MSCO & KeyBanc +ve $NVDA

MSCO very +ve $NVDA note citing surging inference demand. Raised CY26 numbers. Checks showing limited supply chain impact, GB300 issues resolved, and increased CapEx.

MSci: Azure cut price on both MI300X and H200s, potentially signaling demand worries for $AMD & rolled out $NVDA GB200 instances at a significant premium to H100s and H200s.

Alethiea cut $NVDA est. based on inventory write downs. They factor in 1.33M/1.65M Bianca modules in FY26/27E, sufficient for 37k/46k NVL72 racks. Downside risks: execution GB300, export control rules, section 232 outcome. Upside: writeback H20 inventory, stronger demand.

$MRVL raise '28 AI TAM by 25% to $94B (from $75B). ASIC raised to $55B (from $43B). Other +ves: *Won 9 addl custom sockets on "XPU attch" *2 new ASIC w/ emerging cloud customers *>50 additional opps in pipe, across 10 custs, $75B in lifetime rev (not so diff from $AVGO $60-$90B)

Fubon raised $NVDA GB200 shipments to 32k in 2025. $SMCI

Jefferies d/g $ASML: 16% fall in DRAM WFE in 2026, and a further decline in China WFE. Model a 2% sales decline for $ASML and a 3% rise for $ASM next year, with FY26 EPS estimate for the two stocks being 17% and 13% below consensus respectively.

Fubon claimed 6 months in a row that $MRVL lost AWS Trn3 and Maia, now acknowledges there is multiple sourcing and $MRVL has several design wins. Also highlights $AAPL seeking $MRVL up as partner for second generation.

$AMD Fubon out saying MI308 had 200k rush order 2Q2025. ~$3b order. Production numbers mismatched on sell-through numbers.

$LW POST private plane spotted yday near Eagle ID HQ. LW just got new board members appointed by Jana activist, and $POST was rumored buyer in December 2024.

$GOOGL CapEx raised to $85B: general servers, AI ASIC servers and GPU server food chain key beneficiaries. JPM estimates $CLS got half its revenue from hyperscalers last year, up from 23% in 2021 and 6% in 2018. $GOOG, $AMZN and $META are major clients.

MS Asia has some interesting checks on AIChip which does not look good for $MRVL on TRN3 and TRN4. Our foundry supply chain checks indicate the ASIC TAM of Alchip's main customer, AWS, is still expanding, while Alchip has secured 3nm and 2nm projects. In the 2nm Trainium4

Today's Tesla Robotaxi App downloads outpaced Uber across all rolling 30 day periods by 40% and bested Waymo's best download day ever by >6x

JPM-"any cash that $NVDA invests into OpenAI equity can’t be use to fund purchase of NVDA products"

$CCRN: hearing CapForum out saying there have been depositions in it - unclear if they are saying ongoing or happened already.

This was disclosed 30 minutes ago in a filing $CCCX and $NVDA partnership details looks like a lot of big news to come very soon

Jukan More from Jeff $MU