Bowen Zhang

[Bowen Zhang @bbboowweenn]

Market is heavily selling off companies who push off revenue recognition back in any capacity (1Q-1Y+); understandable due to ST nature of market/multi-managers trading quarters; I think this creates opportunity now for investors w time horizon

[Bowen Zhang @bbboowweenn]

$AMKR now partnered with TSMC and NVDA, TSMC further investment in Arizona reinforces LT rev visibility

[Bowen Zhang @bbboowweenn]

Think that osats trade well from here, coming down to more attractive valuations - amkr now at 26x 28 on guided 2.5 eps now, themes intact on tsmc overflow, AP, testing/inspection intensity

[Bowen Zhang @bbboowweenn]

important to think abt where in the stack AI demand value accrues to (labs, chips, hypers, neos, etc) and how news like Kimi K3 incrementally change the distribution of value. Labs/neos in 26 so far but I think shift to hypers/chips; this is where LT winners are decided

[Bowen Zhang @bbboowweenn]

Part of AI trade derisk price action is pricing in the scenario where Hyperscalers DO cut capex at low prob. but $smh trades down a lot (5-10+? %) - can not forget abt this node

[Bowen Zhang @bbboowweenn]

Semicap did well 1H26 as upward revisions were priced in + biz premium rerate but still like the 2H27/2H26 y/y story as cleanrooms come online, tsmc capex above consensus, upward pricing inflection (still low % of wafer $), and chips remain biggest shortage

[Bowen Zhang @bbboowweenn]

semis probably range trade (as $smh has been last 2 weeks) up until hyperscaler capex numbers; bull case hinges on capex confirmation which caps upside while decently strong prints from $tsm $asml reinforcing the LT semis story cap downside; short vol ideas could print given PA

[Bowen Zhang @bbboowweenn]

Think that osats trade well from here, coming down to more attractive valuations - amkr now at 26x 28 on guided 2.5 eps now, themes intact on tsmc overflow, AP, testing/inspection intensity

[Bowen Zhang @bbboowweenn]

Silver - Physical divergence from paper, China export restrictions and premium, London OTC backwardation, inelastic supply continues; Gold strength continues

Degeneracy - Agree with the Long Degeneracy thesis (esp. on social side), but see heightened regulations in 26

[Bowen Zhang @bbboowweenn]

2026 Thoughts/Outlooks:

AI - Continuation of commoditized intelligence, jagged edge of intelligence, & verifier's law

Software/Application Rotation - Start of meaningful AI ROI in application companies; pivotal year for determining winners who own the AI Factory stack

[Bowen Zhang @bbboowweenn]

@Avi1250517 Just finished the weather and wordle app! Looking forward to more projects!

[Bowen Zhang @bbboowweenn]

@pranavravella @sapienai My X feed was filled with senseless violence, political uncertainty, and pure hate before I came across this gem of an announcement! This was a glimmer of hope in a ruthless society.

[Bowen Zhang @bbboowweenn]

@pranavravella this one hit, pranav.

[Bowen Zhang @bbboowweenn]

@0baylor @reply 👋

[Bowen Zhang @bbboowweenn]

@cory @reply Interested!

[Bowen Zhang @bbboowweenn]

@sullycasts holy guacamole

[Bowen Zhang @bbboowweenn]

@Skywrdd new year new bag 🤑🤑🤑

[Bowen Zhang @bbboowweenn]

@treystayhitting cultured man

[Bowen Zhang @bbboowweenn]

@kiwithatsamiwi no shoutout is crazy… bro even said vibhu over me

[Bowen Zhang @bbboowweenn]

@kiwithatsamiwi On jah

[Bowen Zhang @bbboowweenn]

@elaine31219337 that is fascinating