TMT Special Sales: Momentum Factor Bounce and Semiconductor Outlook

The TMT momentum factor stabilized after a massive 23% correction as investors look toward pivotal Nvidia earnings and new AI token business models from Chinese telcos.

Key Takeaways

• 1.The TMT momentum factor saw a significant intraday bounce after a 22-23% pullback, suggesting the recent unwind may be nearing completion.
• 2.CXMT's updated IPO prospectus indicates it is scaling faster and achieving 80%+ yields on 1a DRAM nodes, creating competitive pressure for mainstream suppliers like Nanya.
• 3.Nvidia earnings represent a high bar with focus on Data Center guidance and gross margin sustainability after a 40% stock run since April.

Table of Contents

• TODAY'S WRAP
• MEMORY
• Nvidia tonight
• Google
• Hexagon
• Day 2 takeaway from our Asia Communacopia + Technology Conference
• AWAY FROM GS
• TECH
• TELCOS
• MEDIA & INTERNET
• MACRO AND TRADING
• 2026 EMEA Conferences

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