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KLA: Arbiter of Quality in the Age of AI
KLA Corporation’s (NASDAQ: KLAC) fiscal first-quarter 2026 results confirmed a structural transformation that has been several years in the making. The company has become a central player in the most rapidly expanding domain of semiconductor manufacturing—advanced packaging. This shift reflects a broader industry realignment. As transistor scaling nears physical limits, performance gains increasingly depend on […]
Surprise! The Press Gets the Nvidia Story Wrong, Again
Qualcomm’s launch of its AI200 and AI250 rack-scale accelerators has been widely reported as an assault on Nvidia’s dominance in data center AI. That framing is wrong. Qualcomm’s own release explicitly describes these as “AI inference-optimized solutions for data centers,” meaning they target model deployment—not model training. This is not a challenge to Nvidia’s B100 or H200 […]
Fewer Chips, Bigger Bucks
The locus of value creation in the semiconductor industry is shifting. Unit growth has largely stalled, yet revenue continues to accelerate. Pricing power and technology intensity are pushing total semiconductor sales to record highs. For decades, more chips meant more dollars. But that no longer holds true. The 2025 data from the Information Network and […]
Arm at the Edge – Apple’s AI Paradox
Arm Holdings (NASDAQ: ARM) has become indispensable to the AI economy. It does not build chips: it defines the blueprints that everyone else follows. Its instructions set architecture (the language that defines which tasks the processor can undertake) underpins nearly every smartphone. Its Neoverse platform now powers a growing share of data-center central processing units […]
KLA Rises with the Challenge of Complexity
KLA (KLAC) has been a great stock for subscribers to Gilder’s Technology Report, up more than 60% since we reinvested in the company in March of this year. KLA’s fortunes rise with the increased complexity of today’s semiconductors. Its metrology and inspection tools have become essential to every wafer manufactured at the most advanced process […]
Cerebras The Disruptor
The semiconductor industry stands at a critical inflection where the economics of inference, not training, are beginning to shape the AI landscape. For over a decade, Nvidia’s GPUs defined the pace of progress. Today, that paradigm is shifting, not through incremental optimization, but through architectural revolution. At the center of this transformation stands Cerebras Systems, […]
Our Brilliant Buddy, Chat
It was less than three years ago that the latest techie parlor game—popular around here—was to mock Chat GPT for its absurd “hallucinations.” This is the technical word for factual errors, botches, and blunders. Even more subject to our derision was its pathetically woke account of the world (including portraits depicting neo-Nazis as black women). […]
Led by Coherent, the Data Center Is Turning to the Light
Hyperscale data centers buckle under the heat, weight, and waste of their hundreds and thousands of miles of copper connections linking together thousands of graphical processing units (GPUs). Coming to the rescue is light in the form of optical connections, replacing copper in the nervous system of the AI data center. As workloads scale, every […]
Intel: Sell the Rumors, Await the News
The remarkable 50% pop in Intel’s (NASDAQ: INTC) stock over just a few weeks is, well, worth remarks. What it is not worth at this early point is your investment. The stock surge is driven by half a dozen or so rumors and plans. Few of them seem especially likely to materialize or be profitable […]
A Chaos Crash?
President Trump announced last week his intention to impose a 100% tariff on movies filmed abroad but imported to the United States. “Our movie making business has been stolen from the United States of America, by other Countries, just like stealing candy from a baby,” President Trump proclaimed. This tariff, like all the other Trump […]