other factors, our revenue or operating results are below our estimates or the estimates or expectations of securities analysts and investors. Our stock is traded on the Nasdaq Global Select Market under the ticker symbol “MRVL”. As a result of stock price volatility, we may be subject to securities class action litigation. Any litigation could result in substantial costs and a diversion of management’s attention and resources that are needed to successfully maintain and grow our business.

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CHANGES IN PRODUCT DEMAND CAN ADVERSELY AFFECT OUR FINANCIAL RESULTS

Unfavorable or uncertain conditions in the Data Center and Communications markets may cause fluctuations in our rate of revenue growth or financial results.

World-wide markets for our data center and communications related products may not evolve in the manner or in the time periods we anticipate. If domestic and global economic conditions worsen, overall spending on our data center and communications products may be reduced, which would adversely impact demand for our products in these markets. In addition, unfavorable developments with evolving laws and regulations worldwide related to these products and suppliers may limit global adoption, impede our strategy, and negatively impact our long-term expectations in this area. Even if the data center and communications markets evolve in the manner or in the time periods we anticipate, if we do not have timely, competitively priced, market-accepted products available to meet our customers’ need in these markets, we may miss a significant opportunity and our business, financial condition, results of operations and cash flows could be materially and adversely affected. In addition, as a result of the fact that the markets for data center and communication products are still evolving, demand for these products may be unpredictable and may vary significantly from one period to another. In addition, these markets may not develop as anticipated if AI training and inference costs drop dramatically due to customer adoption of less expensive alternative technologies. Further, the current level of capital expenditure (capex) on AI infrastructure may not be sustainable over the long term and a significant reduction in AI-related spending will likely harm our financial results. In addition, in the future our customers may decelerate or reallocate their capital expenditures for other uses, which could delay or reduce the demand for our products and negatively impact our revenue. In addition, rapidly evolving technologies, including AI, could change the business needs of our customers in the data center and communications markets in ways we are not yet able to predict. AI systems may make unforeseen or unintended discoveries that may disrupt our customers’ existing products, services, or business strategy and potentially render some of our customers current offerings and products obsolete which may have a material adverse effect on our revenue and profitability. See also, “Our sales are concentrated in a few large customers. If we lose or experience a significant reduction in sales to any of these key customers, if any of these key customers experience a significant decline in market share, or if any of these customers experience significant financial difficulties, our revenue may decrease substantially and our results of operations and financial condition may be harmed.” See also, “Adverse changes in the political, regulatory and economic policies of governments in connection with trade with China and Chinese customers have reduced the demand for our products and damaged our business” for additional risks related to export restrictions that may impact certain customers in the data center and communications markets.

Our sales are concentrated in a few large customers. If we lose or experience a significant reduction in sales to any of these key customers, if any of these key customers experience a significant decline in market share, or if any of these customers experience significant financial difficulties, our revenue may decrease substantially and our results of operations and financial condition may be harmed.

We receive a significant amount of our revenue from a limited number of customers which are comprised of both distributors and direct customers. For example, during fiscal 2026, there were two customers (one distributor and one direct customer) whose revenues represented 10% or more of total net revenue. In addition, net revenue from our ten (10) largest customers, inclusive of our distributor and direct customers, represented 82% of our total net revenue for fiscal 2026. Sales to our largest customers have fluctuated significantly from period to period and year to year and will likely continue to fluctuate in the future, primarily due to the timing and number of design wins with customers, the continued diversification of our customer base as we expand into new markets, adverse changes in the political and economic policies of the U.S. or other governments (such as changes in export policies), and natural disasters or other issues. The loss of any of our large customers or a significant reduction in sales we make to them would likely harm our financial condition and results of operations. For example, some of our large customers depend on rapid and continuous innovation and will select partners who can help them deliver innovation at their pace and if we are unable to deliver on these timelines we may miss significant business opportunities. To the extent one or more of our large customers experience financial challenges, bankruptcy or insolvency, this could have a material adverse effect on our sales and our ability to collect on receivables, which could harm our financial condition and results of operations. See also, “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Sales and Customer Composition” for information on our significant customers for the current quarterly reporting period.

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If we are unable to increase the number of large customers in key markets, then our operating results in the foreseeable future would be expected to continue to depend on sales to a relatively small number of customers, as well as the ability of these customers to sell products that incorporate our products. In the future, these customers may decide not to purchase our products at all, purchase fewer products than they did in the past, or alter their purchasing patterns in some other way, particularly because:

• a significant portion of our sales are made on a purchase order basis, which allows our customers to cancel, change or delay product purchase commitments with relatively short notice to us;

• customers may purchase similar products from our competitors;

• customers may discontinue sales or lose market share in the markets for which they purchase our products;

• customers, particularly in jurisdictions such as China that may be subject to trade restrictions or tariffs, may develop their own solutions, vertically integrate which may reduce the need for our products, or acquire fully developed solutions from third-parties; or

• customers may be subject to severe business disruptions, including, but not limited to, those driven by recessions, financial instability, actual or threatened public health emergencies, such as the COVID-19 pandemic, other global or regional macroeconomic developments, or natural disasters.

In addition, there has been a trend toward customer consolidation in the semiconductor industry through business combinations, including mergers, asset acquisitions and strategic partnerships (for example, Cisco acquired Acacia Communications in 2021). Mergers or restructuring among our customers, or their end customers, could increase our customer concentration with a particular customer or reduce total demand as the combined entities reevaluate their business and consolidate their suppliers. Such future developments, particularly in those end markets that account for more significant portions of our revenues, could harm our business and our results of operations.

In addition, we may be unable to negotiate as favorable terms with larger customers whether those customers resulted from customer consolidation, merger integrations or other reasons, and any such less favorable terms could harm our business and our results of operations.

Given their dependence on semiconductor products to operate their data centers and to ensure continuity of supply and reduce direct costs, some large customers may begin developing and making their own semiconductor solutions which could result in a loss of business for Marvell.

In addition, our sales have recently been, and in the future may continue to be, concentrated in our data center end market. Sales into this end market have fluctuated significantly from period to period and year to year and will likely continue to fluctuate in the future. Customers in this end market may decide in the future not to purchase our products at all, purchase fewer products than they did in the past, or alter their purchasing patterns in some other way. A significant reduction in sales to this end market would greatly reduce our revenues and harm our financial condition and results of operations. Please see “Note 3 – Revenue” of our Notes to Unaudited Condensed Consolidated Financial Statements set forth in Part I, Item 1 of this Quarterly Report on Form 10-Q for a more detailed description of sales into our data center end market.

Advances in artificial intelligence could disrupt our business model and materially adversely affect our results of operations and financial condition.

Rapid advances in artificial intelligence (“AI”) and machine learning (“ML”) technologies, including generative AI, could fundamentally alter the semiconductor industry and disrupt our business model and operations. AI-driven tools and platforms are increasingly being deployed across the integrated circuit (“IC”) development lifecycle, including in chip architecture design, electronic design automation (“EDA”), layout optimization, verification, testing, and process node development. If AI-enabled efficiencies substantially reduce the complexity, cost, or time required to design, develop, and manufacture semiconductor products, our competitive position could be materially and adversely affected.

AI-driven design tools may lower traditional barriers to entry in the semiconductor industry by enabling new market participants, including technology companies that have not historically engaged in chip design, to develop high-performance, custom semiconductor solutions in-house with reduced reliance on third-party chip suppliers. This trend toward internal chip development, sometimes referred to as "insourcing" or "vertical integration," could reduce demand for our products and erode our market share. In particular, large cloud computing providers, automotive original equipment manufacturers, and other technology-focused enterprises have already begun investing in proprietary chip design capabilities, and advancements in AI may accelerate this trend.

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AI and ML technologies may enable our existing competitors to achieve design and manufacturing efficiencies that we are unable to match, thereby diminishing or eliminating our current technological or cost advantages. Competitors that more effectively integrate AI into their IC development workflows may be able to bring products to market faster, at lower cost, or with superior performance characteristics compared to our offerings. If we fail to adopt and integrate AI technologies into our own design and development processes at a pace consistent with or faster than our competitors, our products could become less competitive, which would have a material adverse effect on our revenue and profitability.

AI-generated efficiencies may compress product development cycles across the industry, which could shorten the useful commercial life of our existing products and reduce the return on our research and development investments. As AI tools enable more rapid iteration and optimization of chip designs, customers may expect faster product refresh cycles, placing additional pressure on our research and development resources and potentially leading to accelerated inventory obsolescence.

Our investment in AI-related capabilities may not yield the anticipated benefits. Developing, acquiring, or integrating AI-driven tools and talent into our operations will require significant capital expenditures and operational resources, and there is no assurance that these investments will generate a return sufficient to justify their cost. Additionally, the deployment of AI technologies in our design and manufacturing processes may introduce new and unforeseen risks, including design errors, security vulnerabilities, intellectual property concerns, and regulatory compliance challenges that could increase our costs, expose us to liability, or delay product launches. See also, “ Costs related to defective products could have a material adverse effect on us ” and “ Cybersecurity risks could adversely affect our business and disrupt our operations ” for additional information.

AI technologies may disrupt the broader semiconductor supply chain and ecosystem in ways that are difficult to predict. For example, AI-driven advances in chiplet-based architectures, advanced packaging, or novel materials science could render certain of our existing product lines, manufacturing processes, or intellectual property less valuable or obsolete. Furthermore, the increasing use of AI in semiconductor design raises complex and evolving questions around intellectual property ownership, patentability, and trade secret protection, and the legal frameworks governing these issues remain uncertain and may develop in ways that are unfavorable to our business. See also, “ We may be unable to protect our intellectual property, which would negatively affect our ability to compete ” for additional information.

We cannot predict the pace or trajectory of AI development or the extent to which AI-driven disruption will affect the semiconductor industry. If we are unable to anticipate and adapt to these changes in a timely and effective manner, our business, financial condition, results of operations, and competitive position could be materially and adversely affected.

We face risks related to recessions, inflation, stagflation and other macroeconomic conditions.

Customer demand for our products may be impacted by weak macroeconomic conditions, inflation, stagflation, recessionary or lower-growth environments, high or rising interest rates, equity market volatility or other negative economic factors in the U.S. or other nations. For example, under these conditions or expectation of such conditions, our customers may cancel orders, delay purchasing decisions or reduce their use of our services. In addition, these economic conditions have resulted in the past, and could result in the future, in higher inventory levels and the resulting excess capacity charges from our manufacturing partners if we need to slow production to reduce inventory levels. Further, in the event of a recession or threat of a recession our manufacturing partners, suppliers, distributors, and other third-party partners may suffer their own financial and economic challenges and as a result they may demand pricing accommodations, delay payment, or become insolvent, which could harm our ability to meet our customer demands or collect revenue or otherwise could harm our business. Similarly, disruptions in financial and/or credit markets may impact our ability to manage normal commercial relationships with our manufacturing partners, customers, suppliers and creditors and might cause us to not be able to continue to access preferred sources of liquidity when we would like, and our borrowing costs could increase. Thus, if general macroeconomic conditions, or conditions in the semiconductor industry, or conditions in our customer end markets deteriorate or experience a sustained period of weakness or slower growth, our business and financial results could be materially and adversely affected.

In addition to the above risks related to economic conditions, the U.S. has implemented a series of tariffs targeting various nations and industries. These announcements have triggered global reactions, affecting markets, slowing global economic growth, and heightening concerns about broader financial instability. Tariffs and escalations of trade tensions between the U.S. and its trading partners, especially China, and the decoupling of global economies could result in a global economic slowdown and long-term changes to global trade. See also, “Adverse changes in the political, regulatory and economic policies of governments in connection with trade with China and Chinese customers have reduced the demand for our products and damaged our business” and “ Changes to U.S. or foreign tax, trade policy, government incentives, tariff and import/export regulations may have a material adverse effect on our business, financial condition and results of operations. ”

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In addition, we are also subject to risk from inflation and increasing market prices of certain components, supplies, and commodity raw materials, which are incorporated into our end products or used by our manufacturing partners or suppliers to manufacture our end products. These components, supplies and commodities have from time to time become restricted, or general market factors and conditions have in the past and may in the future affect pricing of such components, supplies and commodities (such as inflation or supply chain constraints). As trade tensions escalate, our and our customers’ global supply chains may face disruptions, reducing international trade efficiency. See also, “Our gross margin and results of operations may be adversely affected in the future by a number of factors, including decreases in our average selling prices of products over time, shifts in our product mix, or price increases of certain components or third-party services due to inflation, supply chain constraints, or for other reasons.”

We are subject to order and shipment uncertainties. If we are unable to accurately predict customer demand, we may hold excess or obsolete inventory, which would reduce our gross margin. Conversely, we may have insufficient inventory or be unable to obtain the supplies or contract manufacturing capacity to meet demand, which would result in lost revenue opportunities and potential loss of market share as well as damaged customer relationships.

We typically sell products pursuant to purchase orders rather than long-term purchase commitments. Some of our customers have, and others may in the future, cancel or defer purchase orders on short notice without incurring a significant penalty. In addition, customers who have purchase commitments may not honor those commitments. Due to their inability to predict demand or for other reasons, during the last few years some of our customers have accumulated excess inventories and, as a consequence, they either have deferred or they may defer future purchases of our products. We cannot accurately predict what or how many products our customers will need in the future. Anticipating demand is difficult because our customers face unpredictable demand for their own products and are increasingly focused more on cash preservation and tighter inventory management.

We place orders with our suppliers based on forecasts of customer demand and, in some instances, may establish buffer inventories to accommodate anticipated demand. Our forecasts are based on multiple assumptions, each of which may introduce error into our estimates. For example, our ability to accurately forecast customer demand may be impaired by the delays inherent in our customer’s product development processes, which may include extensive qualification and testing of components included in their products, including ours. In many cases, they design their products to use components from multiple suppliers. This creates the risk that our customers may decide to cancel or change product plans for products incorporating our semiconductor solutions prior to completion, which makes it even more difficult to forecast customer demand. In addition, while many of our customers are subject to purchase orders or other agreements that do not allow for cancellation, there can be no assurance that these customers will honor these contract terms and cancellation of these orders may adversely affect our business operations and demand forecast which is the basis for us to have products made.

Our products are incorporated into complex devices and systems, which creates supply chain cross-dependencies. Due to cross dependencies, supply chain disruptions have in the past and may in the future negatively impact the demand for our products. We have a limited ability to predict the timing of a supply chain correction. As we have a broad product portfolio and diversified products with many different SKUs, significant supply chain disruptions will cause us to have more work-in-process inventories that we hold to provide us with more flexibility to support our customers. If we cannot predict future customer demand or supply chain disruptions, then we may hold excess or obsolete inventory. Moreover, significant supply chain disruption may negatively impact the timing of our product shipments and revenue shipment linearity which may impact and extend our cash conversion cycle. In addition, the market share of our customers could be adversely impacted on a long-term basis due to any protracted supply chain disruption, which could negatively affect our results of operations. See also, “We rely on our manufacturing partners for the manufacture, assembly, testing and packaging of our products, and the failure of any of these third-party vendors to deliver products or otherwise perform as requested or to be able to fulfill our orders could damage our relationships with our customers, decrease our sales and limit our ability to grow our business” for additional information on the impacts of supply chain cross-dependencies on our business.

If we overestimate customer demand, our excess or obsolete inventory may increase significantly, which would reduce our gross margin and adversely affect our financial results. The risk of obsolescence and/or excess inventory is heightened for semiconductor solutions due to the rapidly changing market for these types of products. Conversely, if we underestimate customer demand or if insufficient manufacturing capacity is available, we would miss revenue opportunities and potentially lose market share and damage our customer relationships. In addition, any future significant cancellations or deferrals of product orders or the return of previously sold products could materially and adversely affect our profit margins, increase product obsolescence and restrict our ability to fund our operations.

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We operate in intensely competitive markets. Our failure to compete effectively would harm our results of operations.

The semiconductor industry is extremely competitive. We currently compete with a number of large domestic and international companies in the business of designing semiconductor solutions and related applications, some of which have greater financial, technical and management resources than us. In addition, efforts to introduce new products into markets with entrenched competitors will expose us to additional competitive pressures. For example, we are facing, and expect we will continue to face, significant competition in the infrastructure, cloud and data center and networking markets. Additionally, customer expectations and requirements have been evolving rapidly. For example, customers now expect us to provide turnkey solutions and commit to future roadmaps that have technical risks.

Some of our competitors may be better situated to meet changing customer needs and secure design wins. Increasing competition in the markets in which we operate may negatively impact our revenue and gross margins. For example, competitors with greater financial resources may be able to offer lower prices than us, or they may offer additional products, services or other incentives that we may not be able to match.

We also may experience discriminatory or anti-competitive practices by our competitors that could impede our growth, cause us to incur additional expense or otherwise negatively affect our business. In addition, some of these competitors may use their market power to dissuade our customers from purchasing from us.

In addition, many of our competitors operate and maintain their own fabrication facilities and have longer operating histories, greater name recognition, larger customer bases, and greater sales, marketing and distribution resources than we do.

Moreover, the semiconductor industry has experienced increased consolidation over the past several years. For example, AMD acquired Xilinx, Inc. in February 2022 and Pensando Systems in May 2022, Qualcomm acquired Veonner in April 2022, and Broadcom acquired VMware in November 2023. Consolidation among our competitors has led, and in the future could lead, to a changing competitive landscape, capabilities and market share, which could put us at a competitive disadvantage and harm our results of operations.

Our gross margin and results of operations may be adversely affected in the future by a number of factors, including decreases in our average selling prices of products over time, shifts in our product mix, or price increases of certain components or third-party services due to inflation, supply chain constraints, or for other reasons.

The products we develop and sell are primarily used for high-volume applications. While prices of our products have increased at times due to inflation and additional costs resulting from securing an increase in supply, the prices of our products have historically decreased. We expect that the average unit selling prices of our products will continue to be subject to significant pricing pressures. In addition, our more recently introduced products tend to have higher associated costs because of initial overall development and production expenses. Therefore, over time, we may not be able to maintain or improve our gross margin. Our financial results could suffer if we are unable to offset any reductions in our average selling prices by other cost reductions through efficiencies, introduction of higher margin products and other means.

To attract new customers or retain existing customers, we may offer certain price concessions to certain customers, which could cause our average selling prices and gross margin to decline. In the past, we have reduced the average selling prices of our products in anticipation of future competitive pricing pressures, new product introductions by us or by our competitors and other factors. We expect to continue to have to reduce prices of existing products in the future. Moreover, because of the wide price differences across the markets we serve, the mix and types of performance capabilities of our products sold may affect the average selling prices of our products and have a substantial impact on our revenue and margin. We may enter new markets in which a significant amount of competition exists, and this may require us to sell our products with lower gross margin than we earn in our established businesses. If we are successful in growing revenue in these markets, our overall margin may decline. Fluctuations in the mix and types of our products may also affect the extent to which we are able to recover the fixed costs and investments associated with a particular product, and as a result may harm our financial results.

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Additionally, because we do not operate our own manufacturing, assembly, testing or packaging facilities, we are not able to reduce our costs as rapidly as companies that operate their own facilities and our costs may even increase, which could also reduce our gross margin. Our margin could also be impacted, for example, by the following factors: increased costs (including increased costs caused by tariffs, inflation, higher interest rates, or supply chain constraints); loss of cost savings if parts ordering does not correctly anticipate product demand or if the financial health of either our manufacturers partners or our suppliers deteriorates; excess inventory, or inventory holding and obsolescence charges. In addition, we are subject to risks from fluctuating market prices of certain components, which are incorporated into our products or used by our suppliers to manufacture our products. Supplies of these components may from time to time become restricted, or general market factors and conditions such as inflation or supply chain constraints have in the past affected, currently affect and may in the future affect pricing of such commodities. For example, recently there has been a tight supply environment for AI related components and manufacturing resources, such as advanced wafer fabrication, advanced packaging, and large body substrates which have in the past and may continue to result in increased lead times, inability to meet demand, and increased costs. Any increase in the price of components used in our products will adversely affect our margin.

We may enter into new markets, including markets with different business models, as a result of our acquisitions or for other reasons that may reduce our gross margin and operating margin. For example, for certain products we use an ASIC model to offer end-to-end solutions for intellectual property, design team, fab and packaging to deliver a tested, yielded product to customers. This business model tends to have a lower gross margin. In addition, the costs related to this type of business model typically include significant NRE costs that customers pay based on the completion of milestones. Our operating margin may decline if our customers do not agree to pay for NREs, if they do not pay enough to cover the costs we incur in connection with NREs, or non-payment of previously agreed NRE costs. In addition, our operating margin may decline if we are unable to sell products in sufficient volumes to cover the development costs that we have incurred. In addition, the ASIC business model requires us to use third-party intellectual property and we may lose business or experience reputational harm if third parties, including customers, lose confidence in our ability to protect their intellectual property rights. With respect to risks related to our use of third-party intellectual property, see also, “ We have been named as a party to several legal proceedings and may be named in additional ones in the future, including litigation involving our patents and other intellectual property, which could subject us to liability, require us to indemnify our customers, require us to obtain or renew licenses, require us to stop selling our products or force us to redesign our products. ”

WE ARE VULNERABLE TO PRODUCT DEVELOPMENT AND MANUFACTURING-RELATED RISKS

We rely on our manufacturing partners for the manufacture, assembly, testing and packaging of our products, and the failure of any of these third-party vendors to deliver products or otherwise perform as requested or to be able to fulfill our orders could damage our relationships with our customers, decrease our sales and limit our ability to grow our business.

We do not have our own manufacturing, assembly or packaging facilities and have very limited in-house testing facilities. Therefore, we currently rely on several third-party manufacturing partners to produce our products. We also currently rely on several third-party assembly, testing and packaging subcontractors to assemble, package and test our products. This exposes us to a variety of risks, including the following:

Regional Concentration

Most of our products are manufactured by third-party foundries located in Taiwan, and other sources are located in China, Germany, South Korea, Singapore and the United States. In addition, most of our third-party assembly, testing and packaging facilities are located in China, Malaysia, Singapore, Taiwan and Canada. Because of the geographic concentration of most of these third-party foundries, as well as most of our assembly, testing and packaging subcontractors, we are exposed to the risk that their operations may be disrupted by regional events including, for example, droughts, earthquakes (particularly in Taiwan and elsewhere in the Pacific Rim close to fault lines), tsunamis or typhoons, severe storms, power outages, or by actual or threatened public health emergencies such as the COVID-19 pandemic and future pandemics, or by political, social or economic instability, or by geopolitical tensions and conflicts. For example, we were impacted by COVID outbreaks in Asia in the first half of fiscal 2023 that resulted in closed factories, clogged ports and a shortage of workers as officials imposed lockdowns and mass testing requirements. In the case of such an event, our revenue, cost of goods sold and results of operations may be negatively impacted. In addition, there are limited numbers of alternative foundries capable of producing advanced technologies and identifying and implementing alternative manufacturing facilities would be time consuming. Although there is a movement in the U.S. to build more foundries locally and the U.S. government is providing funds or other incentives for certain companies to do so, we do not expect that such foundries will be available to us to produce certain types of advanced technologies any time soon, if ever. If we need to utilize alternate manufacturing facilities, either in Taiwan or elsewhere, we could experience significant expenses and delays in product shipments, which could harm our results of operations.

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No Guarantee of Capacity or Supply

The ability of each of our manufacturing partners to provide us with materials and services is limited by its available capacity and existing obligations. When demand is strong, availability of our partners’ capacity may be constrained or not available, and with certain exceptions our vendors are not obligated to perform services or supply products to us for any specific period, in any specific quantities, or at any specific price, except as may be provided in a particular purchase order. We place our orders on the basis of our customers’ purchase orders or our forecast of customer demand, and most of our manufacturing partners can allocate capacity to the production of other companies’ products and reduce deliveries to us on short notice. It is possible that their customers that are larger and better financed than we are or that have long-term agreements with our main foundries may induce them to reallocate capacity to those customers. Most of our manufacturing partners may reallocate capacity to their customers offering them a better margin or rate of return than provided by us. This reallocation could impair our ability to secure the supply of components that we need. Moreover, if any of our third-party manufacturing partners or other suppliers are unable to secure the necessary raw materials from their suppliers, lose benefits under material agreements, experience power outages or labor shortages, or lack sufficient capacity to manufacture our products, encounter financial difficulties or suffer any other disruption or reduction in efficiency, we may encounter supply delays or disruptions, which could harm our business or results of operations.

There are a very limited number of foundries and consolidation of the foundries that provide services to us or to the semiconductor industry due to bankruptcy or through business combinations, including mergers, asset acquisitions and strategic partnerships may adversely impact us. A foundry, supplier or other manufacturing partner could become unavailable to us if it is acquired by a competitor or a large company that may change the scope of the offerings. Or a foundry may not be suitable for us if it does not invest in, or have the ability to manufacture, advanced technologies. In particular, as we and others in our industry transition to smaller geometries, our manufacturing partners may be supply constrained or may charge premiums for these advanced technologies, which may harm our business or results of operations. See also, “ We may experience increased actual and opportunity costs as a result of our transition to smaller geometry process technologies. ” In addition, a foundry or supplier may become unavailable to us as a result of economic or political instability. Any disruption to our manufacturing partners could result in a material decline in our revenue, net income and cash flow.

While we attempt to create multiple sources for our products, most of our products are not manufactured at more than one foundry at any given time, and our products typically are designed to be manufactured in a specific process at only one of these foundries. Accordingly, if one of our foundries is unable to provide us with components as needed, it would be difficult for us to transition the manufacture of our products to other foundries, and we could experience significant delays in securing sufficient supplies of those components. Any disruption to our foundry partners could result in a material decline in our revenue, net income and cash flow. In addition, our assembly, testing and packaging partners may be single sourced and it may be difficult for us to transition to other manufacturing partners for these services.

In order to secure sufficient capacity when demand is high and to mitigate the risks described in the foregoing paragraph, we have entered into, and in the future may enter into, various arrangements with certain manufacturing partners or other suppliers that could be costly and harm our results of operations, such as nonrefundable deposits with, or loans to, such parties in exchange for capacity commitments, or contracts that commit us to purchase specified quantities of components over extended periods. We may not be able to make such arrangements in the future in a timely fashion or at all, and any arrangements may be costly, reduce our financial flexibility, and not be on terms favorable to us. Moreover, if we are able to secure capacity, we may be obligated to use all of that capacity or incur penalties. These penalties may be expensive and could harm our financial results.

We have in the past and may in the future, experienced a number of industry-wide supply constraints. These supply challenges have in the past, and may in the future, limited our ability to fully satisfy demand for some of our products. For example, there has and continues to be a tight supply environment for AI related components and manufacturing resources, such as advanced wafer fabrication, advanced packaging, and large body substrates which have in the past and may continue to result in increased lead times, inability to meet demand, and increased costs.

Because of the geographic concentration of some of our suppliers, we are exposed to the risk that their operations may be disrupted by regional events including droughts, earthquakes (particularly in Taiwan and elsewhere in the Pacific Rim close to fault lines), tsunamis or typhoons, severe storms, power outages, or by actual or threatened public health emergencies such as the COVID-19 pandemic, or by political, social or economic instability. In addition, while the Russian invasion of Ukraine has not had a direct material impact on us due to our limited sales to Russia and Ukraine, we are unable to predict the indirect impact this conflict will have on us due to impacts on the supply chain, global and domestic economies, interest rates and stock markets. Moreover, while the current armed conflict in Israel and the Middle East is not currently expected to have a material impact on us, we are unable to predict the full impact this conflict will have on us or our operations in Israel due to impacts on the supply chain, global and domestic economies, interest rates and stock markets.

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Uncertain Yields and Quality

The fabrication of our products is a complex and technically demanding process. Our manufacturing partners have from time to time experienced manufacturing defects and lower manufacturing yields, which are difficult to detect at an early stage of the manufacturing process and may be time consuming and expensive to correct. Changes in manufacturing processes or the inadvertent use of defective or contaminated materials by our foundries could result in lower than anticipated manufacturing yields or unacceptable performance. In addition, we may face lower manufacturing yields and reduced quality in the process of ramping up and diversifying our manufacturing partners. Poor yields from our manufacturing partners, or defects, integration issues or other performance problems with our products could cause us significant customer relations and business reputation problems, harm our financial performance and result in financial or other damages to our customers. Our customers could also seek damages in connection with product liability claims, which would likely be time consuming and costly to defend. In addition, defects could result in other significant costs. See also, “Costs related to defective products could have a material adverse effect on us.”

Because we rely on outside manufacturing partners, we have a reduced ability to directly control product delivery schedules and quality assurance, which has in the past and may in the future result in product shortages or quality assurance problems that delay shipments or increase costs.

Commodity Prices

We are also subject to risk from increasing or fluctuating market prices of certain commodity raw materials, including gold and copper, which are incorporated into our end products or used by our suppliers to manufacture our end products. Supplies for such commodities have from time to time become restricted, or general market factors and conditions have in the past affected and may in the future affect pricing of such commodities (such as inflation or supply chain constraints).

We may experience increased actual and opportunity costs as a result of our transition to smaller geometry process technologies.

In order to remain competitive, we have transitioned, and expect to continue to transition, our semiconductor products to increasingly smaller line width geometries. We periodically evaluate the benefits, on a product-by-product basis, of migrating to smaller geometry process technologies. We also evaluate the costs of migrating to smaller geometry process technologies including both actual costs such as increased mask costs and wafer costs and increased costs related to EDA (electronic design automation) tools and the opportunity costs related to the technologies we choose to forego. These transitions are imperative for us to be competitive with the rest of the industry and to target some of our product development in high growth areas to these advanced nodes, which has resulted in significant initial design and development costs.

We have been, and may continue to be, dependent on our relationships with our manufacturing partners to transition to smaller geometry processes successfully. We cannot ensure that the partners we use will be able to effectively manage any future transitions. In addition, there are a very limited number of foundries capable of producing advanced technologies, and identifying and implementing alternative manufacturing facilities would be time consuming. If we or any of our partners experience significant delays in a future transition or fail to efficiently implement a transition, we could experience reduced manufacturing yields, delays in product deliveries and increased expenses, all of which could harm our relationships with our customers and our results of operations.

As smaller geometry processes become more prevalent, we expect to continue to integrate greater levels of functionality, as well as customer and third-party intellectual property, into our products. However, we may not be able to achieve higher levels of design integration or deliver new integrated products on a timely basis, if at all. Moreover, even if we are able to achieve higher levels of design integration, such integration may have a short-term adverse impact on our results of operations, as we may reduce our revenue by integrating the functionality of multiple chips into a single chip.

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We rely on our customers to design our products into their systems, and the nature of the design process requires us to incur expenses prior to customer commitments to use our products or recognizing revenues associated with those expenses which may adversely affect our financial results.

One of our primary focuses is on winning competitive bid selection processes, known as “design wins,” to develop products for use in our customers’ products. We devote significant time and resources in working with our customers’ system designers to understand their future needs and to provide products that we believe will meet those needs and these bid selection processes can be lengthy. If a customer’s system designer initially chooses a competitor’s product, it becomes significantly more difficult for us to sell our products for use in that system because changing suppliers can involve significant cost, time, effort and risk for our customers. Thus, our failure to win a competitive bid can result in our foregoing revenues from a given customer’s product line for the life of that product. In addition, design opportunities may be infrequent or delayed. Our ability to compete in the future will depend, in large part, on our ability to design products to ensure compliance with our customers’ and potential customers’ specifications. We expect to invest significant time and resources and to incur significant expenses to design our products to ensure compliance with relevant specifications.

We often incur significant expenditures in the development of a new product without any assurance that our customers’ system designers will select our product for use in their applications. We often are required to anticipate which product designs will generate demand in advance of our customers expressly indicating a need for that particular design. Even if our customers’ system designers select our products, a substantial period of time will elapse before we generate revenues related to the significant expenses we have incurred.

The reasons for this delay generally include the following elements of our product sales and development cycle timeline and related influences:

• our customers usually require a comprehensive technical evaluation of our products before they incorporate them into their designs;

• it can take from six months to three years from the time our products are selected to commence commercial shipments; and

• our customers may experience changed market conditions or product development issues.

The resources devoted to product development and sales and marketing may not generate material revenue for us, and from time to time, we may need to write off excess and obsolete inventory if we have produced product in anticipation of expected demand. We may spend resources on the development of products that our customers may not adopt. If we incur significant expenses and investments in inventory in the future that we are not able to recover, and we are not able to compensate for those expenses, our operating results could be adversely affected. In addition, if we sell our products at reduced prices in anticipation of cost reductions but still hold higher cost products in inventory, our operating results would be harmed.

Additionally, even if system designers use our products in their systems, we cannot assure you that these systems will be commercially successful or that we will receive significant revenue from the sales of our products for those systems. As a result, we may be unable to accurately forecast the volume and timing of our orders and revenues associated with any new product introductions.

We have in the past, and may continue to, make custom or semi-custom products on an exclusive basis for some of our customers for a negotiated period of time. The percentage of our sales related to custom or semi-custom products has been increasing over the last few years. Any revenue from sales of our custom or semi-custom products is directly related to sales of the third-party customer’s products and reflective of their success in the market. We have no control over the marketing efforts of these third-party customers and cannot make any assurances that sales of their products will be successful in current or future years. The demand for our custom products also depends on how well they perform in the customer’s intended application. Even if we execute according to the customer’s specifications, there is no guarantee that the customer’s design will meet their performance needs. In addition, if these customers are bought by our competitors or other third parties, they may terminate agreements related to these custom or semi-custom products or otherwise limit our access to technology necessary for the production of these products. As a result, there may be no other customers for these products due to their custom or semi-custom nature. Consequently, we may not fully realize our expectations for custom or semi-custom product revenue and our operating results may be adversely affected.

Additionally, failure of our customers to agree to pay for NRE costs or failure to pay enough to cover the costs we incur in connection with NREs, or non-payment of previously agreed NRE costs due to us, can harm our financial results.

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If we are unable to develop and introduce new and enhanced products that achieve market acceptance in a timely and cost-effective manner, our results of operations and competitive position will be harmed.

Our future success will depend on our ability to develop and introduce new products and enhancements to our existing products that address customer requirements, in a timely and cost-effective manner and are competitive as to a variety of factors. For example, we must successfully identify customer requirements and design, develop and produce products on time that compete effectively as to price, functionality and performance. We sell products in markets that are characterized by rapid technological change, evolving industry standards, frequent new product introductions, and increasing demand for higher levels of integration and smaller process geometries. If we do not accurately predict which new product features or requirements our customers will want in the future and adjust our business ahead of time, we could lose market share, face unexpected costs, and accumulate excess inventory, which would negatively affect our business and results of operations. See also, “ We rely on our customers to design our products into their systems, and the nature of the design process requires us to incur expenses prior to customer commitments to use our products or recognizing revenues associated with those expenses which may adversely affect our financial results .”

In addition, the development of new semiconductor solutions is highly complex and, due to a variety of factors, including supply chain cross-dependencies, dependencies on EDA and similar tools, dependencies on the use of third-party, business partner or customer intellectual property, collaboration and synchronization requirements with business partners and customers, requirements to establish new manufacturing, testing, assembly and packing processes, and other factors, we may experience delays in completing the design, development, production and introduction of our new products. Any delays could result in increased development costs, hurt our customer relationships including our ability to win new designs, resulting in lost potential future revenue, or impact our ability to allocate resources to other projects. See also, “We rely on our manufacturing partners for the manufacture, assembly, testing and packaging of our products, and the failure of any of these third-party vendors to deliver products or otherwise perform as requested or to be able to fulfill our orders could damage our relationships with our customers, decrease our sales and limit our ability to grow our business” for additional information on the impacts of supply chain cross-dependencies on our business.

Our ability to adapt to changes and to anticipate future industry standards, and the rate of adoption and acceptance of those standards, will be a significant factor in maintaining or improving our competitive position and prospects for growth. We may also have to incur substantial unanticipated costs to comply with these new standards. Our success will also depend on the ability of our customers to develop new products and enhance existing products for the markets they serve and to introduce and promote those products successfully and in a timely manner. Even if we and our customers introduce new and enhanced products to the market, those products may not achieve market acceptance.

Some of our customers require our products and our third-party manufacturing partners to undergo a lengthy and expensive qualification process which does not assure product sales. If we are unsuccessful or delayed in qualifying these products with a customer, our business and operating results would suffer.

Prior to purchasing our products, some of our customers require that both our products and our third-party manufacturing partners undergo extensive qualification processes, which involve testing of our products in the customers’ systems, as well as testing for reliability. This qualification process can take several months and qualification of a product by a customer does not assure any sales of the product to that customer. Even after successful qualification and sales of a product to a customer, a subsequent revision in our third-party manufacturing partners’ process or our selection of a new supplier may require a new qualification process with our customers, which may result in delays and in our holding excess or obsolete inventory. After our products are qualified, it can take several months or more before the customer commences volume production of components or systems that incorporate our products. Despite these uncertainties, we devote substantial resources, including design, engineering, sales, marketing and management efforts, to qualify our products with customers in anticipation of sales. If we are unsuccessful or delayed in qualifying these products with a customer, sales of the products to the customer may be precluded or delayed, which may impede our growth and cause our business to suffer.

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Costs related to defective products could have a material adverse effect on us.

We make highly complex semiconductor solutions and, accordingly, there is a risk of defects in our products. Such defects can give rise to the significant costs noted below. Moreover, since the cost of replacing defective products is often much higher than the value of the products themselves, we are subject to damage claims from customers in excess of the amounts they pay us for our products, including consequential damages. We also face exposure to potential liability resulting from the fact that our customers typically integrate the semiconductor solutions we sell into numerous consumer products. We are exposed to product liability claims if our semiconductor solutions or the consumer products integrated with our semiconductor solutions malfunction. In addition, our customers may issue recalls on their products if they prove to be defective or make compensatory payments in accordance with industry or business practice or in order to maintain good customer relationships. If such recalls or payments are the result of a defect in one of our products, our customers may seek to recover all or a portion of their losses from us. Recalls of our customers’ products in certain end-markets, such as with our base station customers, may cause us to incur significant costs.

In addition, despite our testing procedures, we cannot ensure that errors will not be found in new products or releases after commencement of commercial shipments in the future. Such errors could result in:

• loss of or delay in market acceptance of our products;

• material recall and replacement costs;

• delay in revenue recognition or loss of revenue;

• writing down the inventory of defective products;

• the diversion of the attention of our engineering employees from product development efforts;

• our having to defend against litigation related to defective products or related property damage or personal injury; and

• damage to our reputation in the industry that could adversely affect our relationships with our customers.

In addition, the process of identifying a recalled product in devices that have been widely distributed may be lengthy and require significant resources. We may have difficulty identifying the end customers of the defective products in the field, which may cause us to incur significant replacement costs, contract damage claims from our customers and further reputational harm. Any of these problems could materially and adversely affect our results of operations.

Despite our best efforts, security vulnerabilities may exist with respect to our products. Mitigation techniques designed to address such security vulnerabilities, including software and firmware updates or other preventative measures, may not operate as intended or effectively resolve such vulnerabilities. Software and firmware updates and/or other mitigation efforts may result in performance issues, system instability, data loss or corruption, unpredictable system behavior, or the theft of data by third parties, any of which could significantly harm our business and reputation. We may depend on our business partners or on other third parties, such as customers and end users, to deploy our mitigations alone or as part of their own mitigations, and they may delay, decline or modify the implementation of such mitigations. See also, “Cybersecurity risks could adversely affect our business and disrupt our operations.”

We rely on third-party distributors and manufacturers’ representatives and the failure of these distributors and manufacturers’ representatives to perform as expected could reduce our future sales.

From time to time, we enter into relationships with distributors and manufacturers’ representatives to sell our products, and we are unable to predict the extent to which these partners will be successful in marketing and selling our products. Moreover, many of our distributors and manufacturers’ representatives also market and sell competing products, and may terminate their relationships with us at any time. Our future performance will also depend, in part, on our ability to attract additional distributors or manufacturers’ representatives that will be able to market and support our products effectively, especially in markets in which we have not previously distributed our products. If we cannot retain or attract distributors or manufacturers’ representatives, or if any of our distributors or manufacturer’s representatives are unsuccessful in marketing and selling our products or terminate their relationships with us, our sales and results of operations will be harmed.

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WE OPERATE GLOBALLY AND ARE SUBJECT TO SIGNIFICANT RISKS IN MANY JURISDICTIONS

Adverse changes in the political, regulatory and economic policies of governments in connection with trade with China and Chinese customers have reduced the demand for our products and damaged our business.

Regulatory activity, such as tariffs, export controls, economic sanctions, and related laws have in the past and may continue to materially limit our ability to make sales to customers in China, which has in the past and may continue to harm our results of operations, reputation and financial condition. Moreover, to the extent the governments of China, the United States or other countries seek to promote use of domestically produced products or to reduce the dependence upon or use of products from another country (sometimes referred to as “decoupling”), they may adopt or apply regulations or policies that have the effect of reducing business opportunities for us. Such actions may take the form of specific restrictions on particular customers, products, technology areas, or business combinations.

For example, in the area of investments and mergers and acquisitions, the United States announced new requirements for approval by the United States government of outbound investments; and the approval by China regulatory authorities is required for business combinations of companies that conduct business in China over specific thresholds, regardless of where those businesses are based. In April 2026, China’s National Development and Reform Commission announced a security review decision prohibiting the foreign acquisition of Manus, a China based AI platform, and requiring the parties to unwind the transaction, which commentators described as the first reported order to unwind a consummated deal under China’s Foreign Investment Security Review Measures. This decision demonstrates that Chinese authorities may scrutinize, condition, prohibit, or seek to unwind even completed cross-border transactions involving China-origin technology, personnel, or businesses on national security grounds, including where a target has sought to relocate outside China. Chinese authorities may also use a range of regulatory tools, including foreign investment security review, technology export controls, cross-border data transfer rules, and merger control under the Anti-Monopoly Law, to investigate transactions involving sensitive technologies. As a result, our investments, partnerships, acquisitions, divestitures, and other strategic transactions involving a China nexus may be subject to longer review periods, additional conditions, post-closing intervention, or other regulatory uncertainty.

Restrictions may also be imposed based on whether the supplier is considered unreliable or a security risk. For example, the Chinese government adopted a law that would restrict purchases from suppliers deemed to be “unreliable suppliers.” In May 2023, the Cyberspace Administration of China banned the sale of Micron Technology, Inc.'s products to certain entities in China and stated that such products pose significant security risks to China's critical information infrastructure supply chain and national security. In addition, China has in the past and may in the future use export controls to restrict rare earth minerals, and access to rare earth minerals has been used in the past and could be used in the future as a geopolitical tool in trade negotiations between the United States and China. In addition, China has responded, seemingly in retaliation to tariffs on imported goods, by announcing antitrust probes against certain U.S. technology companies. While we are not currently the subject of such an antitrust probe, there can be no assurance that such a probe will not be initiated in the future, which may result in substantial costs and may divert our attention and resources. While we do not expect these announced restrictions to materially impact us, any export restrictions reducing our ability to conduct business can adversely impact our revenues, profits and results of operations.

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Concerns that semiconductors are necessary for national security, manufacturing and critical infrastructure, as well as concerns of their potential use to restrict human rights, has led to increased U.S. export restrictions impacting sales of semiconductors and semiconductor technology to China or specific customers in China. While most of our products that are shipped to China are processed and placed into larger systems, after which they are distributed to customers in global markets outside of China, a small portion of our products are shipped into China and remain there. For example, the addition of certain companies to the Entity List, which places export restrictions on certain foreign persons or entities by the U.S. Department of Commerce’s Bureau of Industry and Security (the “BIS”), has dampened demand for our products. Due to the U.S. government restricting sales to certain customers in China, sales to some customers require licenses for us to export our products; however, in the past some of these licenses have been delayed or denied, and there can be no assurances that requests for future licenses will be approved by the U.S. government. In addition, certain existing export licenses to China may be revoked due to changes in U.S. government policy. In February 2022, the U.S. National Science and Technology Council published an updated list of critical and emerging technologies, which includes semiconductors, as part of an ongoing effort to identify advanced technologies that are potentially significant to U.S. national security, which could result in more stringent export controls or a greater number of our products requiring a license for export to China. In addition, the BIS released new controls on the export of advanced computing and semiconductor manufacturing items to China as well as transactions related to supercomputer end-uses in China with the aim of addressing U.S. national security and foreign policy concerns. The regulations published in October 2022 included new restrictions on U.S. persons with respect to activities that are not subject to the Export Administration Regulations (“EAR”), which differs from the agency’s historical approach of controlling items that are subject to the EAR, and the regulations published in October 2023, November 2024, and January 2025 expanded the October 2022 rule imposing additional licensing requirements for exports to China (and certain other countries) of integrated circuits exceeding certain performance thresholds, expanding the jurisdiction of the EAR to more foreign made items in certain cases, amending the definition of advanced node, and adding further entities to the Entity List. In January 2025, the AI Diffusion Rule was issued. Then in May 2025, the BIS said it intends to cancel the AI Diffusion Rule and release new rules. The BIS announcement creates uncertainty about what products, technologies, or software might be covered by future rules. Export restrictions reducing our sales of products to China, have in the past and may in the future adversely impact our revenues, profits and results of operations.

In 2025, U.S. government interactions with U.S. semiconductor companies implied that as a condition to obtaining and maintaining export licenses for certain products and technologies destined for China, they remit to the U.S. government a fee equal to fifteen percent (15%) of the gross revenue derived from such China-related sales. In January 2026, BIS issued a new licensing policy related to chips from certain semiconductor companies, including a twenty-five percent (25%) tariff and other requirements. Historically, restrictions on sales to China were implemented by the U.S. government as national security measures that did not include revenue-sharing arrangements and export licensing was not tied to revenue sharing with the U.S. government. While these U.S. government actions did not impact Marvell, if such revenue sharing were to be imposed on our China-derived revenue, it could erode our gross margins, reduce our pricing flexibility, and potentially prompt us to curtail or discontinue sales in China.

In addition to direct impacts on our products there may be indirect impacts to our business that we cannot easily quantify such as the fact that export restrictions may also impact some of our other customers’ products that incorporate ours as a component, or that may cause customers to develop their own products or solutions instead of purchasing from us or to acquire products or solutions from our competitors or other third-party sources. Moreover, concerns that U.S. companies may not be reliable suppliers as a result of the foregoing and other actions has caused, and may in the future cause, some of our customers in China to amass large inventories of our products well in advance of need or cause some of our customers to replace our products in favor of products from other suppliers. This can adversely affect accurately assessing our current and future demand for our products and our business.

Most of our products are manufactured by third-party foundries located in Taiwan. In addition to restrictions imposed by the United States or China on exports or imports from one another, we may be adversely impacted by export restrictions, labeling requirements or other trade related issues or disputes, or political conflicts or tensions between China and Taiwan as these restrictions and requirements could impact or delay the delivery of our products to our customers in China.

We typically sell products to customers in China pursuant to purchase orders rather than long term purchase commitments. Some customers in China may be able to cancel or defer purchase orders on short notice without incurring a penalty and, therefore, they may be more likely to do so while the tariffs and trade restrictions are in effect. See also, the Risk Factor entitled “We are subject to order and shipment uncertainties. If we are unable to accurately predict customer demand, we may hold excess or obsolete inventory, which would reduce our gross margin. Conversely, we may have insufficient inventory or be unable to obtain the supplies or contract manufacturing capacity to meet demand, which would result in lost revenue opportunities and potential loss of market share as well as damaged customer relationships.”

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Changes to U.S. or foreign tax, trade policy, government incentives, tariff and import/export regulations may have a material adverse effect on our business, financial condition and results of operations.

Changes in U.S. or foreign international tax, social, political, regulatory and economic conditions or in laws and policies governing foreign trade, manufacturing, development and investment in the territories or countries where we currently sell our products or conduct our business have in the past and could in the future adversely affect our business. The U.S. government has in the past, and may in the future, instituted or proposed changes in trade policies that included the negotiation or termination of trade agreements, the imposition of higher tariffs on imports into the U.S., economic sanctions on individuals, corporations or countries, and other government regulations affecting trade between the U.S. and other countries where we conduct our business. For example, in 2025 and 2026, the current presidential administration announced new tariffs on imports from many countries including Canada, China and Mexico. These new tariffs have not had a significant impact on the Company, however, any new tariffs and other changes in U.S. trade policy could trigger retaliatory actions by affected countries, which may adversely impact our business.

On April 14, 2025, the BIS announced the initiation of investigations into the effects on U.S. national security of imports of semiconductors under Section 232 of the Trade Expansion Act of 1962. The scope of the investigation includes semiconductors, semiconductor manufacturing equipment, and their derivative products including semiconductor substrates and bare wafers, legacy chips, leading-edge chips, microelectronics, and other components. While the results of this investigation are currently unknown, the investigation may result in additional tariffs and trade restrictions, which may adversely impact our business.

In addition, the U.S. government has in the past, and may in the future, adopted policies that discourage corporations from outsourcing manufacturing and production activities to foreign jurisdictions, including through tariffs or penalties on goods manufactured outside the U.S., which required us to change the way we conduct business. Political changes and trends such as populism, protectionism, economic nationalism and sentiment toward multinational companies and resulting changes to trade, tax or other laws and policies may be disruptive to our businesses. These changes in U.S. and foreign laws and policies have the potential to adversely impact the U.S. economy or certain sectors thereof, our industry and the global demand for our products, and as a result, could have a material adverse effect on our business, financial condition and results of operations. See also, “Adverse changes in the political, regulatory and economic policies of governments in connection with trade with China and Chinese customers have reduced the demand for our products and damaged our business” and “Changes in existing taxation benefits, tax rules or tax practices may adversely affect our financial results.”

We benefit from agreements with governmental agencies that incentivize investment within the jurisdictions through refunds or other credits associated with the investments. Receipt of benefits under incentive agreements may depend on several factors, including but not limited to, our ability to fulfill commitments regarding employment of personnel, investment, or performance of specified activities in the applicable jurisdictions as well as changes in foreign laws. In addition, changes in our business plans, including divestitures, as well as changes to applicable laws, regulations, or government interpretations and audits could result in loss of benefits and termination of or renegotiation of an agreement. If our incentive agreement were terminated or renegotiated, or if our ultimate benefits received is less than we have recognized, results of operations and our financial position could be harmed.

We face additional risks due to the extent of our global operations since a majority of our products, and those of many of our customers, are manufactured and sold outside of the United States. The occurrence of any or a combination of the additional risks described below would significantly and negatively impact our business and results of operations.

A substantial portion of our business is conducted outside of the United States and, as a result, we are subject to foreign business, political and economic risks. Most of our products are manufactured by our manufacturing partners outside of the United States. Most of our current qualified integrated circuit foundries are located in the same region within Taiwan. In addition, our primary assembly, testing and packaging subcontractors are located in the Pacific Rim region. For example, a substantial amount of our revenue is derived from products manufactured in Taiwan and as a result, disruptions to business in Taiwan, whether political, military, natural disasters or other events will adversely impact our business. In addition, many of our customers have operations located outside of the United States, primarily in Asia, which further exposes us to foreign risks. Sales shipped to customers with operations in Asia represented approximately 83% and 74% of our net revenue in the three months ended May 2, 2026 and May 3, 2025, respectively.

We also have substantial operations outside of the United States. We anticipate that our manufacturing, assembly, testing, packaging and sales outside of the United States will continue to account for a substantial portion of our operations and revenue in future periods.

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Accordingly, we are subject to risks associated with international operations, including:

• political, social and economic instability, military hostilities including invasions, wars, terrorism, political unrest, boycotts, curtailment of trade and other business restrictions;

• volatile global economic conditions, including downturns or recessions in which some competitors may become more aggressive in their pricing practices, which would adversely impact our gross margin;

• compliance with domestic and foreign export and import regulations, including any pending changes thereto, and difficulties in obtaining and complying with domestic and foreign export, import and other governmental approvals, permits and licenses;

• local laws and practices that favor local companies, including business practices that are prohibited by the U.S. Foreign Corrupt Practices Act and other anti-corruption laws and regulations;

• difficulties in staffing, managing or closing foreign operations;

• natural disasters or other events, including droughts or other water shortages, earthquakes, fires, tsunamis and floods, or power outages;

• trade restrictions, higher tariffs, worsening trade relationship between the United States and China (or other countries), or changes in cross border taxation, particularly in light of the tariffs imposed by the U.S. government;

• transportation delays due to the blockage of the Suez Canal affecting the flow of trade out of Asia, actions taken by the Houthis on vessels in the Red Sea, military blockades in the Strait of Hormuz, port closures and similar logistical issues;

• difficulties in obtaining, managing or terminating foreign distributors;

• less effective protection of intellectual property than is afforded to us in the United States or other developed countries;

• inadequate local infrastructure;

• actual or threatened public health emergencies such as the COVID-19 pandemic on our operations, employees, customers and suppliers; and

• exposure to local banking, currency control and other financial-related risks.

For example, we are subject to risks related to armed conflict in Israel and the Middle East. We have employees in Israel. These employees may be impacted by: (1) disruptions to operations and business continuity, including physical damage or impaired access to company facilities, offices or technology, and disruptions in access to electricity, gasoline or water, and (2) workforce disruptions, including the mobilization of employees who are members of the Israeli military reserves to active duty, disrupted communication with employees in the conflict zone and restrictions on movement in areas subject to armed conflict. While these disruptions are not currently expected to have a material impact on us, at this time we are unable to predict the full impact this conflict will have on us and our employees in the future.

As a result of having global operations, the sudden disruption of the supply chain and/or disruption of the manufacture of our customer’s products caused by events outside of our control has in the past and may in the future impact our results of operations by impairing our ability to timely and efficiently deliver our products. See also, “We rely on our manufacturing partners for the manufacture, assembly, testing and packaging of our products, and the failure of any of these third-party vendors to deliver products or otherwise perform as requested or to be able to fulfill our orders could damage our relationships with our customers, decrease our sales and limit our ability to grow our business.”

Moreover, the international nature of our business subjects us to risk associated with the fluctuation of the U.S. dollar versus foreign currencies. Decreases in the value of the U.S. dollar versus currencies in jurisdictions where we have large fixed costs, or where our third-party manufacturing partners have significant costs, will increase the cost of such operations which could harm our results of operations. In addition, an appreciation of the U.S. dollar relative to the local currency could reduce sales of our products.

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WE ARE SUBJECT TO RISKS ASSOCIATED WITH THE RAPID GROWTH OF THE COMPANY AND WITH OUR STRATEGIC TRANSACTIONS

Recent, current and potential future acquisitions, strategic investments, divestitures, mergers or joint ventures may subject us to significant risks, any of which could harm our business.

Our long-term strategy has included in the past, and may continue to include in the future, identifying and acquiring, investing in or merging with suitable companies, or divesting certain business lines, assets or activities. In particular, over time, we may acquire, make investments in, or merge with providers of product offerings that complement our business or may terminate or dispose of business lines, assets or activities if they are no longer in alignment with our operational strategy and priorities. For example, on August 14, 2025, the Company sold its automotive ethernet business to Infineon Technologies AG for $2.5 billion in an all-cash transaction. On February 2, 2026, we completed our acquisition of Celestial AI, Inc. and on February 10, 2026, we completed our acquisition of XConn Technologies. This strategy, and our willingness to use cash to pay for acquisitions, may be adversely impacted by high or increasing interest rates.

Mergers, acquisitions and divestitures include a number of risks and present financial, managerial and operational challenges. Given that our resources are limited, any decision to pursue a transaction has opportunity costs; accordingly, if we pursue a particular transaction, we may need to forgo the prospect of entering into other transactions or making other capital allocation decisions that could help us achieve our strategic objectives.

Any acquired business, technology, service or product could significantly underperform relative to our expectations. Our acquisitions may not further our business strategy as we expected, we may not integrate an acquired company or technology as successfully as we expected, we may impose our business practices that adversely impact the acquired business or we may overpay for, or otherwise not realize the expected return on our investments, each or all of which could adversely affect our business or operating results and potentially cause impairment to assets that we recorded as a part of an acquisition including intangible assets and goodwill. In addition, the use of our stock to finance, or partially finance, an acquisition such as in our acquisitions of Celestial AI and XConn Technologies, will result in an increase in the number of outstanding shares and will reduce the ownership percentage of each of our outstanding stockholders.

With respect to the Celestial AI transaction, we may be required to pay additional cash or to issue additional shares of our common stock through fiscal 2029 pursuant to the terms of an earnout. This earnout structure may create risks and uncertainties that could adversely affect our business, financial condition, results of operations and stock price. Under the acquisition agreement, we may be required to issue 24.4 million additional shares of our common stock if Celestial achieves specified cumulative revenue milestones through the end of fiscal 2029, and any such issuances would dilute existing stockholders and could create an overhang that adversely affects the market price of our common stock. In addition, the fair value of the earnout contingent consideration liability is based on assumptions and other relevant inputs, including forecasted revenue, the probability of achieving the applicable milestones, volatility, our stock price and other relevant assumptions, and significant changes in any of these assumptions or inputs could materially affect the fair value of the earnout and result in material non-cash gains or losses and increased volatility in our reported financial results. In addition, disputes could arise regarding the calculation of Celestial’s cumulative revenue for earnout purposes, resulting in significant costs and management distraction. Further, in connection with offsetting certain of our earnout obligations, we entered into a cash-settled forward stock purchase transaction on our common stock that is scheduled to mature in approximately one year from March 31, 2026 and is subject to early termination under certain circumstances; as a result, we may be exposed to additional market, liquidity, operational and counterparty risks, including the risk that we may be required to make a significant cash payment at settlement (or upon early termination) if our stock price declines relative to the forward price, that our ability to timely file and maintain an effective registration statement covering the resale of the hedge shares could affect settlement mechanics and timing, and that the forward counterparty’s hedging and resale activity could increase volatility in, or adversely affect, the market price of our common stock, any of which could exacerbate the dilution, overhang and stock-price risks associated with the earnout and could adversely affect our financial condition and results of operations.

When we decide to sell assets or a business, we may have difficulty selling on acceptable terms in a timely manner or at all. These circumstances could delay the achievement of our strategic objectives or cause us to incur additional expense, or we may sell a business or other assets at a price or on terms that are less favorable than we had anticipated, resulting in a loss on the transaction.

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If we do enter into agreements with respect to acquisitions, divestitures, or other transactions, these transactions, or parts of these transactions, may fail to be completed due to factors such as: failure to obtain regulatory or other approvals; disputes or litigation; or difficulties obtaining financing for the transaction. In addition, such transactions are increasingly being subjected to regulatory review and other burdens, which could delay the closing of any transaction and greatly increase the costs related to such transaction. For example, in October 2024, the U.S. Federal Trade Commission announced new Hart-Scott-Rodino (“HSR”) rules that greatly expand disclosure requirements and require significantly more time to prepare filings. While these new HSR rules may have been overturned recently, if no stay or emergency relief is granted, the October 2024 rules will again become effective. In addition, there have been other recent changes to rules related to merger transactions such as requirements to file certain national security-related transactions with the U.S. Department of War and the announcement of new merger control filing requirements in California that will become effective in January 2027.

If we fail to complete a transaction, we may nonetheless have incurred significant expenses in connection with such transaction. Failure to complete a pending transaction may result in negative publicity and a negative perception of us among the investment community.

Our use of cash to fund our acquisitions, or partially fund our acquisitions in the case of Celestial AI and XConn Technologies, has reduced our liquidity and may (i) limit our flexibility in responding to other business opportunities and (ii) increase our vulnerability to adverse economic and industry conditions. Furthermore, the financing agreements in connection with our outstanding indebtedness contain negative covenants, limitations on indebtedness, liens, sale and leaseback transactions and mergers and other fundamental changes. Our ability to comply with these negative covenants can be affected by events beyond our control. See also, “We are subject to risks related to our debt obligations.”

For all these reasons, our pursuit of an acquisition, investment, divestiture, merger or joint venture could cause our actual results to differ materially from those anticipated.

We may not be able to scale our business quickly enough to meet our customers’ needs or in an efficient manner, which could harm our operating results.

Over the last few years, we have rapidly increased in size. As a result, we have had to, and expect in the future to continue to need to, appropriately scale our business, internal systems and organization and to continue to improve our operational, financial and management controls, reporting systems and procedures, to serve our growing customer base. Even if we are able to upgrade our systems and expand our staff, any such expansion will likely be expensive and complex, requiring management’s time and attention. We could also face inefficiencies, reduced productivity or operational failures as a result of our efforts to scale our business. Moreover, there are inherent risks associated with upgrading, improving and expanding our information technology systems. We cannot be sure that the expansion and improvements to our business operations will be fully or effectively implemented on a timely basis, if at all. Any failure of, or delay in, these efforts could negatively impact performance and financial results.

The rights, preferences and privileges of our preferred stock may adversely affect holders of our common stock, and our issuance of preferred stock to NVIDIA may reduce the market price of our common stock.

On March 31, 2026, we issued and sold to NVIDIA 2,000,000 shares of our Series A Convertible Preferred Stock for an aggregate purchase price of $2.0 billion in cash. The Series A Preferred Stock is convertible into shares of our common stock at the option of the holder, subject to (if applicable) the expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and will automatically convert immediately prior to the closing of a sale of the Series A Preferred Stock to us or a non-affiliate of NVIDIA. The Series A Preferred Stock is initially convertible in the aggregate into up to 21,778,000 shares of our common stock based on an initial stated value of $1,000 per share and an initial conversion price of approximately $91.8355 per share, and the conversion ratio is subject to adjustment in certain circumstances (including in connection with stock dividends and stock splits).

The Series A Preferred Stock provides NVIDIA with rights that differ from the rights of holders of our common stock. For example, holders of the Series A Preferred Stock are entitled to receive dividends in the same manner as holders of our common stock, as determined on an as-converted basis, as if all outstanding shares of the Series A Preferred Stock had been converted immediately prior to the record date for the applicable dividend. In addition, other than with respect to the election of directors (for which the Series A Preferred Stock does not vote), the holders of the Series A Preferred Stock generally vote together with holders of our common stock on an as-converted basis. We may not alter or change adversely the powers, preferences or rights of the Series A Preferred Stock, or alter or amend the certificate of designations governing the Series A Preferred Stock, without the affirmative vote or consent of a majority of the outstanding shares of the Series A Preferred Stock. The Series A Preferred Stock has no preemptive rights and no redemption rights.

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The conversion features of the Series A Preferred Stock could result in significant dilution to holders of our common stock upon conversion, and the market price of our common stock could decline based on actual or perceived dilution, hedging activity, or other market dynamics related to the Series A Preferred Stock. In addition, because conversion at the option of the holder is subject to (if applicable) the expiration or termination of any applicable Hart-Scott-Rodino waiting period, the timing of any conversion could be delayed and may be uncertain, which could increase volatility in our capital structure and our common stock price.

Further, because the Series A Preferred Stock was issued to a single significant holder, the concentration of ownership could increase NVIDIA’s influence over matters submitted to our stockholders (other than the election of directors), and any actual or perceived preferential contractual protections or consent rights associated with the Series A Preferred Stock could make our securities less attractive to other current or potential investors. These factors could adversely affect the market price of our common stock.

WE ARE SUBJECT TO CYBERSECURITY RISKS

Cybersecurity risks could adversely affect our business and disrupt our operations.

We depend heavily on our technology infrastructure and maintain and rely upon certain critical information systems for the effective operation of our business. We routinely collect and store sensitive data in our information systems, including intellectual property and other proprietary information about our business and that of our customers, suppliers and manufacturing and other business partners. These information technology systems are subject to damage or interruption from several potential sources, including, but not limited to, natural disasters, destructive or inadequate code, malware, power failures, cyber-attacks, nation state advanced persistent threats, misconfigurations, third-party cloud or SaaS outages, vendor errors causing operational interruptions, insider threats or other events. Cyber-attacks may include phishing or other forms of social engineering attacks, exploits of code or system configurations, malicious code, such as viruses and worms, ransomware attacks, zero day vulnerabilities and undisclosed security flaws exploited by threat actors, nation-state cyber attacks, supply chain and third-party cyber-attacks, denial-of-service attacks and other actions granting unauthorized access to our technology infrastructure or information systems or those of our customers, suppliers and manufacturing and other business partners. In addition, we have in the past and may in the future be the target of email phishing attacks that attempt to acquire personal information or Company assets. As AI capabilities improve and become increasingly commonplace, we may see cyberattacks leveraging AI technology. These attacks could be crafted with an AI tool to directly attack information systems with increased speed and/or efficiency compared to a human threat actor, accelerate reconnaissance and exploit development, or create more effective phishing emails. In addition, a vulnerability could be introduced from the result of our or our customers and business partners incorporating the output of an AI tool, such as AI generated source code or configurations, that are insecure or contain malicious artifacts.

We have implemented cybersecurity processes taking guidance from recognized cybersecurity frameworks to mitigate risks; however, we cannot guarantee that those risk mitigation measures will be effective across all environments, including those operated under shared-responsibility models with certain cloud and SaaS providers. See Item 1C, “Cybersecurity” of our Annual Report on Form 10-K for the fiscal year ended January 31, 2026 for additional information about our cybersecurity processes.

We have not experienced a material information security breach in the last three years, and as a result, we have not incurred any net expenses from such a breach. We have not been penalized or paid any amount under an information security breach settlement over the last three years. Further, we annually assess our insurance policy and have determined not to purchase cyber related insurance. Cyber-attacks have become increasingly more prevalent and much harder to detect, defend against or prevent. The risk of state-sponsored or geopolitical-related cybersecurity incidents has also increased recently due to geopolitical tensions or incidents, such as the Russian invasion of Ukraine and the armed conflict in Israel and the Middle East, and other regional tensions affecting the semiconductor supply chain. While we have historically been successful in defending against the cyber-attacks and breaches mentioned above, given the frequency of cyber-attacks and resulting breaches reported by other businesses and governments, it is likely we will experience one or more material breaches of some extent in the future. We have incurred and may in the future incur significant costs to implement, maintain and/or update security systems we believe are necessary to protect our information systems, to recover and restore operations and after an incident, and to meet legal, regulatory, contractual, and disclosure obligations, or we may miscalculate the level of investment necessary to protect our systems adequately. Since the techniques used to obtain unauthorized access or to sabotage systems change frequently and are often not recognized until launched against a target, we may be unable to anticipate these techniques or to implement adequate preventive measures on a timely basis.

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Our business also requires us to work with and in some cases to share confidential information with manufacturing partners, suppliers, customers and other third parties. Although we take steps to secure our confidential information that is provided to third parties, such measures may not always be effective. Data breaches, losses or other unauthorized access to or releases of confidential information have in the past occurred with these third parties and material data breaches, losses or other unauthorized access to, or releases of, our confidential information may in the future occur in connection with third-party breaches that could materially adversely affect our reputation, financial condition and operating results and could result in liability or penalties under data privacy laws. In addition, we may be subject to losses of access to all or part of our systems because of our use of third-party services or software, which losses may not always be the result of malicious activity, and we cannot guarantee that any such future outages will not materially impact the Company.

To the extent that any system failure, accident or security breach results in material disruptions or interruptions to our operations, or those of our customers, suppliers and manufacturing and other business partners, or the theft, loss or disclosure of, or damage to our data or confidential information, including our intellectual property, our reputation, business, results of operations and/or financial condition could be materially adversely affected. Such events could also trigger regulatory inquiries, notification and disclosure obligations, contractual penalties, or delays in product development, tape-out, or shipments.

WE ARE SUBJECT TO RISKS RELATED TO OUR DEBT OBLIGATIONS

Our indebtedness could adversely affect our financial condition and our ability to raise additional capital to fund our operations and limit our ability to react to changes in the economy or our industry.

As of May 2, 2026, we had a total of $5.0 billion debt outstanding, which consisted of senior notes outstanding (the “Notes”). In addition, we may borrow up to $1.5 billion under our Revolving Credit Facility (the “2025 Revolving Credit Facility” or the “2025 Credit Agreement”). As of May 2, 2026, the 2025 Revolving Credit Facility was undrawn.

Our indebtedness could have important consequences to us including:

• increasing our vulnerability to adverse general economic and industry conditions;

• requiring us to dedicate a substantial portion of our cash flow from operations to payments on our indebtedness, thereby reducing the availability of our cash flow to fund working capital, capital expenditures, research and development efforts, execution of our business strategy, acquisitions and other general corporate purposes;

• limiting our flexibility in planning for, or reacting to, changes in the economy and the semiconductor industry;

• placing us at a competitive disadvantage compared to our competitors with less indebtedness;

• exposing us to interest rate risk to the extent of our variable rate indebtedness, particularly in the event of high or rising interest rates; and

• making it more difficult to borrow additional funds in the future to fund growth, acquisitions, working capital, capital expenditures and other purposes.

Although the 2025 Credit Agreement contains restrictions on our ability to incur additional indebtedness and the indentures governing the Notes (together, the “Notes Indentures”) contain restrictions on creating liens and entering into certain sale-leaseback transactions, these restrictions are subject to a number of qualifications and exceptions, and the additional indebtedness, liens or sale-leaseback transactions incurred in compliance with these restrictions could be substantial.

The 2025 Credit Agreement, the Notes Indentures and the indenture governing the MTI Senior Notes contain customary events of default upon the occurrence of which, after any applicable grace period, the lenders would have the ability to immediately declare the loans due and payable in whole or in part. In such event, we may not have sufficient available cash to repay such debt at the time it becomes due, or be able to refinance such debt on acceptable terms or at all. Any of the foregoing could materially and adversely affect our financial condition and results of operations.

The 2025 Credit Agreement and the Notes Indentures impose restrictions on our business.

The 2025 Credit Agreement and the Notes Indentures each contains a number of covenants imposing restrictions on our business. These restrictions may affect our ability to operate our business and may limit our ability to take advantage of potential business opportunities as they arise. The restrictions, among other things, restrict our ability and our subsidiaries’ ability to create or incur certain liens, incur or guarantee additional indebtedness, merge or consolidate with other companies, pay dividends, transfer or sell assets and make restricted payments. These restrictions are subject to a number of limitations and exceptions set forth in the 2025 Credit Agreement and the Notes Indentures. Our ability to meet the leverage ratio set forth in the 2025 Credit Agreement may be affected by events beyond our control.

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The foregoing restrictions could limit our ability to plan for, or react to, changes in market conditions or our capital needs. We do not know whether we will be granted waivers under, or amendments to, our 2025 Credit Agreement or to the Notes Indentures if for any reason we are unable to meet these requirements, or whether we will be able to refinance our indebtedness on terms acceptable to us, or at all.

We may be unable to generate the cash flow to service our debt obligations.

We may not be able to generate sufficient cash flow to enable us to service our indebtedness, including the Notes, or to make anticipated capital expenditures. Our ability to pay our expenses and satisfy our debt obligations, refinance our debt obligations and fund planned capital expenditures will depend on our future performance, which will be affected by general economic, financial, competitive, legislative, regulatory and other factors beyond our control. If we are unable to generate sufficient cash flow from operations or to borrow sufficient funds in the future to service our debt, we may be required to sell assets, reduce capital expenditures, refinance all or a portion of our existing debt (including the Notes) or obtain additional financing. In addition, if our credit ratings are downgraded, the cost of current or future borrowings under our 2025 Credit Agreement may rise and our ability to obtain additional financing or refinance our existing debt may be negatively affected. We cannot assure you that we will be able to refinance our debt, sell assets or borrow more money on terms acceptable to us, if at all. If we cannot make scheduled payments on our debt, we will be in default and holders of our debt could declare all outstanding principal and interest to be due and payable, and we could be forced into bankruptcy or liquidation. In addition, a material default on our indebtedness could suspend our eligibility to register securities using certain registration statement forms under SEC guidelines that permit incorporation by reference of substantial information regarding us, potentially hindering our ability to raise capital through the issuance of our securities and increasing our costs of registration.

We may, under certain circumstances, be required to repurchase the Notes at the option of the holder.

We will be required to repurchase the Notes at the option of each holder upon the occurrence of a change of control repurchase event as defined in the Notes Indentures. However, we may not have sufficient funds to repurchase the Notes in cash at the time of any change of control repurchase event. Our failure to repurchase the Notes upon a change of control repurchase event would be an event of default under the Notes Indentures and could cause a cross-default or acceleration under the 2025 Credit Agreement and certain future agreements governing our other indebtedness. The repayment obligations under the Notes may have the effect of discouraging, delaying or preventing a takeover of our company. If we were required to repurchase the Notes prior to their scheduled maturity, it could have a significant negative impact on our cash and liquidity and could impact our ability to invest financial resources in other strategic initiatives.

CHANGES IN OUR EFFECTIVE TAX RATE MAY REDUCE OUR NET INCOME

Changes in existing taxation benefits, tax rules or tax practices may adversely affect our financial results.

The One Big Beautiful Bill Act of 2025 (the “2025 Tax Act”) was signed into law on July 4, 2025. The 2025 Tax Act makes permanent key elements of the 2017 Tax Cuts and Jobs Act, including domestic research cost expensing, 100% bonus depreciation and makes modifications to the U.S. International tax framework. As such, the income from all of our foreign subsidiaries continues to be subject to the U.S. tax provisions applicable to Global Intangible Low Taxed Income (“GILTI”) regime (which has been recharacterized as the Net Controlled Foreign Corporation (“CFC”) Tested Income regime, beginning in fiscal 2027). Our tax provision for the May 2, 2026 period includes the estimated impact of the 2025 Tax Act. Our estimates concerning the impact of this legislation remain subject to developing interpretations of the provisions of the 2025 Tax Act, which may require further adjustments and changes in our estimates, and could significantly affect our future financial results, including our earnings and cash flows.

President Biden signed into law the Inflation Reduction Act of 2022 (the “IRA”) on August 16, 2022 and the CHIPS and Science Act of 2022 on August 9, 2022. These laws implement new tax provisions and provide for various incentives and tax credits. The IRA applies to tax years beginning after December 31, 2022 and introduced a 15% alternative minimum tax for corporations whose average annual adjusted financial statement income for any consecutive three-tax-year period preceding the tax year exceeds $1 billion and a 1% excise tax on certain stock repurchases made by publicly traded U.S. corporations after December 31, 2022. As a result of the accelerated share repurchase agreement (“ASR Agreement”), the Company anticipates paying $14.3 million in additional federal taxes in fiscal 2026, recorded as a reduction to stockholders’ equity, due to the 1% excise tax on net share repurchases. While we are not generally subject to significant taxes under the IRA, it is possible that in the future they could significantly affect our financial results, including our earnings and cash flows.

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The Organization for Economic Cooperation and Development (the “OECD”) has been working on a Base Erosion and Profit Shifting Project, and since 2015 has been issuing guidelines and proposals with respect to various aspects of the existing framework under which our tax obligations are determined in countries in which we do business. Many countries have implemented legislation and other guidance to align their international rules with the OECD’s legal framework, including enacting a minimum tax rate of at least 15% as part of the OECD’s “Pillar Two” initiative. We are subject to legislation based on the OECD’s 15% global minimum tax regime which applies to the majority of countries in which we operate. On January 5, 2026, the OECD released a comprehensive package of administrative guidance, including the “side-by-side system” that exempts U.S. parented multinational businesses from certain provisions of Pillar Two specifically the Income Inclusion Rule and the Undertaxed Profits Rule. The OECD guidance provides that the side-by-side system will be effective for fiscal years beginning on or after January 1, 2026. We will continue to monitor countries’ laws with respect to the OECD model rules and the Pillar Two global minimum tax. In certain jurisdictions, local legislative action is needed to effectuate “side by side system” and cannot be considered in our accounting estimate until enactment. The effects of any future legislation in this area are not yet reasonably estimable, but if such legislation is enacted in the future could have a significant effect on our provision for income taxes, our financial results, and our earnings and cash flows.

We calculate our income taxes based on currently enacted laws. Because of increasing focus by government taxing authorities on multinational companies, the tax laws of certain countries in which we do business could change on a prospective or retroactive basis, and any such changes could increase our liabilities for taxes, interest and penalties, and could significantly adversely affect our financial results, including our earnings and cash flows.

In prior years, we entered into incentive agreements in certain foreign jurisdictions that provide for reduced income tax rates in such jurisdictions if certain criteria are met. The tax benefits associated with these reduced income tax rates are recorded through our income tax provision for the periods in which such incentive tax rates are effective. Receipt of past and future benefits under tax agreements and incentives may depend on several factors, including but not limited to, our ability to fulfill commitments regarding employment of personnel, investment, or performance of specified activities in the applicable jurisdictions as well as changes in foreign laws, including changes related to minimum tax rates under Pillar Two, which could significantly reduce the future income tax benefits associated with our incentives. In addition, changes in our business plans, including divestitures, as well as changes to tax laws, including changes related to Pillar Two, could result in termination of or renegotiation of an agreement or loss of tax benefits thereunder. If any of our tax agreements in any of these foreign jurisdictions were terminated or renegotiated, our results of operations and our financial position could be harmed.

In prior periods, we transferred certain intellectual property to a related entity in Singapore. The impact to us was based on our determination of the fair value of this property, which required management to make significant estimates and to apply complex tax regulations in multiple jurisdictions. In future periods, local tax authorities may challenge our valuations of these assets, which could reduce our expected tax benefits from these transactions.

Our profitability and effective tax rate could be impacted by unexpected changes to our statutory income tax rates or income tax liabilities. Such changes could result from various items, including changes in tax laws or regulations, changes to court or administrative interpretations of tax laws, changes to our geographic mix of earnings, changes in the valuation of our deferred tax assets and liabilities, changes in valuation allowances on our deferred tax assets, discrete items, changes in our supply chain, and changes due to audit assessments. In particular, the tax benefits associated with our transfer of intellectual property to Singapore are sensitive to our future profitability and taxable income in Singapore, audit assessments, and changes in applicable tax law. Our current corporate effective tax rate may fluctuate significantly from period to period, and is based on the application of currently applicable income tax laws, regulations and treaties, as well as current judicial and administrative interpretations of these income tax laws, regulations and treaties, in various jurisdictions.

WE ARE SUBJECT TO RISKS RELATED TO OUR ASSETS

We are exposed to potential impairment charges on certain assets.

We had approximately $13.9 billion of goodwill and $2.6 billion of acquired intangible assets on our unaudited condensed consolidated balance sheets as of May 2, 2026. Under generally accepted accounting principles in the United States, we are required to review our intangible assets including goodwill for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable.

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We perform an assessment of goodwill for impairment annually on the last business day of our fiscal fourth quarter and whenever events or changes in circumstances indicate the carrying amount of goodwill may not be recoverable. When testing goodwill for impairment, we first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value or we may determine to proceed directly to the quantitative impairment test. Factors we consider important in the qualitative assessment which could trigger a goodwill impairment review include: significant underperformance relative to historical or projected future operating results; significant changes in the manner of our use of the acquired assets or the strategy for our overall business; significant negative industry or economic trends; a significant decline in our stock price for a sustained period; and a significant change in our market capitalization relative to our net book value.

We assess the impairment of intangible assets whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Circumstances which could trigger a review include, but are not limited to the following: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed of significantly before the end of its estimated useful life. For example, if the operations of any businesses that we have acquired declines significantly, we could incur significant intangible asset impairment charges.

For example, a restructuring plan was initiated during the third quarter of fiscal 2025 to increase research and development investment in the data center end market and reduce the investment in new product development in other end markets including the cancellation of certain future product releases. As a result, we were required to assess the recoverability of related long-lived assets. On completion of the assessment, the Company determined the carrying values of certain long-lived assets were not recoverable. We utilized a discounted cash flow method of valuation to determine the fair value of the associated assets and liabilities compared to their carrying values, which resulted in recognition of asset impairment charges for acquired intangible assets, purchased technology licenses, and property and equipment. We recognized $711.8 million of restructuring related charges during fiscal 2025. See “Note 8 – Restructuring” in the Notes to Unaudited Condensed Consolidated Financial Statements for further information.

We have determined that our business operates as a single operating segment and has a single reporting unit for the purpose of goodwill impairment testing. The fair value of the reporting unit is determined by taking our market capitalization as determined through quoted market prices and as adjusted for a control premium and other relevant factors. If our fair value declines to below our carrying value, we could incur significant goodwill impairment charges, which could negatively impact our financial results. If in the future a change in our organizational structure results in more than one reporting unit, we will be required to allocate our goodwill and perform an assessment of goodwill for impairment in each reporting unit. As a result, we could have an impairment of goodwill in one or more of such future reporting units.

In addition, from time to time, we have made investments in private companies. If the companies that we invest in are unable to execute their plans and succeed in their respective markets, we may not benefit from such investments, and we could potentially lose the amounts we invest. We evaluate our investment portfolio on a regular basis to determine if impairments have occurred. Impairment charges could have a significant effect on our results of operations in any period.

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We are subject to the risks of owning real property.

Our building in Santa Clara, California subjects us to the risks of owning real property, which include, but are not limited to:

• the possibility of environmental contamination and the costs associated with remediating any environmental problems;

• adverse changes in the value of these properties due to economic conditions, the movement by many companies to a full time work from home or a hybrid work environment, interest rate changes, changes in the neighborhood in which the property is located, or other factors;

• the possible need for structural improvements in order to comply with zoning, seismic and other legal or regulatory requirements;

• the potential disruption of our business and operations arising from or connected with a relocation due to moving or to renovating the facility;

• increased cash commitments for improvements to the buildings or the property, or both;

• increased operating expenses for the buildings or the property, or both;

• possible disputes with third parties related to the buildings or the property, or both;

• failure to achieve expected cost savings due to extended non-occupancy of a vacated property intended to be leased; and

• the risk of financial loss in excess of amounts covered by insurance, or uninsured risks, such as the loss caused by damage to the buildings as a result of earthquakes, floods and/or other natural disasters.

WE ARE SUBJECT TO IP RISKS AND RISKS ASSOCIATED WITH LITIGATION AND REGULATORY PROCEEDINGS

We may be unable to protect our intellectual property, which would negatively affect our ability to compete.

We believe one of our key competitive advantages results from the collection of proprietary technologies we have developed and acquired since our inception, and the protection of our intellectual property rights is, and will continue to be, important to the success of our business. If we fail to protect these intellectual property rights, competitors could sell products based on technology that we have developed, which could harm our competitive position and decrease our revenue.

We rely on a combination of patents, copyrights, trademarks, trade secrets, contractual provisions, confidentiality agreements, licenses and other methods, to protect our proprietary technologies. We also enter into confidentiality or license agreements with our employees, consultants, manufacturing or other business partners, and control access to and distribution of our documentation and other proprietary information. Notwithstanding these agreements, we have experienced disputes with employees regarding ownership of intellectual property in the past. To the extent that any third-party has a claim to ownership of any relevant technologies used in our products, we may not be able to recognize the full revenue stream from such relevant technologies. See also, “We have been named as a party to several legal proceedings and may be named in additional ones in the future, including litigation involving our patents and other intellectual property, which could subject us to liability, require us to indemnify our customers, require us to obtain or renew licenses, require us to stop selling our products or force us to redesign our products.”

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We have been issued a significant number of U.S. and foreign patents and have a significant number of pending U.S. and foreign patent applications. However, a patent may not be issued as a result of any applications or, if issued, claims allowed may not be sufficiently broad to protect our technology. In addition, it is possible that existing or future patents may be challenged, invalidated or circumvented. We may also be required to license some of our patents to others including competitors as a result of our participation in and contribution to development of industry standards. Despite our efforts, unauthorized parties may attempt to copy or otherwise obtain and use our products or proprietary technology. Monitoring unauthorized use of our technology is difficult, and the steps that we have taken may not prevent unauthorized use of our technology, particularly in jurisdictions where the laws may not protect our proprietary rights as fully as in the United States or other developed countries. If our patents do not adequately protect our technology, our competitors may be able to offer products similar to ours, which would adversely impact our business and results of operations. In addition, we have implemented security systems with the intent of maintaining the physical security of our facilities and protecting our confidential information including our intellectual property. Despite our efforts, we may be subject to breach of these security systems and controls which may result in unauthorized access to our facilities and labs and/or unauthorized use or theft of the confidential information and intellectual property we are trying to protect. See also, “Cybersecurity risks could adversely affect our business and disrupt our operations.” If we fail to protect these intellectual property rights, competitors could sell products based on technology that we have developed, which could harm our competitive position and decrease our revenue.

Certain of our software, as well as that of our customers, may be derived from so-called “open source” software that is generally made available to the public by its authors and/or other third parties. Open source software is made available under licenses that impose certain obligations on us in the event we were to distribute derivative works of the open source software. These obligations may require us to make source code for the derivative works available to the public and/or license such derivative works under a particular type of license, rather than the forms of license we customarily use to protect our intellectual property. While we believe we have complied with our obligations under the various applicable licenses for open source software, in the event that the copyright holder of any open source software were to successfully establish in court that we had not complied with the terms of a license for a particular work, we could be required to release the source code of that work to the public and/or stop distribution of that work if the license is terminated which could adversely impact our business and results of operations.

Further, governments and courts are considering new issues in intellectual property law with respect to works created by AI technology, which could result in different intellectual property rights in development processes, procedures and technologies we create with AI technology, which could have a material adverse effect on our business.

We must comply with a variety of existing and future laws and regulations that could impose substantial costs on us and may adversely affect our business.

We are subject to laws and regulations worldwide, which may differ among jurisdictions, affecting our operations in areas including, but not limited to: intellectual property ownership and infringement; tax; import and export requirements; anti-corruption; antitrust; foreign exchange controls and cash repatriation restrictions; conflict minerals; data privacy requirements; competition; advertising; employment and human rights; product regulations; environment, health and safety requirements; securities registration laws; and consumer laws. For example, government export regulations apply to the encryption or other features contained in some of our products. If we fail to continue to receive licenses or otherwise comply with these regulations, we may be unable to manufacture the affected products at foreign foundries or ship these products to certain customers, or we may incur penalties or fines. In addition, we are subject to various industry requirements restricting the presence of certain substances in electronic products. Although our management systems are designed to maintain compliance, we cannot assure you that we have been or will be at all times in compliance with such laws and regulations. Our compliance programs rely in part on compliance by our manufacturing partners, suppliers, vendors and distributors. To the extent such third parties do not comply with these obligations our business, operations and reputation may be adversely impacted. If we violate or fail to comply with any of the above requirements, a range of consequences could result, including fines, import/export restrictions, sales limitations, criminal and civil liabilities or other sanctions. The costs of complying with these laws (including the costs of any investigations, auditing and monitoring) could adversely affect our current or future business.

Our product or manufacturing standards could also be impacted by new or revised environmental rules and regulations or other social initiatives. For example, a significant portion of our revenues come from international sales. Environmental legislation, such as the EU Directive on Restriction of Hazardous Substances (“RoHS”), the EU Waste Electrical and Electronic Equipment Directive (“WEEE Directive”) and China’s regulation on Management Methods for Controlling Pollution Caused by Electronic Information Products, may increase our cost of doing business internationally and impact our revenues from the EU, China and other countries with similar environmental legislation as we endeavor to comply with and implement these requirements.

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A portion of the business we acquired in fiscal 2021 requires facility security clearances under the National Industrial Security Program. The National Industrial Security Program requires that a corporation maintaining a facility security clearance be effectively insulated from foreign ownership, control or influence (“FOCI”). Because we were organized in Bermuda at the time of this acquisition, we entered into agreements with the U.S. Department of Defense with respect to FOCI mitigation arrangements that relate to our operation of the portion of the business involving facility clearances. After our domestication, we requested and have now received partial release from some of these obligations. The remaining measures and arrangements may materially and adversely affect our operating results due to the increased cost of compliance with these measures. If we fail to comply with our obligations under these agreements, our ability to operate our business may be adversely affected.

We are a party to certain contracts with the U.S. government, federal prime contractors, and federal subcontractors. Our contracts with the U.S. government or its subcontractors are subject to various procurement regulations and other requirements relating to their formation, administration and performance. These regulations and requirements include supply chain restrictions that may prohibit the sourcing of materials, supplies, or services from foreign entities including those located in or organized in China. We may be subject to audits and investigations relating to our government contracts, and any violations could result in various civil and criminal penalties and administrative sanctions, including termination of contracts, refunding or suspending of payments, forfeiture of profits, payment of fines, and suspension or debarment from future government business. In addition, such contracts may provide for termination by the government at any time, without cause. Any of these risks related to contracting with the U.S. government, federal prime contractors, and federal subcontractors could adversely impact our future sales and operating results.

New technology trends, such as AI, require us to keep pace with evolving regulations and industry standards. In the United States (including in individual states), the European Union, and China there are various current and proposed regulatory frameworks relating to the use of AI in products and services. We expect that the legal and regulatory environment relating to emerging technologies such as AI will continue to develop and could increase the cost of doing business, and create compliance risks and potential liability, all which may have a material adverse effect on our financial condition and results of operations.

Expectations, requirements and attention to sustainability matters may have an adverse effect on our business, financial condition and results of operations, and damage our brand and reputation.

Increasingly regulators, customers, investors, employees and other stakeholders are focusing on sustainability matters. We are, and expect to continue to be, subject to various proposed, new, and evolving sustainability laws and requirements including both voluntary and mandatory disclosure requirements that may impact how we and our business partners, suppliers and customers conduct business. While we have certain sustainability initiatives at the Company there can be no assurance that regulators, customers, investors, and employees will determine that these programs are sufficiently robust. In addition, there can be no assurance that we will be able to accomplish our announced goals related to our sustainability program, as statements regarding our sustainability goals reflect our current plans and aspirations and are not guarantees that we will be able to achieve them within the timelines we announce or at all. Actual or perceived shortcomings with respect to our sustainability initiatives and reporting can impact our ability to hire and retain employees, increase our customer base, reelect our Board of Directors, or attract and retain certain types of investors. In addition, these parties are increasingly focused on specific disclosures and frameworks related to sustainability matters. Collecting, measuring, and reporting sustainability information and metrics can be costly, difficult and time consuming, is subject to evolving reporting standards, and can present numerous operational, reputational, financial, legal and other risks, any of which could have a material impact on us, including on our reputation and stock price. Inadequate processes to collect and review this information prior to disclosure could subject us to potential liability related to such information. In addition, several U.S. states and the current presidential administration have enacted or proposed “anti-ESG” policies or legislation. If our sustainability practices are deemed to be in contradiction of such “anti-ESG” policies we could be subjected to government investigations or lawsuits that could negatively impact the Company and affect the price of our common stock. In addition, social activists have recently been successful in pressuring certain public companies to eliminate or cut back on their diversity, equity and inclusion initiatives and their sustainability initiatives. To the extent we are subject to such activism, it may require us to incur costs or may otherwise adversely impact our business.

We have been named as a party to several legal proceedings and may be named in additional ones in the future, including litigation involving our patents and other intellectual property, which could subject us to liability, require us to indemnify our customers, require us to obtain or renew licenses, require us to stop selling our products or force us to redesign our products.

We are currently, and have been in the past, named as a party to several lawsuits, government inquiries or investigations and other legal proceedings (collectively referred to as “litigation”), and we may be named in additional litigation in the future. Please see “Note 9 – Commitments and Contingencies” of our Notes to Unaudited Condensed Consolidated Financial Statements set forth in Part I, Item 1 of this Quarterly Report on Form 10-Q for a more detailed description of any material litigation matters in which we may be currently engaged.

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In particular, litigation involving patents and other intellectual property is widespread in the high-technology industry and is particularly prevalent in the semiconductor industry, where a number of companies and other entities aggressively bring numerous infringement claims to assert their patent portfolios. The amount of damages alleged in intellectual property infringement claims can often be very significant. See also, “We may be unable to protect our intellectual property, which would negatively affect our ability to compete.”

From time to time, we receive and our customers receive, and we and our customers may continue to receive in the future, standards-based or other types of infringement claims, as well as claims against us and our proprietary technologies. These claims could result in litigation and/or claims for indemnification, which, in turn, could subject us to significant liability for damages, attorneys’ fees and costs. Any potential intellectual property litigation also could force us to do one or more of the following:

• stop selling, offering for sale, making, having made or exporting products or using technology that contains the allegedly infringing intellectual property;

• limit or restrict the type of work that employees involved in such litigation may perform for us;

• pay substantial damages and/or license fees and/or royalties to the party claiming infringement or other license violations that could adversely impact our liquidity or operating results;

• attempt to obtain or renew licenses to the relevant intellectual property, which licenses may not be available on reasonable terms or at all; and

• attempt to redesign those products that contain the allegedly infringing intellectual property.

Under certain circumstances, we have contractual and other legal obligations to indemnify and to incur legal expenses for current and former directors and officers. See also, “Our indemnification obligations and limitations of our director and officer liability insurance may have a material adverse effect on our financial condition, results of operations and cash flows.” Additionally, from time to time, we have agreed to indemnify select customers for claims alleging infringement of third-party intellectual property rights, including, but not limited to, patents, registered trademarks and/or copyrights. If we are required to make a significant payment under any of our indemnification obligations, our results of operations may be harmed.

The ultimate outcome of litigation could have a material adverse effect on our business and the trading price for our securities. Litigation may be time consuming, expensive, and disruptive to normal business operations, and the outcome of litigation is difficult to predict. Litigation, regardless of the outcome, may result in significant expenditures, diversion of our management’s time and attention from the operation of our business and damage to our reputation or relationships with third parties, which could materially and adversely affect our business, financial condition, results of operations, cash flows and stock price.

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GENERAL RISK FACTORS

We depend on highly skilled employees to support our business operations. If we are unable to retain and motivate our current employees or attract additional qualified employees, our ability to develop and successfully market our products could be harmed.

We believe our future success will depend in large part upon our ability to attract and retain highly skilled, engineering, managerial, sales and marketing employees. The loss of such employees could harm our business, as their knowledge of our business and industry would be extremely difficult to replace. The competition for qualified employees with significant experience in the management, design, development, manufacturing, marketing and sales of semiconductor solutions particularly those with emerging expertise in AI-related technologies and persistent demand for analog engineering experience has been intense over the last few years, both in the Silicon Valley and in global markets in which we operate. Our inability to attract and retain qualified employees, including executive officers, hardware and software engineers and sales and marketing employees, could delay the development and introduction of, impact our ability to fulfill commitments to customers for, and harm our ability to sell, our products. In addition, if we are unable to fulfill our customer commitments in a timely manner, we may also lose future business relationships or otherwise experience negative consequences. Despite recent layoffs in the technology sector, competitors for talent increasingly seek to hire our employees and executive officers (for example, our former President, Products and Technologies was hired by another semiconductor company in fiscal 2026), and the increased availability of work-from-home arrangements has both intensified and expanded competition. As a result, during the last few years, we have increased our efforts to recruit and retain talent. These efforts have increased our expenses, resulted in a higher volume of equity issuances, and may not be successful in attracting, retaining, and motivating the workforce necessary to deliver on our strategy. We believe equity compensation is a valuable component of our compensation program which helps us to attract, retain, and motivate employees and as a result we issue stock-based awards, such as restricted stock unit awards, to a significant portion of our employees. A significant change in our stock price or lower stock price performance relative to competitors, may reduce the retention value of our stock-based awards. Our employee hiring and retention also depends on our ability to build and maintain a diverse and inclusive workplace culture and be viewed as an employer of choice. To the extent our compensation programs and workplace culture are not viewed as competitive, our ability to attract, retain, and motivate employees may be weakened, which could harm our results of operations.

Changes to U.S. immigration and export policies that restrict our ability to attract and retain technical employees may negatively affect our research and development efforts. In addition, changes in employment-related laws applicable to our workforce practices may also result in increased expenses and less flexibility in how we meet our changing workforce needs.

In addition, as a result of our past and any future acquisitions and related integration activities, our current and prospective employees may experience uncertainty about their futures that may impair our ability to retain, recruit or motivate key management, engineering, technical and other employees.

We adopted a policy requiring employees to return to working full time in the office as of June 2, 2025. Many companies, including companies that we compete with for talent, have adopted plans to adopt full time remote work arrangements or hybrid work arrangements more flexible than ours, which may impact our ability to attract and retain qualified employees if potential or current employees prefer these policies. In addition, as a result of our full time in the office work environments, we expect to face challenges in retention of employees who prefer work from home policies.

There can be no assurance that we will continue to declare cash dividends or effect stock repurchases in any particular amount or at all, and statutory requirements may require us to defer payment of declared dividends or suspend stock repurchases.

On September 24, 2025, we announced that our Board of Directors authorized a $5.0 billion addition to the balance of its existing stock repurchase program. Future payment of a regular quarterly cash dividend on our common stock and future stock repurchases are subject to, among other things: the best interests of the Company and our stockholders; our results of operations, cash balances and future cash requirements; financial condition; developments in ongoing litigation; statutory requirements under Delaware law; securities laws and regulations; market conditions; and other factors that our Board of Directors may deem relevant. Our dividend payments or stock repurchases may change from time to time, and we cannot provide assurance that we will continue to declare dividends or repurchase stock in any particular amounts or at all. A reduction in, a delay of, or elimination of our dividend payments or stock repurchases could have a negative effect on our stock price. As of May 2, 2026, there was $5.3 billion remaining available for future stock repurchases under the prior authorization.

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Our indemnification obligations and limitations of our director and officer liability insurance may have a material adverse effect on our financial condition, results of operations and cash flows.

Under Delaware law, our certificate of incorporation, our bylaws and certain indemnification agreements to which we are a party, we have an obligation to indemnify, or we have otherwise agreed to indemnify, certain of our current and former directors and officers with respect to past, current and future investigations and litigation. Further, in the event such directors and officers are ultimately determined not to be entitled to indemnification, we may not be able to recover any amounts we previously advanced to them.

We cannot provide any assurances that any future indemnification claims, including the cost of fees, penalties or other expenses, will not exceed the limits of our insurance policies, that such claims are covered by the terms of our insurance policies or that our insurance carrier will be able to cover our claims. Additionally, to the extent there is coverage of these claims, the insurers also may seek to deny or limit coverage in some or all of these matters. Furthermore, our insurers could become insolvent and unable to fulfill their obligation to defend, pay or reimburse us for insured claims. Due to these coverage limitations, we may incur significant unreimbursed costs to satisfy our indemnification obligations, which may have a material adverse effect on our financial condition, results of operations or cash flows.

As we carry only limited insurance coverage, any incurred liability resulting from uncovered claims could adversely affect our financial condition and results of operations.

Our insurance policies may not be adequate to fully offset losses from covered incidents, and we do not have coverage for certain losses. For example, there is very limited coverage available with respect to the services provided by our third-party manufacturing partners and assembly, testing and packaging subcontractors. In the event of a natural disaster (such as drought, earthquake or tsunami), political or military turmoil, widespread public health emergencies including pandemics, power outages, cyber-attacks or incidents, or other significant disruptions to their operations, insurance may not adequately protect us from this exposure. We believe our existing insurance coverage is consistent with common practice, economic considerations and availability considerations. If our insurance coverage is insufficient to protect us against unforeseen losses, any uncovered losses could adversely affect our financial condition and results of operations.

We face risks related to global pandemics, which may significantly disrupt and adversely impact our manufacturing, research and development, operations, sales and financial results.

Our business was adversely impacted by the effects of the COVID-19 pandemic and may be similarly adversely impacted by future pandemics. In addition to global and domestic macroeconomic effects, during fiscal 2022 and fiscal 2023 the COVID-19 pandemic and related adverse public health measures caused disruption to our global operations and sales. Our third-party manufacturing partners, suppliers, distributors, and customers were disrupted by worker absenteeism, quarantines and restrictions on their employees’ ability to work; office and factory closures; disruptions to ports and other shipping infrastructure; border closures; and other travel or health-related restrictions. Although the pandemic related restrictions above have ceased in most places, resurgences of COVID-19 in various regions and appearances of new variants of the virus, has resulted in the past, and may result in the future in their full or partial reinstitution. In addition, although many countries have vaccinated large segments of their population, during fiscal 2023, the COVID-19 pandemic continued to disrupt business activities, trade, and supply chains in many countries.

Adverse developments affecting the financial services industry, including events or risks involving liquidity, defaults or non-performance by financial institutions, could have a material adverse effect on our business, financial condition or results of operations.

On March 10, 2023, Silicon Valley Bank (“SVB”), where we maintained certain accounts with an immaterial amount of cash deposits, was placed into receivership with the Federal Deposit Insurance Corporation (“FDIC”), which resulted in all funds held at SVB being temporarily inaccessible by SVB’s customers. As of March 13, 2023, access to our accounts at SVB was fully restored. We do not expect further developments with SVB (or similar regional banks) to have a material impact on our cash and cash equivalents, however, we do hold cash balances in several large financial institutions significantly in excess of FDIC and global insurance limits. If other banks and financial institutions with whom we have banking relationships enter receivership or become insolvent in the future, we may be unable to access, and we may lose, some or all of our existing cash, cash equivalents and investments to the extent those funds are not insured or otherwise protected by the FDIC.

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We are exposed to risks related to our receivables factoring arrangements.

We enter into factoring arrangements with financial institutions to sell certain of our trade receivables from customers without recourse. If we were to stop entering into these factoring arrangements, our operating results, financial condition and cash flows could be adversely impacted by delays or failures in collecting certain trade receivables. If the financial institutions we utilize become financially non-viable, it could cause us to cease such factoring arrangements.

If any of our non-U.S. based subsidiaries were classified as a passive foreign investment company, there would be adverse tax consequences.

If any of our non-U.S. based subsidiaries were classified as a “passive foreign investment company” or “PFIC” under section 1297 of the Internal Revenue Code, of 1986, as amended, for any taxable year during which a U.S. holder holds common stock, such U.S. holder generally would be taxed at ordinary income tax rates on any gain realized on the sale or exchange of the stock and on any “excess distributions” (including constructive distributions) received on the shares. Such U.S. holder could also be subject to a special interest charge with respect to any such gain or excess distribution.

A non-U.S. entity would be classified as a PFIC for U.S. federal income tax purposes in any taxable year in which either (i) at least 75% of its gross income is passive income or (ii) on average, the percentage of its assets that produce passive income or are held for the production of passive income is at least 50% (determined on an average gross value basis). Whether an entity will, in fact, be classified as a PFIC for any taxable year depends on its assets and income over the course of the relevant taxable year and, as a result, cannot be predicted with certainty. There can be no assurance that any of our foreign based subsidiaries will not be classified as a PFIC in the future or the Internal Revenue Service will not challenge our determination concerning PFIC status for any prior period.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On February 2, 2026, the Company closed its acquisition of Celestial AI, Inc. and issued an aggregate of 24,523,632 shares of the Company’s common stock in an unregistered transaction. The Common Stock was issued in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act. The Company may also issue additional shares of Common Stock upon satisfaction of certain revenue milestones as described in the Company’s Current Report on Form 8‑K/A filed on February 2, 2026.

On February 10, 2026, in connection with the Company’s acquisition of XConn Technologies the Company issued 2,263,077 shares of Common Stock in an unregistered transaction. The Common Stock was issued in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act.

On March 31, 2026, the Company completed the issuance and sale of 2,000,000 shares of the Company’s Series A Convertible Preferred Stock to NVIDIA Corporation, pursuant to a Securities Purchase Agreement, dated as of March 31, 2026, between NVIDIA and the Company. The shares of Series A Preferred Stock are initially convertible in the aggregate into a maximum of 21,778,000 shares of the Company’s common stock. The shares of Series A Preferred Stock were issued and sold to NVIDIA in a private placement relying upon the exemption provided by Section 4(a)(2) of the Securities Act of 1933 as a transaction not involving a public offering.

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Issuer Purchases of Equity Securities

The following table presents details of our stock repurchases during the three months ended May 2, 2026 (in millions, except per share data):

Period (1) Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares that May Yet be Purchased Under the Plan or Programs (2)

February 1, 2026 to February 28, 2026 — $ — — $ 5,534.5

March 1, 2026 to March 28, 2026 — $ — — $ 5,534.5

March 29, 2026 to May 2, 2026 1.4 $ 146.58 1.4 $ 5,334.5

Total 1.4 1.4

(1) The monthly periods presented above for the three months ended May 2, 2026, are based on our fiscal accounting periods which follow a quarterly 4-4-5 week fiscal accounting period.

(2) On September 24, 2025, the Company’s Board of Directors authorized a $5.0 billion addition to the balance of its existing stock repurchase program (collectively, the Stock Repurchase Program), increasing the total repurchase authority to $9.7 billion. The Company's stock repurchase program commenced in fiscal 2017, and has no fixed expiration. Our existing stock repurchase program had approximately $5.3 billion of repurchase authority remaining as of May 2, 2026. We intend to effect stock repurchases in accordance with the conditions of Rule 10b-18 under the Exchange Act, but may also make repurchases in the open market outside of Rule 10b-18 or in privately negotiated transactions. The stock repurchase program will be subject to market conditions and other factors and does not obligate us to repurchase any dollar amount or number of shares of our common stock and the repurchase program may be extended, modified, suspended or discontinued at any time.

Item 5. Other Information

During the quarter ended May 2, 2026, no director or Section 16 officer adopted or terminated any Rule 10b5-1 trading or similar arrangements as defined in Item 408(a) of Regulation S-K.

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Item 6. Exhibits

Exhibit No. Item Form File Number Incorporated by

Reference from

Exhibit Number Filed with SEC

2.1** Agreement and Plan of Merger and Reorganization, dated as of October 29, 2020, by and among Marvell Technology Group Ltd., Inphi Corporation, Maui HoldCo, Inc., Maui Acquisition Company Ltd and Indigo Acquisition Corp.

8-K 000-30877 2.1 10/30/2020

2.2

Asset Purchase Agreement between Marvell and NXP dated May 29, 2019

10-Q 000-30877 2.1 9/4/2019

3.1 Second Amended and Restated Certificate of Incorporation of Marvell Technology, Inc.

8-K 001-40357 3.1 3/15/2023

3.1.2

Certificate of Designation

8-K 001-40357 3.1 3/31/2026

3.2 Amended and Restated Bylaws of Marvell Technology, Inc.

8-K 001-40357 3.2 4/20/2021

4.1 Base Indenture, dated as of April 12, 2021, between Marvell Technology, Inc. and U.S. Bank National Association, as trustee

8-K 000-30877 4.1 4/12/2021

4.2 First Supplemental Indenture, dated as of April 12, 2021, by and among Marvell Technology, Inc., Marvell Technology Group Ltd. and U.S. Bank National Association, as trustee

8-K 000-30877 4.2 4/12/2021

4.3

Form of $750,000,000 2.450% Senior Notes due 2028 (included as Exhibit B to Exhibit 4.2)

8-K 000-30877 4.4 4/12/2021

4.4

Form of $750,000,000 2.950% Senior Notes due 2031 (included as Exhibit C to Exhibit 4.2)

8-K 000-30877 4.5 4/12/2021

4.5

Second Supplemental Indenture, dated as of May 4, 2021, between Marvell Technology, Inc. and U.S. Bank National Association, as trustee

8-K 001-40357 4.2 5/4/2021

4.6

Form of $479,394,000 4.875% Senior Notes due 2028 (included as Exhibit B to Exhibit 4.2)

8-K 001-40357 4.4 5/4/2021

4.7 Third Supplemental Indenture, dated as of September 18, 2023, between Marvell Technology, Inc. and U.S. Bank Trust Company, National Association (successor in interest to U.S. Bank National Association), as trustee

8-K 001-40357 4.1 9/18/2023

4.8 Form of Global Note for the 5.750% Senior Notes due 2029 (included as Exhibit A to Exhibit 4.1)

8-K 001-40357 4.2 9/18/2023

4.9 Form of Global Note for the 5.950% Senior Notes due 2033 (included as Exhibit B to Exhibit 4.1)

8-K 001-40357 4.3 9/18/2023

4.10 Fourth Supplemental Indenture, dated as of June 30, 2025, between Marvell Technology, Inc. and U.S. Bank Trust Company, National Association (successor in interest to U.S. Bank National Association), as trustee

8-K

001-40357

4.1 6/30/2025

4.11 Form of Global Note for the 4.750% Senior Notes due 2030 (included as Exhibit A to Exhibit 4.1)

8-K

001-40357

4.2 6/30/2025

4.12 Form of Global Note for the 5.450% Senior Notes due 2035 (included as Exhibit B to Exhibit 4.1)

8-K

001-40357

4.3 6/30/2025

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4.13 Fifth Supplemental Indenture, dated as of April 15, 2026, between Marvell Technology, Inc. and U.S. Bank Trust Company, National Association (successor in interest to U.S. Bank National Association), as trustee

8-K

001-40357

4.1 4/15/2026

4.14 Form of Global Note for the 5.300% Senior Notes due 2036 (included as Exhibit A to Exhibit 4.1)

8-K

001-40357

4.2 4/15/2026

4.15 Base Indenture, dated as of June 22, 2018, by and between Marvell Technology Group Ltd. and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as trustee

8-K 000-30877 4.1 6/22/2018

4.16 First Supplemental Indenture, dated as of June 22, 2018, by and between Marvell Technology Group Ltd. and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as trustee

8-K 000-30877 4.2 6/22/2018

4.17

Second Supplemental Indenture, dated as of April 15, 2021, by and between Marvell Technology Group Ltd. and U.S. Bank National Association

8-K 000-30877 4.1 4/19/2021

4.18 The description of the Registrant’s Common Stock, par value $0.002 per share, contained in the Registrant’s Registration Statement on Form S-4 initially filed with the Commission on December 22, 2020, as amended

10-K 001-40357 4.12 3/9/2023

10.1 Form of Indemnification Agreement

8-K 001-40357 10.1 4/20/2021

10.2**

Second Amended and Restated Revolving Credit Agreement, dated as of June 30, 2025, among Marvell Technology, Inc., the lenders party thereto, and Bank of America, N.A., as the Administrative Agent

8-K 001-40357 10.1

6/30/2025

10.3#

Marvell Technology Group Ltd. Amended and Restated 1995 Stock Option Plan (now named the Marvell Technology, Inc. Amended and Restated 1995 Stock Option Plan) (as amended and restated as of April 2, 2021)

S-8 333-255384 4.1 4/20/2021

10.3.1#

Form of Stock Option Agreement and Notice of Grant of Stock Options and Option Agreement for use with 1995 Stock Option Plan (for options granted after September 20, 2013)

8-K 000-30877 10.2 9/26/2013

10.3.2#

Form of Deferral Feature Stock Unit Agreement with Stock Unit Election Form for use with the Amended and Restated 1995 Stock Option Plan

10-K 000-30877 10.3.11 3/29/2018

10.3.2.1#

Updated Election Deferral Form

10-K

001-40357

10.5.2.1 3/12/2025

10.3.3#

Amended and restated form of stock unit agreement under the 1995 Stock Option Plan

10-Q 001-40357 10.5.3

12/4/2024

10.3.4#

Amended and restated form of stock unit agreement under the 1995 Stock Option Plan as updated March 2025

10-Q 001-40357 10.5.3.2 5/30/2025

10.3.5#

Form of Relative TSR and EPS RSU Grant Notice

10-Q 001-40357 10.7.8 5/27/2022

10.3.6#

Form of Relative TSR and EPS RSU Grant Notice December 2022

10-K 001-40357 10.7.9 3/9/2023

10.3.7#

Form of Relative TSR and EPS RSU Grant Notice April 2024

10-Q 001-40357 10.5.7 5/31/2024

10.3.8# **

Special Equity Grant Agreement as approved March 2023

10-Q 001-40357 10.7.11 5/26/2023

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10.3.9#

Form of Grant Notice for Restricted Stock Units under the 1995 Stock Option Plan

10-Q 001-40357 10.3.9 8/29/2025

10.3.10#

Form of Special Equity Award Relative TSR and EPS RSU Grant Notice July 2025

10-Q 001-40357 10.3.10 8/29/2025

10.3.11# Form of Performance Based Equity Grant notice under the 1995 Stock Option Plan and dated April 15, 2026

Filed herewith

10.4.1#

Amended and restated form of subscription agreement under the 2000 ESPP

10-Q 001-40357 10.6.1

12/4/2024

10.5#

Offer Letter between Marvell and Matthew J. Murphy and form of Severance Agreement attached thereto as Appendix B

8-K 000-30877 10.1 6/20/2016

10.5.1#

Severance Agreement with Matt Murphy as amended March 2023

10-Q 001-40357 10.9.1 5/26/2023

10.6#

Cavium, Inc. 2016 Equity Incentive Plan (including forms of grant notice and agreements)

10-Q 000-30877 10.1 12/4/2019

10.7#

Aquantia Corp. 2015 Equity Incentive Plan (including forms of grant notice and agreements)

10-Q 000-30877 10.5 12/4/2019

10.8#

Aquantia Corp. 2004 Equity Incentive Plan (including forms of grant notice and agreements)

10-Q 000-30877 10.4 12/4/2019

10.9#

Inphi Corporation Amended and Restated 2010 Stock Incentive Plan, as amended and restated on April 14, 2020

S-8 333-255384 4.10 4/20/2021

10.10#

Offer letter with Chris Koopmans

10-Q 000-30877 10.4 9/8/2016

10.11#

F iscal 2027 Named Execut ive Officer Compensation

Filed herewith

10.12#

Marvell Technology Inc. Change in Control Severance Plan and Summary Plan Description as amended and restated June 2025

10-Q 001-40357 10.12 8/29/2025

10.13 Warrant to Purchase Common Shares of Marvell dated June 5, 2019

8-K 000-30877 99.1 6/5/2019

10.14#

Promotion to CFO Letter for Willem Meintjes

10-K 001-40357 10.29 3/9/2023

10.15#

Innovium, Inc. Amended 2015 Stock Option and Grant Plan (including forms of grant notice and agreements)

S-8 333-260060 4.1 10/5/2021

10.16#

Offer Letter for the Chief Legal Officer

10-K

001-40357

10.23

3/13/2024

10.17

Underwriting Agreement, dated September 11, 2023, among Marvell Technology, Inc. and J.P. Morgan Securities LLC, BofA Securities, Inc. and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein

8-K

001-40357

1.1

9/18/2023

10.18#

Non-Qualified Deferred Compensation Plan

10-K

001-40357

10.21 3/12/2025

10.19

Underwriting Agreement, dated June 23, 2025, among Marvell Technology, Inc. and J.P. Morgan Securities LLC, BofA Securities, Inc. and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein

8-K

001-40357

1.1

6/30/2025

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10.20#

Senior Executive Retirement Program dated May 28, 2025

10-Q 001-40357 10.20 8/29/2025

10.21

Offer Letter for Sandeep Bharathi President, Data Center Group

10-Q 001-40357 10.21

12/3/2025

10.22#

Celestial AI, Inc. Amended and Restated 2020 Equity Incentive Plan

S-8

333-293205 99.1

2/4/2026

10.23#

XConn Technologies Holdings, Ltd. 2021 Equity Incentive Plan

S-8

333-293358 99.1

2/10/2026

Insider Trading Prohibition Policy and Guidelines

10-K

001-40357

19 3/12/2025

31.1 Rule 13a-14(a)/15d-14(a) Certification of the Principal Executive Officer

Filed herewith

31.2 Rule 13a-14(a)/15d-14(a) Certification of the Principal Financial Officer

Filed herewith

32.1* Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for Principal Executive Officer

Filed herewith

32.2* Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for Principal Financial Officer

Filed herewith

97 Rule 10D-1 Clawback Policy

10-K

001-40357

97 3/13/2024

101.INS Inline XBRL Instance Document Filed herewith

101.SCH Inline XBRL Taxonomy Extension Schema Document Filed herewith

101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document Filed herewith

101.DEF Inline XBRL Taxonomy Extension Definition Document Filed herewith

101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document Filed herewith

101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document Filed herewith

104 The cover page for this Form 10-Q, formatted in Inline XBRL (included in Exhibit 101) Filed herewith

Management contracts or compensation plans or arrangements with, or in which, directors or executive officers are eligible to participate.

* The certifications furnished in Exhibits 32.1 and 32.2 hereto are deemed to accompany this Form 10-Q and will not be deemed “filed” for purposes of Section 18 of the Exchange Act. Such certifications will not be deemed to be incorporated by reference into any filings under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference.

** Pursuant to Item 601(a)(5) of Regulation S-K, certain schedules and similar attachments have been omitted. The registrant hereby agrees to furnish a copy of any omitted schedule or similar attachment to the SEC upon request.

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

MARVELL TECHNOLOGY, INC.

Date: May 28, 2026

By: / S / WILLEM MEINTJES

Willem Meintjes

Chief Financial Officer

(Principal Financial Officer)

打开原文

英伟达截至2026年4月26日季度的10-Q文件

重要性未评级

发布时间早于日报 5 天摘要窗口。

标签

标的：`NVDA`来源：U.S. Securities and Exchange Commission发布日期：2026-05-20重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：22129

中文摘要

数据中心季度营收为752.46亿美元，同比增长92%、环比增长21%。
自2026年2月起，美国政府允许公司向特定中国客户少量出口H200；截至文件日期，该许可计划尚未产生收入，且公司不确定中国是否允许进口。
Rubin平台预计在2027财年下半年开始出货；公司披露架构和系统配置复杂性可能导致生产延迟、良率下降、成本上升及收入波动。
公司还披露，内存等组件供应和价格上涨可能提高数据中心建设成本，客户取得资本、能源及按时建成基础设施也会影响需求兑现。

英文原文

nvda-20260426

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 26, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 0-23985

NVIDIA CORP ORATION

(Exact name of registrant as specified in its charter)

Delaware 94-3177549

(State or other jurisdiction of (I.R.S. Employer

incorporation or organization) Identification No.)

2788 San Tomas Expressway , Santa Clara , California

95051

(Address of principal executive offices) (Zip Code)

( 408 ) 486-2000

(Registrant's telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, $0.001 par value per share NVDA The Nasdaq Global Select Market

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of common stock, $0.001 par value, outstanding as of May 15, 2026, was 24.2 billion.

NVIDIA Corporation

Form 10-Q

For the Quarter Ended April 26, 2026

Table of Contents

Page

Part I : Financial Information

Item 1.

Financial Statements (Unaudited)

a) Condensed Consolidated Statements of Income for the three months ended April 26, 2026 and April 27, 2025 3

b) Condensed Consolidated Statements of Comprehensive Income for the three months ended April 26, 2026 and April 27, 2025 4

c) Condensed Consolidated Balance Sheets as of April 26, 2026 and January 25, 2026 5

d) Condensed Consolidated Statements of Shareholders’ Equity for the three months ended April 26, 2026 and April 27, 2025 6

e) Condensed Consolidated Statements of Cash Flows for the three months ended April 26, 2026 and April 27, 2025 7

f) Notes to Condensed Consolidated Financial Statements 8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations 23

Item 3.

Quantitative and Qualitative Disclosures About Market Risk 30

Item 4.

Controls and Procedures 31

Part II : Other Information

Item 1.

Legal Proceedings 31

Item 1A.

Risk Factors 31

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds 38

Item 5.

Other Information 39

Item 6.

Exhibits 40

Signature

Where You Can Find More Information

Investors and others should note that we announce material financial information to our investors using our investor relations website, press releases, SEC filings and public conference calls and webcasts. We also use the following social media channels as a means of disclosing information about the company, our products, our planned financial and other announcements and attendance at upcoming investor and industry conferences, and other matters, and for complying with our disclosure obligations under Regulation FD:

NVIDIA Corporate Blog (blogs.nvidia.com/)

NVIDIA Technical Blog (developer.nvidia.com/blog/)

NVIDIA LinkedIn (linkedin.com/company/nvidia)

NVIDIA Facebook (facebook.com/nvidia)

NVIDIA Instagram (instagram.com/nvidia)

NVIDIA X (x.com/nvidia)

NVIDIA Investor Relations (investor.nvidia.com)

NVIDIA YouTube (YouTube.com/nvidia)

The information we post through these social media channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings and public conference calls and webcasts. This list may be updated from time to time. The information we post through these channels is not a part of this Quarterly Report on Form 10-Q.

Part I. Financial Information

Item 1. Financial Statements (Unaudited)

NVIDIA Corporation and Subsidiaries

Condensed Consolidated Statements of Income

(In millions, except per share data)

(Unaudited)

Three Months Ended

Apr 26, 2026 Apr 27, 2025

Revenue $ 81,615 $ 44,062

Cost of revenue 20,458 17,394

Gross profit 61,157 26,668

Operating expenses

Research and development 6,321 3,989

Sales, general and administrative 1,300 1,041

Total operating expenses 7,621 5,030

Operating income 53,536 21,638

Interest income 540 515

Interest expense ( 102 ) ( 63 )

Other income (expense), net 15,929 ( 180 )

Total other income, net 16,367 272

Income before income tax 69,903 21,910

Income tax expense 11,582 3,135

Net income $ 58,321 $ 18,775

Net income per share:

Basic $ 2.40 $ 0.77

Diluted $ 2.39 $ 0.76

Weighted average shares used in per share computation:

Basic 24,286 24,441

Diluted 24,391 24,611

See accompanying Notes to Condensed Consolidated Financial Statements.

NVIDIA Corporation and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income

(In millions)

(Unaudited)

Three Months Ended

Apr 26, 2026 Apr 27, 2025

Net income $ 58,321 $ 18,775

Other comprehensive income (loss), net of tax

Available-for-sale securities:

Net change in unrealized gain (loss) ( 78 ) 139

Cash flow hedges:

Net change in unrealized gain 37 19

Other comprehensive income (loss), net of tax ( 41 ) 158

Total comprehensive income $ 58,280 $ 18,933

See accompanying Notes to Condensed Consolidated Financial Statements.

NVIDIA Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

(In millions)

(Unaudited)

Apr 26, 2026 Jan 25, 2026

Assets

Current assets:

Cash and cash equivalents $ 13,237 $ 10,605

Marketable debt securities 37,098 39,065

Marketable equity securities 30,237 12,886

Accounts receivable, net 40,710 38,466

Inventories 25,797 21,403

Prepaid expenses and other current assets 3,916 3,180

Total current assets 150,995 125,605

Property and equipment, net 12,403 10,383

Operating lease assets 4,258 2,867

Goodwill 20,894 20,832

Intangible assets, net 3,120 3,306

Deferred income tax assets 11,707 13,258

Non-marketable securities 43,364 22,251

Other assets 12,733 8,301

Total assets $ 259,474 $ 206,803

Liabilities and Shareholders’ Equity

Current liabilities:

Accounts payable $ 13,097 $ 9,812

Accrued and other current liabilities 29,787 21,352

Short-term debt 1,000 999

Total current liabilities 43,884 32,163

Long-term debt 7,470 7,469

Long-term operating lease liabilities 3,878 2,572

Other long-term liabilities 8,768 7,306

Total liabilities 64,000 49,510

Commitments and contingencies

Shareholders’ equity:

Preferred stock — —

Common stock 24 24

Additional paid-in capital 10,275 10,118

Accumulated other comprehensive income 137 178

Retained earnings 185,038 146,973

Total shareholders’ equity 195,474 157,293

Total liabilities and shareholders’ equity $ 259,474 $ 206,803

See accompanying Notes to Condensed Consolidated Financial Statements.

NVIDIA Corporation and Subsidiaries

Condensed Consolidated Statements of Shareholders ’ Equity

(Unaudited)

Common Stock

Outstanding Additional Paid-in Capital Accumulated Other Comprehensive Income Retained Earnings Total Shareholders’ Equity

Shares Amount

(In millions, except per share data)

Balances as of Jan 25, 2026

24,304 $ 24 $ 10,118 $ 178 $ 146,973 $ 157,293

Net income — — — — 58,321 58,321

Other comprehensive loss — — — ( 41 ) — ( 41 )

Issuance of common stock

37 — 515 — — 515

Tax withholding related to common stock

( 12 ) — ( 2,129 ) — — ( 2,129 )

Shares repurchased ( 108 ) — ( 157 ) — ( 20,013 ) ( 20,170 )

Cash dividends declared and paid ($ 0.01 per common share)

— — — — ( 243 ) ( 243 )

Stock-based compensation — — 1,928 — — 1,928

Balances as of Apr 26, 2026

24,221 $ 24 $ 10,275 $ 137 $ 185,038 $ 195,474

Balances as of Jan 26, 2025

24,477 $ 24 $ 11,237 $ 28 $ 68,038 $ 79,327

Net income — — — — 18,775 18,775

Other comprehensive income — — — 158 — 158

Issuance of common stock

50 — 370 — — 370

Tax withholding related to common stock

( 13 ) — ( 1,532 ) — — ( 1,532 )

Shares repurchased ( 126 ) — ( 92 ) — ( 14,411 ) ( 14,503 )

Cash dividends declared and paid ($ 0.01 per common share)

— — — — ( 244 ) ( 244 )

Fair value of partially vested equity awards assumed in connection with acquisitions

— — 22 — — 22

Stock-based compensation — — 1,470 — — 1,470

Balances as of Apr 27, 2025

24,388 $ 24 $ 11,475 $ 186 $ 72,158 $ 83,843

See accompanying Notes to Condensed Consolidated Financial Statements.

NVIDIA Corporation and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In millions)

(Unaudited)

Three Months Ended

Apr 26, 2026 Apr 27, 2025

Cash flows from operating activities:

Net income $ 58,321 $ 18,775

Adjustments to reconcile net income to net cash provided by operating activities:

Stock-based compensation expense 1,928 1,474

Deferred income taxes 1,584 ( 2,177 )

Depreciation and amortization 997 611

(Gains) losses from equity securities, net ( 15,936 ) 175

Other ( 94 ) ( 98 )

Changes in operating assets and liabilities, net of acquisitions:

Accounts receivable ( 2,243 ) 933

Inventories ( 4,420 ) ( 1,258 )

Prepaid expenses and other assets ( 983 ) 560

Accounts payable 2,210 941

Accrued and other current liabilities 7,763 7,128

Other long-term liabilities 1,217 350

Net cash provided by operating activities 50,344 27,414

Cash flows from investing activities:

Proceeds from maturities of marketable debt securities 1,946 3,122

Proceeds from sales of non-marketable securities 26 —

Proceeds from sales of marketable debt securities 25 467

Purchases of non-marketable securities ( 18,582 ) ( 649 )

Purchases of marketable debt and equity securities ( 8,000 ) ( 6,546 )

Purchases related to property and equipment and intangible assets ( 1,757 ) ( 1,227 )

Acquisitions, net of cash acquired ( 87 ) ( 383 )

Net cash used in investing activities ( 26,429 ) ( 5,216 )

Cash flows from financing activities:

Proceeds related to employee stock plans 515 370

Payments related to repurchases of common stock ( 19,312 ) ( 14,095 )

Payments related to employee stock plan taxes ( 2,129 ) ( 1,532 )

Dividends paid ( 243 ) ( 244 )

Principal payments on property and equipment and intangible assets ( 33 ) ( 52 )

Other ( 81 ) —

Net cash used in financing activities ( 21,283 ) ( 15,553 )

Change in cash and cash equivalents 2,632 6,645

Cash and cash equivalents at beginning of period 10,605 8,589

Cash and cash equivalents at end of period $ 13,237 $ 15,234

See accompanying Notes to Condensed Consolidated Financial Statements.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Note 1 - Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Securities and Exchange Commission, or SEC, Regulation S-X. The January 25, 2026 consolidated balance sheet was derived from our audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended January 25, 2026, as filed with the SEC, but does not include all disclosures required by U.S. GAAP. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for a fair presentation of results of operations and financial position, have been included. The results for the interim periods presented are not necessarily indicative of the results expected for any future period. The following information should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended January 25, 2026.

Certain prior fiscal year balances have been reclassified to conform to the current period presentation.

Significant Accounting Policies

There have been no material changes to our significant accounting policies disclosed in Note 1 - Organization and Summary of Significant Accounting Policies, of the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended January 25, 2026.

Fiscal Year

Fiscal year 2027 is a 53-week year and fiscal year 2026 was a 52-week year, both ending on the last Sunday in January. The first quarters of fiscal years 2027 and 2026 were both 13-week quarters. The fourth quarter of fiscal year 2027 will be a 14-week quarter.

Principles of Consolidation

Our condensed consolidated financial statements include the accounts of NVIDIA Corporation and our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from our estimates.

Recently Issued Accounting Pronouncements

Recent Accounting Pronouncements Not Yet Adopted

In November 2024, the Financial Accounting Standards Board, or FASB, issued a new accounting standard requiring disclosures of certain additional expense information on an annual and interim basis, including, among other items, the amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization included within each income statement expense caption, as applicable. We will adopt this standard in the fiscal year 2028 annual report. We do not expect the adoption of this standard to have a material impact on our Consolidated Financial Statements other than additional disclosures.

Note 2 - Stock-Based Compensation

We recognize stock-based compensation expense from grants of restricted stock units, or RSUs, performance stock units, or PSUs, and market-based PSUs, and issuances under our employee stock purchase plan, or ESPP.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Condensed Consolidated Statements of Income include stock-based compensation expense as follows:

Three Months Ended

Apr 26, 2026 Apr 27, 2025

(In millions)

Cost of revenue $ 68 $ 64

Research and development 1,459 1,063

Sales, general and administrative 401 347

Total $ 1,928 $ 1,474

Equity Award Activity

The following is a summary of our equity award transactions under our equity incentive plans:

RSUs, PSUs and Market-based PSUs Outstanding

Number of Shares Weighted Average Grant-Date Fair Value Per Share

(In millions, except per share data)

Balance as of Jan 25, 2026

189 $ 81.51

Granted 44 $ 181.73

Vested ( 31 ) $ 48.04

Canceled and forfeited ( 2 ) $ 95.82

Balance as of Apr 26, 2026

200 $ 108.92

As of April 26, 2026, aggregate unearned stock-based compensation expense was $ 20.8 billion, which is expected to be recognized over a weighted average period of 2.6 years for RSUs, PSUs, and market-based PSUs, and one year for ESPP.

Note 3 - Net Income Per Share

The following is the basic and diluted net income per share computations for the periods presented:

Three Months Ended

Apr 26, 2026 Apr 27, 2025

(In millions, except per share data)

Numerator:

Net income $ 58,321 $ 18,775

Denominator:

Basic weighted average shares 24,286 24,441

Dilutive impact of outstanding equity awards 105 170

Diluted weighted average shares 24,391 24,611

Net income per share:

Basic (1) $ 2.40 $ 0.77

Diluted (2) $ 2.39 $ 0.76

Anti-dilutive equity awards excluded from diluted net income per share 47 62

(1) Net income divided by basic weighted average shares.

(2) Net income divided by diluted weighted average shares.

Diluted net income per share was computed using the weighted average number of common and potentially dilutive shares outstanding during the period, using the treasury stock method.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Note 4 - Amortizable Intangible Assets and Goodwill

The components of our amortizable intangible assets are as follows:

Apr 26, 2026 Jan 25, 2026

Gross

Carrying

Amount Accumulated

Amortization Net Carrying

Amount Gross

Carrying

Amount Accumulated

Amortization Net Carrying

Amount

(In millions)

Acquisition-related intangible assets $ 5,658 $ ( 2,759 ) $ 2,899 $ 5,656 $ ( 2,580 ) $ 3,076

Patents and licensed technology 525 ( 304 ) 221 528 ( 298 ) 230

Total intangible assets $ 6,183 $ ( 3,063 ) $ 3,120 $ 6,184 $ ( 2,878 ) $ 3,306

Amortization expense associated with intangible assets was $ 232 million and $ 159 million for the first quarter of fiscal years 2027 and 2026, respectively.

The following table outlines the estimated future amortization expense related to the net carrying amount of intangible assets as of April 26, 2026:

Future Amortization Expense

(In millions)

Fiscal Year:

2027 (excluding the first quarter of fiscal year 2027)

$ 689

2028 754

2029 610

2030 516

2031 468

2032 and thereafter 83

Total $ 3,120

In the first quarter of fiscal year 2027, goodwill increased by $ 62 million from acquisitions and was allocated to our Compute & Networking reporting unit.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Note 5 - Cash Equivalents and Marketable Securities

Cash equivalents and marketable securities including debt and equity securities are measured at fair value using quoted prices in active markets for identical assets (Level 1) or for similar assets or use of other observable inputs (Level 2).

The following is a summary of cash equivalents and marketable securities:

Apr 26, 2026

Pricing Category Cost or Amortized

Cost Unrealized

Gain Unrealized

Loss Estimated

Fair Value Reported as

Cash Equivalents Marketable Debt Securities Marketable Equity Securities Other Assets

(In millions)

Debt securities issued by the U.S. Treasury Level 2 $ 21,883 $ 43 $ ( 8 ) $ 21,918 $ 470 $ 21,448 $ — $ —

Corporate debt securities Level 2 15,092 48 ( 8 ) 15,132 1,533 13,599 — —

Debt securities issued by U.S. government agencies Level 2 2,009 2 ( 1 ) 2,010 — 2,010 — —

Certificates of deposit Level 2 132 — — 132 132 — — —

Foreign government bonds Level 2 40 1 — 41 — 41 — —

Money market funds Level 1 10,212 — — 10,212 10,212 — — —

Publicly-held equity securities (1) (2) Level 1 29,887 — — 21,023 8,864

Publicly-held equity securities (1) (3) Level 2 9,214 — — 9,214 —

Total $ 49,368 $ 94 $ ( 17 ) $ 88,546 $ 12,347 $ 37,098 $ 30,237 $ 8,864

(1) The balance as of April 26, 2026 included $ 27.4 billion of investments, which are subject to short-term lock-up restrictions on the ability to sell.

(2) The long-term portion of publicly-held equity securities, which are subject to lock-up restrictions through December 2027 of $ 8.9 billion as of April 26, 2026, was included in Other assets.

(3) The publicly-held equity securities classified in Level 2 include investments in warrants and preferred stock convertible to common stock in public companies.

Publicly-held equity securities are subject to market price volatility. Net unrealized gains on investments in publicly-held equity securities held at period end were $ 13.4 billion for the first quarter of fiscal year 2027. Net unrealized losses on investments in publicly-held equity securities held at period end were $ 222 million for the first quarter of fiscal year 2026. Unrealized gains and losses are recognized in Other income (expense), net, in the Condensed Consolidated Statements of Income.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Jan 25, 2026

Pricing Category Cost or Amortized

Cost Unrealized

Gain Unrealized

Loss Estimated

Fair Value Reported as

Cash Equivalents Marketable Debt Securities Marketable Equity Securities Other Assets

(In millions)

Debt securities issued by the U.S. Treasury Level 2 $ 21,635 $ 77 $ ( 3 ) $ 21,709 $ — $ 21,709 $ — $ —

Corporate debt securities Level 2 15,410 92 ( 3 ) 15,499 345 15,154 — —

Debt securities issued by U.S. government agencies Level 2 2,157 4 — 2,161 — 2,161 — —

Certificates of deposit Level 2 110 — — 110 110 — — —

Foreign government bonds Level 2 40 1 — 41 — 41 — —

Money market funds Level 1 7,830 — — 7,830 7,830 — — —

Publicly-held equity securities (1) (2) Level 1 17,726 — — 12,886 4,840

Total $ 47,182 $ 174 $ ( 6 ) $ 65,076 $ 8,285 $ 39,065 $ 12,886 $ 4,840

(1) The balance as of January 25, 2026 included $ 10.5 billion of investments that are subject to short-term lock-up restrictions on the ability to sell.

(2) The long-term portion of publicly-held equity securities, which are subject to lock-up restrictions through December 2027 of $ 4.8 billion as of January 25, 2026, was included in Other assets.

The following table provides the breakdown of unrealized losses, aggregated by investment category and length of time that individual debt securities have been in a continuous loss position:

Apr 26, 2026 Jan 25, 2026

Less than 12 months Less than 12 months

Estimated Fair Value Gross Unrealized Loss Estimated Fair Value Gross Unrealized Loss

(In millions)

Debt securities issued by the U.S. Treasury $ 12,238 $ ( 8 ) $ 10,666 $ ( 3 )

Corporate debt securities 2,658 ( 8 ) 1,332 ( 3 )

Debt securities issued by U.S. government agencies 1,291 ( 1 ) 1,134 —

Total $ 16,187 $ ( 17 ) $ 13,132 $ ( 6 )

Gross unrealized losses are related to fixed income securities, driven primarily by changes in interest rates.

The estimated fair values of debt securities included in cash equivalents and marketable debt securities are shown below by contractual maturity.

Apr 26, 2026

(In millions)

Less than one year $ 24,307

Due in 1 - 5 years 14,926

Total $ 39,233

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Note 6 - Non-marketable Securities

Non-marketable Equity Securities

Our non-marketable equity securities are primarily in privately-held companies carried at cost less impairment, and adjusted for observable price changes. We value investments using observable comparable transactions and other inputs including volatility, expected time to liquidity, the risk-free rate, and security-specific rights and obligations.

Adjustments to the carrying value of privately-held securities:

Three Months Ended

Apr 26, 2026 Apr 27, 2025

(In millions)

Balance at beginning of period $ 22,251 $ 3,387

Adjustments related to non-marketable equity securities:

Net additions 17,899 649

Unrealized gains (1) 2,603 63

Reclassification (2) ( 389 ) ( 843 )

Impairments and unrealized losses ( 28 ) ( 16 )

Balance at end of period $ 42,336 $ 3,240

(1) Unrealized gains are recognized in Other income (expense), net, in the Condensed Consolidated Statements of Income.

(2) Includes primarily reclassifications to marketable securities following public market trading.

Non-marketable equity securities had cumulative gross unrealized gains of $ 5.3 billion and $ 396 million, and cumulative gross unrealized losses and impairments of $ 199 million and $ 110 million as of April 26, 2026 and April 27, 2025, respectively.

Equity Method Investments

We have $ 1.0 billion of investments in infrastructure funds accounted for using the equity method as of April 26, 2026. Our maximum loss exposure under these investments, including invested and future committed amounts, was $ 2.3 billion as of April 26, 2026.

Investment Commitments

Total Investment commitments were $ 27 billion as of April 26, 2026, subject to certain contingencies, which we expect will be made through the remainder of fiscal year 2027.

Note 7 - Balance Sheet Components

We refer to customers who purchase products directly from NVIDIA as direct customers, such as add-in board manufacturers, or AIBs, distributors, original design manufacturers, or ODMs, original equipment manufacturers, or OEMs, cloud service providers, or CSPs, AI model makers, and system integrators. Certain direct customers may use either internal resources or third-party system integrators to complete their build. Three direct customers accounted for 30 %, 18 %, and 16 % of our accounts receivable balance as of April 26, 2026. Three direct customers accounted for 25 %, 18 %, and 13 % of our accounts receivable balance as of January 25, 2026.

Certain balance sheet components were as follows:

Apr 26, 2026 Jan 25, 2026

Inventories: (In millions)

Raw materials $ 6,647 $ 3,807

Work in process 9,949 8,822

Finished goods 9,201 8,774

Total inventories (1) $ 25,797 $ 21,403

(1) We recorded inventory provisions of $ 0.8 billion and $ 2.3 billion for the first quarter of fiscal years 2027 and 2026, respectively, in Cost of revenue.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Property and Equipment:

Property, equipment and intangible assets acquired but not paid for the first quarter of fiscal years 2027 and 2026 were $ 1.1 billion and $ 408 million, respectively.

Apr 26, 2026 Jan 25, 2026

Accrued and Other Current Liabilities: (In millions)

Taxes payable

$ 10,638 $ 2,669

Customer program accruals 4,182 5,318

Accrued purchase consideration (1)

3,957 3,921

Excess inventory purchase obligations (2)

3,121 2,739

Product warranty

2,948 2,807

Deferred revenue (3)

1,714 1,379

Accrued payroll and related expenses 1,033 1,146

Other 2,194 1,373

Total accrued and other current liabilities $ 29,787 $ 21,352

(1) Related to the Groq, Inc. non-exclusive license agreement.

(2) We recorded $ 0.3 billion and $ 3.0 billion for the first quarter of fiscal years 2027 and 2026, respectively, in Cost of revenue.

(3) Includes customer advances and unearned revenue related to hardware and software support, cloud services, and license and development arrangements. The balance as of April 26, 2026 and January 25, 2026 included $ 297 million and $ 160 million of customer advances, respectively.

Apr 26, 2026 Jan 25, 2026

Other Long-Term Liabilities: (In millions)

Income tax payable (1) $ 4,830 $ 3,958

Deferred income tax 1,798 1,774

Deferred revenue (2) 1,403 1,193

Other 737 381

Total other long-term liabilities $ 8,768 $ 7,306

(1) Primarily comprised of unrecognized tax benefits and related interest and penalties.

(2) Includes unearned revenue related to hardware and software support and cloud services.

Deferred Revenue

The following table shows the changes in short- and long-term deferred revenue during the first quarter of fiscal years 2027 and 2026:

Three Months Ended

Apr 26, 2026 Apr 27, 2025

(In millions)

Balance at beginning of period $ 2,572 $ 1,813

Deferred revenue additions (1) 2,530 6,493

Revenue recognized (2) ( 1,985 ) ( 6,228 )

Balance at end of period $ 3,117 $ 2,078

(1) Includes $ 1.7 billion and $ 6.2 billion of customer advances for the first quarter of fiscal years 2027 and 2026, respectively.

(2) Includes $ 1.6 billion and $ 6.0 billion related to customer advances for the first quarter of fiscal years 2027 and 2026, respectively.

We recognized revenue of $ 451 million and $ 265 million in the first quarter of fiscal years 2027 and 2026, respectively, that was included in the prior year-end deferred revenue balance.

As of April 26, 2026, revenue related to remaining performance obligations from contracts greater than one year in length was $ 2.6 billion, which includes $ 2.3 billion from deferred revenue and $ 304 million, which has not yet been billed or

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

recognized as revenue. Approximately 40 % of revenue from contracts greater than one year in length will be recognized over the next twelve months .

Note 8 - Derivative Financial Instruments

Foreign Currency Derivatives

We primarily utilize foreign currency forward contracts to mitigate the impact of foreign currency exchange rate movements on our operating expenses. These foreign currency forward contracts for operating expenses are designated as accounting hedges. Gains or losses on the contracts are recorded in Accumulated other comprehensive income or loss and reclassified to Operating expenses when the related operating expenses are recognized in earnings. During the first quarter of fiscal years 2027 and 2026, the impact of foreign currency forward contracts designated as accounting hedges on other comprehensive income or loss was not significant and all such instruments were determined to be highly effective.

We also entered into foreign currency forward contracts to mitigate the impact of foreign currency movements on monetary assets and liabilities. For our foreign currency contracts for assets and liabilities, the change in fair value of these non-designated contracts was recorded in Other income or expense and offsets the change in fair value of the hedged foreign currency denominated monetary assets and liabilities, which was also recorded in Other income (expense), net.

The table below presents the notional value of our foreign currency contracts outstanding:

Apr 26, 2026 Jan 25, 2026

(In millions)

Designated as accounting hedges $ 2,114 $ 1,765

Not designated as accounting hedges $ 1,850 $ 2,332

The fair values of our foreign currency contracts were not significant as of April 26, 2026 and January 25, 2026.

As of April 26, 2026, all foreign currency contracts mature within 18 months. The expected realized gains and losses deferred into Accumulated other comprehensive income or loss related to foreign currency forward contracts within the next twelve months were not significant.

Facility Lease Guarantee

In fiscal year 2026, we entered into agreements to guarantee partners’ facility lease obligations in the event of their default in exchange for warrants. The maximum gross exposure under all agreements is $ 3.5 billion, which is reduced as the partners make payments to the lessors over terms ranging from 5 to 7 years. The partners have placed $ 712 million in escrow to mitigate our potential exposure. The guarantees, classified as credit derivatives with changes in fair value recognized in Other income (expense), net, were not material.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Note 9 - Debt

Expected

Remaining Term (years) Effective

Interest Rate

Apr 26, 2026 Jan 25, 2026

(In millions)

3.20 % Notes Due 2026

0.4 3.31 % $ 1,000 $ 1,000

1.55 % Notes Due 2028

2.1 1.64 % 1,250 1,250

2.85 % Notes Due 2030

3.9 2.93 % 1,500 1,500

2.00 % Notes Due 2031

5.1 2.09 % 1,250 1,250

3.50 % Notes Due 2040

13.9 3.54 % 1,000 1,000

3.50 % Notes Due 2050

23.9 3.54 % 2,000 2,000

3.70 % Notes Due 2060

34.0 3.73 % 500 500

Unamortized debt discount and issuance costs ( 30 ) ( 32 )

Net carrying amount

$ 8,470 $ 8,468

Less short-term portion ( 1,000 ) ( 999 )

Total long-term portion $ 7,470 $ 7,469

As of April 26, 2026 and January 25, 2026, the estimated fair value of debt was $ 7.4 billion and $ 7.5 billion, respectively. The estimated fair values are based on Level 2 inputs.

Our notes are unsecured senior obligations. Existing and future liabilities of our subsidiaries will be effectively senior to the notes. Our notes pay interest semi-annually. We may redeem each of our notes prior to maturity, subject to a make-whole premium. The maturity dates of the notes are stated by calendar year.

As of April 26, 2026, we complied with the required covenants, which are non-financial in nature, under the outstanding notes.

As of April 26, 2026, our commercial paper program had a capacity of $ 25.0 billion, with no amounts outstanding.

Note 10 - Commitments and Contingencies

Commitments

Manufacturing, supply, and capacity commitments reflect data center-scale production and longer future ordering horizons across current and future product architectures. We enter into agreements with our supply vendors that allow them to procure inventory based upon our defined criteria, and in certain instances, these agreements are cancellable, able to be rescheduled, or adjustable for our business needs prior to placing firm orders. Changes to these agreements may result in additional costs. As of April 26, 2026, these commitments were $ 119 billion for which $ 95 billion will be paid in the remainder of fiscal year 2027 and the remaining balance will be paid in fiscal years 2028 through 2031.

Multi-year cloud service agreement commitments as of April 26, 2026, were $ 30 billion for which $ 6 billion, $ 7 billion, $ 7 billion, $ 5 billion, $ 3 billion, and $ 2 billion will be paid in the remainder of fiscal year 2027, each fiscal year from 2028 through 2031, and fiscal year 2032 and thereafter, respectively. Cloud service capacity may be reduced or terminated. Cloud service agreements will be primarily used to support our research and development efforts.

Other vendor commitments were $ 6 billion as of April 26, 2026, of which the majority will be paid through fiscal year 2027.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Accrual for Product Warranty Liabilities

The estimated amount of product warranty liabilities was $ 2.9 billion and $ 2.8 billion as of April 26, 2026 and January 25, 2026, respectively. The estimated product returns and product warranty activity consisted of the following:

Three Months Ended

Apr 26, 2026 Apr 27, 2025

(In millions)

Balance at beginning of period $ 2,807 $ 1,290

Additions 330 870

Utilization ( 189 ) ( 80 )

Balance at end of period $ 2,948 $ 2,080

For the first quarter of fiscal years 2027 and 2026, the additions in product warranty liabilities primarily related to our Compute & Networking segment.

We have provided indemnities for matters such as tax, product, and employee liabilities. We have included intellectual property indemnification provisions in our technology-related agreements with third parties. Maximum potential future payments cannot be estimated because many of these agreements do not have a maximum stated liability. We have not recorded any liability in our Condensed Consolidated Financial Statements for such indemnifications.

Litigation

Securities Class Action and Derivative Lawsuits

The plaintiffs in the putative securities class action lawsuit, captioned 4:18-cv-07669-HSG, initially filed on December 21, 2018 in the United States District Court for the Northern District of California, and titled In Re NVIDIA Corporation Securities Litigation, filed an amended complaint on May 13, 2020. The amended complaint asserted that NVIDIA and certain NVIDIA executives violated Section 10(b) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and SEC Rule 10b-5, by making materially false or misleading statements related to channel inventory and the impact of cryptocurrency mining on GPU demand between May 10, 2017 and November 14, 2018. Plaintiffs also alleged that the NVIDIA executives who they named as defendants violated Section 20(a) of the Exchange Act. Plaintiffs sought class certification, an award of unspecified compensatory damages, an award of reasonable costs and expenses, including attorneys’ fees and expert fees, and further relief as the Court may deem just and proper. On March 2, 2021, the district court granted NVIDIA’s motion to dismiss the complaint without leave to amend, entered judgment in favor of NVIDIA and closed the case. On March 30, 2021, plaintiffs filed an appeal from judgment in the United States Court of Appeals for the Ninth Circuit, case number 21-15604. On August 25, 2023, a majority of a three-judge Ninth Circuit panel affirmed in part and reversed in part the district court’s dismissal of the case, with a third judge dissenting on the basis that the district court did not err in dismissing the case. NVIDIA filed a petition for a writ of certiorari on March 4, 2024. On June 17, 2024, the Supreme Court of the United States granted NVIDIA’s petition for a writ of certiorari. After briefing and argument, the Supreme Court dismissed NVIDIA’s writ of certiorari as improvidently granted on December 11, 2024, and issued judgment on January 13, 2025. On February 20, 2025, the Ninth Circuit’s judgment, entered August 25, 2023 and corrected August 28, 2023, took effect, and the case was remanded to the district court for further proceedings. On March 25, 2026, the district court granted plaintiffs’ motion for class certification and certified a class of investors consisting of all persons or entities who purchased or otherwise acquired NVIDIA common stock between August 10, 2017, and November 15, 2018, inclusive, excluding certain persons and entities, such as NVIDIA’s officers and directors, and members of their immediate families, among others. On April 8, 2026, NVIDIA filed a petition with the Ninth Circuit for permission to appeal the district court’s order pursuant to Federal Rule of Civil Procedure 23(f).

The putative derivative lawsuit pending in the United States District Court for the Northern District of California, captioned 4:19-cv-00341-HSG, initially filed January 18, 2019 and titled In re NVIDIA Corporation Consolidated Derivative Litigation, was stayed pending resolution of the plaintiffs’ appeal in the In Re NVIDIA Corporation Securities Litigation action. On February 22, 2022, the court administratively closed the case, but stated that it would reopen the case once the appeal in the In Re NVIDIA Corporation Securities Litigation action is resolved. The case has not yet been reopened by the court. The lawsuit asserts claims, purportedly on behalf of us, against certain officers and directors of the Company for breach of fiduciary duty, unjust enrichment, waste of corporate assets, and violations of Sections 14(a), 10(b), and 20(a) of the Exchange Act based on the dissemination of allegedly false and misleading statements related to channel inventory and the impact of cryptocurrency mining on GPU demand. The plaintiffs are seeking unspecified damages and other relief, including reforms and improvements to NVIDIA’s corporate governance and internal procedures.

The putative derivative actions initially filed September 24, 2019 and pending in the United States District Court for the District of Delaware, Lipchitz v. Huang, et al. (Case No. 1:19-cv-01795-MN) and Nelson v. Huang, et. al. (Case No. 1:19-

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

cv-01798-MN), were stayed pending resolution of the plaintiffs’ appeal in the In Re NVIDIA Corporation Securities Litigation action. On March 7, 2025, after the Supreme Court issued its judgment dismissing the Company’s petition for writ of certiorari as improvidently granted in the In Re NVIDIA Securities Litigation action, the district court adopted the parties' stipulation to extend the stay until the final and complete resolution of the In Re NVIDIA Corporation Securities Litigation action. The lawsuits assert claims, purportedly on behalf of us, against certain officers and directors of the Company for breach of fiduciary duty, unjust enrichment, insider trading, misappropriation of information, corporate waste and violations of Sections 14(a), 10(b), and 20(a) of the Exchange Act based on the dissemination of allegedly false and misleading statements related to channel inventory and the impact of cryptocurrency mining on GPU demand. The plaintiffs seek unspecified damages and other relief, including disgorgement of profits from the sale of NVIDIA stock and unspecified corporate governance measures.

Another putative derivative action was filed on October 30, 2023 in the Court of Chancery of the State of Delaware, captioned Horanic v. Huang, et al. (Case No. 2023-1096-KSJM). This lawsuit asserts claims, purportedly on behalf of us, against certain officers and directors of the Company for breach of fiduciary duty and insider trading based on the dissemination of allegedly false and misleading statements related to channel inventory and the impact of cryptocurrency mining on GPU demand. The plaintiffs seek unspecified damages and other relief, including disgorgement of profits from the sale of NVIDIA stock and reform of unspecified corporate governance measures. On August 11, 2025, the court granted the parties’ stipulation to voluntarily dismiss with prejudice plaintiff City of Westland Police and Fire Retirement System. This derivative matter is stayed pending the final resolution of In Re NVIDIA Corporation Securities Litigation action.

Accounting for Loss Contingencies

As of April 26, 2026, there are no accrued contingent liabilities associated with the legal proceedings described above based on our belief that liabilities, while reasonably possible, are not probable. Further, any possible loss or range of loss in these matters cannot be reasonably estimated at this time. We are engaged in legal actions not described above arising in the ordinary course of business, as well as regulatory and government inquiries and investigations, and, while there can be no assurance of favorable outcomes, we believe that the ultimate outcome of these matters will not have a material adverse effect on our operating results, liquidity or financial position. These matters are subject to inherent uncertainties and if the ultimate outcome is unfavorable, there exists the possibility of a material adverse impact on our operating results, liquidity or financial position in the period the outcome becomes estimable and probable.

Note 11 - Income Taxes

Income tax expense was $ 11.6 billion and $ 3.1 billion for the first quarter of fiscal years 2027 and 2026, respectively. Income tax as a percentage of income before income tax was 16.6 % and 14.3 % for the first quarter of fiscal years 2027 and 2026, respectively.

The effective tax rate increased primarily due to a lower percentage of tax benefits from stock-based compensation relative to the increase in income before income tax.

Our effective tax rates for the first quarter of fiscal years 2027 and 2026 were lower than the U.S. federal statutory rate of 21% primarily due to tax benefits from foreign-derived deduction eligible income, income earned in jurisdictions that were subject to taxes at rates lower than the U.S. federal statutory tax rate, stock-based compensation, and the U.S. federal research tax credit.

While we believe that we have adequately provided for all uncertain tax positions, or tax positions where we believe it is not more-likely-than-not that the position will be sustained upon review, amounts asserted by tax authorities could be greater or less than our accrued position. Accordingly, our provisions on federal, state and foreign tax related matters to be recorded in the future may change as revised estimates are made or the underlying matters are settled or otherwise resolved with the respective tax authorities.

We are currently under examination by the Internal Revenue Service for our fiscal years 2023 and 2024.

Note 12 - Shareholders’ Equity

Capital Return Program

We repurchased 108 million and 126 million shares of our common stock for $ 20.2 billion and $ 14.5 billion during the first quarter of fiscal years 2027 and 2026, respectively. As of April 26, 2026, we were authorized, subject to certain specifications, to repurchase up to $ 38.5 billion of our common stock.

On May 18, 2026, our Board of Directors approved an additional $ 80.0 billion in share repurchase authorization, without expiration.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

We paid cash dividends to our shareholders of $ 243 million and $ 244 million during the first quarter of fiscal years 2027 and 2026, respectively. On May 18, 2026, we increased our quarterly cash dividend from $ 0.01 per share to $ 0.25 per share to all shareholders of record on June 4, 2026. Our quarterly cash dividend will be paid on June 26, 2026.

The payment of future cash dividends is subject to our Board of Directors' continuing determination that the declaration of dividends is in the best interests of our shareholders.

Note 13 - Segment Information

Our Chief Executive Officer is our chief operating decision maker, or CODM, and reviews financial information presented on an operating segment basis for purposes of making decisions and assessing financial performance. Our CODM assesses operating performance of each segment based on regularly provided segment revenue and segment operating income. Operating results by segment include costs or expenses directly attributable to each segment, and costs or expenses that are leveraged across our unified architecture and therefore allocated between our two segments. Our CODM reviews expenses on a consolidated basis, and expenses attributable to each segment are not regularly provided to our CODM.

The Compute & Networking segment includes our Data Center accelerated computing and networking platforms and AI solutions and software, and automotive platforms and autonomous and electric vehicle solutions including software.

The Graphics segment includes GeForce GPUs for gaming and PCs, and Quadro/NVIDIA RTX GPUs for enterprise workstation graphics.

Certain expenses are not allocated to either Compute & Networking or Graphics for purposes of making operating decisions or assessing financial performance. The expenses include stock-based compensation expense, corporate infrastructure and support costs, acquisition-related and other costs, and other non-recurring charges and benefits that our CODM deems to be enterprise in nature.

Our CODM does not review any information regarding total assets on a reportable segment basis. There are no intersegment transactions. The accounting policies for segment reporting are the same as for our consolidated financial statements. The table below presents details of our reportable segments.

Compute & Networking Graphics Total

(In millions)

Three Months Ended Apr 26, 2026

Revenue $ 74,550 $ 7,065 $ 81,615

Other segment items (1) 21,215 4,124 25,339

Operating income $ 53,335 $ 2,941 $ 56,276

Three Months Ended Apr 27, 2025

Revenue $ 39,589 $ 4,473 $ 44,062

Other segment items (1) 17,535 2,833 20,368

Operating income $ 22,054 $ 1,640 $ 23,694

(1) Other segment items primarily include product costs and inventory provisions, compensation and benefits excluding stock-based compensation expense, computing infrastructure expenses, and engineering development costs.

Depreciation and amortization expense attributable to our Compute & Networking segment was $ 526 million and $ 296 million for the first quarter of fiscal years 2027 and 2026, respectively. Depreciation and amortization expense attributable to our Graphics segment was $ 194 million and $ 109 million for the first quarter of fiscal years 2027 and 2026, respectively. Acquisition-related intangible amortization expense is not allocated to either Compute & Networking or Graphics for purposes of making operating decisions or assessing financial performance.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Reconciliation of segment operating income to consolidated income before income tax for the first quarter of fiscal years 2027 and 2026 was as follows:

Three Months Ended

Apr 26, 2026 Apr 27, 2025

(In millions)

Segment operating income

$ 56,276 $ 23,694

Stock-based compensation expense ( 1,928 ) ( 1,474 )

Unallocated operating expenses

( 565 ) ( 419 )

Acquisition-related and other costs ( 247 ) ( 163 )

Interest income 540 515

Interest expense ( 102 ) ( 63 )

Other income (expense), net 15,929 ( 180 )

Consolidated income before income tax

$ 69,903 $ 21,910

Revenue by geographic area is based upon the location of the customers’ headquarters. The end customer and shipping location may be different from our customers’ headquarters location.

Three Months Ended

Apr 26, 2026 Apr 27, 2025

(In millions)

Geographic Revenue based upon Customer Headquarters Location:

United States

$ 63,769 $ 25,685

Taiwan 12,006 7,648

China (including Hong Kong) 4,550 9,659

Other 1,290 1,070

Total revenue $ 81,615 $ 44,062

Revenue from sales to customers headquartered outside of the United States accounted for 22 % of total revenue for the first quarter of fiscal year 2027 and 42 % of total revenue for the first quarter of fiscal year 2026 .

We refer to customers who purchase products directly from NVIDIA as direct customers, such as AIBs, distributors, ODMs, OEMs, CSPs, AI model makers, and system integrators. Certain direct customers may use either internal resources or third-party system integrators to complete their build. We refer to indirect customers as those who purchase products through our direct customers; indirect customers include CSPs, AI Clouds, AI model makers, enterprises, and public sector entities. Our revenue is concentrated among a limited number of direct and indirect customers and this trend may continue.

For the first quarter of fiscal year 2027, three direct customers represented 21 %, 17 %, and 16 % of total revenue, all of which was primarily attributable to the Compute & Networking segment.

For the first quarter of fiscal year 2026, sales to two direct customers represented 16 % and 14 % of total revenue, which were attributable to the Compute & Networking segment.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

In the first quarter of fiscal year 2027, we changed our presentation of revenue by market platform, and the comparable period has been recast as follows:

Three Months Ended

Apr 26, 2026 Apr 27, 2025

(In millions)

Revenue by Market Platform

Data Center $ 75,246 $ 39,112

Hyperscale 37,869 17,599

AI Clouds, Industrial, & Enterprise 37,377 21,513

Edge Computing 6,369 4,950

Total revenue $ 81,615 $ 44,062

Note 14 - Leases

Our lease obligations primarily consist of operating leases for our data centers and offices, with lease periods expiring between fiscal years 2027 and 2075.

Future minimum lease obligations under our non-cancelable lease agreements as of April 26, 2026 were as follows:

Operating Lease Obligations

(In millions)

Fiscal Year:

2027 (excluding the first quarter of fiscal 2027) $ 460

2028 626

2029 602

2030 530

2031 462

2032 and thereafter 2,924

Total 5,604

Less imputed interest 1,260

Present value of net future minimum lease payments 4,344

Less short-term operating lease liabilities 466

Long-term operating lease liabilities $ 3,878

Between the second quarter of fiscal year 2027 and fiscal year 2033, we expect to commence leases with future obligations of $ 32.4 billion, primarily for data center leases to support our research and development efforts, with lease terms of 3 to 20 years.

Operating lease costs were $ 171 million and $ 101 million for the first quarter of fiscal years 2027 and 2026, respectively. Short-term, variable, and finance lease costs for the first quarter of fiscal years 2027 and 2026 were not significant.

Other information related to leases was as follows:

Three Months Ended

Apr 26, 2026 Apr 27, 2025

(In millions)

Supplemental cash flows information

Operating cash flow used for operating leases $ 185 $ 96

Operating lease assets obtained in exchange for lease obligations $ 1,516 $ 98

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

As of April 26, 2026, our operating leases have a weighted average remaining lease term of 10.4 years and a weighted average discount rate of 4.61 %. As of January 25, 2026, our operating leases had a weighted average remaining lease term of 8.8 years and a weighted average discount rate of 4.38 %.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections based on management’s beliefs and assumptions and on information currently available to management. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “goal,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “project,” “predict,” “potential” and similar expressions intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance, time frames or achievements to be materially different from any future results, performance, time frames or achievements expressed or implied by the forward-looking statements. We discuss many of these risks, uncertainties and other factors in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the fiscal year ended January 25, 2026 in greater detail under the heading “Risk Factors” of such reports. Given these risks, uncertainties, and other factors, you should not place undue reliance on these forward-looking statements. Also, these forward-looking statements represent our estimates and assumptions only as of the date of this filing. You should read this Quarterly Report on Form 10-Q completely and understand that our actual future results may be materially different from what we expect. We hereby qualify our forward-looking statements by these cautionary statements. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

All references to “NVIDIA,” “we,” “us,” “our” or the “Company” mean NVIDIA Corporation and its subsidiaries.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the filing date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the risk factors set forth in Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended January 25, 2026 and Part II, Item 1A. “Risk Factors” of this Quarterly Report on Form 10-Q and our Condensed Consolidated Financial Statements and related Notes thereto, as well as other cautionary statements and risks described elsewhere in this Quarterly Report on Form 10-Q and our other filings with the SEC, before deciding to purchase, hold, or sell shares of our common stock.

Overview

Our Company and Our Businesses

NVIDIA pioneered accelerated computing to help solve the most challenging computational problems. Since our original focus on PC graphics, we have expanded to several other large and important computationally intensive fields. Fueled by the sustained demand for exceptional 3D graphics and the scale of the gaming market, NVIDIA has leveraged its GPU architecture to create platforms for scientific computing, AI, data science, autonomous vehicles, robotics, and digital twin applications. NVIDIA is now a data center-scale AI infrastructure company reshaping all industries.

Our two operating segments are “Compute & Networking” and “Graphics.” Refer to Note 13 of the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information.

Headquartered in Santa Clara, California, NVIDIA was incorporated in California in April 1993 and reincorporated in Delaware in April 1998.

Recent Developments, Future Objectives and Challenges

Revenue growth in the first quarter was driven by data center products for accelerated computing and AI solutions. Blackwell continued to account for the majority of our system shipments.

The availability of data centers, energy, and capital to support the buildout of NVIDIA AI infrastructure by our customers and partners is crucial, and any shortage of these or other necessary resources could impact our future revenue and financial performance. Expanding energy capacity to meet demand is a complex, multi-year process that involves significant regulatory, technical, and construction challenges. In addition, access to capital can be particularly constrained for less-capitalized companies, which may face difficulties securing financing for large-scale infrastructure projects. These limitations could delay customer and partner deployments or reduce the scale of accelerated computing and AI adoption.

We expect our Rubin platform to start shipping in the second half of fiscal year 2027. The complexity of bringing up our product architecture and sophisticated system configurations has caused and may in the future cause delays in production and create challenges in managing supply and demand. This could further result in revenue volatility, quality issues, increased inventory provisions, decreases in product yields and higher material costs, and/or increased warranty costs. Customers may postpone purchasing new architectures or may adopt new technologies more gradually than anticipated, affecting our revenue timing and supply chain expenses.

Beginning in February 2026, the U.S. government, or USG, granted licenses that allow us to ship small amounts of H200 products to specific China-based customers. To date, we have not generated any revenue under the H200 licensing program, and do not yet know whether any imports will be allowed into China. The license requires that the H200s go through an inspection process in the United States prior to any shipment to the customer. As a result, any H200 shipped under the new licensing program will be subject to a 25% tariff upon importation into the United States.

The recent rise in high-quality, open-source foundation models is making advanced AI capabilities broadly accessible. Open-source AI is dependent on developer adoption, and if deployed on our competitors’ platforms, it could reduce demand for our products and services.

We have made, and expect to continue making, investments in our ecosystem to enhance our growth opportunities, cultivate our ecosystem, and strengthen our competitive position. In the first quarter of fiscal year 2027, we made the following investments:

• $18.6 billion in private companies and infrastructure funds. Some of these investments include AI model makers that may indirectly purchase or use our products in the cloud.

• We made investments in publicly-held equity securities where the value may fluctuate significantly and could adversely affect our financial results.

Our global supply chain for our networking products, including our Israel operations of approximately 5,900 employees supporting research and development, operations, and sales and marketing, has not been significantly impacted by the conflict in the Middle East. If the conflict escalates or extends, it could affect future product development, supply chain, and revenue, and create business uncertainty.

Macroeconomic factors, including tariffs, inflation, interest changes, capital market volatility, global supply chain constraints, and global economic and geopolitical developments and conflicts, have direct and indirect impacts on our results of operations, particularly demand for our products. While difficult to isolate and quantify, these macroeconomic factors impact our supply chain and manufacturing costs, employee wages, costs for capital equipment, the value of our investments, revenue, and competitive position. Our product and solution pricing generally does not fluctuate with short-term changes in our costs. Within our supply chain, we continuously manage product availability and costs with our vendors.

Refer to Part II, Item 1A, "Risk Factors" for a discussion of these factors and other risks.

First Quarter of Fiscal Year 2027 Summary

Three Months Ended Quarter-over-Quarter Change Year-over-Year Change

Apr 26, 2026 Jan 25, 2026 Apr 27, 2025

($ in millions, except per share data)

Revenue $ 81,615 $ 68,127 $ 44,062 20 % 85 %

Gross margin 74.9 % 75.0 % 60.5 % (0.1) pts 14.4 pts

Operating expenses $ 7,621 $ 6,794 $ 5,030 12 % 52 %

Operating income $ 53,536 $ 44,299 $ 21,638 21 % 147 %

Net income $ 58,321 $ 42,960 $ 18,775 36 % 211 %

Net income per diluted share $ 2.39 $ 1.76 $ 0.76 36 % 214 %

We specialize in markets where our computing platforms can provide tremendous acceleration for applications. These platforms incorporate processors, interconnects, software, algorithms, systems, and services to deliver unique value.

Following the rapid evolution in our businesses, we are transitioning to a new reporting framework that better reflects our current and future growth drivers.

We will have two market platforms – Data Center and Edge Computing.

Within Data Center, we will report two sub-markets, Hyperscale and ACIE which incorporates AI Clouds, Industrial, and Enterprise. Hyperscale will include revenue from the public clouds and the world’s largest consumer internet companies,

while ACIE addresses our growth opportunity in diverse AI purpose-built data centers and AI factories across industries and countries.

Edge Computing highlights devices for agentic and physical AI including PCs, game consoles, workstations, AI-RAN base stations, robotics and automotive.

Three Months Ended Quarter-over-Quarter Change Year-over-Year Change

Apr 26, 2026 Jan 25, 2026 Apr 27, 2025

($ in millions)

Revenue by Market Platform (1)

Data Center $ 75,246 $ 62,314 $ 39,112 21 % 92 %

Hyperscale 37,869 33,814 17,599 12 % 115 %

AI Clouds, Industrial, & Enterprise 37,377 28,500 21,513 31 % 74 %

Edge Computing 6,369 5,813 4,950 10 % 29 %

Total revenue $ 81,615 $ 68,127 $ 44,062 20 % 85 %

(1) In the first quarter of fiscal year 2027, we changed our presentation of revenue by market platform and the comparable periods have been recast.

Revenue was $81.6 billion, up 85% from a year ago and up 20% sequentially.

Data Center revenue was $75.2 billion, up 92% from a year ago and up 21% sequentially, driven by the ramp of our Blackwell 300 products and demand for our InfiniBand, Spectrum-X Ethernet, and NVLink solutions. Hyperscaler revenue increased sequentially and remained at approximately 50% of Data Center revenue, while the remaining 50% came from a continued diversification of customers, including AI Clouds, industrial, enterprise, and sovereign customers. No shipments of Data Center Hopper products to China occurred during the quarter, compared with $4.6 billion in the first quarter of fiscal year 2026.

Edge Computing revenue for the first quarter was $6.4 billion, up 29% from a year ago and up 10% sequentially. The increases were driven by robust Blackwell workstation demand, partially offset by slower consumer PC demand that was tempered by elevated memory and systems prices.

Gross margin increased from a year ago on lower inventory provisions, primarily due to the prior year's $4.5 billion charge associated with H20 excess inventory and purchase obligations. Gross margin was approximately flat sequentially as our Blackwell architecture remains the majority of our revenue.

Operating expenses were up 52% from a year ago and up 12% sequentially. The increases were primarily driven by higher compensation and benefits expense due to employee growth and compensation increases, compute and infrastructure costs, and engineering development materials for new product developments.

Financial Information by Business Segment and Geographic Data

Refer to Note 13 of the Notes to the Condensed Consolidated Financial Statements for disclosure regarding segment information.

Critical Accounting Policies and Estimates

Refer to Part II, Item 7, "Critical Accounting Policies and Estimates" of our Annual Report on Form 10-K for the fiscal year ended January 25, 2026. There have been no material changes to our Critical Accounting Policies and Estimates.

Results of Operations

The following table sets forth, for the periods indicated, certain items in our Condensed Consolidated Statements of Income expressed as a percentage of revenue.

Three Months Ended

Apr 26, 2026 Apr 27, 2025

Revenue 100.0 % 100.0 %

Cost of revenue 25.1 39.5

Gross profit 74.9 60.5

Operating expenses

Research and development 7.7 9.1

Sales, general and administrative 1.6 2.4

Total operating expenses 9.3 11.5

Operating income 65.6 49.0

Interest income 0.7 1.2

Interest expense (0.1) (0.1)

Other income (expense), net 19.5 (0.4)

Total other income, net 20.1 0.7

Income before income tax 85.7 49.7

Income tax expense 14.2 7.1

Net income 71.5 % 42.6 %

Reportable Segments

Revenue by Reportable Segments

Three Months Ended

Apr 26, 2026 Apr 27, 2025 $

Change %

Change

($ in millions)

Compute & Networking $ 74,550 $ 39,589 $ 34,961 88 %

Graphics 7,065 4,473 2,592 58 %

Total $ 81,615 $ 44,062 $ 37,553 85 %

Operating Income by Reportable Segments

Three Months Ended

Apr 26, 2026 Apr 27, 2025 $

Change %

Change

($ in millions)

Compute & Networking $ 53,335 $ 22,054 $ 31,281 142 %

Graphics 2,941 1,640 1,301 79 %

Total $ 56,276 $ 23,694 $ 32,582 138 %

Compute & Networking revenue – The year-over-year increase in the first quarter of fiscal year 2027 was due to growth in Data Center products, driven by the ramp of our Blackwell systems and demand for our InfiniBand, Spectrum-X Ethernet, and NVLink solutions.

Graphics revenue – The year-over-year increase in the first quarter of fiscal year 2027 was driven by sales of our Blackwell architecture.

Reportable segment operating income – The year-over-year increase in Compute & Networking segment operating income in the first quarter of fiscal year 2027 was driven by the growth in revenue and the non-recurrence of a $4.5 billion charge associated with H20 excess inventory and purchase obligations in the first quarter of fiscal year 2026. The year-over-year increase in Graphics segment operating income in the first quarter of fiscal year 2027 was driven by the growth in revenue.

Concentration of Revenue

Direct Customers – For the first quarter of fiscal year 2027, three direct customers represented 21%, 17%, and 16% of total revenue, all of which was primarily attributable to the Compute & Networking segment.

For the first quarter of fiscal year 2026, sales to two direct customers represented 16% and 14% of total revenue, which were attributable to the Compute & Networking segment.

Indirect Customers – Indirect customer revenue is an estimation based upon multiple factors including customer purchase order information, product specifications, internal sales data, and other sources. Indirect customers primarily purchase our products through system integrators and distributors.

We generate a significant amount of our revenue from a limited number of indirect customers, some individually representing 10% or more of our revenue. Certain companies purchase cloud and related services through various direct and indirect customers. We estimate that one AI research and deployment company contributed to a meaningful amount of our revenue by purchasing cloud services from our customers in the first quarter of fiscal year 2027.

Revenue by geographic region is designated based on the location of the headquarters of direct customers. The end customer and shipping location may be different from our customers' headquarters location. Revenue from sales to customers headquartered outside of the United States accounted for 22% of total revenue for the first quarter of fiscal year 2027 and 42% of total revenue for the first quarter of fiscal year 2026.

Gross Profit and Gross Margin

Gross profit consists of total net revenue less cost of revenue. Cost of revenue consists primarily of the cost of semiconductors, including wafer fabrication, assembly, testing and packaging, board and device costs, manufacturing support costs, including labor and overhead associated with such purchases, final test yield fallout, inventory and warranty provisions, memory and component costs, tariffs, and shipping costs. Cost of revenue also includes acquisition-related intangible amortization expense, IP-related costs, and stock-based compensation related to personnel associated with manufacturing operations.

Gross margin increased to 74.9% for the first quarter of fiscal year 2027 compared to 60.5% for the first quarter of fiscal year 2026, primarily due to the prior year's $4.5 billion charge associated with H20 excess inventory and purchase obligations.

Provisions for inventory and excess inventory purchase obligations totaled $1.1 billion and $5.3 billion for the first quarter of fiscal years 2027 and 2026, respectively. The first quarter of fiscal year 2026 includes $4.5 billion associated with H20 excess inventory and purchase obligations. Sales of previously reserved inventory and settlements of excess inventory purchase obligations resulted in a provision release of $103 million and $436 million for the first quarter of fiscal years 2027 and 2026, respectively. The net effect on our gross margin was an unfavorable impact of 1.2% and 11.0% in the first quarter of fiscal years 2027 and 2026, respectively.

Operating Expenses

Three Months Ended

Apr 26, 2026 Apr 27, 2025 $

Change %

Change

($ in millions)

Research and development $ 6,321 $ 3,989 $ 2,332 58 %

Sales, general and administrative 1,300 1,041 259 25 %

Total operating expenses $ 7,621 $ 5,030 $ 2,591 52 %

The increase in research and development expenses for the first quarter of fiscal year 2027 was primarily driven by a 112% increase in compute and infrastructure, a 31% increase in compensation and benefits, including stock-based compensation, reflecting employee growth and compensation increases, and a 204% increase in engineering development materials for new product introductions.

The increase in sales, general and administrative expenses for the first quarter of fiscal year 2027 was primarily driven by compensation and benefits, including stock-based compensation, reflecting employee growth and compensation increases.

Total Other Income, Net

Three Months Ended

Apr 26, 2026 Apr 27, 2025 $

Change

($ in millions)

Interest income $ 540 $ 515 $ 25

Interest expense (102) (63) (39)

Other income (expense), net 15,929 (180) 16,109

Total other income, net $ 16,367 $ 272 $ 16,095

Total other income, net primarily consists of realized or unrealized gains and losses from investments in non-marketable securities and publicly-held equity securities. The change in Other income (expense), net compared to the first quarter of fiscal year 2026, was primarily driven by unrealized gains on investments in publicly-held equity securities of $13.4 billion and non-marketable equity securities of $2.6 billion.

Income Taxes

Income tax expense was $11.6 billion and $3.1 billion for the first quarter of fiscal years 2027 and 2026, respectively. Income tax as a percentage of income before income tax was 16.6% and 14.3% for the first quarter of fiscal years 2027 and 2026, respectively.

The effective tax rate increased primarily due to a lower percentage of tax benefits from stock-based compensation relative to the increase in income before income tax.

Refer to Note 11 of the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information.

Liquidity and Capital Resources

Apr 26, 2026 Jan 25, 2026

(In millions)

Cash and cash equivalents $ 13,237 $ 10,605

Marketable debt securities 37,098 39,065

Cash, cash equivalents, and marketable debt securities $ 50,335 $ 49,670

Three Months Ended

Apr 26, 2026 Apr 27, 2025

(In millions)

Net cash provided by operating activities $ 50,344 $ 27,414

Net cash used in investing activities $ (26,429) $ (5,216)

Net cash used in financing activities $ (21,283) $ (15,553)

Our fixed income security investments include highly rated, diversified investment types and credit exposures with shorter maturities.

Cash provided by operating activities increased in the first quarter of fiscal year 2027 compared to the first quarter of fiscal year 2026 due to higher revenue.

Cash used in investing activities increased in the first quarter of fiscal year 2027 compared to the first quarter of fiscal year 2026, primarily driven by higher purchases of equity investment securities.

Cash used in financing activities increased in the first quarter of fiscal year 2027 compared to the first quarter of fiscal year 2026, mainly due to higher share repurchases.

Liquidity

Our primary sources of liquidity include cash, cash equivalents, marketable debt and equity securities, and cash generated by our operations. As of April 26, 2026, we had $50.3 billion in cash, cash equivalents, and marketable debt securities as well as $30.2 billion of marketable equity securities. We believe that we have sufficient liquidity to meet our operating requirements for at least the next twelve months and for the foreseeable future, including our future obligations. We continuously evaluate our liquidity and capital resources, including our access to external capital, to ensure we can finance future capital requirements and commitments.

Our marketable securities consist of publicly-held equity securities, debt securities issued by the U.S. government and its agencies, highly-rated corporations and financial institutions, and foreign government entities, as well as certificates of deposit issued by highly-rated financial institutions. These marketable securities are primarily denominated in U.S. dollars. Refer to Note 5 of the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information.

Except for approximately $1.7 billion of cash, cash equivalents, and marketable debt securities held outside of the U.S., for which we have not accrued any related foreign or state taxes if we repatriate these amounts to the U.S., substantially all of our cash, cash equivalents, and marketable debt securities held outside the U.S. at the end of the first quarter of fiscal year 2027 are available for use in the U.S. without incurring additional U.S. federal income taxes. We made no federal income tax payments in the first quarter of fiscal year 2027, whereas our second quarter of fiscal year 2027 is scheduled to include two payments.

Capital Return to Shareholders

In the first quarter of fiscal year 2027, we repurchased 108 million shares of our common stock for $20.2 billion. As of April 26, 2026, we were authorized, subject to certain specifications, to repurchase up to $38.5 billion of our common stock.

On May 18, 2026, our Board of Directors approved an additional $80.0 billion in share repurchase authorization, without expiration.

We may execute repurchases from time to time, subject to market conditions, operating requirements and other investment opportunities, in the open market, in privately-negotiated transactions, pursuant to a Rule 10b5-1 trading plan or in structured share repurchase agreements in compliance with Rule 10b-18 of the Exchange Act. Our share repurchase program may be suspended at any time at our discretion.

We paid cash dividends to our shareholders of $243 million during the first quarter of fiscal year 2027. On May 18, 2026, we increased our quarterly cash dividend from $0.01 per share to $0.25 per share to all shareholders of record on June 4, 2026. Our quarterly cash dividend will be paid on June 26, 2026.

The payment of future cash dividends is subject to our Board of Directors' continuing determination that the declaration of dividends is in the best interests of our shareholders.

The U.S. Inflation Reduction Act of 2022 requires a 1% excise tax on certain share repurchases in excess of shares issued for employee compensation made after December 31, 2022. The excise tax is included in our share repurchase cost and was not significant for the first quarter of fiscal year 2027.

Outstanding Indebtedness and Commercial Paper Program

Our aggregate debt maturities as of April 26, 2026, by year payable, were as follows:

Apr 26, 2026

(In millions)

Due in one year $ 1,000

Due in one to five years 2,750

Due in five to ten years 1,250

Due in greater than ten years 3,500

Unamortized debt discount and issuance costs (30)

Net carrying amount $ 8,470

Less short-term portion

(1,000)

Total long-term portion $ 7,470

We have a commercial paper program to support general corporate purposes, pursuant to which we may issue unsecured paper notes, from time to time or all at once, up to $25.0 billion. As of April 26, 2026, no commercial paper was outstanding.

Refer to Note 9 of the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for further discussion.

Material Cash Requirements and Other Obligations

For descriptions of our facility lease guarantees, long-term debt, purchase commitments, and operating lease obligations, refer to Note 8, Note 9, Note 10, and Note 14 of the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q, respectively.

We expect to continue investing in our ecosystem. Refer to Note 6 and Item 1A. Risk Factors for additional information regarding our investments.

Unrecognized tax benefits were $4.5 billion, which includes related interest and penalties of $439 million, and were recorded in non-current income tax payable as of April 26, 2026. We are unable to estimate the timing of any potential tax liability, interest payments, or penalties in individual years due to uncertainties in the underlying income tax positions and the timing of the effective settlement of such tax positions. We are currently under examination by the Internal Revenue Service for our fiscal years 2023 and 2024. Refer to Note 11 of the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Other than the contractual obligations described in Notes 6 and 10, there were no material changes outside the ordinary course of business in our contractual obligations from those disclosed in our Annual Report on Form 10-K for the fiscal year ended January 25, 2026. Refer to Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources” in our Annual Report on Form 10-K for the fiscal year ended January 25, 2026 for a description of our contractual obligations. For a description of our facility lease guarantees, long-term debt, purchase obligations, and operating lease obligations, refer to Notes 8, 9, 10, and 14 of the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q, respectively.

Adoption of New and Recently Issued Accounting Pronouncements

There has been no adoption of any new and recently issued accounting pronouncements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Investment and Interest Rate Risk

Financial market risks related to investment and interest rate risk are described in Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market Risk” in our Annual Report on Form 10-K for the fiscal year ended January 25, 2026. Our marketable equity securities consist of publicly-held equity securities, while our non-marketable equity securities are investments in privately-held companies. Publicly-held equity securities are subject to market price volatility. A hypothetical 10% decrease in our publicly-held equity securities would decrease the fair value of the publicly-held equity securities balance by $3.9 billion and $1.8 billion as of April 26, 2026 and January 25, 2026, respectively.

Non-marketable equity securities are measured based on cost minus impairment, if any, and are adjusted for observable price changes in orderly transactions for an identical or similar investment in the same issuer. Valuations of our non-

marketable equity securities are inherently complex due to the lack of readily available market data and observable transactions, and impact of macroeconomic factors.

For a description of our equity investments, refer to Notes 5 and 6 of the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q, respectively.

Foreign Exchange Rate Risk

The impact of foreign currency transactions related to foreign exchange rate risk is described in Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market Risk” in our Annual Report on Form 10-K for the fiscal year ended January 25, 2026. As of April 26, 2026, there have been no material changes to the foreign exchange rate risks described as of January 25, 2026.

Item 4. Controls and Procedures

Controls and Procedures

Disclosure Controls and Procedures

Based on their evaluation as of April 26, 2026, our management, including our Chief Executive Officer and Chief Financial Officer, has concluded that our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) were effective to provide reasonable assurance that the information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and our Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting during the first quarter of fiscal year 2027 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. We are continuing a phased upgrade of our enterprise resource planning, or ERP, system to update our existing core financial systems. The ERP system is designed to accurately maintain our financial records used to report operating results. We will continue to evaluate each quarter whether there are changes that materially affect our internal control over financial reporting.

Inherent Limitations on Effectiveness of Controls

Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures, or our internal controls, will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within NVIDIA have been detected.

Part II. Other Information

Item 1. Legal Proceedings

Refer to Part I, Item 1, Note 10 of the Notes to the Condensed Consolidated Financial Statements for a discussion of significant developments in our legal proceedings since January 25, 2026.

Item 1A. Risk Factors

Other than the risk factors listed below, there have been no material changes from the risk factors previously described under Item 1A of our Annual Report on Form 10-K for the fiscal year ended January 25, 2026.

Purchasing or owning NVIDIA common stock involves investment risks including, but not limited to, the risks described in Item 1A of our Annual Report on Form 10-K for the fiscal year ended January 25, 2026, and below. Any one of those risks could harm our business, financial condition and results of operations or reputation, which could cause our stock price to decline. Additional risks, trends and uncertainties not presently known to us or that we currently believe are immaterial may also harm our business, financial condition, results of operations or reputation.

Competition could adversely impact our market share and financial results.

Our target markets remain competitive, and competition may intensify with expanding and changing product and service offerings, industry standards, customer and market needs, new entrants and consolidations. Other companies compete

with us on a wide range of parameters including price, total cost of ownership, and performance, which has resulted and may in the future result in lower-than-expected selling prices or demand for our products. Some of our competitors operate their own fabrication facilities, and have longer operating histories, larger customer bases, more comprehensive IP portfolios and patent protections, more design wins, and greater financial, sales, marketing and distribution resources than we do. These competitors may be able to acquire market share and/or prevent us from doing so, more effectively identify and capitalize upon opportunities in new markets and end-user trends, more quickly transition their products, and impinge on our ability to procure sufficient foundry capacity and scarce input materials during a supply-constrained environment, which could harm our business. Some of our customers are developing their own ASICs and other products, including designs optimized for certain workloads that may not require all of the features and functionality our data center systems provide. Others may offer cloud-based services that compete with our AI cloud service offerings, and we may not be able to establish market share sufficient to achieve the scale necessary to meet our business objectives. If we are unable to successfully compete in this environment, demand for our products, services, and technologies could decrease, which may negatively impact our business.

Long manufacturing lead times and uncertain supply and capacity availability, combined with a failure to estimate customer demand accurately, has led and could in the future lead to mismatches between supply and demand.

We have long manufacturing lead times and build finished products and maintain inventory in advance of anticipated demand. In periods of shortages impacting the semiconductor industry and/or limited supply or capacity in our supply chain, the lead times for certain supply may be extended. We have previously experienced and may continue to experience extended lead times of more than 12 months. To secure future supply and capacity, we have paid premiums, provided deposits, and entered into long-term supply agreements and capacity commitments, which have increased our product costs and this may continue. We may still be unable to secure sufficient commitments for capacity to address our business needs.

If we inaccurately estimate demand, or our customers change orders, as we have experienced in the past, we may not be able to reduce our supply commitments in time, at the same rate, or at all. Significant mismatches between supply and demand have varied across our market platforms, resulted in both product shortages and excess inventory, significantly harmed our financial results and could reoccur. If we underestimate demand, and our foundry partners and contract manufacturers are unable to increase production or provide sufficient supply, we may not be able to meet increased customer demand in a timely manner, or at all. Our reputation and customer relationships could be damaged and we could lose revenue and market share. Additionally, since some of our products are part of a complex data center buildout, supply constraints or availability issues with respect to any one component have had and may have a broader revenue impact. For example, our ability to sell certain products has been and could be impeded if components necessary for the finished products are not available from third parties.

If we overestimate demand, or if customers cancel or defer orders or choose to purchase from our competitors, we may not be able to utilize on-hand inventory or reduce purchase commitments accordingly. We have had to reduce average selling prices, including due to our channel pricing programs, increase prices for certain of our products as a result of our suppliers’ increase in prices, write down our inventory, incur cancellation penalties, and record impairments, and may have to do so in the future. The impact of these risks would be amplified by our non-cancellable and non-returnable purchase orders placed in advance of our historical lead times and could be exacerbated if we need to make changes to the design of future products. These risks have increased and may continue to increase as our purchase obligations and prepaids have grown and are expected to continue to grow and become a greater portion of our total supply. All of these factors may negatively impact our gross margins and financial results.

Factors that have caused and/or could in the future cause us to underestimate or overestimate demand, and impact the timing and volume of our revenue, include:

• changes in product development cycles and time to market;

• competing technologies and competitor product releases, announcements or other actions;

• changes in business and economic conditions;

• sudden or sustained government lockdowns or public health issues;

• rapidly changing technology or customer requirements;

• the availability of sufficient data center capacity or energy for customers to procure;

• new product introductions and transitions resulting in less demand for existing products;

• new or unexpected end-use cases;

• increase in demand for competitive products;

• changes in end-user demand;

• purchasing decisions made, and inventory levels held by, distributors, ODMs, OEMs, system integrators, other channel partners and other third parties;

• the ability of developers, end customers and other third parties to build, enhance, and maintain accelerated computing applications that leverage our platforms;

• the demand for accelerated computing, AI-related cloud services, or large language models;

• changes that impact the ecosystem for the architectures underlying our products and technologies;

• government actions or changes in governmental policies, such as export controls, increased restrictions on gaming usage, or tariffs;

• our customers’ and partners’ ability to secure capital and energy and to build complex data center infrastructure timely; and

• the availability of third-party content on our platforms, such as GeForce NOW.

The availability of data centers, energy, and capital to support the buildout of NVIDIA AI infrastructure by our customers and partners is crucial, and any shortage of these and other necessary resources could impact our future revenue and financial performance. Expanding energy capacity to meet demand is a complex, multi-year process involving significant regulatory, technical, and construction challenges. In addition, access to capital can be particularly constrained for less-capitalized companies, which may face difficulties securing financing for large-scale infrastructure projects. These limitations could delay customer and partner deployments or reduce the scale of accelerated computing and AI adoption.

Challenges in estimating demand could become more pronounced or volatile in the future on both a global and regional basis. Extended lead times may occur if we experience other supply constraints caused by natural disasters, pandemics or other events. Geopolitical tensions in regions where we rely on suppliers, contract manufacturers, and assembly partners that are critical to our supply continuity, could have a material adverse impact on us. Supply availability affecting memory, and other components, as well as rising prices, may drive the prices for data center buildouts higher. Publicly announced intentions by governments or other companies to purchase our products can further complicate our demand estimates, as such announcements are often non-binding and may not result in committed volumes.

We continue to increase our supply and capacity purchases with existing and new suppliers to support our demand projections and increasing complexity of our data center products. We have also entered and may continue to enter into prepaid manufacturing and capacity agreements to supply both current and future products. The increased purchase volumes and integration of new suppliers and contract manufacturers into our supply chain creates more complexity in managing multiple suppliers with variations in production planning, execution and logistics. Our expanding product portfolio and varying component compatibility and quality may lead to increased inventory levels. We have incurred and may in the future incur inventory provisions or impairments if our inventory or supply or capacity commitments exceed demand for our products or demand declines. We are increasing our U.S.-based manufacturing and investing in specialized equipment and processes to support domestic production. We may experience delays or difficulties in scaling production as planned. Our ability to increase manufacturing capabilities will depend on the domestic manufacturing ecosystem's capacity to ramp production supply to the required volume timely. Delays or shortfalls could impact our ability to meet demand.

Introducing or offering multiple architectures concurrently is complex and we often ship multiple architecture products simultaneously as our channel partners prepare to ship and support new products. We are generally in various stages of introducing and/or offering the architectures of our Data Center and Edge Computing products. The computing industry is experiencing a broader and faster launch cadence of accelerated computing platforms to meet a growing and diverse set of AI opportunities. We have introduced a new product and architecture cadence of our Data Center solutions where we seek to complete new computing solutions each year and provide a greater variety of Data Center offerings, including our Rubin platform which is expected to start shipping in the second half of fiscal year 2027. The increased frequency of these architecture introductions and the larger number of products and product configurations may magnify the challenges associated with managing our supply and demand which may further create volatility in our revenue. Qualification time for new products, customers anticipating new architecture introductions, and channel partners reducing channel inventory of prior architectures ahead of new product introductions can reduce, or create volatility in, our revenue. Customers may delay adopting new architectures if their data center infrastructure is not ready, which could affect the timing of our revenue. We have experienced and may in the future experience reduced demand for current generation architectures when customers anticipate new architectures, and we may be unable to sell multiple product architectures at the same time. Our financial results have been and may in the future be negatively impacted if we are unable to execute our architectural introductions as planned for any reason. The increased frequency and complexity of newly introduced products could result in unanticipated quality or production issues that could increase the magnitude of inventory provisions, warranty, or other costs or result in product delays. For example, our gross margins in the second quarter of fiscal year 2025 were negatively impacted by inventory provisions for low-yielding Blackwell material.

We incur significant engineering development resources for new products, and changes to our product roadmap may impact our ability to develop other products or adequately manage our supply chain cost. Customers may delay purchasing existing products as we increase the frequency of new products or may not be able to adopt our new products as fast as forecasted, both impacting the timing of our revenue and supply chain cost. While we have managed concurrent architecture introductions and/or offerings and have sold multiple product architectures at the same time, these efforts are difficult, may impair our ability to predict demand and impact our supply mix, and may cause us to incur additional costs.

Demand estimates for our products, applications, and services can be incorrect, which may create volatility in our revenue or supply levels. We may not be able to generate significant revenue from them. Because our products may be used in multiple use cases and applications, it is difficult to estimate with any reasonable degree of precision the impact of accelerated computing and AI models on our reported revenue or forecasted demand.

The use of our GPUs for new, mercurial, or trendy applications, has impacted, and can impact in the future, demand for our products, including by leading to inconsistent spikes and drops in demand. For example, several years ago, our gaming GPUs began to be used for mining digital currencies, such as Ethereum. It is difficult for us to estimate with any reasonable degree of precision the past or current impact of cryptocurrency mining, or forecast the future impact of cryptocurrency mining, on demand for our products. Volatility in the cryptocurrency market, including new compute technologies, price changes in cryptocurrencies, government cryptocurrency policies and regulations, new cryptocurrency standards and changes in the method of verifying blockchain transactions, has impacted and can in the future impact cryptocurrency mining and demand for our products and can further impact our ability to estimate demand for our products. Changes to cryptocurrency standards and processes including, but not limited to, the Ethereum 2.0 merge in 2022, have reduced and may in the future decrease the usage of GPUs for Ethereum mining. This has created and may in the future create increased aftermarket sales of our GPUs, which could negatively impact retail prices for our GPUs and reduce demand for our new GPUs. In general, our new products or previously sold products may be resold online or on the unauthorized “gray market,” which also makes demand forecasting difficult. Gray market products and reseller marketplaces compete with our new products and distribution channels. Our inability to accurately predict our demand that arises from new use cases may create volatility in our revenue.

We are subject to complex laws, rules, regulations, and political and other actions, including restrictions on the export of our products, which may adversely impact our business.

We are subject to laws and regulations domestically and worldwide, affecting our operations in areas including, but not limited to, IP ownership and infringement; taxes; import and export requirements and tariffs; anti-corruption, including the Foreign Corrupt Practices Act; business acquisitions; foreign exchange controls and cash repatriation restrictions; foreign ownership and investment; data privacy requirements; competition and antitrust; investing; advertising; employment; product regulations; cybersecurity; environmental, health, and safety requirements; the responsible use of AI; sustainability; cryptocurrency; and consumer laws. Compliance with such requirements can be onerous and expensive, could impact our competitive position, and may negatively impact our business operations and ability to manufacture and ship our products. There can be no assurance that our employees, contractors, suppliers, customers or agents will not violate applicable laws or the policies, controls, and procedures that we have designed to help ensure compliance with such laws, and violations could result in fines, criminal sanctions against us, our officers, or our employees, prohibitions on the conduct of our business, and damage to our reputation. Changes to the laws, rules and regulations to which we are subject, or changes to their interpretation and enforcement, could lead to materially greater compliance and other costs, and/or further restrictions on our ability to manufacture and supply our products and operate our business. For example, we may face increased compliance costs as a result of changes or increases in antitrust legislation, regulation, administrative rule making, increased focus from regulators on cybersecurity vulnerabilities and risks. Our position in markets relating to AI has led to increased interest in our business from regulators worldwide, including the European Union, the United States, the United Kingdom, South Korea, Japan, and China. For example, the French Competition Authority collected information from us regarding our business and competition in the graphics card and CSP market as part of an ongoing inquiry into competition in those markets. We have also received, and continue to receive, broad requests for information from competition regulators in the European Union, the United States, the United Kingdom, China, and South Korea regarding our sales of GPUs and other NVIDIA products, our efforts to allocate supply, foundation models and our investments, partnerships and other agreements with companies developing foundation models, the markets in which we compete and our competition, our strategies, roadmaps, and efforts to develop, market, and sell hardware, software, and system solutions, and our agreements with customers, suppliers, and partners. We expect to receive additional requests for information in the future. Such requests have been and are likely to be expensive and burdensome and could negatively impact our business and our relationships with customers, suppliers, and partners.

Governments and regulators are also considering, and in certain cases, have imposed restrictions on the hardware, software, and systems used to develop frontier foundation models and generative AI. For example, the EU AI Act became effective on August 1, 2024 and will be fully applicable after a two-year transitional period. The EU AI Act may impact our ability to train, deploy, or release AI models in the EU. Several states are considering enacting or have already enacted regulations concerning AI technologies, with new state laws that took effect on January 1, 2026, which may impact our ability to train, deploy, or release AI models, and increase our compliance costs. Restrictions under these and any other regulations, if implemented, could increase the costs and burdens to us and our customers, delay or halt deployment of

new systems using our products, and reduce the number of new entrants and customers, negatively impacting our business and financial results. Revisions to laws or regulations or their interpretation and enforcement could also result in increased taxation, trade sanctions, the imposition of or increase to import duties or tariffs, restrictions and controls on imports or exports, or other retaliatory actions, which could have an adverse effect on our business plans or impact the timing of our shipments. Additionally, changes in the public perception of governments in the regions where we operate or plan to operate could negatively impact our business and results of operations.

Government actions, including trade protection and national and economic security policies of U.S. and foreign government bodies, such as tariffs, import or export regulations, including deemed export restrictions and restrictions on the activities of U.S. persons, trade and economic sanctions, decrees, quotas or other trade barriers and restrictions could affect our ability to ship products, provide services to our customers and employees, do business without an export license with entities on the U.S. Department of Commerce’s U.S. Entity List or other USG restricted parties lists (which is expected to change from time to time), and generally fulfill our contractual obligations and have a material adverse effect on our business. If we were ever found to have violated export control laws or sanctions of the U.S. or similar applicable non-U.S. laws, even if the violation occurred without our knowledge, we may be subject to various penalties available under the laws, any of which could have a material and adverse impact on our business, operating results and financial condition.

For example, in response to the war in Ukraine, the United States and other jurisdictions imposed economic sanctions and export control measures which blocked the passage of our products, services and support into Russia, Belarus, and certain regions of Ukraine. In fiscal year 2023, we stopped direct sales to Russia and closed business operations in Russia. Concurrently, the war in Ukraine has impacted sales in EMEA and may continue to do so in the future.

The increasing focus on the risks and strategic importance of AI technologies has resulted in regulatory restrictions that target products and services capable of enabling or facilitating AI and may in the future result in additional restrictions impacting some or all of our product and service offerings.

Concerns regarding third-party use of AI for purposes contrary to local governmental interests, including concerns relating to the misuse of AI applications, models, and solutions, has resulted in and could in the future result in unilateral or multilateral restrictions on products that can be used for training, modifying, tuning, and deploying LLMs and other AI applications. Such restrictions have limited and could in the future limit the ability of downstream customers and users worldwide to acquire, deploy and use systems that include our products, software, and services, and negatively impact our business and financial results.

Such restrictions could include additional unilateral or multilateral export controls on certain products or technology, including but not limited to AI technologies. As geopolitical tensions have increased, semiconductors associated with AI, including GPUs and related products, are increasingly the focus of export control restrictions proposed by stakeholders in the U.S. and its allies. The United States has imposed unilateral worldwide controls restricting GPUs and associated products, and it is likely that additional unilateral or multilateral controls will be adopted. Such controls have been and may again be very broad in scope and application, prohibit us from exporting our products to any or all customers in one or more markets, and could negatively impact our manufacturing, testing and warehousing locations and options, or could impose other conditions that limit our ability to serve demand abroad and could negatively and materially impact our business, revenue and financial results. Export controls and other restrictions targeting GPUs and semiconductors associated with AI, which have been imposed and are likely to be more restrictive, would further limit our ability to export our technology, products, or services, creating a competitive disadvantage for us and negatively impacting our business and financial results. Export controls targeting GPUs and semiconductors associated with AI have subjected and may in the future subject downstream users of our products to restrictions on the use, resale, repair, or transfer of our products, negatively impacting our business and financial results. Controls could negatively impact our cost and/or ability to provide services such as NVIDIA AI cloud services and could impact the cost and/or ability for our CSPs and customers to provide services to their end customers, even outside China.

Export controls have and could in the future disrupt our supply chain and distribution channels, negatively impacting our ability to serve demand, including in markets outside China and for our non-data center products. The possibility of additional export controls has negatively impacted and may in the future negatively impact demand for our products, benefiting competitors that offer alternatives less likely to be restricted by further controls. Repeated changes in the export control rules are likely to impose compliance burdens on our business and our customers, negatively and materially impacting our business.

Increasing use of economic sanctions and export controls has impacted and may in the future impact demand for our products or services, negatively impacting our business and financial results. Reduced demand due to export controls has and could in the future lead to excess inventory or cause us to incur related supply charges. Additional unilateral or multilateral controls are also likely to include deemed export control limitations that negatively impact the ability of our research and development teams to execute our roadmap or other objectives in a timely manner. Additional export restrictions may not only impact our ability to serve overseas markets, but also provoke responses from foreign governments, including China, that negatively impact our supply chain or our ability to provide our products and services to customers in all markets worldwide, which could also substantially reduce our revenue. Regulators in China have

inquired about our sales and efforts to supply the China market and our fulfillment of the commitments we entered into at the close of our Mellanox acquisition. On September 15, 2025, China’s antitrust regulators published their preliminary finding that our compliance with applicable U.S. export controls, which required us to offer degraded products to the Chinese market, discriminated unfairly against customers in the China market and therefore violated the terms of China’s approval of our Mellanox acquisition. If regulators conclude that we have failed to fulfill the terms of our Mellanox acquisition or we have violated any applicable law in China, we could be subject to financial penalties, restrictions on our ability to conduct our business, restrictions or other orders regarding our networking business, products, and services, or otherwise impact our operations in China, any of which could have a material and adverse impact on our business, operating results and financial condition.

We continue to be subject to a series of shifting and expanding export control restrictions, impacting our ability to serve customers outside the United States.

In August 2022, the USG announced export restrictions and export licensing requirements targeting China’s semiconductor and supercomputing industries. These restrictions impacted exports of certain chips, as well as software, hardware, equipment and technology used to develop, produce and manufacture certain chips to China (including Hong Kong and Macau) and Russia, and specifically impact our A100 and H100 integrated circuits, DGX or any other systems or boards which incorporate A100 or H100 integrated circuits.

In July 2023, the USG also informed us of an additional licensing requirement for a subset of A100 and H100 products destined to certain customers and other regions, including some countries in the Middle East.

In October 2023, the USG announced new and updated licensing requirements for exports to China and Country Groups D:1, D:4, and D:5 (including but not limited to, Saudi Arabia, the United Arab Emirates, and Vietnam, but excluding Israel) of our products exceeding certain performance thresholds, including, but not limited to, the A100, A800, H100, H800, L4, L40, L40S RTX 4090, GB200 NVL72, and B200. The licensing requirements also apply to the export of products exceeding certain performance thresholds to a party headquartered in, or with an ultimate parent headquartered in, Country Group D5, including China.

In April 2025, the USG informed us that it requires a license for export to China (including Hong Kong and Macau) and D:5 countries, or to companies headquartered or with an ultimate parent therein, of our H20 integrated circuits and any other circuits achieving the H20’s memory bandwidth, interconnect bandwidth, or combination thereof. As a result of these requirements, we incurred a $4.5 billion charge in the first quarter of fiscal year 2026 associated with H20 for excess inventory and purchase obligations, as the demand for H20 products diminished.

Beginning in August 2025, the USG granted licenses that would allow us to ship certain H20 products to certain China-based customers. USG officials expressed an expectation that the USG will receive 15% or more of the revenue generated from licensed sales of our products, but the USG did not publish a regulation codifying such requirement.

Beginning in February 2026, the USG granted licenses that would allow us to ship small amounts of H200 products to specific China-based customers. To date, we have not generated any revenue under the H200 licensing program, and do not yet know whether any imports will be allowed into China. The license requires that the H200s go through an inspection process in the United States prior to any shipment to the customer. As a result, any H200 shipped under the new licensing program will be subject to a 25% tariff upon importation into the United States.

In the event that we are able to sell licensed products into the China market, we may not be able to pass along all or any of the tariff to our customers, and may be subject to litigation, increased costs, and a harmed competitive position.

The export controls applicable to China are complex and address a variety of parameters, including the total processing performance of a chip, the “performance density” of a chip, the interconnect bandwidth of a chip, and the memory bandwidth of a chip. Under the current rules and geopolitical landscape, we are unable to create and deliver a competitive product for China’s data center market that receives approval from both the USG and the Chinese government. As of the end of the first quarter of fiscal year 2027, while we were able to ship uncontrolled products to China, such as gaming and workstation GPUs, we were effectively foreclosed from competing in China's data center computing/compute market, and our effective foreclosure from the China market helped our competitors build larger developer and customer ecosystems to challenge us worldwide. Unless we are able to return with a data center system that meets the approval of both the USG and the Chinese government, our lost opportunity and the benefit to our competitors will have a material and adverse impact on our business, operating results, and financial condition.

In addition to controls targeting D:1, D:4 and D:5 countries, the USG has also imposed worldwide export controls impacting our products, and may impose additional controls in the future.

In January 2025, the USG published the AI Diffusion IFR in the Federal Register. The IFR would have imposed a worldwide licensing requirement on our data center products, such as our H200, GB200 and GB300. The AI Diffusion IFR would have divided the world into three tiers, relegating most countries to “Tier 2” status, and would have created a complex and burdensome scheme for licensing approvals.

In May 2025, the USG announced that it would rescind the AI Diffusion IFR and implement a replacement rule. The scope, timing, and requirements of the forthcoming rule remain uncertain. The replacement rule may impose new restrictions on our products or operations and/or add license requirements that could have a material impact on our business, operating results, and financial condition. For example, in October 2025, the Senate passed the GAIN AI Act in the National Defense Authorization Act. The GAIN AI Act would restrict the Trump Administration’s ability to adapt the Biden Administration’s export control rules and could also allow private U.S. persons to review and overturn licensing and foreign policy decisions made by the Trump Administration. Congress is also considering legislation such as the Remote Access Security Act, or RASA, which could prohibit the provision of cloud services to any company with an ultimate parent headquartered in China. If enacted, RASA could impose new restrictions on cloud service providers and OEMs, and could have a material impact on our business, operating results, and financial condition.

Our competitive position has been harmed by export controls, and our competitive position and future results will be further harmed, over the long term, if the restrictions remain in place or are expanded in geographic, customer, or product scope, if customers purchase product from competitors, if customers develop their own internal solution, if we are unable to provide contractual warranty or other extended service obligations, if the USG does not grant licenses in a timely manner or denies licenses to significant customers or if we incur significant transition costs. The licensing process may not be resolved before significant business opportunities evaporate. Even if the USG grants any requested licenses, the licenses have already and may in the future be temporary, impose burdensome conditions regarding the installation, maintenance, and use of such products, or include financial or economic requirements that we or our customers or end users cannot or choose not to fulfill. The licensing requirements have already and may in the future benefit certain of our competitors, as the licensing process will make our pre-sale and post-sale technical support efforts more cumbersome and less certain and encourage customers in China, the Middle East, and other regions to pursue alternatives to our products, including semiconductor suppliers based in China, Europe, and Israel.

Given the increasing strategic importance of AI and rising geopolitical tensions, the USG has changed and may again change the export control rules at any time and further subject a wider range of our products to export restrictions and licensing requirements, negatively impacting our business and financial results. In the event of such change, we may be unable to sell our inventory of such products and may be unable to develop replacement products not subject to the licensing requirements.

For example, the USG already imposed license conditions that limit the ability of foreign firms to create and offer as a service large-scale GPU clusters, such as imposing license conditions on the use of products to be exported to certain countries, and may impose additional conditions such as requiring chip tracking and throttling mechanisms that could disable or impair GPUs if certain events, including unauthorized system configuration, use, or location, are detected. Such government mandates in chip designs could introduce system vulnerabilities and expose us to significant risk and potential liability, negatively impact demand for our products, and could have a material impact on our business, operating results, and financial condition. Even if not enacted into binding legislation, draft bills have impacted and may in the future negatively impact our business. For example, following U.S. legislative proposals calling for mandatory features in our chips, China’s government publicly questioned whether our H20 products have built-in vulnerabilities, discouraging customers from purchasing our products. We provided a public response explaining that our GPUs, including H20, do not include such built-in vulnerabilities, and will respond to any follow-up questions we receive.

Open-source foundation models are rapidly growing in popularity with developers worldwide. The demand for open-source foundation models and applications promotes use of our products worldwide. Any regulatory control or other restriction that limits our ability to provide products and services that support third-party applications and models, including applications built on foundation models originating in China such as DeepSeek, Qwen, or KIMMI, could have a material impact on our business, operating results, and financial condition.

The USG already imposed export controls restricting certain gaming GPUs, and if the USG expands such controls to restrict additional gaming products, it may disrupt a significant portion of our supply and distribution chain and negatively impact sales of such products to markets outside China, including the U.S. and Europe. For example, the French Competition Authority (FCA) is questioning whether gaming GPUs and data center GPUs are separate product categories, an inquiry that may impact the export controls applicable to gaming products sold in France and Europe. In addition, as the performance of the gaming GPUs increases over time, export controls may have a greater impact on our ability to compete in markets subject to those controls. Export controls may disrupt our supply and distribution chain for a substantial portion of our products, which are warehoused in and distributed from Hong Kong.

Export controls restricting our ability to sell data center GPUs may also negatively impact demand for our networking products used in servers containing our GPUs. The USG may also impose export controls on our networking products, such as high-speed network interconnects, to limit the ability of downstream parties to create large clusters for frontier model training.

Export controls have and are likely in the future to have a disproportionate impact on NVIDIA and may disadvantage us against certain of our competitors that sell chips that are outside the scope of such control. Export controls have already and may in the future encourage customers outside China and other impacted regions to “design-out” certain U.S. semiconductors from their products to reduce the compliance burden and risk, and to ensure that they are able to serve

markets worldwide. Export controls have already encouraged and may in the future encourage overseas governments to request that our customers purchase from our competitors rather than NVIDIA or other U.S. firms, harming our business, market position, and financial results.

As a result, export controls have in the past and may in the future negatively impact demand for our products and services not only in China, but also in other markets, such as Europe, Latin America, and Southeast Asia. Export controls increase the risk of investing in U.S. advanced semiconductor products, because by the time a new product is ready for market, it may be subject to new unilateral export controls restricting its sale, resulting in excess inventory and purchase obligations as we recently experienced with the H20. At the same time, such controls may increase investment in foreign competitors, which would be less likely to be restricted by U.S. controls.

The increasingly complex export controls impose complex and burdensome compliance obligations on our partners, suppliers, and customers. We have provided and will continue to provide assistance to authorities regarding attempted diversion, but as we do not have physical control of our products after sale, we must also rely on the compliance programs of our customers and partners. While we seek to strictly comply with all applicable export control regulators, reports of diversion of controlled products, even when unsubstantiated and untrue, or any compliance failure at a customer or partner, may negatively impact our business, relationships with partners and customers, and our reputation. Incorrect allegations that our compliance efforts satisfy the letter but not the “spirit” of the applicable regulations, as well as incorrect allegations that legitimate and appropriate business is using supposed “loopholes” in the export controls may negatively impact our business, relationships with partners and customers, and our reputation.

In addition to export controls, the USG may impose restrictions on the import and sale of products that incorporate technologies developed or manufactured in whole or in part in China. For example, the USG adopted “Connected Vehicle” restrictions on the import and sale of certain automotive products in the United States, which if adopted and interpreted broadly, could impact our ability to develop and supply solutions for our automotive customers. The USG is also considering restrictions that would limit our ability to support third-party applications and models built on open-source foundation models originating in China. Such restrictions, if implemented, would favor our foreign competitors and negatively impact our business.

Additionally, restrictions imposed by the Chinese government on the duration of gaming activities and access to games may adversely affect our Edge Computing revenue, and even if we are able to participate in the China data center compute market, increased oversight of digital platform companies may adversely affect our Data Center revenue. The Chinese government has encouraged customers to purchase from our China-based competitors and discouraged customers from purchasing, importing, or using our data center products, including any China-specific product designed to comply with U.S. export controls. As another example, an agency of the Chinese government announced an Action Plan that endorses new standards regarding the compute performance per watt and per memory bandwidth of accelerators used in new and renovated data centers in China. Although we are already effectively foreclosed from the China market by U.S. export controls, if those controls changed to allow us to return to the market, the Chinese government could modify or implement the Action Plan in a way that effectively prevents us from being able to design products to meet the new standard, which may restrict the ability of customers to use some of our data center products and may have a material and adverse impact on our business, operating results and financial condition. Further restrictions on our products or the products of our suppliers could negatively impact our business and financial results.

Finally, our business depends on our ability to receive consistent and reliable supply from our overseas partners, especially in Taiwan and South Korea. Any new restrictions that negatively impact our ability to receive supply of components, parts, or services from Taiwan and South Korea, would negatively impact our business and financial results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

We repurchased 108 million shares of our common stock for $20.2 billion during the first quarter of fiscal year 2027. As of April 26, 2026, we were authorized, subject to certain specifications, to repurchase up to $38.5 billion of our common stock.

On May 18, 2026, our Board of Directors approved an additional $80.0 billion in share repurchase authorization, without expiration.

The payment of future cash dividends is subject to our Board of Directors' continuing determination that the declaration of dividends is in the best interests of our shareholders.

The following table presents details of our share repurchase transactions during the first quarter of fiscal year 2027:

Period Total Number

of Shares Purchased

(In millions) Average Price Paid per Share (1) Total Number of Shares Purchased as Part of Publicly Announced Program

(In millions) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program

(In billions)

January 26, 2026 - February 22, 2026 8.2 $ 186.35 8.2 $ 57.0

February 23, 2026 - March 22, 2026 9.0 $ 183.38 9.0 $ 55.4

March 23, 2026 - April 26, 2026 91.1 $ 184.98 91.1 $ 38.5

Total 108.3 108.3

(1) Average price paid per share includes broker commissions but excludes our liability under the 1% excise tax on the net amount of our share repurchases required by the Inflation Reduction Act of 2022.

Employee Equity Incentive Program Share Withholding

We withhold shares of our common stock associated with net share settlements to cover tax withholding obligations of awards under our employee equity incentive program. During the first quarter of fiscal year 2027, we withheld approximately 12 million shares, for a total value of $2.1 billion through net share settlements.

Recent Sales of Unregistered Securities and Use of Proceeds

On February 17, 2026, we acquired a company and issued to a key employee a total of 37,890 shares of our common stock, valued at approximately $7 million based on our closing stock price on the issuance date.

On April 10, 2026, we acquired a company and issued to key employees a total of 72,972 shares of our common stock, valued at approximately $14 million based on our closing stock price on the issuance date.

The above securities were issued in transactions not involving a public offering pursuant to an exemption from registration set forth in Section 4(a)(2) of the Securities Act (and Regulation D or Regulation S promulgated thereunder).

Item 5. Other Information

The following members of our Board of Directors and/or officers adopted, modified, or terminated a trading arrangement that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), or a Rule 10b5-1 Trading Arrangement:

Name Title of Director or Officer Action Date Total Shares of Common Stock to be Sold Expiration Date

Tench Coxe

Director

Adoption

3/19/2026 8,000,000 *

10/30/2027

Colette M. Kress

Executive Vice President and Chief Financial Officer

Termination

4/10/2026 500,000 **

N/A

* The Rule 10b5-1 Trading Arrangement is solely for gifts to charitable donor-advised funds.

** The Rule 10b5-1 Trading Arrangement was adopted on December 18, 2025, for sales through March 23, 2027. No shares were sold under the Rule 10b5-1 Trading Arrangement prior to termination.

Item 6. Exhibits

Incorporated by Reference

Exhibit No. Exhibit Description

Schedule/Form Exhibit Filing Date

10.1+ Variable Compensation Plan - Fiscal Year 2027

8-K

10.1

3/6/2026

31.1* Certification of Chief Executive Officer as required by Rule 13a-14(a) of the Securities Exchange Act of 1934

31.2* Certification of Chief Financial Officer as required by Rule 13a-14(a) of the Securities Exchange Act of 1934

32.1#* Certification of Chief Executive Officer as required by Rule 13a-14(b) of the Securities Exchange Act of 1934

32.2#* Certification of Chief Financial Officer as required by Rule 13a-14(b) of the Securities Exchange Act of 1934

101.INS* Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH* Inline XBRL Taxonomy Extension Schema Document

101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB* Inline XBRL Taxonomy Extension Labels Linkbase Document

101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document

104 Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

+ Management contract or compensatory plan or arrangement.

* Filed herewith.

In accordance with Item 601(b)(32)(ii) of Regulation S-K and SEC Release Nos. 33-8238 and 34-47986, Final Rule: Management's Reports on Internal Control Over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports, the certifications furnished in Exhibits 32.1 and 32.2 hereto are deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed “filed” for purpose of Section 18 of the Exchange Act. Such certifications will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference.

Copies of the above exhibits not contained herein are available to any shareholder upon written request to:

Investor Relations: NVIDIA Corporation, 2788 San Tomas Expressway, Santa Clara, CA 95051.

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: May 20, 2026

NVIDIA Corporation

By: /s/ Colette M. Kress

Colette M. Kress

Executive Vice President and Chief Financial Officer (Duly Authorized Officer and Principal Financial Officer)

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Should You Invest in the First Trust NASDAQ Semiconductor ETF (FTXL)?

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Should You Invest in the First Trust NASDAQ Semiconductor ETF (FTXL)?

Should You Invest in the First Trust NASDAQ Semiconductor ETF (FTXL)? · Zacks

Zacks Equity Research

May 19, 2026 3 min read

FTXL

-4.90%

Looking for broad exposure to the Technology - Semiconductors segment of the equity market? You should consider the First Trust NASDAQ Semiconductor ETF (FTXL), a passively managed exchange traded fund launched on September 20, 2016.

Retail and institutional investors increasingly turn to passively managed ETFs because they offer low costs, transparency, flexibility, and tax efficiency; these kind of funds are also excellent vehicles for long term investors.

Additionally, sector ETFs offer convenient ways to gain low risk and diversified exposure to a broad group of companies in particular sectors. Technology - Semiconductors is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 2, placing it in top 13%.

Index Details

The fund is sponsored by First Trust Advisors. It has amassed assets over $2.19 billion, making it one of the larger ETFs attempting to match the performance of the Technology - Semiconductors segment of the equity market. FTXL seeks to match the performance of the Nasdaq US Smart Semiconductor Index before fees and expenses.

The Nasdaq US Smart Semiconductor Index is a modified factor weighted index, designed to provide exposure to US companies within the semiconductor industry.

Costs

Since cheaper funds tend to produce better results than more expensive funds, assuming all other factors remain equal, it is important for investors to pay attention to an ETF's expense ratio.

Annual operating expenses for this ETF are 0.6%, making it on par with most peer products in the space.

It has a 12-month trailing dividend yield of 0.15%.

Sector Exposure and Top Holdings

While ETFs offer diversified exposure, which minimizes single stock risk, a deep look into a fund's holdings is a valuable exercise. And, most ETFs are very transparent products that disclose their holdings on a daily basis.

This ETF has heaviest allocation in the Information Technology sector -- about 100% of the portfolio.

Looking at individual holdings, Intel Corporation (INTC) accounts for about 8.89% of total assets, followed by Nvidia Corporation (NVDA) and Broadcom Inc. (AVGO).

The top 10 holdings account for about 60.46% of total assets under management.

Performance and Risk

The ETF return is roughly 77.34% so far this year and was up about 169.1% in the last one year (as of 05/19/2026). In that past 52-week period, it has traded between $81.51 and $248.97.

The ETF has a beta of 1.69 and standard deviation of 35.66% for the trailing three-year period. With about 35 holdings, it has more concentrated exposure than peers.

Story Continues

Alternatives

First Trust NASDAQ Semiconductor ETF holds a Zacks ETF Rank of 1 (Strong Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, FTXL is a great option for investors seeking exposure to the Technology ETFs segment of the market. There are other additional ETFs in the space that investors could consider as well.

iShares Semiconductor ETF (SOXX) tracks PHLX SOX Semiconductor Sector Index and the VanEck Semiconductor ETF (SMH) tracks MVIS US Listed Semiconductor 25 Index. iShares Semiconductor ETF has $32.51 billion in assets, VanEck Semiconductor ETF has $60.42 billion. SOXX has an expense ratio of 0.34%, and SMH charges 0.35%.

Bottom Line

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First Trust NASDAQ Semiconductor ETF (FTXL): ETF Research Reports

This article originally published on Zacks Investment Research (zacks.com).

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参议院银行委员会推进CLARITY法案

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来源：U.S. Senate Committee on Banking, Housing, and Urban Affairs发布日期：2026-05-15重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1117

中文摘要

参议院银行委员会以15票对9票推进H.R.3633，即CLARITY法案，下一阶段为参议院全院审议。
参议院银行委员会少数党2026-07-13声明称参议院领导层寻求在7月安排表决，但未给出确定日期。
参议院2026-07-14公开日程未列出CLARITY法案表决，列出的是Schwartz提名表决等事项。

英文原文

What They Are Saying: Industry Leaders Praise Chairman Scott, Senate Banking Committee on Advancing Bipartisan Clarity Act | United States Committee on Banking, Housing, and Urban Affairs

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May 15, 2026

What They Are Saying: Industry Leaders Praise Chairman Scott, Senate Banking Committee on Advancing Bipartisan Clarity Act

Washington, D.C. — Led by Chairman Tim Scott (R-S.C.), the Senate Banking Committee successfully advanced H.R. 3633, the Digital Asset Market Clarity Act of 2025 , out of the committee in a bipartisan fashion. This legislation will establish clear rules of the road for digital assets, bringing them out of the shadows and into a system that is safer, fairer, and more transparent. After nearly a year of good-faith bipartisan negotiations, Senate Banking Committee Republicans and Democrats came together to advance a comprehensive market structure bill that will establish America as the crypto capital of the world. The bill advanced out of committee by a vote of 15-9 and now moves to the Senate floor.

Across the banking and crypto sectors, industry leaders have banded together in public support of the advancement of the Clarity Act .

“The Banking Committee showed the American people that Washington can still work together. We had a serious debate, worked through real differences, and came together around a shared goal: protecting consumers, supporting innovation, and keeping the future of finance in America. This legislation brings digital assets into the sunlight with clear rules, stronger safeguards, and better tools to stop bad actors. For me, this is personal. My mother raised my brother and me with faith, grit, and determination, and she taught me that the American Dream should be within reach for every family, including single mothers working hard to build a better life for their children,” said Chairman Scott.

STAKEHOLDER SUPPORT:

“The Digital Asset Market Clarity Act is a monumental step in making the U.S. the Crypto Capital of the World. I applaud Chairman Scott and the Senate Banking Committee for working hard to craft the necessary compromises to advance this legislation,” said David Sacks, former Trump administration A.I. and crypto czar.

“On behalf of AARP, which advocates for 125 million Americans age 50 and older, we write to express our strong support for provisions in the market structure legislation,” said Bill Sweeney, Senior Vice President of Government Affairs at AARP. “We deeply appreciate the Committee’s leadership.”

“CLARITY is closer than ever. The bill is strong. It will benefit the American people by making the US financial system faster, cheaper, and more accessible. It will also ensure that the US leads in the global race to build the next generation of our financial system,” said Brian Armstrong, CEO of Coinbase.

“The Senate Banking Committee is putting in the work as it moves the Clarity Act forward… incredible leadership! Millions of Americans are already in the market. Ripple stands behind this bill because they deserve the same rules and protections as every other asset class. If the largest economy in the world is going to lead on crypto – and it must – this is the moment,” said Brad Garlinghouse, CEO of Ripple.

“We commend Chairman Scott, Subcommittee Chairwoman Lummis, and members of the Committee for continuing to move this process forward. The need for action is urgent. The United States cannot afford to fall behind in shaping the future of financial infrastructure. The Digital Chamber stands ready to support a successful markup and continued progress toward clear rules, stronger market integrity, and long-term U.S. leadership in digital assets,” said Cody Carbone, CEO of The Digital Chamber.

“This is a defining moment for American leadership. Digital asset markets are global, growing, and increasingly central to the future of financial markets. The question before Congress is not whether this technology will continue to develop, but whether it will be built in the United States under American rules and with American values,” said Blockchain Association CEO Summer Mersinger and Crypto Council for Innovation (CCI) CEO Ji Hun Kim. “We respectfully urge members of the Committee to support this legislation at markup and continue working toward a final, bipartisan framework that ensures the next generation of financial innovation is built in America.”

“This bill safeguards consumers, includes important developer protections, and gives crypto entrepreneurs the regulatory clarity they need to build here in the U.S. We’re thankful for the hard work of the Senate Banking Committee,” said Chris Dixon, Managing Partner at a16z.

“Stand With Crypto thanks Chairman Tim Scott and members of the Senate Banking Committee for their leadership and dedication to getting market structure legislation right. We are thrilled by the bipartisan momentum in Congress to enact this much-needed legislation, finally giving crypto users and developers clear rules of the road that will unlock innovation, protect consumers, and allow our community to secure America’s leadership in the global blockchain economy,” said Mason Lynaugh, Executive Director of Stand With Crypto.

“CTA supports the CLARITY Act and its effort to establish clear rules for digital assets. From digital currencies to the blockchain technologies that power them, digital assets are becoming a major part of the U.S. economy and will shape the future of financial innovation,” said Pat Pelletier, Director of Government Affairs for the Consumer Technology Association (CTA). “Congress must move quickly to advance the CLARITY Act and establish a modern framework that unlocks the full potential of blockchain and digital asset technologies while reinforcing American leadership in the next generation of finance.”

“Fidelity commends the Senate Banking Committee for advancing the CLARITY Act. The bill provides a balanced approach and, if passed, will offer statutory clarity to digital asset markets, benefiting American investors and helping ensure the U.S. remains a global leader in digital assets,” said Fidelity Public Policy.

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应用材料公布2026财年第二季度业绩

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标的：`AMAT`来源：Applied Materials, Inc.发布日期：2026-05-14重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：4341

中文摘要

第二财季营收为79.1亿美元，同比增长11%；GAAP毛利率为49.9%。
公司预计2026自然年半导体设备业务增长超过30%。
公司称已提高生产计划、库存和物流能力，以支持客户扩产。

英文原文

Applied Materials Announces Second Quarter 2026 Results | Applied Materials

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Applied Materials Announces Second Quarter 2026 Results

May 14, 2026 at 4:01 PM EDT

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Record revenue $7.91 billion , up 11 percent year over year

GAAP gross margin 49.9 percent and non-GAAP gross margin 50.0 percent

Record GAAP EPS $3.51 and record non-GAAP EPS $2.86 , up 33 percent and 20 percent year over year, respectively

Announced new EPIC Center partner engagements designed to accelerate commercialization of next-generation semiconductor technologies

SANTA CLARA, Calif. , May 14, 2026 (GLOBE NEWSWIRE) -- Applied Materials, Inc. (NASDAQ: AMAT) today reported results for its second quarter ended Apr. 26, 2026 .

Second Quarter Results

Applied generated record revenue of $7.91 billion . On a GAAP basis, the company reported gross margin of 49.9 percent, operating income of $2.52 billion or 31.9 percent of revenue, and record earnings per share (EPS) of $3.51 .

On a non-GAAP basis, the company reported gross margin of 50.0 percent, operating income of $2.54 billion or 32.1 percent of revenue, and record EPS of $2.86 .

The company generated $845 million in cash from operations and distributed $765 million to shareholders through $400 million in share repurchases and $365 million in dividends.

“Applied Materials delivered record quarterly performance, and we now expect our semiconductor equipment business to grow more than 30 percent in calendar 2026,” said Gary Dickerson , President and CEO. “The rapid global build-out of AI computing infrastructure combined with Applied’s strong leadership positions in leading-edge logic, DRAM and advanced packaging provide an exceptionally strong foundation for sustained, multi-year revenue and profit growth.”

“The growth in AI that Applied has been investing for is now in full force,” said Brice Hill , Senior Vice President and CFO. “As the largest process equipment company in the fastest growing markets, our top priority is ensuring we have the operational and supply chain readiness to support our customers’ growth. We have increased our build plan, inventory positions and logistics capacity, and we are driving higher operating profit and productivity across the company.”

Results Summary

Q2 FY2026

Q2 FY2025

Change

(In millions, except per share amounts and percentages)

Revenue

7,910

7,100

11%

Gross margin

49.9

49.1

0.8 points

Operating margin

31.9

30.5

1.4 points

Net income

2,806

2,137

31%

Diluted earnings per share

3.51

2.63

33%

Non-GAAP Results

Non-GAAP gross margin

50.0

49.2

0.8 points

Non-GAAP operating margin

32.1

30.7

1.4 points

Non-GAAP net income

2,286

1,940

18%

Non-GAAP diluted EPS

2.86

2.39

20%

Non-GAAP free cash flow

210

1,061

(80)%

A reconciliation of the GAAP and non-GAAP results is provided in the financial tables included in this release. See also “Use of Non-GAAP Financial Measures” section.

Recent Highlights

Announced several EPIC Center engagements with chipmakers and partners designed to dramatically reduce the time it takes to commercialize breakthrough technologies from early-stage research to full-scale manufacturing. These engagements build upon the previously announced partnership with Samsung Electronics.

A new innovation partnership with TSMC to accelerate the development and commercialization of semiconductor technologies required for the next era of AI. Working together at Applied’s EPIC Center in Silicon Valley , the companies will co-innovate to advance materials engineering, equipment innovation, and process integration technologies designed to deliver energy-efficient performance from the data center to the edge.

Arizona State University (ASU), Rensselaer Polytechnic Institute (RPI) and Stanford University will join Applied’s EPIC Center as inaugural research partners, leveraging the synergy of academia and industry to accelerate energy‑efficient innovations for next‑generation AI chips.

Advantest Corporation, a leading semiconductor test equipment supplier, will join Applied’s EPIC platform as an innovation partner to strengthen the links between front-end manufacturing technologies and back-end testing of chips and packages, helping chipmakers bring new designs to market faster.

A long-term collaboration agreement between Applied and SK hynix to accelerate the development and deployment of next-generation DRAM and high-bandwidth memory (HBM) essential for AI and high-performance computing. Engineers from both companies will work side-by-side at Applied’s EPIC Center to advance innovation in materials, process integration and 3D advanced packaging as memory architectures move beyond current production nodes.

Applied and Micron Technology are working to develop next-generation DRAM, HBM and NAND solutions that increase the energy-efficient performance of AI systems, bringing together advanced R&D capabilities from Applied’s EPIC Center in Silicon Valley and Micron’s state-of-the-art innovation center in Boise, Idaho .

Introduced chip-making systems designed to create the smallest atomic-scale features in 3D Gate-All-Around transistors for the world’s most advanced logic chips. By controlling materials deposition with atomic-level precision, the technologies enable chipmakers to build faster and more power-efficient transistors at the scale required to sustain the pace of today’s global AI infrastructure build-out.

Precision™ Selective Nitride PECVD preserves integrity of shallow trench isolation, reducing parasitic capacitance and boosting chip performance-per-watt.

Trillium™ ALD wraps silicon nanosheets with complex metal gate stacks that optimize transistors for a wide range of AI computing applications.

Entered into an agreement with ASMPT Limited to acquire its NEXX business, a leading supplier of large-area advanced packaging deposition equipment for the semiconductor industry. The addition of the NEXX team and products will broaden Applied’s portfolio of panel-level advanced packaging technologies which are designed to enable chipmakers and systems companies to build larger-body AI accelerators for higher energy-efficient performance.

Received a 2026 Intel EPIC Supplier Award for Excellence in Technology Development .

Joined Synopsys and NVIDIA in a collaboration to advance AI and quantum chemistry R&D with accelerated materials modeling.

Increased the quarterly cash dividend by 15 percent, from $0.46 to $0.53 per share, marking nine consecutive years of dividend increases. With the increase, Applied has more than doubled its dividend per share from four years ago.

Business Outlook

Applied’s total revenue and non-GAAP diluted EPS for the third quarter of fiscal 2026 are expected to be as follows:

Q3 FY2026

(In millions, except per share amounts)

Total revenue

8,950

+/-

500

Non-GAAP diluted EPS

3.36

+/-

0.20

This outlook for non-GAAP diluted EPS excludes known charges related to completed acquisitions of $0.01 per share, includes the normalized tax benefit of share-based compensation of $0.01 per share and includes a net income tax benefit related to intra-entity intangible asset transfers of $0.04 per share, but does not reflect any items that are unknown at this time, such as any additional charges related to acquisitions or other non-operational or unusual items, as well as other tax-related items, which we are not able to predict without unreasonable efforts due to their inherent uncertainty.

Second Quarter Reportable Segment Information

Effective in the first quarter of fiscal 2026, management moved our 200-millimeter equipment business to Semiconductor Systems. The business was previously included in Applied Global Services. Additionally, effective in the first quarter of fiscal 2026, management began fully allocating corporate support costs to our operating segments. Prior-period numbers have been recast to conform to the current-year presentation. Display operating segment financial results are included in the Other category balances below.

Semiconductor Systems

Q2 FY2026

Q2 FY2025

(in millions, except percentages)

Revenue

5,965

5,401

Foundry, logic and other

DRAM

Flash memory

Gross margin

54.7

53.5

Operating income

2,092

1,770

Operating margin

35.1

32.8

Non-GAAP Results

Non-GAAP gross margin

54.8

53.6

Non-GAAP operating income

2,102

1,781

Non-GAAP operating margin

35.2

33.0

Applied Global Services

Q2 FY2026

Q2 FY2025

(in millions, except percentages)

Revenue

1,665

1,420

Gross margin

34.7

33.5

Operating income

487

378

Operating margin

29.2

26.6

Non-GAAP Results

Non-GAAP gross margin

34.7

33.5

Non-GAAP operating income

487

378

Non-GAAP operating margin

29.2

26.6

Other

Q2 FY2026

Q2 FY2025

(in millions)

Revenue

280

279

Cost of products sold and expenses

(336

)

(258

)

Operating income (loss)

(56

)

Use of Non-GAAP Financial Measures

Applied provides investors with certain non-GAAP financial measures, which are adjusted for the impact of certain costs, expenses, gains and losses, including, as applicable, certain items related to mergers and acquisitions; restructuring and severance charges and any associated adjustments; legal settlement charges; impairments of assets; gain or loss, dividends and impairments on strategic investments; certain income tax items; and other discrete adjustments. On a non-GAAP basis, the tax effect related to share-based compensation is recognized ratably over the fiscal year. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included in this release.

Management uses these non-GAAP financial measures to evaluate the company’s operating and financial performance and for planning purposes, and as performance measures in its executive compensation program. Applied believes these measures enhance an overall understanding of its performance and investors’ ability to review the company’s business from the same perspective as the company’s management, and facilitate comparisons of this period’s results with prior periods on a consistent basis by excluding items that management does not believe are indicative of Applied's ongoing operating performance. There are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles, may be different from non-GAAP financial measures used by other companies, and may exclude certain items that may have a material impact upon our reported financial results. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP.

Webcast Information

Applied Materials will discuss these results during an earnings call that begins at 1:30 p.m. Pacific Time today. A live webcast and related slide presentation will be available at https://ir.appliedmaterials.com . A replay will be available on the website beginning at 5:00 p.m. Pacific Time today.

Forward-Looking Statements

This press release contains forward-looking statements, including those regarding anticipated growth and trends in our businesses and markets, industry outlooks and demand drivers, technology transitions, our business and financial performance and market share positions, our capital allocation and cash deployment strategies, our investment and growth strategies, our development of new products and technologies, the plans and expectations for the EPIC Center, legal matters, our business outlook for the third quarter of fiscal 2026 and beyond, and other statements that are not historical facts. These statements and their underlying assumptions are subject to risks and uncertainties and are not guarantees of future performance. Factors that could cause actual results to differ materially from those expressed or implied by such statements include, without limitation: the level of demand for our products; global economic, political and industry conditions, including changes in interest rates and prices for goods and services; global trade issues, changes in trade and export regulations, license requirements, and their interpretation, and our ability to obtain licenses or authorizations on a timely basis, if at all; changes in tariffs, any retaliatory measures, and our ability to mitigate the impact of tariffs; the effects of geopolitical turmoil or conflicts; demand for semiconductor chips and electronic devices; customers’ technology and capacity requirements; the introduction of new and innovative technologies, and the timing of technology transitions; our ability to develop, deliver and support new products and technologies; our ability to meet customer demand, and our suppliers’ ability to meet our demand requirements; the concentrated nature of our customer base; our ability to expand our current markets, increase market share and develop new markets; market acceptance of existing and newly developed products; our ability to obtain and protect intellectual property rights in key technologies; cybersecurity incidents affecting us or our suppliers, customers or vendors; our ability to achieve the objectives of operational and strategic initiatives, align our resources and cost structure with business conditions, and attract, motivate and retain key employees; acquisitions, investments and divestitures; changes in income tax laws; the variability of operating expenses and results among products and segments, and our ability to accurately forecast future results, market conditions, customer requirements and business needs; our ability to ensure compliance with applicable law, rules and regulations; and other risks and uncertainties described in our filings with the Securities and Exchange Commission, including our most recent Forms 10-K, 10-Q and 8- K. All forward-looking statements are based on management’s current estimates, projections and assumptions, and we assume no obligation to update them.

About Applied Materials

Applied Materials, Inc. (Nasdaq: AMAT) is the leader in materials engineering solutions that are at the foundation of virtually every new semiconductor and advanced display in the world. The technology we create is essential to advancing AI and accelerating the commercialization of next-generation chips. At Applied, we push the boundaries of science and engineering to deliver material innovation that changes the world. Learn more at www.appliedmaterials.com .

Investor Relations Contact:

Mike Sullivan (408) 986-7977

mike_sullivan@amat.com

Media Contact:

Ricky Gradwohl (408) 235-4676

ricky_gradwohl@amat.com

APPLIED MATERIALS, INC.

UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended

Six Months Ended

(In millions, except per share amounts)

April 26 ,

2026

April 27 ,

2025

April 26 ,

2026

April 27 ,

2025

Revenue

7,910

7,100

14,922

14,266

Cost of products sold

3,963

3,615

7,540

7,285

Gross profit

3,947

3,485

7,382

6,981

Operating expenses:

Research, development and engineering

1,027

893

1,955

1,752

Marketing and selling

233

216

455

422

General and administrative

164

207

353

463

Legal settlement

—

253

—

Restructuring charges

—

Total operating expenses

1,424

1,316

3,028

2,637

Income from operations

2,523

2,169

4,354

4,344

Interest expense

138

132

Interest and other income (expense), net

771

221

1,337

229

Income before income taxes

3,225

2,322

5,553

4,441

Provision for income taxes

419

185

721

1,119

Net income

2,806

2,137

4,832

3,322

Earnings per share:

Basic

3.53

2.64

6.09

4.10

Diluted

3.51

2.63

6.05

4.08

Weighted average number of shares:

Basic

794

809

794

811

Diluted

799

812

799

815

APPLIED MATERIALS, INC.

UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS

(In millions)

April 26 ,

2026

October 26 ,

2025

ASSETS

Current assets:

Cash and cash equivalents

6,301

7,241

Short-term investments

1,940

1,332

Accounts receivable, net

6,372

5,185

Inventories

6,343

5,915

Other current assets

1,615

1,208

Total current assets

22,571

20,881

Long-term investments

5,142

4,327

Property, plant and equipment, net

5,255

4,610

Goodwill

3,824

3,707

Purchased technology and other intangible assets, net

330

226

Deferred income taxes and other assets

3,164

2,548

Total assets

40,286

36,299

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Short-term debt

1,199

100

Accounts payable and accrued expenses

5,229

5,333

Contract liabilities

2,570

2,566

Total current liabilities

8,998

7,999

Long-term debt

5,256

6,455

Income taxes payable

704

356

Other liabilities

1,419

1,074

Total liabilities

16,377

15,884

Total stockholders’ equity

23,909

20,415

Total liabilities and stockholders’ equity

40,286

36,299

APPLIED MATERIALS, INC.

UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(In millions)

Three Months Ended

Six Months Ended

April 26 ,

2026

April 27 ,

2025

April 26 ,

2026

April 27 ,

2025

Cash flows from operating activities:

Net income

2,806

2,137

4,832

3,322

Adjustments required to reconcile net income to cash provided by operating activities:

Depreciation and amortization

135

103

262

208

Restructuring charges

—

(Gain) / loss and impairment on investments

(672

)

(76

)

(1,138

)

Share-based compensation

169

159

376

354

Deferred income taxes

152

672

Other

(33

)

(38

)

Net change in operating assets and liabilities

(1,750

)

(723

)

(1,891

)

(2,046

)

Cash provided by operating activities

845

1,571

2,531

2,496

Cash flows from investing activities:

Capital expenditures

(635

)

(510

)

(1,281

)

(891

)

Cash paid for acquisitions, net of cash acquired

(175

)

(175

)

(29

)

Proceeds from asset sale

Proceeds from sales and maturities of investments

2,091

1,921

3,234

3,144

Purchases of investments

(2,246

)

(1,222

)

(3,523

)

(2,933

)

Cash provided by (used in) investing activities

(959

)

221

(1,739

)

(676

)

Cash flows from financing activities:

Proceeds from issuance of commercial paper

100

300

Repayments of commercial paper

(200

)

(100

)

(400

)

(300

)

Proceeds from common stock issuances

131

129

131

129

Common stock repurchases

(400

)

(1,670

)

(737

)

(2,988

)

Tax withholding payments for vested equity awards

(80

)

(35

)

(309

)

(177

)

Payments of dividends to stockholders

(365

)

(325

)

(730

)

(651

)

Payments of debt issuance costs

—

)

—

)

Cash used in financing activities

(814

)

(1,903

)

(1,745

)

(3,689

)

Increase (decrease) in cash, cash equivalents and restricted cash equivalents

(928

)

(111

)

(953

)

(1,869

)

Cash, cash equivalents and restricted cash equivalents—beginning of period

7,287

6,355

7,312

8,113

Cash, cash equivalents and restricted cash equivalents — end of period

6,359

6,244

6,359

6,244

Reconciliation of cash, cash equivalents, and restricted cash equivalents

Cash and cash equivalents

6,301

6,169

6,301

6,169

Restricted cash equivalents included in deferred income taxes and other assets

Total cash, cash equivalents, and restricted cash equivalents

6,359

6,244

6,359

6,244

Supplemental cash flow information:

Cash payments for income taxes

538

763

650

833

Cash refunds from income taxes

Cash payments for interest

119

120

Additional Information

Q2 FY2026

Q2 FY2025

Revenue by Geography ( In millions )

United States

941

808

% of Total

Europe

347

252

% of Total

Japan

623

572

% of Total

Korea

1,572

1,562

% of Total

Taiwan

2,155

1,997

% of Total

Southeast Asia

185

135

% of Total

China

2,087

1,774

% of Total

Employees (In thousands)

Regular Full Time

36.4

36.0

APPLIED MATERIALS, INC.

UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP RESULTS

Three Months Ended

Six Months Ended

(In millions, except percentages)

April 26 ,

2026

April 27 ,

2025

April 26 ,

2026

April 27 ,

2025

Non-GAAP Gross Profit

GAAP reported gross profit

3,947

3,485

7,382

6,981

Certain items associated with acquisitions 1

Non-GAAP gross profit

3,953

3,491

7,395

6,994

Non-GAAP gross margin

50.0

49.2

49.6

49.0

Non-GAAP Operating Income

GAAP reported operating income

2,523

2,169

4,354

4,344

Certain items associated with acquisitions 1

Acquisition integration and deal costs

—

Legal settlement 2

—

253

—

Restructuring charges 3

—

Non-GAAP operating income

2,536

2,180

4,643

4,370

Non-GAAP operating margin

32.1

30.7

31.1

30.6

Non-GAAP Net Income

GAAP reported net income

2,806

2,137

4,832

3,322

Certain items associated with acquisitions 1

Acquisition integration and deal costs

—

Legal settlement 2

—

253

—

Restructuring charges 3

—

Realized loss (gain), dividends and impairments on strategic investments, net

(18

)

(27

)

Unrealized loss (gain) on strategic investments, net

(685

)

(80

)

(1,169

)

Foreign exchange loss (gain) related to purchase of strategic investment

—

Loss (gain) on asset sale

—

(44

)

—

(44

)

Income tax effect of share-based compensation 4

(14

)

Income tax effects related to intra-entity intangible asset transfers 5

706

Resolution of prior years’ income tax filings and other tax items

(124

)

(140

)

Income tax effect of non-GAAP adjustments 6

)

106

—

Non-GAAP net income

2,286

1,940

4,185

3,886

These items are incremental charges attributable to completed acquisitions, consisting of amortization of purchased intangible assets.

Charge of $253 million for settlement with the U.S. Commerce Department Bureau of Industry and Security to resolve a previously disclosed export controls compliance matter.

The restructuring charges related to a workforce reduction plan announced in the fourth quarter of fiscal 2025.

GAAP basis tax benefit related to share-based compensation is recognized ratably over the fiscal year on a non-GAAP basis.

Amount for the six months ended April 27, 2025 , included changes to the income tax provision of $62 million from amortization of intangibles and a $644 million remeasurement of deferred tax assets resulting from new tax incentive agreements in Singapore in the first quarter of fiscal 2025.

Adjustment to provision for income taxes related to non-GAAP adjustments reflected in income before income taxes.

APPLIED MATERIALS, INC.

UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP RESULTS

Three Months Ended

Six Months Ended

(In millions, except per share amounts)

April 26 ,

2026

April 27 ,

2025

April 26 ,

2026

April 27 ,

2025

Non-GAAP Earnings Per Diluted Share

GAAP reported earnings per diluted share

3.51

2.63

6.05

4.08

Certain items associated with acquisitions

0.01

0.03

0.02

Legal settlement

—

0.32

—

Restructuring charges

—

0.01

—

Realized loss (gain), dividends and impairments on strategic investments, net

0.08

(0.02

)

0.09

(0.03

)

Unrealized loss (gain) on strategic investments, net

(0.80

)

(0.10

)

(1.38

)

0.03

Foreign exchange loss (gain) related to purchase of strategic investment

—

0.03

—

0.03

Loss (gain) on asset sale

—

(0.05

)

—

(0.05

)

Income tax effect of share-based compensation

0.01

—

(0.02

)

(0.01

)

Income tax effects related to intra-entity intangible asset transfers 1

0.04

0.08

0.87

Resolution of prior years’ income tax filings and other tax items

0.01

(0.15

)

0.06

(0.17

)

Non-GAAP earnings per diluted share

2.86

2.39

5.24

4.77

Weighted average number of diluted shares

799

812

799

815

Amount for the six months ended April 27, 2025 , included changes to the income tax provision of $0.08 per diluted share from amortization of intangibles and $0.79 per diluted share from a remeasurement of deferred tax assets resulting from new tax incentive agreements in Singapore in the first quarter of fiscal 2025.

APPLIED MATERIALS, INC.

UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP RESULTS

Three Months Ended

Six Months Ended

(In millions, except percentages)

April 26 ,

2026

April 27 ,

2025

April 26 ,

2026

April 27 ,

2025

Semiconductor Systems Non-GAAP Gross Profit

GAAP reported gross profit

3,264

2,889

6,058

5,875

Certain items associated with acquisitions 1

Non-GAAP gross profit

3,270

2,895

6,071

5,888

Non-GAAP gross margin

54.8

53.6

54.7

53.5

Applied Global Services Non-GAAP Gross Profit

GAAP reported gross profit

577

476

1,114

913

Non-GAAP gross profit

577

476

1,114

913

Non-GAAP gross margin

34.7

33.5

34.6

32.9

Semiconductor Systems Non-GAAP Operating Income

GAAP reported operating income

2,092

1,770

3,519

3,642

Certain items associated with acquisitions 1

Acquisition integration and deal costs

—

Legal settlement 2

—

253

—

Non-GAAP operating income

2,102

1,781

3,793

3,667

Non-GAAP operating margin

35.2

33.0

34.2

33.3

Applied Global Services Non-GAAP Operating Income

GAAP reported operating income

487

378

925

714

Acquisition integration and deal costs

—

Non-GAAP operating income

487

378

925

715

Non-GAAP operating margin

29.2

26.6

28.7

25.8

These items are incremental charges attributable to completed acquisitions, consisting of amortization of purchased intangible assets.

Charge of $253 million for settlement with the U.S. Commerce Department Bureau of Industry and Security to resolve a previously disclosed export controls compliance matter.

Note: The reconciliation of GAAP and non-GAAP segment results above does not include certain revenues, costs of products sold and operating expenses that are reported within other and included in consolidated operating income.

APPLIED MATERIALS, INC.

UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP EFFECTIVE INCOME TAX RATE

Three Months Ended

(In millions, except percentages)

April 26, 2026

GAAP provision for income taxes (a)

419

Income tax effect of share-based compensation

)

Income tax effects related to intra-entity intangible asset transfers

(32

)

Resolutions of prior years’ income tax filings and other tax items

)

Income tax effect of non-GAAP adjustments

(89

)

Non-GAAP provision for income taxes (b)

282

GAAP income before income taxes (c)

3,225

Certain items associated with acquisitions

Acquisition integration and deal costs

Realized loss (gain), dividends and impairments on strategic investments, net

Unrealized loss (gain) on strategic investments, net

(685

)

Non-GAAP income before income taxes (d)

2,568

GAAP effective income tax rate (a/c)

13.0

Non-GAAP effective income tax rate (b/d)

11.0

UNAUDITED RECONCILIATION OF NON-GAAP FREE CASH FLOW

Three Months Ended

Six Months Ended

(In millions)

April 26 ,

2026

April 27 ,

2025

April 26 ,

2026

April 27 ,

2025

Cash provided by operating activities

845

1,571

2,531

2,496

Capital expenditures

(635

)

(510

)

(1,281

)

(891

)

Non-GAAP free cash flow

210

1,061

1,250

1,605

Source: Applied Materials, Inc.

打开原文

AMD截至2026年3月28日季度的10-Q文件

重要性未评级

发布时间早于日报 5 天摘要窗口。

标签

标的：`AMD`来源：U.S. Securities and Exchange Commission发布日期：2026-05-06重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：33908

中文摘要

美国政府于2026年2月向AMD发放部分MI325对华出口许可。
AMD称尚不确定MI325是否获准进口中国；按许可条件，产品需先在美国接受检查，因此将产生25%的美国进口关税。
公司披露2025年因MI308出口限制计提约4.40亿美元净库存及相关费用。

英文原文

amd-20260328

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 28, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-07882

ADVANCED MICRO DEVICES, INC .

(Exact name of registrant as specified in its charter)

Delaware 94-1692300

(State or other jurisdiction of

incorporation or organization) (I.R.S. Employer

Identification No.)

2485 Augustine Drive

Santa Clara , California 95054

(Address of principal executive offices)(Zip Code)

( 408 ) 749-4000

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value per share

AMD

The Nasdaq Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the Exchange Act) during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☑ Accelerated filer ☐

Non-accelerated filer ☐

Smaller reporting company ☐

Emerging growth company ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

Indicate the number of shares outstanding of the registrant’s common stock, $0.01 par value per share, as of April 29, 2026: 1,630,600,639

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INDEX

Page No.

Part I Financial Information

Item 1

Condensed Consolidated Financial Statements (Unaudited)

Condensed Consolidated Statements of Operations

Condensed Consolidated Statements of Comprehensive Income

Condensed Consolidated Balance Sheets

Condensed Consolidated Statements of Cash Flows

Condensed Consolidated Statements of Stockholders’ Equity

Notes to Condensed Consolidated Financial Statements

Item 2

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3

Quantitative and Qualitative Disclosures about Market Risk

Item 4

Controls and Procedures

Part II Other Information

Item 1

Legal Proceedings

Item 1A

Risk Factors

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

Item 5

Other Information

Item 6

Exhibits

Signature

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PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Advanced Micro Devices, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

Three Months Ended

March 28,

2026 March 29,

2025

(In millions, except per share amounts)

Net revenue $ 10,253 $ 7,438

Cost of sales 4,576 3,451

Amortization of acquisition-related intangibles 261 251

Total cost of sales 4,837 3,702

Gross profit 5,416 3,736

Research and development 2,397 1,728

Marketing, general and administrative 1,253 886

Amortization of acquisition-related intangibles 290 316

Total operating expenses 3,940 2,930

Operating income 1,476 806

Interest expense ( 37 ) ( 20 )

Other income (expense), net 165 39

Income from continuing operations before income taxes and equity income 1,604 825

Income tax provision

238 123

Equity income in investee 6 7

Income from continuing operations, net of tax 1,372 709

Income from discontinued operations, net of tax 11 —

Net income $ 1,383 $ 709

Earnings per share

Basic earnings from continuing operations $ 0.84 $ 0.44

Basic earnings from discontinued operations 0.01 —

Basic earnings per share $ 0.85 $ 0.44

Diluted earnings from continuing operations $ 0.83 $ 0.44

Diluted earnings from discontinued operations 0.01 —

Diluted earnings per share $ 0.84 $ 0.44

Shares used in per share calculation

Basic 1,631 1,620

Diluted 1,650 1,626

See accompanying notes.

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Advanced Micro Devices, Inc.

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

Three Months Ended

March 28,

2026 March 29,

2025

(In millions)

Net income $ 1,383 $ 709

Other comprehensive income, net of tax:

Net change in unrealized gains (losses) on cash flow hedges ( 43 ) 27

Net change in unrealized gains (losses) on available-for-sale securities

( 26 ) 2

Total comprehensive income $ 1,314 $ 738

See accompanying notes.

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Advanced Micro Devices, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

March 28,

2026 December 27,

2025

(In millions, except par value amounts)

ASSETS

Current assets:

Cash and cash equivalents $ 5,585 $ 5,539

Short-term investments 6,762 5,013

Accounts receivable, net 6,035 6,315

Inventories 8,045 7,920

Prepaid expenses and other current assets 2,201 2,160

Total current assets 28,628 26,947

Property and equipment, net 2,723 2,312

Goodwill 25,344 25,126

Acquisition-related intangibles, net 16,154 16,705

Deferred tax assets 476 384

Other non-current assets 6,317 5,452

Total assets $ 79,642 $ 76,926

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable $ 2,997 $ 2,929

Accrued liabilities 5,785 5,250

Current portion of long-term debt, net

874 874

Other current liabilities 850 402

Total current liabilities 10,506 9,455

Long-term debt, net

2,350 2,348

Long-term operating lease liabilities 647 625

Deferred tax liabilities 307 313

Other long-term liabilities 1,370 1,186

Commitments and contingencies (See Note 10)

Stockholders’ equity:

Capital stock:

Common stock, par value $ 0.01 ; shares authorized: 4,000 ; shares issued: 1,697 and 1,695 ; shares outstanding: 1,630 and 1,630

17 17

Additional paid-in capital 63,856 63,365

Treasury stock, at cost (shares held: 67 and 65 )

( 7,421 ) ( 7,079 )

Retained earnings

8,082 6,699

Accumulated other comprehensive loss

( 72 ) ( 3 )

Total stockholders’ equity 64,462 62,999

Total liabilities and stockholders’ equity $ 79,642 $ 76,926

See accompanying notes.

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Advanced Micro Devices, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

Three Months Ended

March 28,

2026 March 29,

2025

(In millions)

Cash flows from operating activities:

Net income $ 1,383 $ 709

Income from discontinued operations, net of tax

( 11 ) —

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization 206 175

Amortization of acquisition-related intangibles 551 567

Stock-based compensation 487 364

Deferred income taxes ( 79 ) ( 167 )

(Gains) losses on long-term investments, net

( 66 ) 2

Other 28 37

Changes in operating assets and liabilities:

Accounts receivable, net 280 748

Inventories ( 125 ) ( 682 )

Prepaid expenses and other assets ( 308 ) ( 237 )

Accounts payable ( 104 ) ( 289 )

Accrued and other liabilities 713 ( 288 )

Net cash flows provided by operating activities of continuing operations

2,955 939

Cash flows from investing activities:

Purchases of property and equipment ( 389 ) ( 212 )

Purchases of short-term investments ( 2,545 ) ( 304 )

Proceeds from maturity of short-term investments 652 365

Proceeds from sale of short-term investments 126 33

Purchases of long-term investments

( 409 ) ( 239 )

Net cash used in investing activities of continuing operations

( 2,565 ) ( 357 )

Cash flows from financing activities:

Proceeds from debt and commercial paper issuance, net of issuance costs — 2,441

Proceeds from sales of common stock through employee equity plans 5 4

Repurchases of common stock ( 221 ) ( 749 )

Stock repurchases for tax withholding on employee equity plans ( 134 ) ( 30 )

Net cash (used in) provided by financing activities of continuing operations

( 350 ) 1,666

Net increase in cash, cash equivalents and restricted cash

40 2,248

Cash, cash equivalents and restricted cash at beginning of period 5,556 3,811

Cash, cash equivalents and restricted cash at end of period $ 5,596 $ 6,059

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Advanced Micro Devices, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

Three Months Ended

March 28,

2026 March 29,

2025

(In millions)

Supplemental cash flow information:

Cash paid during the period for:

Income taxes, net of refunds $ 30 $ 128

Non-cash investing and financing activities:

Purchases of property and equipment, accrued but not paid $ 329 $ 147

Reconciliation of cash, cash equivalents and restricted cash

Cash and cash equivalents $ 5,585 $ 6,049

Restricted cash included in Prepaid expenses and other current assets 11 10

Cash, cash equivalents and restricted cash at end of period $ 5,596 $ 6,059

See accompanying notes.

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Advanced Micro Devices, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(Unaudited)

Three Months Ended

March 28,

2026 March 29,

2025

(In millions)

Capital stock:

Common stock, par value

Balance, beginning of period $ 17 $ 17

Balance, end of period $ 17 $ 17

Additional paid-in capital

Balance, beginning of period $ 63,365 $ 61,362

Common stock issued under employee equity plans 4 4

Stock-based compensation 487 364

Balance, end of period $ 63,856 $ 61,730

Treasury stock

Balance, beginning of period $ ( 7,079 ) $ ( 6,106 )

Repurchases of common stock ( 221 ) ( 756 )

Common stock repurchases for tax withholding on employee equity plans ( 121 ) ( 37 )

Balance, end of period $ ( 7,421 ) $ ( 6,899 )

Retained earnings:

Balance, beginning of period $ 6,699 $ 2,364

Net income 1,383 709

Balance, end of period $ 8,082 $ 3,073

Accumulated other comprehensive income (loss):

Balance, beginning of period $ ( 3 ) $ ( 69 )

Other comprehensive income (loss)

( 69 ) 29

Balance, end of period $ ( 72 ) $ ( 40 )

Total stockholders' equity $ 64,462 $ 57,881

See accompanying notes.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

NOTE 1 – The Company

Advanced Micro Devices, Inc. is a global semiconductor company. References herein to AMD or the Company mean Advanced Micro Devices, Inc. and its consolidated subsidiaries. AMD’s products include Artificial Intelligence (AI) accelerators, microprocessors (CPUs) and graphics processing units (GPUs), as standalone devices or as incorporated into accelerated processing units (APUs), chipsets, data center and professional GPUs, embedded processors, semi-custom System-on-Chip (SoC) products, microprocessor and SoC development services and technology, data processing units (DPUs), Field Programmable Gate Arrays (FPGAs), System on Modules (SOMs), AI Network Interface Cards (AI NICs) and Adaptive SoC products. From time to time, the Company may also sell or license portions of its intellectual property (IP) portfolio.

NOTE 2 – Basis of Presentation and Significant Accounting Policies

Basis of Presentation. The accompanying unaudited condensed consolidated financial statements of AMD have been prepared in accordance with United States generally accepted accounting principles (U.S. GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. The results of operations for the three months ended March 28, 2026 shown in this report are not necessarily indicative of results to be expected for the full year ending December 26, 2026 or any other future period. In the opinion of the Company’s management, the information contained herein reflects all adjustments necessary for a fair presentation of the Company’s results of operations, financial position, cash flows and stockholders’ equity. All such adjustments are of a normal, recurring nature. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended December 27, 2025.

The Company uses a 52- or 53-week fiscal year ending on the last Saturday in December. The three months ended March 28, 2026 and March 29, 2025 each consisted of 13 weeks.

Use of Estimates. The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of commitments and contingencies at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results are likely to differ from those estimates, and such differences may be material to the financial statements. Areas where management uses subjective judgment include, but are not limited to: revenue allowances, inventory valuation, valuation of goodwill and long-lived and intangible assets, business combination accounting and income taxes.

Significant Accounting Policies. There have been no material changes to the Company’s significant accounting policies in Note 2 - Basis of Presentation and Significant Accounting Policies, of the Notes to Condensed Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 27, 2025.

NOTE 3 – Supplemental Financial Statement Information

Inventories

March 28,

2026 December 27,

2025

(In millions)

Raw materials $ 752 $ 909

Work in process 4,748 4,768

Finished goods 2,545 2,243

Total inventories $ 8,045 $ 7,920

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Property and Equipment, net

March 28,

2026 December 27,

2025

(In millions)

Land, building and leasehold improvements $ 1,034 $ 967

Equipment 3,795 3,453

Construction in progress 646 508

Property and equipment, gross 5,475 4,928

Accumulated depreciation ( 2,752 ) ( 2,616 )

Total property and equipment, net $ 2,723 $ 2,312

Accrued Liabilities

March 28,

2026 December 27,

2025

(In millions)

Customer-related liabilities $ 1,732 $ 1,194

Accrued marketing programs 1,648 1,454

Accrued compensation and benefits 1,280 1,645

Other accrued expenses and liabilities

1,125 957

Total accrued liabilities

$ 5,785 $ 5,250

Revenue

Revenue allocated to remaining performance obligations that are unsatisfied or partially unsatisfied include amounts received from customers and amounts that will be invoiced and recognized as revenue in future periods for development and engineering services, IP licensing, and product revenue. As of March 28, 2026, the aggregate transaction price allocated to remaining performance obligations under contracts with an original expected duration of more than one year was $ 264 million, of which $ 167 million is expected to be recognized in the next 12 months. The revenue allocated to remaining performance obligations does not include amounts which have an original expected duration of one year or less.

Revenue recognized over time associated with custom products and development services accounted for approximately 4 % and 9 % of the Company’s revenue for the three months ended March 28, 2026 and March 29, 2025, respectively.

NOTE 4 – Segment Reporting

Management, including the Chief Operating Decision Maker (CODM), who is the Company’s Chief Executive Officer, reviews and assesses operating performance using segment net revenue, cost of sales and operating expenses, and operating income (loss). These performance measures include the allocation of expenses to the reportable segments based on management’s judgment. The CODM is regularly provided segment operating income to assess relative segment performance.

The Company’s three reportable segments are:

• the Data Center segment, which primarily includes Artificial Intelligence (AI) accelerators, microprocessors (CPUs) for servers, graphics processing units (GPUs), accelerated processing units (APUs), data processing units (DPUs), AI Network Interface Cards (AI NICs), Field Programmable Gate Arrays (FPGAs) and adaptive System-on-Chip (SoC) products for data centers;

• the Client and Gaming segment, which primarily includes CPUs, APUs, chipsets for desktops and notebooks, discrete GPUs, and semi-custom SoC products and development services; and

• the Embedded segment, which primarily includes embedded CPUs, APUs, FPGAs, System on Modules (SOMs), and adaptive SoC products.

From time to time, the Company may also sell or license portions of its IP portfolio.

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In addition to these reportable segments, the Company has an All Other category, which is not a reportable segment. This category primarily includes certain expenses and credits that are not allocated to any of the reportable segments because the CODM does not consider these expenses and credits in evaluating the performance of the reportable segments. This category primarily includes amortization of acquisition-related intangibles, employee stock-based compensation expense and acquisition-related and other costs. Acquisition-related and other costs primarily include certain compensation charges and transaction costs.

The following table provides a summary of net revenue, cost of sales and operating expenses, and operating income (loss) by segment. Segment cost of sales and operating expenses primarily include materials, external manufacturing, labor and marketing and advertising costs, and exclude expenses and credits that are recorded within the All Other category. Each of the Client and Gaming businesses do not qualify as a separate reportable operating segment, however, the Company continues to separately disclose revenue for each business.

Three Months Ended

March 28,

2026 March 29,

2025

(In millions)

Net revenue:

Data Center $ 5,775 $ 3,674

Client and Gaming

Client 2,885 2,294

Gaming 720 647

Total Client and Gaming 3,605 2,941

Embedded 873 823

Total net revenue $ 10,253 $ 7,438

Cost of sales and operating expenses:

Data Center

$ 4,176 $ 2,742

Client and Gaming

3,030 2,445

Embedded

535 495

All other 1,036 950

Total cost of sales and operating expenses

$ 8,777 $ 6,632

Operating income (loss):

Data Center $ 1,599 $ 932

Client and Gaming 575 496

Embedded 338 328

All other (1)

( 1,036 ) ( 950 )

Total operating income

$ 1,476 $ 806

(1) For the three months ended March 28, 2026, all other operating losses primarily included $ 551 million of amortization of acquisition-related intangibles, and $ 487 million of stock-based compensation expense, respectively.

For the three months ended March 29, 2025, all other operating losses primarily included $ 567 million of amortization of acquisition-related intangibles, and $ 364 million of stock-based compensation expense, respectively.

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NOTE 5 – Acquisitions and Divestitures

ZT Systems Acquisition and ZT Manufacturing Business Divestiture

On March 31, 2025 (the Acquisition Date), the Company completed the acquisition of all issued and outstanding shares of ZT Systems, a provider of AI and general-purpose compute infrastructure for hyperscale computing companies for a total purchase consideration of $ 4.4 billion. The acquisition is expected to enable the Company to deliver end-to-end AI solutions and accelerate the design and deployment of AMD-powered AI infrastructure at scale optimized for the cloud.

The purchase consideration was composed of the following (in millions):

Cash paid on Acquisition Date

$ 3,188

Fair value of 8,335,849 shares (1) issued on Acquisition Date

860

Fair value of contingent consideration (2) on Acquisition Date

361

Total purchase consideration

$ 4,409

(1) Represented the fair value based on the closing price of AMD common stock on March 28, 2025 of $ 103.22 per share, as the transaction closed prior to the opening of markets on March 31, 2025.

(2) Represented the estimated fair value of additional consideration of up to 740,961 shares of AMD common stock to be issued and up to $ 300 million of cash to be paid to former ZT Systems stockholders and warrant holders when the contingencies are fully met.

The Company allocated the purchase price to identifiable tangible and intangible assets acquired and liabilities assumed based on estimates of their fair values, which were determined using generally accepted valuation techniques based on estimates and assumptions made by management. The assets and liabilities related to the data center infrastructure manufacturing business (ZT Manufacturing Business), which was divested on October 27, 2025, were classified as held for sale. Fair values of assets and liabilities classified as held for sale were determined using the income and cost valuation approaches, which incorporate significant unobservable inputs. Goodwill was assigned to the Company’s Data Center reporting unit, primarily attributed to the assembled workforce and is not expected to be deductible for income tax purposes.

The Company retained select intellectual property and employees associated with the design operations (ZT Design Business). The results of operations of the ZT Design Business are included in the Company’s continuing operations within the Data Center segment and are not material. The results of operations of the ZT Manufacturing Business are presented as discontinued operations in the Company’s Condensed Consolidated Financial Statements.

The contingent consideration liability was settled in October 2025 with the former ZT shareholders and warrant holders as the contingencies were fully met.

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During the measurement period, the Company recorded adjustments to certain assets and liabilities acquired and classified as held for sale, with a corresponding adjustment to goodwill. The adjustments did not have a material impact on the Company’s consolidated results of operations. The purchase price allocation, including measurement period adjustments, is presented below.

(in millions)

Preliminary

Measurement Period Adjustments

As adjusted

Cash and cash equivalents $ 1,500 $ — $ 1,500

Assets held for sale

5,965 54 6,019

Other assets

81 — 81

Total assets acquired

7,546 54 7,600

Liabilities held for sale 3,221 272 3,493

Other liabilities

124 — 124

Total liabilities assumed

3,345 272 3,617

Fair value of net assets acquired 4,201 ( 218 ) 3,983

Goodwill 208 218 426

Total purchase consideration $ 4,409 $ — $ 4,409

On October 27, 2025, the Company completed the sale of the ZT Manufacturing Business to Sanmina Corporation (Sanmina) for $ 2.4 billion in cash, subject to certain purchase price adjustments and 1,151,052 shares of Sanmina common stock. Upon close of the sale, the Company received cash of $ 1.4 billion, net of cash divested and purchase price adjustments, and shares of Sanmina common stock valued at $ 154 million. The purchase consideration received is subject to customary post-closing adjustments, including adjustments resulting from measurement period adjustments related to the acquisition of ZT Systems.

The Company is eligible to receive additional cash consideration of up to $450 million to the extent certain conditions are met following the close of the sale through 2028 (Earn-out). The Company applied the loss recovery approach, under which the difference between the fair value of the consideration received, excluding the Earn-out, and the carrying amount of the net assets disposed, is recognized as an earn-out receivable, to the extent it is probable of being received. As of March 28, 2026, the earn-out receivable of $ 324 million was recorded within Other non-current assets in the Company’s Consolidated Balance Sheets, and is subject to impairment assessment at the end of each reporting period prior to receipt of payment. The Company also entered into a Manufacturing Services Agreement with Sanmina with an initial term of five years.

Pro Forma Information

Since the ZT Manufacturing Business, which represents the majority of ZT Systems’ operations, was classified as held for sale upon acquisition and subsequently sold in October 2025, pro forma information presenting the combined results of operations of ZT Systems and other acquired entities were deemed neither material nor meaningful to the Company’s consolidated income from continuing operations and were omitted.

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NOTE 6 – Goodwill and Acquisition-related Intangibles, net

Goodwill

The following table summarizes Goodwill:

(in millions)

Data Center

Embedded

Client and Gaming

Total

December 27, 2025 $ 3,690 $ 21,072 $ 364 $ 25,126

Measurement period adjustments relating to acquisitions

218 — — 218

March 28, 2026 $ 3,908 $ 21,072 $ 364 $ 25,344

Acquisition-related Intangibles, net

The following table summarizes Acquisition-related Intangibles Assets:

March 28, 2026 December 27, 2025

Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount

(In millions) (In millions)

Developed technology $ 13,599 $ ( 3,821 ) $ 9,778 $ 13,599 $ ( 3,560 ) $ 10,039

Customer relationships 12,324 ( 6,537 ) 5,787 12,324 ( 6,267 ) 6,057

Product trademarks 914 ( 325 ) 589 914 ( 305 ) 609

Total acquisition-related intangible assets, net

$ 26,837 $ ( 10,683 ) $ 16,154 $ 26,837 $ ( 10,132 ) $ 16,705

Acquisition-related intangible amortization expense was $ 551 million and $ 567 million for the three months ended March 28, 2026 and March 29, 2025, respectively.

Based on the carrying value of acquisition-related intangibles recorded as of March 28, 2026, and assuming no subsequent impairment of the underlying assets, the estimated future annual amortization expense for acquisition-related intangibles is as follows:

Fiscal Year

Remainder of 2026

2027 2028 2029 2030 2031 and thereafter

Total

(In millions)

Future annual amortization

$ 1,602 $ 2,036 $ 1,923 $ 1,691 $ 1,454 $ 7,448 $ 16,154

NOTE 7 – Related Party — Equity Joint Ventures

ATMP Joint Ventures

The Company holds a 15 % equity interest in two joint ventures (collectively, the ATMP JV) with affiliates of Tongfu Microelectronics Co., Ltd, a Chinese joint stock company. The Company has no obligation to fund the ATMP JV. The Company accounts for its equity interests in the ATMP JV under the equity method of accounting due to its significant influence over the ATMP JV. The carrying value of the Company’s investment in ATMP JV was $ 182 million and $ 176 million as of March 28, 2026 and December 27, 2025, respectively, and is recorded within Other non-current assets on the Company’s Consolidated Balance Sheets.

The ATMP JV provides assembly, test, mark and packaging (ATMP) services to the Company. The Company’s purchases from the ATMP JV during the three months ended March 28, 2026 and March 29, 2025 were $ 718 million and $ 497 million, respectively. The amounts payable to the ATMP JV were $ 556 million and $ 408 million as of March 28, 2026 and December 27, 2025, respectively, and are recorded within Accounts payable on the Company’s Consolidated Balance Sheets.

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On October 2024, the Company provided a $ 100 million term loan to one of the ATMP JVs for general corporate purposes. The loan bears interest at the three months term Secured Overnight Financing Rate (SOFR) plus 35 basis points, payable quarterly and matures on October 16, 2026. The loan and related interest receivable are recorded within Prepaid expenses and other current assets on the Company’s Consolidated Balance Sheets.

During the three months ended March 28, 2026 and March 29, 2025, the Company recorded income related to the ATMP JV of $ 6 million and $ 7 million in Equity income in investee on its Consolidated Statement of Operations , respectively.

NOTE 8 – Financial Instruments

Financial Instruments Recorded at Fair Value on a Recurring Basis

March 28, 2026 December 27, 2025

(In millions) Level 1 Level 2 Level 3

Total Level 1 Level 2 Level 3 Total

Cash equivalents

Money market funds $ 640 $ — $ — $ 640 $ 620 $ — $ — $ 620

Corporate debt securities — 1,509 — 1,509 — 1,869 — 1,869

U.S. government and agency securities 1,049 798 — 1,847 1,148 300 — 1,448

Non-U.S. government and agency securities — 100 — 100 — 245 — 245

Time deposits and certificates of deposits — 92 — 92 — 173 — 173

Short-term investments

Corporate debt securities — 4,446 — 4,446 — 3,107 — 3,107

U.S. government and agency securities 1,074 1,043 — 2,117 901 718 — 1,619

Non-U.S. government and agency securities — 161 — 161 — 256 — 256

Time deposits and certificates of deposits — 11 — 11 — 10 — 10

Asset-backed and mortgage-backed securities — 21 — 21 — 22 — 22

Marketable equity securities 6 — — 6 — — — —

Other non-current assets

Long-term investments

169 — 126 295 198 — 202 400

Deferred compensation plan investments 269 — — 269 257 — — 257

Total assets measured at fair value $ 3,207 $ 8,181 $ 126 $ 11,514 $ 3,124 $ 6,700 $ 202 $ 10,026

Deferred compensation plan investments are primarily mutual fund investments held in a Rabbi trust established to maintain the Company’s executive deferred compensation plan.

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The following is a summary of cash equivalents and short-term investments:

March 28, 2026 December 27, 2025

Cost/ Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair

Value Cost/ Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair

Value

(in millions) (in millions)

Money market funds $ 640 $ — $ — $ 640 $ 620 $ — $ — $ 620

Corporate debt securities 5,976 1 ( 22 ) 5,955 4,974 2 — 4,976

U.S. government and agency securities 3,969 1 ( 6 ) 3,964 3,065 2 — 3,067

Non-U.S. government and agency securities 261 — — 261 501 — — 501

Time deposits and certificates of deposits 103 — — 103 183 — — 183

Asset-backed and mortgage-backed securities 22 — ( 1 ) 21 23 — ( 1 ) 22

Marketable equity securities 6 — — 6 — — — —

$ 10,977 $ 2 $ ( 29 ) $ 10,950 $ 9,366 $ 4 $ ( 1 ) $ 9,369

As of March 28, 2026 and December 27, 2025, the Company did not have material available-for-sale debt securities which have been in a continuous unrealized loss position of more than twelve months.

The contractual maturities of available-for-sale debt securities are as follows:

March 28, 2026 December 27, 2025

Amortized Cost Fair Value Amortized Cost Fair Value

(In millions) (In millions)

Due within 1 year $ 6,998 $ 6,996 $ 6,528 $ 6,528

Due in 1 year through 5 years 3,313 3,288 2,195 2,199

Due in 5 years and later 21 20 23 22

$ 10,332 $ 10,304 $ 8,746 $ 8,749

Financial Instruments Not Recorded at Fair Value

The carrying amounts and estimated fair values of the Company’s current and long-term debt are as follows:

March 28, 2026 December 27, 2025

Carrying

Amount Estimated

Fair Value Carrying

Amount Estimated

Fair Value

(In millions) (In millions)

Current portion of long-term debt, net

$ 874 $ 877 $ 874 $ 879

Long-term debt

$ 2,350 $ 2,209 $ 2,348 $ 2,246

The estimated fair value of the Company’s long-term debt is based on Level 2 inputs of quoted prices for the Company’s debt and comparable instruments in inactive markets.

The fair value of the Company’s accounts receivable, accounts payable and other short-term obligations approximate their carrying value based on existing terms.

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Financial Instruments Measured at Fair Value on a Non-Recurring Basis

Non-marketable equity securities and other instruments primarily include investments in privately held companies with technologies that are typically in early stages of research or development. These investments are recorded within Other non-current assets on the Consolidated Balance Sheets. Gains and losses are recorded in Other income, expense, net on the Consolidated Statements of Operations.

As of March 28, 2026 and December 27, 2025, the Company had long-term investments in non-marketable equity securities of $ 1.8 billion and $ 1.1 billion, respectively, which are recorded at estimated fair value based on observable events or adjustments from impairments.

As of March 28, 2026, non-marketable equity investments had cumulative gross unrealized gains of $ 384 million and cumulative gross unrealized losses and impairments of $ 52 million. During the three months ended March 28, 2026, the Company recognized gross unrealized gains of $ 93 million and gross unrealized losses and impairments were not material. As of March 29, 2025, cumulative and quarterly gross unrealized gains, losses and impairments were not material.

Hedging Transactions and Derivative Financial Instruments

Foreign Currency Forward Contracts Designated as Accounting Hedges

The Company enters into foreign currency forward contracts to hedge its exposure to foreign currency exchange rate risk related to future forecasted transactions denominated in currencies other than the U.S. Dollar. These contracts generally mature within 24 months and are designated as accounting hedges. As of March 28, 2026 and December 27, 2025, the notional value of the Company’s outstanding foreign currency forward contracts designated as cash flow hedges was $ 2.9 billion and $ 2.3 billion, respectively. The fair value of these contracts was not material as of March 28, 2026 and December 27, 2025.

Foreign Currency Forward Contracts Not Designated as Accounting Hedges

The Company also enters into foreign currency forward contracts to reduce the short-term effects of foreign currency fluctuations on certain receivables or payables denominated in currencies other than the U.S. Dollar. These forward contracts generally mature within 3 months and are not designated as accounting hedges. As of March 28, 2026 and December 27, 2025, the notional value of these outstanding contracts was $ 1.2 billion and $ 1.1 billion, respectively. The fair value of these contracts was not material as of March 28, 2026 and December 27, 2025.

The cash flows associated with derivative instruments as cash flow hedging instruments are classified in the same category within the Consolidated Statement of Cash Flows as the cash flows of the related items.

Lease Guarantees

As of March 28, 2026, the Company had a maximum gross exposure of $ 4.1 billion from guarantees issued in connection with certain commercial partner data center lease obligations with a term of up to 15 years. Guarantees typically become payable in the event of a commercial partner’s default and may be issued in exchange for warrants. The exposure decreases over time as contractual lease payments are made to the lessor. Guarantees are recorded as a credit derivative within Other long-term liabilities, with changes in fair value recorded within Other income (expense), net, and were not material to the financial statements.

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NOTE 9 – Debt, Revolving Credit Facility and Commercial Paper Program

Debt

The Company’s debt as of March 28, 2026 and December 27, 2025 consisted of the following:

March 28,

2026 December 27,

2025

(In millions)

4.212 % Senior Notes Due 2026 ( 4.212 % Notes)

$ 875 $ 875

4.319 % Senior Notes Due 2028 ( 4.319 % Notes)

625 625

2.375 % Senior Notes Due 2030 ( 2.375 % Notes)

750 750

3.924 % Senior Notes Due 2032 ( 3.924 % Notes)

500 500

4.393 % Senior Notes Due 2052 ( 4.393 % Notes)

500 500

Total debt (principal amount)

3,250 3,250

Unamortized debt discount and issuance costs ( 26 ) ( 28 )

Total debt (net)

3,224 3,222

Less: current portion of long-term debt and related unamortized debt issuance costs

( 874 ) ( 874 )

Total long-term debt (net)

$ 2,350 $ 2,348

4.212% Senior Notes Due 2026 and 4.319% Senior Notes Due 2028

On March 24, 2025, the Company issued 4.212 % Notes and 4.319 % Notes in aggregate principal amount of $ 1.5 billion, which are general unsecured senior obligations of the Company. The interest is payable semi-annually on March 24 and September 24 of each year, commencing on September 24, 2025.

The Company may redeem some or all of the 4.212 % Notes prior to September 24, 2026 and the 4.319 % Notes prior to February 24, 2028 at a price equal to the greater of the present value of the principal amount and future interest through the maturity of the debt or 100% of the principal amount plus accrued and unpaid interest. On or after February 24, 2028, the Company may also redeem some or all of the 4.319 % Notes at 100% of the principal amount plus accrued and unpaid interest.

Holders of the 4.212 % Notes and the 4.319 % Notes have the right to require the Company to repurchase all or a portion of their notes at 101% of the principal amount plus accrued and unpaid interest if the Company undergoes a change of control. An event of default may also accelerate the maturity of the 4.212 % Notes and 4.319 % Notes.

2.375% Senior Notes Due 2030, 3.924% Senior Notes Due 2032 and 4.393% Senior Notes Due 2052

The 2.375 % Notes, 3.924 % Notes and 4.393 % Notes are general unsecured senior obligations of the Company with semi-annual fixed interest payments due on June 1 and December 1.

The Company may redeem some or all of the 3.924% Notes and 4.393% Notes prior to March 1, 2032 and December 1, 2051, respectively, at a price equal to the greater of the present value of the principal amount and future interest through the maturity of the 3.924% Notes or 4.393% Notes or 100% of the principal amount plus accrued and unpaid interest. Holders have the right to require the Company to repurchase all or a portion of the 3.924% Notes or 4.393% Notes in the event that the Company undergoes a change of control as defined in the indenture, at a repurchase price of 101% of the principal amount plus accrued and unpaid interest. Additionally, an event of default may result in the acceleration of the maturity of the 3.924% Notes and 4.393% Notes.

As of March 28, 2026, the Company was in compliance with the covenants associated with its notes.

Revolving Credit Facility

The Company has $ 3.0 billion available under an unsecured revolving credit facility that expires on April 29, 2027. During the three months ended March 28, 2026, the Company did not draw funds from the revolving credit facility. As of March 28, 2026, the Company was in compliance with the covenants under the revolving credit facility.

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Commercial Paper

The Company has a commercial paper program under which it can issue unsecured commercial paper notes up to a principal amount of $ 3.0 billion at any time with maturities of up to 397 days from the date of issue. The commercial paper will be sold at a discount from par or, alternatively, will be sold at par and bear interest at rates that will vary based on market conditions at the time of the issuance. As of March 28, 2026 and December 27, 2025, the Company had no commercial paper outstanding.

NOTE 10 – Commitments and Contingencies

Commitments

The Company’s commitments primarily include the Company’s obligations to purchase wafers, substrates and components from third parties, and future payments related to multi-year cloud service provider (CSP), software, and technology license agreements. The Company continually works with suppliers and partners on the timing of payments and deliveries of commitments, taking into account business conditions. Some cloud service capacity may be reduced, terminated or sold to others by the CSPs, in which case the Company’s commitments will be reduced. The Company expects to utilize the cloud service capacity in its operations or assign the capacity to third parties. These commitments were made under noncancellable purchase orders and contractual obligations requiring minimum commitments for which cancellation would lead to significant penalties.

Total future commitments as of March 28, 2026 were as follows (in millions):

Fiscal Year Remainder of 2026 2027 2028 2029 2030 2031 and thereafter Total

Unconditional commitments

$ 18,342 $ 2,721 $ 1,934 $ 1,930 $ 727 $ 8 $ 25,662

The Company has also entered into data center and other real estate leases that have not yet commenced. As of March 28, 2026, these leases have aggregate future payments of $ 4.4 billion and have lease terms of 7 to 10 years. These leases are expected to commence beginning in the second quarter of fiscal year 2026.

Contingencies

During the quarter ended March 28, 2026, there were no material legal proceedings. The Company is a defendant or plaintiff in various actions that arose in the normal course of business. With respect to these matters, based on management’s current knowledge, the Company believes that the amount or range of reasonably possible loss, if any, will not, either individually or in the aggregate, have a material adverse effect on the Company’s financial position, results of operations, or cash flows.

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NOTE 11 – Earnings Per Share

The following table sets forth the components of basic and diluted earnings per share:

Three Months Ended

March 28,

2026 March 29,

2025

(In millions, except per share amounts)

Numerator

Income from continuing operations $ 1,372 $ 709

Income from discontinued operations 11 —

Net income $ 1,383 $ 709

Denominator

Basic weighted average shares 1,631 1,620

Potentially dilutive shares from employee equity plans 19 6

Diluted weighted average shares 1,650 1,626

Earnings per share:

Basic earnings from continuing operations $ 0.84 $ 0.44

Basic earnings from discontinued operations 0.01 —

Basic earnings per share $ 0.85 $ 0.44

Diluted earnings from continuing operations $ 0.83 $ 0.44

Diluted earnings from discontinued operations 0.01 —

Diluted earnings per share $ 0.84 $ 0.44

Securities which would have been anti-dilutive are not material and are excluded from the computation of diluted earnings per share for all periods presented.

NOTE 12 – Common Stock and Stock-based Compensation

Common Stock

Shares of common stock outstanding were as follows:

Three Months Ended

March 28,

2026 March 29,

2025

(In millions)

Balance, beginning of period 1,630 1,622

Common stock issued under employee equity plans 2 1

Common stock repurchases for tax withholding on equity awards ( 1 ) —

Repurchases of common stock ( 1 ) ( 7 )

Balance, end of period 1,630 1,616

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Stock Repurchase Program

The Company has a stock repurchase program (Repurchase Program) with total repurchase authority of $ 14 billion. During the three months ended March 28, 2026, the Company repurchased 1.1 million shares of its common stock under the Repurchase Program for $ 221 million. The repurchased amounts do not include the 1% excise tax on stock repurchases enacted by the Inflation Reduction Act of 2022. As of March 28, 2026, $ 9.2 billion remained available for future stock repurchases under the Repurchase Program. The Repurchase Program does not obligate the Company to acquire any common stock, has no termination date and may be suspended or discontinued at any time.

Warrants

In October 2025 and February 2026, the Company issued warrants to OpenAI OpCo, LLC (OpenAI) and Meta Platforms, Inc. (Meta) (the OpenAI Warrant and the Meta Warrant, respectively). Each warrant provides the holder the right to purchase up to an aggregate of 160 million shares of the Company’s common stock at an exercise price of $ 0.01 per share. The warrants vest in tranches based on AMD Instinct GPU purchase milestones achieved by OpenAI, Meta, their affiliates, or indirectly through authorized third parties, and achievement of specified Company stock price targets. The vesting of the OpenAI Warrant also includes the achievement of stock‑performance thresholds. Each vested tranche is further subject to the fulfillment of certain other technical and commercial conditions prior to exercisability. Subject to the terms of the warrants, the OpenAI Warrant is exercisable through October 5, 2030 and the Meta Warrant is exercisable through February 23, 2031. As of March 28, 2026, and as of December 27, 2025 with respect to the OpenAI Warrant only, none of the warrant shares had vested or become exercisable. Accordingly, the warrants did not have an impact on the Company’s financial statements for the periods ended March 28, 2026 and, with respect to the OpenAI Warrant only, December 27, 2025. The Company will account for the warrants as a liability until certain conditions for equity classification are satisfied.

Stock-based Compensation

Stock-based compensation expense recorded in the Consolidated Statements of Operations was as follows:

Three Months Ended

March 28,

2026 March 29,

2025

(In millions)

Cost of sales $ 8 $ 5

Research and development 387 282

Marketing, general and administrative 92 77

Total $ 487 $ 364

NOTE 13 – Income Taxes

The Company determines its income taxes for interim reporting periods by applying the Company’s estimated annual effective tax rate to the year-to-date results, adjusted for tax items discrete to each period.

Continuing Operations

For the three months ended March 28, 2026, the Company recorded an income tax provision from continuing operations of $ 238 million representing an effective tax rate of 14.8 %. The difference between the U.S. federal statutory tax rate of 21% and the Company’s estimated annual effective tax rate was primarily due to the income tax benefit from foreign-derived deduction eligible income (FDDEI), formerly FDII, and research and development (R&D) tax credits.

For the three months ended March 29, 2025, the Company recorded an income tax provision from continuing operations of $ 123 million representing an effective tax rate of 14.8 %. The difference between the U.S. federal statutory tax rate of 21% and the Company's estimated annual effective tax rate was primarily due to the income tax benefit from foreign-derived intangible income (FDII) and research and development (R&D) tax credits, partially offset by the tax rate detriment from foreign earnings.

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As of March 28, 2026 and December 27, 2025, the Company had long-term income tax liabilities related to unrecognized tax benefits, which included interest and penalties, of $ 833 million and $ 806 million, respectively, recorded under Other long-term liabilities in the Company’s Consolidated Balance Sheets.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The statements in this report include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations and beliefs and involve numerous risks and uncertainties that could cause actual results to differ materially from expectations. These forward-looking statements speak only as of the date hereof or as of the dates indicated in the statements and should not be relied upon as predictions of future events, as we cannot assure you that the events or circumstances reflected in these statements will be achieved or will occur. You can identify forward-looking statements by the use of forward-looking terminology including “believes,” “expects,” “may,” “will,” “should,” “seeks,” “intends,” “plans,” “pro forma,” “estimates,” “anticipates,” or the negative of these words and phrases, other variations of these words and phrases or comparable terminology. The forward-looking statements relate to, among other things: possible impact of future accounting rules on AMD’s condensed consolidated financial statements; demand for AMD’s products; AMD’s strategy and expected benefits; the growth, change and competitive landscape of the markets in which AMD participates; the expectation that international sales will continue to be a significant portion of total sales in the foreseeable future; the expectation that AMD’s cash, cash equivalents, short-term investments and cash flows from operations along with our revolving credit facility and our commercial paper program will be sufficient to fund AMD’s operations, capital expenditures, commitments and strategic activities over the next 12 months and beyond; AMD’s ability to access capital markets; AMD’s expectation that based on management’s current knowledge, the potential liability related to AMD’s current litigation will not have a material adverse effect on its financial positions, results of operations or cash flows; anticipated ongoing and increased costs related to enhancing and implementing information security controls; the expectation that revenue allocated to remaining performance obligations that are unsatisfied will be recognized in the next 12 months; that a small number of customers will continue to account for a substantial part of AMD’s revenue and receivables in the future; the expected implications from the development of the legal and regulatory environment relating to emerging technologies, such as AI; AMD’s expectation to utilize the cloud service capacity in its operations or assign the capacity; AMD’s ability to achieve its corporate responsibility initiatives; compliance costs associated with new or developing sustainability laws and requirements; expected future AI technology trends and developments; the expected benefits of AMD’s acquisitions; the extent of impact of export restrictions imposed by the U.S. on our business; and AMD’s expectation to fund stock repurchases through cash generated from operations. For a discussion of the factors that could cause actual results to differ materially from the forward-looking statements, see “Part II, Item 1A—Risk Factors” and the “Financial Condition” section set forth in “Part I, Item 2-Management’s Discussion and Analysis of Financial Condition and Results of Operations,” or MD&A, and such other risks and uncertainties as set forth below in this report or detailed in our other Securities and Exchange Commission (SEC) reports and filings. We assume no obligation to update forward-looking statements.

References in this Quarterly Report on Form 10-Q to “AMD,” “we,” “us,” “management,” “our” or the “Company” mean Advanced Micro Devices, Inc. and our consolidated subsidiaries.

AMD, the AMD Arrow logo, AMD Instinct, EPYC, Radeon, Ryzen, Xilinx and combinations thereof are trademarks of Advanced Micro Devices, Inc. Other names are for informational purposes only and are used to identify companies and products and may be trademarks of their respective owners. “Zen” is a codename for an AMD architecture and is not a product name.

The following discussion should be read in conjunction with the unaudited condensed consolidated financial statements and related notes included in this report and our audited consolidated financial statements and related notes as of December 27, 2025 and December 28, 2024, and for each of the three years for the period ended December 27, 2025 as filed in our Annual Report on Form 10-K for the fiscal year ended December 27, 2025.

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Overview and Recent Developments

We are a global semiconductor company primarily offering:

• Artificial Intelligence (AI) accelerators, microprocessors (CPUs) for servers, graphics processing units (GPUs), accelerated processing units (APUs), data processing units (DPUs), AI Network Interface Cards (AI NICs), Field Programmable Gate Arrays (FPGAs) and adaptive System-on-Chip (SoC) products for data centers;

• CPUs, APUs, chipsets for desktops and notebooks, discrete GPUs, semi-custom SoC products and development services; and

• embedded CPUs, APUs, FPGAs, System on Modules (SOMs), and adaptive SoC products.

From time to time, we may also sell or license portions of our intellectual property (IP) portfolio.

In this section, we will describe the general financial condition and the results of operations of Advanced Micro Devices, Inc. and its wholly-owned subsidiaries (collectively, “we”, “us,” “our”, “AMD” or the “Company”), including a discussion of our results of operations for the three months ended March 28, 2026 compared to the prior year period and an analysis of changes in our financial condition .

Net revenue for the three months ended March 28, 2026 was $10.3 billion, a 38% increase compared to the prior year period. The increase in net revenue was driven by an increase in Data Center segment revenue primarily driven by strong demand for our 5th generation AMD EPYC™ processors and AMD Instinct™ MI350 Series GPUs, an increase in Client and Gaming segment revenue, primarily driven by strong demand for our AMD Ryzen™ processors and an increase in Embedded segment revenue as certain end market demand increased.

Gross margin for the three months ended March 28, 2026 was 53% compared to gross margin of 50% for the prior year period, a 3% increase primarily driven by a favorable product mix, including higher Data Center segment revenue.

Operating income for the three months ended March 28, 2026 was $1.5 billion compared to operating income of $806 million for the prior year period. The increase in operating income was due to higher gross profit, partially offset by higher operating expenses. Net income for the three months ended March 28, 2026 was $1.4 billion compared to net income of $709 million for the prior year period. The increase in net income was primarily driven by higher operating income.

As of March 28, 2026, our cash, cash equivalents and short-term investments were $12.3 billion compared to $10.6 billion as of December 27, 2025. During the three months ended March 28, 2026 , we generated $3.0 billion of cash from operating activities and we returned $221 million to stockholders through the repurchase of common stock under our stock repurchase program (Repurchase Program).

In February 2026, we amended a master purchase agreement with Meta Platforms, Inc. (Meta) and Meta agreed to deploy up to 6 gigawatts of AMD GPUs, with the first gigawatt of capacity powered by custom AMD Instinct MI450-based GPU and 6th Gen AMD EPYC™ CPUs. Concurrent with the agreement, we issued to Meta a warrant to purchase up to 160 million shares of AMD’s common stock at an exercise price of $0.01 per share. The warrant will vest in tranches based on AMD Instinct GPU purchase milestones by Meta, or its affiliates, or indirectly through authorized third parties and achievement of specified AMD stock price targets. Each vested tranche is further subject to the fulfillment of certain other technical and commercial conditions by Meta prior to exercisability. The warrant is exercisable through February 23, 2031. As of March 28, 2026, none of the warrant shares had vested or become exercisable, and the warrant had no impact on our Condensed Consolidated Financial Statements for the three months then ended.

We intend the discussion of our financial condition and results of operations that follows to provide information that will assist in understanding our financial statements, the changes in certain key items in those financial statements from period to period, the primary factors that resulted in those changes, and how certain accounting principles, policies and estimates affect our financial statements.

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Critical Accounting Policies and Estimates

Our discussion and analysis of our financial condition and results of operations are based upon our condensed consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP). The preparation of our financial statements requires us to make estimates and judgments that affect the reported amounts in our consolidated financial statements. We evaluate our estimates on an ongoing basis, including those related to our revenue, inventories, goodwill, long-lived and intangible assets, business combination accounting and income taxes. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Although actual results have historically been reasonably consistent with management’s expectations, the actual results may differ from these estimates or our estimates may be affected by different assumptions or conditions.

There have been no significant changes for the three months ended March 28, 2026 to the items that we disclosed as our critical accounting estimates in the Management’s Discussion and Analysis of Financial Condition and Results of Operations section of our Annual Report on Form 10-K for the fiscal year ended December 27, 2025.

Results of Continuing Operations

Each of the Client and Gaming businesses do not qualify as a separate reportable operating segment, however, we continue to separately disclose revenues for each business. Our operating results tend to vary seasonally. Historically, our net revenue has been generally higher in the second half of the year than in the first half of the year, although market conditions and product transitions could impact this trend.

The following table provides a summary of net revenue and operating income (loss) by segment:

Three Months Ended

March 28,

2026 March 29,

2025

(In millions)

Net revenue:

Data Center $ 5,775 $ 3,674

Client and Gaming

Client $ 2,885 $ 2,294

Gaming 720 647

Total Client and Gaming 3,605 2,941

Embedded 873 823

Total net revenue $ 10,253 $ 7,438

Cost of sales and operating expenses:

Data Center

$ 4,176 $ 2,742

Client and Gaming

3,030 2,445

Embedded

535 495

All other 1,036 950

Total cost of sales and operating expenses

$ 8,777 $ 6,632

Operating income (loss):

Data Center $ 1,599 $ 932

Client and Gaming 575 496

Embedded 338 328

All other (1,036) (950)

Total operating income

$ 1,476 $ 806

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Data Center

Data Center net revenue of $5.8 billion for the three months ended March 28, 2026 increased by 57%, compared to net revenue of $3.7 billion for the prior year period. The increase was primarily driven by strong demand for our 5th generation AMD EPYC™ processors and AMD Instinct™ MI350 Series GPUs.

Data Center operating income was $1.6 billion for the three months ended March 28, 2026, compared to operating income of $932 million for the prior year period. The increase in operating income was primarily driven by higher revenue, partially offset by higher cost of sales and operating expenses.

Client and Gaming

Client and Gaming net revenue of $3.6 billion for the three months ended March 28, 2026 increased by 23%, compared to net revenue of $2.9 billion for the prior year period.

Client net revenue of $2.9 billion for the three months ended March 28, 2026 increased by 26% compared to net revenue of $2.3 billion for the prior year period, primarily driven by a 25% increase in unit shipments and a 1% increase in average selling price primarily of AMD Ryzen mobile processors.

Gaming net revenue of $720 million for the three months ended March 28, 2026 increased by 11% compared to net revenue of $647 million for the prior year period, primarily driven by higher demand of our Radeon TM GPUs partially offset by lower semi-custom revenue.

Client and Gaming operating income was $575 million for the three months ended March 28, 2026, compared to operating income of $496 million for the prior year period. The increase in operating income was primarily driven by higher revenue, partially offset by higher cost of sales and operating expenses.

Embedded

Embedded net revenue of $873 million for the three months ended March 28, 2026 increased by 6%, compared to net revenue of $823 million for the prior year period. Net revenue increased as demand strengthened across several end markets.

Embedded operating income was $338 million for the three months ended March 28, 2026, compared to operating income of $328 million for the prior year period. The increase in operating income was primarily driven by higher revenue, partially offset by higher cost of sales and operating expenses.

All Other

All Other operating loss of $1.0 billion for the three months ended March 28, 2026 primarily consisted of $551 million of amortization of acquisition-related intangibles and $487 million of stock-based compensation expense. All Other operating loss of $950 million for the three months ended March 29, 2025 primarily consisted of $567 million of amortization of acquisition-related intangibles and $364 million of stock-based compensation expense.

International Sales

International sales as a percentage of net revenue were 74% and 66% for the three months ended March 28, 2026 and March 29, 2025, respectively. We expect that international sales will continue to be a significant portion of total sales in the foreseeable future. Substantially all of our sales transactions were denominated in U.S. dollars.

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Gross Margin and Expenses

The following is a summary of certain consolidated statement of operations data for the periods indicated:

Three Months Ended

March 28,

2026 March 29,

2025

In millions, except percentages

Net revenue $ 10,253 $ 7,438

Cost of sales 4,576 3,451

Amortization of acquisition-related intangibles 261 251

Gross profit 5,416 3,736

Gross margin 53 % 50 %

Research and development 2,397 1,728

Marketing, general and administrative 1,253 886

Amortization of acquisition-related intangibles 290 316

Interest expense

(37) (20)

Other income (expense), net 165 39

Income tax provision

238 123

Income from discontinued operations, net of tax

11 —

Gross Margin

Gross margin was 53% and 50% for the three months ended March 28, 2026 and March 29, 2025, respectively. The increase in gross margin was primarily due to a favorable product mix, including higher Data Center segment revenue.

Expenses

Research and Development Expenses

Research and development expenses of $2.4 billion for the three months ended March 28, 2026 increased by $669 million, or 39%, compared to $1.7 billion for the prior year period. The increase was due to higher employee-related costs from an increase in headcount in support of our continued focus on our AI strategy and long-term growth opportunities.

Marketing, General and Administrative Expenses

Marketing, general and administrative expenses of $1.3 billion for the three months ended March 28, 2026 increased by $367 million, or 41%, compared to $886 million for the prior year period. The increase was primarily due to an increase in go‑to‑market activities to support our revenue growth.

Amortization of Acquisition-Related Intangibles

Amortization of acquisition-related intangibles of $551 million for the three months ended March 28, 2026 decreased by $16 million, or 3%, compared to $567 million for the prior year period. The decrease was primarily due to certain acquisition-related intangibles that were fully amortized in the prior fiscal year.

Interest Expense

Interest expense for the three months ended March 28, 2026 and March 29, 2025 was $37 million and $20 million, respectively. The increase was due to the issuance of $1.5 billion in aggregate principal amount of 4.212% Notes and 4.319% Notes on March 24, 2025.

Other Income (Expense), Net

Other income (expense), net primarily consists of interest income from short-term investments, changes in valuation of long-term investments, and foreign currency transaction gains and losses.

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Other income (expense), net for the three months ended March 28, 2026 was $165 million, an increase of $126 million, or 323%, compared to $39 million for the prior year period. The increase was primarily due to unrealized gains from long-term investments and interest income from short-term investments.

Income Taxes

We determine income taxes for interim reporting periods by applying our estimated annual effective tax rate to the year-to-date results and adjusted for tax items discrete to each period.

For the three months ended March 28, 2026, we recorded an income tax provision from continuing operations of $238 million representing an effective tax rate of 14.8%. The difference between the U.S. federal statutory tax rate of 21% and our estimated annual effective tax rate was primarily due to the income tax benefit from foreign-derived deduction eligible income (FDDEI), formerly FDII, and research and development (R&D) tax credits.

For the three months ended March 29, 2025, we recorded an income tax provision from continuing operations of $123 million representing an effective tax rate of 14.8%. The difference between the U.S. federal statutory tax rate of 21% and our estimated annual effective tax rate was primarily due to the income tax benefit from foreign-derived intangible income (FDII) and research and development (R&D) tax credits, partially offset by the tax rate detriment from foreign earnings.

Results of Discontinued Operations

Net income from discontinued operations for the three months ended March 28, 2026 of $11 million included measurement period adjustments related to the ZT Systems acquisition and post-close adjustments related to the sale of the ZT Manufacturing business.

FINANCIAL CONDITION

Liquidity and Capital Resources

As of March 28, 2026 and December 27, 2025, our cash, cash equivalents and short-term investments were $12.3 billion and $10.6 billion, respectively.

Our operating, investing and financing activities for the three months ended March 28, 2026 compared to the prior year period are as described below:

Three Months Ended

March 28,

2026 March 29,

2025

(In millions)

Net cash provided by (used in):

Operating activities of continuing operations

$ 2,955 $ 939

Investing activities of continuing operations

(2,565) (357)

Financing activities of continuing operations

(350) 1,666

Net increase in cash, cash equivalents and restricted cash

$ 40 $ 2,248

As of March 28, 2026 and December 27, 2025, our aggregate principal short-term and long-term debt obligations were $3.3 billion.

We have $3.0 billion available under an unsecured revolving credit facility that expires on April 29, 2027. No funds were drawn from this credit facility during the three months ended March 28, 2026.

We also have a commercial paper program to issue unsecured commercial paper notes up to a maximum principal amount outstanding, at any time, of $3.0 billion, with a maturity of up to 397 days from the date of issue. We had no commercial paper outstanding as of March 28, 2026.

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As of March 28, 2026, we had unconditional commitments of approximately $25.7 billion, of which $18.3 billion are for the remainder of fiscal year 2026. Our contractual obligations and purchase commitments relate primarily to our obligations to purchase wafers, substrates and components from third parties and future payments related to multi-year cloud service provider arrangements, and certain software and technology licenses. We work continually with our suppliers and partners on the timing of payments and deliveries of purchase commitments, taking into account business conditions. We also have commitments for leases that have commenced for approximately $805 million and leases that have not yet commenced for $4.4 billion. In addition, as of March 28, 2026, we provided lease guarantees with maximum potential amount of future payments of $4.1 billion. For additional information on lease guarantees and commitments, refer to Notes 8 and 10 of the Notes to Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q).

We believe our cash, cash equivalents, short-term investments and cash flows from operations along with our revolving credit facility and commercial paper program will be sufficient to fund operations, capital expenditures, commitments and strategic activities over the next 12 months and beyond. We believe we will be able to access the capital markets should we require additional funds. However, we cannot assure that such funds will be available on favorable terms, or at all.

Operating Activities

Our working capital cash inflows and outflows from operations are primarily cash collections from our customers, payments for inventory purchases and payments for employee-related expenditures.

Net cash provided by operating activities of continuing operations was $3.0 billion in the three months ended March 28, 2026, primarily due to our net income of $1.4 billion, adjusted for non-cash and non-operating charges of $1.1 billion and net cash inflows of $456 million from changes in our operating assets and liabilities. The primary drivers of the changes in operating assets and liabilities included a $713 million increase in accrued and other liabilities driven primarily by higher customer-related accruals and a $280 million reduction in accounts receivable driven primarily by customer payments, partially offset by a $308 million increase in prepaid expenses and other assets primarily by prepayments of supply agreements.

Net cash provided by operating activities was $939 million in the three months ended March 29, 2025, primarily due to our net income of $709 million, adjusted for non-cash and non-operating charges of $1.0 billion and net cash outflows of $700 million from changes in our operating assets and liabilities. The primary drivers of the change in operating assets and liabilities were a $748 million decrease in accounts receivable due to customer payments, and a $682 million increase in inventory primarily to support the continued ramp of Data Center products in advanced process technology nodes.

Investing Activities

Net cash used in investing activities of continuing operations was $2.6 billion for the three months ended March 28, 2026, which primarily consisted of purchases of short-term investments of $2.5 billion, purchases of property and equipment of $389 million, and purchases of long-term investments of $409 million, partially offset by $778 million of proceeds from the maturity and sale of short-term investments.

Net cash used in investing activities was $357 million for the three months ended March 29, 2025, which primarily consisted of cash used in the purchases of short-term investments of $304 million, purchases of strategic investments of $239 million, and purchases of property and equipment of $212 million, partially offset by $398 million of proceeds from the maturity and sale of short-term investments.

Financing Activities

Net cash used in financing activities of continuing operations was $350 million for the three months ended March 28, 2026, which primarily consisted of stock repurchases of $221 million and stock repurchases for tax withholding on employee equity plans of $134 million.

Net cash provided by financing activities was $1.7 billion for the three months ended March 29, 2025, which primarily consisted of cash received from the issuance of senior notes for $1.5 billion and commercial paper of $950 million, partially offset by stock repurchases of $749 million and stock repurchases for tax withholding on employee equity plans of $30 million.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Reference is made to “Part II, Item 7A, Quantitative and Qualitative Disclosures About Market Risk,” in our Annual Report on Form 10-K for the fiscal year ended December 27, 2025.

There have not been any material changes in interest rate risk, default risk or foreign exchange risk since December 27, 2025.

ITEM 4. CONTROLS AND PROCEDURES

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports made under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer (CEO) and Chief Financial Officer (CFO) as appropriate, to allow for timely decisions regarding required disclosure. In designing and evaluating our disclosure controls and procedures, our management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and our management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

As of March 28, 2026, the end of the period covered by this report, we carried out an evaluation under the supervision and with the participation of our management, including our CEO and CFO, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our CEO and CFO concluded that our disclosure controls and procedures were effective at the reasonable assurance level.

There were no changes in our internal controls over financial reporting for the three months ended March 28, 2026 that materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

For a discussion of our legal proceedings, refer to Note 10—Commitments and Contingencies of the Notes to Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q).

ITEM 1A. RISK FACTORS

The risks and uncertainties described below are not the only ones we face. If any of the following risks actually occurs, our business, financial condition or results of operations could be materially adversely affected. In addition, you should consider the interrelationship and compounding effects of two or more risks occurring simultaneously.

Risk Factors Summary

The following is a summary of the principal risks that could adversely affect our business, financial condition and results of operations.

Economic and Strategic Risks

• The markets in which our products are sold are highly competitive and rapidly evolving.

• The semiconductor industry is highly cyclical and has experienced severe downturns.

• The demand for our products depends in part on the market conditions in the industries into which they are sold.

• The success of our business depends on our ability to introduce products on a timely basis with features and performance levels that provide value to our customers while supporting significant industry transitions.

• The loss of a significant customer may have a material adverse effect on us.

• Economic and market uncertainty may adversely impact our business and operating results.

• Our operating results are subject to quarterly and seasonal sales patterns.

• If we cannot adequately protect our technology or other intellectual property through patents, copyrights, trade secrets, trademarks and other measures, we may lose a competitive advantage and incur significant expenses.

• Unfavorable currency exchange rate fluctuations could adversely affect us.

Operational and Technology Risks

• We rely on third parties to manufacture our products, and if they are unable to do so on a timely basis in sufficient quantities and using competitive technologies, our business could be materially adversely affected.

• Essential equipment, materials, substrates or manufacturing processes may not be available to us.

• We may fail to achieve expected manufacturing yields for our products.

• Our revenue from our semi-custom System-on-Chip (SoC) products is dependent upon our semi-custom SoC products being incorporated into customers’ products and the success of those products.

• Our products may be subject to security vulnerabilities that could have a material adverse effect on us.

• IT outages, data loss, data breaches and cyberattacks could disrupt operations and compromise our intellectual property or other sensitive information, be costly to remediate or cause significant damage to our business, reputation, financial condition and results of operations.

• Uncertainties involving the ordering and shipment of our products could materially adversely affect us.

• Our ability to design and introduce new products includes the use of third-party intellectual property.

• We depend on third-party companies for the design, manufacture and supply of motherboards, software, memory and other computer platform components to support our business and products.

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• If we lose Microsoft Corporation’s support for our products or other software vendors do not design and develop software to run on our products, our ability to sell our products could be materially adversely affected.

• Our reliance on third-party distributors and add-in-board (AIB) partners subjects us to certain risks.

• Our business depends on the proper functioning of our internal business processes and information systems.

• Our products may not be compatible with some or all industry-standard software and hardware.

• Costs related to defective products could have a material adverse effect on us.

• We may fail to maintain the efficiency of our supply chain as we respond to changes in customer demand.

• We outsource to third parties certain supply-chain logistics functions.

• We may be unable to effectively control the sales of our products on the gray market.

• Climate change may have an impact on our business.

Legal and Regulatory Risks

• Government actions and regulations, including but not limited to export regulations, import tariffs and trade protection measures, may limit our ability to export our products to certain customers.

• If we cannot realize our deferred tax assets, our results of operations could be adversely affected.

• Our business is subject to potential tax liabilities, including as a result of tax regulation changes.

• We are party to litigation and may become a party to other claims or litigation.

• We are subject to environmental laws, conflict minerals regulations, as well as a variety of other laws or regulations.

• Evolving expectations from governments, investors, customers and other stakeholders regarding corporate responsibility matters could result in additional costs, harm to our reputation and a loss of customers.

• Issues related to the responsible use of AI may result in reputational, competitive and financial harm and liability.

• The agreements governing our notes, our guarantee of Xilinx’s notes and the Revolving Credit Agreement.

• We may be required to satisfy financial obligations under guarantees, leases and other commercial commitments.

Merger, Acquisition, Divestiture, and Integration Risks

• Acquisitions, joint ventures, and/or investments, and the failure to integrate acquired businesses may fail to materialize their anticipated benefits and could disrupt our business.

• Any impairment of our tangible, definite-lived intangible or indefinite-lived intangible assets, including goodwill, may adversely impact our financial position and results of operations.

General Risks

• Our worldwide operations are subject to political, legal and economic risks and natural disasters.

• We may incur future impairments of our technology license purchases.

• Our inability to continue to attract and retain key employees may hinder our business.

• Our stock price is subject to volatility.

For a more complete discussion of the material risks facing our business, see below.

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Economic and Strategic Risks

The markets in which our products are sold are highly competitive and rapidly evolving.

Delivering the latest and best products to market on time is critical to revenue growth. The competitiveness of our products depends on a number of factors including, performance, total cost of ownership, timely product introductions, product quality and reliability, product features and capabilities, energy efficiency (including power consumption and battery life, given their impact on total cost of ownership), size (or form factor), selling price, cost, adherence to industry standards (and the creation of open industry standards), level of integration, software and hardware compatibility, ease of use and functionality of software design tools, completeness of applicable software solutions, security and stability, brand recognition and availability.

Competition is expected to remain intense, driven by rapid technological change, evolving standards, shifting customer preferences, product obsolescence, and frequent product launches from both established and new competitors. Some of our competitors may possess stronger market positions, larger customer bases, more design wins, and greater financial, sales, marketing, and distribution resources than us. As a result, they may be able to acquire market share or limit our ability to do so, more effectively capitalize on new market opportunities, and transition their products more efficiently than we can. Some competitors are pursuing alternative computing architectures, such as Arm, which could grow the Arm ecosystem and increase competition in consumer, commercial and data center, reducing demand for our products. Additionally, we may encounter competition from customers who internally develop products to support similar AI workloads to those supported by ours, or as AI continues to advance and be integrated into the markets in which we compete.

Our competitors may use their market position and financial resources to market and price their products in a way to dissuade customers from purchasing from us. For example, Intel Corporation (Intel) uses its microprocessor market position to price its products aggressively and target our customers and channel partners with special incentives. These aggressive activities have reduced and may reduce our unit sales and average selling prices for many of our products, adversely affecting our business. Similarly, Nvidia Corporation (Nvidia) leverages its market position in data center GPU, financial resources, and proprietary software ecosystem to promote its systems and influences customers who do business with us. Our competitors’ business practices, including allocation strategies, pricing actions, product mix and introduction schedules, licensing terms, marketing arrangements, product bundling strategies, lack of software interoperability and business acquisitions and investments can limit customers’ ability to choose alternative products, including ours. This may limit our market share and decrease our margins and profitability, which may have a material adverse effect on our business.

In addition, strategic partnerships, acquisitions and business collaborations by and between our competitors may increase competition and adversely affect our business. For example, in September 2025, Nvidia announced a partnership and investment in Intel to partner on new data center and client platform products. This partnership may result in increased competition and pricing pressure for our products or could prevent us from participating in other opportunities, which could materially adversely impact our business, financial condition and margins.

The semiconductor industry is highly cyclical and has experienced severe downturns that have materially adversely affected, and may continue to materially adversely affect, our business in the future.

The semiconductor industry is highly cyclical and has experienced significant downturns, often alongside constant and rapid technological change, wide fluctuations in supply and demand, continuous new product introductions, price erosion and declines in general economic conditions. The growth of AI is further creating pressure on the semiconductor industry to timely design, manufacture and deliver semiconductor products and solutions to meet customer demand for computing power and AI infrastructure. We have incurred substantial losses in previous downturns, due to substantial declines in average selling prices; the cyclical nature of supply and demand imbalances in the semiconductor industry; a decline in demand for end-user products that incorporate our products; and excess inventory levels and periods of inventory adjustment. Such industry-wide fluctuations may materially adversely affect us in the future. Global economic uncertainty and weakness have in the past impacted the semiconductor market as consumers and businesses have deferred purchases, which negatively impacted demand for our products. Our financial performance has been, and may in the future be, negatively affected by these downturns.

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The growth of our business is also dependent on continued demand for our products from high-growth adjacent emerging global markets. Our ability to be successful in such markets depends in part on our ability to establish adequate local infrastructure, as well as our ability to cultivate and maintain local relationships in these markets. If demand from these markets is below our expectations, sales of our products may decrease, which would have a material adverse effect on us.

The demand for our products depends in part on the market conditions in the industries into which they are sold. Fluctuations in demand for our products or a market decline in any of these industries could have a material adverse effect on our results of operations.

Industry-wide fluctuations in the computer marketplace have materially adversely affected us in the past and may materially adversely affect us in the future. We offer products that are used in different end markets and the demand for our products can vary among our Data Center, Client, Gaming and Embedded end markets. In our Data Center segment, we offer products that are optimized for generative AI applications and since 2024, we have experienced significant demand for our AI accelerators. The demand for such products will in part depend on the extent to which our customers utilize generative AI solutions in a wide variety of applications, and both the near-term and long-term trajectory of such generative AI solutions is unknown. Some customers in AI markets may be unable to secure access to internal and external infrastructure, including availability of sufficient data center capacity or energy for the buildout of data centers that use our products. In addition, construction delays in the scheduled buildout of data centers could impact the timing of customer demand. Such delays in the buildout of data centers could have a material adverse effect on our business, financial condition and future growth strategy. Customers may also lack, or be unable to, secure capital to fund their required AI infrastructure and may request alternative financing or deferred‑payment arrangements from vendors and suppliers. These limitations could delay or reduce the demand for our products, which could negatively impact our revenue.

Our Client and Gaming segment revenue is focused on the consumer desktop and notebook PC segments and will depend in part on the market’s adoption of AI PCs. We are actively building AI capabilities into all our Client products, such as Ryzen AI PC processors, but there can be no assurance about the rate and pace of adoption of such product offerings. In the past, revenue from the Client and Gaming segment has experienced a decline driven by, among other factors, the adoption of smaller and other form factors, increased competition and changes in replacement cycles. In addition, our GPU revenue in the past has been affected in part by the volatility of the cryptocurrency mining market. If we are unable to manage the risks related to the volatility of the cryptocurrency mining market (including potential actions by global monetary authorities), our GPU business could be materially adversely affected. The success of our semi-custom SoC products in our Client and Gaming segment is dependent on securing customers for our semi-custom design pipeline and consumer market conditions, including the success of game console systems and next generation consoles for Sony and Microsoft.

Our Embedded segment primarily includes embedded CPUs, APUs, FPGAs, System on Modules (SOMs) and adaptive SoC products some of which are subject to macroeconomic trends, geopolitical volatility and volatile business conditions. To the extent our embedded customers are faced with higher inventory levels, they may choose to draw down their existing inventory and order less of our products.

The success of our business depends on our ability to introduce products on a timely basis with features and performance levels that provide value to our customers while supporting and coinciding with significant industry transitions.

Our success depends to a significant extent on the development, qualification, implementation and acceptance of new product designs and improvements that provide value to our customers. Our ability to identify industry changes, and adapt our strategy to develop, qualify and distribute, and have manufactured, new products and related technologies to meet evolving industry trends and requirements, at prices acceptable to our customers and on a timely basis, are significant factors in determining our competitiveness in our target markets. We cannot assure you that we will be able to meet the evolving needs of industry changes or that our efforts to execute our product roadmap will result in innovative products and technologies that provide value to our customers. If we fail to or are delayed in identifying, developing, qualifying or shipping new products or technologies that provide value to our customers and address these new trends, or if we fail to predict which new form factors, product features preferences or requirements consumers will adopt and adapt our business accordingly, we may lose out on design wins and lose competitive positioning, which could cause us to lose market share.

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Although we make substantial investments in research and development, we cannot be certain that we will be able to develop, obtain or successfully implement new products and technologies on a timely basis or that they will be well-received by our customers. Our investments in new products and technologies involve certain risks and uncertainties and could disrupt our ongoing business. Failure to successfully develop increasingly advanced technologies, including our portfolio of hardware products and software tools, or monetize our products, could impact our revenue and we may incur unanticipated liabilities. We cannot be certain that our ongoing investments in new products and technologies will be successful and will result in adoption of these product offerings at the expected rate or pace or at all. For example, as part of our pervasive AI strategy, we have a portfolio of hardware products and software tools to allow our customers to develop scalable and pervasive AI solutions. We are actively building AI capabilities into our products, but there can be no assurance about the rate and pace of adoption of such product offerings. In our Data Center segment, we offer products that are optimized for generative AI applications and we have experienced significant demand for our AI accelerators. The demand for such products in part will depend on the extent to which our customers utilize generative AI solutions in a wide variety of applications as both the near-term and long-term trajectory of such generative AI solutions is unknown. If we fail to develop and timely offer or deploy such products and technologies, keep pace with the product offerings of our competitors, or adapt to unexpected changes in industry standards or disruptive technological innovation, our business could be adversely affected. Additionally, our efforts in developing new AI technology solutions are inherently risky and may not always succeed. If we are unable to execute on new products or business strategies, w e may incur significant costs, resources, investments and delays and not achieve a return on investment or capitalize on the opportunities presented by demand for AI solutions. Moreover, while AI adoption is likely to continue and may accelerate, the long-term trajectory of this technological trend is uncertain.

Delays in developing, qualifying or shipping new products may cause us to miss our customers’ product design windows or, in some cases, breach contractual obligations. If our products are not selected by our customers in the initial design of their computer systems or products, they are typically excluded until at least the next design cycle. The process of being qualified for inclusion in a customer’s system or product can be lengthy and could cause us to further miss a cycle in the demand of end-users, which could result in a loss of market share and harm our business. We also depend on the timing and success of our customers’ platform launches. If our customers delay their product launches or if our customers do not effectively market their platforms with our products, it could result in a delay in bringing our products to market and cause us to miss a cycle in the demand of end-users, which could materially adversely affect our business. In addition, as market demand requires that products incorporate new features and performance standards on an industry-wide basis, product pricing declines over the life of a specific product. The introduction of new products and enhancements to existing products is necessary to maintain the overall corporate average selling price. If we are unable to introduce new products with sufficiently high sale prices or to increase unit sales volumes capable of offsetting the reductions in the sale prices of existing products over time, our business could be materially adversely affected.

Product transition risks may increase as the computing industry shifts toward shorter launch cycles and a broader range of accelerated computing platforms. Product transitions are complex and as such we may ship both new and prior-generation products concurrently. Customer adoption patterns can vary and while some customers may shift to newer products more quickly and reduce demand for current-generation offerings, other customers may lower their inventory of existing products before purchasing new ones. The increased frequency of product transitions and expansion of our product portfolio heightens the challenges of managing our supply and demand, which could adversely affect our revenue and inventory management. The increasing frequency and complexity of our newly introduced products may also result in unanticipated quality or production issues that could result in product delays.

The loss of a significant customer may have a material adverse effect on us.

We depend on a small number of customers for a substantial portion of our business and we expect that a small number of customers will continue to account for a significant part of our revenue and receivables in the future. If one of our key customers decides to stop buying our products, materially reduces its operations or its demand for our products, or has operations that are materially impaired for a significant period of time such that it is unable to receive or utilize our products, or pay its liabilities, our business would be materially adversely affected.

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Economic and market uncertainty may adversely impact our business and operating results.

Uncertain global or regional economic conditions have and may in the future adversely impact our business. Uncertainty in the economic environment or other unfavorable changes in economic conditions, such as inflation, fluctuating interest rates, recession, slowing growth, increased unemployment, tighter credit markets, changes or uncertainty in fiscal monetary or trade policy, implementation of new or increased tariffs, retaliatory tariffs by other countries or other trade restrictions, or currency fluctuations, may negatively impact consumer confidence and spending causing our customers to stop or postpone purchases. During challenging economic times, our current or potential future customers may experience cash flow problems and as a result may modify, delay or cancel plans to purchase our products. Additionally, if our customers are not successful in generating sufficient revenue or are unable to secure financing, they may not be able to pay, or may delay payment of, accounts receivable that they owe us. If current or prospective customers default on or delay payments to us, our earnings and cash flow could be adversely impacted. This risk is heightened as we expect that a small number of customers will continue to account for a substantial part of our revenue. Moreover, our key suppliers may reduce their output or become insolvent, thereby adversely impacting our ability to manufacture our products. Adverse changes in economic conditions could increase costs of memory, equipment, materials or substrates and other supply chain expenses. For example, there is currently an industry-wide memory shortage as the demand for such components has outpaced supply. The price of memory has also increased as a result of the shortage. If we are not able to procure a stable supply of materials, including memory, on an ongoing basis and at reasonable costs to meet our production requirements, we could experience a supply shortage or an increase in production costs, which could negatively impact our gross margin and materially adversely affect our business. Our ability to forecast our operating results, make business decisions and execute our business strategy could be adversely impacted by challenging macroeconomic conditions. In addition, uncertain economic conditions could lead to higher borrowing costs and reduced availability of capital and credit markets, making it more difficult for us to raise funds through borrowings or private or public sales of debt or equity securities. An economic downturn or increased uncertainty could also lead to failures of counterparties including financial institutions and insurers, asset impairments and declines in the value of our financial instruments. If a banking institution in which we hold funds fails or is subject to significant adverse conditions in the financial or credit markets, we could be subject to a risk of loss of all or a portion of such uninsured funds or be subject to a delay in accessing all or a portion of such uninsured funds, which in turn could adversely impact our short-term liquidity and ability to meet our operating expense obligations.

Our operating results are subject to quarterly and seasonal sales patterns.

Our operating results tend to vary seasonally with the markets in which our products are sold. For example, historically, our net revenue has been generally higher in the second half of the year than in the first half of the year, although market conditions and product transitions could impact these trends. Many of the factors that create and affect quarterly and seasonal trends are beyond our control.

If we cannot adequately protect our technology or other intellectual property in the United States and abroad, through patents, copyrights, trade secrets, trademarks and other measures, we may lose a competitive advantage and incur significant expenses.

We rely on a combination of protections provided by contracts, including confidentiality and nondisclosure agreements, copyrights, patents, trademarks and common law rights, such as trade secrets, to protect our intellectual property. However, we cannot assure you that we will be able to adequately protect our technology or other intellectual property from third-party infringement or from misappropriation in the United States and abroad. Any patent licensed by us or issued to us could be challenged, invalidated, expire, or circumvented or rights granted thereunder may not provide a competitive advantage to us.

Furthermore, patent applications that we file may not result in issuance of a patent or, if a patent is issued, the patent may not be issued in a form that is advantageous to us. Despite our efforts to protect our intellectual property rights, others may independently develop similar products, duplicate our products or design around our patents and other rights. We also face the risk that current or former employees, consultants or contractors may misappropriate our trade secrets or other proprietary information, including through employment with competitors. Despite our use of confidentiality and nondisclosure agreements, we may be unable to prevent the unauthorized disclosure or use of our trade secrets and proprietary know-how, which could harm our competitive position.

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In addition, it is difficult to monitor compliance with, and enforce, our intellectual property on a worldwide basis in a cost-effective manner. In jurisdictions where foreign laws provide less intellectual property protection than afforded in the U.S. and abroad, our technology or other intellectual property may be compromised, and our business would be materially adversely affected.

Unfavorable currency exchange rate fluctuations could adversely affect us.

We have costs, assets and liabilities that are denominated in foreign currencies. As a consequence, movements in exchange rates could cause our foreign currency denominated expenses to increase as a percentage of revenue, affecting our profitability and cash flows. Whenever we believe appropriate, we hedge a portion of our foreign currency exposure to protect against fluctuations in currency exchange rates. We determine our total foreign currency exposure using projections of long-term expenditures for items such as payroll. We cannot assure you that these activities will be effective in reducing foreign exchange rate exposure. Failure to do so could have an adverse effect on our business, financial condition, results of operations and cash flow. In addition, the majority of our product sales are denominated in U.S. dollars. Fluctuations in the exchange rate between the U.S. dollar and the local currency may impact the cost of our products in the local currency for international customers. An appreciation of the U.S. dollar relative to the local currency could reduce sales of our products.

Operational and Technology Risks

We rely on third parties to manufacture our products, and if they are unable to do so on a timely basis in sufficient quantities and using competitive technologies, our business could be materially adversely affected.

We utilize third-party wafer foundries to fabricate the silicon wafers for all of our products. We rely on Taiwan Semiconductor Manufacturing Company Limited (TSMC) for the production of all wafers for microprocessor and GPU products at 7 nanometer (nm) or smaller nodes, and we rely primarily on GLOBALFOUNDRIES Inc. (GF) for wafers for microprocessor and GPU products manufactured at process nodes larger than 7 nm. We also utilize TSMC, United Microelectronics Corporation (UMC) and Samsung Electronics Co., Ltd. for our integrated circuits (IC) in the form of programmable logic devices. We also rely on third-party manufacturers to assemble, test, mark and pack (ATMP) our products. Our third-party package assembly partners are responsible for packaging technology used to fabricate our products. It is important to have reliable relationships with all of these third-party manufacturing suppliers to ensure adequate product supply to respond to customer demand.

We cannot guarantee that these manufacturers or our other third-party manufacturing suppliers will be able to meet our near-term or long-term manufacturing requirements. If we experience supply constraints from our third-party manufacturing suppliers, we may be required to allocate the reduced quantities of affected products amongst our customers, which could have a material adverse effect on our relationships with these customers and on our financial condition. In addition, if we are unable to meet customer demand due to fluctuating or late supply from our manufacturing suppliers, it could result in lost sales and have a material adverse effect on our business. For example, if TSMC is not able to manufacture wafers for our microprocessor and GPU products at 7 nm or smaller nodes and our newest IC products in sufficient quantities to meet customer demand, it could have a material adverse effect on our business.

We do not have long-term commitment contracts with some of our third-party manufacturing suppliers. We obtain many of these manufacturing services on a purchase order basis and these manufacturers are not required to provide us with any specified minimum quantity of product beyond the quantities in an existing purchase order. Accordingly, we depend on these suppliers to allocate to us a portion of their manufacturing capacity sufficient to meet our needs, to produce products of acceptable quality and at acceptable manufacturing yields and to deliver those products to us on a timely basis and at acceptable prices. The manufacturers we use also fabricate wafers and ATMP products for other companies, including certain of our competitors. They could choose to prioritize capacity for other customers, increase the prices that they charge us on short notice, require onerous prepayments, or reduce or eliminate deliveries to us, which could have a material adverse effect on our business. If we overestimate our customer demand or experience a decrease in customer demand, either could result in excess inventory and an increase in our production costs. We are party to a wafer supply agreement with GF where GF will provide a minimum annual capacity allocation to us and set pricing through 2026. If our actual wafer requirements are less than the number of wafers required to meet the applicable annual wafer purchase target, we could have excess inventory or higher inventory unit costs, both of which may adversely impact our gross margin and our results of operations.

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Other risks associated with our dependence on third-party manufacturers include limited control over delivery schedules, yield, cycle times, quality assurance, price increases, lack of capacity in periods of excess demand, misappropriation of our intellectual property, dependence on several subcontractors, and limited ability to manage inventory and parts. Moreover, if any of our third-party manufacturers (or their subcontractors) suffer any damage to facilities, lose benefits under material agreements, experience power outages, water shortages, or high heat events, lack sufficient capacity to manufacture our products, encounter financial difficulties, are unable to secure necessary raw materials from their suppliers, suffer any other disruption or reduction in efficiency, or experience uncertain environmental, social, atmospheric or natural, economic or political circumstances or conditions, we may encounter supply delays or disruptions. For example, in 2024, we experienced some inventory loss due to an incident at a contract manufacturer. If we are unable to secure sufficient or reliable supply of products, our ability to meet customer demand may be adversely affected and this could materially affect our business.

If we transition the production of some of our products to new manufacturers, we may experience delayed product introductions, lower yields or poorer performance of our products. If we experience problems with product quality or are unable to secure sufficient capacity from a particular third-party manufacturer, or if we for other reasons cease utilizing one of those manufacturers, we may be unable to timely secure an alternative supply for any specific product. We could experience significant delays in the shipment of our products if we are required to find alternative third-party manufacturers, which could have a material adverse effect on our business.

We are party to two ATMP joint ventures (collectively, the ATMP JVs) with affiliates of Tongfu Microelectronics Co., Ltd. The majority of our ATMP services are provided by the ATMP JVs and there is no guarantee that the ATMP JVs will be able to fulfill our long-term ATMP requirements. If we are unable to meet customer demand due to fluctuating or late supply from the ATMP JVs, it could result in lost sales and have a material adverse effect on our business.

If essential equipment, materials, substrates or manufacturing processes are not available to manufacture our products, we could be materially adversely affected.

We may purchase equipment, materials and substrates for use by our back-end manufacturing service providers from a number of suppliers and our operations depend upon obtaining deliveries of adequate supplies of equipment and materials of acceptable quality on a timely basis. Our third-party suppliers also depend on the same timely delivery of adequate quantities of equipment and materials of acceptable quality in the manufacture of our products. In addition, as many of our products increase in technical complexity, we rely on our third-party suppliers to update their processes in order to continue meeting our back-end manufacturing needs. Certain equipment and materials that are used in the manufacture of our products are available only from a limited number of suppliers, or in some cases, a sole supplier.

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We also depend on a limited number of suppliers to provide the majority of certain types of IC packages for our microprocessors, including our APU products. Similarly, certain non-proprietary materials or components such as memory, printed circuit boards (PCBs), interposers, substrates and capacitors used in the manufacture of our products are currently available from only a limited number of suppliers. For example, there is currently an industry-wide memory shortage as the demand for such components has outpaced supply. The price of memory has also increased as a result of the shortage. If we are unable to procure a stable supply of memory, equipment, materials or substrates of acceptable quality on an ongoing basis and at reasonable costs to meet our production requirements, we could experience a shortage in memory, equipment, materials or substrate supply or an increase in production costs, which could have a material adverse effect on our business. Since some of the equipment and materials that we and our third-party manufacturers purchase are complex, it is sometimes difficult to substitute one equipment or materials supplier for another. Certain of our products will be deployed as part of integrated, rack-scale systems that include numerous third-party rack-level components and require rack integration and qualification. As a result, even if we are able to manufacture and deliver our products on time, if these other components necessary for the rack-scale systems are not available from third parties due to supply constraints or availability issues, our and our customers’ ability to build, deploy or expand such rack-scale systems could be delayed or reduced. Such constraints could reduce demand for, or delay shipments of our products, negatively affect our customer relationships and could materially adversely affect our business, financial condition and results of operations. We have entered and may continue to enter into long-term purchase commitments and prepayment arrangements with some of our suppliers. If the delivery of such supply is delayed or does not occur for any reason, it could materially impact our ability to procure and process the required volume of supply to meet customer demand. Conversely, if we overestimate our customer demand or experience a decrease in customer demand, either because customers cancel orders or choose to purchase from our competitors, it could result in excess inventory and an increase in our production costs, particularly since we have prepayment arrangements with certain suppliers. Our ability to accurately estimate customer demand has become more challenging due to the increasing complexity of our business. We also continue to enter long-term purchase commitments in advance of demand. As a result, these risks have increased as our purchase obligations and prepayments have grown and could increase further if such obligations represent a larger portion of our total supply in the future. If we are unable to accurately estimate customer demand, it may negatively impact our business, financial condition and results of operations.

From time to time, suppliers may extend lead times, limit supply or increase prices due to capacity constraints or other factors. Also, some of these materials and components may be subject to rapid changes in price, quality and availability. Interruption of supply or increased demand in the industry could cause shortages and price increases in various essential materials. Dependence on a sole supplier or a limited number of suppliers exacerbates these risks. If we are unable to procure certain of these materials for our back-end manufacturing operations, or our third-party manufacturers are unable to procure materials for manufacturing our products, our business would be materially adversely affected.

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Failure to achieve expected manufacturing yields for our products could negatively impact our results of operations.

Semiconductor manufacturing yields are a result of product design, process technology and packaging technology, which is typically proprietary to the manufacturer, and low yields can result from design failures, packaging technology failures, process technology failures or a combination of some or all of these. Our third-party manufacturers are responsible for the process technologies used to fabricate silicon wafers. If our third-party manufacturers experience manufacturing inefficiencies or encounter disruptions, errors or difficulties during production, we may fail to achieve acceptable yields or we may experience product delivery delays. We cannot be certain that our third-party manufacturers will be able to develop, expand, obtain or successfully implement leading-edge manufacturing process or packaging technologies needed to manufacture future generations of our products profitably or on a timely basis or that our competitors will not develop new technologies, products or processes earlier. Moreover, during periods when our third-party manufacturers are implementing new process or packaging technologies, their manufacturing facilities may not be fully productive. A substantial delay in the technology transitions to smaller process technologies could have a material adverse effect on us, particularly if our competitors transition to more cost effective technologies before us. For example, we focus our 7 nm and lower product microprocessor and GPU portfolio on TSMC’s processes. If TSMC is not able to manufacture wafers for our products at 7 nm or smaller nodes in sufficient quantities to meet customer demand, it could have a material adverse effect on our business. Moreover, we rely on TSMC, UMC and our other foundries to produce wafers with competitive performance attributes for our IC products. Therefore, the foundries, particularly TSMC which manufactures our newest IC products, must be able to transition to advanced manufacturing process technologies and increased wafer sizes, produce wafers at acceptable yields and deliver them in a timely manner.

Any decrease in manufacturing yields could result in an increase in per unit costs, which would adversely impact our gross margin and/or force us to allocate our reduced product supply amongst our customers, which could harm our relationships and reputation with our customers and materially adversely affect our business.

Our revenue from our semi-custom SoC products is dependent upon our semi-custom SoC products being incorporated into customers’ products and the success of those products.

The revenue that we receive from our semi-custom SoC products is in the form of non-recurring engineering fees charged to third parties for design and development services and revenue received in connection with sales of our semi-custom SoC products to these third parties. As a result, our ability to generate revenue from our semi-custom products depends on our ability to secure customers for our semi-custom design pipeline, our customers’ desire to pursue the project and our semi-custom SoC products being incorporated into those customers’ products. Any revenue from sales of our semi-custom SoC products is directly related to sales of the third-party’s products and reflective of their success in the market. Moreover, we have no control over the marketing efforts of these third parties, and we cannot make any assurances that sales of their products will be successful in current or future years. Consequently, the semi-custom SoC product revenue expected by us may not be fully realized and our operating results may be adversely affected.

Our products may be subject to security vulnerabilities that could have a material adverse effect on us.

The products that we sell are complex and have been and may in the future be subject to security vulnerabilities that could result in, among other things, the loss, corruption, theft or misuse of confidential data or system performance issues. Our efforts to prevent and address security vulnerabilities may decrease performance, be only partially effective or not successful at all. We may depend on vendors to create mitigations to their technology that we incorporate into our products and they may delay or decline to make such mitigations. We may also depend on third parties, such as customers and end-users, to deploy our mitigations alone or as part of their own mitigations, and they may delay, decline or modify the implementation of such mitigations. Our relationships with our customers could be adversely affected as some of our customers may stop purchasing our products, reduce or delay future purchases of our products, or use competing products. Any of these actions by our customers could adversely affect our revenue. We have and may in the future be subject to claims and litigation related to security vulnerabilities. Actual or perceived security vulnerabilities of our products may subject us to adverse publicity, damage to our brand and reputation, and could materially harm our business or results of operations.

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IT outages, data loss, data breaches and cyberattacks could disrupt operations and compromise our intellectual property or other sensitive information, be costly to remediate or cause significant damage to our business, reputation, financial condition and results of operations.

Our business relies on technology hardware, software, cloud services, infrastructure, networks and systems (collectively, IT Systems). We own and manage some IT Systems but also rely on critical third-party IT Systems, products and services. In the ordinary course of business, we and various third-party providers and business partners process and maintain sensitive data, including personal information about workers, customers and others, as well as intellectual property and proprietary or confidential information relating to our business and that of our customers and business partners (collectively, Confidential Data). Maintaining the availability, integrity and security of our IT Systems and Confidential Data is critical to our business and reputation. While we and others have implemented various controls and defenses, AMD and companies like AMD and our vendors and customers have been and are increasingly subject to cybersecurity attacks, risks and threats. Risks and threat factors range in sophistication from negligent or bad acts by individuals, hackers or insiders, to ransom gangs and state-sponsored attackers. Cyber threats may be generic, or they may be custom-crafted against our IT Systems or supply chain. The increased prevalence of remote working arrangements at AMD and our providers present additional operational risks and attack vectors to our IT Systems. Our IT Systems and Confidential Data are vulnerable to a range of cybersecurity risks and threats, including malicious code that is added to widely available open-source software, compromised commercial software or security vulnerabilities in our products or systems, or those of a third party, that are being used by attackers prior to mitigations being put in place, such as zero-day attacks. Cyberattacks have and may come into our IT Systems through the compromise of users’ access credentials or those of third-party IT systems or untrusted assets. Users’ access credentials can be compromised by phishing, vishing, smishing, multi-factor authentication (MFA) prompt bombing, hacking, or other social engineering, cybersecurity, theft activities, or unintentional disclosure due to a human error.

Threat actors are also increasingly using tools and techniques that circumvent controls, evade detection, and remove forensic evidence, which means that we and others may be unable to implement adequate preventative measures against cyberattacks or to anticipate, detect, deflect, contain or recover from them in a timely or effective manner. As AI capabilities improve and are increasingly adopted, we may see more sophisticated threats created through the use of AI technology to launch more automated, targeted and coordinated cyberattacks. These attacks could be crafted with an AI tool to directly attack IT Systems with increased speed and/or efficiency than a human threat actor or create more effective phishing emails. In addition, the threat could be introduced from the result of our or our customers and business partners incorporating the output of an AI tool that includes a threat, such as introducing malicious code by incorporating AI generated source code. We leverage AI tools and systems to help support our internal functions and operations. These systems are increasingly vulnerable to cybersecurity threats, which can significantly impact data security. Our network and storage applications, as well as those of our customers, business partners, and third-party providers, may be subject to unauthorized access by hackers or breached due to operator error, malfeasance or other system disruptions.

Cyberattacks that breach our security measures, or those of our third-party service providers, customers or business partners, could result in any or all of the following, which individually or collectively could materially adversely affect our financial condition and competitive position; unauthorized access to, misuse or disclosure of Confidential Data (such as intellectual property, sensitive business information or personally identifiable information (PII)); reputational harm and/or diminution in our competitiveness; loss of existing and/or future customers; litigation and/or regulatory investigations or enforcement; significant remediation, restoration and compliance costs; and the diversion of management’s attention and key information technology resources. In addition, many governments have enacted and are continuing to enact strict privacy and security laws, such as the UK’s and European Union’s General Data Protection Regulation (GDPR) and the California Consumer Privacy Act of 2018 (CCPA), as amended by the California Privacy Rights Act (CPRA), which provide for fines, penalties, and in the case of the CCPA and similar legislation, the basis for private claims for certain types of data breaches. We anticipate ongoing and increasing costs related to enhancing and implementing information security controls, including costs related to upgrading application, computer, and network security components; training workers to maintain and monitor our security controls; investigating, responding to and remediating any data security breach, and addressing any related litigation or regulatory proceedings; mitigating reputational harm; and complying with external regulations.

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Uncertainties involving the ordering and shipment of our products could materially adversely affect us.

We typically sell our products pursuant to individual purchase orders. We generally do not have long-term supply arrangements with our customers or minimum purchase requirements except that orders generally must be for standard pack quantities. Generally, our customers may cancel orders for standard products more than 30 days prior to shipment without incurring significant fees. We base our inventory levels in part on customers’ estimates of demand for their products, which may not accurately predict the quantity or type of our products that our customers will want in the future or ultimately end up purchasing. Our ability to forecast demand is further complicated when our products are sold indirectly through downstream channel distributors and customers, as our forecasts for demand are then based on estimates provided by multiple parties throughout the downstream channel. To the extent we fail to forecast demand and product mix accurately or are unable to increase production or secure sufficient capacity and there is a mismatch between supply and demand for our products, it could limit our ability to meet customer demand and have a material adverse effect on our business. Many of our markets are characterized by short product lifecycles, which can lead to rapid obsolescence and price erosion. As product complexity has increased, manufacturing lead times have extended and longer production cycles, combined with short product cycles, increase the risk that customer demand for products may change between wafer order and finished good availability, which could result in significant mismatches between supply and demand. In addition, our customers may change their inventory practices on short notice for any reason. We may build inventories during periods of anticipated growth, and the cancellation or deferral of product orders or overproduction due to failure of anticipated orders to materialize could result in excess or obsolete inventory, which could result in write-downs of inventory and have an adverse effect on gross margins. Our customers may also experience a shortage of, or delay in receiving certain components to build their products, which in turn may affect the demand for or the timing of our products.

In April 2025, the U.S. government implemented a new license requirement for the export of certain semiconductor products to China (including Hong Kong and Macau) and D5 countries, or to companies headquartered in or with an ultimate parent located in such countries. This restriction impacts our AMD Instinct™ MI308 products. We applied for and were granted some licenses by the U.S. government that allow us to ship our MI308 products to certain China-based customers and we began shipping products at the end of fiscal 2025. As a result of the restriction, we incurred approximately $440 million of net inventory and related charges in 2025. Sales of our MI308 products into China depend on customer demand, China’s import control rules and our ability to obtain licenses. As such, our revenues and results of operations could be negatively affected. In February 2026, the U.S. government granted us some export licenses authorizing us to ship our AMD Instinct MI325 products to certain China-based customers. We do not yet know whether any imports of MI325 products will be allowed into China. Any MI325 products shipped to China are required by the terms of the licenses to first undergo an inspection process in the United States. As a result, any MI325 shipped under the licenses will be subject to a 25% tariff upon importation into the United States for the inspection.

Excess or obsolete inventory have resulted in, and may in the future result in, write-downs of the value of our inventory. Factors that may result in excess or obsolete inventory, a reduction in the average selling price, or a reduction in our gross margin include: a sudden or significant decrease in demand for our products; a production or design defect in our products; a higher incidence of inventory obsolescence because of rapidly changing technology and customer requirements; a failure to accurately estimate customer demand for our products, including for our older products as our new products are introduced; or our competitors introducing new products or taking aggressive pricing actions.

Our ability to design and introduce new products in a timely manner includes the use of third-party intellectual property.

In the design and development of new and enhanced products, we rely on third-party intellectual property such as development and testing tools for software and hardware. Furthermore, certain product features may rely on intellectual property acquired from third parties that we incorporate into our software or hardware. The design requirements necessary to meet customer demand for more features and greater functionality from semiconductor products may exceed the capabilities of the third-party intellectual property or development or testing tools available to us. If the third-party intellectual property that we use becomes unavailable, is not available with required functionality or performance in the time frame, manufacturing technology, or price point needed for our new products or fails to produce designs or functionality that meet customer demands, or laws are adopted that affect our use of third party intellectual property in certain regions or products, our business could be materially adversely affected.

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We depend on third-party companies for the design, manufacture and supply of motherboards, software, memory and other computer platform components to support our business and products.

We depend on third-party companies for the design, manufacture and supply of motherboards, graphics cards, software (e.g., BIOS, operating systems, drivers, AI models or tools), memory and other components that we use to design, support and sell, and our customers utilize to support and/or use our product offerings. We also rely on our AIB partners to support our products. In addition, our microprocessors are not designed to function with motherboards and chipsets designed to work with Intel microprocessors. If the designers, manufacturers, AIBs and suppliers of motherboards, graphics cards, software, memory and other components cease or reduce their design, quality, importation, manufacture or production of current or future products that are based on, utilized in, or support our products, or laws are adopted that result in the same, our business could be materially adversely affected.

Certain of our products will be deployed as part of integrated, rack-scale systems that include numerous third-party rack-level components and require rack integration and qualification. As a result, even if we are able to manufacture and deliver our products on time, if these other components necessary for the rack-scale systems are not available from third parties due to supply constraints or availability issues, our and our customers’ ability to build, deploy or expand such rack-scale systems could be delayed or reduced. Such constraints could reduce demand for, or delay shipments of our products, negatively affect our customer relationships and could materially adversely affect our business, financial condition and results of operations.

If we lose Microsoft Corporation’s support for our products or other software vendors do not design and develop software to run on our products, our ability to sell our products could be materially adversely affected.

Our ability to innovate beyond the x86 instruction set controlled by Intel depends partially on Microsoft designing and developing its operating systems to run on or support our x86-based microprocessor products. With respect to our graphics products, we depend in part on Microsoft to design and develop its operating system to run on or support our graphics products. Similarly, the success of our products in the market, such as our APU products, is dependent on independent software providers designing and developing software to run on our products. If Microsoft does not continue to design and develop its operating systems so that they work with our x86 instruction sets or does not continue to develop and maintain their operating systems to support our graphics products, independent software providers may forego designing their software applications to take advantage of our innovations and customers may not purchase PCs with our x86 products. In addition, some software drivers licensed for use with our x86 products are certified by Microsoft. If Microsoft did not certify a driver, or if we otherwise fail to retain the support of Microsoft or other software vendors, our ability to market our x86 products would be materially adversely affected.

Our reliance on third-party distributors and AIB partners subjects us to certain risks.

We market and sell our products directly and through third-party distributors and AIB partners pursuant to agreements that can generally be terminated for convenience by either party upon prior notice. These agreements are non-exclusive and permit both our distributors and AIB partners to offer our competitors’ products. We are dependent on our distributors and AIB partners to supplement our direct marketing and sales efforts. If any significant distributor or AIB partner or a substantial number of our distributors or AIB partners terminated their relationship with us, decided to market our competitors’ products over our products or decided not to market our products at all, our ability to bring our products to market would be impacted and we would be materially adversely affected. We extend credit to certain of our distributors and AIB partners. If we are unable to collect accounts receivable from our significant distributors and/or AIB partners or incur higher allowances for credit losses, it could have a material adverse effect on our business. If we are unable to manage the risks related to the use of our third-party distributors and AIB partners or offer appropriate incentives to focus them on the sale of our products, our business could be materially adversely affected.

Additionally, distributors and AIB partners typically maintain an inventory of our products. In most instances, our agreements with distributors protect their inventory of our products against price reductions, as well as provide return rights for any product that we have removed from our price book that is less than 12 months older than the manufacturing date. Some agreements with our distributors also contain standard stock rotation provisions permitting limited levels of product returns. Our agreements with AIB partners protect their inventory of our products against price reductions. In the event of a significant decline in the price of our products, the price protection rights we offer would materially adversely affect us because our revenue and corresponding gross margin would decline.

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Our business depends on the proper functioning of our internal business processes and information systems and modification or interruption of such systems may disrupt our business, processes and internal controls.

We rely upon a number of internal business processes and information systems to support key business functions, and the efficient operation of these processes and systems is critical to our business. Our business processes and information systems need to be sufficiently scalable to support the growth of our business and may require modifications or upgrades that expose us to a number of operational risks. As such, our information systems will continually evolve and adapt in order to meet our business needs. These changes may be costly and disruptive to our operations and could impose substantial demands on management time.

These changes may also require changes in our information systems, modification of internal control procedures and significant training of employees and third-party resources. We continuously work on simplifying our information systems and applications through consolidation and standardization efforts. There can be no assurance that our business and operations will not experience any disruption in connection with this transition. Our information technology systems, and those of third-party information technology providers or business partners, may also be vulnerable to damage or disruption caused by circumstances beyond our control including catastrophic events, power anomalies or outages, natural disasters, viruses or malware, cyberattacks, insider threat attacks, unauthorized system or data modifications, data breaches and computer system or network failures, exposing us to significant cost, reputational harm and disruption or damage to our business.

In addition, as our IT environment continues to evolve, we are embracing new ways of communicating and sharing data internally and externally with customers and partners using methods such as mobility and the cloud that can promote business efficiency. However, these practices can also result in a more distributed IT environment, making it more difficult for us to maintain visibility and control over internal and external users, and meet scalability and administrative requirements. If our security controls cannot keep pace with the speed of these changes or if we are not able to meet regulatory and compliance requirements, our business would be materially adversely affected.

If our products are not compatible with some or all industry-standard software and hardware, we could be materially adversely affected.

Our products may not be fully compatible with some or all industry-standard software and hardware. Further, we may be unsuccessful in correcting any such compatibility problems in a timely manner. If our customers are unable to achieve compatibility with software or hardware, we could be materially adversely affected. In addition, the mere announcement of an incompatibility problem relating to our products could have a material adverse effect on our business.

Costs related to defective products could have a material adverse effect on us.

Products as complex as those we offer may contain defects or failures when first introduced or when new versions or enhancements to existing products are released. We cannot assure you that, despite our testing procedures, errors will not be found in new products or releases after commencement of commercial shipments in the future, which could result in loss of or delay in market acceptance of our products, material recall and replacement costs, loss of revenue, writing down the inventory of defective products, the diversion of the attention of our engineering personnel from product development efforts, defending against litigation related to defective products or related liabilities, including property damage, personal injury, damage to our reputation in the industry and loss of data or intangible property, and could adversely affect our relationships with our customers. In addition, we may have difficulty identifying the end customers of the defective products in the field. As a result, we could incur substantial costs to implement modifications to correct defects. Any of these problems could materially adversely affect our business.

We could be subject to potential product liability claims if one of our products causes, or merely appears to have caused, an injury, whether tangible or intangible. Claims may be made by consumers or others selling our products, and we may be subject to claims against us even if an alleged injury is due to the actions of others. A product liability claim, recall or other claim with respect to uninsured liabilities or for amounts in excess of insured liabilities could have a material adverse effect on our business.

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If we fail to maintain the efficiency of our supply chain as we respond to changes in customer demand for our products, our business could be materially adversely affected.

Our ability to meet customer demand for our products depends, in part, on our ability to deliver the products our customers want on a timely basis. Accordingly, we rely on our supply chain for the manufacturing, distribution and fulfillment of our products. As we continue to grow our business, expand to high-growth adjacent markets, acquire new customers and strengthen relationships with existing customers, the efficiency of our supply chain will become increasingly important because many of our customers tend to have specific requirements for particular products, geographic requirements, and specific time-frames in which they require delivery of these products. If we are unable to consistently deliver the right products to our customers on a timely basis in the right locations, our customers may reduce the quantities they order from us, which could have a material adverse effect on our business.

We outsource to third parties certain supply-chain logistics functions, including portions of our product distribution, transportation management and information technology support services.

We rely on third-party providers to operate our regional product distribution centers and to manage the transportation of our work-in-process and finished products among our facilities, to our third-party manufacturers and to our customers. In addition, we rely on third parties to provide certain information technology services to us, including help desk support, desktop application services, business and software support applications, server and storage administration, data center operations, database administration and voice, video and remote access. We cannot guarantee that these providers will fulfill their respective responsibilities in a timely manner in accordance with the contract terms, in which case our internal operations and the distribution of our products to our customers could be materially adversely affected. Also, we cannot guarantee that our contracts with these third-party providers will be renewed, in which case we would have to transition these functions in-house or secure new providers, which could have a material adverse effect on our business if the transition is not executed appropriately.

Our inability to effectively control the sales of our products on the gray market could have a material adverse effect on us.

We market and sell our products through a global, multi-tier network of authorized distributors, resellers and OEMs. Despite programmatic controls, audits and contractual restrictions, our pricing programs may be misused, and unauthorized resellers or unauthorized resale can occur on the “gray market”. Gray market activities could result in customer satisfaction issues because any time products are purchased outside our authorized distribution channels there is a risk that our customers are buying counterfeit or substandard products, including products that may have been altered, mishandled or damaged, or are used products represented as new. These substandard gray market products may have higher-than-expected failure rates and as a result, we may face brand protection risks, reputational harm or unauthorized warranty claims. Gray market products result in shadow inventory that is not visible to us, making it difficult to forecast demand accurately. Also, when gray market products enter the market, we and our distribution channels compete with these heavily discounted gray market products, which adversely affects demand for our products and negatively impacts our margins. We also face risks of product diversion into restricted markets, including reexports or sales to prohibited end users/end uses. Products acquired on the gray market or through other unauthorized channels are at higher risk of being re-sold to prohibited end-users, misused, and deployed for uses that do not align with AMD’s ethics, values or compliance standards. Despite our compliance programs and procedures for mitigating these risks through customer and transaction screening, distributor audits, law enforcement and NGO cooperation and export control compliance (including licensing where required), we may not fully eliminate these risks.

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Climate change may have an impact on our business.

Climate change may adversely affect our business, as well as that of our suppliers and customers. Increasing frequency and severity of natural disasters and climate-related events could impact the major regions where we have operations and could disrupt our business and that of our customers and suppliers. Our headquarters and some of our operations and facilities are located in areas that are susceptible to earthquakes and tsunamis, wildfires, extreme storms, flooding, extreme heat, drought, freezing, tropical cyclones and other natural disasters. Water and energy availability and reliability in the regions where we have facilities and where our suppliers and customers have operations is important to our business. Certain natural disasters could disrupt our operations and our suppliers’ or customers’ operations, including by disrupting, the availability of energy or water necessary for the operations of our business or those of our suppliers and customers. Such disruptions could interrupt our supply chain, delay manufacturing and product shipments, lead to a loss of business and higher costs to maintain or restore operations, any of which could adversely affect our business and operating results. Supply chain delays resulting from climate change related disruptions may lead to contractual disputes, litigation and increasing costs. Data centers depend on access to clean water and reliable energy. Customers’ ability to obtain sufficient energy capacity to meet demand is a complicated, multi-year process that involves regulatory and technical challenges. If customers cannot secure sufficient power or water, or experience outages or shortages of these resources, they may be unable to expand their data center capacity and may reduce or stop purchases from us.

Although we maintain property, casualty, and other insurance, coverage varies by type, availability and cost. Some of our policies have large deductibles and broad exclusions. Additionally, our insurance providers may be unable or unwilling to pay a claim. Losses not covered by insurance may be significant, which could materially harm our results of operations and financial condition.

Our business and the business of our suppliers and customers may also be subject to current and future climate-related regulations, contract terms and lawsuits. Increased regulations on carbon taxes, greenhouse gas emissions, fuel or energy taxes will likely result in greater costs, such as through carbon pricing impact on utilities or through requiring greater renewable energy purchases than otherwise planned.

Our supply chain manufacturing suppliers may incur increased costs of doing business should they be affected by new climate-related expectations such as those affecting abatement equipment, renewable energy, and/or alter production processes and materials selections. The additional compliance costs incurred by our suppliers may be passed on to us and result in greater indirect costs to us. These costs and restrictions could materially harm our business and results of operations by increasing our expenses, damaging our reputation for actual or perceived non-compliance, or requiring us to alter our operations and products. The long-term effects of climate change on the global economy and the technology industry are unclear but could be severe. Additionally, we are or expect to be subject to various new or proposed climate-related disclosure requirements and we expect to incur costs and resources in order to comply. Failure to comply with such reporting obligations may result in enforcement actions, litigation or reputational harm and could have a material adverse effect on us.

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Legal and Regulatory Risks

Government actions and regulations such as export regulations, import tariffs, and trade protection measures may limit our ability to export our products to certain customers.

We are subject to complex and evolving U.S. and international laws, including export controls, trade restrictions, and national‑security‑based regulations, which may restrict or prohibit the design, manufacture, sale, distribution, or use of our products. Certain prohibitions may apply based on ownership, control, or jurisdictional nexus rather than manufacturing location. Compliance with evolving regulations, particularly those related to China or Russia, may require product redesigns, impose customer or transaction limitations, require supply chain restructuring, or increase compliance costs, and could materially adversely affect our business, revenue and results of operations.

The Export Administration Regulations (EAR) administered by the Bureau of Industry and Security (BIS) of the U.S. Department of Commerce, restricts the export of certain products and technologies to certain countries, including China, Russia, and Belarus, among others. These restrictions may limit our ability to sell certain products or technologies in these markets or to certain customers.

Evolving U.S. government policy toward semiconductor exports, particularly in the context of national security and foreign policy priorities could adversely affect our business. In October 2023, the Bureau of Industry and Security (BIS) of the United States Department of Commerce issued requirements for the export of certain advanced computing items to a party headquartered in, or with an ultimate parent headquartered in, any of Country Groups D1, D4 or D5, including China (a D5 Country). These controls prevent us from shipping certain AMD Instinct™ integrated circuits and certain AMD Versal™ FPGAs to China, or to customers outside of the United States who are headquartered in—or whose ultimate parent is headquartered in—a D5 Country, without a license. BIS may not timely update performance-based licensing thresholds in the 2023 export requirements and/or may issue new licensing requirements and regulatory controls in the future. Accordingly, there is a risk that new products which exceed current licensing thresholds, or even those below current licensing thresholds, may not succeed because BIS could determine they are subject to licensing requirements. U.S. export restrictions on semiconductors and semiconductor technology to China and Chinese customers negatively impact our ability to sell to customers in China and make it easier for our China-based competitors to develop and sell their own solutions and reduce the need for our products. In April 2025, the U.S. government implemented a new license requirement for the export of certain semiconductor products to a D5 Country, and to companies headquartered in, or with an ultimate parent located in such D5 Country. This restriction impacts our AMD Instinct™ MI308 products. We applied for and were granted some licenses by the U.S. government that allow us to ship our MI308 products to certain China-based customers and we began shipping products at the end of fiscal 2025. As a result of the restriction, we incurred approximately $440 million of net inventory and related charges in 2025. Sales of our MI308 products into China depend on customer demand, China’s import control rules and our ability to obtain licenses. In August 2025, U.S. government officials expressed an expectation that the U.S. government will receive 15% of the revenue generated from licensed MI308 sales to China. However, to date, the U.S. government has not published a regulation establishing such requirement. Any request for a percentage of the revenue by the U.S. government could subject us to litigation, increase our costs and harm our competitive position and benefit competitors that are not subject to such arrangements. In February 2026, the U.S. government granted us some export licenses authorizing us to ship our AMD Instinct MI325 products to certain China-based customers. We do not yet know whether any imports of MI325 products will be allowed into China. Any MI325 products shipped to China are required by the terms of the licenses to first undergo an inspection process in the United States. As a result, any MI325 shipped under the licenses will be subject to a 25% tariff upon importation into the United States for the inspection.

Additional export restrictions imposed in the future may not only impact our ability to serve China but could also impact our ability to serve other markets. If any new export controls impact more of our products, we may be unable to sell our inventory of such products and we may further incur inventory and related charges since there is no assurance that the U.S. government will grant licenses at all or in a timely manner. Even if we are granted licenses, the licenses may be temporary or could impose onerous conditions for us or our customers. If we are not granted licenses, we may be unable to develop a competitive product for the China market that is not subject to licensing requirements. Limits on sales of our offerings in the China market due to export controls could impact our competitive position compared to domestic Chinese competitors and other companies or competitors not subject to the same restrictions. As such, we could lose market position and our business, operating results, and financial condition would be adversely impacted.

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In January 2025, BIS issued a final rule, commonly referred to as the “AI Diffusion Rule,” that would have imposed new restrictions on the export, reexport and in-country transfer of certain advanced semiconductor devices and technology. In May 2025, BIS announced its intention to rescind the AI Diffusion Rule, publish a regulation formalizing the rescission, and issue replacement rules in the future. The replacement rules may limit our ability to engage in certain business transactions, require new export licenses, delay shipments, or necessitate changes in our compliance processes and product designs to ensure regulatory compliance. Additionally, BIS’s announced plans introduce uncertainty as we evaluate whether specific products, technologies, or software fall within the scope of any new restrictions, and whether BIS will grant licenses in a timely matter or at all. Compliance with the planned or existing rules could result in increased costs, disruption of key customer and supplier relationships, loss of competitive positioning in international markets or reputational harm.

The implementation or increase of any tariffs, trade protection measures or restrictions, or retaliatory actions from foreign governments could result in lost sales and adversely impact our reputation and business. The U.S. government has instituted or proposed changes in trade policies that include higher tariffs on imports into the U.S. and other government regulations affecting trade between the United States and other countries where we conduct our business. Such changes to U.S. trade policy have the potential to adversely impact the U.S. economy or sectors thereof and could significantly impact our business, in particular the import of products used in our business that are manufactured outside the U.S. Any retaliatory actions by affected countries and foreign governments could result in tariffs, trade protection measures or other restrictions imposed on our current and future products. Our customers’ costs of doing business may increase or their sales may be negatively affected. As such, customer demand for our products may decline, which could adversely impact our ability to generate revenue and result in inventory impairment changes. For instance, tariffs on hardware required for data centers could raise costs for our customers, potentially causing them to delay or cancel AI infrastructure investments. Further, to the extent that the United States, China or other countries seek to promote products that are produced domestically or reduce their dependence on products from another country, they may implement regulations or policies that may materially impact our business.

The United States and other countries’ export control regulations continue to focus on targeting semiconductors associated with AI, including GPUs and associated products and services, by restricting or prohibiting their unlicensed sale or supply to U.S. embargoed or sanctioned countries, governments, persons and entities. The United States has imposed unilateral controls restricting GPUs and associated products, and is likely to further adopt other unilateral or multilateral controls. The scope and application of such controls have been and may continue to be broad, which may prohibit us from exporting or providing access to our products to customers in one or more markets, including but not limited to China, and could negatively impact our manufacturing, testing and warehousing locations, or could impose other conditions that limit our ability to meet demand abroad. If export controls targeting semiconductors associated with AI including GPUs and associated products and services are further tightened, or the classification of our products under those controls’ changes, our ability to export our technology, products or services could be further restricted. We may also be at a competitive disadvantage if our competitors are not subject to the same or similar restrictions or classifications. Such export controls have, and may in the future, subject downstream recipients of our products to additional restrictions on the use, resale, repair or transfer of our products and may have a material adverse effect on us. New export control restrictions may adversely impact the ability of our research and development teams located outside of the United States from executing our product roadmaps in a timely manner or at all. In addition, deemed export restrictions could further affect our ability to provide services or develop products in the United States. Continued changes to export control regulations that we are subject to, or changes to their interpretation and enforcement, could result in greater compliance costs and other compliance burdens on our business and our customers which could adversely impact our business. Export controls have and may continue to encourage customers in China and other markets subject to those controls to pursue alternatives to U.S. semiconductors for their product designs to limit compliance burdens and potential impact on their product roadmaps. From time to time, governments provide incentives or make other investments that could benefit and give a competitive advantage to our competitors. Government incentives may not be available to us on acceptable terms or at all. If our competitors can benefit from such government incentives and we cannot, it could strengthen our competitors’ relative position and have a material adverse effect on our business.

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We have equity interests in two joint ventures (collectively, the THATIC JV) with Higon Information Technology Co., Ltd. (THATIC), a third-party Chinese entity. In June 2019, BIS added certain Chinese entities to the Entity List, including THATIC and the THATIC JV. Since that time, the United States administration has called for changes to domestic and foreign policy, including policies with respect to China and Russia. Specifically, United States-China trade relations remain uncertain as the United States continues to add more Chinese companies to the Entity List and introduce new regulations on advanced computing, semiconductor manufacturing, and AI, while China has imposed retaliatory tariffs. Moreover, as the U.S. government continues adding companies to the Entity List, our supply chain may be negatively impacted as we may be required to suspend purchasing from such suppliers or selling to such customers or otherwise unable to fulfill our contractual obligations to them. For example, in September 2025, BIS issued a new rule designating any entity that is at least 50% owned by one or more entities on the Entity List will be subject to Entity List restrictions and this rule similarly applies to entities at least 50% owned by listed “military end users” and certain sanctioned parties. In October 2025, the U.S. government announced that it planned to suspend enforcement of this new rule for one year. However, the restrictions can be reimposed at any time. These restrictive governmental actions and any similar measures that may be imposed on U.S. companies by other governments, especially in light of ongoing trade tensions with U.S. trading partners, will likely limit or prevent us from doing business with certain of our customers or suppliers and harm our ability to compete effectively or otherwise negatively affect our ability to sell our products. If we were ever found to have violated these laws or similar applicable non-U.S. laws, even if the violation occurred without our knowledge, we may be subject to penalties, which could adversely affect our reputation, business, operating results and financial condition.

We may, from time to time, receive technical data from third parties that is subject to the International Traffic and Arms Regulations (ITAR), which are administered by the U.S. Department of State. Export Administration Regulation (EAR) governs the export and re-export of certain AMD products, including FPGAs, as well as the transfer of related technologies or provision of services, whether in the U.S. or abroad. We are required to maintain an internal compliance program and security infrastructure to meet EAR and ITAR requirements. An inability to obtain the required export licenses, or to predict when or pursuant to which conditions they will be granted, increases the difficulties of forecasting shipments. When we file license applications or Notification Advanced Computing (NAC) exception notices we have no assurance that BIS will grant any exemptions or licenses or that the BIS will act on the filings in a timely manner. Even if BIS grants a requested license, the license may come with burdensome conditions that we cannot or decide not to fulfill. In addition, security or compliance program failures that could result in penalties or a loss of export privileges, as well as stringent licensing restrictions that may make our products less attractive to overseas customers, could have a material adverse effect on our business, financial condition and/or operating results.

If we cannot realize our deferred tax assets, our results of operations could be adversely affected.

Our deferred tax assets include tax credit carryforwards that can be used to offset taxable income and reduce income taxes payable in future periods. Each quarter, we consider both positive and negative evidence to determine whether all or a portion of the deferred tax assets are more likely than not to be realized. If we determine that some or all of our deferred tax assets are not realizable, it could result in a material expense in the period in which this determination is made which may have a material adverse effect on our financial condition and results of operations.

Our business is subject to potential tax liabilities, and exposure to greater-than-anticipated income tax liabilities as a result of changes in tax rules and regulations, changes in interpretation of tax rules and regulations, or unfavorable assessments from tax audits, could affect our effective tax rates, financial condition, and results of operations.

We are a U.S.-based multinational company subject to income tax, indirect tax or other tax claims in multiple U.S. and foreign tax jurisdictions in which we conduct business. Significant judgment is required in determining our worldwide provision for income taxes. Tax laws are dynamic and subject to change as new laws are passed and new interpretations of the law are issued or applied. Any changes to tax laws could have a material adverse effect on our tax obligations and effective tax rate. Our income tax obligations could be affected by many factors, including, but not limited to, changes to our corporate operating structure, intercompany arrangements, and tax planning strategies.

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Our income tax expense is computed based on tax rates enacted at the time of the respective financial period. Our future effective tax rates, financial condition and results from operations could be unfavorably affected by changes in the tax rates in jurisdictions where our income is earned, by changes in the tax rules and regulations or the interpretation of tax rules and regulations in the jurisdictions in which we do business or by changes in the valuation of our deferred tax assets. Many countries have implemented legislation and other guidance to align their international tax rules with the Organization for Economic Co-operation and Development’s (OECD) Base Erosion and Profit Shifting recommendations and action plan that aim to standardize and modernize global corporate tax policy, including changes to cross-border tax, transfer pricing documentation rules, and nexus-based tax incentive practices. The OECD is also continuing discussions surrounding fundamental changes in allocation of profits among tax jurisdictions in which companies do business, as well as the implementation of a global minimum tax (namely “Pillar One” and “Pillar Two”). In January 2026, the OECD released a "side-by-side" package introducing new safe harbors and providing an exemption for U.S.-based multinational companies from parts of the global minimum tax framework. This guidance is intended to simplify compliance with a permanent simplified Effective Tax Rate safe harbor, a one-year extension of the transitional Country-by-Country Reporting safe harbor and reinforce the role of Qualified Domestic Minimum Top-up Taxes (QDMTT). While these rules are generally favorable to the Company, the related guidance must be adopted by the relevant jurisdictions before it is considered enacted for financial accounting purposes, and the timing, scope and manner of adoption may vary by country. We continue to monitor legislative and administrative developments in the jurisdictions in which we operate, including the impact on our effective tax rate and cash taxes.

In addition, we are subject to examinations of our income tax returns by domestic and foreign tax authorities. We regularly assess the likelihood of outcomes resulting from these examinations to determine the adequacy of our provision for income taxes and have reserved for potential adjustments that may result from the current examinations. There can be no assurance that the final determination of any of these examinations will not have an adverse effect on our effective tax rates, financial condition, and results of operations.

In the ordinary course of our business, there are many transactions and calculations where the ultimate income tax, indirect tax, or other tax determination is uncertain. Although we believe our tax estimates are reasonable, we cannot assure that the final determination of any tax audits or litigation will not be materially different from that which is reflected in historical tax provisions and accruals. Should additional taxes be assessed as a result of an audit, assessment or litigation, there could be a material adverse effect on our cash, tax provisions and results of operations in the period or periods for which that determination is made.

We are party to litigation and may become a party to other claims or litigation that could cause us to incur substantial costs or pay substantial damages or prohibit us from selling our products.

From time to time, we are a defendant or plaintiff in various legal actions, as described in Note 10 — Commitments and Contingencies of the Notes to our Condensed Consolidated Financial Statements. For example, we have been subject to certain claims concerning federal securities laws and corporate governance. Our products are purchased by and/or used by consumers, which could increase our exposure to consumer actions such as product liability claims and consumer class action claims. On occasion, we receive claims that individuals were allegedly exposed to substances used in our former semiconductor wafer manufacturing facilities and that this alleged exposure caused harm. Litigation can involve complex factual and legal questions, and its outcome is uncertain. It is possible that if a claim is successfully asserted against us, it could result in the payment of damages that could be material to our business.

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With respect to intellectual property litigation, from time to time, we have been notified of, or third parties may bring or have brought, actions against us and/or against our customers based on allegations that we are infringing the intellectual property rights of others, contributing to or inducing the infringement of the intellectual property rights of others, improperly claiming ownership of intellectual property or otherwise improperly using the intellectual property of others. If any such claims are asserted, we may seek to obtain a license under the third parties’ intellectual property rights. We cannot assure you that we will be able to obtain all of the necessary licenses on satisfactory terms, if at all. These parties may file lawsuits against us or our customers seeking damages (potentially up to and including treble damages) or an injunction against the sale of products that incorporate allegedly infringed intellectual property or against the operation of our business as presently conducted, which could result in our having to stop the sale of some of our products or to increase the costs of selling some of our products or which could damage our reputation. The award of damages, including material royalty payments, or other types of damages, or the entry of an injunction against the manufacture and sale of some or all of our products could have a material adverse effect on us. We could decide, in the alternative, to redesign our products or to resort to litigation to challenge such claims. Such challenges could be extremely expensive and time-consuming regardless of their merit, could cause delays in product release or shipment and/or could have a material adverse effect on us. We cannot assure you that litigation related to our intellectual property rights or the intellectual property rights of others can always be avoided or successfully concluded.

Even if we were to prevail, any litigation could be costly and time-consuming and would divert the attention of our management and key personnel from our business operations, which could have a material adverse effect on us.

We are subject to environmental laws, conflict minerals regulations, as well as a variety of other laws or regulations that could result in additional costs and liabilities.

Our operations and properties are subject to various United States and foreign laws and regulations, including those relating to materials used in our products and the manufacturing processes of our products, discharge of pollutants into the environment, the treatment, transport, storage and disposal of solid and hazardous wastes and remediation of contamination. In addition, our operations and those of our suppliers are further governed by regulations prohibiting the use of forced labor (e.g., mining conflict materials), and restrictions on other materials, as well as laws or regulations governing the operation of our facilities, sale and distribution of our products, and real property. For the manufacturing of our products, these laws and regulations require our suppliers to obtain permits for operations, including the discharge of air pollutants and wastewater. Although our management systems are designed to oversee our suppliers’ compliance, we cannot assure you that our suppliers have been or will be in complete compliance with such laws, regulations and permits. If our suppliers violate or fail to comply with any of them, a range of consequences could result, including fines, suspension of production, alteration of manufacturing processes, import/export restrictions, sales limitations, criminal and civil liabilities or other sanctions. Such non-compliance from our manufacturing suppliers could result in disruptions in supply, higher sourcing costs, and/or reputational damage for us. We could also be held liable for any and all consequences arising out of exposure to hazardous materials used, stored, released, disposed of by us or located at, under or emanating from our current or former facilities or other environmental or natural resource damage. We have been named as a responsible party at three Superfund sites in Sunnyvale, California and we are subject to Final Site Clean-up Requirements Orders from the California Regional Water Quality Control Board relating to the three sites and we have entered into settlement agreements with other responsible parties on two of the orders. During the term of such agreements, other parties have agreed to assume most of the foreseeable costs as well as the primary role in conducting remediation activities under the orders. We remain responsible for additional costs beyond the scope of the agreements as well as all remaining costs in the event that the other parties do not fulfill their obligations under the settlement agreements. The progress of future remediation efforts cannot be predicted with certainty and these costs may change. Although we have not been, we could be named a potentially responsible party at other Superfund or contaminated sites in the future. In addition, contamination that has not been identified could exist at our other facilities.

Future environmental legal requirements may become more stringent or costly. As such, the costs of complying with current and future environmental and health and safety laws, and our liabilities arising from past and future releases of, or exposure to, hazardous substances may increase and could have a material adverse effect on us.

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Environmental laws are complex, change frequently and tend to become more stringent over time. For example, the European Union (EU) and China are among a growing number of jurisdictions that have enacted restrictions on the use of lead and other materials in electronic products. These regulations affect semiconductor devices and packaging. As regulations restricting materials in electronic products continue to increase around the world, there is a risk that the cost, quality and manufacturing yields of products that are subject to these restrictions may be less favorable compared to products that are not subject to such restrictions, or that the transition to compliant products may not meet customer roadmaps, or produce sudden changes in demand, which may result in excess inventory. Jurisdictions including the EU, Australia, California and China are developing or have finalized market entry or public procurement regulations for computers and servers based on ENERGY STAR specifications, and the like, as well as additional energy consumption limits. Certain of our products may be excluded from some of these markets which could materially adversely affect us. We incur costs associated with complying with conflict minerals reporting requirements to our customers and the SEC. In addition to the SEC regulation, the EU, China and other jurisdictions are developing new policies focused on conflict minerals that may impact and increase the cost of our compliance program. Customers are increasingly seeking information about the source of minerals used in our supply chain beyond those addressed in laws and regulations. Given the complexity of mineral supply chains, we may be unable to sufficiently verify the origins of the subject minerals and thus our reputation may be harmed. Moreover, we are likely to encounter challenges to satisfy customers who require that all of the components of our products be certified as “conflict free.” If we cannot satisfy these customers, they may choose a competitor’s products. In addition, new or increased regulations limiting the use of such components, or regulation regarding greenhouse gas emissions and climate change-related risks, could increase our energy costs, for example as a result of carbon pricing impacts on electrical utilities and/or necessitating that we purchase more renewable energy than otherwise planned. Our supply chain manufacturing suppliers may be exposed to increased cost of doing business should they be affected by new climate-related regulations, for example, affecting abatement equipment, renewable energy, and/or alter production processes and materials selections.

In addition to our Company, customers, governments and authorities continue to focus on eliminating risks of forced labor in supply chains which may increase the cost of our compliance program. Several customers have also issued expectations to eliminate these occurrences, if any, that may impact us. While we have a Human Rights Policy and management systems to identify and avoid these practices in our supply chain, we cannot guarantee that our suppliers will always be in conformance with laws and expectations. Our failure to satisfy customer expectations on forced and trafficked labor policies may result in these customers choosing a competitor’s product or enforcement liability and reputational challenges.

In addition, many governments have enacted laws around PII, such as the GDPR and the CCPA, and the failure to comply could result in sanctions or other actions by the governments. The GDPR imposes significant requirements on how we collect, process and transfer personal data, as well as significant fines for non-compliance.

New emerging technology trends, such as AI, require us to keep pace with evolving regulations and industry standards. Given the complexity and rapid development of AI, there are various current and proposed regulatory frameworks relating to the use of AI in products and services. For example, the EU AI Act was adopted in 2024 and its implementation will be phased in over the next few years. In other jurisdictions, similar legislation is being considered. Such laws and regulations may impede our ability to offer certain products and services in certain jurisdictions if we are unable to comply with them. We expect that the legal and regulatory environment relating to emerging technologies such as AI will continue to develop and could increase costs and burdens to us and our customers, delay or halt deployment of new systems using our products, reduce the number for entrants and customers and create compliance risks and potential liability, all which may have a material adverse effect on our financial condition and results of operations. Governments are also considering the new issues in intellectual property law that AI creates, which could result in different intellectual property rights in technology we create with AI and development processes and procedures and could have a material adverse effect on our business. Moreover, as we expand our system-level offerings, we become subject to increasing regulatory obligations and a greater reliance on third-party design partners, which exposes us to additional regulatory and compliance risks. Any failure to comply with applicable requirements could result in litigation, fines, loss of market opportunities or damage to our reputation.

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Evolving expectations from governments, investors, customers and other stakeholders regarding corporate responsibility matters could result in additional costs, harm to our reputation and a loss of customers.

There are evolving expectations from governments, investors, customers and other stakeholders regarding corporate responsibility matters including those involving the environment and climate, energy and water consumption, diversity and inclusion, human rights, governance and cybersecurity. Additionally, we are and expect to continue to be subject to various new and proposed climate-related and sustainability laws and requirements that may impact how we and our suppliers and customers conduct and report on our business by requiring the disclosure and tracking of greenhouse gas emissions, climate change-related risks and other sustainability matters. As corporate responsibility reporting and disclosure requirements continue to evolve, we may incur additional compliance costs and indirect compliance costs that our customers and suppliers may pass on to us. Emerging legal and regulatory requirements in the various jurisdictions in which we operate, can be unpredictable, are subject to change, and may be difficult for us to comply with given the complexity of our supply chain and our outsourced manufacturing. As a result, we may be required to modify our business or supply chain in ways that are costly or less efficient. For example, the state of California has passed reporting requirements that will require corporations to report on climate data and risks, and these laws include data assurance requirements that entail third-party verifications. Our failure to comply, or the appearance of our failure to comply, with these legal and regulatory requirements can result in regulatory penalties, fines and legal liabilities, increase costs, and harm our reputation – any of which could materially adversely affect our business, financial condition and results of operation. While we have engaged, and may continue to engage, in voluntary initiatives (such as voluntary disclosures, certifications, goals, or targets, among others) or commitments to improve our corporate responsibility profile and/or products or to respond to stakeholder expectations, such initiatives or achievement of such commitments may be costly, may not have the desired effect or may impact our reputation with other stakeholders and have a material adverse effect on our business.

For example, we have publicly announced certain corporate responsibility goals spanning multiple topics informed by input from various of our stakeholders, including customers, investors and employees. These goals, which reflect our current plans and aspirations based on known conditions, may change in the future or may not be achieved, as they are subject to various challenges, risks and expectations such as standards, processes, and methodologies that continue to evolve or emerge, and many of these matters are outside our control. Our progress towards some goals receives third-party limited assurance and not reasonable assurance, or may rely on receipt of others’ information and data that may not be subject to either third-party limited or reasonable assurance. Any failure to achieve such goals, failure to achieve these goals within the set timeframe, or the perception by stakeholders of such failure to achieve these goals may result in reputational or financial harm.

Simultaneously, there are efforts by some stakeholders to reduce companies’ efforts on certain environmental, social and governance matters. Both advocates and opponents of environmental, social and governance matters are increasingly resorting to a range of activism forms, including media campaigns and litigation, to advance their perspectives. To the extent we are subject to such activism or litigation, it may require us to incur costs or otherwise adversely impact our business. Stakeholder groups may find our stated goals to be insufficiently responsive to the implications of issues, and any failure to meet stakeholder expectations may result in loss of customers or in investors selling their shares, which could harm our reputation and could have a material adverse effect on our business.

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Issues related to the responsible use of AI may result in reputational, competitive and financial harm and liability.

We offer products that include capabilities to support AI deployment and we expect this part of our business to grow. As with many new emerging technologies, AI presents risks and challenges and increasing legal, social and ethical concerns relating to its responsible use that could affect the adoption of AI, and thus our business. Third-party misuse of AI applications, models, or solutions, or ineffective or inadequate AI development or deployment practices by us or our customers, could cause harm to individuals or society and impair the public’s acceptance of AI. Moreover, we may be subject to competitive harm, regulatory action and legal liability as a result of new and proposed legislation regulating AI, as well as new applications of existing data protection, privacy and intellectual property and other laws. Such regulations and changes thereto could cause us to incur greater compliance costs, could impact our ability to sell or the ability of our customers and users worldwide to acquire, deploy and use systems that include our AI-related products and services and reduce the number of customers, which could negatively impact our business and financial results. As there continues to be an increasing focus on risks related to AI technologies, there may be an increasing focus on regulatory restrictions that target products and services that enable or facilitate AI and that may negatively impact some of our AI-related products and services. If the AI-related products that we offer have unintended consequences, infringe intellectual property rights or rights of publicity, or are misused by our customers or are otherwise controversial due to their perceived or actual impact on human rights, privacy, cybersecurity, employment or other social, economic or political issues the public’s acceptance of AI may be impaired and this may also result in reputational, competitive and financial harm and liability to our business.

The agreements governing our notes, our guarantee of the Assumed Xilinx Notes and the Revolving Credit Agreement impose restrictions on us that may adversely affect our ability to operate our business.

The indentures governing our 3.924% Senior Notes due 2032, 4.393% Senior Notes due 2052, 4.212% Senior Notes due 2026 and 4.319% Senior Notes due 2028 contain various covenants that limit our ability to, among other things: create liens on certain assets to secure debt, enter into certain sale and leaseback transactions; and consolidate with, merge into or sell, convey or lease all or substantially all of our assets to any other person.

We unconditionally guarantee, on a senior unsecured basis, Xilinx’s obligations under the Xilinx’s 2.375% Notes due 2030 (the Assumed Xilinx Notes). The supplemental indenture governing the Assumed Xilinx Notes also contain various covenants which limit our ability to, among other things, create certain liens on principal property or the capital stock of certain subsidiaries, enter into certain sale and leaseback transactions with respect to principal property, and consolidate or merge with, or convey, transfer or lease all or substantially all our assets, taken as a whole, to another person.

We also have an unsecured revolving credit facility in the aggregate principal amount of $3.0 billion (Revolving Credit Agreement). Our Revolving Credit Agreement contains various covenants which limit our ability to, among other things, incur liens; and consolidate or merge or sell our assets as an entirety or substantially as an entirety (in each case, except for certain customary exceptions). In addition, our Revolving Credit Agreement requires us to maintain a minimum consolidated interest coverage ratio at the end of each fiscal quarter. The agreement governing our convertible notes and our Revolving Credit Agreement contains provisions whereby a payment default or acceleration under certain agreements with respect to other material indebtedness would result in cross defaults under our convertible indenture or the Revolving Credit Agreement and allow note holders or the lenders under our Revolving Credit Agreement to declare all amounts outstanding under certain of our indentures or the Revolving Credit Agreement to be immediately due and payable. If the lenders under our Revolving Credit Agreement accelerate the repayment of borrowings, we cannot assure you that we will have sufficient assets to repay those borrowings. Also, we enter into sale and factoring arrangements from time to time with respect to certain accounts receivables, which arrangements are non-recourse to us in the event that an account debtor fails to pay for credit-related reasons and are not included in our indebtedness.

We may be required to satisfy financial obligations under guarantees, leases and other commercial commitments.

From time to time, we enter into commercial arrangements such as long-term capacity purchase agreements, financial guarantees and leases to support customers’ or commercial partners’ infrastructure development. These arrangements may increase our exposure to counterparty risk, such as their inability to secure the necessary capital or financing, delays in project execution and downturns in their business, including insolvency. If we are required to satisfy our financial obligations under these commercial arrangements, our business, operating results, and

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financial condition may be adversely affected. Additionally, we may commit to specified levels of cloud service capacity based on anticipated internal usage or our ability to allocate or assign such capacity. If we are unable to fully utilize or offload that capacity as expected, we could have excess capacity, increased costs or reduced operational flexibility, which could materially adversely affect our business.

Merger, Acquisition, Divestiture, and Integration Risks

Acquisitions, joint ventures, and/or investments, and the failure to integrate acquired businesses, may fail to materialize their anticipated benefits and could disrupt our business, which could adversely affect our results of operations and financial condition.

We have acquired and invested in businesses, and may continue to do so, that offer products, services and technologies that we believe will help expand our product offerings and services and grow our business in response to changing technologies, customer demands and competitive pressures. Acquisitions and joint ventures include numerous risks including, but not limited to: our inability to identify suitable opportunities in a timely manner or on terms acceptable to us; failure to complete a transaction in a timely manner, or at all; inability to obtain, or delay in obtaining, regulatory approvals or IP disputes or other litigation; difficulty in obtaining financing on terms acceptable to us or at all; and failure of a transaction to advance our business strategy or other unforeseen factors. For example, in March 2025, we completed our acquisition of ZT Systems. While we believe that our acquisitions will result in certain benefits, including certain operational synergies, accretion and cost efficiencies, and drive product innovations, achieving these anticipated benefits depends on our ability to successfully integrate the acquired businesses into our business. We cannot be certain that our acquisitions can be successfully integrated with our business in a timely manner or at all, for a variety of reasons, including, but not limited to: difficulty in integrating the technology, systems, products, policies, processes or operations and integrating and retaining the employees including key personnel of the acquired business; diversion of capital and other resources, including management’s attention from our existing business; unanticipated costs or liabilities, such as increased interest expense and compliance with debt covenants or other obligations; coordinating and integrating in countries in which we have not previously operated; the potential impact of the acquisitions on our relationships with employees, vendors, suppliers and customers; our inability to effectively retain suppliers, vendors and customers of the acquired businesses; entry into geographic or business markets in which we have little or no experience; adverse changes in general economic conditions in regions in which we and the acquired companies operate; potential litigation associated with the acquisitions; difficulties in the assimilation of employees and culture; difficulties in managing the expanded operations of a larger and more complex company; and difficulties with integrating and upgrading our and the acquired companies’ financial reporting systems. If we cannot successfully integrate or are delayed in integrating newly acquired businesses, it could result in increased costs, decreases in expected revenues, diversion of management’s time and attention, negatively impact our ability to develop or sell new products and impair our ability to grow our business, which could materially adversely affect our financial conditions and operating results. Even if the businesses we acquire are successfully integrated, the benefits of such transactions may not be realized within the anticipated time frame or at all. To complete an acquisition, we may issue equity securities, which would dilute our stockholders’ ownership and could adversely affect the price of our common stock, and/or incur debt, assume contingent liabilities or have amortization expenses and write-downs of acquired assets, which could adversely affect our results of operations. From time to time, we may also seek to divest or wind down portions of our business, either acquired or otherwise. Such dispositions involve risks and uncertainties, including our ability to sell such businesses on terms acceptable to us, or at all; litigation; disruption of our ongoing business and distraction of management; failure to effectively transfer liabilities, contracts, facilities and employees to buyer; continued financial obligations and unanticipated liabilities; and closing delays. For example, purchase price consideration received from divestitures can be subject to customary post-closing adjustments, and if such adjustments are material, we may be exposed to losses, which could have a material impact on our financial position and results of operations.

Moreover, we may not adequately assess the risks of new business initiatives and subsequent events may arise that alter the risks that were initially considered. Acquisitions, joint ventures and other investments involve significant challenges and risks and could impair our ability to grow our business, develop new products or sell our products, which could have a negative impact on our results of operations. Acquisitions or joint ventures may also reduce our cash available for operation and other uses which could harm our business. For example, the majority of our ATMP services are provided by the ATMP JVs, and there is no guarantee that the JVs will be able to fulfill our long-term ATMP requirements. If we are unable to meet customer demand due to fluctuating or late supply from the ATMP JVs, it could result in lost sales and have a material adverse effect on our business. We may not realize the expected benefits from the THATIC JV’s expected future performance, including the receipt of any royalties from certain licensed intellectual property. In June 2019, the BIS added certain Chinese entities to the Entity List, including THATIC and the THATIC JV. We are complying with U.S. law pertaining to the Entity List designation.

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We invest in both public and private companies to further our strategic objectives and to support certain key business initiatives. We invest in early-stage companies that may still be in the process of developing a strategic direction and may not yet generate revenue. Many of the equity and debt instruments that we invest in are non-marketable and illiquid at the time of our initial investment, and we are not always able to achieve a return. Our ability to realize a return on our investments in private companies typically depends on the company completing a liquidity event, such as a public offering or acquisition. Market conditions and events, particularly in periods with economic uncertainty, inflation, volatile public equity markets or unsettled global market conditions, could cause our investments in public companies to expose us to volatility in our results due to changes in market prices and/or impairments. To the extent any of the companies in which we invest in are not successful, we could recognize an impairment and/or lose all or part of our investment. Our investment portfolio is concentrated in specific sectors and adverse developments in one or any of these sectors due to regulatory changes, technology disruptions or market downturns could negatively impact the performance of our investment portfolio.

Any impairment of our tangible, definite-lived intangible or indefinite-lived intangible assets, including goodwill, may adversely impact our financial position and results of operations.

We account for certain acquisitions using the acquisition method of accounting under the provisions of ASC 805, Business Combinations, with AMD as the accounting acquirer. We record assets acquired, including identifiable intangible assets, and liabilities assumed, at their respective fair values at the acquisition date. Any excess of the purchase price over the net fair value of such assets and liabilities will be recorded as goodwill. These acquisitions have resulted in recognition of significant goodwill and other intangible assets on our Consolidated Balance Sheets. Goodwill and indefinite-lived intangible assets are tested for impairment at least annually. All tangible and intangible assets including goodwill, are subject to impairment testing when events or changes in circumstances suggest that their carrying amounts may not be recoverable. Impairment testing particularly for goodwill requires significant judgment and assumptions in determining fair value. We monitor for any events or changes in circumstances that may be indicators of impairment, including but not limited to: significant adverse changes in business climate or operating results; changes in management’s business strategy; an inability to successfully introduce new products in the marketplace; an inability to successfully achieve internal forecasts; significant declines in our stock price; significant negative industry; or macroeconomic trends. A deterioration in the long-term economic outlook or expected future cash flows of our business could result in impairment charges, which may have a material adverse impact on our financial position and results of operations.

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General Risks

Our worldwide operations are subject to political, legal and economic risks and natural disasters, which could have a material adverse effect on us.

We maintain operations around the world, including in the United States, Canada, Europe, Australia, Latin America and Asia. We rely on third-party wafer foundries in the United States, Europe and Asia. Nearly all product assembly and final testing of our products is performed at third-party operated manufacturing facilities, in the locations of Mainland China, Malaysia and Taiwan. Our shipping services are provided by third-party subcontractors. We also have international sales operations. International sales, as a percent of net revenue, were 74% for the three months ended March 28, 2026. We expect that international sales will continue to be a significant portion of total sales in the foreseeable future. The political, legal and economic risks associated with our worldwide operations include, without limitation: expropriation; changes in a specific country’s or region’s political or economic conditions; changes in tax laws, trade protection measures and import or export licensing requirements and restrictions; imposition of new and increased tariffs; worsening trade relationship between the United States and China (or other countries); volatile global economic conditions, including downturns or recessions in which some competitors may become more aggressive in their pricing practices; difficulties in protecting our intellectual property; difficulties in managing staffing and exposure to different employment practices and labor laws; changes in immigration law and regulations; changes in foreign currency exchange rates; restrictions on transfers of funds and other assets of our subsidiaries between jurisdictions; changes in freight rates; changes to macroeconomic conditions, including interest rates, inflation and recession; transportation restrictions or disruptions; loss or modification of exemptions for taxes and tariffs; and compliance with U.S. laws and regulations related to international operations, including export control and economic sanctions laws and regulations and the Foreign Corrupt Practices Act. Changes in the public perception of the U.S. government in the regions where we operate or plan to operate could also negatively impact our business and results of operations. Geopolitical tensions, such as the Ukraine-Russia, Venezuela and Middle East conflicts, could escalate and expand, which in turn could have negative impacts on the global economy and financial markets. Also, in addition to restrictions imposed by the United States or China on exports or imports from one another, geopolitical changes between China and Taiwan could disrupt the operations of our Taiwan-based third-party wafer foundries, manufacturing facilities and subcontractors, and materially adversely affect delivery of products and our business, financial condition and/or operating results.

In addition, our worldwide operations (or those of our business partners) could be subject to natural disasters and climate change such as earthquakes, tsunamis, flooding, tropical cyclones, droughts, fires, sea-level rise, extreme heat and volcanic eruptions that disrupt our operations, or those of our manufacturers, vendors or customers. For example, our California operations are located near major earthquake fault lines. In April 2024, Taiwan experienced an earthquake where our third-party wafer foundries are located. We also have operations and employees in regions that have experienced extreme weather such as prolonged heat waves, wildfires and freezing. Extreme weather events and natural disasters can also disrupt the ability of our suppliers to deliver expected manufacturing parts and/or services for periods of time. In addition, certain natural disasters, including drought, wildfires, storms, sea-level rise and flooding, could disrupt the availability of water necessary for the operations of our business or the business of our suppliers or customers. Global climate change also may result in chronic changes that result in certain natural disasters occurring more frequently or with greater intensity, which could disrupt our operations, or the operations of our third parties. There may be conflict or uncertainty in the countries in which we, our customers and suppliers operate, including public health issues, epidemics and pandemics, safety issues, natural disasters, fire, disruptions of service from utilities, nuclear power plant accidents or general economic or political factors. Global health outbreaks, such as COVID-19, have and may adversely affect our employees and disrupt our business operations, as well as those of our customers and suppliers. Public health measures by government authorities may cause us to incur additional costs, limit our operations, modify our business practices, diminish employee productivity or disrupt our supply chain, which may have a material adverse effect on our business.

The U.S. has been and may continue to be involved in armed conflicts that could have a further impact on our sales and our supply chain. The consequences of armed conflict, political instability or civil or military unrest are unpredictable, and we may not be able to foresee events that could have a material adverse effect on us. Terrorist attacks or other hostile acts may negatively affect our operations, or adversely affect demand for our products, and such attacks or related armed conflicts may impact our physical facilities or those of our suppliers or customers. Furthermore, these attacks or hostile acts may make travel and the transportation of our products more difficult and more expensive, which could materially adversely affect us. Any of these events could cause consumer spending to decrease or result in increased volatility in the U.S. economy and worldwide financial markets.

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Any of the above risks, should they occur, could result in increased costs, shipment delays, general business interruptions, the inability to obtain, or delays in obtaining export licenses for certain technology, penalties or a loss of export privileges. Additionally, stringent licensing restrictions may make our products less attractive to international customers, tariffs and other barriers and restrictions, longer payment cycles, increased taxes, restrictions on the repatriation of funds and the burdens of complying with a variety of foreign laws are all factors that could have a material adverse effect on our business.

We may incur future impairments of our technology license purchases.

We license certain third-party technologies and tools for the design and production of our products. We report the value of those licenses as other non-current assets on our Consolidated Balance Sheets and we periodically evaluate the carrying value of those licenses based on their future economic benefit to us. Factors such as the life of the assets, changes in competing technologies, and changes to the business strategy may represent an indicator of impairment. The occurrence of any of these events may require us to record future technology license impairment charges.

Our inability to continue to attract and retain key employees may hinder our business.

Our success depends upon the continued service of numerous qualified engineering, marketing, sales and executive employees. The market for qualified and skilled executives and employees in the technology industry, especially in the areas of AI and machine learning, is highly competitive. Our competitors have targeted individuals in our organization that have desired skills and experience. If we are unable to continue to attract, develop and retain our leadership team and our qualified employees necessary for our business, the progress of our product development programs could be hindered, and we could be materially adversely affected. We use share-based incentive awards to help attract, retain and motivate our executives and qualified employees. If the value of such stock awards does not appreciate as measured by the performance of the price of our common stock, or if our share-based compensation otherwise ceases to be viewed as a valuable benefit, our ability to attract, retain and motivate our executives and employees could be affected, which could harm our results of operations. If the value of our stock awards increases substantially, this could potentially create great personal wealth for our executives and key talent and affect our ability to retain our employees. Our ability to attract and retain qualified employees could also be impacted by changes in immigration law and regulations, or interpretation of new or existing laws. United States immigration controls could affect the employment status of key technical and professional employees, as well as our ability to hire talent globally. Any future restructuring plans may also adversely impact our ability to attract and retain key employees.

Our stock price is subject to volatility.

Our stock price has experienced price and volume fluctuations and could be subject to wide fluctuations in the future. The trading price of our stock may fluctuate widely due to various factors including: actual or anticipated fluctuations in our financial conditions and operating results; failure to meet expectations related to future growth; changes in financial estimates by us or financial estimates and ratings by securities analysts; changes in our capital structure, including issuance of additional debt or equity to the public; competitive landscape; news regarding our products or products of our competitors or other actions taken by competitors; broad market industry and competitor-related fluctuations; and general economic, political and market conditions, including imposition of new or increased tariffs and other trade restrictions, interest rate changes and inflation. Stock price fluctuations could impact the value of our equity compensation, which could affect our ability to recruit and retain employees. In addition, volatility in our stock price could adversely affect our business and financing opportunities.

We have an approved Repurchase Program that authorizes repurchases of up to $14 billion of our common stock. As of March 28, 2026, $9.2 billion remained available for future stock repurchases under the Repurchase Program. The Repurchase Program does not obligate us to acquire any common stock, has no termination date and may be suspended or discontinued at any time. Our stock repurchases could affect the trading price of our stock, the volatility of our stock price, reduce our cash reserves, and may be suspended or discontinued at any time, which may result in a decrease in our stock price.

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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

We have an approved stock repurchase program authorizing repurchases of up to $14 billion of our common stock (Repurchase Program). We expect to fund repurchases through cash generated from operations. Our Repurchase Program does not obligate us to acquire any common stock, has no termination date and may be suspended or discontinued at any time.

The following table provides information relating to our repurchase of common stock for the three months ended March 28, 2026:

Total Number of Shares Repurchased Average Price Paid per Share Total Number of Shares Repurchased as Part of Publicly Announced Program Approximate Dollar Value of Shares That May Yet be Purchased Under the Program

(In millions)

Dec 28, 2025 to Jan 24, 2026 — $ — — $ 9,376

Jan 25, 2026 to Feb 21, 2026 119,427 $ 200.96 119,427 $ 9,352

Feb 22, 2026 to Mar 28, 2026 1,006,647 $ 195.68 1,006,647 $ 9,155

Total 1,126,074

The amounts above do not include the 1% excise tax on stock repurchases enacted by the Inflation Reduction Act of 2022.

Equity Award Share Withholding

During the three months ended March 28, 2026, there were $ 121 million in employee withholding taxes due upon the vesting of net settled equity awards. We withheld approximately 0.6 million shares of common stock from employees in connection with such net share settlement at an average price of $205.25 per share. These shares may be deemed to be “issuer purchases” of shares.

ITEM 5.

OTHER INFORMATION

Rule 10b5-1 Trading Plans

During the quarter ended March 28, 2026, the following directors and officers adopted, modified or terminated Rule 10b5-1 trading plans:

Name

Title of Director or Officer

Action

Date

Trading Arrangement

Total Shares to be Sold (1)

Expiration Date

Rule 10b5-1*

Non-Rule 10b5‑1**

Ava Hahn

Senior Vice President, General Counsel and Corporate Secretary

Adopt

March 13, 2026

6,919 March 12, 2027

* Intended to satisfy the affirmative defense of Rule 10b5-1(c)

** Not intended to satisfy the affirmative defense of Rule 10b5-1(c)

1 The total number of shares to be sold cannot be determined as of the date of this Quarterly Report as the planned sale amount for the officer includes a designated percentage of net vested shares. The number listed reflects the maximum number of shares available to be sold pursuant to the officer’s 10b5-1 trading plan.

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ITEM 6. EXHIBITS

2.1 Equity Purchase Agreement dated as of May 18, 2025, by and among Advanced Micro De vices , Inc., AMD Design, LLC, ZT Group Int’l, Inc. and Sanmina Corporation, filed as Exhibit 2.1 to AMD’s Current Report on Form 8-K dated May 18, 2025, is hereby incorporated by reference.

3.1 Amended and Restated Certificate of Incorporation of Advanced Micro Devices, Inc., filed as Exhibit 3.1 to AMD’s Current Report on Form 8-K/A dated May 14, 2025, is hereby incorporated by reference.

3.2 Advanced Micro Devices, Inc. Amended and Restated Bylaws, as amended on February 13, 2024, filed as Exhibit 3.1 to AMD’s Current Report on Form 8-K dated February 20, 2024, is hereby incorporated by reference.

4.1 W arrant to Purchase Shares of Common Stock, dated February 23, 2026, between Advanced Micro De vices, Inc. and Meta Plat forms, Inc., filed as Exhibit 4.1 to AMD ’ s Current Re port on Form 8-K dated February 23, 2026, is hereby incorp orated by reference.

*10.1

Value Creation Performance-Based Restricted Stock Unit Grant Notice between Advanced Micro Devices, Inc. and Lisa T. Su, dated March 15, 2026.

10.2 R e gistration Rights Agreement, dated February 23, 2026, between Advanced Micro Devices, Inc . and Meta Platforms, I nc., filed as Exh ibit 10.1 to AMD ’ s Current Report on Form 8-K dated Febr uary 23, 2026, is hereby inc orporated by reference.

31.1 Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2 Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1 Certification of the Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2 Certification of the Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS XBRL Instance Document.

101.SCH XBRL Taxonomy Extension Schema Document.

101.CAL XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB XBRL Taxonomy Extension Label Linkbase Document.

101.PRE XBRL Taxonomy Extension Presentation Linkbase Document.

104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

*Management contracts and compensatory plans or arrangements.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

ADVANCED MICRO DEVICES, INC.

May 5, 2026 By: /s/ Jean Hu

Name: Jean Hu

Title: Executive Vice President, Chief Financial Officer and Treasurer

Signing on behalf of the Registrant as the Principal Financial Officer

打开原文

Nebius 披露与 Meta 的 AI 基础设施服务协议

重要性未评级

发布时间早于日报 5 天摘要窗口。

标签

标的：`NBIS`来源：U.S. Securities and Exchange Commission发布日期：2026-03-16重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：429

中文摘要

Nebius 与 Meta 的协议及初始订单总合同价值上限约 270 亿美元。
其中 120 亿美元为多地点专用 GPU 集群，计划从 2027 年初分批部署，订单期限各为五年。
其余最高 150 亿美元只对应特定 GPU 集群未售容量；相关容量未售给第三方时，Meta 才承担购买义务。
协议包含终止条款、服务水平承诺、延迟交付折扣、赔偿和责任限制。

英文原文

Nebius 2026-03-16 Form 6-K：Meta Infrastructure Service Agreement

UNITED

STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

March 16, 2026

NEBIUS GROUP N.V.

Schiphol Boulevard 165

1118 BG, Schiphol, the Netherlands.

Tel: +31 202 066 970

(Address, Including ZIP Code, and Telephone

Number,

Including Area Code, of Registrant’s Principal

Executive Offices)

Indicate by check mark whether the registrant files or will file annual

reports under cover of Form 20-F or Form 40-F.

Form 20-F x           Form 40-F ¨

COMMERCIAL AGREEMENT WITH META

On March 13, 2026, Nebius, Inc. (the “Company”),

a wholly owned subsidiary of Nebius Group N.V., entered into an Infrastructure Service Agreement (the “Agreement”) with Meta

Platforms, Inc. (“Meta”), pursuant to which the Company and Meta will enter into a series of orders, each for a duration of

5 years (each an “Order”). The Agreement and the initial Orders thereunder have a total contract value of up to approximately

$27 billion.

Certain of the Orders are for dedicated GPU capacity

clusters across multiple locations, and for a duration of 5 years, with deployments in tranches starting early 2027, and each order with

associated storage and connectivity services. These Orders have a total contract value of $12 billion.

A further Order establishes an arrangement that

provides Meta with access to any unsold capacity in respect of certain GPU clusters as specified in the Agreement. It is the Company’s

current intention to sell such capacity in its AI cloud to third-party customers. Under the terms of this Order, in instances where the

relevant capacity is not sold by Nebius to other customers, Meta is obligated to purchase such unsold capacity for the remainder of the

period ending 5 years from the date on which such unsold capacity was initially deployed. This Order has a potential total contract value

of up to $15 billion.

The Agreement and Orders contain customary provisions

for an agreement of this nature, including termination, service level commitments, discounted monthly fees for late delivery, representations

and warranties, indemnities, and limitations of liability.

A press release announcing the signing of the Agreement is attached

as Exhibit 99.1.

INDEX TO EXHIBITS

Exhibit No.

Description

99.1

Press release of Nebius Group N.V. dated March 16, 2026, announcing the Agreement with Meta.

SIGNATURES

Pursuant to the requirements of the Securities

Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

NEBIUS GROUP N.V.

Date: March 16, 2026

By:

/s/ Boaz Tal

Boaz Tal

General Counsel

打开原文

Coherent 披露 NVIDIA 20 亿美元私募投资及光学合作

重要性未评级

发布时间早于日报 5 天摘要窗口。

标签

标的：`COHR`来源：U.S. Securities and Exchange Commission发布日期：2026-03-02重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：975

中文摘要

Coherent 以每股 256.80 美元向 NVIDIA 私募发行 7,788,161 股普通股，现金总额 20 亿美元。
公司披露 NVIDIA 可接入另外五个与共封装光学有关的 Coherent 产品家族。
募集资金拟支持研发、未来产能扩张和美国制造业务能力。

英文原文

8-K

false 0000820318 0000820318 2026-03-02 2026-03-02

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 2, 2026

Coherent Corp.

(Exact name of registrant as specified in its charter)

Pennsylvania

001-39375

25-1214948

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

375 Saxonburg Boulevard

Saxonburg , Pennsylvania 16056

(Address of Principal Executive Offices) (Zip Code)

(724) 352-4455

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Common Stock, no par value

COHR

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

Item 3.02

Unregistered Sales of Equity Securities.

On March 2, 2026, Coherent Corp. (“Coherent” or the “Company”) entered into a Securities Purchase Agreement (the “Purchase Agreement”) with NVIDIA Corporation (“NVIDIA”), and Coherent completed the issuance and sale of 7,788,161 shares of the Company’s common stock, no par value (the “Shares”), pursuant to the Purchase Agreement, at a price of $256.80 per share for an aggregate purchase price of $2 billion in cash. The Shares were issued and sold to NVIDIA in a private placement relying upon the exemption provided by Section 4(a)(2) of the Securities Act of 1933, as amended.

NVIDIA’s investment will support research and development initiatives, future capacity expansion, and operational capabilities, as Coherent expands its U.S.-based manufacturing footprint.

Item 7.01

Regulation FD Disclosure.

The Company’s press release, dated March 2, 2026, announcing the private placement contemplated by the Purchase Agreement and a collaboration between Coherent and NVIDIA under which NVIDIA has access to five additional Coherent product families related to co-packaged optics, enabling next-generation AI infrastructure is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, is furnished and shall not be treated as filed for purposes of the Securities Exchange Act of 1934, as amended.

Item 9.01

Financial Statements and Exhibits

(d) Exhibits

Exhibit No.

Description

99.1

Press Release dated March 2, 2026

Forward-Looking Statements

This Current Report on Form 8-K contains forward-looking statements relating to future events and expectations that are based on certain assumptions and contingencies. The forward-looking statements are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The forward-looking statements in this Current Report involve risks and uncertainties, which could cause actual results, performance or trends to differ materially from those expressed in the forward-looking statements herein or in previous disclosures. Forward-looking statements are also identified by words such as “expects,” “anticipates,” “intends,” “believes,” “plans,” “projects” or similar expressions.

The Company believes that all forward-looking statements made in this Current Report have a reasonable basis, but there can be no assurance that management’s expectations, beliefs or projections as expressed in the forward-looking statements will actually occur or prove to be correct. These forward-looking statements include, but are not limited to, the following statements: the expansion of the supply relationship between the Company and NVIDIA and other statements that are not historical facts.

Factors that could cause actual results to differ materially from those discussed in the forward-looking statements herein include, but are not limited to: (i) the failure of any one or more of the assumptions stated above to prove to be correct; (ii) the occurrence of any event, change or other circumstances that could give rise to an amendment or termination of the Purchase Agreement or the collaboration between the companies; (iii) litigation and any unexpected costs, charges or expenses resulting from the Purchase Agreement, the collaboration between the companies and the other transactions contemplated thereby; (iv) potential adverse reactions or changes to business relationships resulting from the announcement of the Purchase Agreement or the collaboration between the companies; and (v) the risks relating to forward-looking statements and other “Risk Factors” discussed in the

Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025 and the Company’s most recent Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission for the quarter ended December 31, 2025, and additional risk factors that may be identified from time to time in future filings of the Company. The Company disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events or developments, or otherwise.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Coherent Corp.

Date: March 2, 2026

By:

/s/ Rob Beard

Rob Beard

Chief Legal & Global Affairs Officer

打开原文

应用材料就违规出口半导体设备向BIS支付2.52亿美元罚款

重要性未评级

发布时间早于日报 5 天摘要窗口。

标签

标的：`AMAT`来源：U.S. Bureau of Industry and Security发布日期：2026-02-12重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：387

中文摘要

应用材料及其韩国子公司同意就未经许可向中国出口半导体制造设备支付约2.52亿美元罚款。
BIS称涉案设备价值约1.26亿美元；和解还要求公司执行多次出口合规审计和年度认证。

英文原文

Bureau of Industry and Security

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A lock ( ) or https:// means you’ve safely connected to the .gov website. Share sensitive information only on official, secure websites.

FOR IMMEDIATE RELEASE | February 12, 2026 | Media Contact: [email protected]

Applied Materials to Pay $252 Million Penalty to BIS for Illegally Exporting Semiconductor Manufacturing Equipment

Download as PDF WASHINGTON, D.C. — Today, the Department of Commerce’s Bureau of Industry and Security (BIS) announced a settlement agreement with Applied Materials Inc. of Santa Clara, California (AMAT) and Applied Materials Korea, Ltd. (AMK), covering illegal exports of U.S. semiconductor manufacturing equipment to China. AMAT and AMK agreed to pay a penalty of approximately $252 million – the second-highest penalty ever imposed by BIS.

Under Secretary of Commerce for Industry and Security Jeffrey Kessler stated: “The Bureau of Industry and Security is strongly committed to safeguarding sensitive American technologies and deterring wrongdoers. When companies export their products around the world, they must follow the law or face stiff penalties.”

In 2020, the company to which AMAT had been exporting certain semiconductor manufacturing equipment (known as ion implanters) was placed on the Entity List. In 2021 and 2022, AMAT violated BIS’s requirement to obtain a license before shipping to a company on the Entity List by shipping ion implanters first to AMK in Korea for assembly, and then onward to China, without applying for and receiving an export license. The value of merchandise illegally shipped was approximately $126 million.

Today’s penalty of $252 million – twice the transaction value – is the maximum allowed by statute. As part of the settlement, AMAT also agreed to conduct multiple audits of its export compliance program and make annual certifications to BIS in connection with those audits. In addition, the compliance employees and senior global trade and production executives responsible for the illegal shipments are no longer employed by AMAT and AMK.

The full order, settlement agreement, and Proposed Charging Letter are available online here . This case was investigated by BIS’s Office of Export Enforcement, Boston Field Office and Homeland Security Investigations. For more information, please visit https://www.bis.gov/enforcement .

###

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Alphabet 2025 年第四季度业绩会

重要性未评级

标签

标的：`GOOG`来源：Alphabet Inc.发布日期：2026-02-04重要性：未评级

中文摘要

Alphabet 给出的 2026 年资本支出预期为 1750 亿至 1850 亿美元。
公司称 2026 年机器与数据中心/网络设备的资本投入构成预计大体延续 2025 年约 60%/40% 的比例。
公司预计 2026 年略高于一半的机器学习算力用于 Cloud 业务，同时披露当时仍处于算力供给偏紧环境。

英文原文

Alphabet 2025 Q4 Earnings Call

本地未取得可读全文：HTTP 403。可使用上方“打开原文”核查。

打开原文

美国商务部调整对华半导体出口许可审查政策

重要性未评级

发布时间早于日报 5 天摘要窗口。

标签

来源：U.S. Bureau of Industry and Security发布日期：2026-01-13重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：306

中文摘要

BIS将英伟达H200、AMD MI325X及类似芯片的对华出口许可改为满足安全条件后逐案审查。
申请方需证明出口不会减少可供美国客户使用的全球半导体产能，中国买方已建立客户筛查等合规程序，产品还需在美国接受独立第三方性能和安全测试。

英文原文

Bureau of Industry and Security

An official website of the United States government

Here's how you know

Official websites use .gov

A .gov website belongs to an official government organization in the United States.

Secure .gov websites use HTTPS

A lock ( ) or https:// means you’ve safely connected to the .gov website. Share sensitive information only on official, secure websites.

FOR IMMEDIATE RELEASE | January 13, 2026 | Media Contact: [email protected]

Department of Commerce Revises License Review Policy for Semiconductors Exported to China

Download as PDF WASHINGTON, D.C. — Today the Department of Commerce’s Bureau of Industry and Security (BIS) issued a rule revising its licensing policy for semiconductor exports to China. BIS will now review export license applications for the Nvidia H200, AMD MI325X, and similar chips on a case-by-case basis provided certain security requirements are met.

Today’s rule follows President Trump’s December 8, 2025 announcement that the United States will allow the H200 and similar products to be shipped to approved customers in China to strengthen national security.

In order to qualify, license applicants must demonstrate that exporting these products to China will not reduce global semiconductor production capacity currently available to U.S. customers; that the Chinese purchaser has adopted export compliance procedures, including customer screening; and that the product has undergone independent, third-party testing in the United States to verify its performance and security.

Under Secretary for Industry and Security Jeffrey Kessler stated: “Export controls should evolve with changes in technology, while protecting national security. Permitting the sale of the H200 to China under controlled conditions will strengthen the American technology ecosystem.”

The text of the final rule is available on the Federal Register’s website here . The rule is effective immediately upon publication in the Federal Register. Relevant parties can direct questions to Lauren Weber Holley [email protected] .

###

打开原文

美国数字资产银行牌照进展

重要性3/5 中

官方监管材料权威且涉及稳定币银行框架，但没有Circle或CRCL的直接决定，主要用于背景核验。

标签

标的：`CRCL`来源：Office of the Comptroller of the Currency发布日期：未提供发布时间重要性：3/5 中评级理由：官方监管材料权威且涉及稳定币银行框架，但没有Circle或CRCL的直接决定，主要用于背景核验。评级依据：official_source, regulatory_context原文字数：2082

中文摘要

核心结论

美国货币监理署持续公布数字资产相关全国性信托银行和银行牌照决定，显示托管、稳定币储备及加密资产银行业务已有明确的许可路径；该页面没有Circle或CRCL的直接审批信息。

重要性评级

评级：3/5（中）

来源为美国货币监理署官方页面，对稳定币银行监管背景有权威性，但与CRCL仅属行业层面关联，且页面并非单一新决定公告。

关键事实

美国货币监理署于2026年4月将页面名称改为“解释与决定”，并改为在文件可发布时更新。
2026年7月公布的公司决定1380，对应2026年7月2日Connectia Trust全国性协会牌照申请。
2026年6月公布的公司决定1378涉及Morgan Stanley Digital Trust牌照申请。
2026年4月公布的公司决定1370涉及Coinbase National Trust Company牌照申请。
2025年12月的多项有条件批准涉及BitGo、Fidelity Digital Asset Services、Paxos和Ripple等数字资产机构。
解释函1183重申，全国性银行和联邦储蓄协会可从事加密资产托管、持有稳定币储备存款，并使用分布式账本和稳定币开展获准支付活动。
解释函1188确认，全国性银行可在银行业务范围内开展加密资产无风险本金交易。

作者观点与证据

页面属于监管决定索引，没有提供投资观点。其证据价值来自正式决定编号、公布月份、信函日期和业务描述；列表中的“申请”“有条件批准”与最终获准营业具有不同法律状态，需要阅读具体决定文件确认条件。

与相关标的的关系

CRCL对应Circle稳定币业务，但页面没有出现Circle或CRCL，也未披露其申请、牌照或储备安排。相关性来自稳定币储备、支付和全国性信托银行监管框架，属于背景材料。

时效性与限制

页面没有独立发布时间，检索时间为美东时间 07/13 22:15（UTC+8 07/14 10:15）。最新可见条目公布于2026年7月，页面存在删节文件，索引摘要不能替代决定全文和适用法律分析。

后续跟踪

数字资产信托银行申请的最终批准及附加条件
稳定币储备存款与支付业务的监管细则
Circle是否提交或取得相关联邦牌照
已获批机构的实际开业和业务范围

英文原文

Interpretations & Decisions

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April 2026 Update

New Name, Design, and Enhanced Search Capability

Interpretations and Actions has been renamed "Interpretations & Decisions" to reflect its current content.

This web page will be updated as letters are ready for publishing. (Previously, updates were made monthly.)

You can now filter letters by type and use " Search and Browse " to access letters dating back to 1996.

Interpretations and Decisions is updated as new letters are released. Documents may include redactions, indicated by brackets, to preserve confidentiality.

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1996–Present

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This table displays Interpretations and Decisions since January 2025.

Type/Reference Number

Month Published

Date of Letter

Description

Corporate Decision 1380

July 2026

07/02/2026

Application to charter Connectia Trust, National Association, New York, NY

Corporate Decision 1379

June 2026

06/18/2026

Final approval to establish a federal branch, HSBC Bank plc US Branch, New York, NY

Corporate Decision 1378

June 2026

06/18/2026

Application to charter Morgan Stanley Digital Trust, Purchase, NY

Interpretive Letter 1192

June 2026

05/12/2026

Applicability of State Money Transmitter Licensing Requirements

Interpretive Letter 1191

June 2026

03/09/2026

Letter granting request for an exemption from Section 23A

Corporate Decision 1377

May 2026

05/29/2026

Application to charter Laser Digital National Trust Bank, New York, NY

Corporate Decision 1376

May 2026

05/15/2026

Application by Banco Daycoval, S.A., São Paolo, Brazil, to establish a federal branch.

Corporate Decision 1375

May 2026

05/15/2026

Application by United Texas Bank, Dallas, TX to convert to a national bank.

Corporate Decision 1374

May 2026

05/08/2026

Application to charter Augustus National Bank, National Association, Dallas, TX

Corporate Decision 1373

May 2026

05/05/2026

Application to charter Interactive National Trust Bank, Greenwich, CT

Corporate Decision 1372

April 2026

04/24/2026

Application to charter Mercury Bank, National Association, Salt Lake City, UT

Corporate Decision 1371

April 2026

04/01/2026

Application to merge Heritage Bank of Commerce, San Jose, CA with and into Citizens Business Bank, N.A., Ontario, CA

Corporate Decision 1370

April 2026

04/02/2026

Application to charter Coinbase National Trust Company, New York, NY

Corporate Decision 1369

April 2026

03/23/2026

Application for substantial asset change submitted by The First National Bank of Lacon, Lacon, Illinois

Interpretive Letter 1190

October 2025

10/20/2025

Petition for Rulemaking Response (10/20/2025)

Corporate Decision 1368

March 2026

03/13/2026

Application to Charter VALT Bank, National Association, Eagle, ID.

Conditional Approval 1350

December 2025

11/18/2025

Application to Charter Alvarez & Marsal Trust Company, National Association, Wilmington, Delaware

Conditional Approval 1351

December 2025

11/19/2025

Application by Citizens Business Bank, Rancho Cucamonga, California, to Convert to a National Bank and Exercise Fiduciary Powers

Conditional Approval 1352

December 2025

11/26/2025

Application by HSBC Bank plc, London, United Kingdom to establish a Federal Branch in New York, New York

Conditional Approval 1353

January 2026

12/12/2025

Application by BitGo Trust Company, Inc., Sioux Falls, SD to convert to a national bank

Conditional Approval 1355

January 2026

12/12/2025

Application by Fidelity Digital Asset Services, LLC, New York, NY to convert to a national bank

Conditional Approval 1356

January 2026

12/12/2025

Preliminary conditional approval of the de novo charter application for the proposed First National Digital Currency Bank, N.A., New York, NY

Conditional Approval 1357

January 2026

12/15/2025

Application by GreatAmerica, N.A. to acquire Heritage Bank, Marion, IA and merge with and into national bank

Conditional Approval 1358

January 2026

12/12/2025

Application by Paxos Trust Company, LLC, New York, NY to convert to a national bank

Conditional Approval 1359

January 2026

12/12/2025

Preliminary conditional approval for the de novo charter application for the proposed Ripple National Trust Bank, New York, NY

Conditional Approval 1360

February 2026

01/13/2026

Application by UBS Bank USA, Salt Lake City, UT to convert to a national bank

Conditional Approval 1361

February 2026

01/22/2026

Application to Charter UKG National Trust Bank, Branchburg, NJ

Conditional Approval 1362

February 2026

01/29/2026

Application to Charter Nubank, National Association, McLean, Virginia

Supervisory Condition Letter 2026-01

February 2026

02/09/2026

Anchorage Digital Bank National Association, Sioux Falls, South Dakota – Termination of Operating Agreement (01/22/2021)

Interpretive Letter 1189

January 2026

12/19/2025

Letter granting request for an exemption from Section 23A

Corporate Decision 1354

January 2026

12/15/2025

Application to acquire Extraco Consulting Corporation

Corporate Decision 1363

February 2026

01/29/2026

Application by Fulton Bank, NA, Lancaster, PA to merge with Blue Foundry Bank, Rutherford, NJ

Corporate Decision 1364

February 2026

02/03/2026

Application by The Farmers National Bank of Canfield, Canfield, OH to merge with The Middlefield Banking Company, Middlefield, OH

Corporate Decision 1365

February 2026

02/12/2026

Application to charter Bridge National Trust Bank, New York, NY

Corporate Decision 1366

February 2026

02/13/2026

Application to charter National Digital Trust Company, Seattle, WA

Corporate Decision 1367

February 2026

02/20/2026

Application to charter Foris DAX National Trust Bank, Chicago, IL

Interpretive Letter 1188

December 2025

12/09/2025

Letter confirms that national banks may engage in riskless principal transactions in crypto-assets as part of the business of banking

Interpretive Letter 1186

November 2025

11/18/2025

Authority of national banks to hold crypto-assets as principal and pay crypto-asset network fees as incidental to a permissible banking activity

Supervisory Condition Letter 2025-05

November 2025

11/14/2025

Neighborhood National Bank, El Cajon, California – Termination of Supervisory Conditions Imposed in Writing

Conditional Approval 1349

November 2025

10/30/2025

Application by Boston Trust Walden Company, Boston, Massachusetts to convert to a national bank

Conditional Approval 1348

November 2025

10/15/2025

Application to charter Erebor Bank, National Association, Columbus, Ohio

Corporate Decision 1347

November 2025

10/03/2025

Application to merge Flagstar Financial, Inc. with and into Flagstar Bank, National Association, Hicksville, New York

Interpretive Letter 1187

November 2025

08/13/2025

Letter granting request for an exemption from Section 23A and Regulation W.

Conditional Approval 1346

October 2025

09/12/2025

Application to Charter OneSource Virtual Trust Bank, National Association, Dallas, Texas

Conditional Approval 1345

October 2025

09/11/2025

Application by M.Y. Safra Bank, FSB, New York, New York, to convert to a national bank with the title BTG Pactual Bank, N.A

Supervisory Condition Letter 2025-04

September 2025

09/04/2025

Vast Bank, N.A., Tulsa, OK - Termination of supervisory conditions imposed in writing

Conditional Approval 1344

September 2025

08/05/2025

Paycom National Trust Bank, rebuttal of control

Conditional Approval 1343

August 2025

07/21/2025

Applications for substantial asset change, reduction of permanent capital, and merger with and into nonbank affiliate applications submitted by The Lemont National Bank, Lemont, Illinois

Conditional Approval 1342

August 2025

07/07/2025

Applications to prepay subordinated debt included in tier 2 capital and to issue replacement subordinated debt to include in tier 2 Capital Citizens Bank, National Association, Providence, Rhode Island

Conditional Approval 1341

July 2025

06/05/2025

Application by Stearns Bank Upsala, National Association, Upsala, Minnesota for a change in assets composition and residency waiver request.

Interpretive Letter 1185

June 2025

06/12/2025

Letter confirms that, based on the facts and circumstances of the banks' proposal, national banks may use certain debt securities acquired for investment purposes and equity securities acquired for hedging purposes as collateral in repurchase agreements and that this use of the equity securities is consistent with the OCC's derivatives regulation.

Conditional Approval 1340

June 2025

05/29/2025

Application by The First National Bank of Moody, Moody, Texas for a substantial change in asset composition.

Conditional Approval 1339

June 2025

05/15/2025

Application by Dream First Bank, National Association, Syracuse, Kansas to merge BancCentral, National Association, Alva, Oklahoma, with and into Dream First Bank, National Association.

Interpretive Letter 1184

May 2025

05/07/2025

Clarification of bank authority regarding crypto-asset custody services.

Conditional Approval 1338

May 2025

04/30/2025

Application by Servbank, sb, Oswego, Illinois to Convert to a National Bank

Conditional Approval 1337

May 2025

04/18/2025

Application for the merger of Discover Bank, Greenwood, Delaware with and into Capital One, National Association, McLean, Virginia

Conditional Approval 1336

April 2025

03/31/2025

Application filed by Winter Park National Bank, Winter Park, Florida, to (1) change the composition of its assets, (2) reduce permanent capital, and (3) then merge into a wholly owned operating subsidiary, WPNB, Inc.

Conditional Approval 1335

April 2025

03/27/2025

Application filed by Colonial Savings, F.A., Fort Worth, Texas to effect a substantial change in assets.

Conditional Approval 1334

March 2025

02/19/2025

Application filed by Ponce Bank, Bronx, New York, to convert to a national bank (Control No. 2024-Conversion-338674, 2/19/2025)

Conditional Approval 1333

March 2025

02/18/2025

Application filed by CenTrust Bank, National Association, Northbrook, Illinois, to effect a substantial change in assets (Control Nos.2023-5.53-334213, 2024-Waiver-337608, 2/18/2025)

Interpretive Letter 1183

March 2025

03/07/2025

Letter reaffirms that crypto-asset custody, holding deposits that serve as reserves backing stablecoins, and the use of distributed ledger technology and stablecoins to facilitate permissible payments activities are permissible for national banks and federal savings associations. It also rescinds Interpretive letter 1179, which outlined a supervisory non-objection process for the activities addressed in Interpretive Letters 1170, 1172 and 1174. Interpretive Letters 1170, 1172 and 1174 remain in effect. (3/7/2025)

Supervisory Condition Letter 2025-03

March 2025

02/13/2025

OCC Letter to Banco Santander, S.A. Request to Exclude Liabilities from Repurchase Agreements from the Capital Equivalency Deposit Calculation of Banco Santander, S.A., New York Branch

Supervisory Condition Letter 2025-02

February 2025

02/10/2025

Vast Bank, N.A., Tulsa, Oklahoma – Notification of Conditional No Supervisory Objection to Capital and Strategic Plan. (02/10/2025)

Supervisory Condition Letter 2025-01

February 2025

10/13/2024

BOKF, N.A., Tulsa, Oklahoma – Termination of Supervisory Condition Imposed in Writing. (10/17/2024)

Conditional Approval 1332

January 2025

10/17/2024

Application filed by Zions Bancorporation, National Association, Salt Lake City, Utah, to issue subordinated debt (Control No. 2024-Capital&Div-338334, 10/8/2024)

Search and Browse 1996-Present

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Conditional Approvals, Corporate Decisions, and Community Reinvestment Act (CRA) Decisions

Interpretive Letters

Supervisory Condition Letters

Office of Thrift Supervision (OTS)

OTS Application Decision Letters

Office of Thrift Supervision (OTS) Director's Orders

打开原文

六月CPI发布前的通胀基线

重要性5/5 高

官方数据源且6月CPI将在当日日报周期内发布，对跨资产定价具有最高时效优先级。

标签

来源：U.S. Bureau of Labor Statistics发布日期：未提供发布时间重要性：5/5 高评级理由：官方数据源且6月CPI将在当日日报周期内发布，对跨资产定价具有最高时效优先级。评级依据：official_source, macro_relevance原文字数：697

中文摘要

核心结论

美国5月CPI（消费者价格指数）同比4.2%、环比0.5%，能源价格是主要上行项，核心CPI同比2.9%；页面同时确认6月数据将在美东时间 07/14 08:30（UTC+8 07/14 20:30）发布，因此现有数字只构成新数据公布前的比较基线。

重要性评级

评级：5/5（高）

来源为美国劳工统计局，数据权威；6月CPI在当日日报周期内发布，对利率、美元和跨资产定价具有直接时效性。

关键事实

5月美国城市消费者CPI经季节调整环比上涨0.5%，未经季节调整同比上涨4.2%。
扣除食品和能源的核心CPI环比上涨0.2%、同比上涨2.9%。
能源同比上涨23.5%，能源商品上涨40.6%，汽油上涨40.5%，燃油上涨58.9%。
食品同比上涨3.1%，其中家庭食品上涨2.7%、外出餐饮上涨3.5%。
住房同比上涨3.4%，主要居所租金上涨2.9%，业主等价租金上涨3.3%。
航空票价同比上涨26.7%，水果和蔬菜上涨6.1%，医院服务上涨5.7%。
5月CPI新闻稿发布于06/10（未给出具体时刻）。
6月CPI定于美东时间 07/14 08:30（UTC+8 07/14 20:30）发布。

作者观点与证据

页面为官方数据入口，不提供市场方向判断。5月数据表明总体通胀明显高于核心通胀，差额主要集中在能源；该结论来自分类指数，尚未包含6月数据及其权重贡献分解。

与相关标的的关系

页面未指定股票代码。CPI会通过政策利率预期、国债收益率和美元影响股票、债券、黄金及加密资产，但原文没有提供资产价格反应或市场一致预期。

时效性与限制

页面检索于美东时间 07/13 22:15（UTC+8 07/14 10:15），当时6月数据尚未发布。5月同比数据未经季节调整，月度数据经季节调整，两者不可直接混用；页面也没有6月市场预期值。

后续跟踪

6月总体与核心CPI的环比、同比读数
能源冲击是否扩散至核心商品和服务
住房、租金及业主等价租金增速
数据公布后的国债收益率和利率预期变化

英文原文

CPI Home

Consumer Price Index

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CPI Home

The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Indexes are available for the U.S. and various geographic areas. Average price data for select utility, automotive fuel, and food items are also available.

Notices

2028 Geographic Revision Notice Read More »

Charts

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12-month percentage change, Consumer Price Index, selected categories, May 2026, not seasonally adjusted

Latest Numbers

Consumer Price Index (CPI):

+0.5% in May 2026

Unemployment Rate:

4.2% in Jun 2026

Payroll Employment:

+57,000(p) in Jun 2026

Average Hourly Earnings:

+$0.13(p) in Jun 2026

Producer Price Index - Final Demand:

+1.1%(p) in May 2026

Employment Cost Index (ECI):

+0.9% in 1st Qtr of 2026

Productivity:

+0.3%(r) in 1st Qtr of 2026

U.S. Import Price Index:

+1.9% in May 2026

U.S. Export Price Index:

+1.3% in May 2026

Historical Data

News Release

p - preliminary

News Releases

CPI for all items rises 0.5% in May; gasoline and shelter up

06/10/2026

In May, the Consumer Price Index for All Urban Consumers rose 0.5 percent, seasonally

adjusted, and rose 4.2 percent over the last 12 months, not seasonally adjusted. The index for all

items less food and energy increased 0.2 percent in May (SA); up 2.9 percent over the year (NSA).

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Local and Regional CPI

Next Release

The Consumer Price Index for

June 2026

is scheduled to be released on

July 14, 2026,

at 8:30 A.M. Eastern Time.

Beyond the Numbers

What price changes contributed the most to increases in the CPI in 2024?

Between December 2023 and December 2024, consumer prices experienced disinflation, where prices still increased but by a smaller amount than before. The Consumer Price Index (CPI) increased 2.9 percent from December 2023 to December 2024. This was a slower rate of increase than in the three previous 12-month periods ending in December. read more »

Monthly Labor Review

Turning thrifty: incorporating secondhand apparel into the Consumer Price Index

The U.S. Bureau of Labor Statistics has incorporated used clothing into the Consumer Price Index. read more »

The Economics Daily

Consumer prices up 4.2 percent over the year ended May 2026

The all items Consumer Price Index for All Urban Consumers increased 4.2 percent from May 2025 to May 2026. This was the largest 12-month increase since the index rose 4.9 percent over the year ended April 2023. read more »

Spotlight on Statistics

A Look at a Neat Industry: Distilleries

This Spotlight on Statistics reviews historical employment trends for distilleries and other components of the beverage manufacturing industry. Additionally, the Spotlight looks at trends in the number of establishments and wages for the distillery industry and compares them to trends among breweries and wineries. Finally, a look at consumer prices for distilled spirits is reviewed. read more »

Handbook of Methods

Consumer Price Index Overview

Consumer Price Index

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打开原文

美债收益率曲线全线上移

重要性5/5 高

截至07/13的美国财政部官方全期限曲线直接影响国债与跨资产估值，数据新且事实密度高。

标签

来源：U.S. Department of the Treasury发布日期：未提供发布时间重要性：5/5 高评级理由：截至07/13的美国财政部官方全期限曲线直接影响国债与跨资产估值，数据新且事实密度高。评级依据：时效性：最新数据日期为07/13, 直接相关度：覆盖美元利率及国债估值基准, 证据强度：美国财政部官方曲线数据, 限制：指示性买方报价与模型插值并非实际成交原文字数：5255

中文摘要

核心结论

美国财政部数据显示，07/13各期限名义国债收益率普遍高于07/10，中长期升幅更明显：2年期升至4.26%，10年期升至4.62%，30年期升至5.10%。曲线保持向上倾斜，长期融资成本仍处高位。

重要性评级

评级：5/5（高）

这是截至07/13的官方收益率曲线，对跨资产估值、美元利率环境和国债板块均有直接参考价值。数据时效性与来源质量较高，但属于指示性买方报价推导值。

关键事实

07/13（未给出具体时刻），1个月、3个月、6个月和1年期收益率分别为3.73%、3.89%、4.03%和4.12%。
2年、3年、5年、7年和10年期分别为4.26%、4.30%、4.37%、4.48%和4.62%。
20年和30年期分别达到5.11%和5.10%。
与07/10相比，2年期上升5个基点，10年期上升6个基点，30年期上升4个基点。
2年与10年期限利差为36个基点，2年与30年期限利差为84个基点。
财政部的CMT（固定期限国债）收益率由场外市场最新发行国债的指示性买方报价，通过单调凸样条曲线插值得出。
07/13数据所依据的报价约采集于美东时间 07/13 15:30（UTC+8 07/14 03:30），不代表实际成交价格。

作者观点与证据

页面属于美国财政部官方数据发布，没有提供方向性评论。可直接确认的是各期限收益率水平及曲线形态；通胀、财政供给或货币政策预期等成因没有在页面中得到验证。

与相关标的的关系

收益率曲线直接影响美国国债及债券ETF（交易所交易基金）的估值，也构成股票、黄金、加密资产和美元相关研究的无风险利率参照。该曲线不能替代具体国债的IBKR（盈透证券）卖价到期收益率。

时效性与限制

页面未标注文章发布时间，数据最新日期为07/13（未给出具体时刻），抓取时间为美东时间 07/13 22:15（UTC+8 07/14 10:15）。数值来自指示性买方报价和模型插值，不能视作可执行卖价或真实成交收益率。

后续跟踪

2年与10年期限利差的变化。
10年期能否持续高于4.60%。
20年和30年期是否继续维持在5%以上。
具体国债的IBKR卖价到期收益率与官方曲线差异。

英文原文

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Date

20 YR

30 YR

Extrapolation Factor

6 WEEKS BANK DISCOUNT

COUPON EQUIVALENT

8 WEEKS BANK DISCOUNT

COUPON EQUIVALENT

17 WEEKS BANK DISCOUNT

COUPON EQUIVALENT

52 WEEKS BANK DISCOUNT

COUPON EQUIVALENT

1 Mo

1.5 Mo

2 Mo

3 Mo

4 Mo

6 Mo

1 Yr

2 Yr

3 Yr

5 Yr

7 Yr

10 Yr

20 Yr

30 Yr

01/02/2026

N/A

3.72

3.71

3.66

3.65

3.62

3.58

3.47

3.55

3.74

3.95

4.19

4.81

4.86

01/05/2026

N/A

3.71

3.68

3.64

3.61

3.57

3.47

3.46

3.53

3.71

3.92

4.17

4.79

4.85

01/06/2026

N/A

3.70

3.61

3.63

3.58

3.56

3.48

3.47

3.54

3.72

3.93

4.18

4.80

4.86

01/07/2026

N/A

3.70

3.69

3.60

3.62

3.60

3.56

3.48

3.47

3.53

3.70

3.91

4.15

4.76

4.82

01/08/2026

N/A

3.70

3.69

3.63

3.62

3.60

3.56

3.48

3.49

3.56

3.74

3.95

4.19

4.79

4.85

01/09/2026

N/A

3.70

3.68

3.63

3.62

3.57

3.52

3.54

3.59

3.75

3.95

4.18

4.76

4.82

01/12/2026

N/A

3.71

3.68

3.64

3.67

3.63

3.58

3.53

3.54

3.59

3.77

3.97

4.19

4.78

4.83

01/13/2026

N/A

3.72

3.66

3.67

3.63

3.59

3.51

3.53

3.57

3.75

3.95

4.18

4.77

4.83

01/14/2026

N/A

3.72

3.71

3.66

3.67

3.65

3.58

3.50

3.51

3.56

3.72

3.92

4.15

4.73

4.79

01/15/2026

N/A

3.75

3.73

3.69

3.68

3.66

3.60

3.54

3.56

3.62

3.77

3.96

4.17

4.74

4.79

01/16/2026

N/A

3.75

3.72

3.68

3.67

3.66

3.60

3.55

3.59

3.67

3.82

4.02

4.24

4.79

4.83

01/20/2026

N/A

3.75

3.71

3.69

3.70

3.65

3.61

3.53

3.60

3.68

3.86

4.08

4.30

4.87

4.91

01/21/2026

N/A

3.75

3.71

3.70

3.67

3.62

3.53

3.60

3.66

3.83

4.04

4.26

4.82

4.87

01/22/2026

N/A

3.79

3.71

3.72

3.71

3.67

3.61

3.53

3.61

3.68

3.85

4.05

4.26

4.79

4.84

01/23/2026

N/A

3.78

3.71

3.72

3.70

3.67

3.61

3.53

3.60

3.67

3.84

4.03

4.24

4.78

4.82

01/26/2026

N/A

3.77

3.71

3.70

3.67

3.62

3.52

3.56

3.66

3.82

4.02

4.22

4.75

4.80

01/27/2026

N/A

3.77

3.72

3.70

3.67

3.66

3.61

3.50

3.53

3.65

3.81

4.03

4.24

4.79

4.83

01/28/2026

N/A

3.76

3.72

3.71

3.68

3.70

3.63

3.52

3.56

3.66

3.83

4.05

4.26

4.81

4.85

01/29/2026

N/A

3.72

3.73

3.75

3.67

3.69

3.62

3.50

3.53

3.63

3.80

4.01

4.24

4.80

4.85

01/30/2026

N/A

3.72

3.73

3.75

3.67

3.69

3.61

3.48

3.52

3.60

3.79

4.01

4.26

4.82

4.87

02/02/2026

N/A

3.72

3.74

3.69

3.70

3.62

3.49

3.57

3.64

3.83

4.05

4.29

4.85

4.90

02/03/2026

N/A

3.72

3.74

3.69

3.70

3.62

3.49

3.57

3.64

3.83

4.04

4.28

4.85

4.90

02/04/2026

N/A

3.72

3.74

3.69

3.70

3.62

3.49

3.57

3.64

3.83

4.05

4.29

4.86

4.91

02/05/2026

N/A

3.72

3.71

3.74

3.67

3.68

3.58

3.44

3.47

3.55

3.74

3.97

4.21

4.79

4.85

02/06/2026

N/A

3.72

3.74

3.68

3.70

3.59

3.45

3.50

3.57

3.76

3.98

4.22

4.80

4.85

02/09/2026

N/A

3.72

3.73

3.69

3.70

3.59

3.43

3.48

3.56

3.75

3.97

4.22

4.79

4.85

02/10/2026

N/A

3.72

3.74

3.69

3.58

3.40

3.45

3.50

3.70

3.92

4.16

4.73

4.78

02/11/2026

N/A

3.71

3.73

3.70

3.60

3.47

3.52

3.55

3.75

3.96

4.18

4.76

4.82

02/12/2026

N/A

3.72

3.71

3.74

3.70

3.58

3.45

3.47

3.49

3.67

3.87

4.09

4.68

4.72

02/13/2026

N/A

3.72

3.71

3.73

3.68

3.70

3.59

3.42

3.40

3.43

3.61

3.81

4.04

4.64

4.69

02/17/2026

N/A

3.72

3.75

3.73

3.69

3.70

3.59

3.48

3.43

3.47

3.63

3.82

4.05

4.63

4.68

02/18/2026

N/A

3.71

3.74

3.73

3.70

3.60

3.49

3.47

3.50

3.66

3.86

4.09

4.65

4.71

02/19/2026

N/A

3.72

3.74

3.75

3.69

3.70

3.60

3.50

3.47

3.50

3.65

3.85

4.08

4.64

4.70

02/20/2026

N/A

3.72

3.73

3.74

3.69

3.71

3.61

3.51

3.48

3.50

3.65

3.85

4.08

4.66

4.72

02/23/2026

N/A

3.72

3.74

3.69

3.70

3.62

3.50

3.43

3.45

3.59

3.79

4.03

4.63

4.70

02/24/2026

N/A

3.72

3.75

3.73

3.69

3.70

3.62

3.52

3.43

3.47

3.61

3.81

4.04

4.63

4.70

02/25/2026

N/A

3.71

3.74

3.73

3.69

3.68

3.62

3.53

3.45

3.49

3.61

3.82

4.05

4.63

4.70

02/26/2026

N/A

3.74

3.75

3.68

3.61

3.52

3.42

3.46

3.57

3.78

4.02

4.60

4.67

02/27/2026

N/A

3.74

3.73

3.67

3.60

3.48

3.38

3.39

3.51

3.72

3.97

4.57

4.64

03/02/2026

N/A

3.74

3.72

3.68

3.54

3.47

3.49

3.62

3.82

4.05

4.64

4.70

03/03/2026

N/A

3.75

3.74

3.71

3.67

3.68

3.55

3.51

3.50

3.63

3.83

4.06

4.65

4.70

03/04/2026

N/A

3.75

3.71

3.68

3.58

3.54

3.55

3.67

3.87

4.09

4.67

4.72

03/05/2026

N/A

3.75

3.74

3.72

3.70

3.68

3.59

3.57

3.59

3.72

3.92

4.13

4.71

4.74

03/06/2026

N/A

3.75

3.74

3.72

3.69

3.67

3.66

3.55

3.56

3.59

3.72

3.93

4.15

4.74

4.77

03/09/2026

N/A

3.75

3.73

3.72

3.71

3.68

3.56

3.58

3.71

3.90

4.12

4.70

4.72

03/10/2026

N/A

3.75

3.74

3.71

3.69

3.68

3.56

3.57

3.58

3.73

3.93

4.15

4.74

4.78

03/11/2026

N/A

3.75

3.73

3.70

3.71

3.69

3.68

3.60

3.64

3.79

3.98

4.21

4.82

4.86

03/12/2026

N/A

3.76

3.74

3.72

3.69

3.70

3.66

3.76

3.75

3.88

4.06

4.27

4.86

4.88

03/13/2026

N/A

3.75

3.74

3.71

3.72

3.69

3.70

3.66

3.73

3.74

3.87

4.07

4.28

4.89

4.90

03/16/2026

N/A

3.75

3.73

3.72

3.69

3.72

3.64

3.68

3.69

3.80

4.00

4.23

4.83

4.86

03/17/2026

N/A

3.74

3.72

3.69

3.71

3.63

3.68

3.79

3.98

4.20

4.81

4.85

03/18/2026

N/A

3.73

3.72

3.73

3.71

3.74

3.68

3.76

3.87

4.05

4.26

4.84

4.88

03/19/2026

N/A

3.73

3.71

3.72

3.73

3.71

3.76

3.73

3.79

3.88

4.06

4.25

4.82

4.83

03/20/2026

N/A

3.73

3.71

3.72

3.74

3.73

3.79

3.80

3.88

3.90

4.01

4.20

4.39

4.97

4.96

03/23/2026

N/A

3.73

3.71

3.72

3.74

3.72

3.77

3.76

3.83

3.85

3.95

4.15

4.34

4.93

4.91

03/24/2026

N/A

3.74

3.72

3.74

3.73

3.78

3.81

3.90

3.93

4.03

4.21

4.39

4.95

4.94

03/25/2026

N/A

3.73

3.72

3.73

3.72

3.76

3.77

3.84

3.88

3.96

4.15

4.33

4.90

4.89

03/26/2026

N/A

3.74

3.73

3.77

3.83

3.96

4.00

4.08

4.25

4.42

4.96

4.93

03/27/2026

N/A

3.74

3.73

3.72

3.73

3.72

3.75

3.77

3.88

3.94

4.06

4.25

4.44

4.99

4.98

03/30/2026

N/A

3.74

3.72

3.71

3.73

3.71

3.82

3.85

3.97

4.16

4.35

4.92

4.91

03/31/2026

N/A

3.74

3.73

3.72

3.70

3.72

3.68

3.79

3.81

3.92

4.11

4.30

4.88

04/01/2026

N/A

3.74

3.72

3.71

3.70

3.72

3.68

3.81

3.84

3.97

4.15

4.33

4.91

04/02/2026

N/A

3.72

3.73

3.70

3.71

3.72

3.68

3.79

3.82

3.94

4.12

4.31

4.88

04/03/2026

N/A

3.71

3.73

3.71

3.73

3.72

3.84

3.88

3.99

4.17

4.35

4.91

04/06/2026

N/A

3.72

3.74

3.72

3.74

3.72

3.84

3.88

3.98

4.16

4.34

4.89

04/07/2026

N/A

3.68

3.70

3.72

3.71

3.73

3.68

3.81

3.82

3.95

4.13

4.33

4.90

04/08/2026

N/A

3.67

3.69

3.71

3.69

3.73

3.69

3.79

3.78

3.92

4.10

4.29

4.87

4.89

04/09/2026

N/A

3.66

3.67

3.69

3.68

3.71

3.68

3.78

3.77

3.91

4.10

4.29

4.88

4.90

04/10/2026

N/A

3.67

3.69

3.70

3.69

3.72

3.70

3.81

3.80

3.94

4.12

4.31

4.89

4.91

04/13/2026

N/A

3.69

3.71

3.70

3.74

3.70

3.78

3.79

3.92

4.10

4.30

4.88

4.90

04/14/2026

N/A

3.71

3.72

3.71

3.70

3.73

3.71

3.76

3.87

4.06

4.26

4.84

4.87

04/15/2026

N/A

3.72

3.74

3.71

3.72

3.70

3.76

3.79

3.90

4.08

4.29

4.87

4.89

04/16/2026

N/A

3.69

3.70

3.73

3.70

3.71

3.69

3.78

3.80

3.91

4.10

4.32

4.90

4.93

04/17/2026

N/A

3.69

3.70

3.73

3.70

3.69

3.64

3.71

3.72

3.84

4.04

4.26

4.85

4.88

04/20/2026

N/A

3.69

3.70

3.72

3.71

3.70

3.72

3.65

3.72

3.73

3.86

4.04

4.26

4.85

4.88

04/21/2026

N/A

3.67

3.72

3.71

3.69

3.70

3.73

3.69

3.78

3.80

3.91

4.09

4.30

4.87

4.89

04/22/2026

N/A

3.68

3.71

3.70

3.69

3.72

3.69

3.79

3.81

3.91

4.10

4.30

4.87

4.90

04/23/2026

N/A

3.69

3.72

3.69

3.70

3.72

3.70

3.83

3.84

3.96

4.13

4.34

4.90

4.92

04/24/2026

N/A

3.69

3.72

3.71

3.69

3.71

3.67

3.78

3.80

3.92

4.10

4.31

4.88

4.91

04/27/2026

N/A

3.70

3.72

3.68

3.70

3.72

3.69

3.78

3.83

3.94

4.14

4.35

4.92

4.94

04/28/2026

N/A

3.68

3.70

3.72

3.68

3.69

3.72

3.71

3.84

3.86

3.97

4.16

4.36

4.92

4.94

04/29/2026

N/A

3.68

3.70

3.72

3.68

3.77

3.73

3.75

3.92

3.94

4.05

4.23

4.42

4.97

4.98

04/30/2026

N/A

3.72

3.71

3.68

3.76

3.71

3.72

3.88

3.91

4.02

4.20

4.40

4.97

4.98

05/01/2026

N/A

3.71

3.70

3.68

3.76

3.71

3.73

3.88

3.91

4.02

4.20

4.39

4.96

4.97

05/04/2026

N/A

3.71

3.70

3.76

3.78

3.95

3.98

4.08

4.26

4.45

5.01

5.02

05/05/2026

N/A

3.70

3.69

3.75

3.77

3.93

3.97

4.08

4.25

4.43

4.98

05/06/2026

N/A

3.70

3.69

3.75

3.74

3.73

3.87

3.89

3.99

4.17

4.36

4.92

4.94

05/07/2026

N/A

3.72

3.70

3.69

3.75

3.74

3.76

3.92

3.94

4.04

4.22

4.41

4.96

4.97

05/08/2026

N/A

3.71

3.70

3.68

3.69

3.75

3.74

3.75

3.90

3.92

4.02

4.19

4.38

4.93

4.95

05/11/2026

N/A

3.71

3.70

3.69

3.70

3.77

3.79

3.95

3.96

4.07

4.24

4.42

4.97

4.98

05/12/2026

N/A

3.71

3.72

3.69

3.70

3.77

3.80

4.00

4.01

4.12

4.29

4.46

5.02

5.03

05/13/2026

N/A

3.71

3.70

3.69

3.76

3.77

3.79

3.98

4.00

4.12

4.28

4.46

5.03

05/14/2026

N/A

3.72

3.71

3.70

3.69

3.76

3.79

4.00

4.04

4.13

4.29

4.47

5.01

5.02

05/15/2026

N/A

3.71

3.70

3.69

3.76

3.77

3.82

4.09

4.14

4.26

4.43

4.59

5.14

5.12

05/18/2026

N/A

3.69

3.68

3.76

3.77

3.81

4.07

4.14

4.27

4.43

4.61

5.14

05/19/2026

N/A

3.66

3.67

3.75

3.77

3.83

4.13

4.20

4.32

4.50

4.67

5.19

5.18

05/20/2026

N/A

3.65

3.74

3.75

3.79

4.04

4.11

4.22

4.39

4.57

5.10

5.11

05/21/2026

N/A

3.72

3.68

3.69

3.68

3.76

3.78

3.83

4.08

4.13

4.25

4.41

4.57

5.09

5.10

05/22/2026

N/A

3.72

3.69

3.68

3.78

3.79

3.86

4.13

4.18

4.27

4.41

4.56

5.06

5.07

05/26/2026

N/A

3.72

3.70

3.69

3.68

3.78

3.80

3.82

4.01

4.10

4.19

4.33

4.50

5.03

05/27/2026

N/A

3.72

3.70

3.69

3.68

3.77

3.79

3.80

4.00

4.09

4.17

4.32

4.48

5.01

05/28/2026

N/A

3.72

3.71

3.69

3.78

3.79

3.80

3.99

4.07

4.15

4.29

4.45

4.98

05/29/2026

N/A

3.72

3.71

3.69

3.78

3.79

3.98

4.06

4.13

4.27

4.45

4.98

4.99

06/01/2026

N/A

3.72

3.71

3.73

3.78

3.80

3.79

3.83

4.05

4.09

4.18

4.32

4.47

4.99

06/02/2026

N/A

3.72

3.71

3.73

3.77

3.79

3.78

3.82

4.05

4.09

4.17

4.31

4.46

4.97

06/03/2026

N/A

3.71

3.72

3.78

3.77

3.78

3.84

4.08

4.14

4.21

4.34

4.49

5.00

4.99

06/04/2026

N/A

3.71

3.70

3.78

3.76

3.78

3.82

4.05

4.10

4.18

4.32

4.47

4.98

4.97

06/05/2026

N/A

3.71

3.78

3.81

3.88

4.17

4.22

4.29

4.41

4.55

5.03

5.01

06/08/2026

N/A

3.70

3.71

3.80

3.79

3.83

3.85

4.15

4.21

4.29

4.42

4.56

5.05

5.03

06/09/2026

N/A

3.69

3.71

3.79

3.82

3.90

4.13

4.16

4.26

4.39

4.53

5.02

5.01

06/10/2026

N/A

3.69

3.70

3.72

3.79

3.80

3.82

3.90

4.13

4.17

4.27

4.40

4.55

5.04

5.03

06/11/2026

N/A

3.69

3.70

3.78

3.79

3.81

3.85

4.05

4.09

4.18

4.31

4.45

4.96

4.95

06/12/2026

N/A

3.69

3.70

3.78

3.79

3.82

3.86

4.09

4.12

4.21

4.34

4.48

4.98

4.97

06/15/2026

N/A

3.69

3.70

3.71

3.79

3.81

3.84

4.07

4.10

4.18

4.32

4.47

4.97

06/16/2026

N/A

3.67

3.69

3.71

3.79

3.81

3.84

4.05

4.08

4.16

4.28

4.43

4.92

4.93

06/17/2026

N/A

3.68

3.70

3.74

3.83

3.85

3.91

3.98

4.20

4.23

4.27

4.37

4.49

4.95

4.93

06/18/2026

N/A

3.69

3.74

3.83

3.85

3.92

4.00

4.19

4.23

4.34

4.46

4.91

4.90

06/22/2026

N/A

3.66

3.71

3.77

3.85

3.89

3.98

4.04

4.24

4.25

4.29

4.39

4.51

4.97

4.95

06/23/2026

N/A

3.65

3.71

3.76

3.85

3.89

3.96

4.01

4.16

4.22

4.27

4.38

4.50

4.96

4.94

06/24/2026

N/A

3.66

3.71

3.76

3.85

3.90

3.95

3.99

4.11

4.15

4.17

4.28

4.41

4.87

4.86

06/25/2026

N/A

3.70

3.71

3.75

3.84

3.90

3.95

3.96

4.09

4.13

4.15

4.26

4.40

4.87

4.86

06/26/2026

N/A

3.70

3.75

3.83

3.89

3.94

4.07

4.09

4.12

4.23

4.38

4.87

06/29/2026

N/A

3.71

3.76

3.87

3.92

4.00

3.97

4.10

4.14

4.24

4.38

4.86

06/30/2026

N/A

3.70

3.74

3.77

3.87

3.92

4.01

3.98

4.14

4.15

4.19

4.30

4.44

4.93

4.91

07/01/2026

N/A

3.67

3.71

3.72

3.85

3.95

4.00

4.17

4.19

4.24

4.35

4.48

4.97

07/02/2026

N/A

3.70

3.73

3.81

3.82

3.91

3.98

3.96

4.14

4.16

4.23

4.35

4.49

4.99

4.98

07/06/2026

N/A

3.69

3.75

3.81

3.87

3.93

3.98

3.95

4.13

4.14

4.21

4.33

4.48

4.99

07/07/2026

N/A

3.69

3.74

3.82

3.86

3.94

3.99

4.06

4.19

4.18

4.27

4.40

4.55

5.05

07/08/2026

N/A

3.67

3.74

3.82

3.87

3.94

3.99

4.06

4.21

4.31

4.43

4.56

5.07

5.06

07/09/2026

N/A

3.72

3.79

3.83

3.91

3.96

4.02

4.16

4.18

4.27

4.40

4.54

5.06

5.05

07/10/2026

N/A

3.71

3.74

3.81

3.85

3.94

3.99

4.06

4.21

4.22

4.30

4.42

4.56

5.08

5.06

07/13/2026

N/A

3.73

3.76

3.82

3.89

3.97

4.03

4.12

4.26

4.30

4.37

4.48

4.62

5.11

5.10

Monday Jul 13, 2026

*Series Break - Treasury updated its methodology for deriving yield curves. On 12/6/2021, Treasury began using a monotone convex spline (MC) method for deriving its official par yield curves and discontinued the use of the quasi-cubic Hermite spline (HS) methodology. All Treasury yield curve rates derived from yield curves that used the HS methodology - prior to implementation of the MC method - remain official. See the Yield Curve Methodology Change Information Sheet for more details.

** The 1.5-month constant maturity series began on February 18,

2025, with the first auction of a 6-week Treasury bill as a benchmark

Treasury security. Prior to this date, Treasury had issued Treasury bills

with 6-week maturities as cash management bills.

** The 4-month constant maturity series began on October 19, 2022, with the first auction of a 17-week Treasury bill as a benchmark Treasury security. Prior to this date, Treasury had issued Treasury bills with 17-week maturities as cash management bills.

The 2-month constant maturity series began on October 16, 2018, with the first auction of the 8-week Treasury bill.

30-year Treasury constant maturity series was discontinued on February 18, 2002 and reintroduced on February 9, 2006. From February 18, 2002 to February 8, 2006, Treasury published alternatives to a 30-year rate. See Long-Term Average Rate for more information.

Treasury discontinued the 20-year constant maturity series at the end of calendar year 1986 and reinstated that series on October 1, 1993. As a result, there are no 20-year rates available for the time-period January 1, 1987 through September 30, 1993.

Treasury Par Yield Curve Rates: These rates are commonly referred to as "Constant Maturity Treasury" rates, or CMTs. Yields are interpolated by the Treasury from the daily par yield curve. This curve, which relates the yield on a security to its time to maturity, is based on the closing market bid prices on the most recently auctioned Treasury securities in the over-the-counter market. These par yields are derived from indicative, bid-side market price quotations (not actual transactions) obtained by the Federal Reserve Bank of New York at or near 3:30 PM each trading day. The CMT yield values are read from the par yield curve at fixed maturities, currently 1, 1.5, 2, 3, 4 and 6 months and 1, 2, 3, 5, 7, 10, 20, and 30 years. This method provides a par yield for a 10-year maturity, for example, even if no outstanding security has exactly 10 years remaining to maturity.

Treasury Par Yield Curve Methodology: The Treasury par yield curve is estimated daily using a monotone convex spline method. Inputs to the model are indicative bid-side prices for the most recently auctioned nominal Treasury securities. Treasury reserves the option to make changes to the yield curve as appropriate and in its sole discretion. See our Treasury Yield Curve Methodology page for details.

Negative Yields and Nominal Constant Maturity Treasury Series Rates (CMTs): At times, financial market conditions, in conjunction with extraordinarily low levels of interest rates, may result in negative yields for some Treasury securities trading in the secondary market. Negative yields for Treasury securities most often reflect highly technical factors in Treasury markets related to the cash and repurchase agreement markets and are at times unrelated to the time value of money.

At such times, Treasury will not restrict the use of prices that correspond to negative yields as inputs to the monotone convex spline method. However, the derived par yield curve from these input prices for the Treasury nominal Constant Maturity Treasury series (CMTs) will be floored at zero. This decision is consistent with Treasury not accepting negative yields in Treasury nominal security auctions.

In addition, given that CMTs are used in many statutorily and regulatory determined loan and credit programs as well as for setting interest rates on non-marketable government securities, establishing a floor of zero more accurately reflects borrowing costs related to various programs.

For more information regarding these statistics contact the Office of Debt Management by email at debt.management@do.treas.gov

For other Public Debt information contact (202) 504-3550

Monday Jul 13, 2026

Daily Treasury Bill Rates: These rates are the daily secondary market quotations on the most recently auctioned Treasury Bills for each maturity tranche (4-week, 6-week, 8-week, 13-week, 17-week, 26-week, and 52-week) for which Treasury currently issues new bills. Market quotations are obtained at approximately 3:30 PM each business day by the Federal Reserve Bank of New York. The Bank Discount rate is the rate at which a bill is quoted in the secondary market and is based on the par value, amount of the discount and a 360-day year. The Coupon Equivalent, also called the Bond Equivalent, or the Investment Yield, is the bill's yield based on the purchase price, discount, and a 365- or 366-day year. The Coupon Equivalent can be used to compare the yield on a discount bill to the yield on a nominal coupon security that pays semiannual interest with the same maturity date.

For more information regarding these statistics contact the Office of Debt Management by email at debt.management@do.treas.gov

For other Public Debt information contact (202) 504-3550.

Monday Jul 13, 2026

Treasury Long-Term Average Rate and Extrapolation Factors. Beginning February 18, 2002, Treasury ceased publication of the 30-year constant maturity series. Instead, from February 19, 2002 through May 28, 2004, Treasury published a Long-Term Average Rate, "LT>25," (not to be confused with the Long-Term Composite Rate, definitions below). In addition, Treasury published daily linear extrapolation factors that could be added to the Long-Term Average Rate to allow interested parties to compute an estimated 30-year rate. On June 1, 2004, Treasury discontinued the "LT>25" average due to a dearth of eligible bonds. In place of the "LT>25" average, Treasury published the Treasury 20-year Constant Maturity rate on this page along with an extrapolation factor that was added to the 20-year Constant Maturity to obtain an estimate for a theoretical 30-year rate. On February 9, 2006, Treasury reintroduced the 30-year constant maturity and is no longer publishing the extrapolation factor.

The Long-Term Average Rate, "LT>25," was the arithmetic average of the bid yields on all outstanding fixed-coupon securities (i.e., excluding Inflation-Indexed securities) with 25 years or more remaining to maturity. This series first appeared on February 19, 2002, following discontinuation of the 30-year Treasury constant maturity series. Subsequently, the "LT>25" average was discontinued on June 1, 2004.

Linear Extrapolation Factors were determined by considering the slope of the yield curve at it's long end and extrapolating out to a theoretical 30-year point. To use the Extrapolation Factor to determine a 30-year proxy rate, add the factor to the 20-year Constant Maturity Rate. For example, if on a particular day the 20-year Constant Maturity was 5.40% and the Extrapolation Factor was 0.02%, then a 30-year theoretical rate would have been 5.40% + 0.02% = 5.42%. Publishing of the Linear Extrapolation Factors was discontinued on February 9, 2006 with the reintroduction of the 30-year Constant Maturity Rate.

The Long-Term Composite Rate is the unweighted average of bid yields on all outstanding fixed-coupon bonds neither due nor callable in less than 10 years.

For more information regarding these statistics contact the Office of Debt Management by email at debt.management@do.treas.gov

Monday Jul 13, 2026

Treasury Par Real Yield Curve Rates: These rates are commonly referred to as "Real Constant Maturity Treasury" rates, or R-CMTs. Par real yields on Treasury Inflation Protected Securities (TIPS) at "constant maturity" are interpolated by the U.S. Treasury from Treasury's daily par real yield curve. These par real yields are calculated from indicative secondary market quotations obtained by the Federal Reserve Bank of New York. The par real yield values are read from the par real yield curve at fixed maturities, currently 5, 7, 10, 20, and 30 years. This method provides a par real yield for a 10-year maturity, for example, even if no outstanding security has exactly 10 years remaining to maturity.

On February 22, 2010, Treasury sold a new 30-Year TIP security and expanded this table to include a 30-Year Real CMT rate.

**Series Break - Starting 12/01/2008, the TIPS yield curve began using the most recently auctioned TIPS as knot points rather than all securities. The reported values from September 2 to November 28, 2008, utilize the old methodology and remain official.

On July 27, 2004, Treasury sold a new long-term TIP security and expanded this table to include a 20-year Real CMT rate. The 20-Year was discontinued at the November 2009 Quarterly Refunding in favor of a 30-Year TIP security.

Treasury Par Yield Curve Methodology: The Treasury par real yield curve is estimated daily using a monotone convex spline method. Inputs to the model are bid-side prices for the most recently auctioned TIPS securities.

For more information regarding these statistics contact the Office of Debt Management by email at debt.management@do.treas.gov

For other Public Debt information contact (202) 504-3550.

Monday Jul 13, 2026

Long Term Real Rate Average: The Long-Term Real Rate Average is the unweighted average of bid real yields on all outstanding TIPS with remaining maturities of more than 10 years and is intended as a proxy for long-term real rates.

For more information regarding these statistics contact the Office of Debt Management by email at debt.management@do.treas.gov

For other Public Debt information contact (202) 504-3550

打开原文

纽约联储缩减储备管理购债

重要性5/5 高

最新操作期从07/14开始，直接影响短端国债需求、准备金和美元流动性，官方计划具有较高证据价值。

标签

来源：Federal Reserve Bank of New York发布日期：未提供发布时间重要性：5/5 高评级理由：最新操作期从07/14开始，直接影响短端国债需求、准备金和美元流动性，官方计划具有较高证据价值。评级依据：时效性：最新操作期自07/14开始, 直接相关度：影响短端国债和美元流动性, 证据强度：纽约联储官方操作安排, 事实密度：提供本期金额及连续月度对比原文字数：3034

中文摘要

核心结论

纽约联储公开市场交易台计划在07/14至08/13买入约176亿美元国债用于再投资，并额外买入约100亿美元用于储备管理。储备管理购债规模低于4月至5月的250亿美元及此前连续数期的400亿美元，流动性投放速度继续放缓。

重要性评级

评级：5/5（高）

最新月度操作安排直接描述美联储资产负债表执行路径和短端国债需求，对流动性与国债市场分析具有高优先级。金额属于暂定计划，最终执行结果尚待公布。

关键事实

07/14至08/13，交易台计划进行约176亿美元再投资购买和约100亿美元储备管理购买，合计约276亿美元。
06/12至07/13的对应计划为约165亿美元再投资购买和约100亿美元储备管理购买。
05/14至06/11的对应计划为约163亿美元和约100亿美元。
04/14至05/13的储备管理购买计划为约250亿美元；03/13至04/13为约400亿美元。
2025年12月至2026年3月的多个操作期，储备管理购买均约为400亿美元。
FOMC（联邦公开市场委员会）授权交易台在必要时购买国库券，以及剩余期限不超过3年的其他国债，以维持充裕准备金。
机构证券本金回款继续全部再投资于国库券。
交易台不操作剩余期限为4周或以下的证券。

作者观点与证据

页面是纽约联储操作安排，没有给出市场方向判断。连续月度金额显示储备管理购买由400亿美元降至250亿美元，再降至100亿美元；这一变化能够确认计划投放节奏下降，但不能单独推断政策利率路径或金融条件变化。

与相关标的的关系

操作直接影响短期美国国债的官方需求和SOMA（系统公开市场账户）持仓，对国库券、短久期债券ETF（交易所交易基金）、回购市场和美元流动性具有直接联系。长久期国债只会通过期限结构与流动性预期受到间接影响。

时效性与限制

页面未提供独立发布时间，当前操作期自07/14（未给出具体时刻）开始；页面抓取时间为美东时间 07/13 22:15（UTC+8 07/14 10:15）。金额和日程均为暂定安排，实际结果需以每次操作及月末结果为准。

后续跟踪

07/14至08/13各次操作的实际获配金额与价格。
下一期储备管理购买规模。
短端国债和回购市场的流动性指标。
SOMA持仓及银行准备金的实际变化。

英文原文

Treasury Securities Operational Details

The New York Fed is authorized by the Federal Open Market Committee (FOMC) to buy and sell Treasury securities for the System Open Market Account (SOMA) to the extent necessary to carry out directives adopted by the FOMC. These operations are conducted in the secondary market for Treasury securities.

At the most recent FOMC meeting , the FOMC directed the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York (New York Fed) to, when appropriate, increase SOMA securities holdings to maintain an ample level of reserves through purchases of Treasury bills and, if needed, other Treasury securities with remaining maturities of 3 years or less. Additionally, the FOMC directed the Desk to continue to reinvest all principal payments received from the Federal Reserve’s holdings of agency securities into Treasury bills.

Monthly Operation Amounts and Results

The Desk's tentative monthly Treasury securities secondary transaction amounts and operational schedules are shown below. The table indicates whether operations for the monthly period are being conducted for small value purposes. In addition, historical operational results, including information on the transaction prices in individual operations, are shown in the table below at the end of each monthly period. Announcements with details on the day's operation will be posted to the Treasury Securities Operations page at the start of each operation; results will be posted there after the close of each operation.

Operation Period Details

Current Schedule

Period

Planned Operation Amount

Tentative Schedule

Results

Next Schedule Release

7/14/2026 -

8/13/2026

The Desk plans to conduct approximately $17.6 billion in reinvestment purchases and an additional approximately $10 billion in reserve management purchases over the noted monthly period.

Schedule

6/12/2026 -

7/13/2026

The Desk plans to conduct approximately $16.5 billion in reinvestment purchases and an additional approximately $10 billion in reserve management purchases over the noted monthly period.

Schedule

Results

5/14/2026 -

6/11/2026

The Desk plans to conduct approximately $16.3 billion in reinvestment purchases and an additional approximately $10 billion in reserve management purchases over the noted monthly period.

Schedule

Results

4/14/2026 -

5/13/2026

The Desk plans to conduct approximately $15.5 billion in reinvestment purchases and an additional approximately $25 billion in reserve management purchases over the noted monthly period.

Schedule

Results

3/13/2026 -

4/13/2026

The Desk plans to conduct approximately $13.8 billion in reinvestment purchases and an additional approximately $40 billion in reserve management purchases over the noted monthly period.

Schedule

Results

2/13/2026 -

3/12/2026

The Desk plans to conduct approximately $13.4 billion in reinvestment purchases and an additional approximately $40 billion in reserve management purchases over the noted monthly period.

Schedule

Results

1/15/2026 -

2/12/2026

The Desk plans to conduct approximately $15.4 billion in reinvestment purchases and an additional approximately $40 billion in reserve management purchases over the noted monthly period.

Schedule

Results

12/12/2025 -

1/14/2026

The Desk plans to conduct approximately $14.4 billion in reinvestment purchases and an additional approximately $40 billion in reserve management purchases over the noted monthly period.

Schedule

Results

11/17/2025 -

12/11/2025

The Desk will not conduct any Treasury securities operations over the monthly period from 11/17/25 to 12/11/25.

N/A

10/15/2025 -

11/14/2025

The Desk plans to conduct small value operations of approximately $150 million over the monthly period from 10/15/2025 to 11/14/2025.

Schedule

Results

9/15/2025 -

10/14/2025

The Desk will not conduct any Treasury securities operations over the monthly period from 9/15/25 to 10/14/25.

N/A

8/14/2025 -

9/12/2025

The Desk plans to conduct small value operations of approximately $150 million over the monthly period from 8/14/2025 to 9/12/2025.

Schedule

Results

7/15/2025 -

8/13/2025

The Desk will not conduct any Treasury securities operations over the monthly period from 7/15/25 to 8/13/25.

N/A

6/13/2025 -

7/14/2025

The Desk plans to conduct small value operations of approximately $150 million over the monthly period from 6/13/2025 to 7/14/2025.

Schedule

Results

5/14/2025 -

6/12/2025

The Desk will not conduct any Treasury securities operations over the monthly period from 5/14/25 to 6/12/25.

N/A

4/14/2025 -

5/13/2025

The Desk plans to conduct small value operations of approximately $150 million over the monthly period from 4/14/2025 to 5/13/2025.

Schedule

Results

3/14/2025 -

4/11/2025

The Desk will not conduct any Treasury securities operations over the monthly period from 3/14/25 to 4/11/25.

N/A

2/14/2025 -

3/13/2025

The Desk plans to conduct small value operations of approximately $150 million over the monthly period from 2/14/25 to 3/13/2025.

Schedule

Results

1/15/2025 -

2/13/2025

The Desk will not conduct any Treasury securities operations over the monthly period from 1/15/25 to 2/13/25.

N/A

12/13/2024 -

1/14/2025

The Desk plans to conduct small value operations of approximately $150 million over the monthly period from 12/13/24 to 1/14/2025.

Schedule

Results

11/15/2024 -

12/12/2024

The Desk will not conduct any Treasury securities operations over the monthly period from 11/15/24 to 12/12/24.

N/A

10/15/2024 -

11/14/2024

The Desk plans to conduct small value operations of approximately $150 million over the monthly period from 10/15/24 to 11/14/24.

Schedule

Results

9/16/2024 -

10/11/2024

The Desk will not conduct any Treasury securities operations over the monthly period from 9/16/24 to 10/11/24.

N/A

8/14/2024 -

9/13/2024

The Desk plans to conduct small value operations of approximately $150 million over the monthly period from 8/14/24 to 9/13/24.

Schedule

Results

7/15/2024 -

8/13/2024

The Desk will not conduct any Treasury securities operations over the monthly period from 7/15/24 to 8/13/24.

N/A

6/14/2024 -

7/12/2024

The Desk plans to conduct small value operations of approximately $150 million over the monthly period from 6/14/24 to 7/12/24.

Schedule

Results

4/12/2024 -

5/13/2024

The Desk plans to conduct small value operations of approximately $150 million over the monthly period from 4/12/24 to 5/13/24.

Schedule

Results

2/14/2024 -

3/13/2024

The Desk plans to conduct small value operations of approximately $150 million over the monthly period from 2/14/24 to 3/13/24.

Schedule

Results

12/14/2023 -

1/12/2024

The Desk plans to conduct small value operations of approximately $150 million over the monthly period from 12/14/23 to 1/12/24.

Schedule

Results

10/16/2023 -

11/13/2023

The Desk plans to conduct small value operations of approximately $150 million over the monthly period from 10/16/23 to 11/13/23.

Schedule

Results

8/14/2023 -

9/14/2023

The Desk plans to conduct small value operations of approximately $150 million over the monthly period from 8/14/23 to 9/14/23.

Schedule

Results

6/14/2023 -

7/14/2023

The Desk plans to conduct small value operations of approximately $150 million over the monthly period from 6/14/23 to 7/14/23.

Schedule

Results

4/14/2023 -

5/11/2023

The Desk plans to conduct small value operations of approximately $150 million over the monthly period from 4/14/23 to 5/11/23.

Schedule

Results

2/14/2023 -

3/13/2023

The Desk plans to conduct small value operations of approximately $150 million over the monthly period from 2/14/23 to 3/13/23.

Schedule

Results

12/14/2022 -

1/13/2023

The Desk plans to conduct small value operations of approximately $150 million over the monthly period from 12/14/22 to 1/13/23.

Schedule

Results

10/17/2022 -

11/14/2022

The Desk plans to conduct small value operations of approximately $150 million over the monthly period from 10/17/22 to 11/14/22.

Schedule

Results

2/14/2022 -

3/11/2022

The Desk plans to purchase approximately $20 billion over the monthly period from 2/14/22 to 3/11/22.

Schedule

Results

1/14/2022 -

2/11/2022

The Desk plans to purchase approximately $40 billion over the monthly period from 1/14/22 to 2/11/22.

Schedule

Results

12/14/2021 -

1/13/2022

The Desk plans to purchase approximately $60 billion over the monthly period from 12/14/21 to 1/13/22.

Schedule

Results

11/15/2021 -

12/13/2021

The Desk plans to purchase approximately $70 billion over the monthly period from 11/15/21 to 12/13/21.

Schedule

Results

10/15/2021 -

11/12/2021

The Desk plans to purchase approximately $80 billion over the monthly period from 10/15/21 to 11/12/21.

Schedule

Results

9/15/2021 -

10/14/2021

The Desk plans to purchase approximately $80 billion over the monthly period from 9/15/21 to 10/14/21.

Schedule

Results

8/13/2021 -

9/14/2021

The Desk plans to purchase approximately $80 billion over the monthly period from 8/13/21 to 9/14/21.

Schedule

Results

7/15/2021 -

8/12/2021

The Desk plans to purchase approximately $80 billion over the monthly period from 7/15/21 to 8/12/21.

Schedule

Results

6/14/2021 -

7/14/2021

The Desk plans to purchase approximately $80 billion over the monthly period from 6/14/21 to 7/14/21.

Schedule

Results

5/14/2021 -

6/11/2021

The Desk plans to purchase approximately $80 billion over the monthly period from 5/14/21 to 6/11/21.

Schedule

Results

4/14/2021 -

5/13/2021

The Desk plans to purchase approximately $80 billion over the monthly period from 4/14/21 to 5/13/21.

Schedule

Results

3/12/2021 -

4/13/2021

The Desk plans to purchase approximately $80 billion over the monthly period from 3/12/21 to 4/13/21.

Schedule

Results

2/12/2021 -

3/11/2021

The Desk plans to purchase approximately $80 billion over the monthly period from 2/12/21 to 3/11/21.

Schedule

Results

2/1/2021 -

2/11/2021

The Desk plans to purchase approximately $80 billion over the monthly period from 1/15/21 to 2/11/21. The Desk's current schedule covers purchases from 2/1/21 to 2/11/21.

Schedule

Results

1/15/2021 -

1/29/2021

The Desk plans to purchase approximately $80 billion over the monthly period from 1/15/21 to 2/11/21. The Desk's current schedule covers purchases from 1/15/21 to 1/29/21.

Schedule

Results

12/29/2020 -

1/14/2021

The Desk plans to purchase approximately $80 billion over the monthly period from 12/14/20 to 01/14/21. The Desk's current schedule covers purchases from 12/29/20 to 01/14/21.

Schedule

Results

12/14/2020 -

12/28/2020

The Desk plans to purchase approximately $80 billion over the monthly period from 12/14/20 to 01/14/21. The Desk's current schedule covers purchases from 12/14/20 to 12/28/20.

Schedule

Results

12/1/2020 -

12/11/2020

The Desk plans to purchase approximately $80 billion over the monthly period from 11/16/20 to 12/11/20. The Desk's current schedule covers purchases from 12/1/20 to 12/11/20.

Schedule

Results

11/16/2020 -

11/30/2020

The Desk plans to purchase approximately $80 billion over the monthly period from 11/16/20 to 12/11/20. The Desk's current schedule covers purchases from 11/16/20 to 11/30/20.

Schedule

Results

10/29/2020 -

11/13/2020

The Desk plans to purchase approximately $80 billion over the monthly period from 10/15/20 to 11/13/20. The Desk's current schedule covers purchases from 10/29/20 to 11/13/20.

Schedule

Results

10/15/2020 -

10/28/2020

The Desk plans to purchase approximately $80 billion over the monthly period from 10/15/20 to 11/13/20. The Desk's current schedule covers purchases from 10/15/20 to 10/28/20.

Schedule

Results

9/29/2020 -

10/14/2020

The Desk plans to purchase approximately $80 billion over the monthly period from 9/15/20 to 10/14/20. The Desk's current schedule covers purchases from 9/29/20 to 10/14/20.

Schedule

Results

9/15/2020 -

9/28/2020

The Desk plans to purchase approximately $80 billion over the monthly period from 9/15/20 to 10/14/20. The Desk's current schedule covers purchases from 9/15/20 to 9/28/20.

Schedule

Results

8/28/2020 -

9/14/2020

The Desk plans to purchase approximately $80 billion over the monthly period from 8/14/20 to 9/14/20. The Desk's current schedule covers purchases from 8/28/20 to 9/14/20.

Schedule

Results

8/14/2020 -

8/27/2020

The Desk plans to purchase approximately $80 billion over the monthly period from 8/14/20 to 9/14/20. The Desk's current schedule covers purchases from 8/14/20 to 8/27/20.

Schedule

Results

7/28/2020 -

8/13/2020

The Desk plans to purchase approximately $80 billion over the monthly period from 7/14/20 to 8/13/20. The Desk's current schedule covers purchases from 7/28/20 to 8/13/20.

Schedule

Results

7/14/2020 -

7/27/2020

The Desk plans to purchase approximately $80 billion over the monthly period from 7/14/20 to 8/13/20. The Desk's current schedule covers purchases from 7/14/20 to 7/27/20.

Schedule

Results

6/26/2020 -

7/13/2020

The Desk plans to purchase approximately $80 billion over the monthly period from 6/12/20 to 7/13/20. The Desk's current schedule covers purchases from 6/26/20 to 7/13/20.

Schedule

Results

6/12/2020 -

6/25/2020

The Desk plans to purchase approximately $80 billion over the monthly period from 6/12/20 to 7/13/20. The Desk's current schedule covers purchases from 6/12/20 to 6/25/20.

Schedule

Results

6/8/2020 - 6/11/2020

The Desk plans to purchase approximately $20 billion ($4 billion per day on average) in Treasury purchases.

Schedule

Results

6/1/2020 - 6/5/2020

The Desk plans to purchase approximately $22.5 billion ($4.5 billion per day on average) in Treasury purchases.

Schedule

Results

5/26/2020 - 5/29/2020

The Desk plans to purchase approximately $20.0 billion ($5.0 billion per day on average) in Treasury purchases.

Schedule

Results

5/18/2020 - 5/22/2020

The Desk plans to purchase approximately $30.0 billion ($6.0 billion per day on average) in Treasury purchases.

Schedule

Results

5/11/2020 - 5/15/2020

The Desk plans to purchase approximately $35.0 billion ($7.0 billion per day on average) in Treasury purchases.

Schedule

Results

5/4/2020 - 5/8/2020

The Desk plans to purchase approximately $40.0 billion ($8.0 billion per day on average) in Treasury purchases.

Schedule

Results

4/27/2020 - 5/1/2020

The Desk plans to purchase approximately $50.0 billion ($10.0 billion per day on average) in Treasury purchases.

Schedule

Results

4/20/2020 - 4/24/2020

The Desk plans to purchase approximately $75.0 billion ($15.0 billion per day on average) in Treasury purchases.

Schedule

Results

4/13/2020 - 4/17/2020

The Desk plans to purchase approximately $150.0 billion ($30.0 billion per day on average) in Treasury purchases.

Schedule

Results

4/6/2020 - 4/9/2020

The Desk plans to purchase approximately $200.0 billion ($50.0 billion per day on average) in Treasury purchases.

Schedule

Results

4/2/2020 - 4/3/2020

The Desk plans to purchase approximately $120.0 billion ($60.0 billion per day) in Treasury purchases.

Schedule

Results

4/01/2020

The Desk plans to purchase approximately $75.0 billion in Treasury purchases.

Schedule

Results

3/30/2020 - 3/31/2020

The Desk plans to purchase approximately $150.0 billion ($75.0 billion per day) in Treasury purchases.

Schedule

Results

3/24/2020 - 3/27/2020

The Desk plans to purchase approximately $300.0 billion ($75.0 billion per day) in Treasury purchases.

Schedule

Results

3/23/2020

The Desk plans to purchase approximately $75.0 billion in Treasury purchases.

Schedule

Results

3/20/2020

The Desk plans to purchase approximately $75.0 billion in Treasury purchases.

Schedule

Results

3/19/2020

The Desk plans to purchase approximately $75.0 billion in Treasury purchases.

Schedule

Results

3/18/2020

The Desk plans to purchase approximately $45.0 billion in Treasury purchases.

Schedule

Results

3/17/2020

The Desk plans to purchase approximately $40.0 billion in Treasury purchases.

Schedule

Results

3/16/2020

The Desk plans to purchase approximately $40.0 billion in Treasury purchases.

Schedule

Results

3/13/2020 -

4/13/2020

The Desk plans to purchase approximately $20.0 billion in reinvestment purchases and $60.0 billion in reserve management purchases over the noted monthly period.

Schedule

Results

2/14/2020 -

3/12/2020

The Desk plans to purchase approximately $20.0 billion in reinvestment purchases and an additional approximately $60.0 billion in reserve management purchases of bills over the noted monthly period.

Schedule

Results

1/15/2020 -

2/13/2020

The Desk plans to purchase approximately $20.0 billion in reinvestment purchases and an additional approximately $60.0 billion in reserve management purchases of bills over the noted monthly period.

Schedule

Results

12/13/2019 -

1/14/2020

The Desk plans to purchase approximately $20.0 billion in reinvestment purchases and an additional approximately $60.0 billion in reserve management purchases of bills over the noted monthly period.

Schedule

Results

11/15/2019 -

12/12/2019

The Desk plans to purchase approximately $20.0 billion in reinvestment purchases and an additional approximately $60.0 billion in reserve management purchases of bills over the noted monthly period.

Schedule

Results

10/15/2019 -

11/14/2019

The Desk plans to purchase approximately $20.0 billion in reinvestment purchases and an additional approximately $60.0 billion in reserve management purchases of bills over the noted monthly period.

Schedule

Results

9/16/2019 -

10/11/2019

The Desk plans to purchase approximately $20.0 billion in Treasury securities over the noted monthly period.

Schedule

Results

8/14/2019 -

9/13/2019

The Desk plans to purchase approximately $20.0 billion in Treasury securities over the noted monthly period.

Schedule

Results

*The Desk will not operate in securities with 4 weeks or less to maturity.

Announcements

Statement Regarding Treasury Securities Small Value Exercise

June 18, 2026

Statement Regarding Open Market Desk Operations on Friday, July 3, 2026

June 18, 2026

Statement Regarding Treasury Securities Small Value Exercise

May 29, 2026

Statement Regarding Use of FedTrade Plus for SOMA Treasury Outright and Treasury Buyback Operations

March 12, 2026

Statement Regarding Open Market Desk Operations on Friday, April 3, 2026

March 12, 2026

Statement Regarding Treasury Securities Small Value Exercise

February 23, 2026

Statement Regarding Reserve Management Purchases Operations

December 10, 2025

Statement Regarding Reinvestment of Principal Payments from Treasury Securities and Agency Securities

October 29, 2025

Statement Regarding Open Market Desk Operations on Friday, April 18, 2025

March 28, 2025

Statement Regarding Reinvestment of Principal Payments from Treasury Securities, Agency Debt, and Agency Mortgage-Backed Securities

March 19, 2025

Statement Regarding Open Market Desk Operations on Thursday, January 9, 2025

January 2, 2025

Statement Regarding Reinvestment of Principal Payments from Treasury Securities, Agency Debt, and Agency Mortgage-Backed Securities

May 1, 2024

Statement Regarding Open Market Desk Operations on Friday, March 29, 2024

March 8, 2024

Statement Regarding Open Market Desk Operations on Thursday, April 6, 2023

March 8, 2023

Statement Regarding Small Value Exercises in Treasury Securities and Agency Mortgage-Backed Securities

October 14, 2022

Statement Regarding Open Market Desk Operations on Friday, April 15, 2022

April 1, 2022

Statement Regarding Treasury Securities and Agency Mortgage-Backed Securities Operations

January 26, 2022

Statement Regarding Treasury Securities and Agency Mortgage-Backed Securities Operations

December 15, 2021

Statement Regarding Open Market Desk Operations on Friday, December 24, 2021

December 10, 2021

Statement Regarding Treasury Securities, Agency Mortgage-Backed Securities, and Agency Commercial Mortgage-Backed Securities Operations

November 3, 2021

Statement Regarding Treasury Securities Operations

May 13, 2021

Statement Regarding Open Market Desk Operations on Thursday, April 1, 2021

Mar 3, 2021

Statement Regarding Treasury Securities, Agency Mortgage-Backed Securities, and Agency Commercial Mortgage-Backed Securities Operations

Dec 16, 2020

Statement Regarding Treasury Securities, Agency Mortgage-Backed Securities, and Agency Commercial Mortgage-Backed Securities Operations

Sep 16, 2020

Statement Regarding Treasury Securities, Agency Mortgage-Backed Securities, and Agency Commercial Mortgage-Backed Securities Operations

Jun 10, 2020

Statement Regarding Treasury Securities and Agency Mortgage-Backed Securities Operations

Mar 23, 2020

Statement Regarding Treasury Securities, Agency Mortgage-Backed Securities, and Repurchase Agreement Operations

Mar 15, 2020

Statement Regarding Treasury Reserve Management and Reinvestment Purchases

Mar 13, 2020

Statement Regarding Treasury Reserve Management Purchases and Repurchase Operations

Mar 12, 2020

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USDC储备披露与兑付框架

重要性3/5 中

该页面直接解释USDC储备与兑付框架，但当期关键余额和流量数字缺失，更适合作为CRCL与USDC的背景材料。

标签

标的：`CRCL`来源：Circle Internet Group, Inc.发布日期：未提供发布时间重要性：3/5 中评级理由：该页面直接解释USDC储备与兑付框架，但当期关键余额和流量数字缺失，更适合作为CRCL与USDC的背景材料。评级依据：时效性：储备口径截至07/09, 直接标的相关度：CRCL与USDC, 来源质量：Circle官方透明度页面, 限制：抓取文本缺失关键量化字段原文字数：1091

中文摘要

核心结论

Circle称USDC可按1:1兑换美元，储备以现金、短期美国国债和隔夜国债逆回购等高流动性资产为主，并与公司运营资金分离。页面同时披露周度储备与铸造、销毁流量，另由四大会计师事务所提供月度鉴证。

重要性评级

评级：3/5（中）

页面是理解USDC储备、兑付和透明度机制的重要背景材料，且储备口径更新至07/09。当前抓取文本遗漏余额与发行赎回表格中的具体数值，降低了当日日报的量化价值。

关键事实

页面储备构成口径截至07/09（未给出具体时刻），覆盖USDC与EURC（欧元稳定币）。
Circle称USDC和EURC分别可按1:1兑换美元和欧元。
USDC储备包括其他银行存款、系统重要性金融机构存款、隔夜美国国债逆回购和剩余期限不足3个月的美国国债。
大部分USDC储备存放在Circle Reserve Fund（Circle储备基金，代码USDXX），该基金为贝莱德管理、依据美国《投资公司法》2a-7规则注册的政府货币市场基金。
贝莱德公开该基金每日、独立的第三方投资组合报告。
Circle每周披露USDC储备持仓及相关铸造、销毁流量。
四大会计师事务所每月依照AICPA（美国注册会计师协会）鉴证标准，确认USDC储备价值高于流通量。
截至2023年10月12日的12个月内，Circle称其通过USDC铸造和赎回，在银行体系与区块链之间转移超过2770亿美元。
Deloitte & Touche LLP（德勤会计师事务所）自2022财年起担任Circle独立审计机构，此前由Grant Thornton LLP（致同会计师事务所）承担相关工作。

作者观点与证据

Circle以储备隔离、高流动性资产、周度披露和月度鉴证支持USDC稳定性主张。资产类别、基金管理方及鉴证安排提供制度证据；“可随时1:1兑付”和压力环境流动性属于发行方陈述，本次文本未包含压力测试结果或当期完整金额。

与相关标的的关系

对USDC而言，储备质量和兑付安排直接关系稳定币信用与赎回能力。对CRCL而言，USDC流通规模、储备管理和透明度构成主要业务基础，但页面没有收入、利润率或当期流通量数值。

时效性与限制

页面没有独立发布时间，储备构成日期为07/09（未给出具体时刻），抓取时间为美东时间 07/13 22:15（UTC+8 07/14 10:15）。抓取文本保留了表格项目名称，却缺少流通量、储备总额及7日、30日、365日发行赎回数值，无法核验当期超额储备幅度与净发行变化。

后续跟踪

USDC流通量与储备总额的完整数值。
7日、30日和365日净发行变化。
最新月度第三方鉴证报告。
Circle National Trust是否承接USDC储备管理。

英文原文

Transparency & Stability | Circle

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Transparency & Stability

Transparency & stability

USDC is always redeemable 1:1 for US dollars, and EURC is always redeemable 1:1 for euros. Always.

Reserves composition

As of Jul 09, 2026

USDC

EURC

Balances

In circulation

###

Total Reserves

###

Reserves

Issued

###

Redeemed

###

change in circulation

Deposits held as reserves for the benefit of USDC holders that are not held with Systemically Important Institutions ("SIIs", defined as globally or domestically significant financial institutions and national central banks).

Deposits at SIIs, held as reserves for the benefit of USDC holders.

Treasuries and overnight reverse repurchase agreements (Overnight Reverse Treasury Repo) held as reserves for the benefit of USDC holders may be held by the Issuer in custodial accounts, as part of a separately managed account, or within the Circle Reserve Fund, a 2a-7 money market fund managed by BlackRock. Further information on the Circle Reserve Fund (USDXX) and its holdings may be found on BlackRock’s website .

Balances

In circulation

###

Total Reserves 1

Issued

###

Redeemed

###

change in circulation

Deposits held as reserves for the benefit of USDC holders that are not held with Systemically Important Institutions ("SIIs", defined as globally or domestically significant financial institutions and national central banks).

Deposits at SIIs, held as reserves for the benefit of USDC holders.

Stability you can trust

Deep connectivity to the banking system is critical to maintaining price stability, ensuring timely redemption, and mitigating operating risks.

During the 12 months ending on October 12, 2023, Circle bridged more than $277 billion between the banking system and blockchains through minting and redeeming USDC.

We are continually strengthening our global banking infrastructure to facilitate local creation and redemption of our stablecoins, and to ensure USDC stability.

Independently audited

Deloitte & Touche LLP is Circle’s independent auditor and has audited Circle’s financials since fiscal 2022. Prior to Deloitte, Grant Thornton LLP served as Circle’s independent auditor from 2015.

打开原文

Solana连续九十日稳定运行

重要性3/5 中

官方状态页提供接近实时的SOL基础设施可用性证据，但信息范围较窄，缺少链上性能与市场指标。

标签

标的：`SOL`来源：Solana Foundation发布日期：未提供发布时间重要性：3/5 中评级理由：官方状态页提供接近实时的SOL基础设施可用性证据，但信息范围较窄，缺少链上性能与市场指标。评级依据：时效性：抓取时为当前运行状态, 直接标的相关度：SOL主网与RPC基础设施, 证据强度：Solana官方状态页, 限制：不覆盖完整链上性能及第三方服务原文字数：326

中文摘要

核心结论

Solana状态页显示，主网集群、RPC（远程过程调用）节点、浏览器及官网当前均正常运行；所列服务过去90天可用率均为100%，07/01至07/14没有报告事故。

重要性评级

评级：3/5（中）

状态页与SOL（Solana原生代币）的基础设施运行直接相关，数据接近实时且来自官方监控页面。内容只说明服务可用性，没有链上性能、交易拥堵或验证者层面的详细数据。

关键事实

状态页在抓取时标示全部系统正常运行。
Mainnet Beta（主网测试版）集群过去90天可用率为100%。
主网RPC节点及美国、欧洲、亚洲RPC节点过去90天可用率均为100%。
Solana Explorer（Solana区块浏览器）、Solana官网和Break Solana服务过去90天可用率均为100%。
07/14（未给出具体时刻）没有报告事故。
07/01至07/13每日均显示没有报告事故。
页面没有列出当前维护、性能下降、局部中断或重大中断。

作者观点与证据

页面是官方服务状态记录，没有提供市场观点。90天可用率和逐日事故记录支持近期基础设施稳定的判断，但状态页覆盖的是列明组件，不能代表所有验证者、应用、链上交易或第三方服务均无异常。

与相关标的的关系

对SOL的直接关系是主网及关键访问基础设施未显示中断，排除了状态页范围内的近期可用性故障。页面不包含价格、交易量、手续费、交易失败率或网络收入，无法评价代币需求与估值。

时效性与限制

页面未给出发布时间，抓取时间为美东时间 07/13 22:15（UTC+8 07/14 10:15）。100%可用率来自Solana官方状态页的统计口径，第三方RPC、去中心化应用和局部用户体验可能不在覆盖范围内。

后续跟踪

主网及各区域RPC节点是否出现事故。
链上交易失败率、确认时间与手续费。
验证者运行状态和客户端多样性。
第三方RPC与主要应用的可用性。

英文原文

Solana Status

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All Systems Operational

Uptime over the past 90 days. View historical uptime.

Mainnet Beta - Cluster

Operational

90 days ago

100.0

% uptime

Today

Mainnet Beta - RPC Nodes

Operational

90 days ago

100.0

% uptime

Today

US RPC Nodes

Operational

90 days ago

100.0

% uptime

Today

EU RPC Nodes

Operational

90 days ago

100.0

% uptime

Today

Asia RPC Nodes

Operational

90 days ago

100.0

% uptime

Today

Explorer

Operational

90 days ago

100.0

% uptime

Today

solana.com

Operational

90 days ago

100.0

% uptime

Today

Break Solana

Operational

90 days ago

100.0

% uptime

Today

Operational

Degraded Performance

Partial Outage

Major Outage

Maintenance

Major outage

Partial outage

No downtime recorded on this day.

No data exists for this day.

had a major outage.

had a partial outage.

No incidents or maintenance related to this downtime.

Past Incidents

Jul 14 , 2026

No incidents reported today.

Jul 13 , 2026

No incidents reported.

Jul 12 , 2026

No incidents reported.

Jul 11 , 2026

No incidents reported.

Jul 10 , 2026

No incidents reported.

Jul 9 , 2026

No incidents reported.

Jul 8 , 2026

No incidents reported.

Jul 7 , 2026

No incidents reported.

Jul 6 , 2026

No incidents reported.

Jul 5 , 2026

No incidents reported.

Jul 4 , 2026

No incidents reported.

Jul 3 , 2026

No incidents reported.

Jul 2 , 2026

No incidents reported.

Jul 1 , 2026

No incidents reported.

Jun 30 , 2026

No incidents reported.

← Incident History

打开原文

LME官方价格与USGS铜统计数据状态

重要性未评级

标签

来源：London Metal Exchange / U.S. Geological Survey发布日期：未提供发布时间重要性：未评级

中文摘要

LME说明其官方价格由第二轮Ring交易的最终买卖报价形成，每个伦敦交易日约12:20至13:25发布，作为全球实物市场参考。
USGS铜统计页面显示，月度矿产工业调查在ScienceBase迁移期间暂停公开更新，页面最新可用月份为2025年12月。

英文原文

LME官方价格与USGS铜统计数据状态

本地未取得可读全文：HTTP 403。可使用上方“打开原文”核查。

打开原文

TSMC 2026 年第二季度业绩会与会前指引

重要性未评级

标签

来源：web-enrichment:translatedNewsTitles发布日期：未提供发布时间重要性：未评级

中文摘要

本地未取得可读全文：HTTP 403。可使用上方“打开原文”核查。

英文原文

TSMC 2026 年第二季度业绩会与会前指引

本地未取得可读全文：HTTP 403。可使用上方“打开原文”核查。

打开原文

2026 年期权到期日历

重要性未评级

标签

来源：web-enrichment:translatedNewsTitles发布日期：未提供发布时间重要性：未评级原文字数：4

中文摘要

本地未取得可读正文：页面返回内容不足或正文置信度过低。可使用上方“打开原文”核查。

英文原文

Options Expiration Calendar

打开原文

沃伦推动加密立法加入利益冲突条款

重要性4/5 中高

材料紧邻拟议的参议院表决窗口，并包含公开财务披露中的重大金额；直接标的关联有限，且政策与交易指控主要以单方新闻稿呈现。

标签

来源：web-enrichment:translatedNewsTitles发布日期：未提供发布时间重要性：4/5 中高评级理由：材料紧邻拟议的参议院表决窗口，并包含公开财务披露中的重大金额；直接标的关联有限，且政策与交易指控主要以单方新闻稿呈现。评级依据：发布时间高度接近日报, 涉及美国加密监管进程, 包含OGE财务披露数据, 来源具有官方身份但立场单一, 缺少法案全文和跨党派证据原文字数：710

中文摘要

核心结论

美国参议员伊丽莎白·沃伦要求参议院即将审议的加密资产市场结构法案加入利益冲突限制，覆盖总统、副总统、高级行政官员、国会议员及其家属。她以特朗普2025年加密业务约14亿美元收入为主要依据，主张立法同时处理国家安全、金融稳定、消费者保护与政府伦理风险。

重要性评级

评级：4/5（中高）

材料发布于07/13（未给出具体时刻），正值参议院多数党领袖约翰·图恩计划在当月推动加密资产市场结构法案表决，政策时效较强。数字来自总统公开财务披露，但文本是参议院银行委员会少数党新闻稿，立场鲜明，且未附法案最终文本或跨党派支持情况。

关键事实

沃伦于07/13（未给出具体时刻）致信参议院多数党领袖约翰·图恩和少数党领袖查克·舒默，要求在加密资产法案中加入利益冲突约束。
图恩表示计划于2026年7月将加密资产市场结构立法提交参议院全院表决。
OGE（美国政府道德办公室）发布的特朗普2025年公开财务披露显示，其加密业务当年收入约14亿美元；新闻稿称这一金额超过其2024年总收入的两倍。
沃伦引用报道称，阿联酋国家安全顾问塔赫农·本·扎耶德·阿勒纳哈扬在特朗普就职前数日达成交易，购买特朗普家族持有的World Liberty Financial（特朗普家族参与的加密企业）49%权益。
新闻稿称上述交易为特朗普带来2.63亿美元收益，但未附交易合同或独立估值材料。
“特朗普家族成员”持有DT Marks DeFi LLC（去中心化金融业务实体）30%权益；该实体包含价值逾1亿美元的Coinbase（美国加密资产交易平台）账户，以及WLF Holdco LLC（控股实体）38.25%的权益。
WLF Holdco LLC持有World Liberty Financial, Inc.唯一会员权益；DT Marks DeFi LLC在2025年产生逾5.9亿美元收入。
沃伦同时指称当前草案在国家安全、金融稳定、消费者保护和伦理方面存在缺陷，但新闻稿没有列出对应条款或修订文本。

作者观点与证据

这份少数党新闻稿明确支持将公职人员及其家属的加密资产利益纳入立法限制。主要证据来自OGE公开财务披露，收入和持股数字具有文件基础；涉及阿联酋投资者、49%交易及2.63亿美元收益的部分由沃伦转引此前报道，原文未提供底层协议。关于法案会进一步推动特朗普家族业务获利、公众更关心生活成本等表述属于沃伦的政治判断，文中没有呈现完整民调数据或因果证据。

与相关标的的关系

文章未列出直接股票代码或代币。其市场关联集中在美国加密资产市场结构监管：若利益冲突条款进入法案，可能影响与政治人物有关的加密企业、代币披露和治理要求；Coinbase仅作为资产账户所在地被提及，材料没有指称其参与相关利益安排。

时效性与限制

新闻稿发布日期为07/13（未给出具体时刻），采集于美东时间 07/13 22:15（UTC+8 07/14 10:15）。材料来自沃伦担任首席少数党成员的参议院银行委员会新闻室，反映单方政策主张；缺少信件附件全文、法案条文、表决日程、共和党回应及相关企业回应。

后续跟踪

参议院全院表决日期及正式法案文本。
利益冲突、资产披露和家属适用范围是否进入修订稿。
两党议员对相关条款的支持票数与修正案安排。
OGE披露文件、相关交易协议及企业回应能否相互印证。

英文原文

Warren: Crypto Legislation Heading to Senate Floor Must Prevent President Donald Trump from Profiting Off the Presidency | United States Committee on Banking, Housing, and Urban Affairs

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July 13, 2026

Warren: Crypto Legislation Heading to Senate Floor Must Prevent President Donald Trump from Profiting Off the Presidency

“Leader Thune has indicated he aims to hold a floor vote on crypto market structure legislation this month, despite significant flaws in the current draft that have raised concerns about risks to national security, financial stability, consumer protection, and ethics.”

New financial disclosures by the President he show made roughly $1.4 billion from his cryptocurrency ventures – more than double his total income in 2024 and more than any publicly traded U.S. crypto company earned last year

Text of Letter (PDF)

Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing and Urban Affairs Committee, sent a letter to Senate Majority Leader John Thune (R-SD) and Minority Leader Chuck Schumer (D-NY) urging that any crypto legislation heading to the Senate floor prevent the President, Vice President, senior administration officials, members of Congress, and their families from profiting off the crypto industry. This letter comes in light of the Office of Government Ethics (OGE) release of President Trump’s Public Financial Disclosure Report for 2025, which revealed that in 2025 alone, the President made roughly $1.4 billion from his cryptocurrency ventures.

The Ranking Member wrote: “Leader Thune has indicated he aims to hold a floor vote on crypto market structure legislation this month, despite significant flaws in the current draft that have raised concerns about risks to national security, financial stability, consumer protection, and ethics. Those concerns have become even more pressing in light of the President’s 2025 financial disclosure, which underscores the severity of his crypto-related conflicts of interest.”

The OGE report comes in the wake of reports from early this year that, just days before Donald Trump’s presidential inauguration, “United Arab Emirates (UAE) National Security Advisor Sheikh Tahnoon bin Zayed Al Nahyan “signed a deal with the Trump family to purchase a 49% stake in” World Liberty Financial, the crypto business held by WLF Holdco LLC,” wrote Ranking Member Warren. “According to the financial disclosure, that deal generated a whopping $263 million windfall for the President.”

The Ranking Member also raised concerns around the Trump family’s skyrocketing crypto profits as President Trump continues to lobby Congress to pass cryptocurrency deregulation legislation.

Ranking Member Warren wrote: “‘Trump Family Members,’for example, have a 30% ownership stake in ‘DT Marks Defi LLC,’ a cryptocurrency venture that includes ‘Coinbase accounts’ worth over $100 million and a ‘38.25% ownership interest in WLF Holdco LLC,’” continued the Ranking Member. “‘WLF Holdco LLC’ owns ‘the only membership interest in World Liberty Financial, Inc.,’ the cryptocurrency company founded by President Trump and his sons. DT Marks Defi LLC alone generated over $590 million in income in 2025.”

Ranking Member Warren noted that despite the many hours the Senate is devoting to this issue, recent public opinion polling suggests that the American public is far more concerned with the affordability crisis exacerbated by President Trump’s disastrous economic agenda. But rather than addressing Americans’ real concerns, the Senate appears to be prioritizing legislation that could further boost the Trump family’s crypto businesses.

###

美股事实摘要

报价事实：上涨 1 / 下跌 17 / 震荡 0；广度 5.56%；平均较前交易日 -5.71%。
公开新闻/财报讨论覆盖：18 / 18 个标的；新闻条目 144 条。

公开数据对照

标的	IBKR 当前价	K线收盘	K线来源	差异	5D	20D	K线行数
`MSFT`	389.22	390.99	Yahoo Finance chart API	-0.45%	+1.10%	+0.17%	123
`NVDA`	204.66	203.53	Yahoo Finance chart API	+0.56%	+4.08%	-0.65%	123
`MRVL`	217.75	217.53	Yahoo Finance chart API	+0.10%	-12.73%	-22.51%	123
`GFS`	64.00	63.94	Yahoo Finance chart API	+0.09%	-7.21%	-20.81%	123
`APLD`	28.82	28.84	Yahoo Finance chart API	-0.07%	-13.91%	-30.46%	123
`USAR`	17.23	17.21	Yahoo Finance chart API	+0.12%	-11.06%	-23.71%	123
`SOXX`	557.89	553.61	Yahoo Finance chart API	+0.77%	-4.80%	-5.68%	123
`SOXL`	167.95	165.37	Yahoo Finance chart API	+1.56%	-15.04%	-26.17%	123
`FTXL`	244.64	241.61	Yahoo Finance chart API	+1.25%	-5.42%	-8.49%	123
`PSI`	152.05	151.68	Yahoo Finance chart API	+0.24%	-4.94%	-6.94%	123
`DRAM`	57.62	57.30	Yahoo Finance chart API	+0.56%	-11.52%	-12.01%	69
`KMEM`	18.47	18.95	Yahoo Finance chart API	-2.56%	-15.38%	N/A	8
`VRT`	306.76	305.87	Yahoo Finance chart API	+0.29%	-3.96%	+2.68%	123
`COHR`	308.42	307.39	Yahoo Finance chart API	+0.34%	-8.43%	-15.45%	123
`CRCL`	62.71	63.00	Yahoo Finance chart API	-0.46%	-8.23%	-23.76%	123
`SPCX`	138.30	139.14	Yahoo Finance chart API	-0.60%	-13.27%	N/A	20
`GOOG`	350.70	350.67	Yahoo Finance chart API	+0.01%	-3.90%	-1.65%	123
`NBIS`	208.81	210.51	Yahoo Finance chart API	-0.81%	-1.18%	-5.28%	123

期权链事实

观察标的：MSFT, NVDA, MRVL, GFS, APLD, USAR, SOXX, SOXL, FTXL, PSI, DRAM, KMEM, VRT, COHR, CRCL, SPCX, GOOG, SPY, QQQ, NBIS

来源：Yahoo Finance 公开期权链

覆盖：19 / 20 个观察标的。

标的	ATM IV	Put/Call Vol	Put/Call OI	Max Pain	最大OI	期限结构	Vol/OI异常	大单数	新闻数
`MSFT`	36.66%	0.37	0.65	382.50	C 450.00 (32,247) / P 350.00 (11,173)	7D 36.66% / 30D 45.99% / 65D 39.82% / 93D 39.16%	0		5
`NVDA`	40.96%	0.53	0.71	210.00	C 190.00 (106,466) / P 180.00 (54,144)	7D 40.96% / 30D 40.15% / 65D 43.35% / 93D 42.94%	2		5
`MRVL`	96.30%	0.81	1.21	260.00	C 270.00 (12,861) / P 75.00 (11,260)	9D 96.30% / 30D 91.63% / 65D 95.95% / 93D 92.70%	7		5
`GFS`	93.46%	2.35	0.61	60.00	C 100.00 (12,660) / P 60.00 (4,336)	2D 93.46% / 37D 86.08% / 93D 77.22% / 184D 76.07%	1	0	5
`APLD`	98.14%	0.50	0.50	36.00	C 60.00 (15,260) / P 35.00 (3,726)	9D 98.14% / 30D 103.88% / 65D 104.28% / 93D 104.43%	1	0	5
`USAR`	87.55%	0.38	0.54	21.00	C 22.00 (13,458) / P 25.00 (9,127)	9D 87.55% / 30D 94.53% / 44D 94.63% / 65D 92.65%	1	0	5
`SOXX`	66.93%	1.35	0.63	650.00	C 670.00 (15,990) / P 500.00 (4,004)	9D 66.93% / 30D 63.24% / 65D 60.97% / 93D 60.16%	1		5
`SOXL`	200.07%	4.06	1.76	202.50	C 420.00 (1,833) / P 20.00 (3,099)	9D 200.07% / 30D 188.39% / 65D 177.14% / 128D 168.03%	8		5
`FTXL`	74.32%	0.56	0.32	250.00	C 300.00 (376) / P 280.00 (68)	2D 74.32% / 37D 66.22% / 65D 65.77% / 156D 61.81%	0	0	5
`PSI`	65.58%	0.24	0.11	160.00	C 205.00 (1,150) / P 130.00 (42)	2D 65.58% / 37D 60.37% / 128D 29.93% / 219D 58.54%	0	0	5
`DRAM`	104.20%	2.39	0.71	65.00	C 70.00 (32,633) / P 55.00 (32,979)	9D 104.20% / 30D 98.23% / 65D 94.95% / 93D 95.67%	5		5
`VRT`	75.62%	2.30	1.68	300.00	C 350.00 (2,004) / P 200.00 (5,489)	9D 75.62% / 30D 82.73% / 65D 75.34% / 93D 73.81%	4	0	5
`COHR`	101.32%	1.79	1.17	350.00	C 250.00 (2,136) / P 310.00 (1,514)	9D 101.32% / 30D 109.80% / 65D 102.63% / 93D 101.88%	1	0	5
`CRCL`	93.51%	0.39	1.17	70.00	C 130.00 (4,692) / P 35.00 (7,776)	9D 93.51% / 30D 91.99% / 65D 93.13% / 93D 92.10%	3		5
`SPCX`	72.72%	1.48	1.57	152.50	C 225.00 (28,009) / P 150.00 (46,886)	9D 72.72% / 30D 87.41% / 65D 80.55% / 93D 77.50%	8		5
`GOOG`	50.49%	0.63	1.12	360.00	C 430.00 (10,948) / P 330.00 (26,299)	9D 50.49% / 30D 40.13% / 65D 36.44% / 93D 35.74%	0		5
`SPY`	12.58%	1.87	3.31	750.00	C 750.00 (33,260) / P 520.00 (210,036)	6D 12.58% / 30D 14.42% / 65D 15.19% / 93D 15.60%	8		0
`QQQ`	23.62%	2.18	1.34	720.00	C 790.00 (38,923) / P 570.00 (68,513)	6D 23.62% / 30D 24.94% / 65D 24.93% / 93D 25.25%	8		0
`NBIS`	136.19%	1.52	1.49	235.00	C 200.00 (5,129) / P 85.00 (8,676)	9D 136.19% / 30D 139.75% / 65D 131.49% / 93D 128.18%	8		5

大单 / 异常成交历史

大单成交历史来自每日/每次期权链快照的高成交合约记录，不是逐笔成交 tape。当前显示：本次快照 Top 80。

观察时间	标的	合约	方向	Strike	到期	Volume	OI	IV	Vol/OI	估算权利金
2026-07-14 01:52:45.093Z	`NVDA`	`NVDA261016C00220000`	call	220.00	2026-10-16	61,292	67,940	44.47%	0.90	$72,784,250
2026-07-14 01:52:45.093Z	`NVDA`	`NVDA260918C00210000`	call	210.00	2026-09-18	23,671	57,265	44.99%	0.41	$30,180,525
2026-07-14 01:52:45.093Z	`SPY`	`SPY260918C00400000`	call	400.00	2026-09-18	727	746	83.07%	0.97	$25,604,213
2026-07-14 01:52:45.093Z	`NBIS`	`NBIS260724P00260000`	put	260.00	2026-07-24	4,170	77	122.49%	54.16	$22,382,475
2026-07-14 01:52:45.093Z	`NVDA`	`NVDA260918C00010000`	call	10.00	2026-09-18	1,133	1,464	355.66%	0.77	$21,983,033
2026-07-14 01:52:45.093Z	`DRAM`	`DRAM260814P00050000`	put	50.00	2026-08-14	62,811	572	101.07%	109.81	$21,198,713
2026-07-14 01:52:45.093Z	`NBIS`	`NBIS260724P00285000`	put	285.00	2026-07-24	2,356	2,398	121.41%	0.98	$17,958,610
2026-07-14 01:52:45.093Z	`QQQ`	`QQQ260918P00900000`	put	900.00	2026-09-18	820	0	32.61%	N/A	$15,455,360
2026-07-14 01:52:45.093Z	`NVDA`	`NVDA260918P00180000`	put	180.00	2026-09-18	23,520	54,144	44.28%	0.43	$13,112,400
2026-07-14 01:52:45.093Z	`NVDA`	`NVDA261016C00215000`	call	215.00	2026-10-16	8,450	13,159	44.80%	0.64	$11,597,625
2026-07-14 01:52:45.093Z	`QQQ`	`QQQ260918P00670000`	put	670.00	2026-09-18	7,686	12,096	26.41%	0.64	$11,140,857
2026-07-14 01:52:45.093Z	`SPCX`	`SPCX260918P00135000`	put	135.00	2026-09-18	6,432	20,024	81.52%	0.32	$10,934,400
2026-07-14 01:52:45.093Z	`NBIS`	`NBIS260724C00220000`	call	220.00	2026-07-24	5,321	1,123	135.25%	4.74	$8,367,272
2026-07-14 01:52:45.093Z	`SPY`	`SPY260918P00715000`	put	715.00	2026-09-18	9,531	18,611	17.19%	0.51	$8,168,067
2026-07-14 01:52:45.093Z	`NBIS`	`NBIS260724C00190000`	call	190.00	2026-07-24	2,501	12	149.60%	208.42	$8,134,502
2026-07-14 01:52:45.093Z	`NBIS`	`NBIS260724P00170000`	put	170.00	2026-07-24	13,155	491	153.71%	26.79	$7,925,888
2026-07-14 01:52:45.093Z	`DRAM`	`DRAM261016C00080000`	call	80.00	2026-10-16	16,521	15,633	95.69%	1.06	$7,888,778
2026-07-14 01:52:45.093Z	`CRCL`	`CRCL260918P00140000`	put	140.00	2026-09-18	1,001	1,228	118.46%	0.82	$7,690,183
2026-07-14 01:52:45.093Z	`QQQ`	`QQQ260918P00630000`	put	630.00	2026-09-18	9,110	12,930	29.90%	0.70	$7,014,700
2026-07-14 01:52:45.093Z	`QQQ`	`QQQ260918P00635000`	put	635.00	2026-09-18	6,358	5,138	29.49%	1.24	$5,312,109
2026-07-14 01:52:45.093Z	`SOXL`	`SOXL261120P00180000`	put	180.00	2026-11-20	709	976	170.18%	0.73	$5,289,140
2026-07-14 01:52:45.093Z	`SOXX`	`SOXX260918P00630000`	put	630.00	2026-09-18	502	167	56.98%	3.01	$5,195,700
2026-07-14 01:52:45.093Z	`SOXX`	`SOXX260918P00650000`	put	650.00	2026-09-18	400	216	56.17%	1.85	$4,724,000
2026-07-14 01:52:45.093Z	`QQQ`	`QQQ261016P00670000`	put	670.00	2026-10-16	2,445	2,593	25.99%	0.94	$4,701,735
2026-07-14 01:52:45.093Z	`NVDA`	`NVDA260918P00175000`	put	175.00	2026-09-18	10,261	29,865	45.04%	0.34	$4,540,493
2026-07-14 01:52:45.093Z	`QQQ`	`QQQ260918C00275000`	call	275.00	2026-09-18	100	101	113.83%	0.99	$4,387,900
2026-07-14 01:52:45.093Z	`SPY`	`SPY260814P00740000`	put	740.00	2026-08-14	5,002	863	14.43%	5.80	$4,304,221
2026-07-14 01:52:45.093Z	`SPCX`	`SPCX260724P00150000`	put	150.00	2026-07-24	3,007	2,153	76.20%	1.40	$4,284,975
2026-07-14 01:52:45.093Z	`DRAM`	`DRAM260918C00090000`	call	90.00	2026-09-18	20,948	26,330	95.65%	0.80	$4,158,178
2026-07-14 01:52:45.093Z	`NVDA`	`NVDA260918P00200000`	put	200.00	2026-09-18	3,252	38,210	41.81%	0.09	$4,097,520
2026-07-14 01:52:45.093Z	`QQQ`	`QQQ260918P00650000`	put	650.00	2026-09-18	3,804	31,967	28.11%	0.12	$4,022,730
2026-07-14 01:52:45.093Z	`QQQ`	`QQQ260918P00825000`	put	825.00	2026-09-18	352	0	22.85%	N/A	$3,996,960
2026-07-14 01:52:45.093Z	`QQQ`	`QQQ261016P00845000`	put	845.00	2026-10-16	292	0	21.51%	N/A	$3,899,514
2026-07-14 01:52:45.093Z	`MSFT`	`MSFT260918P00410000`	put	410.00	2026-09-18	1,085	6,591	37.88%	0.16	$3,897,863
2026-07-14 01:52:45.093Z	`NVDA`	`NVDA260918P00185000`	put	185.00	2026-09-18	5,606	26,637	43.67%	0.21	$3,896,170
2026-07-14 01:52:45.093Z	`NVDA`	`NVDA260722P00205000`	put	205.00	2026-07-22	6,717	404	38.93%	16.63	$3,778,313
2026-07-14 01:52:45.093Z	`QQQ`	`QQQ261016P00675000`	put	675.00	2026-10-16	1,785	3,296	25.64%	0.54	$3,667,283
2026-07-14 01:52:45.093Z	`MRVL`	`MRVL260918C00290000`	call	290.00	2026-09-18	2,374	6,102	97.34%	0.39	$3,572,870
2026-07-14 01:52:45.093Z	`NBIS`	`NBIS260724P00180000`	put	180.00	2026-07-24	4,233	1,266	147.36%	3.34	$3,471,060
2026-07-14 01:52:45.093Z	`NVDA`	`NVDA261016P00205000`	put	205.00	2026-10-16	1,822	5,392	40.38%	0.34	$3,165,725
2026-07-14 01:52:45.093Z	`QQQ`	`QQQ260918P00700000`	put	700.00	2026-09-18	1,352	62,141	23.89%	0.02	$3,126,500
2026-07-14 01:52:45.093Z	`QQQ`	`QQQ261016P00900000`	put	900.00	2026-10-16	163	0	27.36%	N/A	$3,073,039
2026-07-14 01:52:45.093Z	`NVDA`	`NVDA260918P00370000`	put	370.00	2026-09-18	200	0	0.00%	N/A	$2,999,000
2026-07-14 01:52:45.093Z	`NBIS`	`NBIS260918P00180000`	put	180.00	2026-09-18	1,004	2,999	130.79%	0.33	$2,956,780
2026-07-14 01:52:45.093Z	`NVDA`	`NVDA261016C00210000`	call	210.00	2026-10-16	1,858	12,547	45.03%	0.15	$2,926,350
2026-07-14 01:52:45.093Z	`SPCX`	`SPCX261016P00130000`	put	130.00	2026-10-16	1,726	4,637	77.79%	0.37	$2,916,940
2026-07-14 01:52:45.093Z	`NBIS`	`NBIS260724P00172500`	put	172.50	2026-07-24	4,484	166	151.65%	27.01	$2,903,390
2026-07-14 01:52:45.093Z	`NVDA`	`NVDA260918P00210000`	put	210.00	2026-09-18	1,617	17,023	40.76%	0.09	$2,866,133
2026-07-14 01:52:45.093Z	`SPCX`	`SPCX260724P00140000`	put	140.00	2026-07-24	3,802	3,762	73.11%	1.01	$2,851,500
2026-07-14 01:52:45.093Z	`SOXL`	`SOXL260814P00150000`	put	150.00	2026-08-14	1,006	338	192.68%	2.98	$2,839,435
2026-07-14 01:52:45.093Z	`QQQ`	`QQQ261016P00640000`	put	640.00	2026-10-16	2,118	3,834	28.37%	0.55	$2,752,341
2026-07-14 01:52:45.093Z	`MRVL`	`MRVL260918C00270000`	call	270.00	2026-09-18	1,404	12,861	98.42%	0.11	$2,751,840
2026-07-14 01:52:45.093Z	`NVDA`	`NVDA261016C00205000`	call	205.00	2026-10-16	1,524	7,529	45.50%	0.20	$2,750,820
2026-07-14 01:52:45.093Z	`MSFT`	`MSFT260918C00400000`	call	400.00	2026-09-18	1,178	11,225	41.36%	0.10	$2,747,685
2026-07-14 01:52:45.093Z	`SPCX`	`SPCX260814P00137000`	put	137.00	2026-08-14	2,073	26	87.59%	79.73	$2,736,360
2026-07-14 01:52:45.093Z	`SPY`	`SPY260918C00315000`	call	315.00	2026-09-18	75	0	0.00%	N/A	$2,708,550
2026-07-14 01:52:45.093Z	`QQQ`	`QQQ260918C00710000`	call	710.00	2026-09-18	799	28,336	26.92%	0.03	$2,668,660
2026-07-14 01:52:45.093Z	`MRVL`	`MRVL260918P00170000`	put	170.00	2026-09-18	2,078	1,352	94.41%	1.54	$2,654,645
2026-07-14 01:52:45.093Z	`NBIS`	`NBIS260724P00165000`	put	165.00	2026-07-24	5,242	1,099	156.05%	4.77	$2,647,210
2026-07-14 01:52:45.093Z	`SPY`	`SPY261016C00750000`	call	750.00	2026-10-16	1,009	2,249	17.56%	0.45	$2,639,040
2026-07-14 01:52:45.093Z	`SPY`	`SPY260918P00675000`	put	675.00	2026-09-18	6,206	9,396	21.54%	0.66	$2,622,035
2026-07-14 01:52:45.093Z	`MSFT`	`MSFT260918C00410000`	call	410.00	2026-09-18	1,324	6,766	41.09%	0.20	$2,545,390
2026-07-14 01:52:45.093Z	`GOOG`	`GOOG260724P00400000`	put	400.00	2026-07-24	500	1,518	61.30%	0.33	$2,492,500
2026-07-14 01:52:45.093Z	`QQQ`	`QQQ260918P00715000`	put	715.00	2026-09-18	862	8,977	22.51%	0.10	$2,492,042
2026-07-14 01:52:45.093Z	`SPY`	`SPY260918P00750000`	put	750.00	2026-09-18	1,403	16,959	13.34%	0.08	$2,451,743
2026-07-14 01:52:45.093Z	`QQQ`	`QQQ260918C00225000`	call	225.00	2026-09-18	50	51	131.23%	0.98	$2,441,850
2026-07-14 01:52:45.093Z	`NVDA`	`NVDA261016C00170000`	call	170.00	2026-10-16	598	1,878	50.79%	0.32	$2,418,910
2026-07-14 01:52:45.093Z	`MRVL`	`MRVL261016P00170000`	put	170.00	2026-10-16	1,518	646	88.70%	2.35	$2,402,235
2026-07-14 01:52:45.093Z	`CRCL`	`CRCL260918P00095000`	put	95.00	2026-09-18	704	1,362	88.77%	0.52	$2,398,880
2026-07-14 01:52:45.093Z	`SPCX`	`SPCX260918P00170000`	put	170.00	2026-09-18	594	15,347	80.89%	0.04	$2,381,940
2026-07-14 01:52:45.093Z	`QQQ`	`QQQ260918C00240000`	call	240.00	2026-09-18	50	52	125.73%	0.96	$2,367,475
2026-07-14 01:52:45.093Z	`QQQ`	`QQQ260918C00250000`	call	250.00	2026-09-18	50	51	121.63%	0.98	$2,317,625
2026-07-14 01:52:45.093Z	`SPCX`	`SPCX261016P00135000`	put	135.00	2026-10-16	1,184	9,508	77.61%	0.12	$2,308,800
2026-07-14 01:52:45.093Z	`SPCX`	`SPCX260814C00146000`	call	146.00	2026-08-14	2,005	17	87.10%	117.94	$2,295,725
2026-07-14 01:52:45.093Z	`NVDA`	`NVDA261016C00200000`	call	200.00	2026-10-16	1,113	4,694	45.96%	0.24	$2,289,998
2026-07-14 01:52:45.093Z	`NVDA`	`NVDA260918P00205000`	put	205.00	2026-09-18	1,521	9,117	41.17%	0.17	$2,281,500
2026-07-14 01:52:45.093Z	`NVDA`	`NVDA260918C00225000`	call	225.00	2026-09-18	3,038	22,581	43.93%	0.13	$2,270,905
2026-07-14 01:52:45.093Z	`NBIS`	`NBIS260724P00265000`	put	265.00	2026-07-24	384	448	125.56%	0.86	$2,239,680
2026-07-14 01:52:45.093Z	`SPY`	`SPY261016C00710000`	call	710.00	2026-10-16	403	1,437	22.78%	0.28	$2,236,852
2026-07-14 01:52:45.093Z	`NVDA`	`NVDA261016P00185000`	put	185.00	2026-10-16	2,466	7,761	42.79%	0.32	$2,225,565

技术指标事实

标的	类型	Benchmark	最新价	Strength	1H 支撑 / 压力	4H 支撑 / 压力	1D 支撑 / 压力	数据限制
`MSFT`	美股/ETF	`SPY`	389.9600	-1.77	389.5876 (-0.10%；摆动低点/MA20/布林中轨) / 394.5885 (+1.19%；布林上轨/摆动高点/区间极值)	385.6310 (-1.11%；摆动低点/摆动高点/MA20) / 390.4333 (+0.12%；MA5/摆动高点/摆动低点)	385.7630 (-1.34%；摆动高点/MA5) / 396.7900 (+1.48%；摆动高点/摆动低点)	-
`NVDA`	美股/ETF	`SPY`	203.2500	-0.13	200.5716 (-1.32%；摆动高点/摆动低点/布林下轨) / 203.9983 (+0.37%；摆动低点/摆动高点/MA5)	202.5170 (-0.36%；摆动高点/MA20/布林中轨) / 206.2060 (+1.45%；MA10/摆动高点/MA5)	201.8845 (-0.81%；MA20/布林中轨) / 203.5570 (+0.01%；摆动低点/MA5)	-
`MRVL`	美股/ETF	`SPY`	214.0500	-6.91	212.9200 (-0.53%；区间极值) / 216.5408 (+1.16%；摆动低点/MA5/MA10)	213.6381 (-0.19%；区间极值/布林下轨) / 216.6000 (+1.19%；摆动低点)	214.3933 (-1.44%；布林下轨) / 218.8121 (+0.59%；摆动高点/MA60)	-
`GFS`	美股/ETF	`SPY`	63.2200	-12.95	62.8006 (-0.66%；布林下轨/摆动低点/区间极值) / 63.3300 (+0.17%；摆动低点)	62.7966 (-0.67%；布林下轨/摆动低点/区间极值) / 63.3300 (+0.17%；摆动低点)	63.3300 (-0.95%；摆动低点) / 65.2800 (+2.10%；摆动高点/摆动低点)	-
`APLD`	美股/ETF	`SPY`	28.5019	-26.85	28.4850 (-0.06%；摆动低点/区间极值) / 28.8402 (+1.19%；MA5/MA10)	- / 28.5045 (+0.01%；区间极值/布林下轨)	28.6550 (-0.64%；摆动高点) / 29.3900 (+1.91%；摆动高点)	-
`USAR`	美股/ETF	`SPY`	17.1800	-19.57	16.9900 (-1.11%；摆动低点/区间极值) / 17.2945 (+0.67%；MA5/摆动低点/MA10)	16.9936 (-1.09%；区间极值/布林下轨/摆动低点) / 17.2900 (+0.64%；摆动低点)	16.6187 (-3.44%；布林下轨) / 17.2900 (+0.46%；摆动低点)	-
`SOXX`	美股/ETF	`SPY`	551.7000	-0.48	541.2933 (-1.89%；布林下轨/摆动低点) / 553.9475 (+0.41%；摆动低点/MA5/MA10)	533.3647 (-3.32%；摆动低点/区间极值/布林下轨) / 554.9100 (+0.58%；摆动低点)	540.3014 (-2.40%；MA60/布林下轨) / 566.0740 (+2.25%；MA5)	-
`SOXL`	美股/ETF	`SPY`	162.5000	-4.28	162.0750 (-0.26%；摆动低点) / 163.7800 (+0.79%；MA5)	149.5555 (-7.97%；布林下轨/摆动低点) / 168.8800 (+3.93%；摆动低点)	157.5600 (-4.72%；摆动低点) / 178.0360 (+7.66%；MA5)	-
`FTXL`	美股/ETF	`SPY`	244.8000	-3.52	242.2631 (-1.04%；摆动低点/摆动高点/MA10) / 245.7000 (+0.37%；摆动高点)	- / -	235.6154 (-2.48%；摆动低点/布林下轨) / 244.6797 (+1.27%；MA60)	4H 少于 60 根K线；4H 无可用K线
`PSI`	美股/ETF	`SPY`	151.6000	-3.62	150.7534 (-0.56%；摆动高点/摆动低点/MA5) / 152.1047 (+0.33%；摆动高点/MA10)	- / -	150.9000 (-0.51%；摆动低点) / 152.0543 (+0.25%；MA60)	4H 少于 60 根K线；4H 无可用K线
`DRAM`	美股/ETF	`SPY`	55.8700	-3.75	55.1000 (-1.38%；区间极值) / 56.3696 (+0.89%；摆动低点/MA5)	55.2784 (-1.06%；区间极值/布林下轨) / 56.1700 (+0.54%；摆动低点)	56.3472 (-1.66%；布林下轨/摆动高点/MA60) / 58.2000 (+1.57%；摆动低点)	-
`KMEM`	美股/ETF	`SPY`	18.5700	N/A	17.6683 (-4.86%；布林下轨) / 18.6250 (+0.30%；区间极值/摆动低点)	18.5700 (0.00%；区间极值) / 18.5700 (0.00%；区间极值)	18.6800 (-1.42%；区间极值) / 19.8600 (+4.80%；摆动低点)	4H 少于 60 根K线；1D 少于 60 根K线
`VRT`	美股/ETF	`SPY`	304.5000	-1.82	302.0700 (-0.80%；摆动低点) / 305.9038 (+0.46%；摆动高点/MA5/MA10)	- / -	296.8000 (-2.97%；摆动低点) / 307.3000 (+0.47%；摆动低点)	4H 少于 60 根K线；4H 无可用K线
`COHR`	美股/ETF	`SPY`	305.5000	-17.56	305.0353 (-0.15%；摆动低点/MA5) / 308.7513 (+1.06%；摆动低点/MA10)	- / -	304.0600 (-1.08%；摆动低点) / 308.1700 (+0.25%；摆动低点)	4H 少于 60 根K线；4H 无可用K线
`CRCL`	美股/ETF	`SPY`	62.4100	-25.62	61.8700 (-0.87%；摆动低点) / 62.7390 (+0.53%；摆动低点/MA5/MA10)	- / -	61.6967 (-2.07%；摆动低点/区间极值) / 64.2740 (+2.02%；MA5)	4H 少于 60 根K线；4H 无可用K线
`SPCX`	美股/ETF	`SPY`	137.8700	N/A	137.0800 (-0.57%；摆动低点/区间极值) / 138.9737 (+0.80%；MA5/MA10/摆动高点)	135.0000 (-2.08%；区间极值) / 138.2479 (+0.27%；布林下轨)	135.0000 (-2.98%；区间极值) / 146.9920 (+5.64%；MA5/摆动低点)	1D 少于 60 根K线
`GOOG`	美股/ETF	`SPY`	351.0000	-0.39	350.4058 (-0.17%；摆动低点/区间极值/布林下轨) / 355.6526 (+1.33%；MA20/布林中轨/摆动低点)	- / -	348.6600 (-0.57%；摆动低点) / 355.8150 (+1.47%；摆动低点/MA20/布林中轨)	4H 少于 60 根K线；4H 无可用K线
`NBIS`	美股/ETF	`SPY`	205.3400	-5.79	204.0073 (-0.65%；布林下轨/摆动低点) / 207.4920 (+1.05%；摆动高点/摆动低点/MA5)	- / -	200.3000 (-4.85%；摆动低点) / 211.3346 (+0.39%；MA60/MA5)	4H 少于 60 根K线；4H 无可用K线
`BTCUSDT`	Crypto	`BTCUSDT`	62,508.4000	0.00	62,127.5163 (-0.61%；布林下轨/摆动低点/区间极值) / 63,434.3916 (+1.48%；摆动高点/布林上轨/MA60)	62,371.3214 (-0.24%；布林下轨/摆动高点/摆动低点) / 63,399.0230 (+1.41%；摆动高点/MA10/MA60)	62,022.7833 (-0.79%；MA20/布林中轨/摆动低点) / 63,294.7850 (+1.24%；MA10/MA5)	自身为基准
`ETHUSDT`	Crypto	`BTCUSDT`	1,785.3200	3.18	1,777.6790 (-0.43%；MA10/摆动低点/MA5) / 1,797.6061 (+0.69%；摆动高点/摆动低点/布林上轨)	1,779.9431 (-0.28%；摆动高点/MA60/MA5) / 1,805.4802 (+1.15%；MA20/布林中轨/摆动高点)	1,782.7140 (-0.15%；摆动高点/MA10/MA5) / 1,810.9862 (+1.44%；MA60)	-
`SOLUSDT`	Crypto	`BTCUSDT`	75.3600	0.14	75.3369 (-0.03%；MA10/MA5/摆动低点) / 76.8233 (+1.94%；摆动高点/摆动低点/MA60)	74.7896 (-0.76%；布林下轨) / 75.4973 (+0.18%；摆动低点/MA5)	74.9700 (-0.52%；摆动高点) / 76.3371 (+1.30%；MA60/摆动高点/摆动低点)	-

账户、公开补充与来源

公开数据补充

重点文章

霍尔木兹紧张推升油价与收益率记录科技、半导体、原油和收益率的同日变化；美国财政部制裁公告提供新一轮航运袭击与制裁事实。媒体盘面用于观察相关性，财政部材料用于核对事件时间线。
台积电二季度业绩会页面提供官方日程与会前指引；台积电财报检验 AI 芯片需求补充 CoWoS、资本开支和涨价观察项。后者多为二手信息，最终以公司材料为准。
半导体 ETF 逆势吸金百亿美元与四只存储 ETF 策略拆解分别提供周度产品资金与 DRAM/KMEM 穿透差异；资金流、法律持仓、穿透敞口和价格表现保持分开。
Circle 国家信托银行公告、CLARITY 法案进度与USDC 收缩分析分别对应监管牌照、立法阶段与流通量/盈利约束；三条证据不互相替代。
SK 海力士赴美上市报道、存储定价落差引发芯片回撤与美国稀土人才断层覆盖存储资本市场、合同定价和上游人才约束；行业证据用于制定验证节点，不直接生成个股归因。

金十快讯

7 月 14 日 04:23：WTI 与 Brent 期货收盘：WTI 78.14 美元、+9.42%；Brent 83.30 美元、+9.59%。
7 月 14 日 08:21：油价盘后继续上涨：快讯时点 WTI 突破 80 美元、Brent 站上 85 美元。
7 月 14 日 06:10：美联储利率隐含概率：CME 摘要称 7 月维持利率不变概率 58.3%、累计加息 25bp 概率 41.7%。
7 月 14 日 01:34：沃勒谈通胀目标：美联储理事沃勒表示个人更偏好 1.5%-2.5% 区间，而非 2% 单点。
7 月 14 日 07:40：科技要闻汇总：快讯记录台积电 6 月营收同比 +67.9%、环比 +6.2%，并列出三星 AI5 芯片和 Meta 数据中心投资信息。
7 月 14 日 09:45：智能手机与内存成本：Omdia 摘要称二季度全球智能手机出货同比下降 4%，部分厂商内存成本升至一年前的 4-5 倍。
7 月 14 日 06:33：SPDR Gold Trust：持仓 1,002.449 吨，与前一交易日持平。

IBKR 账户与保证金

| --- |--- | | 已连接 |是 | | 持仓数 |已隐藏 | | 错误数 |0 |

| --- |--- |--- |--- | | 已隐藏 |AvailableFunds |已隐藏 |USD | | 已隐藏 |BuyingPower |已隐藏 |USD | | 已隐藏 |GrossPositionValue |已隐藏 |USD | | 已隐藏 |InitMarginReq |已隐藏 |USD | | 已隐藏 |MaintMarginReq |已隐藏 |USD |

持仓上下文

已隐藏
已隐藏
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数据源列表

Aave 官方 GraphQL 仓位数据
Binance 合约市场数据
Euler ERC-4626 公共 RPC 只读数据
IBKR 行情数据
IBKR 账户与持仓数据
Merkl 官方奖励数据
Yahoo Finance 公开期权链
Yahoo Finance 历史行情
Yahoo Finance 新闻检索
金十数据快讯事实雷达

2026-07-14 全球资产日报 ​

美股 / ETF 热力

期权压力

今日要点 ​

投研观点 ​

Crypto 市场观察和动向 ​

Crypto 操作建议 ​

美股市场观察 ​

ETF 分析 ​

美股操作建议 ​

加密货币板块 ​

交易：BTC / ETH / SOL ​

风险观察 ​

期权观察 ​

数据概览 ​

观点输出 ​

技术分析 ​

重要文章与快讯 ​

重要文章 ​

金十快讯 ​

Omdia：2026年第二季度全球智能手机出货量同比下降4%

WTI突破80美元，布伦特站上85美元

金十科技要闻：台积电6月营收同比增长67.9%

CME观察：7月维持利率不变概率58.3%

WTI与布伦特原油结算价涨逾9%

Omdia：2026年第二季度全球智能手机出货量同比下降4%

快讯正文

上证综指跌破3900点

快讯正文

恒生科技指数跌幅扩大至1%

快讯正文

WTI突破80美元，布伦特站上85美元

快讯正文

金十科技要闻：台积电6月营收同比增长67.9%

快讯正文

SPDR Gold Trust持仓维持1002.449吨

快讯正文

CME观察：7月维持利率不变概率58.3%

快讯正文

WTI与布伦特原油结算价涨逾9%

快讯正文

沃勒偏好1.5%-2.5%的通胀目标区间

快讯正文

事实参考 ​

股票文章源

中国二季度增长与政策预期

中文摘要

核心结论

重要性评级

关键事实

作者观点与证据

与相关标的的关系

时效性与限制

后续跟踪

China

China's premier urges 'objective' understanding of the economy

联电硅光平台进入量产

中文摘要

核心结论

重要性评级

关键事实

作者观点与证据

与相关标的的关系

后续跟踪

SILITH and UMC Achieve Mass Production Milestone for Silicon Photonics

SILITH and UMC Achieve Mass Production Milestone for Silicon Photonics

资金从芯片轮动至企业软件

中文摘要

核心结论

重要性评级

关键事实

作者观点与证据

与相关标的的关系

后续跟踪

HubSpot, ZoomInfo, and Paycom Stocks Trade Up, What You Need To Know

HubSpot, ZoomInfo, and Paycom Stocks Trade Up, What You Need To Know

What Happened?

Zooming In On ZoomInfo (GTM)

澳大利亚性勒索投诉激增

中文摘要

2026-07-14 全球资产日报

今日要点

投研观点

Crypto 市场观察和动向

Crypto 操作建议

美股市场观察

ETF 分析

美股操作建议

加密货币板块

交易：`BTC` / `ETH` / `SOL`

风险观察

期权观察

数据概览

观点输出

技术分析

重要文章与快讯

重要文章

金十快讯

事实参考

TSLA Stock Back To $400? Jefferies Lays Out Bull Case, Says SpaceX Merger Could Hand Shareholders A Premium

TSLA Stock Back To $400? Jefferies Lays Out Bull Case, Says SpaceX Merger Could Hand Shareholders A Premium