AI Capital Flows
Foundry & equipment
TSMC, ASML and Applied Materials — the tools and the wafer capacity that lead every other line in this build-out.
4 dated pieces, newest first. Each carries the numbers behind it. Nothing here is investment advice.
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Earnings ·
Nanya (2408) Q2 2026 — Flat Bits, 96 Cents on the Incremental Dollar, and the NT$346.6B Bet Against Its Own Windfall
Nanya Technology Q2 2026 deep dive: revenue NT$82.55B (+68.2% QoQ) on bit shipments that were flat, a 79.5% gross margin, and a 96.5% incremental gross margin because COGS moved 7.3% against revenue's 68.2%
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Earnings ·
AMAT Q3 FY26 — Records Everywhere, and It Still Fell. Read the Mix.
Applied Materials Q3 FY26, read forensically: record revenue $9.12B (+25%), record non-GAAP EPS $3.50 (+41%), record non-GAAP operating margin 34.0%, a 13th straight quarter of gross-margin expansion, and a.
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Earnings ·
TSMC Q2 2026 — The Node Everyone Needs Just Sold Out
TSMC Q2 2026 earnings deep dive: record $40.2B revenue and an all-time-high 67.7% gross margin, net income +77% — but the tell is capex raised to $60–64B and an N2 node already outrunning supply before it.
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Earnings ·
ASML Q2 2026 — The IBM Beat and the Capacity Double-Down
ASML Q2 2026 earnings deep dive: €9.3B sales and a 54% gross margin, both above guide, but the beat was service — and the real signal is a 30% litho-capacity add for 2027
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