Taiwan Semiconductor Manufacturing Co Ltd (TSM) research
Equibles Research on Taiwan Semiconductor Manufacturing Co Ltd — every figure computed straight from SEC filings and market data.
Intel: The $465.7B market cap attached to a $57.0B money-losing business has one quarter to prove the Q2 2026 reset
Intel's 326.7% rally has priced in a turnaround the Q2 2026 print only just began to earn, with $57.0B of TTM revenue against -$77.0M of TTM EBIT. The Q3 2026 guide of $15.8B–$16.8B revenue and $0.31 GAAP EPS is the first datapoint that will decide whether the 41.8% non-GAAP gross margin holds and a dividend reinstatement becomes credible, or whether the -28.9% drawdown from $140.94 deepens.
AMD at 171.1× earnings is the cycle's most multiple-expanding bet, and Q2 2026 is the bar
Advanced Micro Devices trades at 171.1× on +34.3% revenue growth against Nvidia at 31.7× on +125.9% and Broadcom at 63.6× on +143% AI semiconductor growth, with the $11.2B Q2 2026 guide and initial Helios volume in Q3 now the only thing standing between the multiple holding and a re-rating toward Broadcom's 63.6×.
Micron's FQ4-26 guide of $50.0B and 86% gross margin: a single quarter larger than every full year through FY2024, with SK hynix's P&T7 build as the contestable mirror
Micron's FQ4-26 guided band exceeds every full fiscal year through FY2024 on a revenue base that has reset free cash flow to $18.3B in Q3 2026 and operating cash flow to $25.39B; the bull case rests on DRAM/NAND pricing, HBM4E absorption, and SCA lock-in holding ahead of SK hynix's Cheongju P&T7 advanced-packaging acceleration funded by a US$26.5B ADR allotment.
