Semiconductors and IT Hardware weekly Our weekly roundup is intended as a one-stop shop, summarising key newsflow, research and datapoints from the past week, as well as looking forward to highlight key upcoming catalysts. Recent Research Highlights NVIDIA(+): Blackwell in full production - Solid results/guide and strong messaging on Blackwell ramp-up, with demand far exceeding supply. Company batted aside the supply chain noise into results and presented a very strong demand picture for Blackwell with supply constrained through CY25. We raised FY25-28 EPS 3-13% and lifted our TP to $170 (33x FY27 PE unchanged). Picture unchanged, NVDA still driving the AI bus. ST Micro (+): Solid analyst day - Cyclical visibility limited but secular growth drivers intact to enable c.10% revenue CAGR and EBIT margin expansion to 24% by 2027-28. Remain O/P. Qualcomm (+): Diversification strategy taking off - QCOM analyst day was focused on the diversification strategy across Auto, PC, XR, Industrial. Key message was AI being infused into edge devices and QCOM has the portfolio for leadership. Half the business to be non-handsets by 2030 and FY29 target model implies c.$14 in EPS (ex Apple). Results and Highlights . PVA TEPLA (=): Waiting for the rebound . Jenoptik(+): Looking through the 2025 glass . Ingram Micro (=): Back To The Future . Coherent (+): Assessing Cost Optimization Plans + Roadshow Feedback . On Semi(-): Treo, targeting new leg of growth Hyperscalers and Other . Alphabet(+): Likely to appeal proposed Chrome break out . Nokia(=): Shares down on suggestion of potential T-Mobile supplier swap Key Newsflow from the Last Week . U.S. export control upgrade not only cuts off TSMC''s 7nm supply to mainland China but also Samsung . China warns Japan over ramping semiconductor sanctions - threatens materials . Japan proposes $1.3bn investment in Rapidus . GlobalFoundries to receive up to USD1.5bn from CHIPS . Nvidia introduces a new merged CPU and GPU AI...