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UBS: NVIDIA may offer two SKUs for Rubin Ultra: a 2-chip version and a 4-chip version. The 4-chip version will likely use Intel’s EMIB-T. $INTC

Today's Darkpool Breakdown ~$35.1B - Total Dark Pool Premium $MSFT saw the highest with $3.2B 🔥 $SPY $QQQ

OpenAI reportedly capped $MSFT total revenue share at $38B under its revised deal. That could give OpenAI more flexibility to work with $AMZN and $GOOGL as it builds toward a potential IPO.

I didn’t realize this, but it looks like AWS may be using EMIB for a lower-end version of Trainium through MediaTek. Similar to the TPU v9 program handled by MediaTek, next-generation Trainium seems likely to use both EMIB and CoWoS. $INTC

DARK POOL UPDATE | May 11, 2026 $19.4 billion in off-exchange flow. 744 prints ≥$5M. Net: +$1.84B buy. Friday the dark pools said -$2.7B net sell. Today they flipped to +$1.84B net buy. Dark Pool Buyers: $MSFT +$2.12B (28 prints) $MU +$1.13B (53 prints) $CVX +$890M (6 prints, NEW on the dark pool) $AAPL +$876M (57 prints) $TSLA +$335M (35 prints) Dark Pool Sellers: $NVDA -$1.55B (49 prints) $QQQ -$855M (43 prints) $SPY -$732M (37 prints) Where the two tapes agree: $MSFT: +$6.73B on the lit tape. +$2.12B in the dark pools. Both tapes say buy. The Microsoft reversal is confirmed across every venue. Last week $MSFT was being sold on both tapes. Today both flipped. $NVDA: -$8.02B on the lit tape. -$1.55B in the dark pools. Both tapes say sell. The $NVDA distribution is happening everywhere. No venue is showing buyer interest. $MU: +$2.99B on the lit tape. +$1.13B in the dark pools. Both tapes say buy. The memory trade is being accumulated across both venues. Where the two tapes disagree: $SPY: +$1.74B on the lit tape. -$732M in the dark pools. Bought in public. Sold in the dark. Second straight session with this pattern. $QQQ: +$1.49B on the lit tape. -$855M in the dark pools. Same thing. Bought in public. Sold in the dark. The index divergence is now a pattern. Two consecutive sessions where $SPY and $QQQ are being bought on the lit exchanges and sold off-exchange. The dark pool is the shadow tape. When the two disagree on the indexes for multiple sessions, one of them is wrong. $CVX appeared in the dark pools for the first time. +$890M across just 6 prints. That's $148M average per print. The Iran deal rejection is driving oil-related dark pool flow. *When a name shows up in the dark pool at $148M per print, that's not a hedge fund. That's a sovereign wealth fund or a pension rebalancing. The lit tape shows you what the institutions are doing in public. The dark pool shows you what they're doing where they think nobody is watching. Now you're watching.

Interesting. Tesla’s current AI5 chip, codenamed Helios, is reportedly being foundried by TSMC and Samsung, and the next-generation AI6 was also originally expected to be split between those two foundries. However, under strong pressure and encouragement from the Trump administration, the portion of AI6 that was originally assigned to TSMC will reportedly be transferred entirely to Intel Foundry. $INTC

NEWS: SK Hynix is reportedly in R&D with $INTC Intel on 2.5D packaging, specifically testing Intel’s EMIB technology to integrate HBM memory with logic chips for AI accelerators. EMIB serves as an alternative to TSM’s CoWoS, potentially allowing SK Hynix to expand beyond memory supply into turnkey HBM solutions amid high AI demand. The collaboration bolsters Intel’s foundry packaging ambitions and fits SK Hynix’s strategy for U.S.-based 2.5D facilities to enhance supply chain resilience.