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Earnings Preview:
Tomorrow is a big day for the U.S. stock market, with earnings reports from Microsoft, Google, Amazon, and Meta, the four major tech companies. This is the moment of truth for the AI sector.
The core focus of this round of major tech earnings is one thing: AI investment, whether it has already begun to translate into cash flow that can be explained as CapEx, and whether it is growing rapidly.
The earnings report coincides with a pullback in the U.S. stock market. Recently, this correction is essentially due to overbought conditions; the U.S. stock market has experienced a his

Today, Amkor Technology's earnings report significantly exceeded expectations.
Revenue reached $1.69 billion, a substantial year-over-year increase, clearly surpassing market consensus; EPS also greatly outperformed expectations, driven by capacity utilization quickly rebounding from previous lows to the 70% range. More importantly, the company's guidance for the next quarter was further sharply raised.
However, the market showed no mercy, with the stock price dropping as much as 8% after hours.
Where exactly went wrong?
If we must find a reason, it’s only one: the company has directly

Financial Report Overview: Rambus (RMBS)
Rambus stock price dropped over 10% after the earnings report; key data shows that the AI storage market is transitioning from scale expansion to a technology leapfrogging phase.
Core financial logic: The "arms race" behind increased revenue without increased profit
Rambus Q1 revenue was $180.2 million, up 8% year-over-year. The key highlight is that product revenue (chips) grew 15% year-over-year, offsetting the weakness in licensing business.
Current situation: Market demand for physical chips (such as DDR5 interface chips) far exceeds patent licensin

Are U.S. stocks now fully in the clone season?
I know this script well 🤣

I took a look, and now many well-known big V traders in the US stock market are just narrating stories about small-cap stocks.
My first-order thinking: value investing, no participation in gambling.
My second-order thinking: as a newbie in the crypto world, I must blindly go all-in 🤣.

Moonshots channel's viewpoint today:
AI will invalidate Coase's Law
A revelation!
One of the most important reasons for an organization’s existence is that the coordination costs within the organization are lower than market transaction costs.
When AI reduces transaction costs by far more than the reduction in organizational costs, the significance of organizations is greatly diminished.
This is true for companies, and it’s the same for countries.

All knowledge (mental) workers will be replaced by AI
Including scientific research
Because, research = information processing + hypothesis generation + verification.
AI excels in each of these parts compared to humans, and is rapidly becoming more powerful.
Even the truly genius-level "Eureka" moments, such as the discovery of general relativity, may be the hardest to replace, but such scientific breakthroughs constitute a very small proportion.
Nevertheless, isn't general relativity also essentially the ultimate generalization of LLMs in the human brain?

The "Invisible Central Hub" of Semiconductor Packaging: Inline Inspection and OSAT Repricing
The semiconductor industry is undergoing a shift in focus: performance improvements are no longer solely dependent on shrinking transistors but are increasingly reliant on packaging. 2.5D, 3D, HBM, chiplet—all essentially transfer "system capabilities" into the packaging stage. This directly elevates the strategic importance of OSAT (Outsourced Semiconductor Assembly and Test).
The rising importance of packaging has led to rapid growth in inline inspection.
OSAT (Outsourced Semiconductor Assembly

Texas Instruments ($TXN) Q1 Earnings Report, Outperforming Expectations:
Earnings per share (EPS): $1.68 (expected $1.38)
Revenue: $4.83 billion (expected $4.53 billion)
Operating profit: $1.81 billion (expected $1.54 billion)
Free cash flow: $1.40 billion (expected $1.20 billion)
Capital expenditures (CapEx): $676 million (expected $689.9 million)
Analog chip revenue: $3.92 billion (expected $3.68 billion)
Q2 Guidance:
Expected EPS: $1.77–$2.05
Expected revenue: $5.00–$5.40 billion
Even the most critical analog business significantly outperformed the market’s previous pessimistic expectations

Is Kevin Wash's congressional hearing speech very hawkish?
"The independence of monetary policy is crucial. Decisions must be guided by national interests, based on rigorous analysis, thorough discussion, and clear judgment."
I think it's pretty standard; what else could he say?
If he doesn't state support for maintaining the Fed's independence, could he get Congress's approval?

Insufficient training inference supplement
Inference insufficient proxy supplement
Proxy complex constraints supplement
Constraints troublesome everyone supplement
Therefore, accelerating computation is smart, and general computation is also
On the road to AGI, storage, GPU, and CPU will all be exhausted and severely in short supply

harness, my favorite translation is
Constraint
So harness engineer
Should be called
Constraint Engineering