📈 Semiconductor & AI Infrastructure Outlook

• The AI cycle remains nascent; $TSM crushed guidance by ~10% and $ASML nearly doubled expected bookings. This signals underestimated scale and staying power of AI capex. 引用3
• $ASML reported its largest single-quarter bookings print on record in the modern EUV era, indicating we are in the opening phase of a massive industrial buildout. 引用21
• Upcoming hyperscaler earnings (e.g., $MSFT, $META) will likely cite