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.
Semiconductors· TSM
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+.
Semiconductors· TXN
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.
Semiconductors· TER
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.
Semiconductors· SNPS
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.
Semiconductors· SKYT
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.
Semiconductors· 000660.KS
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.
Semiconductors· SITM
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.
Semiconductors· SLAB
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.
Semiconductors· SMTC
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.
Semiconductors· 005930.KS
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.
Semiconductors
The AlphaChip founders left Google because Google was too slow. Now they're building AI that designs chips faster than humans can manufacture them.
Semiconductors· QCOM
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.
Semiconductors· PENG
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.
Semiconductors· NVDA
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.
Semiconductors· NVMI
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.
Running AI inference on light instead of electricity. Photonic chips that process data at the speed of light with a fraction of the power.
Semiconductors· MPWR
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.
Semiconductors· MU
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.
Semiconductors· MXL
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).
Semiconductors· LRCX
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.
Semiconductors· KLAC
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.
Semiconductors· INTC
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.
Semiconductors· ICHR
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.
Semiconductors· DIOD
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.
Semiconductors· CBRS
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.
Semiconductors· CAMT
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.
Semiconductors· CDNS
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.
Semiconductors· AVGO
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.
The purest public-market-bound bet on optical I/O — strategically anchored by Nvidia + AMD + TSMC, but priced at $3.75B into a thesis (third-party CPO chiplets inside the GPU package) that its own anchor investors are simultaneously building in-house.
Dutch chipmaker delivering 3-5x NVIDIA's efficiency for edge AI. The largest AI semiconductor investment Europe has ever made.
Semiconductors· ASML
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.
Semiconductors· ARM
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.
Semiconductors· AMAT
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.
Semiconductors· ADI
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.
Semiconductors· APH
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.
Semiconductors· AMBA
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.
Semiconductors· ALGM
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.
Semiconductors· AMD
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.
Semiconductors· ACMR
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.