Once a cyclical supplier of smartphone lasers, Lumentum has rebuilt itself around high-end optics for cloud and AI. With bets on co-packaged optics and a moat in indium-phosphide lasers, it is emerging as a structural winner of the AI data-center build-out.
As models scale and clusters swell, light is taking over the job of moving bits. From 800G pluggables to co-packaged optics, the race is on to deliver more bandwidth per watt—and the winners will be those who can make photons flow with the least power and the least friction.
AI inference has turned data centers into industrial-scale factories, built on dense accelerators, high-bandwidth memory, liquid cooling and optical fabrics. The race to serve tokens efficiently is reshaping supply chains from GPUs to fiber switches.
As transistor gains stall, hybrid bonding takes center stage. Dutch toolmaker Besi is turning precision and process lock-in into outsize margins—and a pivotal role in AI hardware.
China’s chip-equipment champions are moving from state-funded experiments to real contenders.
Silicon Valley’s greatest resource isn’t capital or code—it’s people. For decades, the H-1B visa has funneled foreign-educated engineers and scientists into the Valley, helping to turn start-ups into giants and whole categories into global industries.
ASM set a 2030 course—>€5.7bn revenue, 30% margins—built on ALD dominance, growing epi, outcome-based services and sustainability that lowers customers’ total costs.
TSMC’s grip on advanced chipmaking isn’t just about smaller nodes—it’s about yield discipline, packaging scale, and the freedom to move “just far enough” while rivals wrestle with costly leaps.
Nordic CRM maker Lime Technologies pairs steady 20% growth with strong cash flow. Its our Stock of the Month.
ASML’s High-NA EUV is real but late: expect risk runs in 2027 and a revenue ramp through 2028–29, as Intel leads and memory pilots broaden globally.
Synopsys stunned Wall Street with a weak forecast, hurt by a major customer pullback. Can the chip design giant engineer a comeback?
Intel is trying to rebuild the plane in mid-air. Since March, when longtime chip executive Lip-Bu Tan took the helm, the company has been in a rolling reset—reshuffling top jobs, rethinking how much to spend on its next manufacturing node, and striking an extraordinary pact with Washington that could
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