The stack / 11 companies
Litho & fab
The machines that print the transistors and the fabs that run them. Everything above this line waits on it.
The number
ASML net bookings minus backlog burn
This week
Up most
- TSMC+1.4%
- ASE Technology-2.1%
- ASML Holding-4.2%
- Teradyne-5.0%
- Amkor Technology-6.0%
Down most
- SCREEN Holdings-15.8%
- Lam Research-12.8%
- KLA Corporation-12.1%
- Tokyo Electron-11.0%
- Applied Materials-7.8%
Constituents
| Company | Ticker | Beat | Close | Week |
|---|---|---|---|---|
| SCREEN Holdings | 7735.T | hardware | 11630.00 JPY | -15.8% |
| Lam Research | LRCX | hardware | 230.10 | -12.8% |
| KLA Corporation | KLAC | hardware | 145.61 | -12.1% |
| Tokyo Electron | 8035.T | hardware | 9458.00 JPY | -11.0% |
| Applied Materials | AMAT | hardware | 377.24 | -7.8% |
| Advantest | 6857.T | hardware | 32340.00 JPY | -6.3% |
| Amkor Technology | AMKR | hardware | 39.30 | -6.0% |
| Teradyne | TER | hardware | 308.85 | -5.0% |
| ASML Holding | ASML | hardware | 1571.80 | -4.2% |
| ASE Technology | ASX | hardware | 38.69 | -2.1% |
| TSMC | TSM | hardware | 418.51 | +1.4% |
11 on the layer · closes to 2026-10-23
What is being collected
series
A dated number. Collected on a cadence; the chart is the record.
| Source | What it is for | As of | State |
|---|---|---|---|
| tw-mops-monthly-revenue | supply-chain pulse on beat + company pages | 2026-09-01 | 2175 points |
| tsmc-monthly-revenue | strip on /companies/tsmc | — | not yet collected |
event-log
Dated decisions where the event itself is the record.
| Source | What it is for | As of | State |
|---|---|---|---|
| asml-bookings-backlog | litho layer constraint number: net bookings vs backlog; EUV/DUV units shipped | — | not yet collected |
| tsmc-capex-node-mix | capex guidance revisions and N2/N3 revenue mix on the litho page | — | not yet collected |
| equipment-backlog-language | backlog / lead-time / China-restriction language across AMAT, LRCX, KLAC | — | not yet collected |
hand
Found by the sweep and labelled "announced, not verified" — never a cron.
| Source | What it is for | As of | State |
|---|---|---|---|
| fab-ramp-calendar | promised vs delivered first-wafer dates per fab (TSMC Arizona, Samsung Taylor, Micron, Intel Ohio) with CHIPS disbursements as the event log | — | hand |
What happened
| Date | Type | What happened | Source |
|---|---|---|---|
| 2026-10-22 | filing | 6-K: September 2026 insider shareholding changesMonthly 6-K for Sep 2026 shareholdings: C.C. Wei (Chairman & CEO) 8,152,610 to 8,356,985 shares (+204,375). Pledge changes, asset deals, bonds and share cancellations: none. | agent:company-events · SEC EDGAR 6-K |
| 2026-10-22 | filing | 10-Q: quarter ended 27 Sep 2026, revenue $8.22bnQuarter ended 27 Sep 2026 revenue $8,219.4M (vs $5,324.2M); net income $2,753.1M, $2.19 diluted EPS; share repurchases $1,025.0M in the quarter. | agent:company-events · SEC EDGAR 10-Q |
| 2026-10-21 | guidance | Lam Research reports quarter ended 27 Sep 2026 revenue of $8.22BRevenue $8,219,418K, net income $2,753,138K, diluted EPS $2.19 (GAAP). Guidance for the quarter ending Dec 2026: revenue $8.60B +/- $400M, diluted EPS $2.33 +/- $0.15. | agent:company-events · SEC EDGAR 8-K |
| 2026-10-15 | filing | TSMC 6-K: third quarter 2026 earnings press release and presentation6-K furnishes Exhibit 99.1, the press release issued 15 Oct 2026, and Exhibit 99.2, the 2026 Third Quarter Earnings Conference Presentation Material. | agent:company-events · SEC EDGAR 6-K |
| 2026-10-14 | filing | ASML 6-K: Q3 2026 results and FY2026 outlookQ3 2026 total net sales EUR 11.7bn, net income EUR 5.0bn. FY2026 total net sales expected EUR 44bn to EUR 45bn, gross margin around 56%. | agent:company-events · SEC EDGAR 6-K |
| 2026-10-13 | filing | 6-K: ASE Technology September and Q3 2026 net revenuesSept 2026 net revenues NT$88,130m, up 7.2% m/m and 45.5% y/y; Q3 2026 net revenues NT$244,161m, up 27.8% q/q and 44.8% y/y. | agent:company-events · SEC EDGAR 6-K |
| 2026-10-08 | filing | 6-K: TSMC September 2026 revenue of NT$511.86bnSeptember 2026 consolidated net revenue NT$511,857 million, down 0.6% from August and up 54.6% from September 2025 (NT$330,980m); Jan-Sep 2026 revenue NT$3,898,727m, up 41.1% y/y. | agent:company-events · SEC EDGAR 6-K |
| 2026-10-08 | filing | Form 4 cluster: thirteen TSMC insiders report ESPP purchases on 7 Oct 202613 insiders filed Form 4s for 7 Oct 2026 ESPP purchases at $79.39, totalling 733 shares; no sales reported. | agent:company-events · SEC EDGAR Form 4 |
| 2026-10-05 | editorial note | Margin figure revised: 52% → 53.7%Margin moved from 52% (deep-dive-2026-07-16.md) to 53.7% (deep-dive-2026-10-05.md). | dossier |
| 2026-10-05 | editorial note | Revenue figure revised: $1.27 → €2,761.7MRevenue moved from $1.27 (deep-dive-2026-07-16.md) to €2,761.7M (deep-dive-2026-10-05.md). | dossier |
| 2026-10-05 | editorial note | Verdict changed: Q2 beat + a ~€7.5B FY26 guidance raise since the 20-F (now €43–45B net sales, 54–56% GM) confirms the June dossier's "AI demand broadening, not peaking" read — but the Q2 beat's engi…Before (deep-dive-2026-07-16.md): Q2 beat + a ~€7.5B FY26 guidance raise since the 20-F (now €43–45B net sales, 54–56% GM) confirms the June dossier's "AI demand broadening, not peaking" read — but the Q2 beat's engine was Installed-Base/service upside (+€300M mgmt-cited), not new systems, so it confirms today's revenue durability more than it confirms the forward EUV order book. Thesis direction unchanged (BULLISH structurally / WATCHING on entry); nothing here moves conviction off the June read. After (deep-dive-2026-10-05.md): The earnings base has re-rated far faster than the stock. FY2026 guidance went from €34–39B to €43–45B, which puts the base FY26 EPS near €39.6 against €29 in the June dossier. On house EPS, ASML trades at ~42x FY26 and ~33x FY27, down from ~57x FY26 in June (€1,656.4 ÷ €29.0), even though the share price is about the same. The new risks are an unprecedented back-end-loaded Q4 (implied €12.9–15.9B), a down-payment float that shrank in H1, and the first credible report of Chinese immersion-DUV production. The Q3 print on 14 Oct is a test of whether the Q4 load and 2027 coverage are real. Structurally still BULLISH; still WATCHING on entry. | dossier |
Dated ahead
| Date | Company | Period | Firmness |
|---|---|---|---|
| 2026-10-28 | Amkor Technology AMKR | 2026-Q3 | expected |
| 2026-10-29 | KLA Corporation KLAC | 2026-Q3 | expected |
| 2026-10-29 | Lam Research LRCX | 2026-Q3 | expected |
| 2026-10-29 | Teradyne TER | 2026-Q3 | expected |
| 2026-11-10 | TSMC TSM | 2026-M11 | expected |
| 2026-11-13 | Applied Materials AMAT | 2026-Q4 | expected |
| 2026-12-10 | TSMC TSM | 2026-M12 | expected |