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NVIDIA announced that Jensen Huang has resigned as President, CEO and Director, effective immediately. Colette Kress, CFO, will serve as Interim CEO, while Harvey Jones, former CEO of Synopsys, has been appointed the inaugural Chairman. NVIDIA’s stock fell 13.9% intraday and closed 4.34% lower, wiping out USD 182 billion in market value in a single day. AMD and Broadcom bucked the trend and rose more than 5%.
SMIC posted Q3 revenue of USD 3.19 billion, up 33.9% year-on-year and 6.1% quarter-on-quarter, with a gross margin of 29.9% (up 4.6 percentage points QoQ) and capacity utilization of 97.3%. Its Q4 guidance forecasts revenue growth of 4%-6% QoQ and a gross margin range of 26%-28%. China’s integrated circuit exports reached USD 39.594 billion in October, surging 137.1% year-on-year to hit a new monthly high for the year.
The memory market sees tight supply and rising prices. The average contract price of commodity DRAM stood at USD 26 in October, rising 5.77% QoQ; PC DRAM contract prices are projected to climb 13%-18% in Q4. SK Hynix has lifted HBM4 yield above 70%. Samsung has moved forward the commissioning of its HBM plant in Asan Onyang by one year to June 2028.
According to the advanced packaging materials report from Jiwei Consultancy, the global advanced packaging market reached approximately USD 55 billion in 2025 and will exceed USD 120 billion by 2031. In 2026, advanced packaging will account for over 50% of the total packaging and testing market for the first time. Mainland China holds roughly 30% of global capacity, yet the localization rate for high-end 2.5D/3D packaging remains below 10%.
Applied Materials reported FQ4 net sales of USD 10.41 billion, up 53% YoY, with semiconductor systems revenue at USD 8 billion, a 68% YoY increase. Its FQ1 revenue guidance of USD 10.6–11.6 billion beat expectations, signalling sustained prosperity in semiconductor equipment.
In-depth Analysis
Optical Communications / Optical Chips:Reuters reported that Microsoft and other enterprises plus industry groups are urging the U.S. government to halt the rollout of import restrictions targeting new Chinese optical transceivers, marking marginal easing of trade risks. Hua Hong Semiconductor stated it is already engaged in silicon photonics and will expand its share of silicon-based products such as MCUs and power management ICs inside optical modules. Innolight, Eoptolink and TFC all issued concentrated announcements highlighting robust demand and sufficient orders; 800G products are ramping up while 1.6T is accelerating adoption.
Advanced Packaging & Testing:A Jiwei Consultancy report notes that AI packaging area is approaching reticle limits, and CoPoS (Chip-on-Panel-on-Substrate) / CoWoP (Chip-on-Wafer-on-PCB) are expected to emerge from 2028 onward. TSMC’s CoWoS will see roughly a 20% supply-demand gap in 2026, and advanced packaging quotations are poised for a 10%-20% hike. Leading substrate capacity is locked under long-term agreements with prepayments of up to 50%. Japan remains dominant in high-end materials: Ajinomoto holds a monopoly on Ajinomoto Build-up Film (ABF), Sumitomo Bakelite accounts for around 40% of molding compound supply, and Nittobo leads T-glass. On the domestic front, Shennan Circuits has achieved mass production capability for FC-BGA substrates of 26 layers and below (H1 substrate revenue hit RMB 3.667 billion, up 110.76%). LRI’s RMB 1 billion packaging powder project has settled in Jingyan, Sichuan, with a designed annual output of 30,000 tons of spherical inorganic powder. Samsung’s 3D Cube-H uses hybrid bonding to shrink interconnect pitch from 25μm to 6μm, with development scheduled for completion in early 2027.
SiC / Power Semiconductors: No major new developments today. The main theme over the past week is Infineon raising its FY2027 data center business target from EUR 2.5 billion to approximately EUR 4 billion and expanding its Malaysia SiC capacity, which contrasts with its termination of the USD 2 billion SiC expansion project in Czech Republic alongside ON Semiconductor. This divergence reflects strategic trade-offs between AI power demand and price pressure on automotive-grade SiC.
Memory & Compute Chips: DRAM and NAND price hikes continue while end-market demand diverges; shipments of mobile phones, PCs and tablets have fallen to multi-year lows. Samsung’s Chungcheong project broke ground, with four entities committing a combined investment of 144 trillion won covering semiconductors, displays, substrates and batteries. The first batch of NVIDIA Vera Rubin systems has gone live on Nebius, whose Q3 AI cloud revenue reached USD 973.8 million, surging 643% year-on-year.
Semiconductor Equipment & Materials:SEMI reported global silicon wafer shipments reached 3,756 million square inches in Q3, up 13.4% YoY. Shanghai Simgui plans to raise RMB 700 million to invest in 12-inch large silicon wafers, adding annual capacity of 900,000 substrates and 720,000 epitaxy wafers. Jiangfeng Electronics, the world’s second-largest supplier of ultra-high-purity sputtering targets, filed for Hong Kong IPO on November 12. Electronic fabric prices extended gains in November, and the industry chain expects a supply-demand gap to persist into 2027.
Wafer Foundry: SMIC’s monthly capacity has risen to 1.11675 million 8-inch equivalent wafers, up 1.85% quarter-on-quarter. Fifty-six percent of TSMC’s USD 41 billion capital budget is allocated to advanced front-end processes. Bank of America forecasts its 2027 capex will reach USD 80–90 billion. TSMC has separately set up an investment vehicle with a maximum commitment of USD 500 million; it plans to subscribe to USD 500 million of Anthropic shares at IPO price and invest USD 500 million in preferred stock of OpenAI.
Policy & Macro Environment:U.S. lawmakers renewed calls for tighter AI chip restrictions on China following the allegations involving Jensen Huang, while China’s Foreign Ministry stated its consistent position. South Korea unveiled an 800.2 billion won edge AI semiconductor roadmap targeting the development and validation of 10 chips by 2030. Donald Trump suggested Tim Cook take over as NVIDIA CEO, viewed as sentiment noise rather than an industrial variable.
Daily Investment Tips
1. The sudden governance shake-up at NVIDIA will amplify short-term volatility across the computing power chain. It is necessary to track whether adjustments will be made to its November 17 earnings release and key customer orders. AMD, Broadcom and the custom ASIC supply chain may benefit temporarily from expectations of “reducing reliance on a single supplier”.
2. Advanced packaging materials represent a definite intersection of price hikes and domestic substitution. Still, caution is warranted over the concentrated release of new capacity in 2027–2028 and the risk of technology mismatch for the glass substrate route.
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