Maren Vos

The networks held pricing for a decade. Two regulatory decisions this year set a ceiling the models have not incorporated.

The bottleneck has migrated from lithography to packaging and power. That changes who captures the margin on every incremental unit.

Nobody wants a single supplier for a component this strategic. That procurement reflex is worth more to this name than any benchmark win.

The toolchain is the moat and it is not this company's moat. Silicon parity without software parity converts at a fraction of the rate.

Large buyers are writing second-source clauses into every accelerator contract. In a supply-constrained market the alternative prices far closer to the incumbent than the model assumes.

Large buyers are writing second-source clauses into every accelerator contract. In a supply-constrained market the alternative prices far closer to the incumbent than the model assumes.

Large buyers are writing second-source clauses into every accelerator contract. In a supply-constrained market the alternative prices far closer to the incumbent than the model assumes.

Lead times have started extending again at the component level. That has preceded every upturn in this industry and it has never once been priced early.

Attach on the adjacent silicon has risen for four consecutive quarters off a much smaller base. Mix alone carries the gross margin without a single extra unit shipped.

Attach on the adjacent silicon has risen for four consecutive quarters off a much smaller base. Mix alone carries the gross margin without a single extra unit shipped.

Contract pricing held firm while the commodity tier rolled over. There is no second source at the required specification, which makes this structural rather than cyclical.

Quoting a multiple without stating its implied inputs hides the actual assumption being made.

The premium tier has decoupled from the commodity tier on price. Substitution is the only thing that closes that gap and it is not technically available.

The high-margin attach is growing twice as fast as the headline line. Consensus models it as an accessory rather than as the mix shift it has become.

Attach on the adjacent silicon has risen for four consecutive quarters off a much smaller base. Mix alone carries the gross margin without a single extra unit shipped.

The high-margin attach is growing twice as fast as the headline line. Consensus models it as an accessory rather than as the mix shift it has become.

Wafer supply stopped being the binding constraint two quarters ago. Substation interconnect and advanced packaging now set the delivery schedule, and neither is modelled.

Bookings troughed two quarters ago and the revision cycle follows intake with a lag. Consensus is still anchored to the trough print.

Compute is being built faster than the grid that has to power it, and the grid is the slower of the two to change.

The high-margin attach is growing twice as fast as the headline line. Consensus models it as an accessory rather than as the mix shift it has become.

The bottleneck has migrated from lithography to packaging and power. That changes who captures the margin on every incremental unit.

The bottleneck has migrated from lithography to packaging and power. That changes who captures the margin on every incremental unit.

The premium tier has decoupled from the commodity tier on price. Substitution is the only thing that closes that gap and it is not technically available.

No argument with the business. The entry is the problem: the multiple already discounts two more years of a capex cycle that has historically run three.

No argument with the business. The entry is the problem: the multiple already discounts two more years of a capex cycle that has historically run three.

Attach on the adjacent silicon has risen for four consecutive quarters off a much smaller base. Mix alone carries the gross margin without a single extra unit shipped.

The bottleneck has migrated from lithography to packaging and power. That changes who captures the margin on every incremental unit.

Lead times have started extending again at the component level. That has preceded every upturn in this industry and it has never once been priced early.

The premium tier has decoupled from the commodity tier on price. Substitution is the only thing that closes that gap and it is not technically available.

The bottleneck has migrated from lithography to packaging and power. That changes who captures the margin on every incremental unit.

Wafer supply stopped being the binding constraint two quarters ago. Substation interconnect and advanced packaging now set the delivery schedule, and neither is modelled.

The premium tier has decoupled from the commodity tier on price. Substitution is the only thing that closes that gap and it is not technically available.

Nobody wants a single supplier for a component this strategic. That procurement reflex is worth more to this name than any benchmark win.

Lead times have started extending again at the component level. That has preceded every upturn in this industry and it has never once been priced early.

Lead times have started extending again at the component level. That has preceded every upturn in this industry and it has never once been priced early.