TSM Research Note — Capacity Faces the Proof Test
TSMC’s margins and revenue remain strong, but the $60–64 billion capital program puts utilization and conversion at the center of the thesis.
Semiconductors
TSM Deep Coverage Review — Analysis as of July 31, 2026
TSMC’s operating record remains strong, but its $60–64 billion capital plan raises the hurdle for utilization, margins and returns through the N2 cycle.
SMH Research Note — The Tape Needs Proof
Semiconductor demand remains durable, but concentration and a risk-off technology tape leave SMH dependent on broader operating confirmation.
SMH Deep Coverage Review — Analysis as of July 31, 2026
SMH retains AI-demand support, but concentration and a sharp intermediate drawdown leave the semiconductor thesis awaiting broader confirmation.
WOLF Research Note — Margin Proof Still Missing
Wolfspeed fell to $20.06, while negative gross margin and a larger share count leave the recovery thesis dependent on fresh factory evidence.
WOLF Deep Coverage Review — Analysis as of July 30, 2026
Wolfspeed’s lower share price does not repair negative gross margin, weak utilization or dilution risk ahead of the next operating update.
AVGO Research Note — The Evidence Bar Rises
Broadcom’s growth and AI backlog remain powerful, but a crowded tape and demanding valuation make the next evidence window unusually important.
AVGO Deep Coverage Review — Analysis as of July 28, 2026
Broadcom’s AI silicon demand and VMware economics remain strong, while valuation, crowded sentiment and weak market breadth raise the evidence bar.
NVDA Research Note — Quality Meets a Narrow Timing Edge
NVIDIA’s operating strength supports the long-term thesis, while customer concentration and a flat market structure demand fresh confirmation.
NVDA Deep Coverage Review — Analysis as of July 24, 2026
NVIDIA’s AI platform and cash engine remain exceptional, while customer concentration and weak technology breadth raise the next evidence bar.