Sequans Communications Fair Value Cut 22% to US$8.75 as Analysts Trim Targets

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.

Cirrus Logic offered to acquire Synaptics in September as the chipmaker sought to fend off a competing bid from ON Semiconductor, Bloomberg reported, citing people familiar with the matter. The report follows onsemi's agreement last week to acquire Synaptics for $123 per share in an all-cash deal worth roughly $5.7B, a revision of its previous all-stock bid worth about $7B disclosed in June. Onsemi changed the deal terms after receiving an unsolicited competing proposal from a third party, according to a statement that did not name the bidder. Austin-based Cirrus Logic is the Party A mentioned in an updated proxy filing from Synaptics on Thursday, the people said, and the filing indicated Synaptics board members seriously evaluated Cirrus Logic's cash and stock bid and held discussions with the company before settling on Onsemi's revised offer. It is unclear whether Cirrus Logic continues to have buyout interest in Synaptics, the people added, while representatives for Cirrus Logic and Onsemi declined to comment and Synaptics did not immediately respond to a request for comment.

Nuvacore, a six-month-old semiconductor startup backed by Sequoia Capital, is seeking to raise hundreds of millions of dollars at a valuation of approximately $2.5 billion, Reuters reported exclusively on Friday, citing two people familiar with the fundraising. The San Jose-based company is developing a central processing unit designed for data centers, targeting growing demand for computing infrastructure supporting artificial intelligence applications. Nuvacore has yet to release a product, and its latest funding round remains open, with the final valuation and amount raised subject to change. The Information previously reported that the startup was seeking at least $200 million, but the proposed $2.5 billion valuation had not been disclosed. Founded by semiconductor engineers Gerard Williams, John Bruno and Ram Srinivasan, Nuvacore plans to design its processor's core functionality before selecting an architecture, potentially avoiding limitations associated with Intel and Advanced Micro Devices' x86 technology or Arm-based designs. Williams previously worked at Apple and founded Nuvia, which Qualcomm acquired for $1.4 billion in 2021. Nuvacore declined to comment on the fundraising, Reuters reported.

Advanced Micro Devices reported fiscal Q2 2026 Data Center revenue more than doubled, up 107% to $6.7 billion, a segment that now accounts for 58% of company sales. The company said Meta, Microsoft, OpenAI, Oracle, and Anthropic are among those deploying its Helios rack system, which combines Instinct GPUs, EPYC CPUs, and networking, and a recent partnership with Anthropic covers up to 2 gigawatts of MI450 GPUs in Helios racks. Non-GAAP gross margin reached 56% and non-GAAP operating margin hit 27%, helped by an easy comparison against the year-ago quarter's $800 million in charges tied to US export controls on a data center GPU, while non-GAAP earnings per share came in at $1.66 versus $0.48 a year earlier. Management guided fiscal Q3 revenue to about $13 billion, plus or minus $300 million, and expects Data Center sales to accelerate in the second half, though the largest commitments, including Anthropic's, are multiyear deployments rather than revenue already booked. Client revenue rose 23% to $3.1 billion, gaming fell 31% to $779 million on weaker semi-custom sales, capital expenditures reached $808 million, and free cash flow was $1,558 million, down from $2,566 million in fiscal Q1. Investors are paying 85.60 times forward earnings as of October, against a sector multiple of 23.74 and AMD's own five-year average of 39.90, with earnings per share expected to grow 107.2% in 2027.