Welcome to the first edition of The Compute 100.
Prime Minister Modi witnessed the MOU signing between Tata Electronics and ASML on May 16 in the Netherlands, committing ASML’s holistic lithography suite to Tata’s planned $11 billion 300mm fab in Dholera, Gujarat.
ASML’s commitment is what distinguishes this from prior India semiconductor announcements — the world’s only supplier of EUV lithography tools is now formally engaged in the ramp. India enters the foundry layer with ASML's partnership establishing long-run manufacturing credibility. The fab will focus on 28nm-110nm processes for automotive, mobile and AI.
Friday’s decline came before the Tata India MOU was announced over the weekend; the positive supply chain signal regarding the India fab was not priced into Friday’s close. We'll be watching ASML this morning.
The second full trading session after the May 14 IPO debut saw CBRS fall from a peak of $386 to a close of $294 — a 24% pullback from the day-one high, settling to a 59% premium over the $185 IPO price. The $70B+ debut-day market cap priced OpenAI and AWS anchor customers plus a broad inference market build-out. The listing marks the largest IPO of the year so far, and a blockbuster moment for AI. The company raised $5.5B total.
SpaceX is expected to IPO the week of June 12, at a record breaking price of $1.75T, with plans to raise as much as $80B in the public offering. The IPO comes after a quick succession of moves for SpaceX into the compute market, including inking deals with both Anthropic and Cursor as partners to utilize their excess GPU capacity.
Applied Materials announced a definitive agreement to acquire NEXX from ASMPT for $120 million (expected close by July 29), adding panel-level electrochemical deposition equipment to its advanced packaging portfolio. As AI accelerators push beyond the 300mm round-wafer constraints of CoWoS, larger rectangular panels (up to 510×515mm) enable higher die counts and greater integration density; NEXX gives AMAT the deposition capability for that transition. Applied Materials’ Q2 earnings (May 14) already guided packaging revenue growth above 50% in 2026; NEXX is the forward-positioned equipment for the 2028–29 panel-level ramp TSMC is piloting with its CoPoS line.
Sources: Applied Materials IR, TrendForce
CoreWeave launched Sandboxes on May 14, an isolated execution layer for reinforcement learning, agent tool use, and model evaluation, driving a 5%+ intraday stock move before Friday gave back the gains. The product extends CoreWeave’s position from raw GPU infrastructure toward the execution and evaluation layer that AI training teams need above the compute layer. Deutsche Bank raised its price target to $135 from $125. CoreWeave is building switching costs into its platform before inference commoditizes the GPU layer.
Sources: CoreWeave IR, Seeking Alpha
Nvidia Q1 FY27 Earnings — after market close. Consensus: ~$78 billion revenue, ~$1.77 non-GAAP EPS, data center ~$73 billion. Q2 guidance consensus is ~$86 billion; below that reads as deceleration. Three things to watch: gross margin vs. ~75% guidance, Q2 guide vs. $86 billion, and China commentary. China has been excluded from forward guidance since H20 restrictions; whether sovereign-deal revenues from the Middle East and Europe are explicitly quantified as the offset is the primary forward signal from the call.
Marvell Q1 FY2027 Earnings — custom silicon (XPUs for Google and Amazon) and 800G coherent optics are the segments to watch. With Broadcom’s custom ASIC narrative driving sector multiple expansion, Marvell’s print is the read on whether that tailwind holds across both incumbents.