Zero One Daily Intelligence Brief — June 26, 2026

Samsung and SK Hynix ready record spending as Micron's margin tops US tech

Top Market Signals

Korea readies its largest ever chip spending plan

Samsung Electronics (005930 KS) is expected to announce on June 29 a plan to invest 1,000 trillion won, around NT$21tn or roughly US$650bn, in Korea over the next decade, the largest corporate investment in the country's history, according to Reuters citing Maeil Business Newspaper.

The plan spans semiconductors, AI data centers, batteries and displays. Reporting points to about 300tn won for new fabs in the southwest around Gwangju and South Jeolla, enough for four to five plants at roughly 60tn won each, 56tn won for back-end packaging in the Chungcheong region, and 360tn won for six fabs at the Yongin cluster, where Samsung is in talks to pull the completion target forward to 2034 or 2035 from 2048. A separate plan of about 350tn won for AI data centers in Asan is expected on July 2.

SK Hynix (000660 KS) chief executive Kwak Noh-jung will attend alongside Samsung's Jun Young-hyun, and Bloomberg reports the two memory makers will together unveil hundreds of billions of dollars of new spending. The scale, close to half of Korea's annual GDP and above the government's annual budget, frames the current memory shortage as a multiyear capacity build.

Linked stocks: 005930 KS, 000660 KS, MU US

Sources: 三星豪擲1000兆韓元「史詩級藍圖」曝光！規模直逼南韓半年GDP, 韓媒：三星計劃10年砸20兆元 推動區域產業升級

Chip substrate shortage widens into a multiyear squeeze

Foreign brokerages lifted earnings estimates across Taiwan's leading IC substrate makers, Unimicron (3037 TT), Nan Ya PCB (8046 TT) and Kinsus (3189 TT), as the 2026 to 2028 supply-demand gap for ABF substrate is now modeled to widen to 4%, 10% and 16%.

ABF (Ajinomoto Build-up Film, the material used to build high-end chip packages) is tightening as AI server demand climbs and the server CPU share of substrate demand is revised up to 13% to 14%. One house sees Nan Ya PCB raising ABF prices a high single digit percent in 2Q26 and a double digit percent sequentially in 3Q26, while capacity grows only about 5%.

Kinsus locked limit up for a second day to a record NT$893 after a US house lifted its target, with domestic investment trusts buying 7,451 lots over four sessions. It is adding roughly 10 million units of monthly capacity in early 2027 to serve a US GPU customer, where it holds about 45% of CPU substrate and 20% of GPU substrate share, a step that lifts its total ABF capacity about 25%.

Linked stocks: 3037 TT, 8046 TT, 3189 TT

Sources: ABF 三年內供需缺口擴大 外資調升 ABF 三雄獲利預估與目標, 景碩：投信季底狂掃貨 連兩天漲停

GUC locks in 2027 advanced-packaging capacity at TSMC

Global Unichip (3443 TT) has reserved about 60,000 CoWoS (chip-on-wafer-on-substrate) wafers at TSMC (2330 TT) for next year, tied to a new cloud-service-provider design win, according to a US supply chain report.

The brokerage sees three to four customers each contributing around US$1bn of revenue in 2027 and 2028, including Google, Tesla and Meta plus a China ADAS account. New projects could add US$500m to US$600m of revenue in the second half of 2027 and US$1.5bn to US$1.6bn in 2028.

GUC is also deepening co-packaged optics work, integrating Lightmatter's Passage platform into its ASIC designs and exploring TSMC's COUPE optical technology. The house upgraded GUC to outperform and raised its 2027 and 2028 EPS estimates to NT$124.4 and NT$189.5.

Linked stocks: 3443 TT, 2330 TT, GOOGL US

Sources: 向台積電下訂產能、CPO 技術有望深化，外資改點讚創意

NVIDIA readies an 800V power rack as AI demand climbs

NVIDIA (NVDA US) is building its own 800V HVDC power rack and aims to complete stocking in 3Q26 as an option for Vera Rubin customers, according to TrendForce.

The shift tracks a steep rise in rack power. TrendForce puts the VR200 rack at about 225kW against 150kW for the prior GB300, still within reach of in-rack power supplies, while the Rubin Ultra generation is designed at 660kW and pushes next-generation systems toward 1.2 to 1.3MW. Broad 800V adoption is expected to scale after Rubin Ultra in the second half of 2027 and reach volume around 2028.

The binding constraint is the grid. TrendForce notes most US regions can generate enough power for approved data center loads, so the bottleneck is transmission, with interconnection waits in regions such as PJM running beyond five years, while average lead times for large power transformers have stretched to about 2.5 years and to four to five years at the highest voltages. The read-through favors Taiwan power-component suppliers including Delta Electronics (2308 TT).

Linked stocks: NVDA US, 2308 TT, 3675 TT

Sources: TechNews

OpenAI leans toward delaying its IPO to 2027

OpenAI is leaning toward pushing its initial public offering to 2027, the New York Times reported, after sharp tech-stock swings and volatility following SpaceX's record listing prompted underwriters to advise a delay.

Chief executive Sam Altman has asked advisers including Goldman Sachs and Morgan Stanley to target a US$1tn valuation, a level the market may not support near term. OpenAI filed confidentially with the SEC on June 9 and has raised US$122bn this year, taking its valuation to about US$852bn.

The report hit AI-infrastructure financing sentiment directly. SoftBank (9984 JT), a major OpenAI backer, fell as much as 13% on concerns the delay pushes back returns.

Linked stocks: 9984 JT, MSFT US, NVDA US

Sources: OpenAI 上市踩煞車！IPO 傳延至 2027 年

onsemi buys Synaptics for US$7bn to chase physical AI

onsemi (ON US) agreed to acquire human-interface and touch-controller chipmaker Synaptics (SYNA US) for about US$7bn in an all-stock deal, its largest acquisition, to expand in physical AI.

The company said the deal adds about US$30bn to its addressable market by the end of 2030, taking it to US$243bn, and strengthens its connected-compute and software reach. Synaptics holders receive 1.350 onsemi shares per share, with the deal expected to close in mid-2027.

The market split on the price. onsemi rose 2.56% in the regular session, then fell 7.33% after hours to US$110.03, while Synaptics jumped 9.86% after hours to US$138. onsemi is a leading silicon-carbide supplier to autos and power, and the deal pushes it toward edge intelligence as device makers add on-board AI.

Linked stocks: ON US, SYNA US, NVDA US

Sources: 安森美攻實體 AI、砸 70 億美元併 Synaptics 盤後摔

Taiwan memory makers ride the price surge into 4Q26

Foreign brokerages raised targets across Taiwan's commodity memory makers, Winbond (2344 TT), Nanya Technology (2408 TT), Macronix (2337 TT) and Powerchip (6770 TT), as contract prices are now expected to keep climbing through 4Q26.

Channel inventory sits below two weeks and the market remains in shortage. The houses see NAND flash rising 50% to 60% in 3Q26, driven by high-density SLC NAND for data center enterprise SSDs, and NOR flash up 30% to 40% as Vera Rubin racks enter production and lift NOR content more than 50% above the prior GB platform.

The setup follows Micron's (MU US) record 3QFY26, where AI memory demand drove revenue to US$41.5bn and gross margin to 84.9%, the highest among large US tech names. Taiwan's DRAM and flash specialists carry the read-through as commodity pricing extends, with Samsung separately reporting DRAM unit prices up more than 400% YoY.

Linked stocks: 2344 TT, 2408 TT, 2337 TT, 6770 TT

Sources: 美光營收創歷史新高，外資全面調升台廠記憶體四雄目標價, 外資調升記憶體四雄目標價 三類產品持續漲價至第4季

先聲 First Word — Exclusives from Chinese-Language Sources

AblE wins NVIDIA and AMD orders for a strong second half

AblE (3693 TT), an AI server chassis maker, told its annual meeting it is benefiting from new-platform orders flowing in from both NVIDIA and AMD, and expects continued growth in AI, cloud and high-performance-computing demand to deliver a strong second half of 2026. It keeps a smaller enclosure and rack supplier on the AI infrastructure ramp alongside the larger ODMs. (26 Jun 2026) Source: 營邦迎輝達、超微大單 2026年下半年將繳出亮眼成績單

Vanguard hits a record high on mature-node order shifts

Vanguard International Semiconductor (5347 TT) closed limit up at a record NT$220, its second straight gain, on expectations that leading foundries focused on advanced nodes will redirect mature-node orders its way. It guides 2Q26 wafer shipments up 10% to 13% QoQ and ASP up 2% to 5%, with AI and HPC server revenue set to roughly double this year. (26 Jun 2026) Source: 熱門股》成熟製程需求上揚 世界漲停

Taiwan power-chip makers raise prices on AI demand

Pan Jit (2481 TT) and 德微 (3675 TT) are emerging price-hike beneficiaries as global power semiconductor leaders raise prices and European and non-China customers shift orders to Taiwan to secure supply. 德微 is Taiwan's first maker to field 800V HVDC power devices, aligning it with the next generation of AI rack power. (26 Jun 2026) Source: 強茂、德微 押逾120天