Thanks Nik. Seen your email and will wait for the other info. Jersey / off shore is a 2026 thing anyway so plenty of time to plan.

Just to add to Adams description and detail, the name is an indicator of your intention for access to the funds. If you intend to take it all, or a big chunk at a given date in the future, you may choose withdrawal, as you intend to withdraw the funds, and so we progress to a defensive position to stabilise the funds ready for withdrawal. If you intend to access the funds in chunks over time or draw an income, then you may chose income. In this case we look to stabilise a proportion of the funds ready for you to draw as income while allowing the rest to continue to seek growth ready to be accessed at a later date

Hi Gents Apologies Dingg, I remember your suggestion and thought it was a good one and then didn't put the post up. As mentioned elsewhere we have a number of interface upgrades in place which will look to streamline a lot of the admin processes that we run and this should not only improve efficiency but should also see you get quicker turnarounds and more info along the way so you can track the progress of a request. That said in the meantime typically time lines are : ISA/GIA 5-7 working days this allows for sell down of the asset and transfer of funds to your nominated bank account Pension 4-6 weeks, This allows for the HMRC/Pay Roll process and then sell down of assets and transfer of funds to your nominated bank account Pension payments can on occasion be quicker but use the above as a guide

I'd expect significant tinkering with pension allowances and relief rates and some kind of cap on ISAs - possibly a cap on maximum lifetime contributions or a cap on allowed value after which you can't make any more contributions. Too many people have too much money for themselves and large numbers of people are in need of (more) state support, or so our political overlords think. The money therefore needs to be taken from the former and given to the latter.

SK hynix raises its 2025 CAPEX from $15 billion to $19 billion. SK Hynix has decided to increase its planned CAPEX this year by 30% due to the surge in demand for high-bandwidth memory (HBM), which was already high. The chipmaker initially planned to spend 22 trillion won this year in expanding its facilities but this has been upped to 29 trillion won, sources said. The decision was recently finalised and SK Hynix has also sent memos to suppliers to deliver the equipment to the M15X fab in Chungju by October, two months faster than initially planned. These moves are all responses from its customers requesting SK Hynix deliver more HBM chips faster. The company’s main customer is Nvidia, which is using HBM with its AI accelerators. The GPU giant is requesting SK Hynix deliver HBM faster than planned. SK Hynix will also be supplying HBMs to Broadcom starting this year. We are reading the room, folks. Demand is off the hook and I would speculate, supply is also improving. Whilst the market is distracted by and shunning everything due to tariffs speculation, these businesses are clearly articulating a shift.

Done! Thanks Nik.

Interesting update which is a big positive for companies like Oracle. 'You can have our tech if we manage it' -seems to be a link to Stagate/open AI for countries. Quoted from a news wire below New AI Diffusion Rule is COMING SOON and New Version Will Let Allies Buy US Chips With Conditions The Commerce Department is drafting a replacement for its recently repealed AI diffusion rule to ensure the new controls don’t impede U.S. exports to allies, Commerce Secretary Howard Lutnick said June 4. “Our view is we are going to allow our allies to buy AI chips provided they’re run by an approved American data center operator and the cloud that touches that data center is an approved American operator, so we control it while it’s over there,” Lutnick testified before the Senate Appropriations Subcommittee on Commerce, Justice and Science. The rule that was rescinded last month (see 2505130018) was “very confusing,” Lutnick said. “For example, the prime minister of Poland hunted me down and said, ‘What did I ever do to you that you have me as a Tier 3’ country, the most stringent of three tiers? ‘I’m part of Europe -- what are you doing?’ It was illogical. It was hastily rushed through at the very end of the Biden administration.” He expects Commerce will release the new AI diffusion rule soon. “I can’t say with more specificity but pretty soon,” he said.

@dingg yep - mine too

Hi Slow Horses Great user name, love the series. There is no charge for guidance and this is usually a great starting point as it will help you decide if you are better served by using the guidance model or if you do need advice. The fees for any advice will vary dependent on what the advice needs to cover. If advice is the route that you decide to explore we will allows let you know what the fees are before any work is done so you can decide if the fee is worth the service you need. Nik

Great info Adam, here's hoping we see some good market vibes over the coming months

& for those of us who have spent many hours in data centres, it sends a shiver down the spine Very tidy

Hi G, It's legit-generated by IT. When the forum was first made available, some of the controls around email validation had not been switched on. This meant one could set up an account without a verified email. You were one of them. The link is asking you to confirm your current email. Please do so to retain your account. Regards Adam

Hi Adam, I just tried it again and it's gone through, so no idea what was causing the issue

Hi Alan Drop me a message at nik.burrows@cobensdirect.co.uk and we can take a look at your position and run through the considerations and options that are relevant to you. Cheers Nik

Hi, Our MM product is very short duration, something like 30 days or less on average so yes. The choppy US market is due to their economy being too strong for the feds liking, as it relates to labour markets and the effect on inflation. We are not talking raging inflation either, just a bit higher than ideal. Corporate earnings have never been better. Interest rates are not even that high. We aren't going back to Covid rates nor have higher rates had any real impact on company earnings.

Touche, I would expect the main focus to be 'Jensen Huang sporting a Tom Ford lizard skin effect jacket which retails at £8,000 and recently purchased two new G650 jets which retail at £60M each before options'

Working tonight

[image: 1746082140962-screenshot-2025-05-01-at-07.41.22.png] Management Perspective Chief Executive Rick Wallace announced that Q3 2025 revenue reached $3.06 billion, exceeding the forecast midpoint. He highlighted strong demand for cutting-edge logic and high-bandwidth memory (HBM), with growing contributions from advanced packaging, fuelled by AI infrastructure investments. Wallace noted that KLA’s advanced packaging revenue rose to over $500 million in 2024 and is projected to surpass $850 million in 2025, supported by market diversification and product innovation. He emphasised KLA’s continued leadership in global market share for wafer fabrication equipment (WFE) and process control in 2024, with its process control share increasing by approximately 250 basis points over five years. Finance Director Bren Higgins reported a non-GAAP earnings per share (EPS) of $8.41, at the upper end of guidance, with a gross margin of 63%. Operating costs totalled $575 million, below the expected midpoint due to lower expenditure on prototype materials. Free cash flow for the quarter was $990 million, with total capital returns amounting to $733 million. Higgins announced a 12% dividend increase to $1.90 per share quarterly and a new $5 billion share buyback programme, expressing confidence in KLA’s growth trajectory. Outlook KLA provided Q2 2025 revenue guidance of $3.075 billion, with non-GAAP EPS expected at $8.53, plus or minus $0.78. The gross margin is forecast to remain at 63%, despite a 100 basis point headwind from global tariffs. The company reaffirmed its WFE growth outlook for 2025, projecting mid-single-digit growth, with KLA aiming to outperform the market through increased process control intensity and market share gains. Leadership anticipates continued growth in advanced packaging revenue, driven by broader AI-led semiconductor advancements, with potential increases in process control intensity in DRAM and logic segments. Financial Performance For Q3 2025, KLA recorded revenue of $3.06 billion and non-GAAP diluted EPS of $8.41. The gross margin of 63% benefited from a favourable product mix. Advanced packaging played a significant role, with revenue projected to grow from $500 million in 2024 to over $850 million in 2025. Service revenue reached $669 million in the quarter, marking the 52nd consecutive quarter of year-on-year growth, despite challenges from U.S. export controls. Free cash flow over the trailing twelve months was $3.5 billion, with a 30% free cash flow margin, placing KLA among the top 10% of S&P 500 companies. Q&A Session Harlan Sur, JPMorgan: Raised concerns about tariff impacts and the postponement of Investor Day. Finance Director Higgins explained the delay was due to global trade uncertainties and outlined strategies to mitigate tariff-related cost pressures. Atif Malik, Citi: Enquired about service growth and advanced packaging positioning. Higgins projected approximately 10% service growth for 2025 and underscored KLA’s strong position in logic and HBM for advanced packaging. Vivek Arya, Bank of America Securities: Asked about 2026 WFE prospects. CEO Wallace expressed optimism about sustained AI-driven investments and demand for leading-edge technology, anticipating steady growth through 2030. Sentiment Analysis Analysts expressed concerns over global trade uncertainties and tariff impacts, adopting a slightly cautious tone. Management remained confident, citing robust demand in AI, advanced packaging, and market share gains. In prepared remarks, leadership highlighted “strong opportunities” and “consistent performance” but adopted a more measured tone when addressing tariff pressures during the Q&A. Compared to the previous quarter, management’s tone remained steady, while analysts focused more on macroeconomic uncertainties and competitive dynamics. Quarter-on-Quarter Comparison Advanced packaging revenue guidance showed significant growth, rising from $750 million projected in Q2 to over $850 million in Q3 for 2025. Continued emphasis on AI infrastructure as a key driver of leading-edge investments, consistent with prior quarter commentary. Gross margin guidance for 2025 edged up slightly despite new tariff-related challenges, reflecting confidence in product mix improvements and operational efficiency. Analysts maintained their focus on tariff impacts and China-related risks, echoing concerns from the previous quarter. Final Takeaway KLA Corporation delivered robust Q3 2025 results, driven by strong demand in cutting-edge logic, HBM, and advanced packaging, fuelled by AI infrastructure investments. The company raised its advanced packaging revenue target to over $850 million for 2025 and announced a substantial share buyback programme and dividend increase. Despite challenges from global trade uncertainties and tariff impacts, KLA remains optimistic about its leadership in process control and growth prospects, underpinned by its diversified portfolio and market share gains.

The stock doesn’t fit out criteria and moving 100% in a day doesn’t make it attractive. Odds are it will fade over the coming weeks. It’s very small, no track record, loses money and will be extremely volatile. And to add something you have to make a call on what to sell. That’s not to say it can’t go higher.