VLSI KoreaDaily Silicon: AMAT WFE Guide to 30%+, Foxconn AI Server Surge, Hynix PER Tops Samsung
TL;DR — Hon Hai (Foxconn) posted 1Q26 revenue of NT$2.13T and net income of NT$49.92B (+19% YoY), beating LSEG consensus of NT$48.88B. AI hardware infrastruc...
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A practicing semiconductor engineer's daily read on global silicon news:
Three pressures on the semi cycle lit up at once over the past 24 hours: AMAT's 2026 WFE growth guide jumped from 20%+ to 30%+ on HBM and advanced-packaging capex, Foxconn's Q1 beat confirmed AI-server mix shift, and SK hynix's forward PER overtook Samsung Electronics for the first time while KB Securities lifted its target to KRW 3.0M.
Chase's Take — The WFE guide jumping from +20% to +30%+ isn't a clean capex bump — it reads as HBM 12-Hi/16-Hi bonding lines and CoWoS-L cap landing in the same quarter. In the last two cycles capex inflation came back as foundry/memory GM pressure 24–36 months later; the real difference this time is that AI inferencing token demand is outrunning cap ramp. Foxconn Q1 revenue +30% with OP +63% (DIGITIMES) is the mix-shift turning point where AI server racks displace iPhone and console. SK hynix's PER overtaking Samsung gets read as cyclical → secular, but the trap is that the 3-month EPS revision is actually larger at Samsung (+102.15%) than at SK hynix (+78.76%) — the gap is more likely to compress over the next 12 months than widen. With TSMC disclosing 2.1M APAC wafers and 400 new products at the 5/14 Hsinchu symposium, N3/N2 ramp is already at 'one product per day' cadence, and STA/backend engineers need to redraw timing closure to include optical I/O and photonic die-to-die. Next watch points: NVDA 5/20 FY27 Q1 (guide $78B ±2%), Samsung HBM4E mass-production sampling timing (3Q26), and how MATCH Act lands on the Trump-Xi Beijing agenda.
1. Foxconn Q1 Earnings Beat on AI Server Surge — NT$2.13T Revenue (+30% YoY), Net Income +19%
TL;DR — Hon Hai (Foxconn) posted 1Q26 revenue of NT$2.13T and net income of NT$49.92B (+19% YoY), beating LSEG consensus of NT$48.88B. AI hardware infrastructure — NVIDIA server assembly — is the core growth driver, with new lines in Mexico and Texas ramping.
2. TSMC 2026 Symposium: APAC Wafer Consumption 2.1M, 400 New Products
TL;DR — At its 2026 Technology Symposium in Hsinchu on May 14, TSMC disclosed that APAC customers consumed 2.1M 12-inch wafer-equivalents and ramped 2,600 products to mass production in 2025, adding 400 new products — effectively one new product per day. AI demand is expanding simultaneously from cloud data centers to edge devices.
Source: DIGITIMES — TSMC 2026 Symposium: APAC Wafer Consumption 2.1M, 400 New Products
3. SK Hynix Overtakes Samsung in Valuation for the First Time — 2026 Forward PER 6.79x vs 6.77x
TL;DR — Between May 13–14, SK hynix's 2026 forward PER hit 6.79x versus Samsung Electronics' 6.77x — the first time in history, by 0.02 points. Three months ago Samsung led at 8.08x vs SK hynix 5.28x; the 2.80-point gap flipping is the symbolic marker of a cyclical → secular re-rating.
4. KB Securities Lifts SK Hynix PT KRW 2.8M → 3.0M — 'Time to Settle Above $1T Market Cap'
TL;DR — In a May 15 note, KB Securities analyst Dongwon Kim raised SK hynix's price target from KRW 2.8M to KRW 3.0M. He framed the $1T market-cap equivalent (~KRW 2.1M) as a strong support line and noted that AI data center buyers are absorbing 70% of total memory shipments.
5. China Slams US Chip Equipment Bill Ahead of Beijing Talks — MATCH Act Clears Committee 36-8
TL;DR — Per Reuters/TimesLive on May 13, China's foreign and commerce ministries pushed back hard after the MATCH Act cleared the House Foreign Affairs Committee 36-to-8 on April 22, raising the odds it lands on the Trump-Xi Beijing summit agenda. US memory leader Micron is reported to have been the most active lobbyist behind the bill.
6. Marvell (MRVL) Hits All-Time High on Dual Analyst Upgrades — BofA $200 / Goldman $125
TL;DR — On May 14, Bank of America raised Marvell's PT to $200 (Buy maintained) and Goldman Sachs raised to $125. The stock jumped +8.2% to an all-time-high close of $177.95, then added +4.2% to $185.40 in next-day premarket. YTD 2026 ~+105%, with 12 consecutive ATHs.
Source: Parameter — Marvell (MRVL) Hits All-Time High on Dual Analyst Upgrades — BofA $200 / Goldman $125
7. US to Launch 2X Leveraged ETF Tracking Samsung & SK Hynix — Hong Kong CSOP AUM $5.37B, World's Largest Single-Stock Leveraged ETF
TL;DR — Per Seoul Economic Daily on May 13, the Hong Kong-listed 'CSOP SK Hynix Daily 2X Leveraged' ETF reached $5.37778B AUM, overtaking Direxion TSLA 2X Bull for the first time to become the world's largest single-stock leveraged/inverse ETF. Two US listings including 'Leverage Shares 2X Long Memory' are in preparation, and on May 27, eight Korean asset managers will simultaneously list 16 single-stock leveraged ETFs.
Frequently Asked Questions
What changed in Applied Materials' 2026 WFE growth guide?
Applied Materials' 2026 WFE growth guide rose from 20%+ to 30%+, driven by HBM and advanced-packaging capex. The summary links the increase to HBM bonding lines and CoWoS-L capacity arriving in the same period.
What did Foxconn report for 1Q26?
Hon Hai (Foxconn) posted 1Q26 revenue of NT$2.13T and net income of NT$49.92B, up 19% year over year, beating consensus of NT$48.88B. NVIDIA server assembly is the core growth driver, with new lines in Mexico and Texas ramping.
When did SK hynix's forward PER first overtake Samsung's?
Between May 13–14, SK hynix's 2026 forward PER reached 6.79x versus Samsung Electronics' 6.77x, the first time SK hynix has been higher, by 0.02 points. Three months earlier Samsung led at 8.08x versus 5.28x.
What did TSMC disclose at its 2026 Technology Symposium?
At its May 14 Technology Symposium in Hsinchu, TSMC disclosed that APAC customers consumed 2.1M 12-inch wafer-equivalents and ramped 2,600 products to mass production in 2025, adding 400 new products.
How large is the CSOP SK Hynix 2X leveraged ETF?
The Hong Kong-listed CSOP SK Hynix Daily 2X Leveraged ETF reached $5.37778B in assets, becoming the world's largest single-stock leveraged/inverse ETF. Two US listings are in preparation.
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