404K Tech Evening Report: Storage Pricing, TSMC Price Increase, AI Computing Power Valuation Reassessment

404K Tech Evening Report 2026-06-24 — Storage Pricing, TSMC Price Hikes, AI Computing Power Revaluation

The fundamentals of the AI hardware chain continue to expand, with storage, PCB, advanced process, and inference computing power continuing to provide evidence of orders and pricing. However, the simultaneous pullback in both Korean and U.S. semiconductor equities shows that trade crowding has become the main variable in the short term. Tonight’s report focuses on three main lines: storage pricing power ahead of Micron’s financial report, TSMC’s advanced process price hikes being passed on to ASIC/GPU customers, and Cerebras’ repricing between OpenAI/AWS contracts and gross margin pressures.

Key Points Before Market Open

Tonight’s pre-market situation is not an AI demand collapse, but “strong fundamentals encountering strong deleveraging.”Taiwan’s May export orders reached $89.48 billion, up 47.2% year-over-year. June orders are expected at $89.5–91.5 billion, with the possibility for the annual order total to break $1 trillion. However, Korea’s KOSPI dropped 9.99% in the previous session, the U.S. semiconductor index fell nearly 8%, and high beta stocks like Micron, SanDisk, AAOI, Coherent, etc., simultaneously came under pressure.

The strongest marginal changes in the industry chain are still upstream: SK Hynix’s client memory demand satisfaction rate is about 50%, TSMC’s 7nm and below advanced processes are reportedly seeing 5%–10% price hikes, and annual output value of Taiwanese PCBs is expected to rise to NT$1.05 trillion.From a trading perspective, the market has started to distinguish between “bottleneck assets” and “story valuation”. Even with raised guidance, Cerebras’ stock still dropped more than 10% after hours, as the core focus shifts from growth to 750MW deployment, gross margin, and locked-up supply unlocking.

Software and platform players have started to pick up the “AI monetization” narrative.Meta and Microsoft are being observed within the framework of shifting from building AI tech stacks to commercialization; OpenAI is actively promoting ChatGPT queries with purchase research intent to advertisers; Anthropic is integrating Claude into Slack collaboration; ServiceNow’s tiered AI pricing exemplifies software pricing elasticity.

AI/Semiconductor Full Industry Chain

AI Models/Applications & Capital Expenditure

• OpenAI/Cerebras
  
  1) Cerebras disclosed a multi-year inference computing deal with OpenAI for 750MW and over $20 billion, and also initiated a multi-year partnership with AWS, indicating that demand for advanced model inference is creating an order window for non-GPU architectures.
  2) The contradiction is that even after earnings, the stock price still fell over 10%, as the market is now recalculating contract size, gross margin, delivery costs, and data center deployment pace in the same spreadsheet when valuing the company.

"Cerebras Systems announced a multi-year deal with OpenAI for 750MW of AI infrastructure, valued at more than $20B"

• Anthropic/Claude
  
  1) Anthropic embedded Claude Tag into Slack, describing it as a resident channel AI teammate with identity and memory, signifying a shift from one-on-one chat to organizational workflow integration.
  2) Another thread suggests model development may enter a phase of “Claude 10 building Claude 11” recursive improvement, implying that computing power requirements, enterprise authorization, model safety, and workflow integration will simultaneously become hotter investment themes.

• AI Programming Applications
  
  Personalized software practice shows that Codex/Claude Code can bring a home inventory app to usability within a few days. Most recomputation happens on OpenAI or Anthropic servers, while local devices handle development, private deployment, and network control. This line does not provide financial numbers, but explains why inference demand is diffusing from enterprise applications to long-tail software production.

"AI is the means, the end is the product"

• AI Safety and Regulation
  
  According to reports, the U.S. government has asked mainstream AI companies to voluntarily submit their models for review. OpenAI, Anthropic, Google, xAI, and Microsoft have agreed, with Meta being the only one to decline. This event does not directly change revenue models, but may become an implicit compliance threshold for large models entering government, enterprise, and critical industry scenarios.