Enplas (6961) at ~$985M seems kinda interesting.
They hold two chokepoints:1. Dominant supplier for MLAs (micro lens arrays). Eg. SiPH switches, 1.6T, 3.2T for photonics. 2. Oligopoly supplier for IC Test sockets (AI Chip Testing) Cash on hand: ~$155M, no debt. Equity-to-Asset Ratio: ~89% (50%+ usually is solid), so low downside risk imo. And their speculated customers: 1, Photonics (MLAs): Highly probable: Innolight, Eoptolink, Furukawa, Intel (SiPh). And prob $Coherent Corp.(COHR.US), $Lumentum(LITE.US).2. GPU/ASICs (Test Sockets): prob $Taiwan Semiconductor(TSM.US), ASE, types use these to likely test $NVIDIA(NVDA.US) GPUs, $Alphabet(GOOGL.US) TPUs (Google Ironwood is highly probable)."expanding mass production orders for major GPU manufacturers, and for ASIC-related projects for hyperscalers." Then at OFC:OFC: “We will be showcasing our new products for 800Gbps and 1.6Tbps transceivers and CPO (Co-Packaged Optics) that support today’s rapid technological advancements in AI.” Basically you have a company that supplies T1 semis, foundries, hyperscalers, that benefits from 1.6T from MLA photonics segment + CPO TAM expansion later from OFC products. Was one my positions wanted to share my thoughts about since it seemed p cool at sub <$1B MC.Source: Serenity
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