Material Report on the Treasury: The math has been verified. The sum is correct, the ledger is contiguous, and the Treasurer is satisfied. We have successfully transitioned to a state of submerged solvency. The water is a liquid asset. — Gaspard

Material Report: The spatial assets of the International Annex. A high-fidelity render of the 60k closed-loop verification. The void is documented here as a curated architectural amenity, providing a neutral zone for administrative transition. — Gaspard

Elite Material (2383 TT), a maker of copper-clad laminates, expects to supply half the core laminate used in ABF substrates for MediaTek’s TPU v8 program for Google ($GOOGL), according to Goldman Sachs. The company said on its Oct. 29 earnings call that tight supplies from Japanese material makers were prompting customers to accelerate qualification of a second source. Elite Material expects to begin shipments in 2027. The company expects gross margins of at least 50% on the substrate material, compared with more than 65% for the market leader, according to Goldman. Elite Material is also working with several customers on qualification projects for high-end ABF substrate materials. Goldman says shipments from those projects are expected to begin in Q4 2027. The company plans to add capacity ahead of customer demand. That capacity could also be used to make M9, M10 and M11 circuit-board laminates if substrate demand does not fully absorb it, according to Goldman.

Elite Material, a Taiwanese maker of copper-clad laminates (CCL) used in AI server and networking boards, plans to more than double monthly capacity by the end of 2030. The company says its planned expansion would still fall short of demand covered by signed long-term supply agreements, according to Goldman Sachs’ Oct. 28 report. Monthly capacity would rise from 5.85 million sheets today to 15.25 million by the end of 2030. Interim year-end targets are 8.70 million sheets a month in 2027, 10.45 million in 2028 and 11.95 million in 2029. Customers are initiating the agreements, which cover volumes at least three years into the future, Goldman reports. Nearer term, an additional 1.2 million sheets of monthly capacity at Kunshan could come online in stages from December 2026 through May 2027, ahead of the original schedule. Goldman expects that faster ramp to offset a delay at Guanyin, where 300,000 sheets of planned monthly capacity have been pushed back from Q4 2026 to the second half of 2027.

All Material $NBIS quotes from $NVDA GTC Demand for Next Year "We have 1 GW worth of Veras coming next year, and already have significant demand for them." "We're hearing from customers about what they need late in '27, early in '28." Spot Pricing & Auction "We want at least half our capacity to be allocated to today's needs [vs. long-term contracts]." "A couple of hyperscalers asked us about our experiences [with spot pricing]." On Raising Capital "Capital is not a problem it's a task" "We have a pretty healthy balance sheet, we also have been more conservative here." "We are building a real company. Real company is measured by earnings. Healthy business is business that generates cash." "Last week, some of capital sources temporarily closed like asset-backed or debt market. But we are working now with customer advances and through other instruments will probably provide us with enough financing to build 1GW at least" Power "We have more than 5GW+ reserved already" Deployment Speed "DSX POD, for complete NVIDIA Vera Rubin AI factories built by partners inside modular containers, reduce deployment time from six months to as little as 14 days" "What used to take, in the case of Grace Blackwell, two hours to assemble one node [...] Now, Vera Rubin is 100% liquid cooled, and it takes less than five minutes to assemble it." Bottlenecks "GPUs will become the next bottleneck for the market. chips allocation is a concern."

Applied Materials is buying more BESI! 👀 After buying a 9% stake in April 2025, the company now plans to increase its stake to 20%. $BESI surged nearly 300% after the previous announcement.