Hello world, it’s Monday, September 21st.
Nscale filed its S-1 targeting a $35 billion valuation on a $103 billion contract backlog, with Anthropic and Microsoft as anchor customers -- and that Anthropic tie-in lands the same week the WSJ reports Anthropic itself is eyeing a November IPO at a $2 trillion valuation. TechInsights teardown confirmed a Qualcomm X80 modem inside the US iPhone 18 Pro Max.
Let’s get into it. — Austin & Vik
Be sure to check out the Semi Doped podcast on YouTube or your favorite podcast player!
Tell us how to make Semi Doped better! Give us your feedback! ❤️
Nscale Files NYSE IPO Targeting $35 Billion Valuation on $103 Billion Backlog
British AI infrastructure company Nscale filed its S-1 with the NYSE, targeting a $35 billion valuation on the back of a contract book that has reached $103 billion, with Anthropic and Microsoft named as anchor customers. Revenue surged 1,252% in the most recent period, though the company posted a net loss of $1.02 billion as capital expenditures to build out data centers consumed cash at scale. Nvidia holds over 5% of the company, having backed Nscale before the filing. Founder Josh Payne stands to receive roughly $350 million from the float. The London Stock Exchange, which had courted the British-born company, loses a marquee listing to New York.
(via NScale)
Teardown Finds Qualcomm X80 Modem Inside US iPhone 18 Pro Max
TechInsights cracked open the US iPhone 18 Pro Max and found a Qualcomm X80 modem where many had expected Apple’s in-house C2 chip. The iPhone 18 Pro and Pro Max now ship with different modems depending on region, a split that is a first for Apple’s Pro lineup. International Pro Max units carry the C2, but the US Pro Max, Apple’s highest-volume premium model, does not. According to reporting from bdnews24, this marks the first time Apple has used different 5G modem silicon across Pro-tier iPhones released in the same cycle. Qualcomm retains a revenue line it might have lost, at least through this generation, while Apple’s C2 rollout stays confined to smaller-screen and non-US configurations.
Vik: The US Pro Max carries the same X80 that shipped in the 17 Pro and Pro Max. That’s Apple reusing last year’s Qualcomm silicon on its biggest model, not a fresh design win.
Anthropic Still Evading IPO
Vik: The pacing AI excuse is used up. What’s the next excuse going to be for delaying the IPO?
Cool CPU Supply Chain Plot
Nice chart by X-user: LIWEI_TW_Capital
Open Model Tokens Dominate
DeepSeek V4.1 Flash is dominating tokens in September!
Sector Watch
Memory
CXMT begins mass production of its fifth-generation DRAM platform, claiming near-parity with Samsung and SK hynix without EUV lithography. (South China Morning Post)
Kioxia unveils the XL1 CXL XL-FLASH NAND device in E3.S form factor, targeting memory-expansion use cases in AI servers. (ServeTheHome)
Compute & Edge
Microchip Technology completes acquisition of Hailo, bringing the Israeli edge-AI NPU startup fully in-house to strengthen its embedded AI portfolio. (Microchip)
Huawei pulls forward the Ascend 960DT AI chip launch to Q1 2027, with DeepSeek reportedly ordering 160,000 units ahead of availability. (theaiinsider.tech)
Hygon announces a new robotics-focused AI chip under its 1000-series lineup, extending its scope beyond data-center compute into physical AI. (South China Morning Post)
Foundry & Packaging
Intel moves High-NA EUV lithography into production at Intel Foundry, though multi-field stitching for large dies remains an unresolved challenge.
ASML formally begins India operations, linking headcount expansion to the ramp of Tata Electronics’ Dholera fab. (Business Standard)
Alchip showcases advanced ASIC design and heterogeneous packaging capabilities at AI Infra Summit 2026, targeting next-generation AI accelerator customers. (HPCwire)
Optics & Networking
Marvell will demo industry-first 2nm optical technology for AI data center infrastructure at ECOC 2026, targeting co-packaged optics at the next process node. (Marvell)
Lumentum, Qualcomm, and Corning will jointly demonstrate high-density 1060nm VCSEL optical die-to-die connectivity for AI scale-up at ECOC 2026. (Lumentum)
Ciena is selected by the ACE consortium to upgrade the Africa-Europe subsea cable beyond 30 Tbps using WaveLogic 6 coherent technology. (capacityglobal.com)
Power
Onsemi unveils wafer-as-substrate power packaging technology that eliminates discrete power module assembly, integrating chips directly into silicon wafers. (The Elec)
Bloom Energy unveils an 800 VDC fuel-cell architecture targeting AI data center power infrastructure, extending its direct-DC strategy to hyperscale deployments. (Bloom Energy)
SolarEdge and Infineon extend their partnership to co-develop solid-state circuit breakers targeting 800 VDC AI data center power architectures. (Energies Media)
Navitas Semiconductor makes a strategic investment in Magnachip, pairing Navitas GaN and SiC power-IC expertise with Magnachip’s analog fab capacity. (Business Wire)
Data Centers
Generac signs an $8 billion backup generator supply agreement with Amazon, its largest single deal, to power AWS data center buildouts. (Data Center Dynamics)
Nippon Life plans to deploy $13 billion in data center financing in the United States, according to Nikkei Asia. (Reuters)
Meta-tied data center bonds draw blowout demand in their junk-bond debut, signalling strong investor appetite for hyperscale infrastructure credit. (Bloomberg.com)
PCB & Components
Samsung Electro-Mechanics approaches 4 trillion won in cumulative AI MLCC supply contracts as AI server investment triggers a component shortage. (조선일보)
Lessengers unveils a 3.2T glass-substrate near-packaged optics module using direct optical wiring technology, targeting AI scale-up interconnects. (Business Wire)
Policy & Trade
US Treasury Secretary Bessent will discuss AI governance and rare earths with China’s He Lifeng ahead of the Trump-Xi White House summit. (Reuters)
China Rare Earth Group is in talks to acquire Shenghe Resources, the Chinese shareholder in US rare-earth producer MP Materials, Reuters reports exclusively. (Reuters)
Tell us how to make Semi Doped better! Give us your feedback! ❤️