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
Constituents
| Company | Ticker | Beat | Close | Week |
|---|---|---|---|---|
| TSMC | TSM | hardware | 428.91 | +2.7% |
| Advantest | 6857.T | hardware | — | — |
| Amkor Technology | AMKR | hardware | — | — |
| Applied Materials | AMAT | hardware | — | — |
| ASE Technology | ASX | hardware | — | — |
| ASML Holding | ASML | hardware | — | — |
| KLA Corporation | KLAC | hardware | — | — |
| Lam Research | LRCX | hardware | — | — |
| SCREEN Holdings | 7735.T | hardware | — | — |
| Teradyne | TER | hardware | — | — |
| Tokyo Electron | 8035.T | hardware | — | — |
11 on the layer · closes to 2026-09-04
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 | — | not yet collected |
| 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 |
|---|---|---|---|
| 2026-09-05 | editorial note | Capex figure revised: $52 → $846.76BCapex moved from $52 (deep-dive-2026-07-24-q3-guide-verification.md) to $846.76B (deep-dive-2026-09-05-refresh.md). | dossier |
| 2026-09-05 | editorial note | Revenue figure revised: 40% → $1,270.38 billionRevenue moved from 40% (deep-dive-2026-07-24-q3-guide-verification.md) to $1,270.38 billion (deep-dive-2026-09-05-refresh.md). | dossier |
| 2026-09-05 | editorial note | Verdict changed: (no verdict) → The Q2 beat was not a peak — July revenue accelerated to +44.7% YoY, the board appropriated a single-tranche US$29.4B of capacity capital, and H1 capex now clears the …Before (deep-dive-2026-07-24-q3-guide-verification.md): (no verdict) After (deep-dive-2026-09-05-refresh.md): The Q2 beat was not a peak — July revenue accelerated to +44.7% YoY, the board appropriated a single-tranche US$29.4B of capacity capital, and H1 capex now clears the primary bar at US$26.8B. The thesis is unchanged and better evidenced; the only thing that moved against it is the tape, which is ~2% below the 2026-07-09 price after a beat. | dossier |
Dated ahead
| Date | Company | Period | Firmness |
|---|---|---|---|
| 2026-09-10 | TSMC TSM | 2026-M09 | expected |
| 2026-10-08 | TSMC TSM | 2026-M10 | expected |
| 2026-10-15 | TSMC TSM | 2026-Q3 | expected |
| 2026-10-28 | Amkor Technology AMKR | 2026-Q3 | expected |
| 2026-10-29 | Teradyne TER | 2026-Q3 | expected |
| 2026-10-29 | KLA Corporation KLAC | 2026-Q3 | expected |
| 2026-10-29 | Lam Research LRCX | 2026-Q3 | expected |