US Semiconductor & AI Infrastructure Analysis
Performance Ledger
Business Model Analysis
How NVIDIA, TSMC, AMD, and Broadcom actually generate revenue. Each breakdown covers where the money comes from, what the margin structure looks like, and how much capital the business needs to grow.
AMD's $16.6B Data Center Number Hides the Only Thing That Matters
AMD's Data Center segment grew 32% in FY2025. But AMD combines EPYC CPU revenue and Instinct GPU revenue into one number and never separates them. That single reporting choice is the most important thing to understand before valuing this stock.
Broadcom's $51.6B Revenue Splits Cleanly Into Two Businesses, Custom Silicon and Enterprise Software
Broadcom runs two businesses under one ticker: custom AI chip design for hyperscalers and VMware enterprise software. This breaks down how each side makes money, why the margins are unusually high, and what makes both sides structurally hard to replace.
TSMC Spent $40.9B on Capex in 2025 :This Is Why No Competitor Has Caught Up
TSMC generated $122.9 billion in revenue in 2025 while spending $40.9 billion on capital expenditure. This breakdown explains what that spending buys, why no competitor has matched it in 35 years, and what the $52-56 billion 2026 CAPEX commitment signals about AI infrastructure demand.
NVIDIA Made $215.9B in FY2026 Without a Single Factory : The Business Model Behind the Number
NVIDIA generated $215.9 billion in revenue in FY2026 without owning a single chip factory. Here is how the fabless business model produces margins that manufacturing companies cannot match.
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Financials, earnings, and semiconductor industry insights across U.S. equities
Stock Analysis
Financial and business model analysis of U.S. companies across sectors, focusing on revenue, margins, and long-term performance drivers.
Earnings Analysis
Breakdowns of quarterly results, financial trends, and company performance across U.S. equities and semiconductor firms.
U.S. Macro Analysis
How economic conditions, rates, and cycles influence company financials, capital investment, and sector performance.
Market & Sector Insights
Independent perspectives on U.S. companies, semiconductor industries, and structural trends shaping financial markets.
Earnings Breakdowns
Quarterly results broken down by segment—not just the headline revenue number. Each piece covers margin trends, what the guidance signals, and whether the beat actually means anything.
View Earnings →AMD Q4 2025 Earnings: Data Center Hit $5.4 Billion, But the Real Question Is What Happens When NVIDIA Supply Loosens
AMD closed Q4 2025 with record data center revenue of $5.4 billion and an OpenAI GPU partnership worth 6 gigawatts of Instinct deployments. The numbers look strong. The real debate is whether AMD is becoming a genuine second AI platform or whether this is still a hyperscaler-concentrated bet that the market is pricing as something cleaner than it is.
Broadcom Q1 FY2026: AI Revenue Up 106%, Infrastructure Software Up 1%, What the Gap Between Those Two Numbers Means
Broadcom reported Q1 FY2026 revenue of $19.3 billion on March 4, 2026, up 29% year over year. AI semiconductor revenue hit $8.4 billion, growing 106% year over year. Infrastructure software revenue came in at $6.8 billion, growing 1%. Both numbers are real. Both are telling you something important just about very different parts of the business.
TSMC Q4 2025: Guided 59-61% Gross Margin, Delivered 62.3%, The Beat That Changes the Outlook
TSMC reported Q4 2025 revenue of $33.73 billion with a record 62.3% gross margin beating its own guidance by more than a full percentage point. Here is what the margin beat signals, why it matters more than the revenue number, and what the Q1 2026 guidance of 63-65% tells investors about advanced node pricing power.
NVIDIA Q4 FY2026: Revenue Up 78%, Net Income Up 109%, What the Numbers Actually Mean
NVIDIA reported $68.1 billion in Q4 FY2026 revenue up 73% year over year. This breakdown explains what the numbers actually mean, why the gross margin recovery matters, and what the $78B guidance signals for AI infrastructure demand.
Latest Financial & Semiconductor Analysis
Recent analysis of U.S. companies, earnings trends, and semiconductor industry dynamics
AMD Is Not a GPU Company Anymore. The Market Has Not Caught Up.
AMD's revenue mix has shifted from consumer chips to data center. Here is what that transformation means for valuation, why Intel is the real loser, and what breaks the thesis.
AMD's data center revenue went from 23% of total revenue in 2021 to 48% in 2025. At guided growth rates it crosses 60% by 2027. That mix shift re-rates the stock even without AMD closing the gap on NVIDIA. The retail conversation is focused on the wrong competitor.
Recent Analysis
How Macro Conditions Affect AMD: Interest Rates, US-China Tensions, and the AI Capex Cycle
AMD Q4 2025 Earnings: Data Center Hit $5.4 Billion, But the Real Question Is What Happens When NVIDIA Supply Loosens
AMD's $16.6B Data Center Number Hides the Only Thing That Matters
Hock Tan Has Run the Same Playbook 15 Times. VMware Is the First Test He Cannot Afford to Fail.
How Finovian Analyzes Companies
The focus is on financial structure, not headlines. Each analysis looks at where revenue comes from, what's driving margin, how much capital the business needs to grow, and where the company sits in its industry. Every published piece includes a specific call logged on the public track record before the earnings date.
Finovian logs every analytical call before the earnings date — a specific metric, a threshold, and a resolution date. Right calls and wrong calls both stay on the record. The full log is public at finovian.com/track-record.
Finovian covers U.S. semiconductor companies NVIDIA, TSMC, AMD, Broadcom, and ASML through financial statements, earnings reports, and business model analysis. Every published analysis includes a specific call logged on the public track record before the earnings date. Right calls and wrong calls Both stay on the record.
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