🔔 The Daily Semi-Cap — May 6, 2026

📊 SMH: $549.76 (+5.18%)

📈 Earnings:

• ARM — $1.49B rev (est $1.47B), $0.60 EPS (est $0.58). Data-center royalties more than doubled YoY, licensing hit a record $819M, and AGI CPU customer demand is now above $2B across FY27/FY28, more than double launch commentary. Shares reversed lower AH after closing +14%.

• COHR — $1.81B rev, $1.41 non-GAAP EPS (est $1.23). Non-GAAP GM 39.6%, revenue +21% YoY/+27% pro forma, with Q4 guided to $1.91-2.05B rev and $1.52-1.72 EPS. Shares -10% AH.

🔥 Major Developments:

• Micron’s PSMC P5 Tongluo fab acquisition process has officially begun, adding a Taiwan capacity leg that could make wafer output much larger by 2028 alongside the Idaho 1 and Idaho 2 ramps.

• Anthropic said Q1 revenue and usage were running at roughly 80x annualized growth versus a plan for 10x, creating compute shortages — another clean demand-side signal for accelerated AI infrastructure buildout.

• PJM, the grid operator serving 67M people across 13 states, said the U.S. power grid is no longer fit for purpose as data-center demand forces a redesign of capacity, pricing and reliability planning.

• Cerebras was named as an anchor colocation customer for DGXX, with a first GPU-as-a-service deal also secured — a fresh example of AI compute demand spreading into newer data-center platforms beyond the hyperscaler core.