A practicing semiconductor engineer's daily read on global silicon news:
May 5–7 was the week the market re-asked who actually pockets the AI infrastructure supercycle: SK Securities formalized the memory re-rating by lifting SK hynix to ₩3M and Samsung to ₩500K, Arm posted a record $1.49B Q4 FY26 with data-center royalties doubling YoY, while Nvidia detached from the SOX rally and Broadcom slipped 4% as OpenAI's $18B custom-chip tranche stalled on a Microsoft 40% offtake clause.
Chase's Take — From an engineer's seat, two signals matter most this week. First, SK Securities openly switched its SK hynix valuation framework from P/B to P/E — formally retiring the era when memory was treated as an asset-cycle business (the same model that wouldn't grant 1x book) and redefining it as a core profit asset of AI infrastructure. Read this not as a single broker note but as the consensus-forming signal across Korean sell-side. Second, Nvidia falling out of the SOX rally isn't profit-taking — it's the first week the bet that hyperscaler ASICs will compress Nvidia margins became visible in price. If the Alphabet TPU revenue path of $3B in 2026 to $25B in 2027 hardens into consensus, the Broadcom/Marvell multiples get firmer support, but the sorting has already started — see Marvell's -6.2% on 5/7 where the expectation was already in the price. Next watchpoint is Applied Materials FY2Q26 guidance on May 14 — whether WFE TAM is actually walking toward $135B, and whether memory capex shows up as real orders.
1. Samsung to ₩500K, SK hynix to ₩3M — SK Securities and Mirae Asset Hike in Lockstep
TL;DR — On May 7, SK Securities raised SK hynix to ₩3M from ₩2M and Samsung Electronics to ₩500K from ₩400K on the same day. Mirae Asset also lifted SK hynix to ₩2.7M from ₩2M (+35%). First week the Korean sell-side has formally moved memory valuation from P/B to a P/E framework.
Source: Financial News — Samsung to ₩500K, SK hynix to ₩3M — SK Securities and Mirae Asset Hike in Lockstep
2. Arm Delivers Record Quarter — Q4 FY26 $1.49B, AGI CPU Books $2B Meta Demand
TL;DR — Arm reported Q4 FY26 revenue of $1.49B (+20% YoY, all-time high) and full-year $4.92B (+23% YoY, third consecutive 20%+ year). License revenue hit a record $819M, Q4 royalties $671M, and data-center royalties more than doubled YoY. The newly disclosed Arm AGI CPU has $2B cumulative demand booked across FY27–28 with Meta as the multi-gen co-development partner.
Source: Arm Newsroom — Arm Delivers Record Quarter — Q4 FY26 $1.49B, AGI CPU Books $2B Meta Demand
3. The Chip Sector Rally Is Leaving Behind Its Most Notable Stock — Nvidia
TL;DR — Over the past month AMD ran +90% and Micron +76% while Nvidia stalled at +17%; since April 27 Intel/Micron are +30% and AMD +20% with NVDA flat. Hyperscaler 2026 capex was raised across the board (MSFT +24% to $190B, Meta +8% to $135B), and growing in-house ASIC visibility — Trainium, TPU, Marvell-built Google chips — is compressing Nvidia's multiple a year ahead of Rubin Ultra.
Source: CNBC — The Chip Sector Rally Is Leaving Behind Its Most Notable Stock — Nvidia
4. Taiwan Freezes Trading in MediaTek as AI Chip Rally Pushes Cap Past US$165B
TL;DR — On May 7 the Taiwan Stock Exchange imposed daily price-band and margin-trading restrictions on MediaTek through May 20 after market cap blew past US$165B. Trigger was the 1Q26 call where MediaTek doubled its 2026 ASIC revenue guide to ~$2B on follow-on Google TPU work and added hyperscaler design wins.
Source: DIGITIMES — Taiwan Freezes Trading in MediaTek as AI Chip Rally Pushes Cap Past US$165B
5. Marvell -6.20% on May 7 — Valuation-Driven Sorting Begins
TL;DR — Marvell dropped 6.20% on May 7 with P/E at 50.28x against a 34.65x industry average (+45%), and some models flagging it 60% overvalued. Three-month insider sales totaled $26.2M with zero buys, including the CEO. This is a valuation-led correction, not a fundamentals miss — the ASIC category is moving into a high-multiple-risk re-rating phase.
Source: TradingKey — Marvell -6.20% on May 7 — Valuation-Driven Sorting Begins
6. Intel Shifts Data-Center Packaging to Vietnam and Expands EMIB Integration
TL;DR — Intel is moving data-center chip assembly and test from Costa Rica to Saigon Hi-Tech Park in Ho Chi Minh City and extending EMIB (Embedded Multi-die Interconnect Bridge) advanced-packaging integration into Vietnam. Saigon becomes Intel's largest global ATM site, with Oregon as the EMIB anchor and Amkor Songdo rounding out a multi-source EMIB structure. Equipment orders to Taiwanese packaging/test vendors are timed to land in 2H26 in sync with Panther Lake and Clearwater Forest ramps.
Source: DIGITIMES — Intel Shifts Data-Center Packaging to Vietnam and Expands EMIB Integration
