CPS Technologies' institutional offering is negligible growth dilution and leaves the chokepoint thesis intact. The roughly $9M raise, about 5% of market cap, was priced at $8, up from $3 in October, and funds expansion such as relocating to a larger production site; 2025 revenue hit a record $32.6M. CPS is the only meaningful US-based vertically integrated AlSiC supplier, sole-source on many applications per its 10-K, and looks like Sivers did before its roughly 10x rerating. x.com  x.com  x.com 

CPS Technologies is a critical part of SpaceX's supply chain and should reach $30+ before the June 12 SpaceX IPO. Satellite launches are projected to rise from 20,000 to 80,000 a year within a few years, US defense, a big customer, is heading to a $1.5 trillion budget, and AI workloads need its products too. Capital flow from the NASA fund locks up 10% of the float, and offering prices rose from $3 last October to $8 this week, showing rising institutional value. It has zero debt and $25M cash. … Show more

CPS Technologies' risk-reward has worsened because its biggest catalyst, the SpaceX IPO, now looks set for a lower valuation than expected. The thesis rested on CPS's inclusion in a NASA ETF creating a constant bid around the IPO. A run to $15 is still possible, but better opportunities exist elsewhere. x.com  x.com  x.com  x.com 

Amtech Systems sells equipment for AI chip packaging, which is getting harder and needs tighter thermal control, precision and yields. AI revenue in its Thermal Processing segment rose about 120% and is over 40% of the segment, which earns about 51% gross and 25% operating margins; orders outpace revenue. With $81M of cash against a $291M market cap, $140-150M of 2027 exit revenue at low-to-mid-20s EBITDA margins implies $40-45 a share. Risks: SiC weakness, a semi-fabless shift and small scale. … Show more

STMicroelectronics is a hidden common thread across semiconductors, and the market is waking up to it in 2026. It turns up in silicon carbide and GaN power devices, its STM32 is effectively the MCU standard, and it leads MEMS sensor share. Its chips sit in SpaceX Starlink satellites, AWS data center infrastructure and a humanoid robot shown at NVIDIA's headquarters. A "European semiconductor" label long kept interest lukewarm, but that perception is breaking down fast. x.com 

Chinese power chipmakers Silan Microelectronics and China Resources Microelectronics are priced on old-cycle valuations despite tighter-for-longer supply. Per UBS, global power IDMs run full without big capex increases, unlike 2021. Demand is beating on 800V EVs, SiC storage and AI data centers, where power-chip content per GW doubles from $80M to $180M. Chinese names are up 34% this year versus 135% globally, and Silan trades at 4.1x forward book, below its 4.3x average, as ROE may rise to 12%. … Show more

Navitas being selected by the US Army to develop next-generation 10kV silicon carbide power semiconductors could open new markets. As the military builds domestic manufacturing and validation capacity, the project, if it progresses, would strengthen Navitas's credentials in high-voltage SiC and defense and help open defense, grid and data-center high-voltage power markets. The stock still does not look expensive and is rebounding off a major weekly trendline, which looks very bullish. x.com 

X-FAB's earnings confirmed direct exposure to co-packaged optics and the 800V shift, which should drive a re-rating as markets price growth ahead. Management said it is progressing in CPO, with three silicon photonics projects and photonics volume production expected in 2028, a timeline not in revenue models yet. The 800V transition supports SiC and GaN demand, with three new SiC data center design wins pointing to a 2027 ramp. Current revenue is unimpressive, so some waiting is needed. x.com  … Show more

Aixtron's indium phosphide business is grossly under-modeled, as MOCVD machines may become the gating factor for scaling co-packaged optics. It holds 90%+ share in InP, a rare monopoly in optics and power chips. GaN and SiC markets will reach tens of billions and capacity will run out once new data centers adopt 800V DC, so even a fraction of that in MOCVD demand means billions of revenue for a $6 billion company. CPO and 800V DC each have three ramp phases, each half an order larger. x.com 

Navitas, Infineon, Texas Instruments and STMicroelectronics each have a strong position in GaN and SiC power chips. Navitas is one of only three vendors with integrated-driver GaN and a credible SiC part, so it beats Texas Instruments when customers want dual-source GaN plus SiC. Texas Instruments has top-tier integrated-drive GaN but no SiC. Infineon has competitive GaN and very strong SiC. STMicroelectronics has a good SiC part, with GaN in development. x.com