The Index
400 dossiers · 1 need attention
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.
T | The chokepoint that captures the foundry + CoWoS-packaging rent for the ENTIRE AI complex (NVIDIA, AMD, Broadcom, Apple all depend on it), trading at ~22× forward — BELOW every customer it supplies — with the only real risk exogenous (Taiwan geopolitics, the source of the discount). The cleanest, highest-quality, lowest-multiple way to own AI infrastructure. BULLISH / HIGH / 1Y+. | BullishHigh | 21 |
| Best analog franchise on Earth, mid-cycle, fully priced — the FCF-inflection thesis is now consensus at ~40x forward and above Street targets; you're buying quality at a cyclical-optimism peak, with China share-loss the under-priced tail. WATCHING, not chasing. | — | 8 | |
| The pure-play picks-and-shovels winner of AI-chip test, printing a vertical Q1'26 (+87%, $2.53 EPS) — but the stock fell ~14% on it because Q2 guidance steps DOWN sequentially and a ~54x P/E prices permanent acceleration; great business, demanding price, cyclical tape. NEUTRAL/WATCHING into the next print. | — | 8 | |
| 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 | |
| SKYT is no longer a foundry — it is an IonQ deal-stub trading $38.40 vs a $35.00 closed-vote merger value, i.e. a +10% premium that is pure leveraged FTC-cleared bet on IonQ rallying past $60.13; the standalone foundry (43% Infineon, negative op cash flow, $22M cash) is the break-case floor, not the thesis. | — | 8 | |
| Captures the LARGEST slice of the HBM scarcity rent (~62% share, ~2/3 of NVIDIA's HBM4, 72% op margin, ~61% ROE) yet is valued like a Korean memory-cyclical (~6–9× forward) — and management's own $14B US listing is an explicit re-rating bet. Best HBM rent-capture in the cluster. BULLISH / MEDIUM-HIGH / 1Y. | BullishMed | ||
| The MEMS-timing monopolist is being bid as if it has already won the AI clock — at ~35x sales and ~85x forward earnings, a flawless +88% quarter and the transformational Renesas deal are not just priced in, they are required. | — | 8 | |
| This is no longer a chip stock — it's a near-closed merger-arb. TI buys SLAB for $231 cash; HSR cleared and shareholders approved, only China SAMR left, ~6% gross spread to close in 1H2027. The trade is deal certainty, not IoT growth. | — | 8 | |
| 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 | |
| The cheapest way to own the memory supercycle — a $63B-net-cash colossus that just clawed back into Nvidia's HBM4 supply chain at ~7x forward earnings, but the market's discount is a verdict on memory cyclicality and Samsung's execution, not a mistake. Bullish on the re-rate; the kill-switch is a 2027 oversupply that turns peak earnings into the top tick. | — | 8 | |
| A licensing-fortified cash machine being paid ~20x forward NOT to lose a $7B Apple leg it is already losing — the rerate only comes if Snapdragon-X PCs + custom data-center silicon replace Apple faster than handsets fade, and the tape (rev −3% YoY, Q3 guide −7%) says it isn't there yet. | — | 8 | |
| A 3-engine specialty-hardware roll-up wearing an "AI factory" costume — the AI-systems story (Advanced Computing) is the lowest-margin, most lumpy, most hyperscaler-concentrated leg, and the actual FY26 EPS beat is being driven by a cyclical memory (DRAM/Flash) price spike that the bulls are extrapolating as if it were the AI thesis; own the re-rating only if you trust the Shaikh-led non-hyperscaler pivot to convert before the memory cycle rolls. | — | 8 | |
| 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 | 11 | |
| A #2 process-control specialist compounding revenue at ~1.7x the market on a structural metrology-intensity tailwind and an AI-memory cycle — but priced at ~35-48x forward earnings with one customer at 23% and a third of sales in export-control-exposed China; own the business, respect the price. | — | 8 | |
| A genuinely elite fabless analog compounder (43% 5yr ROIC) that has become a high-beta levered call on Nvidia's power-delivery socket — priced at ~112x trailing / ~49x NTM EV-EBITDA (peer median ~21x) while carrying an unremediated material weakness, an adverse ICFR opinion, and a live securities class action. Own the franchise, not this multiple; the gap between the Vera Rubin "70% share" dream and the Blackwell "allocation-at-risk" reality is the whole trade. | — | 8 | |
| The market prices Micron as a peak-cycle memory-cyclical (~9–10× forward) while it becomes a structural HBM oligopolist on multi-year contracts — a re-rating bet, not an earnings bet, with peak-cycle entry risk. BULLISH / MEDIUM / 1Y. | BullishMed | 11 | |
| A real AI-optical DSP ramp (Keystone/Rushmore) bolted onto a flat legacy-broadband body and an unreserved $160M+ arbitration — the stock at $89 already prices the pure-play outcome the income statement hasn't earned; the 80% post-Q1 spike has run past sell-side fair value ($68). | — | 8 | |
| Best-in-class etch monopoly riding a once-a-decade memory/AI WFE upcycle into record margins — but at ~69x guided FY26 GAAP EPS the tape, not the business, is the risk; the moat is real, the multiple is borrowed from the future. | — | 8 | |
| The toll-booth on chip yield — a ~58%-share process-control near-monopoly whose revenue scales with chip *complexity*, not wafer volume, so it compounds even through capex air-pockets; the only real debate is the price you pay, not the quality of the business. | — | 0 | |
| A barely-profitable IDM whose equity 10x'd on a recapitalization-and-validation narrative (US gov, Nvidia, SoftBank, hyperscaler 18A interest) while Foundry still bled $10.3B in FY25 — the story is priced as if the turnaround already happened. WATCHING, with a bearish lean on valuation. | — | 8 | |
| A real, well-run subsystem turnaround riding a genuine WFE upcycle — but at $98 (7x off the lows, EV/EBITDA ~23x, ~32x forward EPS) the stock has front-run the margin story it hasn't yet delivered; the sell-side target ($81.71) now sits BELOW the price and insiders are selling. WATCHING, not chasing — the edge is on a pullback to ~$60s or a Q2 margin miss, not here. | — | 8 | |
| A real, broad-based analog/discrete cyclical recovery (5 straight quarters of double-digit growth) onto which the market has bolted a ~2x re-rate to ~38x fwd P/E — earnings are inflecting up, but the stock now prices the 40% gross-margin dream as if it already arrived; the asymmetry is bearish-into-strength, not bullish. | — | 8 | |
| Real wafer-scale inference moat priced at ~92x sales on demand that is circular (OpenAI is customer + lender + shareholder) and concentrated — the IPO swapped UAE concentration for OpenAI concentration. WATCHING, bear-leaning on valuation. | — | 1 | |
| The pure-play AOI/metrology pick on the HBM-and-chiplet inspection supercycle — >40% HBM-inspection share and 50% of revenue now AI-driven — but a ~50x forward multiple already prices the boom while 49% China revenue sits under a tightening export-control gun. | — | 8 | |
| A toll-booth on the AI-silicon boom with 86% gross margins and an $8B backlog — but priced for perfection at ~42x forward earnings while the agentic-AI upsell that justifies the multiple is not yet in the model and a fresh DOJ guilty plea caps the China optionality. Quality is not the question; the entry price is. | — | 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 | ||
| The one company AI cannot route around — a literal EUV monopoly compounding at mid-teens with a fortress balance sheet, priced at ~55x for perfection while the only real bear (a China DUV ban naming ASML in statute) caps the downside at ~5% of revenue. Own the moat; respect the multiple. | — | 8 | |
| A genuine architectural toll-road compounding at 20%+ with a real second engine (Armv9/CSS rate expansion + first-party AGI CPU) — but priced for a decade of flawless execution (~180x GAAP / ~200x non-GAAP P/E, Street mean ~38% below spot) just as it picks a channel-conflict fight with its own licensees and loses the Qualcomm weapon that defined its moat. BULLISH business, BEARISH price — WATCHING for a multiple reset. | — | 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. | — | 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 90-year connector compounder that the market has re-rated into an AI-infrastructure growth stock — the business is exceptional and the AI cycle is real, but at ~34x forward EPS and 50% above its own decade-average multiple, the price already pays Amphenol to keep printing 30%+ organic growth, leaving no cushion if hyperscaler capex normalizes. | — | 8 | |
| 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. | — | 8 | |
| A real, recovering analog franchise (TMR current-sensing + auto/data-center) trading like a hyperscaler — the business is fixed, the stock is not cheap, and a ~32% Sanken overhang still wants out. | — | 8 | |
| The number-two AI compute franchise is finally real (DC $16.6B FY25, MI450/OpenAI 6GW signed) — but at ~58x forward EPS with 320M warrant shares of dilution overhang and an analyst PT below spot, the stock has already priced the win. WATCHING, not chasing. | — | 0 | |
| A China-domestic wafer-cleaning champion wearing a US ticker and a US growth-stock multiple — 99.6% China revenue, both operating subsidiaries on the BIS Entity List, margins compressing and FCF negative, yet priced at ~61x forward GAAP EPS. The business is real; the valuation is a different security from the fundamentals. | — | 8 |
| 11 |