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2026-01-26
In 2026, the U.S. Federal Reserve (Fed) will undergo key leadership changes, including a full rotation of FOMC voting members and a transition of the Chair—developments that will have significant implications for future interest rate policy. The four new rotating voting members are generally hawkish, with broad support for slowing or pausing rate cuts in order to observe subsequent developments in inflation and the labor market. In contrast, potential candidates for the next Fed Chair lean more dovish, arguing that there is still room for further rate cuts. Overall, the 2026 FOMC is expected to feature a structure in which rotating voting members are relatively hawkish, while Governors and potential Chair candidates are more dovish. While markets continue to expect the overall direction of rate cuts to remain intact, the actual pace and magnitude will depend heavily on inflation trends, labor market data, and evolving political factors.
# Macroeconomics
# USA
# Central Bank
# Federal Reserve
# Editor's Pick
This month, revisions across the three major agencies’ monthly reports were limited. OPEC maintained its existing supply and demand growth forecasts, while both the EIA and IEA made modest upward revisions to demand and supply growth. However, given the limited adjustment in the overall supply–demand structure, the short-term oil price outlook still lacks a clear directional signal. Meanwhile, U.S. crude oil and refined product inventories continued to rise in tandem, indicating weak end-user demand momentum. As a result, near-term fundamentals continue to exert downward pressure on oil prices, although geopolitical risks and supply disruptions in certain regions provided intermittent upside support.
# Financial Products
# Investment Analysis
# fiisual lab
2026-01-19
This article focuses on the key industry under the 2026 AI outlook—memory. From the angles of supply contraction and shifts in demand structure, it analyzes how NAND, DRAM, and HBM—driven by AI data centers, high-performance computing, and enterprise storage—are moving into an industry cycle of broad-based undersupply. With manufacturers maintaining conservative capex, DDR4 entering EOL, the crowding-out effect from HBM intensifying, and AI-driven storage demand growing far beyond expectations, memory pricing has entered an upcycle since 2025 and is set to remain strong into 2026, making memory one of the most structurally advantaged core industries within AI infrastructure.
# Investment
# Financial Planning
# Investment Strategy
# Stocks
# Taiwan
Against the backdrop of rapidly rising AI compute demand and continuously increasing chip TDP, the thermal management industry is entering a critical technological inflection point. This article is the third installment of fiisual’s 2026 Outlook Series, focusing on the core structural changes in AI server cooling architectures and providing an in-depth analysis of how liquid cooling—driven by GB300 GPUs and AI ASICs—is officially becoming the mainstream cooling solution. The article compares the performance differences between air cooling and liquid cooling, explains the rising value content of key liquid-cooling components such as cold plates, QD, and CDU, and explores the growth drivers, technology roadmaps, and investment opportunities within Taiwan’s supply chain for the thermal industry in 2026.
2026-01-15
Continuing from the previous article, as AI enters its fourth year of development, the market is shifting from optimistic expectations to a more rigorous evaluation of actual performance. In 2026, investment focus is no longer just about whether a company is "related to AI," but rather about who can deliver irreplaceable structural value amid the surge in inference demand and increasing scrutiny on capital efficiency. This article will focus on the ASIC industry, analyzing which segments of the supply chain are most likely to become key beneficiaries in the next phase as AI moves from training to inference. It will also highlight the roles that relevant Taiwanese companies are expected to play in this transformation.
2026-01-13
In 2026, the global economy is entering a new phase of “multi-speed and uneven” growth, with AI expected to remain a core engine driving macro momentum.In the U.S., consumption and employment continue to diverge. Sticky inflation and labor market restructuring are eroding the spending capacity of middle- and lower-income households, while credit risk is gradually surfacing. With limited room for rate cuts, market focus is shifting from valuation expansion to profitability and capital efficiency. AI investment is also moving from a “scale-first” to a “return-first” approach, with capital increasingly concentrated in players demonstrating sustainable, long-term competitiveness.
2026-01-12
Overall, over the past two weeks, refined product inventories have continued to build, signaling weak end-user demand. However, crude oil inventories declined by more than market expectations, providing support to crude prices. Venezuela’s limited market share means that any potential increase or loss of supply has only a marginal impact on global crude supply expectations. Meanwhile, OPEC+’s extension of its pause on production increases, together with geopolitical risks involving Russia–Ukraine and Iran, has slightly eased concerns over supply growth and contributed to higher oil prices.
2026-01-08
At CES 2026, NVIDIA CEO unveiled the company’s latest AI strategy, highlighting six core themes shaping its roadmap: AI as the next foundational computing platform, the rapid adoption of open-source models driving long-term industry growth, agentic AI tools evolving into autonomous systems with rising demand, Physical AI bridging the digital and real worlds, Alpamayo as an explainable end-to-end autonomous driving solution, and robotics emerging as the next major wave in the AI industry.
# Manufacturing Industry
2026-01-06
As the AI industry transitions from a phase of rapid infrastructure buildout to one of mature applications, the demand for computing power on the inference side is expected to become a key growth driver for the next stage of large-scale AI commercialization. In this context, the general-purpose flexibility of GPUs and the efficiency advantage of ASICs are likely to create direct competition in the inference market, which could impact NVIDIA’s future revenue growth and market share. This article introduces NVIDIA’s planned $20 billion “quasi-acquisition” of Groq’s LPU inference technology through a licensing deal. It analyzes the motivation behind the transaction, the anticipated outcomes post-acquisition, potential technical risks, the feasibility of execution as currently planned, and the possible market implications if the deal goes through.
# Fundamental Analysis
# News
2025-12-30
Since 2019, TikTok has drawn heightened scrutiny from the U.S. government over its alleged deletion or suppression of content related to politically sensitive topics in China. During President Trump’s first term, TikTok was officially labeled a national security concern. Although its current advertising revenue still significantly lags behind that of Meta, TikTok’s younger user base, higher engagement, and longer average usage time have created real competitive pressure on incumbent platforms like those under Meta. This article outlines the full timeline of U.S. actions against TikTok, and details the current agreement, which involves a dual-entity operational structure and licensed use of its recommendation algorithm.
# China
