Our main Pharma holding is Vertex. They have majority manufacturing presence in Boston, Massachusetts, where they use a cutting-edge continuous manufacturing facility for cystic fibrosis drugs like Trikafta. Their golden goose. Other companies: [image: 1744535569397-screenshot-2025-04-13-at-10.12.33.png]

TSMC reported record earnings for their quarter ended March and made some comments regarding CoWoS packaging-a positive. CEO C.C. Wei stated that CoWoS demand remains extremely strong. He noted that TSMC is working diligently to double its CoWoS capacity in 2025 to meet customer demand, but supply is still expected to fall short of demand. Wei expressed optimism about achieving a better supply-demand balance by 2026. Takeaway-no change to the plan and demand supply balance still shows constraint. Targeted capacity is 80k wafers per month by end of 2025 and 125K by end of 2026. Nvidia has secured 70% of total output We know that 1 wafer yields 16 good chips. Below is estimated quarterly 'Blackwell' chip supply [image: 1744880939192-screenshot-2025-04-17-at-10.07.26.png] [image: 1744881186085-screenshot-2025-04-17-at-10.12.39.png] This number is the fundamental revenue driver. We expect around 800k chips being available to ship in Q1(ending April 25) up from around 250k in the previous Q(Q4)

It looks like another nosedive day again today. Still, we've had a few of those recently and things seem to move back up again. Shame they don't move up as quickly as they move down, but I guess that's the way that markets work.

That gain is point to point. The actually gain will be more because we were selling it in the 400’s too

Here is a complete list of ALL notable Robotics players. See the common thread? [image: 1744622289650-screenshot-2025-04-14-at-10.15.51.png]

[image: 1744362110917-screenshot-2025-04-11-at-07.59.44.png] Bodes well. We will find out in a week or so

Tik-Tok-their US business might be sold by tomorrow. I wonder if Oracle could scoop them up. They already run their servers. Msft/Amzn/Blackstone, mrbeast (really?) and only fans founder are bidding.

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.

Hi D, Netflix is set to drop its Q1 2025 earnings after the market shuts on 17 April. Analysts expect earnings per share (EPS) will hit $5.74, up 8.7% from $5.28 last year, with revenue expected at $10.54 billion, a 12.5% jump year-on-year. That’s pretty close to Netflix’s own forecast of $10.46 billion in revenue and an operating margin of 28.2%. They’ve got a history of smashing EPS forecasts, beating expectations in all four of the last reported quarters, like Q4 2024 when they pulled off $4.27 against $4.20 expected. That said, it's hard to know but their numbers should be solid. Everyone’s eyeing their ad-supported memberships, which made up 55% of sign-ups in ad markets last quarter, and their content line-up, with several content hits. They won’t disclose subscriber numbers anymore, focusing on revenue and margins instead.

MU asserting their leadership. Interesting that Samsung, a formidable force in technology hasn't even validated their offerings. Left in the dust. Amid the intensifying HBM race, Micron has secured a spot with its HBM3E 12H designed into NVIDIA’s GB300. Notably, according to its press release, the U.S. memory giant is also the only company shipping both HBM3E and SOCAMM memory for AI servers, reinforcing its leadership in low-power DDR for data centres According to the Korean Herald, Micron has surprised the industry as it announced the mass production of SOCAMM—dubbed the “second HBM”—ahead of SK hynix Baird hiked its price target from $130 to $163, signaling growing conviction that Micron's high-bandwidth memory (HBM) chips are about to play a much bigger role in the AI boom. That sentiment is spreading fast. Rosenblatt now sees the stock hitting $200, and Wedbush, UBS, and others are sticking with bullish calls. Why? Simple: Micron isn't just riding the AI wave it's building the surfboard. HBM sales topped $1 billion last quarter, beating internal forecasts and jumping 50% sequentially. More importantly, demand is sold out for the year, and the TAM forecast for 2025 just surged from $20B to $35B. Internally Micron today say they meet 9% of the HBM market of $20B(Dec 24) and already appear to be on an annual TTM of $4B and say they anticipate their market share to reach 25% of a $100B market. This suggests Micron could grown HBM sales from zero 12 months ago to $25B annually by 2030 effectively doubling their total revenue. This is a classic-look at the game being played out not the score board! HBM isn’t just important—it’s foundational to AI servers, acting as the high-speed circulatory system for data-intensive AI workloads. For a chip like “Feynman” with “huge amounts” of HBM, it will be the backbone enabling breakthroughs in model size, training speed, and inference efficiency. As AI servers evolve, HBM’s role will shift from critical to utterly indispensable, driving both technical and economic outcomes in the AI race. This is why we invested in MU-the HBM is the iPhone moment

Transcript from an interview with Bill Gates, Steve Ballmer and Satya Nadella to celebrate 50 years of MSFT(Friday April 4) Nadella: What we are really supplying is intelligence. It started in 1975 with Bill and software was the thing. And today nobody is going to get up and say, hey, we need less of it. I need more of it and I need it daily. One thing is certain, the world needs more compute in the future. We will adjust to the geopolitical shifts and see how that shakes out.(Nadella). Bill Gates- I’d like to say that the biggest trend in the world today, way beyond any political shifts is the arrival of AI. We just turned 50 as a company but the next decade will probably be the most profound. Asked about potential over supply of AI compute, Nadella: Do we have to be matched up to it, perfect matching of demand and supply every second? No. So is this something we are absolutely committed to to building our data centres across 60 regions? We are absolutely going to do this. Sure there are always adjustments. Steve Ballmer: There is a bright future in intelligence and the biggest mistake we could make is to slow investment due to a short term hiccup. Bill Gates: you will always go through periods of having a bit too much supply but over the next 10 years you will probably find we are always going to be in a shortage vs demand so what is key is having a large capital budget to maintain the investment build out. Nadella: Heres the interesting thing. We have found the thing (AI) I am not looking for any other things. Intelligence will power everything . I am building our infrastructure to support the need in the future. The need from a robotics company, an autonomous driving company, a medical research and drug company.