Chinese PCB makers such as XingSen, Shennan Circuits, Victory Giant and WUS Printed Circuit should be the first in AI hardware to see capacity expansion pay off, in the third quarter. Most AI expansion lands in the second half of next year, when supply should balance or exceed demand, so the next two quarters are the earnings window, and firms that expand and profit first will hit new highs first. Thin volume and macro risks, from Nvidia's earnings to the Fed, may cap rebounds until Q3 results. … Show more

Semiconductor multiples should start compressing as investors get more ways to play the AI trade. Meta, Google, Anthropic, SpaceX and OpenAI could raise $350B-$400B from public markets in the next 9-12 months, or $550B-$600B if Amazon and Microsoft join. Analog companies with only 5-10% AI revenue exposure should not trade at 100-200x earnings, nor should mobile-supply-chain RF and wireless names carry super-high valuations. x.com  x.com 

TTM Technologies' defense-tech PCB exposure is incredibly underappreciated because the market lumps it into AI infrastructure. That infrastructure cycle is nowhere near its peak given PCB and substrate shortages. Insiders bought big; TTM looks like a no-brainer here. x.com 

Insiders are buying TTM Technologies 17% below its highs, supporting the case that its AI circuit-board bottleneck is underpriced. The CEO put $1.1 million into the stock, a day after a director bought $525K. Nvidia GPU boards use over 30 layers and the next generation needs 50 to 100+. TTM is the only US-listed pure-play PCB maker, called a top-five qualified supplier by an Nvidia account manager, yet trades at 20x forward earnings against 25x for Asian competitors. x.com 

Companies highly correlated with TPU capital spending, Broadcom, MediaTek, Lumentum, Semtech and TTM Technologies, should all keep going up; embrace the bubble. x.com 

TTM Technologies' data center and networking business is growing fast enough to become half or more of the company, a shift expected eventually but that showed up in a single quarter. Its end markets are strong, including circuit boards for TPUs and aerospace and defense. The stock is probably getting a little extended here. x.com 

TTM Technologies is the top defense and AI PCB pick, central to AI hardware yet trading at 20.3x forward earnings versus a 25.6x median for Asian rivals. It just posted its first $1B revenue quarter at record margins, holds over 40% share on Nvidia's VR200 platform and is qualified on nearly every major AI accelerator. PCB content rises from $35k in GB300 to $116k in VR200 as layer counts climb. The CEO and a board member bought $1.6M of stock, the first insider buying after months of selling. … Show more

TTM Technologies benefits from rising printed circuit board prices, a fit for what is clearly a stock picker's market. x.com