Michael Sikand
Investor, Autopilot Portfolio, Founder of Sikand Media
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.comÂ
TTM Technologies' discount to Asian peers shouldn't last, since high-end AI circuit boards are the next major hardware bottleneck. The only US-listed pure-play PCB maker trades at 20x forward earnings, well off its high, after its first $1B quarter at record margins. PCB content rises from $35K per GB300 rack to $116K per VR200, where TTM has over 40% share, about $300M from H2 shipments alone. Every AI architecture needs high-layer boards, and Nvidia counts it among its top five suppliers. x.comÂ
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.comÂ
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, Rogers and Murata Manufacturing are among the component names on a list of potential losers, though TTM may still work as a shorter-term long trade into earnings. x.comÂ
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.comÂ
Broadcom's stronger AI business looks cheap for its growth, making it one of the best buys in the market right now. AI chip revenue rose 221% to $16.7B last quarter, yet the stock trades at 19x forward earnings and a 0.35 PEG. Management sees AI revenue near $115B in fiscal 2027 and would raise that outlook if customers secure more land and power. Anthropic is on track to be its largest custom chip customer next year. Wall Street's $529 average target implies about 60% upside. x.comÂ
AI infrastructure bottlenecks could give eight stocks as much as 18x upside. Nvidia supplies frontier-model GPUs; Broadcom and Marvell supply custom silicon and networking; TSMC makes advanced chips; Micron supplies sold-out HBM; Vertiv provides power and cooling; Palantir monetizes enterprise AI; Alphabet spans TPUs, research, cloud and apps. The list tracks where AI infrastructure spending is flowing. x.com x.comÂ
Companies highly correlated with TPU capital spending, Broadcom, MediaTek, Lumentum, Semtech and TTM Technologies, should all keep going up; embrace the bubble. x.comÂ
Low multiples give AI infrastructure good risk/reward as demand outruns supply and agentic workloads have runway. TSMC at 17x 2027E EPS appears to have all the accelerator and CPU demand it can handle this year and next; Ultra Clean is at 8x, MKS 12x, TTM 13x, Nvidia 14x and Celestica 15x. Kioxia at 3x and Samsung preferreds at 2.5x carry a big discount on pricing and cycle fears. Multiples imply a 2027 capex peak and meaningful drop; 2028 capex growth is expected, but below 2027's rate. x.com … Show more
Taiwan Semiconductor looks undervalued as AI capex keeps climbing, yet investors are sleeping on it. x.comÂ
TTM Technologies benefits from rising printed circuit board prices, a fit for what is clearly a stock picker's market. x.comÂ
