We did some math on the profitability of TSMC's nodes.

Arm and Qualcomm both reported good numbers, but while Qualcomm did exceptionally well, Arm's numbers left something to be desired.

For the moment, Hyperscaler capex plans remain intact, but the teams building those AI data centers all suddenly have the strangest sense that someone is watching them...

We struggled over the decision to write this piece. On the one hand, Deepseek has gotten everyone's attention and is definitely important. On the other hand, an awful lot has already been written on the subject in a very short time frame. First and foremost, we think the stock market has gotten far ahead of the reality in its reaction to Deepseek.

All the bankers we know are incredibly busy, but they do not have much to show for it. The capital markets are log-jammed and it is not clear what it will take to free them.

No one wants to buy Intel's fabs, and their bottomless funding needs, but the company probably cannot be sold without someone taking them on.

TSMC reported earnings yesterday, and the management team seemed very happy about things. Their numbers came in ahead of expectations, and their outlook seemed very positive. AI is very good for TSMC. When companies report solid earnings it can leave sell side analysts in an odd position. They have the opportunity to ask questions, but with no obvious problems what can they ask about.

We met a cable company in China with a factory in China and an identical plant in Thailand built entirely to serve US customers are skirt US tariffs.

Consumer electronics makers seem to have taken a step backwards when it comes to AI as they search for useful consumer applications.

The key message of Nvidia's CES keynote is "We have a lot more software than everyone else."

Marvell has a better book of custom silicon designs than many give it credit for, but we still have a lot of longer-term questions about the health of this business.

We have recently been fielding a few conversations about the future of analog chip companies. Amidst all the recent excitement around AI and all the digital semis that requires, many people forget about the analog side of the industry. Optical is the exception, as these are an increasingly important part of the AI networking stack, but what about all the micro-controllers (MCUs), digital/analog converters, sensors and actuators that the industry produces in immense quantities.

Marvell is now a hyper-scaler supplier. For better or worse.

If TSMC raises its prices as high as we are hearing they intend, then many companies will have no choice but to step off the curve of Moore's Law. Maybe having an alternative like Intel is not such a bad idea.

All of which lays bare the cold hard truth -  Intel's Board is failing.