Upcoming earnings that could affect the semiconductor and memory sector:
Memory-focused companies
$HY9H.F SK hynix (July 23) – a key producer of HBM memory. The results will be an important indicator of demand for AI infrastructure.
$SSNLF Samsung (July 24) – investors will watch the development of the memory business and the pace of capacity expansion.
$STX Seagate (July 28) – results will hint at how demand for data storage is evolving.
Western Digital (July 29) – another important indicator of the storage and NAND memory market.
Kioxia (August 7) – a major NAND flash manufacturer. The management outlook will be particularly important.
$SNDK SanDisk (August 13) – investors will monitor the flash memory market and price developments.
$MU Micron (September 23) – one of the most watched companies in the entire memory sector. Commentary on HBM, AI and DRAM pricing will be key.
Other important earnings
$ASML (July 15) – results will show demand for semiconductor manufacturing equipment, which will indirectly indicate the situation in the DRAM segment.
$TSM TSMC (July 16) – a very important indicator of overall chip demand. The market will mainly watch order and pricing outlooks.
$TSLA Tesla (July 22) – comments on robotics, physical AI and other projects that could boost demand for high-performance memory will be important.
$GOOG Alphabet (July 22) – investors will watch data center spending, AI infrastructure and in-house chips.
$INTC Intel (July 23) – developments in the processor business and any information about in-house memory ambitions will be important.
$MSFT Microsoft (July 29) – key information will be about investments in data centers, OpenAI and Copilot.
$META Meta (July 29) – similar to Alphabet, the development of AI infrastructure will be important.
$ARM Arm (July 29) – results may indicate how demand for processor architectures for AI is evolving.
$LRCX Lam Research (July 29) – one of the most significant suppliers of equipment for memory chip manufacturing.
$AAPL Apple (July 30) – results will show the strength of consumer demand, which also affects the memory market.
$AMZN Amazon (July 30) – the main focus will be on AWS and investments in AI infrastructure.
$KLAC KLA (July 30) – another important equipment supplier for the semiconductor industry.
$ALAB Labs (August 4) – a company closely tied to the development of AI servers.
$AMAT Applied Materials (August 13) – results will indicate how investments in new manufacturing capacity are progressing.
How I currently assess the main catalysts
1. Easing of relations between the US and Iran
A positive development for the markets, but in my view investors have largely already priced it in. I would therefore not expect a significant long-term impact.
2. New investments by Samsung, SK hynix and Japan
The market reacted negatively due to concerns about future growth in memory supply. However, it’s important to remember that building new fabs takes several years. Supply therefore won’t increase immediately, and the market’s current reaction may be exaggerated.
3. Lawsuit against Micron, Samsung and SK hynix
A lawsuit was filed in California alleging suppression of supply and high DRAM prices. Personally, I don’t view it as very strong. Manufacturers have been investing billions of dollars over the long term to expand production, but new capacity cannot be brought online within months. At the same time, it’s likely that higher prices are the result of strong demand from large companies rather than coordinated price-fixing. Smaller buyers had the opportunity to lock in contracts earlier, but many did not.
4. Profit-taking after Micron's results
After a significant rally in the stock, short-term profit-taking is common. Such moves are not unusual and by themselves do not necessarily signal a change in the long-term trend.