Weekly|Cloud Acceleration Confirmed, CSP Capex Raised, DeepSeek V4 Triggers NAND Inflection, Tiktok, LITE & COHR, TPU CoWoS Raised, RKLB, PLTR, AXTI
Earnings season delivered the print AI infra bulls needed. GOOG/MSFT/AWS all raised CapEx alongside accelerating top-line — GCP +63%, Azure +39%, AWS likely re-accelerating in 2Q once OpenAI’s reserved Blackwell capacity flows through. CapEx up with revenue accelerating is structurally healthier than CapEx up with revenue flat, and should put data-center cash-flow concerns on the back burner for at least another quarter. DeepSeek V4 was the more underappreciated story of the week — the second round of cuts (cache hit at 1/10 of the list, stacked on 75% off) is only possible because KV cache is finally migrating from DRAM/HBM onto SSD at scale, which is a structural inflection for NAND demand.
On the other hand, we have received a lot of great feedback on our recent Institutional tier launch. Here at FundaAI, we focus on our Individual Plan on Substack continue to provide highly curated research alongside community engagement on Substack Chat, while the institutional tier offers the broadest research coverage with high-touch communications. We are incredibly grateful to our long-time readers here on Substack and remain committed to delivering sharper insights and more powerful AI tools to elevate your research work. Please contact sales@funda.ai for more.
Source: FundaAI
This Week’s Reports
Review|GOOG/MSFT/AWS: CapEx Raised — 2026 Finally Becomes the Year of Cloud Acceleration. All three hyperscalers raised CapEx with revenue accelerating, and we expect further upward revisions as LTA floor pricing flows through forward planning.
Deep|DeepSeek V4: The Inflection Point for Large-Scale NAND-Based KV Cache. V4’s cache hit was cut to 1/10 of the list because KV cache is finally migrating from DRAM/HBM onto SSD at scale — positive for SSD, exponential for NAND.
Deep|DeepSeek V4: The First Model Custom-Built for Non-NVIDIA Chips, Optimized for Cost. V4’s architecture appears co-designed for Ascend, ASICs, and optical scale-up superpods — the real start of a non-NVIDIA AI ecosystem rather than just NVIDIA-substitute compatibility.
Deep|TikTok 1Q26 Update: No Visible Impact on META or GOOG Yet. Agency checks across NA / Europe / APAC: TikTok ad budgets growing, but META and YouTube have not seen the cannibalization the consensus expected — the clearest loser remains Snapchat.
