AMD Bars Help?; Positioning (Hitting Bottom?); AMZN Thoughts; AI Capex; AAPL; MediaTek Optimism (but TPU v9 slip?); SIMO: US Hardware / Semiconductors Sector Specialist Commentary

Research evidence excerpt

AMD Bars Help?; Positioning (Hitting Bottom?); AMZN Thoughts; AI Capex; AAPL; MediaTek Optimism (but TPU v9 slip?); SIMO: US Hardware / Semiconductors Sector Specialist Commentary

nd continues to outstrip available capacity, with cloud backlogs at record

levels — AMZN at $496bn (+36% q/q), MSFT at $678bn (+84% q/q), and GOOGL at $514bn (+$50bn q/q) — underpinning the

durability of the spend cycle. Proprietary silicon is a growing theme: AMZN's chip business (Trainium/Graviton) is tracking to

a $25bn+ run-rate, MSFT's Maia is scaling with OpenAI, and GOOGL began recognizing TPU system-sale revenue for the first

time this quarter (majority expected in 2027). Joseph views the prints as a clear positive read-through for AI infrastructure names

in his coverage, flagging APH, ANET, CLS, CIEN, COHR, CRDO, FN, FLEX, JBL, and LITE as key beneficiaries — all rated

Overweight except FN (Neutral).

AAPL: Spec & Analyst Takeaways - Supply/Cost Headwinds Bite into Sep-Q, Leaving Questions.Here

In my Off The Call notelast night, I noted that I’ve never seen a print more perfectly in-line with my buyside bogies, with the one

caveat that the Sept-Q GM net of the tariff refund was actually a shocking 100bp miss – underscoring the extent of AAPL’s

component issues. Overall it doesn’t initially seem like we learned a ton from this call… we sort of knew everything about current

demand and the state of supply. The team has a tough dynamic to navigate with higher component costs (especially memory)

and availability (SoC), and not much certainty on demand elasticity in iPhone (which they also didn't really address on the

call). The bullish view is that if they’re able to raise prices on the iPhone 18, and to navigate the memory shortage, we could be