Beth Kindig

Cerebras $CBRS CEO Andrew Feldman: “I think early on, the neoclouds were very focused on Nvidia $NVDA. I think as the business has become clearer to investors, there are neoclouds that are diversifying and find themselves less dependent on one hardware vendor.” $AMD $NBIS $CRWV

Nvidia $NVDA is said to invest up to $3 billion in power infrastructure developer Lancium, owner of the land and electrical infrastructure for the Stargate campus in Texas, with an initial $2 billion investment reportedly giving Nvidia a 20% stake in the firm. $ORCL $AMD

AMD $AMD: “We expect MI500 to deliver the largest generational leap in instinct history putting us on track to increase inferencing performance more than 2,000 times in just 4 years.” $NVDA

Meta $META is expected to rely on Nvidia’s $NVDA Blackwell and Rubin racks along with AMD’s $AMD Helios racks in 2026, while substantially accelerating deployment of its custom MTIA chips expected in 2027. $AVGO

AWS $AMZN is expected to deploy Nvidia’s $NVDA GB300 as its primary GPU platform in 2026 while expanding shipments of its Trainium chips, with further volume growth expected in 2027, per TrendForce. $AMD

Nscale also has 25,000 active GPUs and 289,000 contracted chips, with 194,000 of those contracted chips being Nvidia’s $NVDA Vera Rubin generation. $MSFT $NBIS $CRWV

Data center net margins from token sales are estimated to be ~58% with Nvidia $NVDA Blackwell GPUs, while Rubin-based data centers approach 78%, and Feynman-based data centers could reach roughly 90%, per Morgan Stanley. $AMD $AVGO https://t.co/WcXVkROdPZ

The macro framework supporting our defensive stance May-June now suggests our bullish scenario from June 18 is gaining odds. Below, we spell out what this means for AI semis, what levels must hold and one major macro risk that must be contained for this rally to continue. https://t.co/P96DjHtVdo $SPY $NVDA $QQQ

Global AI accelerator shipments are now forecast to increase nearly 31% YoY, up from a previous forecast for 28% growth, driven by increasing capex and strong procurement demand for Nvidia’s $NVDA Blackwell and Rubin racks, per TrendForce. $AVGO $AMD $GOOG $AMZN

The same discipline that had us defensive in May–June now suggests that our bullish scenario from June 18 is gaining odds. This week, we discuss whether the breakdown in AI semis is healthy, and the must-hold levels to support a bullish move in the coming months. Link in bio. $SPY $NVDA $QQQ

Foxconn reported a 54.2% YoY increase in monthly revenue in July to NT$946.5 billion ($29.3 billion) on strong demand for AI servers, with AI servers expected to maintain strong growth momentum in Q3. $NVDA $AMD $TSM

TSMC $TSM could reportedly reach 180,000 wafers per month of 3nm capacity by early Q4, two to three months ahead of market expectations, with the increase driven by strong customer orders. $NVDA $AVGO $AMD $AAPL

Cloudflare $NET CEO Matthew Prince: “Nonhuman traffic has now passed human traffic online. If the current trends continue, we think in 5 years, nonhuman traffic will be as much as 1,000x as much as human traffic.”

SK Hynix, Samsung, and Micron have reportedly already sold out all of their 2027 DRAM and HBM memory capacity. $MU $NVDA $AMD

Our last broad market update on June 18 called for caution, supported by liquidity and growing divergences. Four days later, semiconductors peaked and fell 25%. This week, we lay out the key levels that must hold, our upside targets, and the one bond trigger to watch. Link in bio. $SPY $NVDA

Hyperscaler FCF forecasts for 2027 show $MSFT expected to remain the strongest cash flow generator, with FCF rising from $19.6 billion to $46.2 billion, while $AMZN is expected to be thinly positive at $1.2 billion. $GOOG is expected to remain negative at ($18.4 billion), with $META following at ($16.2 billion).

AMD $AMD CEO Lisa Su on data center growth: “I think we have given a little bit of color on 2027, we believe that the server CPU portion of our data center business will grow by over 70% year-over-year off of a higher base. And we believe the overall segment will grow by over 100%, so we'll more than double due to the data center AI ramping.” $NVDA $AVGO

Lumentum $LITE CEO Michael Hurlston: "For one major hyperscaler, the network capacity connecting just two AI data center sites is double the total global backbone capacity they built over the entirety of the last decade."

Anthropic signed a $9.1 billion deal with Riot Platforms $RIOT for 191 MW of critical IT load under a 20-year term through 2048, with 96 MW aiming to be delivered by the end of 2027 and the full 191 MW aiming to be delivered by the end of 2028. $NVDA $AMZN $GOOG

SK Hynix is investing 54 trillion won, or $38.1 billion, to build two new memory fabs in Korea as demand continues to grow, with first capacity expected in 2029. $SKHY $MU $NVDA

Meta $META recently released its first AI coding agent, Muse Code, ramping up competition with OpenAI and Anthropic with Meta saying that “adoption has been exciting and strong.” Meta is said to be using a pay-as-you-go model for pricing. $NVDA $AVGO $GOOG $AMZN

Microsoft $MSFT is reportedly aiming to secure capacity for over 1 million Maia 300 chips, but component supplies and capacity negotiations with TSMC $TSM could constrain that plan. $NVDA $AVGO $MRVL

Australian AI data center developer Firmus raised $2 billion from Nvidia $NVDA and others in a new funding round, with the capital helping accelerate AI infrastructure buildouts in Australia and the APAC region.

Anthropic is working with Macquarie and Singapore’s GIC to set up a new data center firm, Theseus Infrastructure, which will develop, operate and lease data center capacity to support Anthropic’s rising capacity needs, starting in the US. $AMZN $GOOG $NVDA

The chart below shows reasoning versus non-reasoning token usage on OpenRouter from late 2024 through late 2025. Since the start of 2025, the share of tokens served by reasoning models steadily increased from near zero to more than 60%, highlighting the rapid adoption of reasoning AI models. $NVDA $MSFT $GOOG $AMZN

Big Tech's capex intensity on a dollar basis is increasing substantially into 2H. All four are currently expected to see 2H spending between $27B and $39B higher than 1H, adding more than $10B to quarterly capex bills. $MSFT $META $GOOG $AMZN https://t.co/xzqF57IKK0

Envision Energy has commissioned a high-density data center campus in Mongolia that plans to eventually scale up to 2GW and house 1 million accelerators, with the company saying it could deliver up to 10X more compute per square meter than conventional data centers. $NVDA $AMD

AI capex forecasts have moved significantly higher since late 2024. Initial 2026 forecasts sat at $284 billion in Sept 2024, before moving to $527 billion by Nov 2025. Now, Big Tech has guided for $732.5 billion in capex in 2026, 158% higher than that Sept 2024 estimate. https://t.co/ePhXU0VdQr

SanDisk $SNDK CEO David Goeckeler: “We want to get a fair return for our products. I think mid-80s gross margin, I would characterize as a fair return.” $MU $NVDA $AMD

CoreWeave $CRWV is expanding into Indonesia with three facilities in the country totaling 360MW, marking its first data center presence in the APAC region. $NVDA $AMD