I am pequityresearch. I am looking to conduct expert calls of people in the AI space and no better place to look than people associated with semiconductors. I am just looking for a short call where I ask you about industry trends related to AI. Is anyone interested?
I am P Equity Research, I am doing an article on memory costs impact on ASICs and overall AI spend. I am not looking to get info on proprietary information, but if you are an ASIC engineer, I would love to interview you via email or message about memory costs optimization since the past year with how memory prices are rising (HBM/DRAM). If you are interested, please message me. My username on twitter is the same as my name.
as the title says - I am P Equity Research, you can find me on X and substack. I am doing an article on memory and I am looking to interview hardware engineers at Meta, or used to work there anytime between 2025-2026.
The physical AI supply chain - 121 public companies
Reminder: Some of these names are potential beneficiaries of humanoid manufacturing, but some of them may not benefit at all. Not all of these names are winners. DYOR.
BRAIN
1. Foundational Models
- Alphabet
- Meta
- Nvidia
- Microsoft
- Alibaba
- Tencent Holdings
- Unity Software
- Baidu
2. Data Science & Analytics
- Oracle
- Palantir
- Hexagon
- Nvidia
- Meta
- Siemens
- Dassault Systems
4. Vision & Compute Semis
- Ambarella
- Horizon Robotics
- Intel
- Mobileye
- Nvidia
- Qualcomm
- Advanced Micro Devices
- Sony
- STMicroelectronics
- NXP
5. Memory
- Micron
- SK Hynix
- Samsung Electronics
- Macronix International
- Winbond Electronics
6. Chip Designers
- Arm Holdings
- CEVA Inc
- Cadence Design Systems
- Siemens
- Synopsys
7. Fabrication
- Texas Instruments
- Samsung Electronics
- United Microelectronics
- Intel
- GlobalFoundries
- TSMC
BODY
8. Actuator Components
- NSK
- RBC Bearings
- Regal Rexford
- Schaeffler
- Timken
- Nippon Thompson
- JTEKT
- Sanhua Intelligent Controls
- Jiangsu Hengli Hydraulic
- Leader Harmonious Drive Systems
- Hiwin Technologies
- Shanghai Beiti
- AB SKF
- THK
- Harmonic Drive System
- Hota
- Nabtesco
- Zhejiang Shuanghuan Driveline
- Estun
- China Leadshine Technology
- Shanghai Moons' Electric
- Nidec
- Sensata Technologies
- Shenzhen Inovance
- Shenzhen Zhaowei Machinery & Electronics
- Ningbo ZhongDa Leader Intelligent Transmission
- Sumitomo Heavy Industries
- Nigbo Donly
- JL Mag
- Lynas Rare Earths
- MP Materials
- China Northern Rare Earth
9. Sensors
- Analog Devices
- Hexagon
- Vishay Precision Group
- Intel
- Keyence
- Onsemi
- Robosense Technology
- Sony
- TE Connectivity
- Teledyne Technologies
- OmniVision Integrated Circuits
- Aptiv
- Magna
- Valeo
- Melexis
- Allegro Microsystems
- Keli Sensing
- Novanta
10. Analog Devices
- Renesas
- STMicroelectronics
- Texas Instruments
- Infineon
- NXP
11. Body, Wiring, Thermal
- Amphenol
- Aptiv
- Magna
- TE Connectivity
- Ningbo Xusheng Group
- Sanhua Intelligent Controls
- Tuopo
12. Wide Range Solutions
- Honeywell
- Rockwell Automation
- Hon Hai Precision/Foxconn
13. Battery
- LG Energy Solution
- Samsung SDI
- CATL
- Amprius Technologies
INTEGRATORS
14. Autos
- BYD
- Guangzhou Automobile Group
- Boston Dynamics/Hyundai
- Tesla
- Toyota
- XPENG
- Honda
15. Consumer Electronics
- Apple
- LG Electronics
- Samsung Electronics
- Xiaomi
- Midea
16. Pure Plays
- Rainbow Robotics
- UBTech
- Robotis
- Cyberdyne
17. E-Commerce & Internet
- Naver
- Tencent
- Amazon
Here are names to consider for the CPO ecosystem in Taiwan. Some of these could be mentioned by Jensen Huang in the GTC.
Photonics supply chain map:
This covers most of the photonics supply chain.
1. Raw Materials
- Corning
- Nippon Chemical Industrial
2. Substrates
- Shin-Etsu Chemical
- Sumitomo Electric Industries
- JX Advanced Metals Corporation
- AXT Inc.
- AGC Inc.
- Soitec
- Nippon Electric Glass
- 5N Plus
- JNTC Co.
- Planoptik AG
- GlobalWafers
3. Epitaxy
- IQE plc
- IntelliEPI Inc.
- Visual Photonics Epitaxy Co.
- Landmark Optoelectronics Co.
- VIGO Photonics S.A.
4. Networking & Connectivity
- Broadcom
- Cisco Systems
- Arista Networks
- Marvell Technology
- Astera Labs
- Ciena
- NTT
- TE Connectivity
- Credo Technology
- Celestica
- Huber+Suhner AG
- Macom Technology
- Nokia
- Semtech
- Furukawa Electric Co.
- Amphenol
5. Laser & Components
- Mitsubishi Electric
- Coherent Co.
- Lumentum Holdings
- WIN Semiconductors
- Hamamatsu Photonics
- Nisshinbo Holdings
- Sivers Semiconductors
- QD Laser
- Lightwave Logic
6. Silicon Photonics Foundry
- Intel Co.
- Taiwan Semiconductor Manufacturing Co.
- GlobalFoundries
- United Microelectronics Co.
- Tower Semiconductor
- STMicroelectronics
7. Optical Engines
- Aeluma
- Ayar Labs
- POET Technologies
8. Transceivers & Modules
- Zhongji Innolight Co.
- Jabil
- Fabrinet
- Flex Ltd
- Luxshare Precision Industry Co.
- Applied Optoelectronics
- Maxlinear
- Browave Co.
- PCL Technologies
- FOCI
9. Test & Packaging
- ASE Technology Holding
- BE Semiconductor Industries
- Keysight Technologies
- Teradyne Inc.
- Cohu Inc.
- Aehr Test Systems
- ShunSin Technology
- Msscorps Co.
- Ibiden
- Santec Holdings Co.
- Amkor Technology
10. Equipment & Tools
- ASML Holding N.V.
- Lam Research
- Applied Materials
- KLA Co.
- Cadence Design Systems Inc.
- Disco Co.
- MKS Inc.
- Onto Innovation
- Camtek
- Synopsys
- Photronics
- Philoptics
- Riber SA
- Veeco Instruments
- AIXTRON SE
- Viavi Solutions
Here are ETFs to consider checking out
Founded in 1965, this company is based in Switzerland and has locations in Europe, United States, and Asia.
Their primary product sold are vacuum valves.
In simple terms, vacuum valves are designed to isolate, control, and regulate ultra-high vacuum (UHV) environments and gas flows.
VAT is located in the semi supply chain where they supply OEMs/toolmakers like Lam Research, Applied Materials, Tokyo Electron, and ASML that sell their WFE to chipmakers.
This is important since both Applied Materials and Lam Research mentioned strong outlook for the WFE market for 2027, due to demand from memory and advanced chipmakers.
In 2024, they had 71% market share in vacuum valves, effectively a monopoly.
They expect to grow from 71% to 85% by 2029.
Control valves and transfer valves are two of their highest market share components sold, and they expect semi-related valves to be the core product of their business beyond 2030.
The risk? Iran conflict had lowered their Q1 guidance.
"However, due to conflict-related and temporary disruptions in its supply chain and adjustments to customer specifications, VAT now expects sales for the first quarter of 2026 of around CHF 215 million and below the guidance given at the beginning of March of CHF 240–260 million. The book-to-bill ratio is expected to be around 1.6x for the first quarter."
"The outbreak of the Middle East conflict in late February led to partial and temporary disruptions in VAT’s supply chain. Furthermore, late delivery of certain components and materials resulted in shortterm adjustments to existing orders. In total, the negative impact on sales is estimated at approximately CHF 25 to 30 million in the first quarter. The situation has since been mitigated, and the reconfigured orders are expected to be delivered during the second quarter"
However, they have confirmed positive outlook for 2026 and expect that order intake, revenue, EBITDA, EBITDA margin, net profit, and free cash flow for the full year 2026 will exceed the 2025 levels.
Look at how expensive memory has gotten lol
Nvidia is my #1 holding since 2016. If you all are interested, you can check out my article on the overview of their earnings. I thought they did good despite what the share price says.
“Vera CPU opens a brand new 200 billion town for Nvidia, a market we have never addressed before, and every major hyperscale and system maker is partnering with us to get it deployed.”
“We have visibility to nearly 20 billion in total CPU revenue this year.”
“Track to commence production shipments, starting in Q3.”
For reference: AMD did less than $20B in CPU revenues last 12 months from datacenters.
Nvidia just had amazing earnings. Here are the highlights:
I find this funny but Intel's dominance is back 😂
This may or may not be a warning sign for Micron and others since margins are the most important thing in this game.
Two engineers on X were interviewed to give their inputs on different bottlenecks, whether or not they exist in the AI supply chain. I listened/read both of their interviews and summarized this. Maybe this will give you an idea of where to look at since these are engineers talking about it.
Note: they have a lot of disagreement on various bottlenecks, but that happens...its up to you to research and see who is right.
I had recently started looking at Reddit, and it intrigues me. I feel this company is unique and gets a lot of undeserved criticism.
I did an article on the company if you would like to see my thoughts. This is what I went over:
"NVDA is set to generate ~$190B in FCF this year and ~$320B next year"
Maybe you will find something interesting
