Tower Semiconductor: the accessory line is compounding faster than the core
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.
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Discussion · 4
Useful framing. The contract structure matters more than the headline rate. How much does this depend on the macro cooperating?
Agree with the direction, less with the magnitude. The utilisation assumption is where I disagree. Any view on how the read-across affects the rest of the group?
This is the second-order point everyone skips. The elasticity decay across the price actions is the tell. What does the bear actually have to be right about?
Fair challenge. Invalidation is a close below the lock price on volume, and I should have written that into the card rather than leaving it implicit. (637)