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Abstracts of UMC (2303 TT, UMC) Acceleration in PIC/TFLN（薄膜铌酸锂 Thin‑Film Lithium‑Niobate） 📈 Buy | TP lifted to NT$160 - PIC/TFLN upside unlocks a higher-margin cycle • High-margin PIC business acceleration mainly driven by:
– Hyperlight (could have made significant progress with Google)
– TeraHop (key customers: Nvidia, GOOG) • TFLN 8” Wafer shipment expectations:
– 20k wafers/month by 4Q27
– 40k wafers/month by 4Q28 • PIC economics far superior to corporate average with Gross margin >70%, ASP ~$2.5k per 8” wafer (vs Normal 8” ASP below $1k), Expected EPS contribution of NT$0.7 in 2027 and NT$1.5 in 2028 • That said, TFLN will help UMC shift its product mix toward higher-value AI segments (including optics) • Possibility remains open for UMC to extend its PIC wafer business into packaging over the mid/long term In addition to PIC/TFLN, • UTR expected to keep rising, driven by: AI (incl. optics), CIS / ISP
and DDIC (benefiting from Apple moving Mac from 8” to 55nm) • Although the market has less appetite for the price-hike theme, visibility has been extended to 2H27 • Intel collaboration: Management earlier reiterated the partnership remains on track Tape-out targeted for 2027 on Intel 12, and we now expect the Capacity to be more than one phase #UMC# #PIC# #SiPh# #TFLN# #NVDA# #CPO#

Abstracts of $MRVL: AI Outlook (Google, AWS) & Preview 📈Rating & Target: Maintained Buy rating with a $290 price target based on 20x FY29E EPS of $14.50. * Strong positioning in custom silicon with major U.S. hyperscalers (Google, AWS, MSFT) and DSP ASP upside from shortages. * Near-Term: F2Q27 revenue expected up 12% QoQ with non-GAAP GM at ~59%. * Guidance Raise Expected: F3Q27 and FY27 revenue growth projected at 13% QoQ, with a likely full-year guidance hike from $11.5B. * Google Silicon Boost & TPU V10 (?): Targeting ~$10B+ opportunity at Google in CY28 driven by CXL/DPU, MPU, and an equity partnership that enhances the likelihood of securing the 2028 TPU V10 (Merope)—with no read-through to MediaTek (Icefish engagement already confirmed). * AWS Trainium 4 & NPO Scale-Up: Marvell likely at an advantage in T4 (>$3B in CY2028 with ~150% higher ASPs vs T3), driven by better progress in NPO scale-up optical networking (UALink/NVLink Fusion) post-Celestial AI acquisition #MRVL# #AWS# #TPU#

Abstract of SMIC and LITE Earnings Notes SMCI — Raised TP to $54. Strong F4Q26 GM beat (17.6%) + higher FY27 guide ($65-72bn). Margin pop mostly transitory (mix/delays), but structural 10%+ GM target + $60bn backlog + no more dilution = improved outlook. Still key SpaceX share + broader client base (9 >bn clients). LITE — TP $961. Results inline, F1Q27 guide modest beat (~24% QoQ growth). EML sold out through 2028 (hyperscalers + NVDA). 1.6T + CPO/NPO/OCS driving multi-year growth + margin expansion. Supply tightness remains a tailwind. As said, Key is Mkt doesn’t have scale-up CPO expectations. #SMCI# #LITE#

Abstracts of MPS (MPWR) Note • Initiate Buy | TP $1,706
• Key position in AI power (GPU + ASIC) on Strong demand + VPD module uplift + firm pricing from DrMOS shortages
• Storage / enterprise data / auto design wins → broad recovery
• EPS forecast: $28 (2026E) / $49 (2027E)
• Target based on 35x 2027E P/E • GPU power surging (H100 → B200 → Rubin) + higher density per rack
• Conventional power delivery hits limits → strong demand for high-phase PoL VRMs (12V→1V)
• AI 12V-1V power TAM set for strong growth amid tight supply
• Differentiated tech: leading BCD process + Intelli-Phase + DPPM architectures
• Enterprise Data sales expected +153% / +81% YoY in 2026E/2027E • Long-term capacity target lifted well above $6bn
• New product ramps unlocking SAM in storage, communications & automotive
• Initial high-speed DDR5 orders secured
• Sampling high-voltage AC-DC for 800V data-center architectures
• Automotive: >1,500 new sockets shipped YTD (ADAS + in-vehicle electronics) #MPS# #MPWR#

Abstract of PCB Sector & Initiation & Updates 🔥 Initiating & Transferring PCB Coverage: •Initiating CO-TECH. (8358 TT / Buy / TP: NT$480): Share px -54% since June, Margin ramp-up in 4Q26, expansion of HVLP3/4, and px hikes. •Raise TP: EMC (2383 TT / Buy / TP: NT$6,538): Google share gains, product mix upgrading toward M7+/M8+. •Raise TP: Kingboard Laminates (1888 HK / Buy / TP: HK$60.8): E-glass and FR-4 price hike cycle, expansion of high-end copper foil capacity. •Raise TP: Zhen Ding Technology (4958 TT / Buy / TP: NT$729): Market share gains in VR200, leveraging MSAP, ABF supercycle. ☀️ AI Server PCBs: •Nvidia Vera Rubin: PCB content per GPU $750 (vs. $400 for GB200). •Google TPU v8t/v8i: PCB content $800–$1,000 (vs. ~$700 for v7). •TAM Expansion: AI server PCB TAM projected at $13B in 2026 and $29B in 2027. •Zhen Ding benefits from Nvidia platform gains + mSAP dominance in optical modules/CPO. •mSAP Shortage: 2027 capacity constraints due to 800G optical switch and yield limits ☀️ CCL Dynamics: FR-4 Prices doubled to ~RMB 300 since mid-2025; upcycle extends through end-2027/2028. ☀️ Upstream Supply Shortage: •E-Glass Gap: ~15% shortage; requires 3,000 new machines, but Toyota's annual output is only 2,000 units (fully booked till 2028). •HVLP4 Foil: Year-end 2026 capacity at ~1,200 tons/month with a 400+ ton shortage. #PCB# #ZDT# #NVDA# #msap# #ABF# #EMC#

Abstracts of Addressing Recent Debates on LT Capex and NVDA Platform Content Away from Memories • Recent CSP Earnings Review on Capex: Amazon to $220bn, Google $195-205bn, Meta $130-145bn • U.S. CSP capex forecast at $0.8tn/$1.2tn / $1.4tn in 2026/2027/28 (+45% / +20% YoY in 27/28), supported by healthy balance sheets • Capex growth expected to moderate to +20% / +15% YoY in 2028/29 as CSPs prioritize returns & FCF & uncertainties over AI model competition • Top 5 debt issuance seen at $257bn / $419bn in 2026/27 (31-35% of capex), still manageable • Cumulative debt issuance could reach ~$421bn by 2028, yet remains well-supported • Balance sheets stay very healthy (ex-Oracle): net leverage only ~0.5x (EBITDA basis) by 2028/29 • Net debt-to-equity ratio projected at just 18% by 2029 despite heavy capex

• Reiterate our July 2’s report of Nvidia cutting memory: Vera CPU SOCAMM from 192GB → 96GB → selective SKUs to 64GB by 1Q27
• Rubin Ultra HBM stepped down from 384GB to 192GB/256GB (HBM4/4E); 8-Hi design finalized, yet 12-Hi remains on line up
• Competitors already on lower configs: AMD MI450 Custom and Google TPU Humufish already 8-Hi
• Scale-up expanding via NVL576 w NPO optics to offset reduced memory content
• Nvidia platform OE shipments estimated at 5.8m / 8.1m units in 2027/28
• Still positive on AI trends; prefer GPU / CPU / Optics, cautious on memory commodities
 Recommendations: 1) Nvidia GPU: NVDA (Buy), Hon Hai (2317 TT), SMCI (Buy) 2) CPU: INTC (Buy), AMD (Buy), ASE (3711 TT, ASX, Buy) 3) Optics NPO: LITE (Buy), MRVL (Buy), SMTC (Buy), TSEM (Buy), Bizlink (3665 TT Buy), Browave (3163 TT) #capex# #NVDA# #RUBIN# #Memory# #HBM#