Silver Sunrise Euro TMT Daily

Research evidence excerpt

Silver Sunrise Euro TMT Daily

g along input price increases, w/ further price revisions next year. Many

investors questioned whether ASML print would change TSMC capex expectations, yet we do not see any market shift in

expectations post the print

SEC: investors focus on capex plans, w/ reports of Yong-in fab pull-in from 2030-31 to 2029 and new Giheung DRAM

fab100k wafers/month converted from a designated R&D center. CXMT listing and incremental funding for DDR5 capacity

led to further investor questions of supply increases. Korea authorities are also set to announce new restrictions on single-

stock leveraged ETFs, w/ the committee expected to unveil measures as higher minimum deposits and investment limits as

early as later this afternoon or over the weekend. Proposed measures are raising the minimum deposit requirement (basic

margin) above the current W10m, introducing investment limits per investor, and implementing rules to disperse rebalancing

trades to reduce market impact. Regulators are also considering stricter entry barriers and enhanced risk controls, as requiring

higher capital or experience thresholds to participate link. Mixo Das views this as window guidance as regulators attempt to

manage the situation. Investors continue to monitor retail over-exposure in these names, as sense current long holders may not

have high conviction given the market volatility. Semi cap equip names are also correlated w/ memory, given the second

derivative impact of peaking / falling memory prices correlating w/ a peak in SPEs

Ibiden: Kanemoto notes Ibiden does not raise like-for-like pricing, rather raises ASPs on new products thru mix increases as

believes co MTP assumptions for GPUs and EMIB-Ts seem cautious. Jerry writes Unimicron FY26 ~40% ABF Substrate