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• The book went defensive this week: 2027 HBM4 is the only buy left, provisional and low conviction, while consumer memory softens and credit offers no tie-breaker.

  The book went defensive this week: 2027 HBM4 is the only buy left, provisional and low conviction, while consumer memory softens and credit offers no tie-breaker

  Weekly issue · October 12, 2026

• Sandisk Investor Day — Eight Contracts, Two-Thirds of Next Year's Bits, and a Margin Guided Below the Peak on Purpose

  Sandisk's August 13 Investor Day laid out a CBA-based roadmap it says grows bits 27 percent a year on a fraction of the industry's capital, eight contracted customers covering two-thirds of fiscal 2028 bits, HBF for the inference tier, and a fiscal 2028-2030 model at roughly 80 percent gross margin

  Earnings · October 6, 2026

• Micron Q4 FY26: The Customers Put Up More Than the Capex

  Micron Q4 FY26, read forensically: revenue $54.23B in a 14-week quarter, non-GAAP EPS $33.42, and a $61.5B guide. Customers deposited $12.3B behind their take-or-pay agreements, more than the $10.77B of net capex, repayable in the back half of each term

  Earnings · September 30, 2026

• Hyperscalers are pulling enterprise SSDs at 16-week lead times while China traders dump hoarded wafers at January prices, and Micron's September 30 print is the first first-party test of which side holds.

  Hyperscalers are pulling enterprise SSDs at 16-week lead times while China traders dump hoarded wafers at January prices, and Micron's September 30 print is the first first-party test of which side holds

  Weekly issue · September 28, 2026

• The 2027 memory book is being written in hundred-billion-dollar contracts, and the first buyers have started refusing this quarter's price.

  The 2027 memory book is being written in hundred-billion-dollar contracts, and the first buyers have started refusing this quarter's price

  Weekly issue · August 31, 2026

• Macronix (2337.TW) Q2 2026 — The Mature-Node Fab Caught the Cycle, and the Depreciation Bill Waits Until 2028

  Macronix Q2 2026 earnings deep dive: net sales NT$19.125B (US$604.8M, +83% QoQ, +181% YoY), 64.4% gross margin, 46.9% operating margin, net income NT$7.736B, EPS NT$3.91 — the best quarter in company history, off 48-layer and 96-layer 3D NAND and 55nm NOR

  Earnings · August 20, 2026

• Puya (688766.SH) H1 2026 — The Cycle Paid the Bill; the Acquisition Is the Asset

  Puya's H1 2026: revenue +337% to RMB 3.959B, attributable net profit +1,930% to RMB 827M, a record 51.15% gross margin. Fifty-nine percent of the revenue came from SkyHigh Memory — a 2D NAND business bought out of SK hynix's hands for about US$69M — which has already earned its purchase price back

  Earnings · August 20, 2026

• SIMO Q2 2026 — The Controller Cycle Turns, and the Mix Went Enterprise

  Silicon Motion Q2 2026 earnings deep dive: revenue grew 127% year-over-year to $451.0M (+32% sequentially), non-GAAP gross margin reached 50.2%, and non-GAAP operating margin roughly doubled to 23.1% on $104.2M of operating income. Non-GAAP EPS was $2.43 (GAAP $3.99, flattered by a ~$74.7M investment gain)

  Earnings · August 11, 2026

• Kioxia Q1 FY26 — The Guided Blowout Landed; the Discipline Is the Story

  Kioxia Q1 FY26 earnings deep dive: the quarter last year's guide said would out-earn the whole year did exactly that — revenue ¥1,767.1B (~$11.1B, +415% YoY), non-GAAP operating income ¥1,326.2B (~$8.3B, 75% margin, ~80% gross), net profit ¥887.0B (~$5.6B, ~47x)

  Earnings · August 5, 2026

• SanDisk (SNDK) Q4 FY26 — A Record Print, a Doubled Buyback, and a Stock That Sold It

  SanDisk Q4 FY26 earnings deep dive: revenue $8.965B (+372% YoY, +51% QoQ) at an 84.6% non-GAAP gross margin, non-GAAP EPS $39.25 (GAAP $43.97, net income $6.90B), a full year of $20.25B (+175%), a Q1 guide up to a $10.55B midpoint and $44–46 EPS, and repurchase authorization topped up to ~$15.5B remaining — every line a record, every.

  Earnings · August 5, 2026

• SK hynix Q2 2026 — Record Margin, and the Contract Behind the Miss

  SK hynix Q2 2026 earnings deep dive: record revenue of KRW 79.3T (+257% YoY) and operating profit of KRW 60.5T at an all-time-high 76% operating margin (+557% YoY) — yet the shares fell ~10% because the record still landed below a stretched consensus and the rate of price increase normalized

  Earnings · July 30, 2026

• hyperscalers are signing uncapped multi-year memory contracts while published distributor data show commodity dram and nand demand that end customers are not actually placing.

  hyperscalers are signing uncapped multi-year memory contracts while published distributor data show commodity dram and nand demand that end customers are not actually placing

  Weekly issue · July 20, 2026

• Kioxia Q4 FY25 — The Guide Out-Earns the Year

  Kioxia Q4 FY25 earnings deep dive: quarterly revenue past ¥1tn for the first time (¥1,002.9B, +188.9% YoY), net profit ~20x to ¥407.7B, full-year revenue ¥2.34tn (+37%) — and a current-quarter guide of ¥869B net that alone out-earns the entire year just reported

  Earnings · June 16, 2026

• Phison Q1 FY26 — The Controller House Prints Like a Fab

  Phison Q1 FY26 earnings deep dive: revenue NT$40.97B (+196% YoY), a record 61.3% gross margin, and NT$68.80 EPS — a single quarter that out-earned all of FY2025. The AI-ecosystem mix shift, the NT$72B inventory flag, the peer read-through, and the listed-market read-through

  Earnings · June 5, 2026

• Durable AI-led strength, but a softening commodity tape and a credit cascade risk that the data can no longer ignore.

  A daily synthesis of credit, demand, and capex cascades. Receipts published weekly

  Weekly issue · May 27, 2026