Asia Plus Securities, or ASPS, assesses that the Thai stock market has a chance of a temporary short-term recovery, supported by the yield on 10-year US government bonds falling from 5.34% to 5.23%, together with the WTI crude oil price easing to near 91 US dollars per barrel after President Donald Trump signalled that he would not yet take military action against Iran before the midterm elections on 3 November 2026. Meanwhile, the auction of 22 billion US dollars of 30-year US government bonds drew strong interest, with a bid-to-cover ratio as high as 2.54 times, above the historical average of 2.41 times. However, ASPS still advises investors to be cautious about long-term volatility, because senior Federal Reserve officials are still signalling a tight monetary policy stance to bring inflation down to the 2% target. It expects US September CPI inflation to rise to plus 3.6% year on year, from plus 3.4% in the previous month. On the AI hardware stock front, the sector faced short-term profit-taking, led by CoreWeave down 8%, Oracle down 6%, and Nvidia down 2.9%, after OpenAI reported annual revenue at the end of September of about 50 billion US dollars, below the market expectation of 68 billion US dollars, and cancelled the launch plan for its GPT-6.1 Astra model and slowed its plan to list the company on the stock exchange. Meanwhile, Taiwan Semiconductor Manufacturing Company, or TSMC, reported record-high third-quarter 2026 revenue of 1.49 trillion Taiwan dollars, above the market expectation of 1.46 trillion Taiwan dollars, driven by demand for advanced chips for AI-processing GPUs and CPUs, along with plans to raise chip production prices next year. As for the Thai stock index, it most recently fell 14 points, or 0.88%, to 1,570.61 points, pressured by the transport and logistics group, which dropped 2.80% after news of preparations to collect three tourist fees and taxes totalling 2,570 baht, combined with concerns over the September consumer confidence index, which fell for the first time in four months amid the flood crisis and diesel prices surging above 40 baht per litre. ASPS recommends a strategy of catching a relief rally in domestic play, tourism, and healthcare stocks, with five standout picks: DISNEY19, which is entering the high season for fourth-quarter earnings on the buzz around the blockbuster film Avengers: Doomsday; AAPL80, which benefits from the upcoming launch of its first foldable-screen smartphone; Bangkok Expressway and Metro Public Company Limited, or BEM, which has a high chance of winning the contract to operate the southern Purple Line electric train, combined with third-quarter 2026 earnings that are expected to hit the year's peak; Com Seven Public Company Limited, or COM7, whose third-quarter 2026 profit is expected to grow more than 30% year on year; and Bangkok Chain Hospital Public Company Limited, or BCH, whose second-half revenue from foreign patients is trending strongly higher, led by patients from the Middle East, particularly the United Arab Emirates.
TSMC reported record Q3 2026 revenue of NT$1.49 trillion, above expectations, driven by demand for advanced AI GPU/CPU chips, and plans to raise chip production prices next year.
CoreWeave fell 8% as part of AI hardware profit-taking after OpenAI's revenue missed expectations and it cancelled GPT-6.1 Astra and slowed its listing.
GlobalFoundries Unveils FDX Fusion Physical AI Platform in Dresden
GlobalFoundries announced FDX Fusion, a next-generation FD-SOI platform to be developed and manufactured in Dresden for highly integrated, energy-efficient Physical AI chips spanning sensing, compute, control and connectivity functions. The platform blends seven nanometer class digital performance with advanced RF, analog and embedded memory on a single chip aimed at edge and automotive, industrial and consumer AI systems. The launch fits GlobalFoundries' broader shift away from weaker smart mobile demand toward automotive, industrial, communications and AI applications, though it does not immediately change the near term risk that higher investment and oversubscribed niches like SiGe could still coexist with only high 80s percent fab utilization. Among recent announcements, a US$2 billion, five year silicon interposer deal with TSMC reinforces GlobalFoundries' role in AI hardware supply alongside FDX Fusion, with the Dresden FDX roadmap and Malta advanced packaging capacity sitting squarely against the key catalyst of moving its revenue mix toward higher value, AI linked processes. GlobalFoundries' narrative projects $10.4 billion revenue and $1.7 billion earnings by 2029, requiring 14.5% yearly revenue growth and a roughly $1.0 billion earnings increase from $716.0 million today, while the most optimistic analysts already assumed about US$11.7 billion of revenue and US$2.3 billion of earnings by 2029.
TSMC Posts Record Q3 2026 Revenue on AI Chip Demand
Taiwan Semiconductor Manufacturing reported record Q3 2026 revenue of about NT$1.49t, with September alone at NT$511.86b, driven by demand for chips used in AI workloads. Management highlighted advanced packaging services for AI accelerators as a key contributor to the quarter, and said leading edge capacity is fully booked through 2026. TSMC also agreed a multi year, US$2b silicon interposer supply arrangement with GlobalFoundries that includes the first U.S.-based silicon interposer production for its packaging, extending its CoWoS packaging supply chain into the United States and spreading manufacturing risk. The company is supporting a US$64b capex plan, and investors will watch whether it can ease advanced packaging constraints and how much of that spend translates into stable utilization and revenue progress through and after the Malta ramp toward 2028.
BOE Technology Responds: Mass Production of Glass-Based Packaging Substrates Requires New Production Line Investment
BOE Technology stated on its investor interaction platform on October 10, in response to investor questions, that if the company's glass-based packaging substrate business reaches the conditions for a mass production decision, it will need to invest in building a new mass production line. Previously, investors had asked BOE Technology whether achieving mass production would require investing in a new production line, given that the company's glass substrates have already passed testing by multiple customers.
Semiconductors › Advanced Packaging & Test (OSAT) Supply
000725.CS · Capital · Neutral BOE says mass production of glass-based packaging substrates would require investing in a new production line, a capex decision contingent on future conditions.
Musk's Terafab to Begin Mass Production in Texas by 2032
Plans emerged on the 9th that Terafab, the semiconductor manufacturing initiative launched by American businessman Elon Musk, aims to have a large-scale mass production plant operating in Texas by 2032. According to people familiar with the matter, preparations are underway to start up a semiconductor pilot plant in the state during 2027, and orders have already begun to be placed with Japanese semiconductor manufacturing equipment and materials companies for the pilot plant. The plant is expected to be completed as early as July 2027 and to begin operating within that year. At the large-scale mass production plant targeted for operation in 2032, production of logic semiconductors capable of advanced computing and memory will be handled at a single facility, with final production scale projected at roughly 1 million wafers per month, of which about 70 percent of capacity will be allocated to memory and about 30 percent to logic. The production scale will be comparable to the large-scale plants of major semiconductor makers such as Taiwan Semiconductor Manufacturing and South Korea's Samsung Electronics. For logic semiconductor production, Intel of the United States will provide technical cooperation, with adjustments underway to adopt the company's 2-nanometer and 1.4-nanometer circuit linewidth technologies, while for memory manufacturing a plan has surfaced for a Taiwanese company to provide technical cooperation. Terafab is an initiative announced by Musk in March, under which the electric vehicle giant Tesla and space development company SpaceX will lead the development of semiconductor plants, investing 55 billion dollars initially, with total investment potentially expanding to 119 billion dollars including additional portions.
SPCX · Capital · Positive SpaceX is named as co-lead of the Terafab semiconductor initiative, which involves $55B initial and up to $119B total investment.
TSLA · Capital · Positive Tesla is named as co-lead of the Terafab semiconductor initiative, which involves $55B initial and up to $119B total investment.
INTC · Technology · Positive Intel will provide technical cooperation for Terafab's logic production, with its 2nm and 1.4nm technologies to be adopted.
005930.KO · Competition · Neutral Samsung is only cited as a comparison for Terafab's planned production scale, not as a participant.
2330.TW · Competition · Neutral TSMC is only cited as a comparison for Terafab's planned production scale, not as a participant.
Tower Semiconductor and NewPhotonics Begin High-Volume Shipments of Optical Engine PICs for AI Interconnect
Tower Semiconductor and NewPhotonics announced high-volume shipments of laser-integrated, serviceable optical engine photonic integrated circuits developed for next-generation AI infrastructure interconnect. The products are built on Tower's PH18DA silicon photonics platform, which uses heterogeneously integrated indium phosphide components to place semiconductor optical amplifiers, modulators, lasers, and photodetectors on a single chip, and the companies say the integration reduces complexity and manufacturing variability while improving yield, reliability and time to market. Volume production today covers data rates from 800G to 1.6T, with 6.4T solutions planned for future volume manufacturing to serve both scale-out and scale-up architectures, and shipment of the 6.4T NPC505 chipsets is anticipated during the first half of 2027. NewPhotonics is the first player across the market to scale up production on Tower's PH18DA InP-on-silicon photonics platform, and Tower faces execution risks in scaling alongside it, along with competition from alternative architectures and other silicon photonics foundries. Tower's stock has rallied 99.97% in 2026, lifting its market capitalization to $25.85 billion, with an operating margin of 19.63%, a net margin of 16.94%, a trailing price-to-earnings ratio of 91.11x, a forward P/E of 38.46x and a return on equity of 9.98%.
TSEMI03.BK · Demand · Positive High-volume shipments of Tower's PH18DA silicon photonics optical engine PICs for AI interconnect mark real product adoption.
NewPhotonics · Demand · Positive NewPhotonics is first to scale volume production of its optical engine PICs on Tower's PH18DA platform, with 6.4T NPC505 chipsets shipping in H1 2027.
TSEMI23.BK · Competition · Negative Article flags execution risks in scaling and competition from alternative architectures and other silicon photonics foundries.
TSEMI80.BK · Capital · Neutral Stock rallied 99.97% in 2026 with rich valuation metrics, but no new company-specific financial event.
ASML Set to Report Q3 Fiscal 2026 Earnings on Oct. 14
ASML Holding N.V. is scheduled to report third-quarter fiscal 2026 earnings on Oct. 14, before market open, with the Zacks Consensus Estimate pegged at $13.18 billion in sales and $12.47 per share. The company has delivered a four-quarter earnings surprise of 3.91%, on average, and its Earnings ESP of +4.49% with a Zacks Rank #3 points to a likely earnings beat. During the quarter, ASML announced a collaboration with Xanadu Quantum Technologies Limited to advance lithography processes for photonic quantum hardware, expanded its strategic partnership with Samsung Electronics in High-NA EUV lithography, began construction of a second major industrial campus in the Brainport region of the Netherlands expected to cover approximately 350,000 square meters and accommodate up to 20,000 workplaces, and extended its collaboration with Intel, whose Panther Lake production uses ASML's High NA EUV lithography. Management expects 2026 advanced foundry Logic revenues to rise about 25%, Memory revenue to increase 75%, EUV revenues to grow roughly 45%, and DUV, metrology and inspection revenue to increase about 25%, with customer commitments extending into 2027 and 2028. China is expected to account for roughly 20% of 2026 sales, leaving ASML exposed to changes in export restrictions, while the stock trades at a forward price-to-sales ratio of 11.74 versus the industry average of 11.11.
ASML.AS · Capital · Positive ASML is set to report Q3 fiscal 2026 earnings with consensus estimates and a likely earnings beat (positive ESP, Zacks Rank #3)
ASML.AS · Demand · Positive Management expects strong 2026 revenue growth across Logic, Memory, EUV and DUV with customer commitments extending into 2027-2028
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