JENSEN HUANG, CEO OF NVIDIA, IS TELLING YOU WHERE THE AI MONEY IS FLOWING. NVIDIA HAS DEPLOYED OVER $45 BILLION INTO JUST 8 COMPANIES. HERE'S WHERE THE MOST IMPORTANT COMPANY IN AI IS PLACING ITS BETS: • OPENAI — $30 BILLION • CORNING (GLW) — $3.2 BILLION • IREN — $2.1 BILLION • MARVELL (MRVL) — $2 BILLION • LUMENTUM (LITE) — $2 BILLION • COHERENT (COHR) — $2 BILLION • COREWEAVE (CRWV) — $2 BILLION • NEBIUS (NBIS) — $2 BILLION FOLLOW THE CAPITAL.

## Earnings Wrap-Up ### **AMD (Buy) | TP: $511** * **Guidance slightly beat expectations ($11.2bn vs. $10.5bn Bloomberg consensus, Buy side $10.96b). ***Server CPU TAM** now projected at >35% CAGR. AMD’s leadership will be further strengthened by Venice and a diversified CPU portfolio. ***Progress on **MI455/Helios** remains on track. * **Outlook:** Some investors were a bit cautious before the print; additionally, the frequent demand upward revision misled analysts’ near-term estimates. That said, the pause before the print could further boost the share price outperformance. Overall, we remain bullish ### **Lumentum (LITE - Buy) | TP: $1,168** * **Slightly below** FY3Q revenue ($808m) slightly missed buy-side targets, and F4Q’s $985m below buy sides $1bn, though gross margins expanded to **47.9%**. * **Key Drivers:** Laser supply remains structurally tight as demand outpaces capacity. OCS is gaining momentum via multi-year agreements. * **Outlook:** While the FY4Q guidance led to a brief after-hours pull-back, earnings power is expected to scale dramatically into CY2027. ### **Supermicro (SMCI - Hold) | TP: $43** * **Shares jumped 18% after hours following a strong Gross Margin beat. * **Key Drivers:** Margin gains were driven by a better customer mix (enterprise) and fewer low-margin GB300s. * **Outlook:** While margins are expected to remain elevated, the rating remains **Hold** due to uncertain top-line growth and limited visibility on new GB300 bookings.

【Tianfeng Securities Overseas Tech】 After reviewing all the various AI related earnings, we believe the AI bull market is returning on the back of strong fundamentals One very clear trend is emerging from the recent earnings of companies across the AI industry chain. Growth in cloud businesses is accelerating again, and compute demand continues to exceed supply. Customers are showing a willingness to accept price increases and even to prepay, and the unit economics of AI infrastructure are improving. Market attention is shifting away from concerns about excessive capital expenditure (CapEx) and back toward the belief that demand and profitability will actually materialize. Large cloud: The slope of cloud business growth turned upward this quarter, and the scale of new bookings in the quarter was overwhelmingly larger than in any of the past 20 quarters. Google has effectively no choice but to go all in. The mindset is that failure means the end. Even with negative free cash flow (FCF), every $1 of incremental cloud revenue converts into roughly $0.54 of new operating profit. On a simple calculation, the payback period is about 2 years. AWS's margin of 39.4% is very strong. This provides an answer to the questions about return on investment (ROI). AWS will ultimately become a business with $1 trillion in annual revenue, with roughly 5x of growth headroom over the long term. The payback period for the cloud business is also under 3 years. Microsoft: Azure's growth reaccelerated, providing an answer to concerns about the durability of that growth. Neocloud: Earnings, demand, pricing power, and financing capability have all been validated across the board. CoreWeave's (CRWV) recent compute resources are effectively all sold, with multiple customers competing to secure GPU volume. It added about 500MW of active power in a single quarter, and its year end target has been raised to more than 1.85GW. Its customer base is also broadening from large AI model companies and cloud giants to industrial, financial, life sciences, government, and traditional enterprises. AI is moving from a training centered frenzy toward a phase of adoption across every industry. CoreWeave raised prices across all SKUs by about 25% in July. The profit contribution rate on new contracts rose by 5 to 10 percentage points. This shows that customers judge the returns they earn from AI to be sufficient to absorb higher compute prices. Even the A100, launched in 2020, is being signed into high priced contracts running through 2029. This also refutes the core bear case that GPUs are rapidly rendered obsolete within 3 to 4 years and that their residual value goes to zero. Nebius (NBIS) saw total new contract value in the second quarter grow roughly 4x versus the prior quarter, with new customer contracts up more than 9x. Price tolerance on the demand side is so strong that, under current terms, it could sell all of its 2027 capacity today. Annual revenue on new contracts reaches $20 million to $25 million per MW. Pricing on prior generation GPUs also rose more than 30% versus the prior quarter, and short term total bookings reach as much as $40 million to $50 million per MW. Customers have begun prepaying the cost of building AI infrastructure. About 70% of new contracts include prepayment provisions, which can cover 50% to 60% of the related CapEx. Expected project payback periods have shortened from 2 to 3 years previously to 1 year and 10 months. This means AI infrastructure is not simply a business that scales while burning cash, but one that has already secured strong unit economics. Optical communications: The FCC related disruption is limited and the practical impact should be minimal. Lumentum (LITE) reported results above market expectations and raised guidance. EML demand exceeds supply by about 30%. The shortage of ultra high power lasers also continues to widen. Innolight's laser products are effectively sold out, and it plans to expand capacity roughly 4x over the coming quarters. The bottleneck remains delivery capability. Quarterly OCS revenue clearly exceeded $100 million for the first time. NPO is not a technology that replaces CPO but a newly added intermediate architecture. Key customers' CPO plans are unchanged and demand signals are getting stronger. AI architecture is becoming increasingly optically integrated. Memory and storage: It is now nearly certain that a bottom is forming. The core logic is to take time to secure room for recovery. The absence of price increases after the share price decline is already reflected in market expectations, and visibility on long term agreements (LTA) and shareholder returns is steadily improving. Compute: The market narrative is shifting back toward AI training and open source. We are positive that Nvidia (NV) will challenge its prior high, and a narrative around RSI is also gradually forming.

Premarket movers: Nvidia is the biggest gainer among Mag 7 stocks. The chipmaker’s partner Hon Hai reported a better-than-expected increase in quarterly profit, signaling robust global demand for AI hardware. (Nvidia +1.2%, Alphabet +0.8%, Meta +0.7%, Tesla +0.5%, Amazon +0.4%, Apple little changed, Microsoft -0.8%) Cava (CAVA) jumps 13% after the restaurant chain operator reported store comp sales for the second quarter that beat the average analyst estimate. Analysts again note positive trends for its pomegranate glazed salmon. CoreWeave (CRWV) rallies 18% after the cloud-computing provider reported second-quarter results that beat expectations. Analysts are positive about the company’s margins and note that AI demand remains robust. ERock (EROC) is up 13% after the power systems firm reported revenue for the second quarter that beat the consensus estimate, and said Anthropic has agreed to buy 470 megawatts of onsite power equipment. H&R Block (HRB) is up 15% after the tax preparation company gave a full-year forecast that was stronger than expected. It also reported fourth-quarter results that beat expectations. Hyliion Holdings (HYLN) is up 23% after the company boosted its full-year revenue forecast from $10 million to $15 million. Lumentum (LITE) gains 8%. Analysts are positive on the maker of optical equipment after it reported fourth-quarter results that beat expectations and gave an outlook above analyst consensus. Super Micro Computer Inc. (SMCI) jumps 9% after giving a revenue forecast for the current quarter that topped analysts’ estimates, a sign the booming artificial intelligence market continues to bolster sales of the company’s servers. US Antimony Corp. (UAMY) falls 14% after the natural resource company cut its full-year outlook for gross revenue.

AI Hardware Demand Growth and Representative US-Listed Companies June 2026 Executive Summary Nvidia’s transition to the Vera Rubin (VR200) platform marks a significant escalation in AI infrastructure complexity and cost. Our BOM teardown of the next-generation Rubin rack reveals a ~2x increase in total rack cost to approximately $7.8 million (vs. ~$4 million for GB300), driven not solely by the GPU/CPU but by sharp revaluations across the supply chain. Key highlights from downstream components include: • PCB content value +233% YoY, the largest increase. • MLCC +182%, reflecting higher density and count (e.g., ~600k MLCCs per VR200 NVL72 server, +30%+ vs. GB300). • ABF substrates +82%, power solutions +32%, and liquid cooling +12%. These upgrades align with broader AI scaling: 800G/1.6T optical transceivers ramping aggressively, glass-based technologies advancing for packaging and interconnects, and hyperscalers prioritizing performance, power efficiency, and thermal management. We expect sustained multi-year tailwinds for the AI hardware ecosystem into 2027+, with Rubin-driven demand accelerating in H2 2026. Investment Thesis: While Nvidia (NVDA) remains the core beneficiary, the supply chain offers diversified exposure. We favor companies with direct exposure to high-growth areas like advanced PCBs, high-speed optics, and glass substrates/optical interconnects. Risks include execution on new capacity, potential margin pressure from rapid scaling, and geopolitical supply chain factors. 1. PCB: Sharpest Value Uplift in Rubin BOM Morgan Stanley’s detailed analysis shows PCB content in the Rubin rack surging +233% versus GB300. This reflects needs for higher layer counts, advanced materials, better signal integrity, and larger formats to support increased power and interconnect density in AI servers. US Representative: TTM Technologies (TTMI) – Leading US PCB manufacturer with strong positioning in high-complexity boards for data center/AI applications. TTM has invested in capacity expansions (e.g., new facilities) to capture AI-driven demand for advanced HDI and high-layer PCBs. 2. MLCC: Density-Driven Surge Nvidia’s VR200 NVL72 platform requires ~600,000 MLCCs per server, over 30% more than GB300. Combined with the +182% value increase in the BOM, this underscores tightening supply for high-capacitance, high-reliability MLCCs in power delivery and decoupling for AI accelerators. Exposure Note: The MLCC market is dominated by Asian players (e.g., Murata, Samsung Electro-Mechanics, Yageo). US-listed indirect exposure may come through broader electronics or power solution providers, but direct pure-play opportunities are limited. Watch for capacity utilization tightness benefiting the ecosystem. 3. Optical Communication: 800G/1.6T Ramp Accelerating Chinese leader Zhongji Innolight reported Q1 2026 net profit +262% YoY, driven by strong 800G/1.6T shipments, with expectations of significant full-year growth. This mirrors industry-wide momentum as AI clusters shift toward higher-speed optics for reduced latency and power in scale-out/scale-up networking. Nvidia’s investments in photonics and CPO further validate the trend. US Representatives: • Coherent (COHR) and Lumentum (LITE): Key players in optical components and transceivers; Nvidia has made substantial equity investments to secure capacity. • Corning (GLW): Major beneficiary via optical fiber, connectivity, and glass technologies (detailed below). 4. Micro-LED/Glass Substrates & Optical Interconnects: Strategic Partnerships Accelerating On May 20, 2026, BOE announced a cooperation MOU with Corning covering glass-based encapsulation carriers, foldable glass, perovskite substrates, and optical interconnect applications. This aligns with industry shifts toward glass cores for superior flatness, thermal stability, and integration in advanced packaging and photonics—critical for next-gen AI as organic substrates hit limits. US Representative: Corning (GLW) – Central to Nvidia’s optical strategy with multi-billion partnerships, new US optical factories, and expansion in fiber/photonics for AI data centers. Recent deals position GLW for 10x+ capacity growth in key areas. AI Hardware Demand Growth & US-Listed Representative Companies Table Component Demand Growth (vs. GB300) Key Drivers US-Listed Reps Investment Rationale PCB +233% value Higher layers, HDI, signal integrity TTM Technologies (TTMI) Direct AI server/backplane exposure; US capacity expansion MLCC +182% value; +30%+ count Power density in servers Limited direct (ecosystem via power suppliers) Supply tightness supports pricing/volume Optical Comm (800G/1.6T) Strong ramp (e.g., +262% profit ex.) Scale-out networking, CPO transition Coherent (COHR), Lumentum (LITE), Corning (GLW) Nvidia investments; transceiver/fiber boom Glass Substrates/Interconnects Emerging (MOU-driven) Packaging, photonics, thermal/optical Corning (GLW) Nvidia factory deals; US manufacturing tailwinds Power & Liquid Cooling +32% / +12% Higher TDP (e.g., 2300W GPUs) Indirect (ecosystem) Secondary but critical for rack deployment Source: Morgan Stanley BOM analysis, company reports, industry data. Growth metrics approximate from Rubin teardown. Outlook & Risks We project robust 2026-2027 growth in AI capex, with Rubin shipments catalyzing another leg-up in component demand. Optical and advanced substrate shifts could extend the cycle beyond traditional GPU focus. Hyperscalers’ vertical integration and US onshoring (e.g., Corning/Nvidia factories) add resilience. Key Risks: Cyclical capex pauses, yield/execution challenges on new tech (glass/CPO), commodity volatility in passives, and intense competition in Asia-heavy segments. Valuation multiples in the space have expanded; selectivity is key. Recommendation: Overweight select supply chain names with strong Nvidia alignment (e.g., TTMI for PCBs, COHR/LITE/GLW for optics/glass). Monitor Q2 2026 earnings for confirmation of Rubin ramp momentum.

JUST IN: Stanley Druckenmiller just updated his portfolio This is everything Duquesne Family and Stanley Druckenmiller owned as of the end of Q1 Natera $NTRA: $576.7M Taiwan Semiconductor $TSM: $201.2M STMicroelectronics $STM: $161.1M YPF Sociedad Anonima $YPF: $142.0M Insmed $INSM: $126.3M Brazil ETF $EWZ: $124.6M BBB Foods $TBBB: $113.6M NewAmsterdam Pharma $NAMS: $109.2M Sea Limited $SE: $96.8M Roku $ROKU: $93.2M Alcoa $AA: $92.9M Broadcom $AVGO: $83.7M Teva Pharmaceutical $TEVA: $82.1M Woodward $WWD: $73.6M Sandisk $SNDK: $54.1M Figure Technology $FIGR: $51.2M Revolution Medicines $RVMD: $46.0M Intel $INTC: $44.9M Coupang $CPNG: $43.5M Humana $HUM: $42.1M Seagate $STX: $40.6M CRH $CRH: $39.0M Lattice Semiconductor $LSCC: $39.0M Bloom Energy $BE: $38.6M Option Care Health $OPCH: $36.5M Twilio $TWLO: $36.0M Restaurant Brands $QSR: $34.6M Global X MSCI Argentina ETF $ARGT: $33.7M Jabil $JBL: $28.2M Caris Life Sciences $CAI: $28.1M Wabtec $WAB: $25.0M United Airlines $UAL: $24.6M Cleveland-Cliffs $CLF: $23.8M Arm Holdings $ARM: $22.5M iShares GSCI Commodity $GSG: $22.0M Southern Copper $SCCO: $21.7M Linde $LIN: $20.9M Unity Software $U: $20.4M Nuvation Bio $NUVB: $20.1M Qnity Electronics $Q: $19.8M Micron Technology $MU: $17.2M Protagonist Therapeutics $PTGX: $16.4M Coherent $COHR: $15.8M Belite Bio $BLTE: $15.2M Olema Pharmaceuticals $OLMA: $13.4M Xenon Pharmaceuticals $XENE: $13.0M ADMA Biologics $ADMA: $12.8M StubHub Holdings $STUB: $12.2M PureCycle Technologies $PCT: $12.1M Amazon $AMZN: $12.1M Celestica CLS: $12.0M Daktronics DAKT: $10.7M Cloudflare NET: $10.4M Twist Bioscience TWST: $10.1M LyondellBasell LYB: $9.9M Vista Energy VIST: $9.8M JBS JBS: $8.9M EchoStar SATS: $8.3M Almonty Industries ALM: $8.2M DBV Technologies DBVT: $7.5M Lumentum LITE: $6.8M Solstice Advanced Materials SOLS: $5.3M MercadoLibre MELI: $4.3M Westlake WLK: $1.9M Wave Life Sciences WVE: $1.2M

Here is every stock currently in the Invesco QQQ Trust $QQQ: NVIDIA $NVDA 8.49% weighting Apple $AAPL 7.71% Microsoft $MSFT 6.02% Micron Technology $MU 4.69% Amazon $AMZN 4.43% Advanced Micro Devices $AMD 3.34% Google (Class A) $GOOGL 3.15% Google (Class C) $GOOG 2.92% Tesla $TSLA 2.87% Broadcom $AVGO 2.83% Meta Platforms $META 2.77% Walmart $WMT 2.31% Intel $INTC 1.99% Cisco Systems $CSCO 1.93% Costco Wholesale $COST 1.86% Palantir Technologies $PLTR 1.84% Lam Research $LRCX 1.62% Applied Materials $AMAT 1.57% Netflix $NFLX 1.52% Palo Alto Networks $PANW 1.32% Space Exploration Technologies $SPCX 1.21% Amgen $AMGN 1.06% Texas Instruments $TXN 1.03% SanDisk $SNDK 1.01% Linde $LIN 1.00% KLA $KLAC 0.99% CrowdStrike Holdings $CRWD 0.98% T-Mobile US $TMUS 0.88% PepsiCo $PEP 0.85% Gilead Sciences $GILD 0.83% Marvell Technology $MRVL 0.82% Seagate Technology blockstack:native 0.82% Qualcomm $QCOM 0.78% Analog Devices $ADI 0.77% Shopify $SHOP 0.76% Western Digital $WDC 0.69% ASML Holding $ASML 0.68% Booking Holdings $BKNG 0.68% Vertex Pharmaceuticals $VRTX 0.62% Intuitive Surgical $ISRG 0.58% Starbucks $SBUX 0.54% Fortinet $FTNT 0.53% Adobe $ADBE 0.52% Automatic Data Processing $ADP 0.50% Constellation Energy $CEG 0.45% ARM Holdings $ARM 0.44% MercadoLibre $MELI 0.44% AppLovin $APP 0.42% Intuit $INTU 0.42% Comcast $CMCSA 0.42% DoorDash DASH 0.41% CSX CSX 0.40% Marriott International MAR 0.39% Monster Beverage MNST 0.39% Cadence Design Systems CDNS 0.38% Regeneron Pharmaceuticals REGN 0.38% Cintas CTAS 0.36% Synopsys SNPS 0.35% Mondelez International MDLZ 0.35% Airbnb ABNB 0.34% Datadog DDOG 0.33% Ross Stores ROST 0.33% O'Reilly Automotive ORLY 0.32% Warner Bros Discovery WBD 0.32% Lumentum Holdings LITE 0.30% American Electric Power AEP 0.30% Honeywell International HON 0.30% PACCAR PCAR 0.29% Baker Hughes BKR 0.28% Monolithic Power Systems MPWR 0.27% Diamondback Energy FANG 0.25% NXP Semiconductors NXPI 0.25% Fastenal FAST 0.25% PDD Holdings PDD 0.25% Teradyne TER 0.23% Autodesk ADSK 0.23% Honeywell Aerospace HONA 0.22% Astera Labs ALAB 0.21% Coca-Cola Europacific Partners CCEP 0.21% Xcel Energy XEL 0.21% PayPal Holdings PYPL 0.21% Paychex PAYX 0.20% Exelon EXC 0.20% Nebius Group NBIS 0.20% Keurig Dr Pepper KDP 0.19% IDEXX Laboratories IDXX 0.19% Roper Technologies ROP 0.19% Axon Enterprise AXON 0.19% Ferrovial FER 0.18% Strategy MSTR 0.18% Thomson Reuters TRI 0.18% Take-Two Interactive Software TTWO 0.18% Workday WDAY 0.18% Microchip Technology MCHP 0.17% Old Dominion Freight Line ODFL 0.17% CoreWeave CRWV 0.16% Rocket Lab RKLB 0.16% Dexcom DXCM 0.15% Alnylam Pharmaceuticals ALNY 0.15% GE HealthCare Technologies GEHC 0.14% Kraft Heinz KHC 0.14% Copart CPRT 0.13%

$NOK breakout finally. This is only the first step. Excited for this one from a fundamental and technical perspective and wouldn't be surprised to see it double eventually. Here's why: If data center demand is strong (which it is) the future won't be able to do it without optics. To achieve the needed speeds, data centers are moving away from traditional copper wiring and shifting entirely to optics (like Indium Phosphide lasers and silicon photonics). And NOK is well positioned for this: • They own Infinera after a major acquisition last year, a major optical networking company, which means they own a major share in the manufacturing for Indium Phosphide, a key material used in high-speed optical chips. COHR and LITE are the other major players. Indium Phosphide supply is extremely limited and Nokia has its own in house process. • In addition to a 20-fold expansion at its legacy Infinera fab in San Jose, Nokia finalized a definitive agreement to acquire NXP Semiconductors' massive manufacturing campus in Chandler, Arizona. Nokia is completely repurposing this campus into a dedicated InP photonic chip production facility. • While Coherent and Lumentum focus heavily on raw chip fabrication, Nokia holds a massive competitive advantage in backend advanced packaging and testing.Through its Allentown, Pennsylvania facility, Nokia expanded its domestic photonic packaging throughput by 10 times. This means Nokia can build the raw InP chip and package it into completed optical engines entirely on U.S. soil. Exploding Order Momentum - Nokia’s Q2 financial data confirms that its AI narrative is reality, not hype. Net sales to AI & Cloud customers grew 105% year-over-year. The company booked a massive €2.8 billion in AI & Cloud orders in a single quarter. Crucially, Nokia's total accumulated AI technology orders have swollen to 6.3 times its current quarterly revenue for that segment. This massive backlog creates clear revenue visibility through 2027 and 2028. Margin Expansion via Vertical Integration -Because Nokia owns its own Indium Phosphide fab capacity and advanced packaging, it does not have to pay a markup to merchant suppliers like Coherent or Lumentum. This vertical integration protects Nokia from supply chain constraints and expands margins. Geopolitical Backstop -Regulators are moving to restrict Chinese optical transceivers. As one of the few companies capable of manufacturing, packaging, and testing InP optical engines entirely on U.S. and European soil, Nokia is capturing a captive, high-security market. Following its recent financial reports, analysts from Bank of America lifted their price target to $18.50, and JPMorgan extended a target of $21.00. It's currently trading at $10.

$SIVE looks like both a chokepoint and a bottleneck for CPO next year. Keep seeing information published from nontechnical people who miss any nuances. Here’s the reason why: 1. CW lasers are bottlenecked signaled by $LITE earnings. Laser fabs are heavily allocated to EML likely from former $NVDA contracts. -> Sumitomo/Furukawa = bottleneck -> Win Semi = bottleneck $SIVE does fab-lite, so are they a bottleneck? Yes, $SIVE sits in the laser bottleneck since control output supply of CW lasers from Win Semi and other fabs from allocation way early on (CEO stated they working with more capacity from other players as well). Perfect example is Kioxia/Sandisk. $SNDK controls NAND output, so they’re a bottleneck because they control final pricing. Demand exceeding supply from Ayar, Jabil, other pluggable vendors + Nvidia NVLink CPO ecosystem… final laser supply owned by $SIVE makes Sivers a bottleneck. $SIVE is also likely primary/sole source for Jabil, Gen-1 Ayar, $MRVL Celestial, and other hyperscaler asic/merchant CPO routes. So no way to get around it (can’t hot-swap single channel cw lasers with Sivers) 2. $SIVE is a chokepoint over CPO. $NVDA use $COHR, $LITE (which likely sources external cw capacity from Japanese competitors) $AVGO is likely vertically integrated as well. However: the entire ecosystem around it from ASIC programs (Marvell, AlChip, etc) and merchant programs (Ayar, Lightmatter, Lightelligence) Are all likely designed around $SIVE. Ayar for example, likely tried to multi-source with $MTSI / $LITE back in 2022 but their lasers probably couldn’t match the level of Sivers specification with arrays (removed Lumentum / Macom from their supply chain site recently) If there’s no alternative at least for the initial generations (obviously they’re working to multi-source). That makes $SIVE a structural chokepoint to go through for lasers. Even if you look at the 1.6T LRO $JBL designed, they achieved a “drastic moat” with performance built around $SIVE likely sole source. $SIVE is also the foundry level reference laser design for $GFS, which your hyperscalers use like $AMD (likely using Sivers + maybe Ayar for gen1): If every major player, who hasn’t achieved vertical integration (Nvidia/Broadcom) is using Sivers for CPO… That makes them a chokepoint. Just look at the entire CPO $NVDA NVLink ecosystem partners: every single one are all likely using Sivers. And they all use $GFS as well (where Sivers is default reference). So $SIVE is both a chokepoint and bottleneck when CPO really scales up H2 2027, over one of the biggest architectural shifts of all time (near $0 -> $81B or $91B TAM in the next 1 1/2 years from GS research note) This is why I say $SIVE looks like it could be the next $75B $LITE over the next couple years. All of this should play out next year. And it’s still trading less than a company with $50M in purchase agreements that buys Sivers lasers to repackage them.

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