Zero One Daily Intelligence Brief — June 12, 2026

SpaceX prices history's biggest IPO at US$1.8tn; chip stocks rebound 8%

Top Market Signals

SpaceX prices the biggest IPO in history

SpaceX (SPCX US) priced its IPO at US$135 per share, raising US$75bn at a valuation of roughly US$1.8tn, the largest initial public offering ever, with trading set to begin Friday, 12 Jun, on Nasdaq.

Investor demand ran far ahead of the deal size. Subscription orders topped US$250bn, nearly four times the US$75bn target, and Bloomberg reported retail orders alone exceeded US$70bn. Commerzbank strategists estimate about 20% of the proceeds will come from foreign investors, half of them European, meaning roughly US$15bn of overseas money flows into the US on listing day, equal to about 8% of a quarterly US current account deficit in a single session.

The deal is already moving the broader tech tape. Fundstrat's Tom Lee argues the recent tech pullback came from investors selling stock to raise cash for SpaceX allocations, and Thursday's session swung back hard: the Dow rose 1.86%, Nasdaq 2.54%, and the Philadelphia Semiconductor Index 7.91%, helped also by Washington calling off its planned strike on Iran. SpaceX's prospectus pitches the company well beyond launch services, covering space data centers and Mars ambitions, which lets investors treat one ticker as combined exposure to AI, satellites, and rockets.

Taiwan's supply chain is trading the deal directly. Compeq (2313 TT), which holds the leading global share in satellite boards and supplies roughly 90% of SpaceX's space PCBs (printed circuit boards, the boards that hold and connect chips), jumped over 6% to NT$275 on volume above 90,000 lots, with foreign investors buying more than 10,000 lots net. Brokers note next-generation satellites use larger, higher-spec boards, which lifts content value per satellite.

Our 10 Jun 2026 Blade flagged SpaceX's planned US$75bn raise and its laser-link supply chain. Today the deal priced at the full target, and the listing queue behind it is filling: Anthropic and OpenAI have both filed and are expected to follow in 2H26.

Linked stocks: SPCX US, 2313 TT

Sources: SpaceX 世紀 IPO 超吸金 可能推動美元走強？, 美股收盤》川普取消攻擊伊朗！道瓊飆929點 台積電ADR漲逾3％, 熱門股》SpaceX將IPO 華通價量齊揚

SK Hynix to triple wafer capacity by 2034

SK Hynix (000660 KS) plans to triple its wafer capacity by around 2034 to meet AI memory demand, chairman Chey Tae-won told Nikkei, pulling a buildout originally scheduled to run to 2045 forward by roughly a decade.

Chey said capacity will double within five years and reach three times current levels once all planned facilities are complete, adding that the schedule cannot be accelerated further and that some in the industry still consider it insufficient. Four fabs are under construction at Yongin in Korea, with the first phase completing early next year. Once the Korean buildout is done, SK Hynix will evaluate overseas sites, with Japan a leading option given its power, water, talent, and chemical supply chain; DigiTimes reports the company is targeting a Japan AI plant from 2028.

The technology roadmap is advancing alongside the capacity push. The Elec reports SK Hynix has completed production verification of 375-layer NAND and will start mass production by end-2026 through a line conversion at its M15 fab in Cheongju, which today runs 176-layer to 321-layer products. The 375-layer generation is the company's first to use molybdenum in place of tungsten for part of the word lines: molybdenum carries lower resistance at shrinking line widths and deposits without a blocking liner, enabling denser stacking. SK Hynix chose Tokyo Electron furnace-type deposition tools, which process about 100 wafers at once, with Air Liquide, Entegris, and Merck expected to be the main material suppliers.

Samsung (005930 KS) is pushing its own 400-plus layer tenth-generation NAND toward commercialization in 2H26 and has used molybdenum in metal wiring since its 286-layer generation. Industry estimates put Samsung's molybdenum purchases rising from 4 to 10 tonnes this year and as high as 80 tonnes by 2030, with SK Hynix starting volume adoption next year. The supply response is also flowing back up the toolchain: SK Hynix's equipment suppliers are reported to be requesting 3-4% price increases as the memory upcycle fattens order books.

Memory stocks rallied on the capacity news, with Micron up 11.66%, SanDisk up 14%, and Western Digital up 6%. SK Hynix's market value recently crossed the US$1tn mark; Chey cautioned that markets overreact in both directions and that volatility is likely to persist.

Linked stocks: 000660 KS, 005930 KS, MU US

Sources: SK 海力士加速擴產！崔泰源：計劃 2034 年將晶圓產能提高三倍, SK 海力士今年底量產 375 層 NAND，首導入「鉬材料」提升堆疊密度, SK海力士計劃2034年產能翻3倍　目標2028啟用日本AI工廠

Google taps Samsung as TSMC capacity tightens

Google (GOOGL US) is in talks with Samsung Electronics (005930 KS) to produce part of a future AI chip, The Information reported, as TSMC's leading-edge capacity stays fully committed.

The report, picked up across multiple outlets, frames the talks as capacity-driven: TSMC remains Google's primary manufacturing partner, but its 3nm supply is reported to be constrained for AI customers even with monthly output reaching a new milestone of 175,000 wafers. Samsung's foundry, which has been rebuilding its order book with AI chip deals, would produce part of the next-generation chip.

This extends a pattern we have tracked all week. Our 9 Jun 2026 Blade flagged Google's reported 3-million-chip order putting Intel's foundry back in play, and our 11 Jun 2026 Blade noted that order covers packaging rather than wafer fabrication. Today's report is the same playbook at a second supplier: Google is distributing whatever pieces of its AI silicon flow other manufacturers can credibly take, because the bottleneck sits at TSMC.

Linked stocks: GOOGL US, 005930 KS, 2330 TT

Sources: Google News, Google News, Google News

OpenAI weighs price cuts to counter Anthropic

OpenAI is considering steep cuts to its token pricing, the unit AI compute is billed in, to win customers from Anthropic, the Wall Street Journal reported, days after both companies filed to go public.

People familiar with the discussions told the Journal the plans could still change, and that Anthropic is expected to respond with similar reductions. CEO Sam Altman said at a recent event that the company will have many ways to help people spend less and get more value. Both companies pour heavy compute spending into serving each query, so deep price cuts would pressure margins at exactly the moment public-market investors begin scrutinizing them.

The competitive backdrop is Anthropic's run in coding. Its Claude Code tool has driven a revenue surge that pushed Anthropic's valuation above OpenAI's for the first time, and OpenAI confidentially filed for an IPO earlier this week, following Anthropic's filing. The Information reported Altman told staff he expects the company to list within a year. A token price war on the eve of both listings becomes the first public test of whose business model carries pricing power.

Linked stocks: MSFT US, GOOGL US, NVDA US

Sources: 傳 OpenAI 考慮大降價，與 Anthropic 展開客戶爭奪戰, Google News

Patent fight tests TSMC's standing in Washington

TSMC (2330 TT) faces a US International Trade Commission patent ruling this month, and Republican lawmakers are pressing the commission to give the company no special treatment, Axios reported.

The case stems from a complaint by Longitude Licensing and Marlin Semiconductor, two patent-licensing firms under IPValue Management, which is owned by San Francisco private equity firm Vector Capital. The complaint also names Apple and Broadcom, and alleges that chips made on TSMC's most advanced processes, the production platforms behind AI accelerators, infringe their patents. Marlin acquired the patent in question from UMC in 2021. An administrative law judge's initial determination is expected this month, with the commission's final decision due around October. The maximum remedy is an exclusion order barring affected products from import into the US, though Taiwanese industry observers note such cases usually end in cross-licensing or settlement with little effect on actual sales.

The political layer is what makes this case different. Republican House and Senate members wrote to ITC chair Amy Karpel in late May urging the commission to block imports of any foreign chips that infringe US patents, arguing that even companies critical to US strategy should not receive exemptions. Arizona Democrats had earlier warned in the opposite direction, saying any action against TSMC could disrupt semiconductor production, AI development, defense systems, and Arizona's economy. Taiwan's economic ministry said the island's chipmakers operate lawfully across all jurisdictions and pledged assistance if needed; TSMC said it complies with the law everywhere it operates.

The case lands amid a wider wave of patent assertions against the AI chain. The ITC this week instituted Xockets' complaint against NVIDIA, Microsoft, and Amazon over AI chip infrastructure, and UDN notes Largan was recently sued by a German plaintiff while AUO in January became the first Taiwanese defendant in 22 years to win a complete jury verdict in the East Texas court favored by patent-assertion entities.

Linked stocks: 2330 TT, AAPL US, AVGO US, 2303 TT

Sources: 台積在美挨告侵權 預期影響不大, 台積電捲美國專利爭議！共和黨議員批不應享特殊豁免，經濟部回應了, 「專利背後靈」殺進AI鏈 台積、大立光接連捲入 全球智財攻防升溫

KKR, NVIDIA launch US$10bn data center venture

KKR (KKR US) launched a US$10bn AI infrastructure company together with NVIDIA, power producer Vistra, and a Kuwaiti sovereign fund, Reuters reported, the latest vehicle routing private capital into data center buildouts.

The same day brought two more data points on how AI infrastructure is being financed. The Information reported Anthropic is pursuing its first direct data center leases and seeking financial backing from Google, a shift from renting capacity through cloud providers. And CoreWeave priced its first euro-denominated junk bond, which Bloomberg framed as AI cloud providers tapping global debt markets for the hundreds of billions their expansion requires.

The equity-and-debt stack is widening because the bills keep growing. Oracle said it will raise an additional US$20bn in equity and debt to cover its AI buildout costs, and its shares fell 9% on the announcement even as the rest of tech rallied.

Linked stocks: KKR US, NVDA US, VST US, ORCL US

Sources: Google News, Google News, 美股收盤》川普取消攻擊伊朗！道瓊飆929點 台積電ADR漲逾3％

先聲 First Word — Exclusives from Chinese-Language Sources

Accton sees AI demand running ahead of plan

Accton (2345 TT) told shareholders that customer demand is stronger than it expected at the start of the year, with 1.6T (1.6 terabits per second) switches now in mass production for a 2H26 volume ramp, OCS optical circuit switches lined up to ship to existing customers, and January-May revenue up 60% YoY to NT$126.1bn. As the networking bellwether of the AI buildout, its simultaneous expansion across Taiwan, Vietnam, the US, Singapore, and Malaysia is a direct read on how long customers expect the cycle to run. (12 Jun 2026) Source: 智邦審慎樂觀2026年下半年 市場需求優於預期

MSI joins NVIDIA's RTX Spark supply chain

MSI (2377 TT) will supply NVIDIA's new RTX Spark AI computers, with two laptops and a small desktop entering mass production by the end of 3Q26, chairman Hsu Hsiang said after the shareholders meeting. He also flagged that the memory shortage is severe, with prices on some parts up sharply since the start of the year, raising costs and making customers cautious about ordering. (12 Jun 2026) Source: 微星成輝達AI PC供應商 RTX Spark新品第三季底量產

Formosa Sumco wins backing for wafer price hikes

Formosa Sumco (3532 TT) said customers have responded very positively to its planned silicon wafer price increases, with both 8-inch and 12-inch fabs running at full capacity and 2H26 profit expected to beat 1H. The chairman noted AI demand has spread to power-management ICs, reviving the 8-inch wafer market, a signal the upcycle is reaching the trailing edge of the silicon supply chain. (12 Jun 2026) Source: 台勝科喊漲價 獲利看增

Google's AI chip orders now split three ways

DigiTimes reports Google's TPU (Google's in-house AI chip) orders are now divided among MediaTek (2454 TT), Marvell, and Broadcom, after Broadcom acknowledged on its earnings call that it will not win all of Google's TPU business. Multi-vendor sourcing of a single hyperscaler's custom AI silicon confirms the ASIC market is now large enough to feed several chip designers at once. (12 Jun 2026) Source: Google TPU訂單大搬風　聯發科、Marvell、博通三分天下

Chenbro rides NVIDIA server chassis demand

Chenbro (8210 TT) posted May revenue of NT$2.52bn, up 37% YoY, with analysts expecting full-year shipments to grow nearly 40% as its share of orders for NVIDIA's HGX AI server platform rises and an ASIC customer ramps from late 2Q26. Server chassis and rack components are among the most direct volume reads on physical AI server builds. (12 Jun 2026) Source: HGX需求明顯提升 勤誠第3季營運正向