On Tuesday, January 26, 2027, during the US pre-market session, US contract manufacturers and packaging & testing stocks stood out with strong performance. Software large-caps generally outperformed hardware stocks, while server, storage, PC, and mobile phone chip stocks lagged behind. Mature node pricing is rising: Companies like VIS and UMC are seeing order spillover from TSMC, coupled with robust downstream inventory restocking demand. This has led to improvements in Average Selling Prices (ASP) for mature nodes. Utilization rates for Taiwanese fabs are projected to potentially exceed 75% this year, with VIS and UMC also having room for gross margin expansion. Overall, the price increase trend for Taiwanese fabs slightly lags behind that of mainland Chinese fabs. SanDisk Outlook - Base Case: For F3Q (March), ASP is estimated to increase 22% quarter-over-quarter (QoQ), corresponding to an EPS of $6.52 versus consensus expectations of $4.62. For F2Q (December), NAND ASP is estimated up 14% QoQ, corresponding to an EPS of $3.79 versus consensus of $3.45. Bull Case: If F3Q ASP growth reaches 40% QoQ, EPS could hit $9.06, implying a FY27 (June 26-June 27) EPS of around $67.5. Most Aggressive Scenario: If F3Q ASP surges 100% QoQ (a level potentially seen in single-month data, but difficult to sustain over three months), F3Q EPS alone could reach $17, with FY27 EPS potentially even higher. Taiwanese Mature Node Fabs (Citigroup, Jan 23, 26): Citigroup believes ASP recovery and improving Utilization Rate (UTR) have driven VIS and UMC to outperform the market by 48% and 22% year-to-date, respectively. Driven by inventory restocking and PMIC demand, UTR for mature nodes is expected to improve to over 75% this year. UMC: 28/22nm utilization remains above 90%; overall UTR has recovered from 60-70% to 75-80%; depreciation pressure is easing; 2026/27 earnings estimates were raised by 17%/36%. VIS: AI and general server demand are boosting PMIC needs; ASP and GM are steadily improving; the 12-inch fab is set for mass production in 2027, reaching 55k wpm capacity by 2029; depreciation impact on GM is in the low-to-mid single digits; 2026/27 earnings estimates were raised by 27%/20%. SanDisk (Bernstein, Jan 26, 26): Bernstein argues that AI demand coupled with constrained supply growth is driving an unprecedented NAND upcycle, with SanDisk still possessing significant upside potential. Even with high Street expectations, if earnings and guidance deliver a "clean beat," memory stocks could still see double-digit single-day gains: Micron previously provided 2Q26 Non-GAAP EPS guidance of $8.22–8.62 (significantly above Street's $5.13), and its stock rose 10% the next day; SanDisk guided 2Q26 EPS to $3.0–3.4 (Street expected ~$1.99), and its stock rose 15%. For FQ2'26, Bernstein calculates SanDisk EPS at $3.79, above the Street's $3.45, with core leverage coming from ASP (assuming +14% QoQ, with further upside possible). The key lies in FQ3'26 guidance, calculated at $6.52 EPS (Street expects $4.62, implying ASP +22% QoQ). If ASP increases by +40% QoQ (close to Gartner's +43% forecast), FQ3'26 EPS could reach $9.06 (FY27 ~$67.5). Furthermore, upcoming earnings from SK Hynix and Samsung could provide further catalysts if they signal positive NAND pricing and supply-demand dynamics. Global Memory (JP Morgan, Jan 23, 26): JP Morgan believes the NAND Total Addressable Market (TAM) growth rate will significantly accelerate from its long-term average of ~10% to over 30% in the next three years, primarily driven by eSSD demand fueled by AI inference. eSSD bit demand is projected to grow at a 49% CAGR from 2025E–28E, reaching 53% of total bit demand by 2028, representing approximately 900 Exabytes. Constrained by capex discipline, NAND supply expansion is limited, leading to continuous improvement in unit economics. Revenue per Kwfpm is expected to rise from $55,000 in 2025E to $102,000 in 2027E. JP Morgan estimates the AI NAND TAM will reach approximately $70 billion by 2028E (compared to ~$220 billion for AI DRAM). Server-side NAND value remains significantly below historical peaks, indicating substantial upside potential for enterprise SSD ASPs. Asia Tech Buyside Expectations Survey (JP Morgan, Jan 26, 26): The key variable for Advantest is the GPU test time and operating profit (OP) model for FY3/27. The survey suggests an expectation of ~80% GPU test time for FY3/27 (CY26), with recent market expectations ranging widely between 80% and 100%. JP Morgan estimates FY3/27 OP at ¥601.2 billion, above the recent Street consensus of ¥501.7 billion, as market expectations may be converging towards the upper end of the ¥5-5.5 trillion range. Note that this estimate is based on a survey of buyside models, not company guidance, which tends to be conservative. Uncertainty is higher for FY3/28 (CY27) due to potential entry of Teradyne into Advantest's core client base and market share capture. SK Hynix will hold its 4Q25 earnings call on Thursday, January 29, at 9:00 KST. Key focus areas include the QoQ growth rate of the blended HBM/DRAM ASP for 1Q26 and FY26 capex. The blended HBM/DRAM ASP for 1Q26 is estimated to grow 28% QoQ, lower than SEC's forecast of +35%, but the market understands Hynix's higher HBM weighting in annual contracts. FY26 capex is estimated at ₩36 trillion, with recent increases mainly from additional infrastructure investment, slightly below the Street consensus of ₩37.2 trillion. Post-call commentary regarding HBM4 progress relative to SEC could be impactful, as Hynix is expected to maintain a majority market share. Samsung Electronics will hold its 4Q25 earnings call on Thursday, January 29, at 10:00 JST. The key variables are similarly the QoQ growth of the blended HBM/DRAM ASP for 1Q26 and FY26 capex. The blended ASP for 1Q26 is estimated to grow 35% QoQ, but the buyside might have higher expectations given stronger anticipated price increases for conventional DRAM. JP Morgan has raised its FY26 capex estimate to ₩60 trillion, similar to Hynix, primarily due to extra infrastructure spending, though this remains below pre-4Q25 headline OP survey expectations. The core of this call will be the progress on HBM4, with an estimated FY26 market share of 30-35%, and whether Samsung has achieved further breakthroughs. Lasertec will report F2Q26 earnings on Friday, January 30, at 15:45 JST, followed by a conference call at 16:00 JST. The most critical metric is the order intake for FY6/26. The order intake is estimated at ¥201.0 billion, below the latest Street consensus of approximately ¥213.73 billion, with market expectations ranging from ¥2.1 to 2.3 trillion. Qualitative commentary is also crucial, as market expectations are high for the new-generation A200 EUV Actinic Mask Inspection tool for TSMC, which offers roughly 3x throughput improvement while maintaining sensitivity similar to the A150. Commentary on prospective DRAM inquiries will also be watched, although clients demand higher throughput for MATRICS tools, which also face competition from KLA.