Ran

I’m long $PDFS PDF Solution I’m hyper bullish on all CPU stocks. Specially if they are made in America. $PDFS is the hidden gem I’ve overlooked. $INTC just crushed ERs and is trading +15% AH. $PDFS Also up AH tonight. +9.5% AH Intel is one of $PDFS key customers. They work with PDF Solutions directly to improve fab yields. PDF Solutions builds the data intelligence layer inside semiconductor fabs. Their Exensio platform manages over 24,000 manufacturing machines worldwide. It collects fab data across every step of production, normalizes it, and uses AI to find yield problems and close the loop before bad wafers become bad chips. Intel ramping fabs means more yield complexity. More yield complexity means more value for Exensio. That’s the thesis in one sentence. FY2025 numbers: $219M revenue, up 22% YoY. Q4 up 25%. Non-GAAP operating margin at 21%. Recurring revenue 94% of total. $254M backlog heading into 2026. They also just licensed Intel’s own AI Studio, rebranded it as Exensio Studio AI, and embedded it into the platform. Intel’s technology, running inside PDFS’s product, sold back to fabs including Intel. Management is guiding 20% revenue growth for 2026. Intel just guided Q2 revenue of $13.8-14.8B, well above the $13.1B Wall Street expected. When Intel invests in manufacturing, PDFS benefits directly. The cherry on top is their management team Two Carnegie Mellon PhDs founded this company in 1991 and never left. Kibarian still CEO. Michaels still EVP. Their CTO literally held the Keithley Professorship at CMU before joining full time. CFO Adnan Raza: Goldman Sachs TMT banking, AT&T Bell Labs, Synaptics executive team. The finance brain knows both Wall Street and silicon. The board has a former Synopsys co-CEO and a current Intel director. All of this at a 1.75B MC I’m long.

$LWLG just connecting the dots… The CEO of $LWLG just posted this on LinkedIn congratulating Polariton Technologies, Marvell, and Lightwave Logic in the same breath. Calling out the partnership continuing and plasmonics reaching market faster. Polariton’s plasmonic modulator needs an EO polymer injected into the slot to work. $LWLG’s Perkinamine is that polymer. The two companies have been jointly developing and showcasing packaged devices since 2024. Marvell just acquired Polariton for their 3.2T roadmap The CEO of $LWLG doesn’t congratulate acquisitions of random companies… right? He (most likely) congratulates acquisitions of companies his technology lives inside. Is $LWLG contractually locked in as Marvell’s polymer supplier post-acquisition? Not confirmed, but $LWLG valuation at $1.8B will surely re rate if this were true. NFA.

Moved my last 10% cash into $NBIS today at $136 and have now reached degen levels of concentration again. Nice! 77% $NBIS 8% Towa (6315) 8% $HIMS 7% $OUST If you go back and read my portfolio update where I trimmed Nebius from 75% to 20% (at the exact top) I told you that this was my plan. Wait for the stock to cool down. Slowly add it back and keep enjoying the ride up. The word needs more compute and Nebius delivers a world class cloud experience and crushes benchmarks. I believe it is by far the best positioned company to profit long-term from this environment, because they optimize the value of every MW of capacity through an increasingly distinguished and complete compute product that meets customers at the level of complexity they want and need! In a world where many companies have no moat and either grow like crazy or make a little money, I believe Nebius is building a cash printing business, while growing 600-800% yoy and all of that while establishing strong moats and a defensible, recurring revenue business that is loved by many and soon will be loved by even more customers. Customers and partners love working with Nebius and literally can't get enough compute. They also appreciate how Nebius helps them maximize performance and optimize efficiency. Nebius will take care of you.