Phantoms at dusk. Since BASE jumping is illegal in Yosemite National Park, flights are often made at first light or last light to avoid detection. Prints available at link in bio.

Rumor: SK hynix has run into an issue with its HBM4, requiring a photomask revision for the 12nm base die. As a result, volume shipments could be delayed by more than one quarter, which would also impact shipments across the related supply chain.

An underappreciated #ABFsubstrate# name is the Japanese company Toppan ($7911.TYO). The real profitability story here is somewhat masked (pun intended) by the photomask business they recently spun off. And this comment from $AVGO yesterday is definitely a positive sign.

Marvell $MRVL could pick up the memory I/O work in Google’s $GOOGL TPU v10. Morgan Stanley still expects Broadcom $AVGO and MediaTek 2454 TT to keep the core TPU design roles. In the bank’s model, Google owns the compute die and photomasks. MediaTek designs the electrical I/O die and integrates the compute die, I/O die and HBM using Intel’s $INTC EMIB-T packaging. Global Unichip 3443 TT or another design house could handle 3D IC and CPO. TPU v10 could move to 3.5D packaging and expand beyond 12 reticle equivalents, compared with roughly nine today. Even without revenue from the compute die, Morgan Stanley estimates MediaTek could book about $18,000 per TPU v10, up from $13,000 on v9. The bank models 4 million v9 units and 1 million v10 units in 2029, putting MediaTek’s TPU revenue at around $70 billion.