Technical Analysis: 28 July 2026

Applied Digital Corp (APLD) 

• 4Q26 Revenue: $258.7M, +406.3% YoY, beat estimates by $163.38M 

• 4Q26 Non-GAAP EPS:  $0.04, beat estimates by $0.23 

• FY27 Guidance: No guidance provided. 

• Comment: Applied Digital reported a standout fourth quarter, with revenue surging 407% YoY to US$258.7mn and adjusted EPS of US$0.04, significantly exceeding market expectations, driven by strong demand for its AI-focused data center infrastructure. Growth was led by its HPC Hosting segment, which generated US$203.0mn in revenue, including substantial tenant fit-out services and recurring base rent. During the quarter, the company secured three new 15-year take-or-pay leases with the same investment-grade U.S. hyperscaler across Delta Forge 1, Delta Forge 2 and Polaris Forge 3, bringing total contracted critical IT capacity to 1.4GW and approximately US$36bn of contracted lease revenue. Applied Digital also strengthened its financial position through a US$2.15bn senior secured notes offering, a US$550mn revolving credit facility, and completed the spin-off of its cloud services business into ChronoScale Holdings, while management highlighted continued robust demand for high-power AI data centers. Backed by a long-term contracted revenue base of approximately US$36bn, expanding hyperscaler relationships and strong AI infrastructure demand, Applied Digital is well-positioned to benefit from the ongoing buildout of high-performance computing and AI data center capacity. The company expects continued growth as additional leased facilities come online and existing contracts contribute increasing recurring revenue over time. However, execution of large-scale developments, customer deployment timelines and broader capital market conditions remain key factors that could influence the pace of future growth. 1Q27 recommended trading range: $25 to $35. Positive Outlook. 

 

应用数字公司（APLD)  

• 26财年第四季度营收：2.587亿美元，同比增长406.3%，优于预期1.6338亿美元 

• 26财年第四季度非公认会计准则每股收益：0.04美元，优于预期0.23美元 

• 27财年全年指引：未提供指引。 

• 短评：应用数字公司（Applied Digital）公布了出色的第四季度业绩，营收同比激增407%至2.587亿美元，调整后每股收益为0.04美元，远超市场预期，这主要得益于其面向AI的数据中心基础设施的强劲需求。增长主要由其高性能计算（HPC）托管业务部门引领，该部门实现营收2.03亿美元，其中包括大量的租户装修服务和经常性基础租金收入。本季度，公司与美国同一家投资级超大规模云服务商就Delta Forge 1、Delta Forge 2和Polaris Forge 3达成了三份新的15年“照付不议“租约，使签约的关键IT总容量达到1.4吉瓦（GW），签约租赁收入总额约为360亿美元。应用数字还通过发行21.5亿美元优先担保票据、设立5.5亿美元循环信贷安排来增强其财务状况，并完成了云服务业务向ChronoScale Holdings的分拆。管理层强调，对大功率AI数据中心的需求持续强劲。依托约360亿美元的长期签约收入基础、不断扩大的超大规模云服务商合作关系以及强劲的AI基础设施需求，应用数字公司有望受益于高性能计算和AI数据中心容量的持续建设。随着更多租赁设施投入运营以及现有合同随时间推移贡献越来越多的经常性收入，公司预计将持续增长。然而，大规模项目的执行、客户部署时间表以及更广泛的资本市场环境仍是可能影响未来增长速度的关键因素。27财年第一季度建议交易区间：25美元至35美元。积极前景。 

 

Navitas Semiconductor Corp. (NVTS) 

• 2Q26 Revenue: $10.53M, -27.3% YoY, beats estimates by $0.56M 

• 2Q26 Non-GAAP EPS: –$0.04, in-line with estimates 

• 3Q26 Guidance: Expects revenue of $13.5M, plus or minus $500,000, non-GAAP gross margin of 39.7%, plus or minus 100 basis points, and operating expenses of $15.5M to $17.5M. Operating expenses to rise by about $1M to $1.5M per quarter starting in Q3. 

• Comment: Navitas Semiconductor reported another quarter of strong execution in its strategic “Navitas 2.0” transformation, with Q2 revenue rising 22% QoQ to US$10.5mn as high-power markets grew more than 50% YoY, driven by accelerating adoption of its GaN and high-voltage SiC solutions in AI infrastructure. The company continues to shift away from low-margin mobile and consumer markets, with high-power products now representing the majority of revenue, while gross margin expanded to 39.5% on improved product mix. Management highlighted record bookings, expanding backlog extending beyond 2026, and increasing traction with hyperscalers, data center power customers and grid infrastructure applications. Q3 guidance calls for another 28% sequential revenue increase to approximately US$13.5mn, supported by continued AI infrastructure demand, while the company strengthened its balance sheet with US$557mn of cash following a capital raise to fund capacity expansion, product development and long-term growth initiatives. With AI infrastructure expected to account for more than one-third of revenue by year-end, Navitas is well-positioned to benefit from the ongoing adoption of GaN and SiC power semiconductors across AI data centers, grid modernization and next-generation 800V power architectures. Management expects continued double-digit quarterly growth through the second half of 2026 and into 2027, supported by expanding customer programs, a growing design-win pipeline and increasing production ramps. However, execution on customer deployments, the timing of AI infrastructure rollouts, and successful commercialization of next-generation products remain key factors to monitor. 3Q26 recommended trading range: $9 to $12. Neutral Outlook. 

 

纳微半导体公司（NVTS) 

• 26财年第二季度营收：1053万美元，同比下降27.3%，优于预期56万美元 

• 26财年第二季度非公认会计准则每股收益：-0.04美元，符合预期 

• 26财年第三季度指引：预计营收为1350万美元，上下浮动50万美元；非公认会计准则毛利率为39.7%，上下浮动100个基点；运营支出为1550万美元至1750万美元。运营支出自第三季度起每季度将增加约100万至150万美元。 

• 短评：纳微半导体（Navitas Semiconductor）在其战略性的“Navitas 2.0”转型中再次实现了强劲执行，第二季度营收环比增长22%至1050万美元，大功率市场同比增长超过50%，这得益于其氮化镓（GaN）和高压碳化硅（SiC）解决方案在AI基础设施中的加速采用。公司持续从低利润率的移动和消费市场中转移，大功率产品目前占营收的大部分，同时得益于产品组合的改善，毛利率扩大至39.5%。管理层强调，订单量创下纪录，积压订单已延伸至2026年以后，并且与超大规模云服务商、数据中心电源客户以及电网基础设施应用领域的合作不断加深。第三季度指引要求营收在AI基础设施持续需求的支撑下再环比增长约28%至约1350万美元。与此同时，公司通过融资筹集资金后持有5.57亿美元现金，增强了资产负债表，以资助产能扩张、产品开发和长期增长计划。随着AI基础设施预计到年底将占营收的三分之一以上，纳微半导体有望受益于AI数据中心、电网现代化以及下一代800V电源架构中GaN和SiC功率半导体的持续采用。管理层预计，在客户项目扩大、设计中标渠道不断增长以及产量逐步提升的支持下，2026年下半年至2027年将继续实现两位数的季度增长。然而，客户部署的执行情况、AI基础设施推出的时机以及下一代产品的成功商业化仍是需要关注的关键因素。26财年第三季度建议交易区间：9美元至12美元。中性前景。 

 

Celestica Inc. (CLS) 

• 2Q26 Revenue: $4.7B, +62.6% YoY, beat estimates by $310M 

• 2Q26 Non-GAAP EPS: $2.54, beat estimates by $0.23 

• 3Q26 Guidance: Expect revenue of $5.25B to $5.55B, above consensus of $5.01B. The company guided third-quarter adjusted EPS to a range of $2.88 to $3.08, above estimates of $2.69. 

• FY26 Guidance: Raised full-year adjusted EPS guidance to $11.30 from a previous $10.15, exceeding the analyst consensus of $10.30. The company also increased its revenue outlook to $20.5B from $19.0B, above the consensus of $19.22B.  

• Comment: Celestica delivered a strong second quarter, with revenue rising 62% YoY to US$4.70bn and adjusted EPS of US$2.54, both exceeding expectations, driven by stronger-than-anticipated customer demand, improved component availability and solid operational execution. Adjusted operating margin expanded to 8.2% from 7.4% a year earlier, reflecting increasing scale and operating leverage. Management raised its FY26 revenue outlook to US$20.5bn and adjusted EPS guidance to US$11.30, while guiding for Q3 revenue of US$5.25bn-5.55bn and adjusted EPS of US$2.88-3.08, both above consensus. Looking ahead, Celestica is well positioned to sustain strong growth as customer forecasts strengthen and supply constraints ease, with management expecting revenue growth to accelerate further in 2027; however, execution risks, component availability and the sustainability of elevated customer demand remain key factors to monitor. 3Q26 recommended trading range: $310 to $350. Neutral Outlook. 

 

天弘科技公司（CLS)  

• 26财年第二季度营收：47亿美元，同比增长62.6%，优于预期3.1亿美元 

• 26财年第二季度非公认会计准则每股收益：2.54美元，优于预期0.23美元 

• 26财年第三季度指引：预计营收为52.5亿美元至55.5亿美元，高于市场共识的50.1亿美元。公司预计第三季度调整后每股收益为2.88美元至3.08美元，高于市场预期的2.69美元。 

• 26财年全年指引：将全年调整后每股收益指引从此前的10.15美元上调至11.30美元，超过分析师共识预期的10.30美元。公司还将营收预期从190亿美元上调至205亿美元，高于市场共识的192.2亿美元。 

• 短评：天弘科技（Celestica）第二季度业绩强劲，营收同比增长62%至47亿美元，调整后每股收益为2.54美元，双双超出预期，这得益于强于预期的客户需求、零部件供应改善以及稳健的运营执行。调整后营业利润率从上年同期的7.4%扩大至8.2%，反映出规模效应和经营杠杆的提升。管理层将26财年营收预期上调至205亿美元，调整后每股收益指引上调至11.30美元，同时预计第三季度营收为52.5亿至55.5亿美元，调整后每股收益为2.88至3.08美元，均高于市场共识。展望未来，随着客户预测走强和供应限制缓解，天弘科技有望保持强劲增长，管理层预计2027年营收增长将进一步加速；然而，执行风险、零部件供应情况以及高企的客户需求的可持续性仍是需要关注的关键因素。26财年第三季度建议交易区间：310美元至350美元。中性前景。 
   

Nucor Corp. (NUE) 

• 2Q26 Revenue: $10.4B, +22.9% YoY, beat estimates by $270M 

• 2Q26 Non-GAAP EPS: $4.84, beat estimates by $0.31 

• 3Q26 Guidance: Expect higher consolidated reported earnings compared to the second quarter. The company anticipates increased earnings in the steel mills segment and steel products segment, while the raw materials segment is projected to have decreased earnings.  

• Dividends/Share Buybacks: Board declared a cash dividend of $0.56 per share, payable on 11 August. 

• Comment: Nucor delivered a strong second quarter, with adjusted EPS of US$4.84 and revenue of US$10.40bn, both exceeding expectations, driven by record steel mill shipment volumes, higher average selling prices and supportive U.S. trade policies. Revenue increased 72% YoY, while adjusted net earnings attributable to shareholders rose to US$1.11bn, supported by stronger performance in its steel mills segment and a US$130mn benefit from prior-period raw material procurement refunds. The company continued to generate robust cash flows, returning approximately US$479mn to shareholders through dividends and share repurchases, while maintaining a strong balance sheet with US$2.69bn in cash and no borrowings under its revolving credit facility. Nucor expects earnings to improve further in the third quarter, supported by higher realized steel prices, stable shipment volumes and continued strength in its steel products segment. Longer term, ongoing infrastructure investment, manufacturing reshoring and supportive U.S. trade policies should underpin steel demand, while Nucor’s disciplined capital allocation, operational efficiency and strong financial position leave it well placed to capitalize on favourable market conditions, although raw material margin pressure and cyclical steel demand remain key risks. 3Q26 recommended trading range: $230 to $260. Neutral Outlook. 

 

纽柯钢铁公司（NUE) 

• 26财年第二季度营收：104亿美元，同比增长22.9%，优于预期2.7亿美元 

• 26财年第二季度非公认会计准则每股收益：4.84美元，优于预期0.31美元 

• 26财年第三季度指引：预计合并报告收益将高于第二季度。公司预计钢铁厂部门和钢铁产品部门收益将增加，而原材料部门收益预计将下降。 

• 股息/股票回购：董事会宣布每股现金股息0.56美元，将于8月11日派发。 

• 短评：纽柯钢铁（Nucor）第二季度业绩强劲，调整后每股收益为4.84美元，营收为104亿美元，双双超出预期，这得益于创纪录的钢铁厂发货量、更高的平均售价以及有利的美国贸易政策支持。营收同比增长72%，归属于股东的调整后净利润增至11.1亿美元，这得益于钢铁厂部门的强劲表现以及前期原材料采购退款带来的1.3亿美元收益。公司继续产生强劲的现金流，通过股息和股票回购向股东返还约4.79亿美元，同时保持强劲的资产负债表，持有26.9亿美元现金，且其循环信贷设施项下无借款。纽柯预计第三季度收益将进一步改善，这得益于更高的实际钢材价格、稳定的发货量以及钢铁产品部门的持续强劲表现。从长远来看，持续的基础设施投资、制造业回流以及有利的美国贸易政策应能支撑钢铁需求，而纽柯严谨的资本配置、运营效率和强劲的财务状况使其能够充分利用有利的市场条件，尽管原材料利润率压力和钢铁需求的周期性仍是主要风险。26财年第三季度建议交易区间：230美元至260美元。中性前景。 
   

Rambus Inc. (RMBS) 

• 2Q26 Revenue: $207.39M, +20.4% YoY 

• 2Q26 Non-GAAP EPS: $0.77 

• 3Q26 Guidance: Expect revenue of $210-216M and diluted earnings per share of $0.75-0.82, vs consensus of $213M and $0.78 respectively. 

• Comment: Rambus delivered a strong second quarter, with revenue rising 20% YoY to a record US$207.4mn and adjusted EPS of US$0.77, both ahead of expectations, driven by accelerating demand for its high-performance memory interface chips and semiconductor intellectual property solutions used in data centres and AI infrastructure. Product revenue reached a record US$99.2mn, up 22% YoY, while royalties contributed US$84.2mn and contract and other revenue totalled US$24.0mn. The company also generated US$61.2mn of operating cash flow and ended the quarter with US$824.9mn in cash, cash equivalents and marketable securities, providing substantial capacity to fund product development and strategic investments. Looking ahead, management expects Q3 revenue of US$210-216mn and adjusted EPS of US$0.75-0.82, with product revenue projected to accelerate further to US$110-116mn; sustained investment in AI servers, advanced memory systems and data-centre infrastructure should support continued growth, although performance remains dependent on customer deployment schedules and the pace of semiconductor industry spending. 3Q26 recommended trading range: $85 to $105. Neutral Outlook. 

 

Rambus公司（RMBS) 

• 26财年第二季度营收：2.0739亿美元，同比增长20.4% 

• 26财年第二季度非公认会计准则每股收益：0.77美元 

• 26财年第三季度指引：预计营收为2.10亿至2.16亿美元，稀释后每股收益为0.75至0.82美元，而市场共识预期分别为2.13亿美元和0.78美元。 

• 短评：Rambus第二季度业绩强劲，营收同比增长20%至创纪录的2.074亿美元，调整后每股收益为0.77美元，双双超出预期，这得益于其用于数据中心和AI基础设施的高性能内存接口芯片和半导体知识产权解决方案的加速需求。产品营收达到创纪录的9920万美元，同比增长22%，而特许权使用费贡献8420万美元，合同及其他收入总计2400万美元。公司还产生了6120万美元的经营现金流，季度末持有现金、现金等价物和有价证券共计8.249亿美元，为产品开发和战略投资提供了充足的资金能力。展望未来，管理层预计第三季度营收为2.10亿至2.16亿美元，调整后每股收益为0.75至0.82美元，产品营收预计将进一步加速至1.10亿至1.16亿美元；对AI服务器、先进内存系统和数据中心基础设施的持续投资应能支持持续增长，尽管业绩表现仍取决于客户部署时间表和半导体行业支出节奏。26财年第三季度建议交易区间：85美元至105美元。中性前景。 
   

Amkor Technology Inc. (AMKR) 

• 2Q26 Revenue: $1.90B, +25.8% YoY, beat estimates by $80M 

• 2Q26 GAAP EPS: $0.70, beat estimates by $0.02 

• 3Q26 Guidance: Expect revenue guidance of $1.95B to $2.05B, below the $2.12B analyst consensus and adjusted EPS of $0.72 to $0.82, above the analyst consensus of $0.65. The company also projects gross margin of 18.5% to 19.5% for the period. 

• FY26 Guidance: Maintain full-year 2026 capital expenditure guidance of approximately $2.5B to $3.0B. 

• Comment: Amkor Technology delivered a strong second quarter, with revenue rising 26% YoY to a record US$1.90bn and adjusted EPS of US$0.70, comfortably beating market expectations, driven by record performance in its Computing and Automotive & Industrial segments. The company benefited from expanding AI and high-performance computing (HPC) programs, continued investment in advanced packaging and testing capacity, and improved profitability, with gross margin expanding to 16.8% from 12.0% a year earlier and operating margin improving to 10.5%. While Q3 revenue guidance of US$1.95bn–2.05bn came in below consensus, the company projected adjusted EPS of US$0.72–0.82, above expectations, and maintained its FY2026 capital expenditure plan of US$2.5bn–3.0bn to support future growth. Amkor is well positioned to benefit from sustained demand for advanced semiconductor packaging driven by AI, high-performance computing and automotive applications, supported by strategic customer partnerships and ongoing capacity expansion. Although near-term revenue growth may moderate as reflected in its Q3 outlook, continued investment in advanced packaging technologies, improving margins and increasing AI-related content should support long-term growth as next-generation chip demand continues to expand. 3Q26 recommended trading range: $50 to $70. Neutral Outlook. 

 

安靠科技公司（AMKR) 

• 26财年第二季度营收：19亿美元，同比增长25.8%，优于预期8000万美元 

• 26财年第二季度公认会计准则每股收益：0.70美元，优于预期0.02美元 

• 26财年第三季度指引：预计营收为19.5亿美元至20.5亿美元，低于分析师共识的21.2亿美元；调整后每股收益为0.72美元至0.82美元，高于分析师共识的0.65美元。公司还预计该季度毛利率为18.5%至19.5%。 

• 26财年全年指引：维持2026全年资本支出指引约为25亿美元至30亿美元。 

• 短评：安靠科技（Amkor Technology）第二季度业绩强劲，营收同比增长26%至创纪录的19亿美元，调整后每股收益为0.70美元，轻松超出市场预期，这得益于其计算业务以及汽车与工业业务部门创纪录的表现。公司受益于不断扩大的AI和高性能计算（HPC）项目、对先进封装和测试产能的持续投资以及盈利能力的改善，毛利率从上年同期的12.0%扩大至16.8%，营业利润率提升至10.5%。尽管第三季度营收指引19.5亿至20.5亿美元低于市场共识，但公司预计调整后每股收益为0.72至0.82美元，高于预期，并维持2026财年25亿至30亿美元的资本支出计划以支持未来增长。安靠科技有望受益于AI、高性能计算和汽车应用驱动的先进半导体封装持续需求，这得益于战略客户合作伙伴关系和持续的产能扩张。尽管如第三季度展望所示，近期营收增长可能放缓，但对先进封装技术的持续投资、利润率改善以及AI相关内容的增加，应在下一代芯片需求持续扩大的背景下支撑长期增长。26财年第三季度建议交易区间：50美元至70美元。中性前景。