Photronics' real story is node migration showing up in its mask mix, not its FX-flattered EPS beat. High-end IC masks, 28nm and smaller, rose 28% to $68.5M while mainstream masks fell 9%, lifting high-end to a record 44% of IC revenue; it is the only high-end-capable commercial mask maker in the US. Heavier capex in Allen, Texas and Korea will hit margins first as depreciation. If high-end holds above 44% next quarter, the shift is a trend; a drop toward the high 30s would make it catch-up. … Show more

Semiconductors could stay undersupplied for a long time as more capable AI per dollar creates more uses and drives compute demand. Micron and NVIDIA trade at low forward P/Es because investors fear peak cyclical earnings, yet current earnings show no slowdown. Shortages may worsen as AI adoption spreads, though the industry could remain cyclical; a reversal of the forced rollover trade is hoped for, not assured. x.com  x.com  x.com 

Photronics looks overextended, with risks far outweighing rewards after a 170%+ surge to near its all-time high. It trades at 23x earnings on only 4-5% growth, insiders have been aggressively selling, and the chart shows clear bearish divergence. Semiconductor and display markets are highly cyclical, so a slowdown in downstream demand could trigger a sharp pullback. x.com 

AI demand is benefiting ASML's lithography-machine business immensely. It could be the widest-moat company ever, and analysts expect revenue to rise 50% and earnings 94% ahead of its report. x.com 

Rising AI equipment demand could sustain the buildout behind Micron, Nebius, Marvell, Bloom Energy and Applied Optoelectronics. ASML says customers are raising short- and medium-term forecasts, some are interested in orders for 2029 or 2030, and its currently planned 2027-28 supply may not fully meet demand. The dip in these AI stocks might be a buying opportunity. x.com 

ASML's reported inability to make enough machines for the next two years is a buy signal for the whole AI stack. Its stock still sold off despite that shortage. x.com 

The Corgi Lithography & Semiconductor Photonics ETF offers broad exposure to the photonics stack as AI infrastructure increasingly depends on moving data efficiently between chips, racks and data centers. The actively managed fund spans lithography, equipment, inspection, photonics and optical networking rather than one niche, with $464M in assets and a 0.35% expense ratio. Top holdings include TSMC at 11.3% and ASML at 9.7%, plus optical names such as Lumentum, Corning and Coherent. x.com 

ASML looks undervalued, a rare sight for this company, because its long-term AI opportunity is much bigger than the market is pricing in. AI is driving demand for advanced logic and memory chips, customers are accelerating capacity expansion, and ASML sits right in the middle of that buildout. Q2 revenue reached €9.3B with €2.9B in net income, and management raised its 2026 revenue outlook to €43B-€45B. x.com  x.com 

These ten companies span every layer of AI capex, which Goldman sees surging to $1.2 trillion in 2027, so each should make money. Credo, Broadcom, Micron, Nvidia, TSMC, AMD and Amkor cover connectivity, custom chips, memory, GPUs, foundry and packaging; Broadcom expects AI revenue of about $115B in fiscal 2027. Vistra supplies power under 20-year nuclear contracts. IREN and Nebius rent AI compute, with Nebius targeting $7-9B run-rate revenue by year end. x.com  x.com  x.com  x.com  x.com  x.com  x.com  … Show more

Teradyne supplies the testing behind the AI revolution, with fundamentals accelerating and technicals confirming. x.com