目录
Post-Close Summary
Full AI/Semiconductor Value Chain
AI Models/Inference and AI Cloud
GPU/CPU/ASIC and High-Speed Interconnects
Memory, Foundries, and Equipment
Advanced Packaging, Power, Testing, and Optical Communications
Internet/Platforms
Software/SaaS
Consumer Electronics/Smart Vehicles
Huang’s Selected Portfolio
Overview
404K | 2026-08-06
Post-Close Summary
As of the latest trading close on August 4, the S&P; 500, Nasdaq 100, and S&P; 500 Equal Weight Index rose 1.80%, 3.40%, and 1.44%, respectively. Mega-cap technology clearly outperformed, but the equal-weight index also strengthened, indicating that risk appetite was not confined to a handful of large-cap stocks.
Technology, semiconductor, software, and cloud-computing themes rose 4.98%, 5.55%, 4.70%, and 3.68%, respectively. The 20-day RPS readings for cloud computing and software reached 100.0 and 96.3, while semiconductor 20-day RPS was only 18.5; despite the broad short-term rally, medium-term relative strength remains concentrated in cloud and software.
Industry developments point to the same shift: constraints on AI buildouts are spreading from individual GPUs to power, networking, memory, enterprise SSDs, substrates, and testing. Among the covered stocks, 17 reached 52-week highs on August 4, but supply tightness and elevated capital expenditure coexist; subsequent validation will depend on utilization, deliveries, and cash flow.
Full AI/Semiconductor Value Chain
AI Models/Inference and AI Cloud
Anthropic
1) The company confirmed for the first time that it has formed a custom-silicon team to design dedicated chips for Claude, aiming to improve speed and energy efficiency at scale.
2) The company continues to pursue a multi-chip strategy, with Amazon, Google, NVIDIA, and AMD continuing to provide external supply. Whether its in-house development roadmap can alter costs will depend on the architecture, foundry partners, and deployment scale being finalized.
"Anthropic is developing proprietary chips to co-design hardware and models, aiming to make Claude run faster and more efficiently."
Model Routing
Model competition is beginning to shift from a single leaderboard to cost per task. Opus 5 Max ranked No. 1 in the full-stack coding arena with a score of 1699; another set of ongoing tests showed that task-based model routing delivered 2.8 times the performance of a single-model strategy. Falling prices support adoption, but new models do not automatically reduce cost per question.
"Every few weeks, a new model tops the public leaderboard. But in financial and business research, the model is no longer the bottleneck; context is."
CoreWeave
The company signed a multi-year agreement with Solidigm, an SK hynix subsidiary, to secure priority access to enterprise SSD capacity, directly locking storage resources into its AI cloud expansion plan. The agreement improves supply visibility, but capacity, procurement prices, and the delivery schedule were not disclosed; these data will determine whether securing volumes can genuinely translate into faster deployment.
"CoreWeave signed a multi-year agreement with Solidigm, a subsidiary of SK hynix, to secure priority access to enterprise SSD capacity."
SpaceX
The company disclosed that approximately 1.4 GW of AI compute capacity is operational, with a year-end target of more than 2 GW and capacity approaching 10 GW by the end of 2027; it signed approximately $14.1 billion in new cloud-service agreements in the second quarter, followed by another $6.7 billion in contracts over the subsequent weeks. The main risks are that differing revenue definitions, memory constraints, and capital payback periods still require validation.
"Some customers cannot run all GPUs at full power because of insufficient power supply even after racks have been deployed; in practice, they may try running GPUs at 50% power."
Applied Digital
The company’s total revenue exceeded expectations by more than 150%, but this was primarily attributable to one-time construction fees; recurring rent was approximately $44 million, while debt was approximately $5 billion. Growth quality depends on rental revenue ramping as tenants move in; if cloud providers slow capital expenditure, cash-flow pressure will emerge first once construction revenue ceases.
"Most of Applied Digital’s revenue this quarter came from one-time fit-out fees rather than recurring rent."
GPU/CPU/ASIC and High-Speed Interconnects
AMD
1) Fiscal 2Q26 revenue was $11.54 billion, up 13% sequentially and 50% year over year, with a gross margin of 56%.
2) Server revenue is expected to grow more than 80% year over year in the second half and more than 70% in fiscal 2027; the data-center AI business is expected to grow far more than 100% in 2027. The Helios supply ramp and gross margin are the key validation points.
"The company is seeing very strong compute-market demand for both data-center accelerators and server CPUs, with the server business growing more than 80% year over year in the second half."
NVIDIA
The stock rose 2.56% on August 4, gaining 7.58% over five days and 7.62% over 20 days. Industry data indicate that NVIDIA has a 92% share of the sovereign-AI foundation-model index; another technical analysis showed that its networking revenue grew 142%, outpacing the 59% growth in compute chips, as incremental value is spilling over from GPUs into interconnects.
Arista
Needham maintained its Buy rating and raised its price target from $200 to $260. The company’s second-quarter revenue and earnings per share exceeded expectations by 7% and $0.13, respectively; total deferred revenue increased 69% year over year and 11% sequentially, while full-year revenue-growth guidance was raised to 40%. Improved supply of core chips is a prerequisite for fulfilling orders.
"Management said the biggest change this quarter was securing supply of core chips after demand had far exceeded supply capacity in recent quarters."
Astera Labs
Needham maintained its Buy rating and raised its price target from $260 to $425. Analysts expect the Scorpio X volume ramp, higher XPU content, and Leo CXL growth to jointly drive product-line expansion; the near-term focus is the mass-production ramp, while customer concentration and the risk associated with transitions to new interconnect standards must still be validated over the longer term.
Marvell Technology
The company showcased a PCIe Gen 6 NVMe SSD controller at FMS2026, targeting enterprise and hyperscale data-center storage workloads. Solutions incorporating Bravera SC6 support TLC or QLC NAND and use a host-managed flash translation layer; commercial value will depend on customer qualification and actual adoption in high-capacity SSDs.
Memory, Foundries, and Equipment
SK hynix
1) Goldman Sachs forecasts that the company’s gross margin may reach 86% in 2027, revenue may reach KRW 592 trillion in 2028, and HBM pricing is expected to approach $2.9 per gigabit in 2027.
2) The company said it will announce a plan to enhance capital returns before year-end. The forecasts depend on AI demand and capacity discipline; a gross margin above 80% is not assured.
Samsung Electronics
The company is evaluating an expansion of shareholder returns, with a special dividend among the potential options; analysts estimate that its 2026 free cash flow may be approximately KRW 200 trillion. Enhanced capital returns indicate improving cash generation from memory, but the final plan must still balance the investment required to expand HBM, DRAM, and NAND capacity, while the pace of shareholder-return execution also warrants monitoring.
GlobalFoundries
Second-quarter revenue was $1.786 billion, with a gross margin of 29.9%; third-quarter revenue guidance was $1.885 billion, plus or minus $25 million, with gross-margin guidance of 30.5%, plus or minus 100 basis points. SiGe and silicon-photonics capacity support optical-interconnect demand, but this appears more like localized scarcity and should not be extrapolated into a broad recovery in mature nodes.
TSMC
The company is reportedly outsourcing a CoWoS front-end process that was previously performed primarily in-house; the supply chain expects NVIDIA to account for more than 50% of CoWoS capacity in 2026. The outsourcing move indicates that advanced packaging remains tight; the key issues to monitor are whether outsourced processing, yields, and delivery lead times can scale in tandem, as well as the progress of customer qualification.
Eugene Technology
The company plans to complete development and begin commercialization of TiN ALD equipment for sub-10-nanometer DRAM, claiming production efficiency more than 2 times that of comparable overseas equipment; it is currently conducting evaluations using customers’ actual patterned wafers. Whether the equipment can replace imported supply depends on process performance, customer qualification, and subsequent orders, rather than laboratory throughput alone.
Advanced Packaging, Power, Testing, and Optical Communications
Power Semiconductors
The industry’s estimated serviceable addressable market was raised to $48 billion, while associated value per rack increased from $15,000 to $115,000. Rising rack power density is increasing power-management and power-device content, but market potential does not equal orders; customer architectures, supply share, and the sustainability of unit pricing still need to be verified.
Advanced Packaging Substrates
Supply-chain sources indicate that packaging orders have already been placed with OSAT vendors, but production is still awaiting substrate deliveries; the current constraint appears to be substrates rather than packaging equipment or OSAT capacity. This shift will move delivery risk upstream to materials and substrates, requiring monitoring of substrate arrivals, yields, the pace of OSAT production-schedule recovery, and changes in backlog absorption.
King Yuan Electronics
The company’s 2026 capital expenditure reached NT$50 billion; it recently ordered probe stations from Tokyo Electron and is advancing a testing plant in Singapore and a $1.4 billion U.S. facility. The company also issued an NT$1.73 billion purchase order to a cleanroom contractor. The capacity-expansion signal is clear, but revenue recognition still depends on equipment installation, customer qualification, and capacity utilization.
Synopsys
DiffPower, proposed jointly with Duke University researchers, converts netlists into process-design-kit-independent bytecode and uses reverse-mode automatic differentiation to calculate analytical gradients. On the largest design evaluated, it achieved up to a 1002-fold speedup versus single-threaded CPU propagation; the hardware configuration, error rates, and comparison with commercial tools have yet to be validated.
"On the largest design evaluated, DiffPower achieved up to a 1,002-fold speedup versus single-threaded CPU propagation."
Silicon-Photonics MEMS
A Berkeley team demonstrated a silicon-photonics MEMS switch compatible with unmodified foundry processes, featuring an extinction ratio above 30 dB, insertion loss below 1.5 dB, and static power consumption of approximately 20 nW at maximum drive voltage. Process compatibility lowers the adoption barrier, but switching speed, port scale, lifetime, yield, and mass-production cost have not yet been disclosed.
Internet/Platforms
Google
1) Jeff Dean is leaving after 27 years to found an automated scientific research company; Oriol Vinyals, Quoc Le, and Sanjay Ghemawat will join him. Google plans to invest and provide computing capacity.
2) The company is also in talks on a talent and technology licensing deal with Mechanize valued at more than $1.5 billion. Research talent retention and stronger coding capabilities have simultaneously become areas of focus.
"Veteran Google scientists Oriol Vinyals, Quoc Le, and Sanjay Ghemawat will join him."
"According to four people familiar with the talks, the technology giant has been discussing a potential deal with San Francisco startup Mechanize in recent weeks."
Microsoft
Microsoft reportedly derives most of its AI revenue from OpenAI; the stock rose 1.06% on August 4, gained 25.29% over 5 days, and gained 26.74% over 20 days, with a 20-day individual-stock RPS of 100.0. Market strength is very high, but revenue concentration means the partnership structure and monetization of proprietary products need to be assessed separately.
Amazon
The stock fell 2.32% on August 4, but remained up 20.17% and 12.78% over 5 and 20 days, respectively. Its subsidiary Zoox will launch its first paid robotaxi service in Las Vegas next Monday, priced near the “Comfort” tier and approximately 20% to 40% above standard ride-hailing services; this marks a step in autonomous driving’s transition from testing to revenue validation.
"Zoox (an Amazon subsidiary) will officially launch its first-ever paid robotaxi ride service in Las Vegas next Monday."
Meta
The stock fell 0.39% on August 4, declined 0.92% over 5 days, and declined 4.49% over 20 days, with a 20-day individual-stock RPS of 38.9. The price trend is weaker than those of Microsoft, Google, and Amazon; in the absence of new operating data, this divergence is better viewed as a relative-strength signal rather than a fundamental conclusion.
Oracle
The stock rose 2.74% on August 4, gained 21.49% over 5 days, and gained 2.92% over 20 days, with a 5-day individual-stock RPS of 78.8. The short-term return of capital is evident, but 20-day performance has not yet strengthened in tandem; whether this recovery can be sustained will depend on the pace at which AI cloud orders, delivery, and capital expenditure translate into results.
Shopify
Second-quarter revenue was $3.58 billion, up approximately 34% year over year; gross merchandise volume was $115.6 billion, up 31.6% year over year, and free cash flow was $654 million. Third-quarter revenue growth guidance was approximately 32%, above the 26% expectation; AI-driven traffic and orders both reached 3 times the prior-year level, but the rising share of merchant solutions is pressuring gross margin.
"Traffic from AI sources increased 3 times year over year, orders originating from AI search increased 3 times, and new buyers placed orders at 2 times the rate of those from other channels."
"Third-quarter guidance calls for revenue growth of +31.5% year over year, 3.8% above consensus."
MercadoLibre
Second-quarter consensus expectations were for revenue of $9.796 billion, up 44.3% year over year, and earnings per share of $9.14, down 11.3% year over year. Growth and profit are moving in opposite directions, indicating that the market is more focused on whether fulfillment, credit, and marketing investment can translate into profit; these remain pre-earnings expectations and should not be treated as realized results, making profit validation particularly important.
Booking
Second-quarter revenue was $7.352 billion and bookings were $51 billion, with accommodation demand better than previously feared; however, key third-quarter growth guidance was below consensus, and investors are betting on renewed acceleration in the fourth quarter. The focus should be on the sustainability of room-night volume, marketing efficiency, and AI-driven traffic share, rather than bookings volume alone.
"Core accommodation demand proved more resilient than feared, but third-quarter growth guidance was broadly below consensus; fourth-quarter reacceleration and fading Middle East disruption are key assumptions."
Netflix
The stock rose 0.33% on August 4 and gained 1.63% over 5 days, but declined 3.43% over 20 days, with a 20-day individual-stock RPS of 42.7. Short-term stabilization has not yet changed the medium-term weakness; in the absence of new operating catalysts, the focus remains on whether subscriptions, advertising, and content spending can improve, rather than interpreting a one-day rebound as a trend reversal.
Airbnb
The stock fell 0.48% on August 4, declined 2.08% over 5 days, and gained 0.75% over 20 days, with a 20-day individual-stock RPS of 57.3. The price is hovering around the middle of its range, and the market has not confirmed a clear direction yet; the next step is to assess whether booking growth, room nights, and marketing efficiency can improve simultaneously and translate into more stable profit growth.
DoorDash
The stock rose 0.93% on August 4, gained 3.50% over 5 days, and gained 3.40% over 20 days, with a 20-day individual-stock RPS of 67.9. Gains are directionally consistent across multiple periods, and the platform is more resilient than most consumer internet companies; however, without new operating evidence, the trend still requires validation through order frequency and unit economics.
Pinterest
The stock rose 5.88% on August 4, gained 5.01% over 5 days, and gained 14.09% over 20 days, with a 20-day individual-stock RPS of 88.5. Relative strength in social commerce and advertising is notable; the key going forward is whether user engagement, ad pricing, and shopping conversion can support the price trend, rather than relying solely on valuation expansion.
Snap
The stock rose 14.88% on August 4, gained 21.38% over 5 days, and gained 24.52% over 20 days, with a 20-day individual-stock RPS of 99.2, ranking among the leaders in platform stocks. Short- and medium-term momentum is very strong, but the stock remains down 3.18% over 60 days; the validation point is whether advertising demand and user monetization can turn the rebound into sustained growth.
Trade Desk
The stock rose 5.68% on August 4, gained 2.27% over 5 days, and gained 0.83% over 20 days, with a 20-day individual-stock RPS of 59.5. The one-day gain was significantly stronger than the cumulative medium-term performance, indicating that the recovery has only just begun; programmatic advertising budgets and client retention will determine the subsequent slope and duration of the recovery.
Costco
The stock fell 0.65% on August 4, declined 1.94% over 5 days, and gained 0.04% over 20 days, with a 20-day individual-stock RPS of 55.0. Price performance is nearly flat, and its defensive consumer profile has not generated significant excess returns; the focus should be on membership renewals, traffic, and merchandise gross-margin changes, rather than equating stability with growth.
Software/SaaS
Cloudflare
1) Jooble processes 125 million requests per day across 66 countries and blocks 7 million malicious bots daily.
2) The identity-aware AI Gateway has entered public beta, while WriteGuard adds controls before MCP write permissions are expanded. The company is bringing AI traffic, identity, and security into a single gateway; commercialization will depend on paid adoption and false-positive rates.
"The identity-aware AI Gateway has now entered public beta. User Insights turns this traffic into behavioral baselines for each person and agent."
"Before expanding internal MCP write permissions, we built WriteGuard. We are now bringing these controls to the Cloudflare MCP portal through a private beta."
Datadog
Second-quarter consensus expectations were for revenue of $1.076 billion, up 30.1% year over year, and earnings per share of $0.58, up 1.8% year over year; management guidance was $1.07 billion to $1.08 billion. The wide gap between revenue and profit growth means the key earnings validation points are usage recovery after cloud optimization ends and margins.
"Second-quarter ’26 guidance is $1.07 billion-$1.08 billion (+30.0% year over year)."
Zeta Global
KeyBanc maintained its Overweight rating and raised its price target from $22 to $27. The analyst’s rationale was reaccelerating organic growth, achieving GAAP profitability, progress in the Palantir partnership, and early adoption of Athena. Whether the positive rating thesis holds will depend on whether growth moves beyond one-off projects and translates into sustained cash flow.
"The analyst sees reaccelerating organic growth, achievement of GAAP profitability, progress in the Palantir partnership, and successful early adoption of Athena."
Lovable
The company partnered with Cerebras to run latency-sensitive software creation workloads on dedicated wafer-scale engine computing capacity; the platform has built more than 50 million projects. Faster inference may reduce interaction wait times, but the commercial impact will still depend on sustained changes in response times, user retention, paid conversion, and service availability.
"Cerebras helps Lovable respond at the speed our customers think, so they no longer have to deliberate over whether an idea is worth trying and can simply build it."
AlphaSense
Ongoing benchmark testing shows GPT-5.6 Sol in the lead, while Opus 5 costs 5 times as much as its predecessor but performs worse; Gemma models achieve quality comparable to Sonnet 5 at 40 times lower cost. The company concludes that task-based model routing performs 2.8 times better than a single-model strategy, indicating that enterprise software value increasingly depends on workflow and context.
"An update does not automatically mean better performance, token pricing does not equal cost per question, and task-based model routing performs 2.8 times better than any single-model strategy."
CrowdStrike
The company worked with Amazon Web Services to build adversarial agent scenarios that use prompt injection to test agent security; meanwhile, several hedge funds faced AI-driven voice phishing, and Two Sigma said it had blocked the attack and found no evidence of intrusion. AI security demand is expanding from endpoint protection to identity, voice, and agent permissions.
"Attackers used AI-driven voice phishing (vishing) to trick employees into granting system access."
Palantir
The stock rose 29.45% on August 4, gained 31.68% over 5 days, and gained 21.05% over 20 days, with a 20-day individual-stock RPS of 97.7. Momentum is strong across multiple periods, but the stock remains down 3.10% year to date; contracts, remaining performance obligations, and margins need to deliver going forward to prevent the price from getting too far ahead of fundamentals.
Snowflake
The stock rose 3.00% on August 4, gained 17.17% over 5 days, and gained 20.56% over 20 days, with a 20-day individual-stock RPS of 96.2. Data cloud is one of the strongest segments in software; translating the trend into an earnings view still requires monitoring consumption revenue, customer expansion, and the intensity of paid AI workloads.
Salesforce
The stock rose 2.71% on August 4, gained 5.23% over 5 days, and gained 12.67% over 20 days, with a 20-day individual-stock RPS of 84.7. The short- and medium-term recovery is relatively broad, but the stock remains down 24.69% year to date; paid seats, renewals, and margins for Agent products are key to validating the valuation recovery.
ServiceNow
The stock rose 3.46% on August 4, gained 6.80% over 5 days, and gained 6.69% over 20 days, with a 20-day individual-stock RPS of 72.5. The price structure is strong but not extreme; whether workflow AI can increase contract values and net retention requires continued validation through remaining performance obligations and expansion among large customers.
MongoDB
The stock rose 6.17% on August 4, gained 22.35% over 5 days, and gained 5.18% over 20 days, with a 5-day individual-stock RPS of 82.6. Short-term performance is stronger than the medium-term trend, indicating a rapid return of capital; database consumption, Atlas growth, and incremental workloads from generative AI applications will determine the quality of the rebound.
Palo Alto Networks
The stock rose 5.53% on August 4, gained 14.84% over 5 days, and gained 8.69% over 20 days, with a 20-day individual-stock RPS of 76.3. The security-platform consolidation thesis continues to show relative strength; the focus going forward is whether next-generation security annualized revenue, platform-migration investment, and free cash flow margin can improve simultaneously.
Innodata
The stock rose 10.99% on August 4, gained 21.98% over 5 days, and gained 0.79% over 20 days, with a 5-day individual-stock RPS of 80.3. Short-term upside is markedly stronger than the medium-term trend; revenue concentration, project duration, and gross margin in AI data services will determine whether the current strength can be sustained.
GitLab
The stock rose 2.52% on August 4, gained 10.66% over 5 days, and gained 11.94% over 20 days, with a 20-day individual-stock RPS of 80.2. DevOps software is showing a steady recovery; the next step is to assess whether AI coding features continue to increase paid-tier adoption, net retention, revenue per customer, and margins.
AppLovin
The stock rose 3.33% on August 4 and gained 0.35% over 5 days, but declined 20.51% over 20 days, with a 20-day individual-stock RPS of only 4.6. The one-day rebound has not yet changed the weak structure; advertising efficiency, customer concentration, and incremental revenue from AI ad-placement tools need to re-establish a credible evidence chain through operating data.
Consumer Electronics/Smart Vehicles
Apple
BofA noted that the company added new risk factors highlighting constraints in component supply and computing infrastructure; advanced semiconductors, NAND, and DRAM face shortages and rising costs. Shares rose 1.96% on August 4 but fell 9.03% cumulatively over 5 days. If supply pressures persist, costs, deliveries, product mix, and gross margin will be affected first.
"Certain components continue to rely on a single or limited number of suppliers and are currently facing industry-wide supply shortages."
Tesla
From April 2025 to April 2026, aggregate searches for popular EV models in Canada exceeded 3.4 million, with Model Y ranking No. 1. Shares rose 1.64% on August 4 but fell 18.75% cumulatively over 20 days, with a 20-day individual-stock RPS of 8.4; search interest and orders and deliveries remain separate metrics.
Uber
1) Quarterly trips increased 18% YoY to 3.9 billion, revenue rose 12% to US$14.2 billion, and gross bookings grew 24% to US$58 billion.
2) The company plans to invest more than US$10 billion to expand autonomous driving and expects to cover 15 U.S. cities by the end of 2026. Whether this investment can translate into improved unit economics is a new validation point beyond cash flow.
"Uber CEO: ‘...We achieved record consumer scale and engagement, while delivering profitable growth across each of our businesses.’"
"We continue to translate strong revenue growth into even faster profit growth and substantial cash generation."
AST SpaceMobile
The company successfully launched BlueBird 11, 12, and 13, with a target peak speed per satellite approaching 200Mbps, nearly 2 times its previous milestone of 98.9Mbps; the company has reached agreements with nearly 60 mobile operators, covering more than 3 billion users. Commercial testing, coverage, and direct-to-device connection quality still require real-world validation.
"The successful launch of BlueBird 11, 12, and 13 demonstrates progress in developing a space-based cellular broadband network built for scale."
SharkNinja
According to reports, the company is a case of a traditional consumer-goods business using AI to improve operations, but the available information does not disclose specific revenue, profit, or cost data. The assessment cannot stop at “AI adoption”; the next step is to determine whether the new-product development cycle, marketing conversion, inventory turnover, and gross margin show quantifiable and sustained operational changes.
"I’m a big fan of SharkNinja (great company and management team). Mark Barrocas is exceptional."
Qualcomm
Shares rose 7.32% on August 4, fell 0.13% cumulatively over 5 days, and fell 11.09% cumulatively over 20 days, with a 20-day individual-stock RPS of 18.3. The one-day recovery has not reversed the medium-term weakness; handset demand, on-device AI content per device, and automotive growth remain the main tracking variables, while order fulfillment and gross margin also need to improve in tandem.
Skyworks
Shares rose 8.97% on August 4, 3.26% cumulatively over 5 days, and 11.76% cumulatively over 20 days, with a 20-day individual-stock RPS of 79.4. Relative strength in the RF front-end supply chain has improved; the next step is to assess whether smartphone shipments and content value per device can improve and customer-concentration risk can decline as the order mix continues to improve.
NXP Semiconductors
Shares rose 5.99% on August 4 but fell 8.31% and 13.01% cumulatively over 5 and 20 days, respectively, with a 20-day individual-stock RPS of 13.7. Automotive and industrial demand has not yet produced a sustained price recovery; inventory digestion, automotive-grade orders, and channel restocking are more important validation points and will also determine the pace of capacity-utilization and margin recovery.
Analog Devices
Shares rose 5.09% on August 4, 3.95% cumulatively over 5 days, and 0.33% cumulatively over 20 days, with a 20-day individual-stock RPS of 55.7. The analog-chip trend is close to neutral; the recovery in orders from automotive and industrial customers, inventory levels, and pricing stability will determine the next direction and whether margins can continue improving steadily.
Texas Instruments
Shares rose 5.42% on August 4 and 2.37% cumulatively over 5 days but fell 3.30% cumulatively over 20 days, with a 20-day individual-stock RPS of 44.3. The short-term rebound has not reversed the medium-term weakness; capacity utilization, industrial demand, and depreciation pressure will determine the pace of margin recovery and the overall payback period for new capacity.
Microchip Technology
Shares rose 7.25% on August 4 and 6.55% cumulatively over 5 days but fell 4.14% cumulatively over 20 days, with a 20-day individual-stock RPS of 40.5. The MCU and analog supply chains have seen a short-term return of capital, but the sustainability of channel inventory normalization and customer restocking still requires validation; whether industrial and automotive orders can improve consistently is particularly critical and will also determine the direction of margins.
onsemi
Shares rose only 0.47% on August 4 and fell 4.28% and 11.33% cumulatively over 5 and 20 days, respectively, with a 20-day individual-stock RPS of 17.6. Power and automotive semiconductors are relatively lagging; EV demand, silicon-carbide utilization, and execution of long-term supply agreements are key and will directly affect the sustainability of the revenue and gross-margin recovery.
STMicroelectronics
Shares rose 3.89% on August 4 and 8.09% cumulatively over 5 days but fell 19.41% cumulatively over 20 days, with a 20-day individual-stock RPS of only 6.9. The rebound bears stronger characteristics of a recovery from depressed levels; automotive and industrial MCU inventories and capacity utilization need to improve in tandem, while pricing and margin pressures also require continued monitoring and validation.
Aptiv
Shares fell 16.62% on August 4, 19.66% cumulatively over 5 days, and 18.91% cumulatively over 20 days, with a 5-day individual-stock RPS of 0.0 and a 20-day RPS of 7.6. The autonomous-driving and in-vehicle electronics supply chains are under clear pressure; orders, margins, and customer production schedules are the core data points for determining whether the decline has stopped.
Aurora
Shares rose 6.48% on August 4, 16.43% cumulatively over 5 days, and 14.58% cumulatively over 20 days, with a 20-day individual-stock RPS of 90.8. Autonomous trucks are significantly stronger than automotive components, but commercial deployment mileage, fleet size, and safe-operating data still need to be delivered continuously and on schedule under the established plan.
Huang’s Selected Portfolio
