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Activist investor Palliser Capital sent a letter to $7B Japanese toilet maker Toto and said it was “the most undervalued and overlooked AI memory beneficiary”. Toto known for its bidet toilets but the expertise in ceramics is crucial for memory manufacturing. Per FT, “Toto’s chuck technology uses ceramics designed to remain stable at very low temperatures, helping hold silicon wafers firmly during chip production. That makes it relevant to cryogenic etching, which is expected to grow as memory chips become more layered and complex.” Palliser believes Toto has a 5-year moat on the technology and should expand the operation. Advances ceramics already make up 40% of Toto’s operating profit while being only <10% of revenue. Toto is up +60% over the past year on their development.