5 calls tracked · 5 active
Own the bottleneck, not the brand: the chokepoint every AI chip depends on, at a discount to all of them.
Fabricates and CoWoS-packages every leading-edge AI accelerator — NVIDIA, AMD, Broadcom, Apple alike.
~22x forward earnings: a discount to NVIDIA, AMD and Broadcom, the names that cannot ship without it.
The right custom-silicon thesis at the wrong price — watching the most expensive, lowest-quality way to play it.
The named winner of 'custom silicon eats commodity inference' — AI revenue +143%, FY27 AI guided >$100B.
Trades at a premium to NVIDIA on every earnings multiple while earning a third of the ROE.
The largest slice of the HBM scarcity rent, valued like a Korean cyclical — with a Nasdaq listing as the re-rating catalyst.
~62% HBM share and ~two-thirds of NVIDIA's HBM4 — the largest rent-capture in the cluster.
72% operating margin and ~61% ROE, yet a single-digit forward multiple — rent in the earnings, not the multiple.
Priced like a peak-cycle memory-cyclical, contracted like a utility — a re-rating bet, not an earnings bet.
Entire CY2026 HBM output sold under multi-year fixed price-and-volume contracts.
Overtook Samsung into the #2 HBM slot; power-efficiency edge keeps it in every NVIDIA generation.
Still constructive on the best franchise in AI infrastructure — but the risk has migrated from the income statement to the balance sheet.
21x forward earnings is the cheapest growth multiple among the AI-logic leaders — the market prices deceleration, not dominance.
Risk has moved off the income statement: ~$8B of stakes in its own customers and ~$3.4B of equity marks flattering pre-tax income.