TSEM News & Events

The major averages were broadly higher near noon in a rebound from the prior session's selloff after the Federal Reserve held rates steady but signaled that a rate hike later this year remains possible, prompting renewed concern about inflation and the outlook for monetary policy. Meanwhile, oil prices have declined after President Donald Trump signed a memorandum of understanding with Iran's President Masoud Pezeshkian to end the war. Since the signing of the MOU, three supertankers from Saudi Arabia carrying 6M oil barrels have crossed the Strait of Hormuz.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:President Trump said Applewith Intelto design chipsApple CEO Tim Cookthe company will raise prices on its products to offset increasing memory and storage costsAccenturereportedand narrowed its FY26 earnings guidanceKrogerreportedand reaffirmed its FY26 outlookRumbleannounced a2. WALL STREET CALLS:Areteof SpaceXwith a Buy rating and Street-high $401 price targetSalesforceto Buy at Monness CrespiIntuitto Hold at StifelenGeneto Underweight at Morgan StanleyBarclaysEnphaseto Equal Weight on data center opportunity3. AROUND THE WEB:Metahas shifted from opposing to supporting the Kids Online Safety Act after the bill was paired with provisions that would preempt state AI regulations and require app stores operated by Googleand Appleto verify users' ages, Politico saysSamsungis seeing a rise in advanced chip production requests from BYD, Google, AMD, Tesla, and other companies as AI demand strains TSMC'scapacity, Nikkei Asia reportsJPMorganChase has cut off its Hong Kong staff from accessing Anthropic's AI models, FT saysThe U.S. Federal Trade Commission, FTC, has drafted a potential complaint against Amazonover claims the company misled advertisers, Bloomberg reportsCME Groupsued the Commodity Futures Trading Commission and its Chairman Michael Selig over the regulator allowing perpetual futures tied to the price of cryptocurrencies, Bloomberg says4. MOVERS:Butterfly Networkgains after commenting onSmith & Wesson Brandshigher afterMarvellup after announcing it hascoherent photonic integrated circuits with Tower SemiconductorNovocurelower in New York after announcing itsdid not meet its primary endpointLegend Biotechfalls after announcing a5. EARNINGS/GUIDANCE:Deluxefor FY26Grace TherapeuticsSagtecSteel DynamicsNucorfor Q2INDEXES:Near midday, the Dow was up 0.30%, or 154.10, to 51,646.65, the Nasdaq was up 1.28%, or 333.38, to 26,355.03, and the S&P 500 was up 0.96%, or 71.37, to 7,491.47.

Tower Semiconductor (TSEM) announced a significant milestone. The company, in partnership with Marvell Technology (MRVL), has shipped over five million coherent photonic integrated circuits to Marvell global customers, delivering advanced, high-performance photonics solutions to address the growing bandwidth and efficiency demands of AI-driven data center interconnect networks. Coherent PICs are complex because they must control the phase and polarization of light, not just the amplitude. The design and process requirements for these PICs are far more stringent compared to simpler direct-detect chips.

IQE (IQEPF) and Tower Semiconductor (TSEM) announced a multi-year agreement for the supply of Indium Phosphide, or InP, epiwafers for optical connectivity solutions serving AI-driven data center infrastructure. IQE's InP epiwafers will be used in several of Tower's advanced silicon photonics platforms for next-generation optical technologies, providing a supply base for Tower's product roadmap. IQE and Tower's collaboration includes technology for the production of 200Gbs/lane for pluggable transceivers and the prototyping of next-generation 400Gb/lane modulators, as well as other critical applications including optical-circuit-switches for deployment in datacenters. The agreement provides for a minimum purchase commitment by Tower in the first year, a reciprocal supply commitment from IQE, and minimum volume commitments thereafter. Under a separate agreement, Tower will also provide a broad worldwide and royalty-free license to IQE for porous silicon patents which have been the subject of an IP dispute between the companies, settling all litigation in the matter.