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Taiwan's GlobalWafers: "Supply constraints have emerged in 12 inch wafers" Taiwan's GlobalWafers has formally acknowledged a shortage in silicon wafers. At its second quarter earnings conference call on the 4th, GlobalWafers said an imbalance between supply and demand in the semiconductor wafer industry is already underway, adding that its 12 inch (300mm), 8 inch (200mm) and 6 inch (150mm) lines have effectively reached maximum utilization and that supply constraints have already emerged for some advanced 12 inch products. Orders have surged on rising demand from AI semiconductors, high bandwidth memory (HBM), silicon photonics and advanced packaging. The company explained that the shortage has become a reality as logic makers, not only memory makers, move to secure long term capacity. The shortage is appearing across the wafer industry. Germany's Siltronic said in its earnings release on the 30th of last month that inventories at memory and logic customers are normalizing and that customers have begun rebuilding wafer safety stock, adding that this restocking is expected to increase wafer demand further and that new customers as well as existing ones are requesting 300mm volumes. Japan's Shin-Etsu Chemical, the global number one, also said in its earnings release on the 24th of last month that 300mm wafer shipments grew at double digit rates both year over year and quarter over quarter. Japan's SUMCO likewise assessed in May that customer inventory adjustment was entering its final stage. SK Siltron is expanding capacity by bringing equipment at its new fab online in stages, but the pace of order growth is understood to be outrunning that. The way long term agreements (LTAs) are struck is also changing. In the past the purpose was for customers to secure stable volumes, but recently they have taken on a stronger character of locking up capacity ahead of a shortage. Contract terms are also lengthening from around three years to five to eight years. Last month GlobalWafers signed a 10 year LTA with Micron, the longest in the wafer industry. The contract begins next year and includes strategic financial support in the nature of a prepayment. Most of its revenue in the second half of this year and the first half of next year is also expected to come from LTAs. Shin-Etsu Chemical said it currently supplies all of its 300mm wafers under LTAs. Siltronic supplies two thirds of its volume through LTAs. Memory customers are requesting volumes for delivery two to three years out. Moves to raise prices are also emerging. With supply tight, prices have begun to rise first in the non LTA (spot) market. Siltronic said prices for 300mm non LTA wafers have started to rise. GlobalWafers also expects spot prices in the second half of this year to be higher than in the first half. Price increases are expected to spread to LTAs as well. GlobalWafers said it is discussing price increases with customers to reflect higher raw material, energy, logistics and labor costs, adding that while LTAs already signed will maintain their contracted prices, new contracts will reflect not only price and volume but also price adjustment mechanisms, product mix and market changes. Siltronic likewise stressed that with some LTA renegotiations coming up in 2027 and 2028, prices need to recover to levels that allow reinvestment, and that broad and meaningful price increases are necessary. The wafer industry had previously gone through roughly two years of simultaneous shipment declines and price pressure as customer inventories built up sharply from 2023. Customer inventories of 300mm wafers then turned lower from late 2025, and months of inventory also declined from the first quarter of this year, completing the inventory correction. The industry is understood to have turned from the second quarter of this year. A deeper shortage and full scale price increases are expected to appear from the second half of 2027. Rising utilization at existing semiconductor lines is currently driving shipment growth, but once new memory fabs from Samsung Electronics, SK hynix and Micron come online, wafer demand is expected to rise to roughly double current levels.

Major Gaming Showcases Pack This Week's Schedule All the key gaming presentations this week: >June 1 The Mix Showcase at 9:00 AM PT >June 2 (Tuesday) -PlayStation State of Play at 2:00 PM PT / 5:00 PM ET (around 60 minutes). Expected to include an extended look at Marvel’s Wolverine along with many other PS5 announcements and gameplay reveals. >June 5 (Friday) -Summer Game Fest 2026 at 2:00 PM PT / 5:00 PM ET, biggest multi-platform showcase of the summer. >June 6 (Saturday) -Future Games Show >June 7 (Sunday) -Xbox Games Showcase at 10:00 AM PT / 1:00 PM ET, immediately followed by the Gears of War: E-Day Direct -PC Gaming Show at 12:00 PM PT / 3:00 PM ET This is expected to be one of the biggest weeks for game reveals, trailers, and announcements in years.

DAILY SITUATION RECAP: Nvidia launches the Open Secure AI Alliance in order to find and fix vulnerabilities using open-source AI, sort of like an open Project Glasswing. Founding partners include a mix of enterprise software companies (Databricks, Salesforce, IBM, SAP, Siemens, Snowflake), cybersecurity companies (Palo Alto Networks, Red Hat), open-source providers (Hugging Face, LangChain, OpenClaw, Nous, the Linux Foundation), AI labs (SpaceXAI, Thinking Machines, Cognition), and other major companies (Nvidia, Microsoft, Cisco, Palantir, Dell). Moonshot AI releases the Kimi K3 weights and technical report after eleven days since launch. Kimi K3 is a 2.8T parameter mixture-of-experts (MoE) model with 104B active parameters and a 1M token context window. Moonshot also open-sourced much of their infrastructure, including their attention kernels, agent environment platform, and MoE communication library. Just because you can download it in theory doesn’t mean you actually can — the model is far too big to be run on any consumer hardware. Nvidia invests $5B in Ilya Sutskever’s SSI. Sutskever, formerly co-founder and Chief Scientist of OpenAI, founded Safe Superintelligence in 2024 with the sole goal of building a safe superintelligence, with no other products along the way. It has since raised $3B at up to a $32B valuation (likely higher now). SSI is famously very secretive about its research, but Sutskever said it’s “focused on overlooked aspects of how the human brain functions”. The new funding, and access to Nvidia Vera Rubin GPUs, will allow SSI to 10x its compute. More companies sign on to Nvidia’s open source letter. The letter, posted by Jensen Huang on Friday, advocates for a robust American open-source ecosystem with minimal government regulation. New signatories include Google, SpaceXAI, OpenAI, AMD, Cisco, Palo Alto Networks, Nebius, Scale, Fireworks AI, Baseten, Cohere, Sakana AI, Periodic Labs, Core Automation, OpenClaw, and GitHub. Every major American frontier lab except for Anthropic has now signed. CXMT stock surges 466% on its first trading day. The company, formerly ChangXin Memory Technologies, is the largest memory manufacturer in China and the fourth-largest in the world (after SK Hynix, Samsung, and Micron), with a 9% global market share. It now has the second-highest market cap of any Chinese company after Tencent. CXMT doesn’t make the most leading-edge HBM for AI chips, but supplies DRAM to consumer tech manufacturers and data centers. Nvidia may guarantee $250-350B of financing for an OpenAI data center. SB Energy, a subsidiary of SoftBank, is developing a massive 10 GW data center on federal land in Ohio at a total cost of over $500B. The financing guarantee would allow SB Energy to borrow money at lower rates, and possibly allow OpenAI to spend more on Nvidia chips. China begins manufacturing DUV machines. Deep ultraviolet (DUV) lithography machines print intricate nanoscale patterns on silicon wafers, a critical step in chipmaking. The new machines, built by an unnamed state-backed company, will be shipped to local chipmakers including SMIC, Hua Hong Semiconductor, and CXMT. China is still behind on the most advanced extreme ultraviolet (EUV) lithography, which is solely produced by Dutch company ASML. ASML stock fell 6% on the news. Dario Amodei explains Anthropic’s position on open models: open-weight models without dangerous capabilities are a public good, and Anthropic has never supported a full ban. However, we should be worried about the CCP using them for repression, as well as cyber/bio/alignment risk. To that end, we should not sell chips to China, crack down on distillation, and require mandatory safety testing for all sufficiently capable open and closed models. China threatens to respond if the US sanctions their AI labs. The Chinese Ministry of Commerce said US accusations of distillation were “smears” and that China will “take all necessary measures” to defend its rights and interests against any action that substantively harms them. DeepSeek has suspended its recent funding round after comments from a private investor call with CEO Liang Wenfeng were leaked. Written by @theojaffee. Read more at our link in bio.