Aggregator

How Chris Foerster went from castoff to 49ers interim head coach

NY Post
1 week 6 days ago
San Francisco 49ers assistant head coach Chris Foerster spoke to the media after he oversaw his first practice with Kyle Shanahan sidelined from injuries he suffered in a car accident. Foerster expressed gratitude for the organization, especially for when he was at a low point in his own life. Chris Foerster spoke to the media...
Valentina Martinez

49ers rookie DE carted off with injury on heels of Christian Kirk going down

NY Post
1 week 6 days ago
San Francisco 49ers rookie defensive end Romello Height created a frightening scene at Monday’s practice when he was carted off the field. According to NBC Sports Bay Area’s Matt Maiocco, medical staff appeared to examine Height’s right leg and both arms before lifting him onto the cart. Practice was ended prematurely shortly afterward, increasing concern...
Ryan Anderson

BofA Downplays China's DUV Tool Production Report, Sees Only "Modest Threat" To ASML

Zero Rss
1 week 6 days ago
BofA Downplays China's DUV Tool Production Report, Sees Only "Modest Threat" To ASML

ASML Holding NV shares in Amsterdam suffered their steepest decline in more than a year, breaking below the crucial 50-day moving average after The Information reported that a Chinese state-backed company had begun producing immersion deep-ultraviolet (DUV) lithography machines.

The Information did not cite the Shanghai-based company that plans to manufacture about five DUV machines this year and roughly 20 in 2027. The firm reportedly assembled teams from other Chinese chip-equipment firms, including Shanghai Yuliangsheng Technology.

ASML builds lithography machines that print transistor patterns onto silicon wafers. Its DUV machines are considered the workhorses of the semiconductor industry, producing highly advanced chips ranging from DRAM and NAND memory to logic and AI chips, as well as smartphone and automotive processors.

Only three weeks ago, we reported that China's leading memory-chip companies are quickly closing the technology gap with their South Korean chip-producing rivals faster than expected, raising concerns that expanding Chinese production could eventually spark a global memory glut.

First reported here on July 6

China CXMT Testing Production Line for Next-Gen Bonded DRAM, Closing Tech Gap With Korea "Far Faster Than Expected"https://t.co/oHI5VEVDRD https://t.co/93ks5sQAf2

— zerohedge (@zerohedge) July 27, 2026

China's largest memory company, CXMT, is reportedly testing a pilot line for bonded DRAM in Hefei (the heart of China's semiconductor industry), a technology that manufactures memory cells and peripheral circuitry on separate wafers before joining them. This process could deliver higher density and performance using older deep-ultraviolet lithography equipment, allowing China to reduce its dependence on advanced EUV machines restricted by US export controls.

The company is also developing HBM3 and HBM3E products, pursuing next-generation CXL memory, and preparing for a potential Shanghai listing. Its reported share of the global DRAM market reached 8% during the first quarter of 2026, and Apple is said to be considering CXMT as a supplier.

The US has been probing ASML for many months out of concern that one of its lithography machines ended up in Chinese hands despite US-led export controls.

Bank of America analyst Didier Scemama commented on The Information's report, telling clients:

According to The Information, China may have started production of DUV immersion litho tools. The article suggests that China have brought together immersion DUV development teams from other Chinese companies but warns that DUV advances are still "at an early stage". Yuliansheng Tech allegedly intends to produce 5 DUV tools this year and 20 next year for domestic Chinese customers, including SMIC, CXMT and Hua Hong. Of note, the article indicates that the immersion tools may be using components from both China and Japan, potentially violating export control restrictions.

Scemama continued:

China is a major market for ASML but threat likely modest

The leading domestic player, SMEE, has yet to demonstrate ArFi systems in high-volume production at 28nm or below, while reports of a Chinese EUV breakthrough have not resulted in a commercial product. China remains an important market for ASML, accounting for roughly 20% of group sales and 44% of DUV revenue in 2026. Replacing ASML would require a domestic alternative with comparable productivity, overlay and cost of ownership. That remains a high hurdle. ASML's NXT:1980Fi already delivers 330 wafers per hour and 2.5nm machine-matched overlay, while successive generations have further improved overlay performance. In leading-edge Chinese logic manufacturing, where EUV is unavailable and multiple patterning is required, even modest reductions in scanner performance could materially lower yields and increase cost per die.

. . .

We think today's weakness is an over-reaction and see current levels as an attractive opportunity.

Domestic DUV machines could eventually increase DRAM and NAND production in China, strengthening suppliers such as CXMT and YMTC while helping alleviate the global memory crunch. The report also suggests that ASML's long-term competitive position could face growing pressure, while the leverage exerted by US and Western export controls over China's access to advanced chips and chipmaking equipment could erode. 

Tyler Durden Mon, 07/27/2026 - 15:30
Tyler Durden

Cheerleader takes notes from LeBron — bails on Lakers for out-of-state team

NY Post
1 week 6 days ago
Aubrey Rogers was thunderstruck after she was officially named a cheerleader for the Dallas Cowboys. On Instagram, the Southern California native posted the exciting news after enduring a rigorous training camp. Aubrey Rogers began her dance journey at a studio in Santa Clarita, California. “No words could ever describe how I’m feeling right now. My...
Valentina Martinez

US Treasury Sells $139BN In Two Polar Opposite Auctions: A Stellar 2Y And A Dismal 5Y

Zero Rss
1 week 6 days ago
US Treasury Sells $139BN In Two Polar Opposite Auctions: A Stellar 2Y And A Dismal 5Y

Ahead of Wednesday's FOMC decision (where according to SOFR futures, the odds of a rate hike are a significant 38%, even as most traders expect no action by the Fed), we had the week's first two coupon auctions take place according to an abbreviated schedule, with the sale of $69BN in 2Y notes taking place at 11:30am, followed by $70BN in 5Y notes. And while the former was unexpectedly strong, the latter was one of the ugliest 5Y auctions in years.

Here are the details.

The 2Y auction priced at a high yield of 4.315%, up from 4.189%, and the highest since December 2024. More importantly, it stopped through the 4.320% When Issued by 0.5bps, the third stop through in a row, and the highest since January. 

The bid to cover was solid, at 2.662, it was also the highest since January. 

The internals were likewise solid, with Indirects taking down 56.6%, up from 55.5%, if below the recent average of 58.2%. And with Directs awarded 34.1%, roughly flat with 34.3% last month, Dealers were left with just 9.4% of the auction, the lowest since January. 

But if the 2Y auction was strong - and thus an indication that at least the primary bond buyers don't expect any imminent rate hikes - the 5Y auction was a dismal mirror image.

The bond priced at a high yield of 4.408%, a big jump from 4.20% in June and the highest since December '24. It also tailed the When Issued 4.399% by 0.9bps, which made it an unprecedented 14th tailing auction in a row, and the biggest tail since March.

The bid to cover was worse: it dropped to 2.282, the lowest in almost 5 years, since Sept 22. 

The internals were just as ugly, with foreign demand sliding to just 59.24%, the lowest Indirects award since July 2025. And with Directs awarded 27.22%, the most since January, Dealers were left holding 13.5%, the highest since March.

In short, today's two auctions - which took place within 90 minutes of each other - couldn't be more different. The impressive 2Y showed remarkable buyside demand, while the dismal 5Y auction, separated by just 3 years in maturity, was one of the ugliest auctions for the tenor in years. Whether it is because someone expects inflation to spike aggressively 3-5 years from today (but not in under 2 years), or just jitters ahead of the Fed, remains to be seen, and when we get next week's 3Y auction, we will have a much better sense of what drove the striking divergence in today's two auctions. 

Tyler Durden Mon, 07/27/2026 - 15:15
Tyler Durden

zero rss