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2026/1/26
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
2026/1/19
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.
2026/1/15
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.
2026/1/13
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.
2026/1/6
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
# Manufacturing Industry
# News
2025/11/10
Rare earths, refer to a group of elements that often occur together in nature, making their separation and refinement highly complex and costly. The term “rare” doesn't imply scarcity in the earth’s crust, but rather reflects the difficulty in extraction, purification, and the high production costs involved. This article provides an in-depth overview of what rare earths are, global supply and demand dynamics, and the overall structure of the rare earth industry chain. The rare earth sector holds a strategically critical position in the global economy. Currently, China dominates both in reserves and production capacity, giving it significant leverage in the global supply chain.
# China
# Southeast Asia
2025/10/16
Huwei’s Project Tiangong is a program aimed at incubating over 10,000 native atomic services along with multiple AI-related platforms and infrastructures, with the goal of building a comprehensive intelligent agent ecosystem. The article explores the development of the Harmony ecosystem, its integrated software-hardware systems, and its current applications.
2025/9/9
As global demand for computing power surges, silicon photonics technology has emerged in response. Among its applications, Co-Packaged Optics (CPO) stands out as one of the most prominent extensions. This article provides an in-depth overview of the advantages of CPO and its critical components, including the silicon photonic engine, external lasers, fiber arrays, polarization-maintaining fibers, and MPO connectors. It also introduces several key companies involved in the field and outlines the major anticipated applications of CPO in the future.
2025/8/22
As artificial intelligence continues to emerge as a global development trend, the U.S. government officially announced in 2025 the launch of the “Stargate” AI infrastructure initiative, jointly led by OpenAI and SoftBank. This article outlines the project’s short-, mid-, and long-term objectives, introduces the key participating partners, compares AI development strategies across major countries, and concludes with an analysis of potential opportunities for Taiwanese companies. The Stargate initiative carries significant strategic and industrial implications. If its core stakeholders can resolve internal conflicts and effectively execute capital and resource allocation, the project has the potential to become a benchmark for global AI infrastructure advancement.
# fiisual lab
