Mizuho Bank, a unit of Japanese lender Mizuho and a creditor of iron ore trader Radiant World, has taken legal steps to remove the management of the merchant’s key operating company in Singapore, according to a court document

Mizuho Securities analyst Vijay Rakesh said investors will be riveted on Nvidia’s outlook for artificial intelligence on Wednesday because expectations of a big beat on profit are essentially baked in.

Mizuho: Memory, CPO, 800VDC > Memory Bottlenecks & De-spec Risks: Potential significant DRAM de-spec risks are driving investor concern. GPU/ASIC OEMs may cap future HBM content at 4-8Hi, making 12Hi less appealing, while 16Hi/20Hi and hybrid bonding remain uncertain for future DRAM generations. > Impact on Shipments & Demand: GOOGL has scaled down TPUv8 HBM3e to 8Hi. Lower DRAM/GPU content could allow roughly 20-30% more GPU/ASIC shipments, driving higher aggregate DRAM bit demand for training, inference, and KVCache, alongside better margins. > Connectivity and Hardware Upside: Copper, NPO SiPho, and InP show upside for CRDO and LITE, whereas CPO is roughly 2 to 3 years away. A less-constrained memory environment points to upside for GPU/ASIC shipments and rack scale-up/out connectivity. > 800V Ramp Delays: Potential 800V delays are allowing for a smoother ramp. Data center installers are pushing back due to near-term power space changes and the need for personnel retraining, with DC racks moving toward OCP ORv3 Diablo bipolar dual-rail 400V racks. (Via @sean_________) $CRDO $LITE $GOOGL $NVDA $MU $DRAM $EWY

Mizuho on SemiAnalysis (rumor mill) channel checks: "Significant Feynman de-spec risk (potentially ~50%). 16/20Hi HBM + hybrid bonding still highly uncertain. GOOGL already scaled TPUv8 HBM3e to 8Hi." "Lower HBM content per GPU/ASIC = 20-30% more shipments possible. Aggregate DRAM bit demand for training/inference/KVCache actually rises. Better GPU/ASIC margins." "That extra silicon volume is pure upside for copper AEC, NPO, SiPho/InP. $CRDO and $LITE the clearest beneficiaries. CPO still 2-3 years out." "800V looks delayed — data centers pushing back hard on rapid power architecture change + staff retraining. Moving to OCP ORv3 Diablo 400V bipolar instead. More VRMs, smoother ramp." "2027 is still a monster year: xAI/ $SPCX 10GW + the $500B Neocloud financing facility = real tailwind. $GOOGL morphing into a major Neocloud supplier with accelerating TPU ramps. Mizuho modestly cuts PTs ( $MU $1,300 / $SNDK $1,875 / AMAT $590 / MKSI $330 / LRCX $365) on multiple compression from the de-spec uncertainty — but still sees memory tight and overall bit demand higher. Net: de-spec is real, but it unlocks more systems, more copper, more optics, and keeps the 2027 power + financing flywheel intact.

Mizuho cut BitGo's target but says CLARITY delays could help The bank lowered its price target to $11 while arguing the Senate's inaction may work in @BitGo's favor. Custody firms already hold state trust charters. A federal framework would open the same business to competitors that currently lack one.

Mizuho on $AVGO: key points: 1) We see AVGO with the most-capable TH6/Jericho SerDes/Switch for all-toall 1000-1M XPU networking at 200G/lane, SerDes/ASIC/Packaging dominating GOOGL TPU "training" roadmap at 2-3x ASP ~$15K/ASIC, 2) we believe MTK could potentially win the TPU inference chip, despite investors stating MTK is getting the training chip with large die on EMIB [ $INTC ] packaging, and 3) we see the most probable trajectory of AVGO $GOOGL TPUs ramp to 18M+ units in 2028E with AVGO getting ~50% share at ~10-12M units being 3x the current volume (~4.5M today). We see AVGO has the best perf. training SerDes with MTK SerDes limited and needing GOOGL/SMTC (NC) contribution, with potential delays. We believe the v9/v10 will see a mix of both MTK/AVGO to optimize cost and performance, and see AVGO well-positioned into 2028E with upside to 35M TPU, regardless of training/inference chip share. We also see GOOGL purchase commitments (10Q, p55) are expanding significantly to $800 B+ for TPUs.

Mizuho semi supply chain tracker: no delays 800VDC & strong demand $NVDA CPO switch: "In the HVDC/800VDC investment case, the deployment schedule should be an average of 12-month lead-time from the initial system (like power rack) shipment by vendors, in our view" "Lumentum ( $LITE ) highlighted a rising adoption rate of InP-based NPO from its clients and we also expect stronger Google TPU demand to boost $AVGO VCSEL-based NPO sales. "micro-LED (uLED) based optical solutions that are developed and promoted by other chipmakers, such as Credo ( $CRDO ) in ALC (LED cables) and Avicena (private), to capture future scale-up (XPU to XPU) and scale-in (XPU to HBM) opportunities."

Mizuho ASIC channel checks: pounding table on $AVGO "potential >35M TPU shipments in 2028E (up 8x from 2026E ~4.3M and 2025 ~2.4M), which is significantly above our estimates of ~7M ASIC shipments for AVGO" "We believe OAI ASIC is in development with 10GW AVGO project (Nexus) adding to TPU/MTIA/ARM roadmap." "Our call noted $ARM AI ASIC chip development ongoing as we continue to expect a launch in late-2026E/early-2027E" " $MU : With potential for TPU shipments to reach a cumulative 50M units in 2026-28E, we think ASICs could command an increasing share of the HBM market, especially as some of the next-gen ASICs move to HBM4e"