Earnings Takeaways- Tower Semiconductor (TSEM) • 2Q26 revenue $460mn (+24% YoY), GP +72%, OP +125%; EPS $0.79 a beat, driven by higher utilization, better mix & accelerating silicon photonics demand
• 3Q26 guide: record $520mn (+31% YoY, +13% QoQ) suggests a strong growth 
• The co targets sequential revenue & profit improvement through 2026
• Raised 2026/27 EPS to $4.5 / $10; Maintain Buy, TP $260 (26x 2027E)
• $1.3bn contract SiPho revenue locked for 2027 from hyperscalers
• 2028 wafer order commitments expected to exceed 2027 levels
• Additional new SiPho customer qualifications underway
• Leading specialty foundry for NPO (near-package optics); CPO longer-term
• Capacity ramp focused on Japan Fab 7; NPO volume ramp expected 2H27 #TSEM# #Towersemi#

TRADR ETFs IS LAUNCHING 5 NEW 2X LEVERAGED SINGLE STOCK ETFs ON JULY 1 All five seek to deliver 200% of the daily performance of their underlying stock: $CIEX: Tradr 2X Long CIEN — tracks Ciena $CIEN $QNTU: Tradr 2X Long QNT — tracks Quantinuum $QNT $RMBX: Tradr 2X Long RMBS — tracks Rambus $RMBS $TSEU: Tradr 2X Long TSEM — tracks Tower Semiconductor $TSEM $TTMX: Tradr 2X Long TTMI — tracks TTM Technologies $TTMI

Here is every holding in the KraneShares Artificial Intelligence and Technology Public and Private ETF $AGIX: Private Holdings: Anthropic 1.61% weighting Apptronik 0.96% Ayar Labs 0.74% Standard Bots 0.62% Nuro 0.50% Polymarket (Preferred Series B) 0.25% Public Holdings: Meta Platforms $META 4.16% Nvidia $NVDA 3.87% Google $GOOGL 3.72% Microsoft $MSFT 3.51% Amazon $AMZN 2.93% Apple $AAPL 2.85% Taiwan Semiconductor Manufacturing 2.79% Tesla $TSLA 2.37% Palantir Technologies $PLTR 2.26% Broadcom $AVGO 2.20% ServiceNow $NOW 2.03% Circle Internet Group $CRCL 1.98% Micron Technology $MU 1.92% SK Hynix 1.89% Advanced Micro Devices $AMD 1.88% Oracle $ORCL 1.84% Salesforce $CRM 1.74% SpaceX SPV 1.67% Samsung Electronics 1.66% Twilio $TWLO 1.64% Texas Instruments $TXN 1.60% Cloudflare $NET 1.59% Snowflake $SNOW 1.55% CoreWeave $CRWV 1.53% Tempus AI $TEM 1.51% Nebius Group $NBIS 1.50% Shopify $SHOP 1.40% Sanmina $SANM 1.36% Corning $GLW 1.36% Lumentum Holdings $LITE 1.35% MediaTek 1.35% ASML Holding $ASML 1.25% SAP 1.25% Nutanix $NTNX 1.25% Applied Digital $APLD 1.24% Applied Optoelectronics $AAOI 1.19% Datadog $DDOG 1.19% Eaton $ETN 1.19% Cadence Design Systems $CDNS 1.19% Hut 8 $HUT 1.19% TeraWulf $WULF 1.18% NextEra Energy $NEE 1.13% Astera Labs $ALAB 1.08% Coherent $COHR 1.08% GlobalFoundries $GFS 1.07% Teradyne TER 1.07% Kioxia Holdings 1.05% ARM Holdings ARM 1.04% Intel INTC 1.04% Marvell Technology MRVL 1.04% SpaceX (Class A, Pre-IPO Shares) 1.03% Arista Networks ANET 1.01% Palo Alto Networks PANW 0.94% Samsara IOT 0.93% Vertiv Holdings VRT 0.89% Nitto Boseki 0.87% Ciena CIEN 0.85% Tower Semiconductor TSEM 0.84% Renesas Electronics 0.77% Space Exploration Technologies SPCX 0.31% Disclosure: KraneShares is a WOLF Financial paid partner. This post is for informational purposes only, not investment advice. Always read a fund's prospectus.

Summary of CPO/NPO Market Update 🚀 NVIDIA CPO: Spectrum-X CPO switches for Scale-out are officially in mass production. Our forecasts: 15k units (2026E) & 100k units (2027E). *Supply Chain: To support the CPO Scale-Out ramp, TSMC has expanded CPO inspection equipment capacity (notably adding Insertion 2/3 capacity), alongside strong progress from key suppliers in FAU, shuffle boxes, and system assembly. * Scale-Up Architecture: Rubin Ultra is now expected to adopt a 9-18-9 tray design. While mechanical challenges from the 0.75U height could potentially lead to a reversion to a 10-9-8. This shift will have no impact on optical engine (OE). 📈 OE Shipments: NVIDIA platform optical engine (OE) shipments expected at 6m (2027E) & 19m (2028E). Total industry-wide OE hitting 11m & 40m. ☁️ Amazon Trainium 4: AWS projected to consume 5m (2H27E) & 12m (2028E) OE units, primarily 6.4T specs. * Trainium 4 will likely have 3 configurations, with two expected to adopt NPO. 💡 Key Plays: LITE/COHR (CW laser upside), Browave (10k+ shuffle box per quarter in 4Q26E, followed by acceleration in 1H27E.), SMTC/MRVL (TIA/Driver), TSEM (NPO PIC exposure). #NVDA# #LITE# #MRVL# #SMTC# #TSEM# #Browave# #CPO# #NPO#

Abstracts of Addressing Recent Debates on LT Capex and NVDA Platform Content Away from Memories • Recent CSP Earnings Review on Capex: Amazon to $220bn, Google $195-205bn, Meta $130-145bn • U.S. CSP capex forecast at $0.8tn/$1.2tn / $1.4tn in 2026/2027/28 (+45% / +20% YoY in 27/28), supported by healthy balance sheets • Capex growth expected to moderate to +20% / +15% YoY in 2028/29 as CSPs prioritize returns & FCF & uncertainties over AI model competition • Top 5 debt issuance seen at $257bn / $419bn in 2026/27 (31-35% of capex), still manageable • Cumulative debt issuance could reach ~$421bn by 2028, yet remains well-supported • Balance sheets stay very healthy (ex-Oracle): net leverage only ~0.5x (EBITDA basis) by 2028/29 • Net debt-to-equity ratio projected at just 18% by 2029 despite heavy capex

• Reiterate our July 2’s report of Nvidia cutting memory: Vera CPU SOCAMM from 192GB → 96GB → selective SKUs to 64GB by 1Q27
• Rubin Ultra HBM stepped down from 384GB to 192GB/256GB (HBM4/4E); 8-Hi design finalized, yet 12-Hi remains on line up
• Competitors already on lower configs: AMD MI450 Custom and Google TPU Humufish already 8-Hi
• Scale-up expanding via NVL576 w NPO optics to offset reduced memory content
• Nvidia platform OE shipments estimated at 5.8m / 8.1m units in 2027/28
• Still positive on AI trends; prefer GPU / CPU / Optics, cautious on memory commodities
 Recommendations: 1) Nvidia GPU: NVDA (Buy), Hon Hai (2317 TT), SMCI (Buy) 2) CPU: INTC (Buy), AMD (Buy), ASE (3711 TT, ASX, Buy) 3) Optics NPO: LITE (Buy), MRVL (Buy), SMTC (Buy), TSEM (Buy), Bizlink (3665 TT Buy), Browave (3163 TT) #capex# #NVDA# #RUBIN# #Memory# #HBM#

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EARNINGS CALENDAR: NEXT 30 DAYS 261 companies report from October 20 through November 13, 2026. TUESDAY, OCTOBER 20, 2026 BEFORE THE OPEN • NOC (Northrop Grumman Corporation) • VICR (Vicor Corporation) AFTER THE CLOSE • NFLX (Netflix, Inc.) WEDNESDAY, OCTOBER 21, 2026 BEFORE THE OPEN • NEE (NextEra Energy, Inc.) • PM (Philip Morris International Inc.) • TDY (Teledyne Technologies Incorporated) AFTER THE CLOSE • HXL (Hexcel Corporation) • IBM (International Business Machines Corporation) • LRCX (Lam Research Corporation) • META (Meta Platforms, Inc.) • SAP (SAP SE) • TSLA (Tesla, Inc.) • TXN (Texas Instruments Incorporated) THURSDAY, OCTOBER 22, 2026 BEFORE THE OPEN • BX (Blackstone) • CRS (Carpenter Technology Corporation) • DTE (DTE Energy Company) • EME (EMCOR Group, Inc.) • FIX (Comfort Systems USA, Inc.) • LMT (Lockheed Martin Corporation) • NBIS (Nebius Group N.V.) • NOK (Nokia Corporation) • PCG (PG&E Corporation) • SPOT (Spotify Technology S.A.) • VLO (Valero Energy Corporation) • WKC (World Kinect Corporation) AFTER THE CLOSE • BE (Bloom Energy Corporation) • MXL (MaxLinear, Inc.) • VRSN (VeriSign, Inc.) • WDC (Western Digital Corporation) TIME NOT SET • TTMI (TTM Technologies, Inc.) FRIDAY, OCTOBER 23, 2026 BEFORE THE OPEN • INFY (Infosys) • NVT (nVent Electric plc) • XOM (ExxonMobil Holdings Corporation) MONDAY, OCTOBER 26, 2026 AFTER THE CLOSE • AMKR (Amkor Technology, Inc.) • CDNS (Cadence Design Systems, Inc.) • CLS (Celestica Inc.) • RMBS (Rambus Inc.) TUESDAY, OCTOBER 27, 2026 BEFORE THE OPEN • CMS (CMS Energy Corporation) • CNP (CenterPoint Energy, Inc.) • GLW (Corning Incorporated) • GLXY (Galaxy Digital Inc.) • GOOGL (Alphabet Inc.) • HUBB (Hubbell Incorporated) • SKHY (SK Hynix Inc) AFTER THE CLOSE • ASMIY (ASM International NV) • EQT (EQT Corporation) • FE (FirstEnergy Corp.) • FFIV (F5, Inc.) • HOOD (Robinhood Markets, Inc.) • NXPI (NXP Semiconductors N.V.) • RBBN (Ribbon Communications Inc.) • STX (Seagate Technology Holdings plc) • TER (Teradyne, Inc.) • UCTT (Ultra Clean Holdings, Inc.) • V (Visa) TIME NOT SET • FCX (Freeport-McMoRan Inc.) WEDNESDAY, OCTOBER 28, 2026 BEFORE THE OPEN • AEP (American Electric Power Company, Inc.) • APH (Amphenol Corporation) • DINO (HF Sinclair Corporation) • EXTR (Extreme Networks, Inc.) • FTV (Fortive Corporation) • KLAC (KLA Corporation) • MYRG (MYR Group Inc.) • PSX (Phillips 66) • TEL (TE Connectivity plc) • UMC (United Microelectronics Corporation) • VRT (Vertiv Holdings Co) • WOLF (Wolfspeed, Inc.) AFTER THE CLOSE • AWK (American Water Works Company, Inc.) • EBAY (eBay Inc.) • EQIX (Equinix, Inc.) • FORM (FormFactor, Inc.) • MSFT (Microsoft Corporation) • NOW (ServiceNow, Inc.) • OLED (Universal Display Corporation) • SIMO (Silicon Motion Technology Corporation) TIME NOT SET • ACMR (ACM Research, Inc.) • FLEX (Flex Ltd.) • GEV (GE Vernova Inc.) THURSDAY, OCTOBER 29, 2026 BEFORE THE OPEN • AES (The AES Corporation) • ALGM (Allegro MicroSystems, Inc.) • AMZN ( Inc.) • ASX (ASE Technology Holding Co., Ltd.) • BTU (Peabody Energy Corporation) • CARR (Carrier Global Corporation) • COHU (Cohu, Inc.) • COIN (Coinbase Global, Inc.) • CTSH (Cognizant Technology Solutions) • ENTG (Entegris, Inc.) • GSAT (Globalstar, Inc.) • IEP (Icahn Enterprises L.P.) • KTOS (Kratos Defense & Security Solutions, Inc.) • MA (Mastercard) • MCHP (Microchip Technology Incorporated) • ONTO (Onto Innovation Inc.) • PBF (PBF Energy Inc.) • PGY (Pagaya Technologies Ltd.) • PPL (PPL Corporation) • PWR (Quanta Services, Inc.) • RKT (Rocket Companies, Inc.) • SILC (Silicom Ltd.) • STM (STMicroelectronics N.V.) • SWKS (Skyworks Solutions, Inc.) • VISN (Vistance Networks, Inc.) • WCC (WESCO International, Inc.) • XEL (Xcel Energy Inc.) AFTER THE CLOSE • AXTI (AXT, Inc.) • DAR (Darling Ingredients Inc.) • DLR (Digital Realty Trust, Inc.) • EIX (Edison International) • FTAI (FTAI Aviation Ltd.) • INTC (Intel Corporation) • LNT (Alliant Energy Corporation) • MPWR (Monolithic Power Systems, Inc.) • MSTR (Strategy Inc.) • SNDK (Sandisk Corporation) TIME NOT SET • TECK (Teck Resources Limited) FRIDAY, OCTOBER 30, 2026 BEFORE THE OPEN • BP (BP PLC) • CVX (Chevron Corporation) • EXC (Exelon Corporation) • SRE (Sempra) MONDAY, NOVEMBER 2, 2026 BEFORE THE OPEN • BRK/A (Berkshire Hathaway Inc. (Class A)) • CVI (CVR Energy, Inc.) • ON (ON Semiconductor Corporation) • PEG (Public Service Enterprise Group Incorporated) • TSEM (Tower Semiconductor Ltd.) AFTER THE CLOSE • AAPL (Apple Inc.) • BWXT (BWX Technologies, Inc.) • ICHR (Ichor Holdings, Ltd.) • LSCC (Lattice Semiconductor Corporation) • PLTR (Palantir Technologies Inc.) • WMB (The Williams Companies, Inc.) TIME NOT SET • AEHR (Aehr Test Systems) TUESDAY, NOVEMBER 3, 2026 BEFORE THE OPEN • ADTN (ADTRAN Holdings, Inc.) • AEIS (Advanced Energy Industries, Inc.) • AME (AMETEK, Inc.) • APO (Apollo Global Management, Inc.) • ETN (Eaton Corporation plc) • IPGP (IPG Photonics Corporation) • LFUS (Littelfuse, Inc.) • MPC (Marathon Petroleum Corporation) • NLST (Netlist, Inc.) • SMCI (Super Micro Computer, Inc.) • WEC (WEC Energy Group, Inc.) AFTER THE CLOSE • ALAB (Astera Labs, Inc.) • AMD (Advanced Micro Devices, Inc.) • ANET (Arista Networks, Inc.) • NVTS (Navitas Semiconductor Corporation) • PARR (Par Pacific Holdings, Inc.) TIME NOT SET • PNW (Pinnacle West Capital Corporation) • SUN (Sunoco LP) • TLN (Talen Energy Corporation) WEDNESDAY, NOVEMBER 4, 2026 BEFORE THE OPEN • ACLS (Axcelis Technologies, Inc.) • CAT (Caterpillar Inc.) • DHT (DHT Holdings, Inc.) • ETR (Entergy Corporation) • GFS (GlobalFoundries Inc.) • GNRC (Generac Holdings Inc.) • HUT (Hut 8 Corp.) • MELI (MercadoLibre, Inc.) • NI (NiSource Inc.) • Q (Qnity Electronics, Inc.) • RDDT (Reddit, Inc.) • SHAZ (SharonAI Holdings, Inc.) • UBER (Uber Technologies, Inc.) • VPG (Vishay Precision Group, Inc.) • VSH (Vishay Intertechnology, Inc.) • VVV (Valvoline Inc.) AFTER THE CLOSE • APP (AppLovin Corporation) • ARM (Arm Holdings plc) • ATO (Atmos Energy Corporation) • DASH (DoorDash, Inc.) • EMR (Emerson Electric Co.) • MKSI (MKS Inc.) • ORA (Ormat Technologies, Inc.) • SEI (Solaris Energy Infrastructure, Inc.) • SITM (SiTime Corporation) • VIAV (Viavi Solutions Inc.) TIME NOT SET • CRCL (Circle Internet Group, Inc.) • RAL (Ralliant Corporation) THURSDAY, NOVEMBER 5, 2026 BEFORE THE OPEN • AAOI (Applied Optoelectronics, Inc.) • AMTX (Aemetis, Inc.) • CMI (Cummins Inc.) • CNR (Core Natural Resources, Inc.) • DCO (Ducommun Incorporated) • DDOG (Datadog, Inc.) • DIOD (Diodes Incorporated) • DUK (Duke Energy Corporation) • EVRG (Evergy, Inc.) • FWONA (Liberty Media Corporation (Series A)) • INOD (Innodata Inc.) • MTSI (MACOM Technology Solutions Holdings, Inc.) • NRG (NRG Energy, Inc.) • NVMI (Nova Ltd.) • PDFS (PDF Solutions, Inc.) • SO (The Southern Company) • SPCX (Space Exploration Technologies Corp.) • SYNA (Synaptics Incorporated) • TRGP (Targa Resources Corp.) • TTD (The Trade Desk, Inc.) • WIX ( Ltd.) AFTER THE CLOSE • AKAM (Akamai Technologies, Inc.) • AOSL (Alpha and Omega Semiconductor Limited) • ATEN (A10 Networks, Inc.) • CLNE (Clean Energy Fuels Corp.) • ED (Consolidated Edison, Inc.) • EOG (EOG Resources, Inc.) • LITE (Lumentum Holdings Inc.) • NET (Cloudflare, Inc.) • PSIX (Power Solutions International, Inc.) • WLDN (Willdan Group, Inc.) TIME NOT SET • HIMX (Himax Technologies, Inc.) FRIDAY, NOVEMBER 6, 2026 BEFORE THE OPEN • ALMU (Aeluma, Inc.) • CLMT (Calumet, Inc.) • VST (Vistra Corp.) TIME NOT SET • WULF (TeraWulf Inc.) MONDAY, NOVEMBER 9, 2026 BEFORE THE OPEN • CAPL (CrossAmerica Partners LP) • CEG (Constellation Energy Corporation) • CENX (Century Aluminum Company) • DOCN (DigitalOcean Holdings, Inc.) • FN (Fabrinet) • KKR (KKR & Co. Inc.) • SANM (Sanmina Corporation) • STRL (Sterling Infrastructure, Inc.) • VECO (Veeco Instruments Inc.) AFTER THE CLOSE • HIMS (Hims & Hers Health, Inc.) TIME NOT SET • VG (Venture Global, Inc.) TUESDAY, NOVEMBER 10, 2026 BEFORE THE OPEN • AIP (Arteris, Inc.) • AXON (Axon Enterprise, Inc.) • RIOT (Riot Platforms, Inc.) • TEM (Tempus AI, Inc.) WEDNESDAY, NOVEMBER 11, 2026 BEFORE THE OPEN • AEE (Ameren Corporation) • AEVA (Aeva Technologies, Inc.) • ASM (Avino Silver & Gold Mines Ltd) • CIFR (Cipher Digital Inc.) • COHR (Coherent Corp.) • CORZ (Core Scientific, Inc.) • DK (Delek US Holdings, Inc.) • DKL (Delek Logistics Partners, L.P.) • ECHO (EchoStar Corporation) • ENS (EnerSys) • KGS (Kodiak Gas Services, Inc.) • LEU (Centrus Energy Corp.) • MARA (MARA Holdings, Inc.) • POWI (Power Integrations, Inc.) • QCOM (QUALCOMM Incorporated) • SKM (SK Telecom Co., Ltd.) • SU (Suncor Energy Inc (Canada)) • TE (T1 Energy Inc.) AFTER THE CLOSE • UGP (Ultrapar Participacoes SA) THURSDAY, NOVEMBER 12, 2026 BEFORE THE OPEN • BTBT (Bit Digital, Inc.) • FRMI (Fermi Inc.) • PANW (Palo Alto Networks) • POET (POET Technologies Inc.) • SBET (Sharplink, Inc.) • SLNH (Soluna Holdings, Inc.) • WYFI (WhiteFiber, Inc.) AFTER THE CLOSE • AMAT (Applied Materials, Inc.) TIME NOT SET • BDCO (Blue Dolphin Energy Company) • TRT (Trio-Tech International) FRIDAY, NOVEMBER 13, 2026 BEFORE THE OPEN • MOVE (Corvex, Inc.)