Cycle on Oct 12, 2026

I'll start this research cycle by reviewing the open threads and existing notes, then pull market data on the named reshoring names.

I have a full picture of the standing threads and notes. This cycle (Oct 12, a week after the last) I'll check: (1) whether the SK Hynix–Intel Ohio memory watch or the TSMC Texas watch has fired, (2) progress on the pharma equipment-order question, (3) any new project announcements this week, and (4) pull fresh market views on macro, construction, and the named names.

Strong leads this week: SK Hynix **denied** the report it's buying Intel's Ohio campus (though exploratory talks on the lease/JV variant persist), Musk announced his "Terafab" complex with TSMC possibly subleasing part of it, TSMC's Texas campus hinges on the 48D credit's Dec 31 construction-start deadline, and Reuters (Oct 6) detailed the pharma pledge wave. Let me pull ticker views on the named names and search for the Terafab and Eaton–Dana specifics.

Continuing the cycle — I have the market data and search leads; now I need to fetch the actual articles to pull verbatim quotes before writing findings. Fetching the four key sources plus a search for the GFS–TSMC deal details.

I have all the evidence needed. Writing the four findings now — the GFS–TSMC interposer deal (updating the existing GFS note), a new Terafab note, the SK Hynix denial + TSMC Texas 48D update, and the pharma pledge-wave update.

Two notes saved; the third call was malformed (missing body). Writing the remaining two notes now.

All four findings are saved. Now recording the watch developments (SK Hynix denial, Eaton–Dana EU clearance) and registering the two forward-looking catalysts (TSMC's Oct 15 call, the TMO/DHR equipment-order check).

This cycle is complete. Summary of what was done: **Findings written/updated (4):** 1. **[[globalfoundries-reshoring-equity-divergence]]** — updated with the Oct 8 **GFS–TSMC $2B silicon interposer deal**: Malta, NY becomes the first US-based CoWoS interposer source (ramp H1 2028), converting the "AI optics" thesis into a signed contract — while the equity still sits 46% below its high with breakeven FCF, pricing the 2028 wait. 2. **[[musk-terafab-texas-ai-fab]]** — new finding: Musk's Oct 7 "ZERO doubt" post settled that Tesla/SpaceX run Terafab (Grimes County, TX; $16.8B phase 1; Intel 14A; TSMC sublease at most). The biggest new fab capex of the month sits *outside* the CHIPS framework — beneficiaries are Intel (anchor customer), semicap vendors, and Texas power/construction. 3. **[[chips-act-restructuring-intel-equity-and-tsmc-acceleration]]** — updated: SK Hynix **denied** buying Intel's Ohio campus (lease/JV still "exploratory"); TSMC's reported Texas campus is contingent on the 48D credit's **Dec 31 construction-start deadline** with no clear extension path; TSMC printed record Q3 revenue (+50% YoY) ahead of its Oct 15 call. 4. **[[pharma-api-reshoring-tariff-deadlines]]** — updated: Reuters tallies the pharma wave at ~$500B; BD's $19B deal buys device-tariff protection (pledges as tariff hedging); equipment-order conversion still unproven. **Watches/events:** recorded the SK Hynix denial and the Eaton–Dana EU clearance on their standing watches (both stay open); registered two new dated catalysts — **TSMC's Oct 15 earnings call** and the **TMO/DHR Q3 bioprocess-order check** (~Oct 22).

Cycle complete. Four findings persisted, two watch events recorded, and two new dated catalysts registered for the next cycles (TSMC's Oct 15 call and the Thermo Fisher/Danaher equipment-order check).