Dr. Robert Castellano's Semiconductor Deep Dive Newsletter

What’s in this article The Semiconductor Equipment Market Is No Longer Moving in Unison Applied Materials Lost Leadership Despite Industry Growth Table 1: Semiconductor Equipment Revenues for Applied Materials and ASML (2015–2025) Chart 1: Applied Materials Share of Global WFE Market (2013–2025) Lam Research Benefited From NAND Scaling — Then Lost Momentum Ch…

What’s in This Article Prologue Figure 1. 2025 I-Line Lithography Market Shares Canon Remains The Leader In Mature Lithography Figure 2. 2025 KrF Lithography Market Shares ASML Establishes Leadership In KrF Lithography Figure 3. 2025 193nm Dry ArF Lithography Market Shares Nikon’s Retreat From Advanced Lithography Figure 4. 2025 193nm Immersion Lithography Market Shares Immersion Lithography Created The Foundation For EUV Figure 5.

What’s in This Article The Real Story Behind Friday’s Selloff Figure 1: One-Day Performance of Leading AI Stocks What Actually Changed Figure 2: Six-Month Performance of Leading AI Stocks Why the AI Infrastructure Thesis Remains Intact The Difference Between Great Businesses and Great Stocks Investor Takeaway Investors searching for a simple explanation for Friday’s technology selloff received no shortage of answers. Some blamed Broadcom’s earnings report.

What’s in This Article Introduction The AI Paradox Revisited Table 1. Processor Shipments for Key AI Datacenter Companies The Apple AI Paradox Revisited Table 2. Processor Shipments for Key PC Edge AI Companies From Smartphones to AI Infrastructure Table 3.

What’s in This Article The Lithography Market Has Changed Dramatically Since 2015 Table 1: Semiconductor Lithography System Shipments (2015-2025) Nikon’s Real Opportunity Is ArF, Not EUV Chart 1- Immersion Market Shares 2013-2020 Table 2: ArF Immersion Lithography Shipments (2015-2025) Revenue Is Moving Toward Technologies Nikon Doesn’t Sell Table 3: EUV Lithography Shipments (2015-2025) ASML’s Pricing Power Remains Intact Table 4: ArF Immersion Average Selling Prices (2015-2025) Why Price...

Today’s selloff across commercial space stocks was triggered by two events that had little to do with the long-term investment cases of the companies I chose to buy. First, Blue Origin suffered a launchpad explosion involving its New Glenn rocket. Second, investors reacted negatively to reports suggesting that a future SpaceX IPO valuation may be lower than some of the most optimistic expectations.

What’s in This Article Introduction AMD’s AI Business Competes Against Nvidia Chart 1: Nvidia versus AMD versus Intel Data Center Revenues Table 1: AMD versus Intel Data Center Revenue Comparison AI Inference May Reshape CPU and GPU Competition AMD Still Competes Against Intel in Traditional CPU Markets Table 2: PC CPU Market Share and Revenue Share Forecast Table 3: Server CPU TAM and Market Share Forecast Investor Takeaway Chart 2: Nvidia versus AMD versus Intel Share Price Performance...

What’s in This Article Introduction Why Space Stocks Suddenly Became Momentum Trades Table 1: Six-Month Performance of Major Space Stocks Following the SpaceX IPO Environment Chart 1: Six-Month Stock Performance of Major Space Stocks Why the Market Is Beginning to Separate Infrastructure Companies From Speculative Story Stocks Table 2: Short Interest Across Major Space Stocks Rocket Lab Is Becoming a Defense Contractor, Not Just a Launch Company Table 3: Rocket Lab’s Transformation Into an...

What’s in This Article Introduction The SpaceX IPO Triggered Broad Repositioning Across Space Stocks Table 1: Six-Month Performance of Selected Space Companies Following the SpaceX IPO Environment Chart 1: Six-Month Stock Performance of Selected Space Companies Rocket Lab’s Own Financials Contradict the Market Narrative Table 2: Rocket Lab Revenue Mix Shows Space Systems Dominating Revenue Chart 2: Rocket Lab Revenue Mix — Q1 2026 Rocket Lab’s Investor Presentation Quietly Shows the Business...

What’s in This Article Introduction Why AI Is Expanding Beyond Advanced GPUs Table 1: Foundry Revenue Mix by Technology Segment (Estimated 2025) How TSMC’s AI Focus Is Reshaping Mature Nodes Chart 1: TSMC Advanced Technology Roadmap How TSMC’s Own Roadmap Is Changing the Semiconductor Industry How SMIC Extended DUV Lithography Further Than Expected Chart 2: SMIC Capacity, Utilization, and Wafer Shipments Why Richard Chang Says the Semiconductor War Is About the Other 80% Why Hua Hong May Have...