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NVIDIA invests USD 3.5 billion in MediaTek’s convertible bonds to deepen cooperation on AI chips. Jensen Huang stated that the Vera Rubin platform can generate over USD 40 billion in revenue per gigawatt, as competition in AI computing power expands toward platform‑based ecosystems.
NVIDIA unveiled NVHBM high‑bandwidth memory technology, delivering a 30% bandwidth boost and a 15% power consumption reduction. Samsung is co‑developing 8‑layer HBM4E, while SK Hynix plans to outsource base HBM dies to Intel, reshaping the HBM supply chain landscape.
TSMC projects silicon photonics will capture more than 50% market share by 2027, with CPO mass production slated for the second half of the year. Zhongji Innolight proposes a share buyback programme ranging from RMB 4 billion to RMB 8 billion, sustaining the upcycle for optical communications.
Apple completed its first CEO transition since 2011 on September 1, with Ternus taking office. AI labs including OpenAI are placing bulk orders for Mac mini units to train AI agents, driving spillover demand for edge‑side computing power.
Semiconductor silicon wafers are seeing their first full‑size price increase across 6‑inch, 8‑inch and 12‑inch specifications in three years. The spread between spot prices and long‑term contracts has widened, and earnings benefits from the price hike are expected to materialise in manufacturers’ financial results in H2 2026.
In-depth Analysis
TSMC noted that the underlying architecture of optical transceivers is undergoing a structural shift, with silicon photonics emerging as the mainstream form. Its market penetration is projected to exceed 50% by 2027, and Co‑Packaged Optics (CPO) will enter mass production at select vendors in the second half of this year. On August 31, the A‑share CPO concept rebounded, led by the OCS segment; TENGJING Technology and DKL surged by more than 10%.
Exclusive news from JWEI: Guanglian Xinke closed an A‑plus round of financing of nearly RMB 1 billion, attaining a post‑money valuation of approximately RMB 6.8 billion. It has become China’s first unicorn in the OIO (On‑Chip Inter‑Die Optical Interconnect) track and plans to debut its core technology at the 2026 China International Optoelectronic Exposition. Separately, China achieved bidirectional high‑speed laser communication over a lunar‑Earth distance exceeding 400,000 kilometres for the first time.
Advanced Packaging: No material new developments for the day. NVIDIA’s NVHBM integrates the memory controller within the 3D HBM stack, imposing stricter requirements on advanced packaging processes such as TSV and die stacking. At the upstream substrate‑material end, Huazheng New Materials posted H1 net profit of RMB 173 million, jumping 305.28% year‑on‑year. The prosperity of domestic build‑up films and substrate materials remains intact (themes including glass substrates and substrate price hikes were covered previously).
SiC / Power Semiconductors: No major updates today. Only Hong Kong‑listed Nitride Semiconductors (GaN) released interim results: revenue reached HKD 51.6 million, up 55.9% year‑on‑year, while net loss narrowed to HKD 41.04 million. The sector is still waiting for volume ramp‑ups of automotive‑grade orders and fresh pricing signals.
Storage & Compute Chips: NVIDIA unveiled NVHBM technology. By embedding the memory controller into the 3D HBM stack, it delivers a 30% bandwidth gain and a 15% power reduction, freeing up roughly 25% of die area for the XPU compute tile, with supply qualification ongoing among memory partners. Samsung is developing 8‑layer HBM4E for NVIDIA at a speed specification of 17‑18 Gbps, around 20% faster than early samples, reportedly tailored for NVHBM. SK Hynix is evaluating outsourcing some base HBM4E bare dies to Intel to counterbalance TSMC, whose base‑die pricing stands 3‑4 times higher; Intel traded 1.7% higher in pre‑market trading. People’s Insurance Company of China disclosed that its 2021 investment in Changxin Technology has generated returns exceeding 20‑fold. Hanxu Technology rolled out the MRAM‑based in‑memory computing inference architecture uHBM/uLPU, offering an on‑die read bandwidth of 24 TB/s.
Equipment & Materials: JWEI confirmed that semiconductor silicon wafers are experiencing their first full‑size price hike across 6‑inch, 8‑inch and 12‑inch formats in three years. Overseas manufacturers initiated price adjustments in May, followed by domestic players in June. Spot prices have climbed noticeably while legacy long‑term contracts remain price‑locked. Profit benefits from the upcycle are expected to gradually materialise in H2 2026. The main structure of Shanghai Jingce Semiconductor’s mass‑production facility has been topped‑out. With a total investment of RMB 380 million, the plant will expand capacity by 3‑5 times upon completion, bolstering import substitution for front‑end metrology and inspection equipment.
Wafer Fabrication: SMIC Holdings increased its registered capital from USD 6.53 billion to USD 7.53 billion (+15.31%), reserving capital for capacity expansion. From an industry‑structure perspective, TSMC retained its 73% pure‑play foundry market share in Q2 (reported earlier).
Policy & Macro Environment: The three major US equity indices closed lower overnight. The Nasdaq Composite notched a 3.93% monthly gain for August, while US‑Iran tensions pushed oil prices higher. Anthropic intends to file its IPO prospectus after September 7, targeting fundraising of at least USD 130 billion for computing‑power expansion. On August 31, A‑share main‑fund outflows from the electronics sector topped RMB 8 billion, cooling short‑term sentiment across the semiconductor space.
Daily Investment Tips
1. A window for the restructuring of the HBM supply chain has opened. SK Hynix will engage Intel to fabricate base bare dies, while NVIDIA’s NVHBM moves the memory controller into the HBM stack. This benefits packaging‑test and material suppliers with advanced packaging and HBM supporting capabilities. Meanwhile, changes in TSMC’s bargaining power in HBM foundry services warrant close monitoring.
2. Two investment themes merit tracking. Earnings benefits from the across‑the‑board silicon‑wafer price hike will filter through to manufacturers’ financials in H2 2026. Optical communications is evolving from pluggable optical modules toward silicon photonics / CPO / OIO architectures. Focus on domestic players in OIO, silicon photonics and upstream materials such as indium phosphide.
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