FMS 2026 took place from August 4–6 in Santa Clara, USA, marking the 21st edition of the world's largest independent storage industry summit. SK Hynix and SanDisk jointly unveiled the first standard specification for High Bandwidth Flash (HBF), adding a new tier below HBM; Samsung introduced BV-NAND with over 400 layers, using a wafer bonding process for the first time to stack vertically; Kioxia, meanwhile, integrated direct-to-chip liquid cooling into enterprise SSDs for the first time, removing constraints on the cooling front.

The pressure AI is putting on semiconductors has now reached consumer electronics, and even Apple, with the world's strongest supply chain management capabilities, cannot stay out of it.

Starlink has entered a stable profitability phase, space launch maintains moderate growth but remains in losses, while AI compute leasing is the fastest-growing revenue segment and also the heaviest in capital expenditure.

U.S. stocks haven't turned bearish, but it's worth keeping a close eye on whether bank stocks can continue to withstand high rates, and how crowded tech and financial trades get repriced.

All four core metrics and next-quarter guidance beat the market, with data center revenue growth unusually breaking into triple digits.

Amazon's revenue and AWS growth both exceeded expectations this quarter. Revenue reached $200.606 billion, surpassing the expected ~$197 billion; AWS revenue hit $42.232 billion, up 37% year-over-year, marking the fastest growth in 18 quarters.

Apple's quarterly revenue, EPS, iPhone, and Mac results all beat expectations, with iPhone, Mac, and Services revenue hitting all-time highs for the June quarter (Apple's fiscal Q3).

Operating profit reached $40.6 billion, up 18% year-over-year, with a profit margin of approximately 45%.

Looking ahead, there are no signs of weakening advertising demand. The real focal point is whether the intensity and pace of AI investment can be reined in.

A near-perfect earnings report was overshadowed by the market's pre-written "super-perfect" expectations.

While Alphabet and Tesla faced stock price declines after increasing spending and reporting earnings, Apple’s "capital discipline" has instead earned it a certainty premium, propelling it back to the top of the throne.

AMD在Advancing AI 2026大会上发布新一代Instinct MI400系列加速器、EPYC Venice服务器CPU及Helios机架级AI平台，竞争重点从GPU追赶英伟达转向CPU+GPU+网络+软件+整机的全栈AI基础设施布局。

The story is improving, but the foundry's break-even point and cash burn are the two signals to watch most closely next; in the short term, be wary of a "buy the rumor, sell the news" pullback.

From HBM and server DRAM to enterprise SSDs, NAND, and HDDs, the AI storage Big Six have all undergone significant revaluation.

Google Cloud revenue reached $24.768 billion, surging 82% year-over-year, making it the biggest highlight of the quarter.