AI Capital Flows

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• 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.

  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.

  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

  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.

  Earnings · August 11, 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.

  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.

  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.

  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.

  Earnings · June 16, 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

  Weekly issue · May 27, 2026