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Biotech stocks have gained 72.2% in the 22 months since 2025 began. Semis were up 155.6% at the same point in their run, in Nov 2024. AI chip demand that showed up in earnings carried semis for two more years. For biotech to follow, new drugs have to show up in sales.

Anthropic reported $17B of revenue in the 3rd quarter, up 1,127% from $1.4B a year earlier. Its filing says customer demand still exceeds the compute it can get, so the $70.00 to $78.00 IPO range prices a business whose growth is capped by how much compute it can buy.

Terafab, the Tesla and SpaceX chip venture, has told equipment makers it wants 1 million wafers a month from 2032, with about 700,000 for memory. That's roughly Samsung's entire DRAM capacity today. The split fits how AI is using up memory supply, though Terafab hasn't explained it. High bandwidth memory, the kind stacked beside AI chips, takes about three times the wafer area of standard DRAM for the same capacity, and server DRAM is expected to stay undersupplied this quarter. Musk wants a terawatt of AI chips a year and thinks even Samsung and TSMC expanding won't meet the demand ahead. Nobody plans 700,000 memory wafers a month for after 2032 unless they expect memory to still be short. Until that capacity exists, the shortage favors the companies with memory lines running today, led by Samsung, SK hynix and Micron. Exotic.

Micron has largely halted work on a planned $4.5B Taiwan memory plant amid a labor spat with its Taoyuan union. Less new memory supply favors SK hynix and Samsung, who already sell most of the world’s DRAM and hold more pricing power.

Image, video, and audio model creator @fal raised a $1.3 billion Series F led by Bessemer, valuing it at $16 billion. That's double its $8 billion valuation in April. fal announced the round alongside a Series E led by Sequoia, for $1.65 billion across both. Exotic.

Apple ($AAPL) grew Greater China sales 28.0% in fiscal 2026 to $82.38 billion, ahead of 14.9% in Europe and 11.1% in the Americas. The September quarter kept the gap. Greater China rose 21.0% to $17.54 billion, against 11.5% in Europe and 10.2% in the Americas.

Kioxia, the Japanese flash memory maker, says more than half of its planned 2028 shipments are under multiyear contracts. Its shares still dropped 15.78% on Monday. Buyers locking in 2028 supply shows how scarce flash for AI servers is, even as investors sell a flat forecast.