Big Tech’s AI Capex Just Overtook Its Cash Flow
Four hyperscalers plan $725 billion of capex in 2026, and Epoch AI’s SEC-filing data shows their combined free cash flow reaching zero around Q3 2026. Read more »
Semiconductors
AI Compute Costs: The Great Divergence
Frontier training costs head toward a $1B run by 2027, while running the same capability fell 1,000x in three years — the great AI compute divergence. Read more »
AI Semiconductors Own the Rack — the $1.2T Teardown
A teardown of the SIA-Deloitte report: chips are 95% of an AI rack’s value, 4,500 per rack, $1.2T by 2028 — cross-read against IDC’s memory-shortage scenarios. Read more »
Apple Chip Diversification: Intel, Samsung
Apple is courting Intel and Samsung to build some US chips, cracking a decade of TSMC reliance. Flagship A- and M-series silicon stays with TSMC for now. Read more »
Texas Instruments Earnings +19%: Analog Chip Winter Over
Texas Instruments earnings for Q1 2026, released on April 22, delivered revenue of $4.83B (+19% YoY) and EPS of $1.68, beating consensus by 23%. Data center revenue grew 90% year-over-year and industrial rose more than 30%, triggering the stock’s biggest single-day jump since April 2001. The print lifted the Philadelphia Semiconductor Index (SOX) to 16 straight daily gains, the longest streak on record. Read more »
Apple CEO Transition: Ternus In, Srouji’s 5-Division Reset
The Apple CEO Transition takes effect on September 1, 2026. Tim Cook hands the chief executive role to John Ternus (51), and Johny Srouji is promoted to Chief Hardware Officer with immediate effect, fusing the long-separated Hardware Engineering and Hardware Technologies units into a single five-division command. At a $4 trillion market cap, the org chart itself just rewired the next decade of Apple Silicon and on-device AI decisions. Read more »
Google TPU 8 Split: 9,600-Chip Pod, 80% Cheaper Inference
Nine thousand six hundred chips in one pod. One hundred and twenty-one exaflops in a single training cluster. Google TPU 8 debuted at Cloud Next 2026 on April 22, splitting into two purpose-built dies — TPU 8t for training and TPU 8i for inference — in the first such bifurcation across a decade of TPU silicon. Read more »
KOSPI Hits 6,388 Record: Goldman Raises 12M Target to 8,000
KOSPI record high Goldman 8000 target SK Hynix 2026 — four data points collided in a single Tuesday session in Seoul. A 169-point gain. A 1.2-million-won tick through on the country’s second-largest stock. A 1.75-trillion-won reversal in foreign flows. And a one-handle upgrade on the Street’s most-watched Korea target. Each data point would have moved the tape on its own. Stacked inside one close, they produced the kind of print that changes how Wall Street desks frame the Korea trade for the rest of 2026. Read more »
Framework Laptop Next Gen: 5 Linux Distros, $849 Modular PC
Framework Laptop’s Next Gen event goes live today, April 21, 2026 at 10:30 AM PT in San Francisco. The company is streaming the keynote globally on YouTube and has publicly advised customers to hold new orders — a classic signal that refreshed hardware is on deck. Read more »
Intel Q1 Earnings: 76% Rally vs Wall Street’s 29% Downside
Intel Q1 Earnings on April 23 lands into the single most controversial chart in US large-cap semiconductors this spring. The stock is up 76% year-to-date and 216% over twelve months, yet the average Wall Street price target sits 29% below spot. That gap is not an analytical oversight — it is a window into how differently investors and sell-side models are reading the same three catalysts. Read more »