Advanced Micro Devices disclosed a 6-gigawatt GPU partnership with Meta in February 2026. Seven weeks later, Broadcom announced a multi-gigawatt extension covering Meta's custom MTIA silicon. Both companies' IR press releases — sourced directly from SEC-registered feeds — land in the same 90-day window as four additional gigawatt-scale AI-infrastructure partnerships from NVIDIA and Caterpillar. For retail investors tracking who's winning hyperscaler AI spending, Meta's two chip picks tell a specific story.
High-bandwidth memory powers every AI accelerator from NVIDIA's H100 to AMD's MI300X—but the most revealing data about HBM supply geography doesn't appear in any chip maker's filing. It's in FormFactor's annual report, where a probe card geographic revenue table shows South Korea overtook the United States as the dominant buyer of HBM test equipment in 2025, adding $53 million while US revenues fell $32 million in a single year. This analysis cross-reads 135 operational SEC filings across four companies and three SIC codes—tracing HBM demand from process equipment through memory production, test infrastructure, and demand driver—to surface a supply chain concentration that no single 10-K can reveal.
Qualcomm's consolidated margins hide a secret: the QTL licensing segment earns 72% operating margin vs QCT hardware's 30%. When Apple moves fully to in-house modems, what happens to QCOM's profitability? Our semiconductor ROIC comparison reveals the answer.
AMD generates $1.72 in cash per $1 of profit—the best in semiconductors—while NVIDIA manages only $0.84. This signals AMD's earnings are higher quality and more sustainable despite NVIDIA's explosive growth.
Master the 3-metric cash flow quality framework used by institutional investors. Analyze OCF/NI Ratio, FCF Consistency, and Cash Conversion Cycle with validated 2025 data for NVIDIA, AMD, Intel, and Broadcom. Includes specific thresholds and step-by-step methodology.