The Index
400 dossiers
A research screener for every company we cover. Search a name or ticker, then sort and triage dossiers by coverage freshness, our conviction and trading relevance.
| The blowout FQ3 + the $100B take-or-pay contract book is the strongest evidence yet that the trough has been raised — but on the multiples that DON'T reset at peak earnings (EV/EBITDA ~32x vs 6.8x median; P/B ~16x), MU is NOT cheap; it is FAIRLY-to-RICHLY priced for a structural memory company and CHEAP only if you accept the contracts have permanently broken the cycle. The ~10x forward P/E is ~10x on peak EPS — the classic cyclical trap signature. BULLISH / MEDIUM (a re-rating + raised-trough bet, NOT a cheapness bet), 1Y. | BullishMed | 18 | |
| Best-in-class EDA franchise temporarily wearing an Ansys-debt-and-amortization disguise — the GAAP "collapse" is accounting, not the business; the real risk is paying ~35x forward for a name whose Design-IP leg is structurally cracked and whose synergy math doesn't pay until FY2028. | — | 8 | |
| The most dangerous competitor bulls underestimate — the named beneficiary of NVIDIA's own inference-share vulnerability, growing AI +143% — but priced at a PREMIUM to NVIDIA (45× vs 30× EV/EBITDA) on one-third the ROE, with lower earnings quality (acquisition-amortization add-backs, $64B debt) and the same hyperscaler concentration. The most expensive, lowest-quality way to play the custom-silicon thesis. NEUTRAL / WATCHING / MEDIUM. | WatchingMed | ||
| A genuine edge-AI vision SoC franchise finally inflecting to growth and operating leverage — but it is still GAAP-unprofitable, ~70% revenue routes through one distributor, and the stock prices both a re-acceleration AND an unresolved M&A bid. Quality asset, demanding price, binary catalyst. | — | 1 | |
| Best franchise in AI infrastructure at an undemanding 21x forward — but revenue quality is migrating to the balance sheet (54% customer concentration + a circular-financing loop), so this is quality-at-fair-price, not mispriced growth. BULLISH / MEDIUM / 1Y. | BullishMed | 12 | |
| A genuine deleveraging turnaround (9.0x→~1.6x net leverage) that has tripled on AI-datacenter optionality — but the stock now prices that optionality at ~62x forward earnings while Credo owns ~88% of the very AEC market Semtech is fighting to enter; the moat is real in TVS/LoRa, not yet proven in datacenter interconnect. WATCHING, not chasing. | — | 8 | |
| A best-in-class analog compounder mid-way through a violent cyclical recovery — the business is pristine, the cycle is real, but at ~35x forward / ~65x trailing the tape has already paid for the upturn; the edge is in the next destock, not at today's price. | — | 8 | |
A Applied Materialscatalyst in 45d | The cheapest of the four equipment leaders riding a re-accelerating AI/GAA WFE upcycle — but the entry is a 4x-off-the-low all-time high, and the bet is whether the >30% 2026 equipment-growth guide is the new floor or a cycle peak being paid for in advance. | — | 1 |
| 12 |