Jeff Pu(@sssjeffpu):Abstract of SMIC and LITE Earnings Notes SMCI — Raised TP to $54. Strong F4Q26 GM beat (17.6%) + higher FY27 guide ($65-72bn). Margin pop mostly transitory (mix/delays), but structural 10%+ GM target + $60bn backlog + no more dilution = improved outlook. Still key SpaceX share + broader client base (9 >bn clients). LITE — TP $961. Results inline, F1Q27 guide modest beat (~24% QoQ growth). EML sold out through 2028 (hyperscalers + NVDA). 1.6T + CPO/NPO/OCS driving multi-year growth + margin expansion. Supply tightness remains a tailwind. As said, Key is Mkt doesn’t have scale-up CPO expectations. #SMCI #LITE

2026.08.12 14:52

Abstract of SMIC and LITE Earnings Notes SMCI — Raised TP to $54. Strong F4Q26 GM beat (17.6%) + higher FY27 guide ($65-72bn). Margin pop mostly transitory (mix/delays), but structural 10%+ GM target + $60bn backlog + no more dilution = improved outlook. Still key SpaceX share + broader client base (9 >bn clients). LITE — TP $961. Results inline, F1Q27 guide modest beat (~24% QoQ growth). EML sold out through 2028 (hyperscalers + NVDA). 1.6T + CPO/NPO/OCS driving multi-year growth + margin expansion. Supply tightness remains a tailwind. As said, Key is Mkt doesn’t have scale-up CPO expectations. #SMCI# #LITE#