semiconductor

According to Gate market data, NXP Semiconductors (NXPI.O) fell nearly 7% in pre-market trading after the company projected that fourth-quarter sales would be below market expectations.

The Science and Technology Innovation Board Daily cited Wind data stating that by 2026, 76 IPOs had terminated their review, with 13 from the Science and Technology Innovation Board, accounting for 17.1%. In 2025, a total of 50 IPOs were terminated, with only 3 from the Science and Technology Innovation Board, accounting for 6%. The total fundraising scale of terminated IPOs on the Science and Technology Innovation Board in 2026 was 18.248 billion yuan, nearly 5 times the 3.181 billion yuan in the same period of 2025. After entering the fourth quarter, Saikexis and Zhongke Innovation successively terminated their reviews.Among the 13 terminated projects on the Science and Technology Innovation Board, 5 were related to semiconductor and integrated circuit companies, including Wuhan Xinxin, Shanghai Xinyi, Beijing Tongmei, Taosheng Electronics, and Yadian Technology, accounting for approximately 38.5%. Beijing Tongmei was the only project that terminated during the registration phase, accepted on January 10, 2022, submitted for registration on August 1 of the same year, and terminated registration on July 2, 2026, lasting over 4 years. Wuhan Xinxin was accepted at the end of September 2024 and terminated in May 2026, queuing for nearly 600 days, intending to raise 4.8 billion yuan, accounting for about 26.3% of the total intended fundraising of the 13 terminated projects.The duration from acceptance to termination varied significantly. Huihe Medical was accepted on June 30, 2026, and terminated on September 24, taking 86 days, making it the first IPO to withdraw after being selected for on-site inspection this year. Saikexis voluntarily withdrew six months after acceptance, marking the third IPO failure in six years. Huandong Technology was accepted on November 25, 2024, and terminated on September 21, 2026, lasting about 22 months, being the first robot company to terminate an IPO this year, mainly engaged in robotic joint reducers, sponsored by GF Securities. According to the criteria of semiconductors, software equipment, hardware services, etc., there have been 37 IPO listing applications that have become invalid in the Hong Kong stock market this year, compared to 11 in the same period last year.

Goldman Sachs' latest research shows that over the past three weeks, semiconductor stock exposure has been able to explain about 54% of the return performance differences between different asset classes, while oil price exposure accounts for only 2%. As the influence of AI trading continues to expand, technology stocks are becoming an important factor driving global market risk appetite and asset performance differentiation.Goldman Sachs pointed out that recent investor risk appetite has been highly synchronized with the relative performance of large technology stocks. Last week, concerns about AI investment returns, financing costs, and capital expenditures intensified, leading to a sell-off in technology stocks and corporate bonds, with Goldman Sachs' risk appetite indicator falling to its lowest level since April 2025. The South Korean stock market has become a typical case of this impact, with the KOSPI rising 3.1% on Tuesday, and SK Hynix and Samsung Electronics increasing by 5.2% and 4.2%, respectively.Due to the high weight of semiconductor stocks in the Korea Composite Stock Price Index, changes in global AI investment expectations directly affect local market performance. Goldman Sachs emphasized that the 54% and 2% figures reflect a statistical relationship within a specific time window and do not imply that AI factors long-term determine global market fluctuations; the impact of high oil prices on inflation, monetary policy, and asset pricing cannot be ignored. Major technology companies such as Microsoft, Google, and Amazon are about to announce their earnings reports, and the market will focus on whether AI demand can continue to grow and whether massive capital expenditures can be converted into actual profits.

Gate platform data shows that on October 27, the stock market saw a significant rise in the AI, semiconductor, and data sectors, with several concept stocks leading the gains, becoming the focus of market attention.According to the latest market data from Gate, Data Section (3905) surged strongly, rising 14.50% in 24 hours; Yifei Electric (4062) jumped 11.14%; Rand (8918) increased by 11.11%; Advantest (6857) rose by 9.65%; QD Laser (6613) went up by 8.84%.As global AI infrastructure construction accelerates and semiconductor demand remains strong, market expectations for profitability in the technology and semiconductor supply chain are heating up again.

Morgan Stanley stated that the pressure faced by semiconductor stocks may ease next month. The strategist team expects that the adjustment in the semiconductor sector has entered the "final stage," which is anticipated to end in mid-November, but there may still be a further decline of 10% to 15%. The Philadelphia Semiconductor Index could potentially drop to around 9,500 points in the future.

According to Gate market data, the Philadelphia Semiconductor Index rose by 0.5% after a drop of 6.7% in the previous trading day.

According to Gate market data, U.S. semiconductor stocks rose broadly before the market opened, with SK Hynix up 5.5%, SanDisk up 2.8%, and Micron Technology up 2.62%.

NVIDIA expects that with the support of capacity expansion in the United States, Taiwan, and Singapore, the total semiconductor testing capacity in 2027 will double compared to 2026.

According to data from the Gate platform, the South Korean KOSPI index rose by about 3.83% in the early morning session today, quickly breaking through 5,750 points after the opening. The semiconductor and electronics giants performed strongly, leading the gains and becoming the main force driving the index rebound.Currently, Samsung Electronics (005930) is up 6.61%; SK Hynix (000660) is up 6.21%; Samsung Electro-Mechanics (009150) is up 3.03%. The main reasons for this round of increase are the capital replenishment after the sharp decline the day before and the positive driver of a 222.5% year-on-year increase in semiconductor exports in South Korea before October 20, with the market's expectations for AI server and storage demand rising again.

According to South Korean media THE ELEC, Tesla and SpaceX, under Elon Musk, are in contact with South Korean materials, components, and equipment companies for the semiconductor manufacturing project Terafab. Some companies have signed non-disclosure agreements and are discussing supply categories. From October 13 to 15, relevant personnel visited about 10 South Korean company booths at Semicon West 2026 in San Francisco to confirm products and capacities and propose follow-up discussions, many of which have been ongoing for several months.ENF Technology, Asflow, and G&G Intech are involved in this initial contact, focusing on process materials, piping parts and valves, and wastewater reuse equipment, respectively. Mico's cleaning subsidiary Komico signed a tripartite non-disclosure agreement with Tesla and SpaceX about a month ago to discuss cleaning services for the Texas R&D test line. Unisem signed a non-disclosure agreement regarding environmental protection equipment such as exhaust gas treatment, while Dongjin Semichem is discussing materials such as diluents and phosphoric acid related to the Texas plant. Hanmi Semiconductor is discussing thermal compression bonding equipment, HPSP will supply a high-pressure hydrogen annealing device to the R&D line, and testing socket company ISC is exchanging samples and design information.Terafab is located in Texas and was announced to be jointly promoted by Tesla, SpaceX, and xAI in March of this year. The independent legal entity and equity structure have not yet been disclosed. The goal is to reach a monthly production of 1 million wafers within 10 years, with an initial investment of $16.8 billion and the hiring of over 3,000 people. SpaceX signed a tax reduction contract with Texas earlier this month and has begun construction. The industry expects the initial facility, which will produce 100,000 wafers per month, to be completed before 2030. Initial uses include Tesla's autonomous driving and robotics chips, as well as SpaceX's satellite and space data center chips.

According to a report by THE ELEC, Samsung Electro-Mechanics announced on October 19 that it has signed a supply contract for packaging substrates for memory semiconductors with a large global company, amounting to 360.5 billion Korean won. The contract period is from January 1, 2027, to December 31, which is equivalent to 3.2% of the company's consolidated revenue last year.This is the first time Samsung Electro-Mechanics has disclosed a long-term supply contract for packaging substrates. With this addition, the number of long-term supply contracts disclosed by the company this year has increased to seven, with a total amount of approximately 4.3 trillion Korean won. Previous contracts were mainly focused on components such as silicon capacitors, multilayer ceramic capacitors, and inductors, and this expansion includes the packaging solutions business, which produces products such as FC-BGA substrates and BGA substrates.Last month, Samsung Electro-Mechanics announced plans to invest 42.7 trillion Korean won in the Sejong FC-BGA production facility and 25.1 trillion Korean won in the Vietnam packaging substrate production equipment. The company also stated that as part of a large government project, it plans to invest 80 trillion Korean won in the Sejong business site and 150 trillion Korean won in the Busan business site by 2040, and will produce FC-BGA in Busan, Sejong, and Vietnam. A related person from Samsung Electro-Mechanics stated that the growth of the AI and high-performance computing market makes high-performance packaging substrates more important, and the company will strengthen customer supply cooperation and establish a stable supply system.

According to LatePost's LatePost Auto report, Li Auto's chip subsidiary Shanghai Mahexin Technology has completed a Series A equity financing of 1.625 billion yuan, with Li Auto contributing 1 billion yuan and external investors contributing a total of 625 million yuan. After the financing is completed, Li Auto holds 74.01% of the shares, making it the largest shareholder, while external investment institutions include Hangzhou Jingtou, BlueRun Ventures, Huaye Tiancheng Capital, and Qiji Chuangtan.Hangzhou Jingtou has also received an additional investment equity of 500 million yuan, bringing the company's valuation to 17.1 billion yuan, with 20% of the equity allocated for employee incentives. Insiders say the funds will be used for subsequent chip research and development and commercialization, and they hope to supply externally and expand into businesses outside of automotive. Li Auto co-founder Ma Donghui stated on September 21 that Mahe chips, silicon carbide modules, and other products can be sold externally, and Li Auto is developing the second generation of Mahe intelligent driving chips.

According to the Industrial and Commercial Times, Japan's Ministry of Economy, Trade and Industry has approved TSMC's first phase plan for the production of advanced semiconductors using 3-nanometer process at its second factory in Kumamoto Prefecture. This will be the first time a manufacturer in Japan produces 3-nanometer chips. TSMC can further expand its production capacity based on additional support from the Japanese government. Kumamoto Prefectural Governor Seiji Kimura stated that this plan will drive a new wave of creative revitalization.The Nikkei reported that the Ministry of Economy has listed the Kumamoto second factory as a recipient of subsidies, with plans to produce 3-nanometer chips, expected to officially start production in December 2028, with final capacity depending on the amount of subsidies. The Ministry will include the budget needed for subsidies in the fiscal year 2027 budget request, with the Japanese government originally planning to provide 732 billion yen in subsidies. The Asahi Shimbun pointed out that the Kumamoto second factory is still under construction and is adjacent to the already operational Kumamoto first factory.Previously, TSMC planned for the second factory to manufacture 6-nanometer and 12-nanometer processes, with a monthly capacity of 48,000 wafers, and planned to produce 40-nanometer chips; in February this year, the plan was changed to 3-nanometer, reducing the monthly capacity to 6,000 wafers. The adjustment plan for the Kumamoto first factory was also approved by the Ministry, with the original plan to produce 55,000 wafers per month covering 22 to 28 nanometers and 12 to 16 nanometers, while the new plan stops production of 12 to 16 nanometers, changing to 45,000 wafers per month for 22 to 28 nanometers.

According to Gate market data, the Philadelphia Semiconductor Index is expected to evaporate more than 2 trillion USD in market value within seven trading days.

As chip stocks' market value evaporates by $1 trillion, ETF investors are pouring billions into the dip.The VanEck Semiconductor ETF attracted over $430 million in inflows over the past three days, while the Direxion Daily Semiconductor Bull 3X Shares ETF saw approximately $3.8 billion in inflows this week, setting a record. The Philadelphia Semiconductor Index has cumulatively dropped 12% over six days.

J.P. Morgan strategist Nikolaos Panigirtzoglou pointed out that the AI stock sell-off in October may be difficult to replicate the rapid rebound seen in July. Compared to before, the current market's willingness to buy on dips has weakened, short positions are insufficient to provide potential short-covering buying, corporate buyback funds are also decreasing, and at the same time, leveraged exposure in ETFs is being rebuilt, which may further amplify market volatility. J.P. Morgan believes that, based on investor positioning and capital flows, AI infrastructure stocks do not yet appear to be in an oversold state.This round of sell-off has spread from South Korean memory chip stocks to the U.S. semiconductor sector. SK Hynix and Samsung Electronics have both seen their stock prices drop by nearly one-third over the past month, and the Philadelphia Semiconductor Index has fallen 10% over the last five trading days. Additionally, the combined $40 billion stock buyback plan previously announced by the two companies was completed ahead of schedule in mid-October, which may have caused the market to lose some of the buying support brought by corporate buybacks.Meanwhile, BlackRock CEO Larry Fink warned that if the U.S. halts data center construction, the economy could fall into recession. He stated that a significant portion of U.S. economic growth is related to capital expenditures in AI infrastructure. As market concerns deepen regarding the return on AI investments and corporate profitability, price adjustments in the AI supply chain could also impact data center construction, energy infrastructure, and related employment sectors.

According to DealSite, storage chip manufacturer SK Hynix is expanding the mass production of the sixth-generation high bandwidth memory HBM4. However, some industry insiders believe that the expansion speed is slower than expected, and some equipment orders planned for this year may be postponed until next year.Industry insiders stated that some equipment originally scheduled for delivery in the second half of this year has shown signs of delay, and subsequent order plans have not yet been clarified. An anonymous source indicated that some equipment originally planned for this year may be pushed to next year, and there is no data confirming whether the delivered equipment is operating at full capacity. The investment plans related to HBM4 for next year have not been specifically communicated to some partners, and this year's orders have largely been completed, but there are no clear signals of increased or decreased investment. Reports suggest that the direct correlation between the equipment investment schedule and product quality issues has not yet been confirmed.Liu Henggen, a researcher at Daxin Securities, believes that concerns about major customers' HBM4 quality issues leading to performance below expectations are excessive. There may have been some issues in the backend process, but they cannot be regarded as insurmountable risks, and it is not yet time to discuss bad compensation. There are also industry claims that, against the backdrop of rising prices for general memory, some HBM investments may shift towards general memory. SK Hynix plans to prioritize the introduction of DRAM production equipment into the first cleanroom of the Yongin cluster Y1 wafer fab, and the industry expects that the initial production line will adopt the sixth-generation 10-nanometer 1c process, with the new capacity being prioritized for general DRAM. Some opinions also suggest that changes in the schedule of certain backend equipment are insufficient to determine that HBM4 mass production is hindered, as SK Hynix has already supplied HBM4 16-layer samples to major customers.

On October 13, chip company Qualcomm announced in San Diego that a jury found Arm in violation of the long-standing architecture license agreement (ALA) with Qualcomm, failing to fulfill related commitments and deliberately disrupting Qualcomm's business.Qualcomm stated that, combined with the previous court victory, this outcome further indicates Arm's intention to harm Qualcomm and its ecosystem. Qualcomm called this result a victory for innovation and competition and will continue to develop and deliver semiconductor products, including the Oryon CPU.

On Tuesday, the global semiconductor sector faced a massive sell-off, with the decline intensifying. The trigger was Broadcom CEO Hock Tan stating that AI investments have a "casino-like" nature. He mentioned in Singapore on Monday that many investors do not even know what they are investing in and that investors have set extremely high expectations, only to find that it is just like being in a casino.The world's two largest memory chip manufacturers, Samsung Electronics and SK Hynix, saw their stock prices plunge by 8.8% and 9.2% at one point during the morning session, dragging down South Korea's main stock index by 7%. The two companies account for about half of the weight in the Korea Composite Stock Price Index, and their stock prices have cumulatively dropped by about 15% over the past five days. The Taiwan Weighted Stock Index, dominated by chip stocks, fell by 2.5%, with TSMC down 2%; Micron Technology dropped nearly 4% overnight, and the Philadelphia Stock Exchange Semiconductor Index fell by 2.7%.