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Monthly Wrap Up - May Edition: Sizzling but Safe Tech rally continues (Nasdaq/SOX/Taiex at new highs) with little overheating sign thanks to strong AI fundamentals amid robust token usage/ARR/capex Key Updates: Big 5 CSP Capex: •2026: +82% YoY (upward revisions for MSFT & META) •2027: Expect ~+30% upside vs consensus +26% Price Hike Themes: •CPU: AMD, Intel, ZDT — another hike likely in late 3Q26 •Memory: MU, SNDK •Mature Nodes: UMC, TXN •Copper Foil: Co-Tech, KB, EMC •Optical Laser: LITE (Buy) AI Forecast Revisions: •TSMC CoWoS capacity raised to 145K/175KPM by end-26/27 •Nvidia Rubin MP to Sept.

AMD, Intel, QCOM to benefit from server CPU supercycle, GF Securities Server CPU TAM at 38% CAGR by 2030 on inference of GPU-to-CPU ratio of 2:1 INTC, AMD as key beneficiaries QCOM is likely developing server CPU for 2028, alongside connectivity silicon https://t.co/IeEPY3Cy6n

Bizlink (3665 TT) Initiation Summary 🚀 • Initiate BUY, TP NT$3,400: Premier AI power & connectivity play. Strong structural tailwinds from data center power architecture shift. EPS forecast: NT$75 / 121 / 177 (26E/27E/28E). TP = 28x 27E or 19x 28E EPS. • HVDC Upside: Expect accelerating adoption to start in late 2026 on 540kW HVDC. Power whips content per rack rises sharply to ~$19.2k in VR200 NVL72 setups (one VR HVDC to support 2 NVL72), vs. one GB200’s $2.8k. Busbar content also up. • AEC Headwinds but Still Growing: Solid near-term penetration in AI DCs, amid competition between ALAB and Credo. longer term will be physical limits beyond 3.2T. Likely to be valued at a discount vs. higher-growth segments. • CPO Fast Track: Xin FuSheng acquisition is key — positions Bizlink in Corning’s optical shuffle box supply chain to Nvidia. Expect revenue contribution from 2027 (est. 3%/10% of total rev in 27/28E). #Bizlink

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# Rubin heat-spreader redesign We now expect the updated Rubin’s time line to be : QS in July, PS in Aug, MP in Sept and Rack to be Oct… for now….