Offshore
Chips & SaaS RT @jukan05: Rumor: Starting with TPU v8, Google will no longer use HBM? The incident was triggered by the global capacity shortage of HBM, which will be unable to meet AI growth demands over the next 2 to 3 years. At the same time, traditional…
ies to accommodate one or two major customers. They might release some profit margin, but they will not cooperate to an extreme degree.
This solution also reduces reliance on CoWoS because HBM is no longer needed. At the same time, the HBM chips originally on the silicon interposer substrate occupied a large area; after removing HBM, the saved CoWoS area can be entirely given to the TPU's Compute Core. Thus, within the same physical dimensions, a TPU chip with stronger performance and a larger area can be made, no longer restricted by the physical size of HBM. Regarding memory, the V7 generation had a single HBM capacity of about 192GB, and V8A is about 256GB, but through memory pooling, the memory per TPU can easily double to 512GB or even reach 768GB or more.
The solution is expected to be implemented next year, with the final route determined before March 5. The initial deployment ratio is about 30%, with 100% replacement expected to be achieved in 3 years.
Sector Beneficiaries:
- OCS (Optical Engine): Lightmatter, as the primary supplier, provides photonic packaging interfaces, integrating optical interfaces within the chip package to replace external modules.
- CXL-like: Requires CXL-like chips (MXC chips) to achieve the interconnect between TPUs and the memory pool, costing $100 per chip. One chip manages two channels for two 256GB memory modules, matching the TPU and memory side synchronously. If it is 512GB, two MXC chips are needed; for 768GB, four chips.
- DRAM Modules: The quantity of GBs increases significantly.
- CPU: Each memory Tray needs to be equipped with a CPU for scheduling; high performance is not required here, and ARM-based CPUs can be used.
- PCB: Independent DRAM cabinets require large, multi-layer PCBs to carry a large number of DIMM slots.
Source: 国泰海通 (Guotai Haitong)
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This solution also reduces reliance on CoWoS because HBM is no longer needed. At the same time, the HBM chips originally on the silicon interposer substrate occupied a large area; after removing HBM, the saved CoWoS area can be entirely given to the TPU's Compute Core. Thus, within the same physical dimensions, a TPU chip with stronger performance and a larger area can be made, no longer restricted by the physical size of HBM. Regarding memory, the V7 generation had a single HBM capacity of about 192GB, and V8A is about 256GB, but through memory pooling, the memory per TPU can easily double to 512GB or even reach 768GB or more.
The solution is expected to be implemented next year, with the final route determined before March 5. The initial deployment ratio is about 30%, with 100% replacement expected to be achieved in 3 years.
Sector Beneficiaries:
- OCS (Optical Engine): Lightmatter, as the primary supplier, provides photonic packaging interfaces, integrating optical interfaces within the chip package to replace external modules.
- CXL-like: Requires CXL-like chips (MXC chips) to achieve the interconnect between TPUs and the memory pool, costing $100 per chip. One chip manages two channels for two 256GB memory modules, matching the TPU and memory side synchronously. If it is 512GB, two MXC chips are needed; for 768GB, four chips.
- DRAM Modules: The quantity of GBs increases significantly.
- CPU: Each memory Tray needs to be equipped with a CPU for scheduling; high performance is not required here, and ARM-based CPUs can be used.
- PCB: Independent DRAM cabinets require large, multi-layer PCBs to carry a large number of DIMM slots.
Source: 国泰海通 (Guotai Haitong)
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Offshore
Video
Lumida Wealth Management
COREWEAVE CEO ON WHY SILICON VALLEY DOESN'T UNDERSTAND INFRASTRUCTURE
Michael Intrator: "Silicon Valley has moved violently to the equity side of the balance sheet.
They've never needed to use debt because tech is so powerful that it throws off enough cash to finance everything through equity.
It's actually incredibly inefficient, but the technology is so world-changing that they can get away with it.
But when you're building physical infrastructure, that's capital-intensive?
You can't do that. The debt markets have ONE rule: pay me my goddamn money back.
Software belongs in Silicon Valley. Infrastructure needs Wall Street. Different problems need different money."
This is why most AI infrastructure companies are
struggling to scale, they're trying to finance physical buildouts like software companies.
Here are highlights from a recent interview with Michael Intrator by @barronsonline
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COREWEAVE CEO ON WHY SILICON VALLEY DOESN'T UNDERSTAND INFRASTRUCTURE
Michael Intrator: "Silicon Valley has moved violently to the equity side of the balance sheet.
They've never needed to use debt because tech is so powerful that it throws off enough cash to finance everything through equity.
It's actually incredibly inefficient, but the technology is so world-changing that they can get away with it.
But when you're building physical infrastructure, that's capital-intensive?
You can't do that. The debt markets have ONE rule: pay me my goddamn money back.
Software belongs in Silicon Valley. Infrastructure needs Wall Street. Different problems need different money."
This is why most AI infrastructure companies are
struggling to scale, they're trying to finance physical buildouts like software companies.
Here are highlights from a recent interview with Michael Intrator by @barronsonline
tweet
Offshore
Photo
Javier Blas
CHART OF THE DAY: US benchmark natural gas prices have fallen back to pre-cold blast levels, hovering just above $3.5 per mBtu.
(The expiring Feb 2026 contract, then the front-month, rose above $7.5 per mBtu less than a week ago. The current front-month contract is March 2026) https://t.co/BDTHeQi0IU
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CHART OF THE DAY: US benchmark natural gas prices have fallen back to pre-cold blast levels, hovering just above $3.5 per mBtu.
(The expiring Feb 2026 contract, then the front-month, rose above $7.5 per mBtu less than a week ago. The current front-month contract is March 2026) https://t.co/BDTHeQi0IU
A **reminder** that the relatively illiquid front-month Feb 2026 Henry Hub nat gas contract **expires Wednesday**.
That contract is up ~40% today (and 125% over last five days) trading >$7 per mBtu. The more liquid March 2026 contract is up 7% today to less than $3.8 per mBtu. tweet
Offshore
Photo
The Transcript
Tyson Foods CEO: "Prepared Foods delivered top & bottom-line growth while Chicken reported its fifth consecutive quarter of Y/Y volume gains...protein demand continues to increase..."
$TSN: +3% PM https://t.co/UQgMk2canB
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Tyson Foods CEO: "Prepared Foods delivered top & bottom-line growth while Chicken reported its fifth consecutive quarter of Y/Y volume gains...protein demand continues to increase..."
$TSN: +3% PM https://t.co/UQgMk2canB
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Offshore
Photo
The Transcript
Disney CEO: "We are pleased with the start to our fiscal year, and our achievements reflect the tremendous progress we’ve made."
$DIS: +1% Pre-Market https://t.co/IFtkTfIa6b
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Disney CEO: "We are pleased with the start to our fiscal year, and our achievements reflect the tremendous progress we’ve made."
$DIS: +1% Pre-Market https://t.co/IFtkTfIa6b
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Offshore
Photo
Javier Blas
BREAKING: US shale oil and gas companies Devon and Coterra merge in an all-stock deal. After the transaction, Devon shareholders would own ~54% of the combined entity and Coterra holders ~46%.
Press release: https://t.co/K98BVTdWY3
Slide deck: https://t.co/73X1KThfl6 https://t.co/NfRo3tLvf5
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BREAKING: US shale oil and gas companies Devon and Coterra merge in an all-stock deal. After the transaction, Devon shareholders would own ~54% of the combined entity and Coterra holders ~46%.
Press release: https://t.co/K98BVTdWY3
Slide deck: https://t.co/73X1KThfl6 https://t.co/NfRo3tLvf5
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Offshore
Photo
Bourbon Capital
RT @BourbonCap: 5 Undervalued Software Application Companies
Over the past year, the software application sector has faced meaningful headwinds, including macroeconomic pressure, slower growth in certain subsegments, and fears of AI-driven disruption. This environment has created a disconnect in which many companies continue to deliver solid operating results, yet their stock prices remain in prolonged downtrends. As market sentiment toward the sector improves, this setup presents a compelling opportunity for select high-quality software names.
1. $ADBE - Adobe
Adobe shares have declined more than 30% over the past year, largely driven by concerns that AI-native tools could disrupt its position in creative software. Despite these fears, Adobe continues to dominate the creative and digital marketing software market through flagship products such as Photoshop, Illustrator, and Premiere Pro.
Approximately 74% of Adobe’s revenue comes from its Digital Media segment, a subscription-based model that delivers recurring revenue, strong customer retention, and highly predictable cash flows.
Adobe has aggressively expanded integrations across major platforms, including AWS, Azure, Google, Microsoft Copilot, and OpenAI. Its Model Context Protocol (MCP) enables tools like Photoshop and Adobe Express to integrate directly with platforms such as ChatGPT, reinforcing Adobe’s relevance in an AI-driven workflow.
Digital content creation and marketing automation remain powerful secular growth trends. Adobe’s expanding AI capabilities should further boost productivity, enhance customer value, and sustain long-term demand.
AI-powered productivity and video-editing tools could allow Adobe to capture up to 20% of the $10 billion video software market by 2035, extending its leadership position.
Despite consistent quarter-over-quarter revenue growth since 2021, Adobe’s stock trades near its 2022 lows, highlighting a potentially undervalued setup.
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RT @BourbonCap: 5 Undervalued Software Application Companies
Over the past year, the software application sector has faced meaningful headwinds, including macroeconomic pressure, slower growth in certain subsegments, and fears of AI-driven disruption. This environment has created a disconnect in which many companies continue to deliver solid operating results, yet their stock prices remain in prolonged downtrends. As market sentiment toward the sector improves, this setup presents a compelling opportunity for select high-quality software names.
1. $ADBE - Adobe
Adobe shares have declined more than 30% over the past year, largely driven by concerns that AI-native tools could disrupt its position in creative software. Despite these fears, Adobe continues to dominate the creative and digital marketing software market through flagship products such as Photoshop, Illustrator, and Premiere Pro.
Approximately 74% of Adobe’s revenue comes from its Digital Media segment, a subscription-based model that delivers recurring revenue, strong customer retention, and highly predictable cash flows.
Adobe has aggressively expanded integrations across major platforms, including AWS, Azure, Google, Microsoft Copilot, and OpenAI. Its Model Context Protocol (MCP) enables tools like Photoshop and Adobe Express to integrate directly with platforms such as ChatGPT, reinforcing Adobe’s relevance in an AI-driven workflow.
Digital content creation and marketing automation remain powerful secular growth trends. Adobe’s expanding AI capabilities should further boost productivity, enhance customer value, and sustain long-term demand.
AI-powered productivity and video-editing tools could allow Adobe to capture up to 20% of the $10 billion video software market by 2035, extending its leadership position.
Despite consistent quarter-over-quarter revenue growth since 2021, Adobe’s stock trades near its 2022 lows, highlighting a potentially undervalued setup.
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Offshore
Photo
Bourbon Capital
$MU CEO: High bandwidth memory will be a $100B industry by 2028 https://t.co/NUpDB3oFP2
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$MU CEO: High bandwidth memory will be a $100B industry by 2028 https://t.co/NUpDB3oFP2
Micron Technology $MU projected revenue growth for 2026, 2027 and 2028 https://t.co/MFpz79GErO tweet