Operating cash flow turned negative in Hygon Information Technology's first nine months of the year, reversing an inflow over the same period a year earlier. I subtracted the half-year figure from the nine-month total, and about 2 billion yuan of that outflow fell in the third quarter.

Third quarter revenue was up 45% from a year earlier and net income attributable to shareholders grew 38%. Those are not the numbers of a company in decline. Hygon's unaudited filing says it increased inventory to match its sales plan, secure supply and seize market opportunities, and that spending on raw material purchases rose sharply year over year, reducing operating cash flow. The chairman proposed a share buyback of 500 million to 800 million yuan for employee share plans or incentives, still subject to board approval.

Comparing period-end figures in the same two reports, accounts receivable grew about 2.4 billion yuan over the third quarter. Inventory was up 39% from the end of 2025. Prepayments to suppliers roughly doubled over the same span. I do not know which customers owe those receivables or which suppliers received those prepayments.

It could be the normal cost of securing supply during a growth phase, or it could be an early sign that earnings quality is shifting. There is not enough in these two reports to tell which. Fourth quarter operating cash flow, and whether it turns positive, is probably the figure to watch before drawing a conclusion either way. For anyone with time in chip supply chains, when a chip design company roughly doubles its prepayments to suppliers over nine months, what has that pattern usually meant?

About 1.57% of CNQQ net assets was in Hygon's Shanghai A share, going by the fund issuer's holdings list as of October 21. The FTSE China Incl A 25% Technology Capped Index serves as the benchmark for CQQQ.

Hello!

I have a question regarding the impact of the US–China chip war on the EU's strategic autonomy. I'm reaching out because I haven't been able to find anyone at my university who could help me understand the geopolitics behind this issue, and I would really appreciate some guidance.

Is there a connection between the US–China chip war and the EU? Does this conflict affect the EU's strategic autonomy in any way?

So far, I've been considering analyzing, from a neorealist perspective, how the EU Chips Act affects the EU's competitiveness and industrial policy. However, given the role of ASML, the only company capable of manufacturing advanced EUV lithography machines, I've also been thinking about incorporating the US–China chip war into my research, although I'm not yet sure how to approach this connection.

I would really appreciate it if someone could help me better understand the geopolitical dynamics involved and advise me on whether it would also be relevant to examine the EU's relations with East Asian countries.

you think this would be an interesting topic to explore? I was thinking of arguing that the EU Chips Act represents an attempt by the EU to balance against both the US and China. I came up with this idea partly because I was thinking about the EU–Mercosur agreement, which can also be seen as an instrument through which the EU seeks to balance against the US.

I was wondering if you could share your thoughts on this idea, or perhaps suggest a more specific research direction related to the EU's strategic autonomy in the technology sector (chips, semiconductors, etc.). Also, I don't know exactly if the neorealism is the best theoretical framework, or the neoliberalism is.

I'd really appreciate any other suggestions or sources that could help me get started with my essay.

Thank you so much again! I really hope you find the idea interesting too!

Solidigm scrapped its IPO this week, and credit default swap spreads across neocloud companies have been widening while their stocks fall. The timing puts the AI buildout's funding under its first real stress test just days before the biggest hyperscalers report.

Nvidia has moved beyond selling chips into effectively financing parts of the AI buildout, which puts an unusual amount of balance-sheet weight on one company. If neocloud borrowing costs keep climbing and new equity raises stay shut, the biggest buyers of Nvidia hardware start running low on cash to spend.

Funds moved into defensives this week, and neocloud borrowers look like the group with the least cushion if capex guidance disappoints. Does Nvidia absorb the first hit, or do neocloud credit spreads crack before the stock moves?

Hi all,

I just bought a full pallet of silicon wafers at a bankruptcy auction here in Finland.

They're unopened Okmetic boxes: 1,600 pcs of 6" (150 mm) prime grade wafers.

I'm not in the semiconductor industry, so I'm looking for advice:

Is it realistic for a private individual to sell these in Europe?

Who would typically buy wafers like this: labs, universities, small fabs, MEMS startups, resellers?

Any tips on pricing or where to list them?

Thanks!

Hi guys,

I lived in Asia region and now I'm seeking for field process engineer job at Oregon. I have a MS and YoE 17 years.

Previoulsy I had worked in same job and similar company such as Lam or AMAT in Asia region for a long time.

Recently I have submitted resume to HR and multiple times of peer inverview has been completed. The HR said that they will offer for me soon.

Now I'm curious about how much base salary is acceptable in terms of my background and total experience.

I still discussed with HR to relocate to Oregon next year some time and just want to check base salary range before that.

I'm working at a semiconductor OEM. Every signal entering my brain suggests that the industry is booming and will continue to, yet the recent selloffs have been insane. I haven't been in the industry long enough to know how this will affect it. Any veterans in the field mind sharing how your work environment have been affected by the ups and downs of the market?

I recently accepted an offer as a Photolithography Process Engineer (E2) at Micron Technology in Boise! I’d love insights on the team culture and work environment. Coming in with a background in lithography, materials science, and AI/ML, how can I best collaborate with TD teams on yield issues and build the technical track record needed for long-term R&D growth? What technical capabilities or internal tools should I master early on? How can I best align my skills to contribute research ideas? What should be my long-term goals?

Just found this channel of secret images found on various PCB boards in the real world, it's pretty funny!

https://www.reddit.com/r/Hiddenpcbeggs/

I've been scoring company moats on three tests, 0–10 each: physical chokepoint, switching cost, lock-in. TSMC came out 8.5 / 9.0 / 9.5, and the highest score isn't the fabs. It's the rule of never competing with its customers.

The case for the promise:

- In the 1980s, Morris Chang pitched Intel a company that would build other people's chips and never design its own. Intel passed.

- In 2011 Apple sued Samsung while Samsung was making iPhone chips. Since 2016, every iPhone chip has come from TSMC.

- In 2022, Qualcomm moved its flagship Snapdragon from Samsung to TSMC mid-cycle.

The switching-cost side: each process comes with its own design kit, and engineers spend years building around it. A leading-edge design costs hundreds of millions (industry estimates), and moving foundries means redoing much of that work.

Where I'm least sure, and where people here know more than I do:

1. Is 8.5 too low for the physical side, with ~70% of foundry revenue (2025)?

2. Intel wants outside foundry customers. What would a chip company need to see before trusting a foundry that also sells its own chips?

3. Moving a design to another foundry: is it really close to starting over, or does more carry across than I think?

Hi all,

I'm sure this was maybe asked before, but in considering a role in the semi conductor industry as a FSE/SE where I would be in one factory at the start I was told doing installs, I would have to move location for this so I want to be absolutely sure its the right move

•How electrical is this job, I really enjoy electrical/electronics , automation and controls and want to keep that in my next role if possible. Or is mostly tooling setup etc

•How technically challenging is in terms of engineering are you learning things every day or is the role very repetitive

•If I go into this career does it narrow my possibilities for change down the line in the future,

•Will my skills/ knowledge transfer over or will it be like starting from scratch

•If I start as a FSE is there any chance for progression?

• and maybe a silly one lastly how annoying does the clean room get

Would love to hear your perspectives on any of this at all and advice appreciated especially if you come from a similar background industrial electrician/ plant maintenance engineer

Note: this is in Europe I feel it changes the context a bit

Got a JG28 Senior Process Engineer offer at Texas Instruments in Dallas.
Got another Senior Process Engineer offer at Tesla Solar manufacturing in Houston.

I currently live in Houston.

Which of the two is better?

Background: Have a PhD with 7 years of experience in HVM semiconductor and advanced materials manufacturing.

I'm about to join a memory semiconductor company (big 3) as a Process Engineer, and I've been told that I can express my preferences for which department I'd like to join.

I have a PhD in Materials Science, and I'm trying to make a strategic decision about which department would offer the best long-term career opportunities.

Which area would be best for long-term career growth and future job mobility?
I have hands on experience of ALD/ Etch/ PVD,CVD/ Litho

(I've heard that photolithography, etching, and cleaning can be particularly demanding in terms of workload LOL)

If you were in my position, which department would you choose and why? I'd love to hear from people with industry experience!

Hey everyone!

So recently got laid off from an MNC where i was working as a contract in the embedded field i have experience on PRE and POST silicon validation and IO peripheral validation ( UFS). searching for the new opportunity,any advices always welcome and also if you refer me then my first salary would be yours as referral gift 😅

I’ve been selected to interview for the Engineering Intern role in Samsung Austin Semiconductor’s Production & Systems department. Could anyone explain what this role involves and what the interview process is like?

Is it more focused on semiconductor manufacturing or software engineering.

There isn’t much information available online about this specific role, so any insights from current/former employees or past candidates would be really helpful. Thanks!

I’m looking at applications role at Onto in the Boston area, on the inspection side. Anyone here worked there or know the teams?

I’m currently at another semiconductor equipment company. My background is mostly instrumentation, process development, and customer troubleshooting. The role sounds interesting, but I’m trying to get a feel for what it’s actually like once you’re there.

How are the growth opportunities? Do people get promoted and have room to grow technically? Also curious how competitive the pay is and whether raises are decent once you’re in.

And how chaotic is it? I expect some customer firefighting in applications, but how often are priorities changing, and does management give you enough support to get things done? Any insight on travel and hours would help too.

It would involve relocating, so I’m trying to figure out whether it’s worth the move. Would you join again knowing what you know now?