Nova

Morgan Stanley: WFE

Taiwan’s ‘Big 5’ chip packaging and testing firms (OSATs) will spend over NT$460 billion (US$14.4B) this year on capex in a bid to catch up with AI-related demand, media report. Industry giant ASE said its biggest problem now is how to accelerate construction, equipment installation, and capacity rollout at 13 new projects and 8 renovations:

Source: Dan Nystedt

Semiconductor test and metrology have become the key factor in AI chip yield, cost, performance and mass production speed, moving this formerly behind-the-scenes work to the fore, media report, citing SEMI Taiwan President Terry Tsao. Instead of just catching defects, modern test and metrology equipment now feeds real-time insights back to the design, fabrication and packaging stages for faster troubleshooting. System-Level Testing (SLT), burn-in testing, and reliability verification have all moved up in importance. #Advantest $Teradyne(TER.US) $Applied Materials(AMAT.US) $KLA(KLAC.US) $Onto Innovation(ONTO.US) $Nova(NVMI.US)

Source: Dan Nystedt

Ardentec Corp. plans to spend NT$28.5 billion (US$880M) to expand advanced chip testing capacity and AI-assisted systems in Longtan, Taiwan, media report, citing Invest Taiwan. $Teradyne(TER.US) $Camtek(CAMT.US) $Nova(NVMI.US)

Source: Dan Nystedt

📢 𝐉𝐔𝐒𝐓 𝐈𝐍: $Intuitive Machines(LUNR.US) Intuitive Machines Wins NASA Lunar Lander Contract Worth Up to $148.3 Million

Great to see some green on the screen again! $AIS $IJR $ViaSat(VSAT.US) $AIRR $Credo Tech(CRDO.US) $Nova(NVMI.US) $ASML(ASML.US) $SPY $TLT

The market narrative is increasingly shifting toward a coordinated pro-growth, pro-AI policy backdrop, with US-China détente, clearer crypto regulation, and sustained hyperscaler spending reinforcing confidence across the AI supply chain. However, parabolic price action across semis and adjacent infrastructure also raises near-term positioning risk, especially after rapid multi-name re-ratings. A balanced approach may favour selective exposure to structural beneficiaries — AI infrastructure, data-centre enablers, and commodity-linked cashflow names — over indiscriminate momentum chasing. In Singapore, dispersion is widening sharply, suggesting active sector rotation and earnings selectivity may outperform broad indexing in this phase.

The market has been going up and looks like it keeps doing so. But I am still cautious and prefer not to join the FOMO club. Stay defensive.

Be careful my friends. The market looks like it is going up but only a few names are propping the market up. Looks like a concerted effort by smart money to keep distributing under the hood. Stay safe!

With Trump holdings disclosure, there are really some very interesting names that are promising. I think it is a good idea to analyse those names specific!