AMAT 2X Long ETF

Taiwan DRAM maker Nanya Tech plans to build new 12-inch wafer fabs in Yunlin and Pingtung, Taiwan for DRAM and customized DRAM, media report.

Source: Dan Nystedt

AMAT First Take: the print was solid, with revenue and GPM in line with Street expectations.

The company guided next-quarter revenue of $9.75-10.75bn, with the midpoint up 12.5% QoQ and above the Street ($9.6bn).

However, shares sold off sharply after-hours, largely on management commentary.

Against core customers’ capex plans (full-year up 40%+), AMAT’s guide looks conservative.

Also, because AMAT’s fiscal year is offset from the calendar year by two months, even assuming 40% growth for CY2026 implies a sharp decel in sequential growth.

Overall, since the company has already provided a full-year outlook, this print and next-quarter guide matter less, and the market is more focused on the growth trajectory ahead.

AMAT sits at the upstream end of AI capex within semi equipment.

Breaking: Michael Burry has finally admitted he's wrong in his updated positions

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

This week is packed with market-moving events across the US, China, Hong Kong, and Singapore. The US July jobs report and CPI/PPI data will shape expectations for the Fed's next policy move, while China's inflation figures offer clues about the strength of its economic recovery. On the corporate side, results from Tencent, JD.com, Tencent Music, Applied Materials, and CICT could influence sentiment in the technology, property, and semiconductor sectors. I expect volatility to increase as investors react to both macroeconomic data and company earnings, making risk management especially important over the coming week.

Nanya Technology’s board approved to raise 2026 capex to NT$69.7 billion (US$2.2 billion) from NT$52 billion to speed up work on its new Fab 5A, media report, which is ultimately expected to cost up to NT$346.6 billion (US$10.7B) by 2029. It’s the biggest investment by a Taiwan DRAM maker in 20-years. $Micron Tech(MU.US) $SK Hynix(SKHY.US) $SSNLF $Applied Materials(AMAT.US) $KLA(KLAC.US) $Lam Research(LRCX.US) #semiconductors

Source: Dan Nystedt

Breaking: Michael Burry has disclosed his updated positions

$UMS(558.SG)UMS continues to benefit from improving sentiment across the semiconductor sector as AI infrastructure spending remains strong. Recent earnings from Microsoft, Amazon and Palantir reinforce that hyperscalers are continuing to invest heavily in AI data centres, supporting long-term demand for semiconductor equipment.While near-term industry demand remains mixed, UMS is well-positioned through its close relationship with Applied Materials and its exposure to wafer fabrication equipment. The recovery in AI memory, advanced packaging and chip manufacturing should gradually support order momentum into 2027.

Key catalysts include AI data centre expansion, a recovery in WFE spending, strong AI-driven semiconductor equipment demand, improving customer orders and an attractive dividend yield.

UMS remains a quality semiconductor equipment play with solid fundamentals, healthy dividends, and long term AI exposure

While the market is focused on WFE, service revenue at the semicaps is accelerating faster. Combined service revenue across ASML, Lam, TEL and KLA grew 33% year on year in the June quarter against 20% for equipment. Service business is the real-time signal as its inflection is reflected in industry utilization rates ahead of equipment. Service business help logic/memory customers stay on top of yields and squeeze more wafer capacity, which is valuable in current situation.

Source: Sravan Kundojjala

GF Securities is forecasting global WFE to reach $236 billion in 2027 and then $295 billion in 2028.

KLA with macro assumptions on the semiconductor industry:

🦎 IGGY CLOSING BRIEF, 28 JULY 2026

🌆 That is a wrap on 28 July. Here is what the session delivered.

SESSION SUMMARY

STI closed at 5,616.1, down 0.07% on the day, essentially flat on the index level. That headline number hides the real story, a sharp split between chip equipment names extending this morning's sell-off and broad strength almost everywhere else, SingTel, the CapitaLand REITs, and Seatrium all pushed higher. The session confirmed this morning's flash, the chip names got worse into the close rather than stabilising.

THREE MOVERS IGGY IS WATCHING

👁 558 UMS, closed down 8.47% to S$2.27

Worse than the "as much as 8.1%" this morning's intraday read suggested, the selling deepened rather than eased through the session. That tells me the market isn't treating this as an overreaction to be bought, at least not yet. Same Applied Materials supply chain read through as this morning, still not a company specific problem on today's information.

👁 Z74 SingTel, closed up 2.49% to S$4.53

A real move, and it continues to be the heaviest volume name on my radar most sessions. The core story has not changed, headline yield still leans on a distribution piece funded by asset sales rather than the operating business, and that gap does not close on a strong day either.

MACRO INTO TOMORROW

Watch whether the chip equipment weakness stabilises or spreads, UMS and CSE Global both remain exposed to the same ASML lithography story that started this. Seatrium's 31 July results still confirm or unwind Monday's jump. Worth checking overnight US chip trading before tomorrow's open.

IGGY'S END OF DAY READ

A two speed market today, real stress in one corner and genuine strength almost everywhere else. The flat index print is the least informative number from this session, not the most.

Not financial advice. Iggy's Forensic Compliance Standards apply.

The AI bubble might soon be popping:

Needham: WFE Spending

HSBC: WFE Forecasts

Entered $SK Hynix(SKHY.US) vs. LOD. Some of my other "AI" stocks that managed to survive the recent chop and are up today: $Applied Materials(AMAT.US) $Micron Tech(MU.US) $Arista Networks(ANET.US) $Solaris Energy Infrastructure(SEI.US) $NetApp(NTAP.US). Let's see how the day progresses. NFA