🔔 The Daily Semi-Cap — April 1, 2026

📊 SMH: $391.97 (+2.24%)

📈 Earnings:

No major semiconductor earnings reported today.

🔥 Major Developments:

• Nvidia makes parallel $2B bet on Marvell (MRVL), validating its AI networking silicon stack. MRVL +7.73% — optical/AI networking super-cycle trade getting institutional legs post-OFC 2026.

• AXTI -17% (on top of -16% yesterday) after B. Riley flagged InP supply chain red flags: key supplier publicly denying bottlenecks while Sumitomo quietly locked a 7-year deal with a competitor. Structural overhang, not a one-day blip.

• Nexchip heading to Hong Kong for IPO — Chinese mature-node fab making a capital markets move.