Who wins the AI chip race barely matters to Advantest — GPUs, custom ASICs and CPUs all end up on the same V93000. Operating margin hit 51.7% this quarter, full-year guidance was raised sharply, and demand visibility now stretches to 18 months. Memory and DRAM costs are the only headwind worth watching.

Marvell added $1.5B to its FY2028 outlook in a single quarter, and the largest piece came from scale-up optics, a category sized at only ~$300M last quarter. The $120B Google warrant looks huge, but management says pre-FY2028 volume is already in the numbers; the real step-up lands in FY2029.