1/ 📡 Tapbit Earnings Radar | AMKR: Can the Computing Ramp Offset Soft Communications? Amkor reports after the U.S. close on Oct. 26, with its earnings call scheduled for 5 p.m. ET. The test: can a near-30% Q/Q Computing ramp offset a high-single-digit Communications decline—and deliver the margin step-up in guidance? 📊 The Numbers • Q3 revenue estimates: $2.02B (Earnings Whispers)–$2.04B (Benzinga), only $20–40M above the $2.00B guide midpoint; roughly +1.7%–2.7% YoY and +6.4%–7.5% QoQ. Estimates checked Oct. 26. • EPS: $0.79 non-GAAP consensus (Benzinga); $0.82 Earnings Whispers number, with EPS basis unspecified. Company diluted EPS guide: $0.72–$0.82. • Company Q3 guide: $1.95–$2.05B revenue; 18.5%–19.5% gross margin, versus Q2’s 16.8%. FY26 CapEx: approximately $2.5–3B. (Amkor Q2 release, July 27) • Q3 outlook: Computing nearly +30% QoQ; Communications down high single digits. Q2 revenue mix: Computing 22%, Communications 42%. (Amkor Q2 call, July 27) • Q4 revenue estimate: $2.04B (Benzinga). $AMKR closed at $39.30 on Oct. 23, down 26.3% from Sep. 23. 📈 Bull Case Revenue reaches or exceeds ~$2.04B, gross margin approaches 19.5%, and Q4 guidance midpoint meets or tops Benzinga’s $2.04B estimate. That would support the case that Computing and automotive can offset Communications softness. 📉 Bear Case Revenue lands near $2.00B, gross margin near 18.5%, and Q4 guidance falls below $2.04B while Communications remains weak. An in-range Q3 result may still disappoint if the forward mix does not improve. 🔍 What Really Matters Management tied the Q3 Communications decline partly to the SiP move to Vietnam, memory constraints and customer build patterns. It also expects no significant seasonal lift in Communications in Q4. A Q3 beat matters less if Computing growth cannot sustain the margin improvement. 💡 Tapbit View Neutral-to-cautious: a 26% monthly decline alone doesn’t prove the earnings bar is low. A more constructive setup would require Q3 gross margin near the top of guidance and Q4 guidance showing Computing and Automotive & Industrial can offset continued Communications softness.

✍️ Tapbit Earnings Decoded｜WDC Beat the Numbers - Why Did Shares Still Fall? Western Digital beat every published benchmark tracked before the release. Yet $WDC fell another 6.5% after hours, after declining 6.4% during regular trading before the results. This was not a weak earnings report. The real question is how long the current growth, pricing and margins can last. 📊 The Results • Revenue: $4.38B (+55% YoY) vs. $4.14B expected. • Non-GAAP EPS: $4.64 vs. $4.06 expected. • Gross margin: 58.1%, above the company’s 55–56% guide. • Q2 guide: $5.0–5.2B revenue and $5.60–6.00 EPS, vs. $4.51B and $4.72 expected. • Free cash flow: $1.38B; exabyte shipments rose 22% YoY. EPS and margins are non-GAAP. Expectations reflect Oct. 22 pre-release snapshot. 🔍 What the Market May Be Repricing No single explanation for the selloff has been confirmed. Three longer-term questions stand out: 1. Future supply Toshiba’s reported expansion has renewed concerns that HDD supply could eventually grow faster than cloud-storage demand. But announced capacity is not the same as customer-qualified supply—and neither automatically means oversupply. The real test is whether total exabyte supply, including gains from higher-capacity drives, begins outpacing demand. 2. The valuation hurdle $WDC had rebounded 14% from Oct. 16–21. Even after clearing published estimates, the results may have fallen short of a higher, unverified investor hurdle. The selloff may therefore reflect a lower valuation on future earnings rather than weaker current demand. 3. Earnings durability WDC currently benefits from tight supply, improving price per terabyte and a shift toward higher-capacity drives. Management expects further pricing gains over the next three to four quarters. But less future volume is covered by long-term agreements and their pricing terms, leaving more uncertainty beyond the current outlook. (1/2)

How Could the GENIUS Act Reshape Crypto and Traditional Markets? The @USOCC's finalized stablecoin rules mark another step toward a regulated US stablecoin market. But what could this mean for crypto and traditional assets? Cross-Asset Impact - Crypto-related equities: Clearer rules could support stablecoin business growth for companies like @circle ($CRCL) and @coinbase ($COIN), although higher compliance costs may offset some benefits. - Traditional finance: Expanding stablecoin issuance could increase demand for short-term Treasury bills, as issuers maintain liquid reserves to back their tokens. - Crypto: Greater stablecoin adoption could deepen on-chain liquidity, but its impact on BTC and other assets depends on whether new capital enters crypto trading markets.

Daily Market Bits 📊 @USOCC Finalizes GENIUS Act #Stablecoin Rules The U.S. Office of the Comptroller of the Currency has finalized rules covering payment stablecoin issuers under its jurisdiction. The rules take effect January 18, 2027, setting standards for reserve backing, redemption and risk management. The move follows February’s proposal. Application openings will be announced separately, while anti-money laundering and sanctions requirements remain subject to separate rulemaking. Tapbit Insight: This gives issuers greater certainty about compliance. For markets, the next evidence to watch is actual licensing, product launches and payment usage. Those developments would help show whether regulatory clarity translates into broader stablecoin adoption; finalizing the rules alone does not establish stronger demand.