Tower Semiconductor: order intake bottomed and nobody has marked it

The driver is the lead-time signal. Component lead times extend before bookings recover and bookings recover before revisions turn, so the observable sequence runs about two quarters ahead of the consensus number. The qualification pipeline is visible in the customer disclosures rather than this company's. Two named accounts moved programmes into validation last quarter, which dates the revenue rather than merely implying it. The position: long on Tower Semiconductor, entry locked at publication and the exit dated rather than open-ended. The target is stated in the call block above and the horizon with it. Sized to the catalyst rather than to conviction, with the invalidation written into the kill-switch card instead of left implicit. The risk is that software parity arrives faster than the historical base rate. Sustained investment has closed gaps like this before, and if it closes here the deployment discount disappears with it.