Semis going down on:

> Morgan Stanley raising its 2027 and 2028 hyperscaler capex forecasts by 9% and 10%, respectively, now modeling $1.2 trillion and $1.4 trillion in annual spending
> $GOOG raising 2026 capex guidance from $180–190 billion to $195–205 billion, posting negative free cash flow for the quarter and saying demand still outpaces its capacity investments
> $TSM raising 2026 capex guidance from $52–56 billion to $60–64 billion and increasing its full-year revenue growth outlook from more than 30% to above 40%
> $ASML raising 2026 revenue guidance for the second consecutive quarter, first from €34–39 billion to €36–40 billion and now to €43–45 billion. It is also planning roughly 30% capacity increases for low-NA EUV and DUV immersion systems in 2027
> $META raising 2026 capex guidance from $115–135 billion to $125–145 billion to reflect higher component costs and additional data-center spending
> OpenAI raising its projected compute spending through 2030 from $600 billion to $750 billion, a 25% increase
> $MSFT continuing to say demand exceeds available capacity, even after delivering additional capacity earlier than expected
> Kimi suspending new subscriptions after demand for Kimi K3 overwhelmed its available compute capacity