One Market to Rule Them All
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Exotic: a highly in-demand, scarce, and inaccessible financial asset.
The best performing assets of 2026.
Launching soon.
Biotech stocks have gained 72.2% in the 22 months since 2025 began. Semis were up 155.6% at the same point in their run, in Nov 2024.
AI chip demand that showed up in earnings carried semis for two more years. For biotech to follow, new drugs have to show up in sales.
Anthropic reported $17B of revenue in the 3rd quarter, up 1,127% from $1.4B a year earlier.
Its filing says customer demand still exceeds the compute it can get, so the $70.00 to $78.00 IPO range prices a business whose growth is capped by how much compute it can buy.
Terafab, the Tesla and SpaceX chip venture, has told equipment makers it wants 1 million wafers a month from 2032, with about 700,000 for memory. That's roughly Samsung's entire DRAM capacity today.
The split fits how AI is using up memory supply, though Terafab hasn't explained it. High bandwidth memory, the kind stacked beside AI chips, takes about three times the wafer area of standard DRAM for the same capacity, and server DRAM is expected to stay undersupplied this quarter.
Musk wants a terawatt of AI chips a year and thinks even Samsung and TSMC expanding won't meet the demand ahead. Nobody plans 700,000 memory wafers a month for after 2032 unless they expect memory to still be short.
Until that capacity exists, the shortage favors the companies with memory lines running today, led by Samsung, SK hynix and Micron.
Exotic.
Despite a US market selloff, Chinese inverter maker Sungrow posted a 26.7% weekly gain after it said 2027 energy storage shipments may nearly double on current orders.
The shares rose despite third quarter profits falling from a year earlier.
Micron has largely halted work on a planned $4.5B Taiwan memory plant amid a labor spat with its Taoyuan union.
Less new memory supply favors SK hynix and Samsung, who already sell most of the world’s DRAM and hold more pricing power.
Image, video, and audio model creator @fal raised a $1.3 billion Series F led by Bessemer, valuing it at $16 billion.
That's double its $8 billion valuation in April. fal announced the round alongside a Series E led by Sequoia, for $1.65 billion across both.
Exotic.
Apple ($AAPL) grew Greater China sales 28.0% in fiscal 2026 to $82.38 billion, ahead of 14.9% in Europe and 11.1% in the Americas.
The September quarter kept the gap. Greater China rose 21.0% to $17.54 billion, against 11.5% in Europe and 10.2% in the Americas.
Kioxia, the Japanese flash memory maker, says more than half of its planned 2028 shipments are under multiyear contracts. Its shares still dropped 15.78% on Monday.
Buyers locking in 2028 supply shows how scarce flash for AI servers is, even as investors sell a flat forecast.
Samsung earned $80.5B in Q3 operating profit, up 783.11% from a year ago. Its chip division made $79.8B, while phones, TVs and appliances lost money.
AI memory demand now decides what Samsung earns, far more than the devices most people know it for.
Marvell ($221B) is in advanced talks to buy laser maker Lumentum ($83B). Lumentum is up 14.6% in 24 hours while Marvell is down 5.4%.
Silicon can't emit light on its own. With indium phosphide lasers sold out into 2029, fabless chipmakers are now forced to buy laser fabs.
The world gets more Exotic by the day.
Excited to share Genie 4 today our most realistic and interactive world model:
- steer dynamic environments in real time, shaping events, camera angles, and actions
- generate native audio matched to the world, from realistic background sounds to characters who can converse in real time!
- simulate photorealistic scenes and real-world physics
- create more coherent multi-step events through reasoning from Gemini
We've started to roll out as a research preview to trusted testers. Coming soon to Google AI Ultra subscribers in Project Genie and early access partners via the Gemini API and AI Studio.
CXMT, China's largest DRAM maker, plans limited production of HBM3E within two months. HBM3E is stacked memory for AI chips.
Only 20% to 30% of its HBM3E chips are usable, against about 70% at SK hynix. In testing, they performed closer to SK hynix's older HBM3.
SK hynix reports Q3 results Wednesday morning. The consensus forecast is $54B of operating profit on $69B of revenue, a 78.4% margin and up 576% from a year earlier.
The number that matters as much as profit is how far ahead its customers have already booked.
Asian chipmakers slipped heading into earnings week. Tokyo Electron fell 3.68% on Monday, Renesas 3.57% and Samsung 1.16%.
Samsung and SK hynix report this week, as do Microsoft, Alphabet and Amazon, whose AI spending sets the next round of chip orders.
