US Semiconductors: Thoughts On Recent Financing Deals + Semis Stock Action

研报英文原文证据摘录

US Semiconductors: Thoughts On Recent Financing Deals + Semis Stock Action

Global Research

28 July 2026ab

US Semiconductors Equities

AmericasThoughts On Recent Financing Deals + Semis

Stock Action Semiconductors

Timothy Arcuri

Analyst

timothy.arcuri@ubs.com

What Happened +1-415-352 5676

We have received a number of investor inbounds about data center infrastructure deals Natalia Winkler, CFA

being signed by both NVDA and AMD. In the case of NVDA, recent media reports Analyst

indicated it is the backer of up to $50B in lease agreements for a HUT site in Texas and natalia.winkler@ubs.com

Bloomberg reported (here) that it is working on deals worth $750B in total (including a +1-415-352 4626

$250B deal with OpenAI to provide financing assistance); and just this morning, AMD Alex Kivali

(together with an undisclosed neocloud) has signed a partnership with CORZ for up to Analyst

2.5GW of capacity starting w/500MW in 2027. Per these inbounds, these deals are re- alex.kivali@ubs.com

igniting concerns around “circular financing” that have been present in the market for +1-212-713 3945

at least the past several Qs. Gianmarco Vella

Associate Analyst

Our Thoughts gianmarco.vella@ubs.com

We continue to get questions regarding the source of the recent correction – we see four +1-415-352 4555

main drivers: 1) concerns around the rise of open models, as well as token Aaryan Wadhwa

optimization and potential impact on growth for frontier model providers; 2) concerns Associate Analyst

around the sustainability of the memory cycle; 3) financing arrangements that aaryan.wadhwa@ubs.com

are perceived to be “circular” in nature; and 4) investor positioning in semis that had +1-212-821 6481

become incredibly crowded in our view (here, here). Addressing these first three in Seth Cho