Group 1: Semiconductor Sector - Semiconductor stocks in Hong Kong experienced a decline, with notable drops including Huahong Semiconductor down 10.04%, GigaDevice down 8.72%, and SMIC down 4.77%. This follows a significant drop in South Korea's stock index and stricter order audits by major manufacturers like Samsung and SK Hynix to mitigate market volatility caused by excessive orders and stockpiling [1][5]. - Naxin Microelectronics reported an expected revenue of RMB 3.3 billion to 3.4 billion for 2025, reflecting a year-on-year growth of 68.34% to 73.45%, but also projected a net loss of RMB 2.5 billion to 2 billion, indicating a narrowing of losses [3]. Group 2: Automotive Sector - Great Wall Motors saw a decline of over 4.9% after announcing a 10.19% year-on-year increase in total revenue for 2025, but a 21.71% decrease in net profit attributable to shareholders [2]. Group 3: Telecommunications and Technology - Verizon's stock rose 11.83% after reporting the largest increase in mobile users since 2019, with a net addition of 616,000 users in the fourth quarter, exceeding market expectations [6]. - Tesla's stock increased by 3.32% as the company shifts focus from automotive to AI and robotics, planning to convert its Fremont factory for the production of the upcoming Optimus robot [5]. Group 4: Energy and Resources - China Shenhua Energy's stock fell over 5% after announcing an expected profit of RMB 50.8 billion to 55.8 billion for 2025, a decline of 18.6% to 10.6% compared to the previous year [4]. Group 5: Real Estate Sector - Chinese property stocks continued to decline, with companies like R&F Properties and Sunac China experiencing significant drops. Reports suggest that several developers may be exempt from disclosing "three red lines," indicating increased government attention to the struggling real estate sector [4]. Group 6: Financial Performance Highlights - Yihua Tong projected a net loss of RMB 550 million to 720 million for 2025, representing an increase in losses of 20.50% to 57.74% compared to the previous year [2]. - Cloud Voice announced an expected revenue of RMB 600 million to 620 million from its large model-related business in 2025, marking a staggering year-on-year growth of approximately 1057% to 1095% [3].

Core Viewpoint - KLA Corporation (NASDAQ: KLAC) reported strong financial results for FY26Q2 (CY25Q4), with revenue of $3.297 billion, a year-over-year increase of 7.15% and a quarter-over-quarter increase of 2.71%, indicating a solid performance in the semiconductor process control market [2][11]. Financial Performance - The company achieved a record annual revenue of $12.745 billion for 2025, representing a 17% growth compared to 2024, with 70% of this growth driven by investments in advanced logic, high bandwidth memory (HBM), and DRAM [2][12]. - The gross margin for Q4 was 62.6%, up 0.9 percentage points year-over-year and 0.1 percentage points quarter-over-quarter, exceeding the guidance midpoint of 62% [2][11]. - Free cash flow reached $4.4 billion for 2025, a 30% increase year-over-year, with $3 billion returned to shareholders through dividends and stock buybacks [11]. Segment Performance - Semiconductor process control revenue was $3.005 billion in Q4, up 9.07% year-over-year and 3.62% quarter-over-quarter, accounting for 91.1% of total revenue [3][8]. - Revenue from specialty semiconductor process decreased by 12.5% year-over-year but increased by 16.67% quarter-over-quarter, contributing 4.2% to total revenue [3][8]. - PCB and component inspection revenue was $152 million, down 5.59% year-over-year and down 20% quarter-over-quarter, representing 4.6% of total revenue [3][8]. Product Breakdown - Wafer inspection revenue was $1.573 billion, a slight increase of 1% year-over-year and 2% quarter-over-quarter, making up 47.7% of total revenue [9]. - Service revenue reached $786 million, up 18% year-over-year and 6% quarter-over-quarter, contributing 24% to total revenue [9]. - Revenue from advanced packaging grew significantly, with total system revenue for 2025 estimated at $950 million, reflecting over 70% year-over-year growth [12]. Market Outlook - For Q1 2026, KLA expects revenue of $3.35 billion, with a gross margin guidance of 60.75%-62.75%, indicating a slight decrease compared to the previous year due to rising DRAM costs [4][15]. - The WFE market is projected to grow at a high single-digit to low double-digit percentage, reaching approximately $120 billion, with the Chinese market expected to see moderate growth [5][14]. - The advanced packaging market is anticipated to grow to around $12 billion, with a similar growth rate, contributing to an overall market size of approximately $135 billion [5][14]. Regional Performance - Revenue from mainland China was $989 million, down 10.7% year-over-year and 21% quarter-over-quarter, accounting for 30% of total revenue [3][9]. - Taiwan's revenue was $857 million, down 3.9% year-over-year but up 6.8% quarter-over-quarter, representing 26% of total revenue [3][9]. - South Korea saw a revenue increase of 25% year-over-year and 59.8% quarter-over-quarter, contributing 14% to total revenue [3][9].

Investment Rating - The report rates the industry as "Buy" [5] Core Insights - The demand for semiconductor equipment is increasing due to AI advancements, with leading companies like ASML and KLA reporting significant order growth. ASML's fourth-quarter orders reached €13.2 billion, nearly double market expectations, while KLA's revenue for Q2 2026 was $3.297 billion, a 7.2% increase year-over-year [5] - The humanoid robotics sector is rapidly advancing, with companies like Zhongqing and Zhiyuan making strides in space exploration, indicating a strong integration of robotics and aerospace industries [5] - The 2026 Beijing International Commercial Aerospace Exhibition highlights China's commitment to developing its commercial space industry, showcasing the latest advancements and policies to support satellite data utilization [5] Summary by Sections Industry Overview - The mechanical equipment sector saw a decline of 3.16% from January 26 to January 30, 2026, underperforming compared to the CSI 300 index, which increased by 0.08% [8] - The mechanical equipment sub-sector indices showed varied performance, with other automation equipment leading with a 2.20% increase [9] Semiconductor Equipment Industry - Semiconductor sales reached $75.28 billion in November 2025, reflecting a 3.53% month-over-month increase [77] - The Philadelphia Semiconductor Index rose to 8320.39 points, a weekly increase of 3.29% [81] Robotics and AI Infrastructure - Recommended stocks in humanoid robotics include Hengli Hydraulic, Changying Precision, and Zhaowei Electric, while AI infrastructure recommendations include Ice Wheel Environment and Hanzhong Precision [5] - The humanoid robotics sector is positioned to meet the demands of the aerospace industry, creating a beneficial cycle of technology validation and industry growth [5] Engineering Machinery - Recommended stocks in engineering machinery include Sany Heavy Industry, XCMG Machinery, and Zoomlion Heavy Industry [5] - The report emphasizes the potential for growth in the engineering machinery sector, supported by ongoing infrastructure investments [5] Export Chain - Recommended stocks in the export chain include Honghua Digital Science, Giant Star Technology, and Jack Technology [5]

据《日经亚洲》援引日本研究机构Global Net数据显示，2025年全球半导体设备市场规模向1680亿美元 冲刺，行业竞争格局迎来显著调整。 整体来看，美日荷企业仍主导全球市场，凭借核心技术壁垒把控先进制程关键环节；中国企业实现跨越 式发展，在刻蚀、光刻等领域从跟跑到并跑，成为国产替代核心力量，推动全球竞争版图多元化。 TOP20榜单清晰呈现两大梯队格局，头部企业垄断高端市场，中坚企业深耕细分赛道，中国三强的突围 成为最大亮点。 | 头部梯队 榜单前10名基本被美日荷企业包揽，仅北方华创作为中国企业跻身其中，这类企业覆盖从成熟制程到 3nm、2nm先进制程，是全球半导体制造的核心支撑。 荷兰阿斯麦（ASML） 仍是光刻领域绝对龙头，凭借EUV极紫外光刻技术垄断7nm以下先进制程市场， 高NA EUV设备更是3nm、2nm制程的核心装备，DUV领域亦保持技术领先。 美国应用材料（AMAT） 作为平台型巨头，产品覆盖沉积、刻蚀、检测等多环节，其Selectra5000选择性沉积设备领跑先进制程 市场； 泛林（LAM） 主导刻蚀赛道，同时在清洗、沉积领域稳居前列，是先进制程核心供应商； 科 磊（KLA） 掌控检测 ...

Core Viewpoint - Morgan Stanley has raised the price target for KLA Corp. (KLAC) to $1,751 from $1,697 while maintaining an Overweight rating on the shares, indicating a positive outlook for the company despite recent share price declines [1] Summary by Relevant Categories Earnings and Market Reaction - KLA's earnings were described as "not a major surprise," yet the shares experienced a decline in post-market trading [1] Growth Outlook - The company's FY26 WFE (Wafer Fabrication Equipment) market growth outlook is projected to be in the low-double digits, which is below Lam Research's (LRCX) guidance of 23% growth [1] Analyst Perspective - The firm views KLA's WFE guidance as conservative, suggesting that the risk is skewed to the upside, indicating potential for better-than-expected performance [1]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 000-09992 KLA CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) D ...

KLAC Stock: Chip-Gear Maker KLA Tops Estimates | Investor's Business DailyBREAKING: [Stocks Test Key Levels; U.S. Government Enters Shutdown]---Semiconductor equipment supplier KLA (KLAC) beat estimates for its fiscal second quarter and guided above views for the current period. But KLAC stock fell on Friday. The Milpitas, Calif.-based company late Thursday said it earned an adjusted $8.85 a share on sales of $3.3 billion in the quarter ended Dec. 31. Analysts polled by FactSet had expected earnings of $8.7 ...

Core Insights - KLA Corporation (KLAC) reported second-quarter fiscal 2026 non-GAAP earnings of $8.85 per share, exceeding the Zacks Consensus Estimate by 0.36% and reflecting a year-over-year increase of 7.9% [1][8] - Revenues for the quarter rose 7.2% year over year to $3.3 billion, surpassing the Zacks Consensus Estimate by 1.02% [1][8] - Despite strong earnings and revenue growth, KLAC shares fell 7.7% in pre-market trading [1] Segment Performance - Semiconductor Process Control revenues, which constitute 91.1% of total revenues, increased by 9% year over year and 4% sequentially to $3 billion [2] - Foundry & Logic and Memory segments accounted for approximately 60% and 40% of Semiconductor Process Control revenues, respectively [2] - Specialty Semiconductor Process revenues decreased by 12.4% year over year to $140 million but increased 17% sequentially [2] Product and Revenue Breakdown - Product revenues, making up 76.2% of total revenues, grew by 4.2% year over year to $2.51 billion, while service revenues increased by 18% year over year and 6% sequentially to $786 million [4] - Wafer Inspection revenues rose by 1% year over year and 2% sequentially to $1.57 billion, while Patterning revenues surged by 31% year over year and 4% sequentially to $696 million [5] - Taiwan and China were the largest contributors to revenue, accounting for 26% and 30%, respectively [5] Operating Metrics - The non-GAAP gross margin for the second quarter was 62.6%, exceeding the midpoint of the guidance range by 60 basis points [6] - Research and development (R&D) expenses increased by 10.9% year over year to $383.9 million, representing 11.6% of revenues, a decrease of 40 basis points year over year [6] - Selling, general and administrative (SG&A) expenses rose by 4.8% year over year to $279.9 million, accounting for 8.5% of revenues, a decrease of 20 basis points year over year [7] Financial Position - As of December 31, 2025, cash, cash equivalents, and marketable securities totaled $5.20 billion, up from $4.68 billion as of September 30, 2025 [10] - Long-term debt remained unchanged at $5.88 billion [10] - Cash flow from operating activities was $1.36 billion, compared to $1.16 billion in the previous quarter, with free cash flow at $1.26 billion [10] Shareholder Returns - In the fiscal second quarter, KLAC repurchased $548 million worth of shares and paid $250 million in dividends [11] Guidance - For the third quarter of fiscal 2026, KLAC expects revenues of $3.35 billion, plus or minus $150 million, and non-GAAP earnings of $9.08 per share, plus or minus 78 cents [12] - The company anticipates a non-GAAP gross margin of 61.75%, plus or minus 1%, with operating expenses expected to be around $645 million [12]

KLA Corporation (NASDAQ:KLAC) stock tumbled Friday as investors digested earnings and guidance that landed near expectations but failed to impress.An analyst kept a neutral stance, pointing to valuation concerns and a near-term industry shift toward memory spending.Quarterly UpdateOn Thursday, the company reported second-quarter earnings of $8.85 per share, which beat the analyst consensus estimate of $8.80, according to data from Benzinga Pro.KLA expects third quarter adjusted EPS of $8.30 to $9.86, versus ...

Core Insights - KLA Corporation's stock declined as earnings and guidance met expectations but did not exceed investor hopes [1] - The company reported second-quarter earnings of $8.85 per share, slightly above the analyst consensus estimate of $8.80 [2] - KLA's third-quarter adjusted EPS is projected between $8.30 and $9.86, with revenue expected to be between $3.2 billion and $3.5 billion, both figures aligning closely with analyst estimates [2] Analyst's Perspective - Goldman Sachs analyst James Schneider maintained a Neutral rating on KLA, raising the price target from $1,280 to $1,450 [3] - The stock may experience downward pressure as results and guidance met estimates but fell short of heightened investor expectations [3] - Schneider highlighted KLA's strong position in process control products and potential long-term market share gains, yet preferred companies with better exposure to etch and deposition tools [3] Industry Outlook - Near-term industry spending is shifting towards DRAM rather than process control, with KLA's stock valuation considered relatively full at current levels [4] - KLA's quarterly revenue met Wall Street expectations, with gross margin slightly above consensus; however, non-GAAP earnings were slightly below Schneider's firm's forecast [4] - Management anticipates total wafer fab equipment spending to reach approximately $135 billion by 2026, with core WFE spending projected to grow in the high-single to low-double digits, reaching around $120 billion [5] - KLA expects moderate revenue growth in early 2026, with acceleration later in the year, and anticipates a recovery in China's WFE market in 2026 after a modest decline in 2025 [5] Recent Performance - KLA shares were down 12.33% at $1,477.00 at the time of publication [6]