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US-listed AI hardware stocks tumbled sharply on November 4: the PHLX Semiconductor Index (SOX) fell 3.8%, while Lumentum dropped more than 11%. On the same day, the STAR 50 Index on the A-share market surged 9.9%, marking a rare divergence between domestic and overseas markets.
Changxin Technology raised the upper limit of its share repurchase program from RMB 2 billion to RMB 5 billion. Solidigm’s planned USD 100 billion NAND fab is set to be located at the Marcy site in New York.
Samsung will break ground this month on its second Texas wafer fab, which will produce base HBM dies for AMD and NVIDIA. AMD reported Q3 data center revenue of USD 8.55 billion, up 97% year-on-year.
The second-generation 1400V SiC main-drive chips from Xinyueneng and Xinjuneng, paired with electric drive assemblies, have rolled out in volume production. Domestic SiC development has moved from “following” to “neck-and-neck competition”.
Electronic fabric prices continue to rise in November with full capacity utilization. Tongguan Foil invested RMB 154 million to convert production lines for HVLP copper foil. Supply tightness persists for upstream materials including substrate boards and CCL.
In-depth Analysis
Optical Communications / Optical Chips: On November 4, Innolight reaffirmed its original guidance for 800G and 1.6T demand in 2027, noting supply will remain tight. Focuslight plans a private placement to fund high-end optical interconnect projects. Overseas, Lumentum fell more than 11% and Marvell over 8%, making the sector a major casualty of AI deleveraging.
Advanced Packaging & Testing: Changxin Technology’s TGV glass substrate pilot line is progressing steadily and has not yet contributed to revenue. Electronic fabric prices rose again in November with full capacity utilization; Tongguan Foil is shifting production to HVLP copper foil. High-frequency high-speed substrate copper foil will account for over 50% of PCB copper foil output in H1 2026. Elon Musk has restarted Terafab negotiations with TSMC, covering advanced packaging. No new ABF substrate quotes have emerged in the past 48 hours, and the view that supply will remain tight through 2027 remains unchanged.
SiC & Power Semiconductors: According to Jwei.com, the second-generation 1400V SiC MOSFET main-drive chips and modules from Xinyueneng and Xinjuneng, together with matching electric drive assemblies, have rolled out in volume at StarDrive Technology. The full cycle from component selection to mass production ramp-up is completed, with regular supply into the tier-one three-electric supply chain. Domestic SiC development has moved from “following” to “neck-and-neck competition”. The Nansha Wide-Bandgap Cluster was selected for the MIIT 2026 Specialized Industrial Cluster roster. No new pricing updates.
Memory & Compute Chips: Changxin Memory raised its share repurchase cap to RMB 5 billion. Solidigm selected Marcy, New York, for two 12-inch NAND fabs, with each plant costing USD 40–50 billion and the first targeting a monthly capacity of 100,000 wafers. Samsung’s second Texas wafer fab will produce base HBM dies. AMD posted Q3 revenue of USD 13.38 billion, up 45% YoY. Qualcomm issued muted guidance amid rising component costs; its QCT handset business saw a mid-single-digit sequential decline.
Equipment & Materials: Fourteen semiconductor equipment firms recorded total revenue of RMB 75.938 billion in the first three quarters (+19.3% YoY) and net profit of RMB 17.660 billion (+59.5% YoY). Advanced Micro-Fabrication Equipment’s net profit surged 241.31%, and Naura Technology’s rose 336.79%. ACM Research Shanghai held outstanding orders of RMB 17.073 billion (+88.2% YoY). In Q3, Anji Technology’s CMP slurry revenue grew 29.47%, with Damascus plating fluid achieving mass production breakthroughs.
Wafer Foundry: Hong Kong-listed semiconductor stocks led gains on November 4. SMIC rose nearly 9% and Hua Hong Semiconductor over 15%, with southbound funds net buying HK$1.185 billion of SMIC shares. No new capacity or pricing announcements were released that day.
Policy / Macro Backdrop: Following the US midterm elections, Democratic leaders stated they would push for tariff rollbacks. The Chinese Foreign Ministry responded to reports that NVIDIA requires partners to allocate at least 51% of services to non-Chinese enterprises, advocating fair, transparent and non-discriminatory cooperation. The PHLX Semiconductor Index (SOX) closed down 3.8%.
Daily Investment Tips
1. Amid the onshore-offshore divergence, a rebound in the A-share computing chain coexists with a correction in US-listed AI hardware. Continued deleveraging overseas will amplify volatility in optical modules, PCBs and memory modules. Storage price hikes have passed through to mobile SoCs. Watch out for the secondary impact of downward revisions to end-device shipments on mature-node wafer and packaging & test utilization rates. Concentrated capacity ramp-ups for PCBs and substrates in 2027–2028 may turn supply tightness into competitive pressure.
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