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Yeah there were worse, cough cough EIC, VOC etc.

There are about 80 companies under $5 billion in market cap reporting this week that sit somewhere in the AI infrastructure supply chain. Most of them aren't the names you hear about, they make the tools, materials, and equipment that companies like NVIDIA, TSMC, and the hyperscalers depend on. Here are the 8 I think are most interesting.

***Full transparency - I use agentic AI in all my work.***
**KLIC — Kulicke & Soffa (Wed Aug 5 AMC)**
$4.4B mkt cap · +85% YTD · 38% off 52wk high
Trailing P/E 80x → Forward P/E 25x / 19x · EV/EBITDA 58x
Revenue $768M TTM → consensus $1.08B (+41%) · No backlog disclosed
What they make: The machines that physically bond and package semiconductor chips after fabrication.
Where they sit: When NVIDIA designs a GPU and TSMC fabricates it, the chip still needs to be physically assembled — the AI processor has to be bonded to High-Bandwidth Memory (HBM) stacks to work. That bonding step is KLIC's business. Their thermo-compression bonding (TCB) machines are used by the companies that stack HBM (SK Hynix, Samsung, Micron) and by the packaging houses (TSMC's CoWoS line, ASE, Amkor) that assemble the final AI accelerator package. Without this step, an NVIDIA Blackwell GPU is just a bare chip sitting next to loose memory — KLIC's tools are what make it a finished product.
TCB revenue is guided above $100M this fiscal year with 70%+ growth. Memory revenue surged 93% sequentially. They're spending $20M to hit $400M in Advanced Solutions capacity by early FY2027. Trailing P/E of 80x looks expensive, but forward P/E drops to 25x as the revenue ramps — consensus expects 41% growth.
Watch for: Whether TCB and HBM tool qualifications are converting to volume orders, and whether the $310M Q3 revenue guide holds.
**VECO — Veeco Instruments (Wed Aug 5 AMC)**
$2.7B mkt cap · +56% YTD · 49% off 52wk high
Trailing P/E 118x → Forward P/E 27x / 13x · EV/EBITDA 54x (was \~14x two years ago)
Revenue $655M TTM → consensus $779M (+19%) then $1.06B (+36%) · Backlog $555M (+35% YoY)
What they make: Process equipment for chip packaging and optical laser fabrication.
Where they sit: Veeco touches two critical points in the AI supply chain. First, their laser annealing and wet processing tools sit inside TSMC, Samsung, and Intel fabs — they're used in the advanced 2.5D/3D packaging step that connects AI processors to HBM memory (the same CoWoS packaging that every NVIDIA GPU goes through). Second — and this is the bigger catalyst — they make the MOCVD tools that grow indium phosphide (InP) laser chips. These lasers go inside the 800G and 1.6T optical transceivers (made by Coherent, Lumentum) that connect AI servers to each other. Every GPU cluster needs thousands of these transceivers. Veeco just landed a $250M+ InP laser tool order, with deliveries starting Q3 2026.
Backlog is $555M, up 35% YoY. Customer deposits climbed to $69M. Trailing P/E of 118x is misleading — forward drops to 13x by FY27. Also merging with Axcelis, pending China approval.
Watch for: Whether gross margin recovers to 38-40% (Q1 was only 36%), and any Axcelis merger timeline update.
**AIP — Arteris (Thu Aug 6 AMC)**
$1.3B mkt cap · +79% YTD · 45% off 52wk high
Pre-profit (87% gross margin, targeting first operating profit Q4 2026)
Revenue $77M TTM → consensus $94M (+22%) · RPO backlog $118M (+33% YoY, 1.5x revenue) · Royalties +100% YoY
What they make: The on-chip communication fabric — the IP that moves data between cores inside an AI chip.
Where they sit: Arteris sits at the very beginning of the hardware chain. Before a chip is fabricated, it has to be designed — and inside every complex chip, the different processing cores need a way to talk to each other. Arteris licenses that interconnect design (called Network-on-Chip IP) to chip designers. AMD is a documented customer. They also supply at least one top-5 US hyperscaler (unnamed — could be Google, Microsoft, Amazon, or Meta) for custom data center silicon, and a leading memory company developing HBM chips. Two-thirds of their customer engagements are now AI-related. When these chips ship in volume, Arteris collects a royalty per chip — that royalty line grew 100%+ YoY last quarter.
April deal flow was 4x any prior April. RPO is $118M against $77M revenue — 1.5x of what they currently bill. Targeting first operating profit Q4 2026.
Watch for: Whether royalty growth holds above 100%, and any update on chiplet/multi-die products going into production.
**MTRN — Materion (Wed Aug 5 BMO)**
$4.1B mkt cap · +57% YTD · 35% off 52wk high
Trailing P/E 53x → Forward P/E 30x / 26x · EV/EBITDA 26x (5-quarter median \~18x)
Revenue $1.9B TTM → consensus $2.2B (+15%) · All-time-high backlog (+20% YoY) · Defense RFQs $300M+
What they make: Sputtering targets, beryllium alloys, and precision optics — the raw materials that go deep inside chip fabs, defense systems, and data center infrastructure.
Where they sit: Materion is about as deep in the supply chain as you can go. Their sputtering targets are the actual metals that get deposited onto silicon wafers during chip fabrication — every chip TSMC, Samsung, or Intel makes has nanoscale layers of Materion's materials inside it. More advanced chips (smaller nodes) require more deposition steps per wafer, which means more Materion content per chip. Their precision optics go into ASML's EUV lithography machines and KLA's inspection tools. Their beryllium alloys go into defense and aerospace (they own the only domestic beryllium mine in the US — Spor Mountain, Utah — and there's no substitute). And their copper-beryllium alloys go into TE Connectivity's data center connectors.
Backlog just hit an all-time record, up 20%+ YoY. Semiconductor revenue (ex-China) grew \~40% YoY. Defense orders hit a record $60M with RFQs tripling to $300M+. EV/EBITDA of 26x is 43% above its historical \~18x median — the market is paying up for the backlog.
Watch for: Whether Performance Materials revenue shows the "meaningful step-up" management promised, and whether the record backlog keeps climbing.
**CECO — CECO Environmental (Thu Aug 6 BMO)**
$2.2B mkt cap · +4% YTD · 39% off 52wk high
Trailing P/E 130x → Forward P/E 34x / 24x · EV/EBITDA 26x (5-quarter median \~15x)
Revenue $812M TTM → consensus $1.3B (+60%) · Book-to-bill 2.2x · Orders $449M (record) · Backlog $1.04B (+72% YoY) · Pipeline $7.3B
What they make: Emissions control systems, exhaust equipment, and air filtration for power plants and semiconductor fabs.
Where they sit: Two mega-trends feed CECO. First: every new gas turbine power plant being built to feed data centers needs emissions control — CECO builds the SCR systems, exhaust silencers, and turbine enclosures that go on GE Vernova and Siemens Energy gas turbines. Second: every new semiconductor fab (TSMC Arizona, Intel Ohio, Samsung Taylor) needs industrial air quality systems — scrubbers, oxidizers, VOC abatement — to handle the toxic chemicals used in chip manufacturing. CECO builds those too. They just acquired Thermon, which adds industrial heat tracing and a liquid load bank product for data center testing. So they touch both the power-generation side and the chip-manufacturing side of the AI buildout.
The numbers are absurd. Book-to-bill 2.2x. Q1 orders nearly doubled YoY to $449M, and April alone topped that record. Backlog crossed $1B. Pipeline went from $1.5B in 2020 to $7.3B. Consensus expects 60% revenue growth — highest in this group. Only up 4% YTD. The market wants margin proof.
Watch for: Whether Q2 cash flow turns positive (Q1 was -$16M), and whether they raise guidance again after already raising it twice.
**TH — Target Hospitality (Thu Aug 6 BMO)**

$1.5B mkt cap · +81% YTD · 30% off 52wk high
EV/EBITDA 30x (5-quarter median \~10x) · Forward P/E 23x (FY27, currently pre-profit)
Revenue $324M TTM → consensus $376M (+16%) then $633M (+68%) · Contract awards >$2B since Feb 2025 · 20,000-bed pipeline
What they make: Modular workforce housing camps — beds, food, security — at remote construction sites.
Where they sit: This is probably the most unusual AI play on this list. Before you can build a data center, you need workers at the site — and these campuses are going up in remote locations across Texas, the Midwest, and rural America where there's nowhere for thousands of construction workers to live. TH deploys turnkey modular communities. The CEO framed it: "The hyperscalers are making trillion-dollar investments in remote America. They need us to make those investments work." They're not supplying Microsoft or Google directly — they're housing the construction crews that companies like Quanta, MasTec, and MYR Group bring to build those campuses. They just signed a $750M+ "AI Infrastructure Community" contract (customer unnamed). Their Workforce Hospitality segment barely existed two years ago and is now on track to be their biggest business, exceeding 40% of revenue. Consensus sees revenue nearly doubling to $633M by FY27.
Watch for: Whether the 400-bed data center expansion is confirmed operational, and whether WHS margins improve as the segment shifts from construction to services.
**ASYS — Amtech Systems (Tue Aug 4 AMC)**
$204M mkt cap · +12% YTD · 45% off 52wk high
Trailing P/E 102x → Forward P/E 44x / 18x · EV/EBITDA 26x (historical \~21x)
Revenue $79M TTM → consensus $83M (+6%) then $95M (+14%) · Book-to-bill >1.0x (2 straight quarters) · Backlog $22.3M
What they make: Thermal processing ovens (reflow systems) used in advanced semiconductor packaging.
Where they sit: After TSMC fabricates an AI chip and it goes through the CoWoS advanced packaging process, the chip and its HBM memory stacks need to be soldered together — that reflow soldering step is where ASYS's ovens come in. Their Pyramax and Aurora reflow systems sit inside the packaging lines at OSATs like ASE and Amkor, and at foundries like TSMC and Samsung. They also make diffusion furnaces for power semiconductor (SiC) fabrication and CMP polishing consumables. AI revenue went from \~30% of their Thermal Processing segment to management guiding above 40% this quarter. Gross margin hit 47.7% on the richer AI mix. The smallest company on this list at $204M, but forward P/E drops to 18x by FY27 if the story plays out.
They're launching a next-gen high-density packaging product at SEMICON Taiwan in September. Book-to-bill above 1.0x for two straight quarters — orders extending 1-2 quarters out instead of book-and-ship.
Watch for: Whether AI exceeds 40% of TPS revenue, and whether the September product launch pipeline is materializing.
**AMSC — American Superconductor (Wed Aug 5 BMO)**
$1.3B mkt cap · -7% YTD · 62% off 52wk high
Forward P/E 27x / 19x · EV/EBITDA 48x (volatile historically)
Revenue $299M TTM → consensus $362M (+21%) · Backlog >$200M · Orders avg $60M+/quarter · 7 straight EPS beats
What they make: Power control and voltage regulation equipment that protects electrical grids, data centers, and semiconductor fabs from power instability.
Where they sit: AMSC sits at the power delivery layer — before the data center, before the chip fab. When utilities like AEP, Duke Energy, or NextEra need to stabilize the grid feeding a new data center cluster, AMSC's D-VAR systems and power factor correction equipment are what prevent voltage sags and blackouts. Their voltage regulation equipment also protects semiconductor fabs — content per fab runs $2M-$10M. They made their first direct data center construction delivery in Q3 FY2025 (\~$3.7M). The CEO has been careful to say AMSC is "not a data center stock" — it's a diversified power company — but AI infrastructure demand is pulling them in. They estimate 10-14% of revenue is AI-exposed and growing, with "hundreds of millions of dollars of opportunity" in combined power solutions for data centers.
The contrarian pick — down 7% YTD and 62% off its high while most AI names are ripping. Revenue grew 34%, 7 straight beats, gross margin above 30% for two quarters. Trailing P/E of 10x is distorted by a one-time gain — forward 27x is the real number. Still reasonable for 21% growth.
Watch for: Full-year revenue guidance vs $362M consensus, and whether they quantify direct data center revenue growth.
Also reporting this week and worth watching
ACLS (Axcelis, $3.6B, +45% YTD) — Ion implantation tools used inside TSMC, Samsung, and Intel fabs. Book-to-bill 0.64x is weak. Merging with Veeco.
LEU (Centrus Energy, $3.1B, -33% YTD) — Enriches uranium fuel for nuclear reactors. $3.9B backlog through 2040. Just signed $900M HALEU contract with the DOE. The nuclear-power-for-data-centers play.
SKYT (SkyWater Technology, $1.5B, +71% YTD) — US-based semiconductor foundry, just acquired by IonQ. Advanced packaging line in Florida being tooled.
DIOD (Diodes Inc, $3.6B, +58% YTD) — Discrete and analog chips inside AI servers and networking gear. Content per server up 14% to 103 pieces.
PDFS (PDF Solutions, $1.7B, +49% YTD) — Yield analytics software used by chip fabs to improve manufacturing. Revenue +24%.
LMB (Limbach Holdings, $811M, -13% YTD) — HVAC and mechanical systems for mission-critical data center buildings. Data center bookings jumped to 27% of total. Book-to-bill 1.5x.
ACMR (ACM Research, $4.3B, +71% YTD) — Wet-processing equipment for chip packaging at TSMC and other fabs. Revenue +34%.

Yeah there were worse, cough cough EIC, VOC etc.

There are about 80 companies under $5 billion in market cap reporting this week that sit somewhere in the AI infrastructure supply chain. Most of them aren't the names you hear about, they make the tools, materials, and equipment that companies like NVIDIA, TSMC, and the hyperscalers depend on. Here are the 8 I think are most interesting.

***Full transparency - I use agentic AI in all my work.***
**KLIC — Kulicke & Soffa (Wed Aug 5 AMC)**
$4.4B mkt cap · +85% YTD · 38% off 52wk high
Trailing P/E 80x → Forward P/E 25x / 19x · EV/EBITDA 58x
Revenue $768M TTM → consensus $1.08B (+41%) · No backlog disclosed
What they make: The machines that physically bond and package semiconductor chips after fabrication.
Where they sit: When NVIDIA designs a GPU and TSMC fabricates it, the chip still needs to be physically assembled — the AI processor has to be bonded to High-Bandwidth Memory (HBM) stacks to work. That bonding step is KLIC's business. Their thermo-compression bonding (TCB) machines are used by the companies that stack HBM (SK Hynix, Samsung, Micron) and by the packaging houses (TSMC's CoWoS line, ASE, Amkor) that assemble the final AI accelerator package. Without this step, an NVIDIA Blackwell GPU is just a bare chip sitting next to loose memory — KLIC's tools are what make it a finished product.
TCB revenue is guided above $100M this fiscal year with 70%+ growth. Memory revenue surged 93% sequentially. They're spending $20M to hit $400M in Advanced Solutions capacity by early FY2027. Trailing P/E of 80x looks expensive, but forward P/E drops to 25x as the revenue ramps — consensus expects 41% growth.
Watch for: Whether TCB and HBM tool qualifications are converting to volume orders, and whether the $310M Q3 revenue guide holds.
**VECO — Veeco Instruments (Wed Aug 5 AMC)**
$2.7B mkt cap · +56% YTD · 49% off 52wk high
Trailing P/E 118x → Forward P/E 27x / 13x · EV/EBITDA 54x (was \~14x two years ago)
Revenue $655M TTM → consensus $779M (+19%) then $1.06B (+36%) · Backlog $555M (+35% YoY)
What they make: Process equipment for chip packaging and optical laser fabrication.
Where they sit: Veeco touches two critical points in the AI supply chain. First, their laser annealing and wet processing tools sit inside TSMC, Samsung, and Intel fabs — they're used in the advanced 2.5D/3D packaging step that connects AI processors to HBM memory (the same CoWoS packaging that every NVIDIA GPU goes through). Second — and this is the bigger catalyst — they make the MOCVD tools that grow indium phosphide (InP) laser chips. These lasers go inside the 800G and 1.6T optical transceivers (made by Coherent, Lumentum) that connect AI servers to each other. Every GPU cluster needs thousands of these transceivers. Veeco just landed a $250M+ InP laser tool order, with deliveries starting Q3 2026.
Backlog is $555M, up 35% YoY. Customer deposits climbed to $69M. Trailing P/E of 118x is misleading — forward drops to 13x by FY27. Also merging with Axcelis, pending China approval.
Watch for: Whether gross margin recovers to 38-40% (Q1 was only 36%), and any Axcelis merger timeline update.
**AIP — Arteris (Thu Aug 6 AMC)**
$1.3B mkt cap · +79% YTD · 45% off 52wk high
Pre-profit (87% gross margin, targeting first operating profit Q4 2026)
Revenue $77M TTM → consensus $94M (+22%) · RPO backlog $118M (+33% YoY, 1.5x revenue) · Royalties +100% YoY
What they make: The on-chip communication fabric — the IP that moves data between cores inside an AI chip.
Where they sit: Arteris sits at the very beginning of the hardware chain. Before a chip is fabricated, it has to be designed — and inside every complex chip, the different processing cores need a way to talk to each other. Arteris licenses that interconnect design (called Network-on-Chip IP) to chip designers. AMD is a documented customer. They also supply at least one top-5 US hyperscaler (unnamed — could be Google, Microsoft, Amazon, or Meta) for custom data center silicon, and a leading memory company developing HBM chips. Two-thirds of their customer engagements are now AI-related. When these chips ship in volume, Arteris collects a royalty per chip — that royalty line grew 100%+ YoY last quarter.
April deal flow was 4x any prior April. RPO is $118M against $77M revenue — 1.5x of what they currently bill. Targeting first operating profit Q4 2026.
Watch for: Whether royalty growth holds above 100%, and any update on chiplet/multi-die products going into production.
**MTRN — Materion (Wed Aug 5 BMO)**
$4.1B mkt cap · +57% YTD · 35% off 52wk high
Trailing P/E 53x → Forward P/E 30x / 26x · EV/EBITDA 26x (5-quarter median \~18x)
Revenue $1.9B TTM → consensus $2.2B (+15%) · All-time-high backlog (+20% YoY) · Defense RFQs $300M+
What they make: Sputtering targets, beryllium alloys, and precision optics — the raw materials that go deep inside chip fabs, defense systems, and data center infrastructure.
Where they sit: Materion is about as deep in the supply chain as you can go. Their sputtering targets are the actual metals that get deposited onto silicon wafers during chip fabrication — every chip TSMC, Samsung, or Intel makes has nanoscale layers of Materion's materials inside it. More advanced chips (smaller nodes) require more deposition steps per wafer, which means more Materion content per chip. Their precision optics go into ASML's EUV lithography machines and KLA's inspection tools. Their beryllium alloys go into defense and aerospace (they own the only domestic beryllium mine in the US — Spor Mountain, Utah — and there's no substitute). And their copper-beryllium alloys go into TE Connectivity's data center connectors.
Backlog just hit an all-time record, up 20%+ YoY. Semiconductor revenue (ex-China) grew \~40% YoY. Defense orders hit a record $60M with RFQs tripling to $300M+. EV/EBITDA of 26x is 43% above its historical \~18x median — the market is paying up for the backlog.
Watch for: Whether Performance Materials revenue shows the "meaningful step-up" management promised, and whether the record backlog keeps climbing.
**CECO — CECO Environmental (Thu Aug 6 BMO)**
$2.2B mkt cap · +4% YTD · 39% off 52wk high
Trailing P/E 130x → Forward P/E 34x / 24x · EV/EBITDA 26x (5-quarter median \~15x)
Revenue $812M TTM → consensus $1.3B (+60%) · Book-to-bill 2.2x · Orders $449M (record) · Backlog $1.04B (+72% YoY) · Pipeline $7.3B
What they make: Emissions control systems, exhaust equipment, and air filtration for power plants and semiconductor fabs.
Where they sit: Two mega-trends feed CECO. First: every new gas turbine power plant being built to feed data centers needs emissions control — CECO builds the SCR systems, exhaust silencers, and turbine enclosures that go on GE Vernova and Siemens Energy gas turbines. Second: every new semiconductor fab (TSMC Arizona, Intel Ohio, Samsung Taylor) needs industrial air quality systems — scrubbers, oxidizers, VOC abatement — to handle the toxic chemicals used in chip manufacturing. CECO builds those too. They just acquired Thermon, which adds industrial heat tracing and a liquid load bank product for data center testing. So they touch both the power-generation side and the chip-manufacturing side of the AI buildout.
The numbers are absurd. Book-to-bill 2.2x. Q1 orders nearly doubled YoY to $449M, and April alone topped that record. Backlog crossed $1B. Pipeline went from $1.5B in 2020 to $7.3B. Consensus expects 60% revenue growth — highest in this group. Only up 4% YTD. The market wants margin proof.
Watch for: Whether Q2 cash flow turns positive (Q1 was -$16M), and whether they raise guidance again after already raising it twice.
**TH — Target Hospitality (Thu Aug 6 BMO)**

$1.5B mkt cap · +81% YTD · 30% off 52wk high
EV/EBITDA 30x (5-quarter median \~10x) · Forward P/E 23x (FY27, currently pre-profit)
Revenue $324M TTM → consensus $376M (+16%) then $633M (+68%) · Contract awards >$2B since Feb 2025 · 20,000-bed pipeline
What they make: Modular workforce housing camps — beds, food, security — at remote construction sites.
Where they sit: This is probably the most unusual AI play on this list. Before you can build a data center, you need workers at the site — and these campuses are going up in remote locations across Texas, the Midwest, and rural America where there's nowhere for thousands of construction workers to live. TH deploys turnkey modular communities. The CEO framed it: "The hyperscalers are making trillion-dollar investments in remote America. They need us to make those investments work." They're not supplying Microsoft or Google directly — they're housing the construction crews that companies like Quanta, MasTec, and MYR Group bring to build those campuses. They just signed a $750M+ "AI Infrastructure Community" contract (customer unnamed). Their Workforce Hospitality segment barely existed two years ago and is now on track to be their biggest business, exceeding 40% of revenue. Consensus sees revenue nearly doubling to $633M by FY27.
Watch for: Whether the 400-bed data center expansion is confirmed operational, and whether WHS margins improve as the segment shifts from construction to services.
**ASYS — Amtech Systems (Tue Aug 4 AMC)**
$204M mkt cap · +12% YTD · 45% off 52wk high
Trailing P/E 102x → Forward P/E 44x / 18x · EV/EBITDA 26x (historical \~21x)
Revenue $79M TTM → consensus $83M (+6%) then $95M (+14%) · Book-to-bill >1.0x (2 straight quarters) · Backlog $22.3M
What they make: Thermal processing ovens (reflow systems) used in advanced semiconductor packaging.
Where they sit: After TSMC fabricates an AI chip and it goes through the CoWoS advanced packaging process, the chip and its HBM memory stacks need to be soldered together — that reflow soldering step is where ASYS's ovens come in. Their Pyramax and Aurora reflow systems sit inside the packaging lines at OSATs like ASE and Amkor, and at foundries like TSMC and Samsung. They also make diffusion furnaces for power semiconductor (SiC) fabrication and CMP polishing consumables. AI revenue went from \~30% of their Thermal Processing segment to management guiding above 40% this quarter. Gross margin hit 47.7% on the richer AI mix. The smallest company on this list at $204M, but forward P/E drops to 18x by FY27 if the story plays out.
They're launching a next-gen high-density packaging product at SEMICON Taiwan in September. Book-to-bill above 1.0x for two straight quarters — orders extending 1-2 quarters out instead of book-and-ship.
Watch for: Whether AI exceeds 40% of TPS revenue, and whether the September product launch pipeline is materializing.
**AMSC — American Superconductor (Wed Aug 5 BMO)**
$1.3B mkt cap · -7% YTD · 62% off 52wk high
Forward P/E 27x / 19x · EV/EBITDA 48x (volatile historically)
Revenue $299M TTM → consensus $362M (+21%) · Backlog >$200M · Orders avg $60M+/quarter · 7 straight EPS beats
What they make: Power control and voltage regulation equipment that protects electrical grids, data centers, and semiconductor fabs from power instability.
Where they sit: AMSC sits at the power delivery layer — before the data center, before the chip fab. When utilities like AEP, Duke Energy, or NextEra need to stabilize the grid feeding a new data center cluster, AMSC's D-VAR systems and power factor correction equipment are what prevent voltage sags and blackouts. Their voltage regulation equipment also protects semiconductor fabs — content per fab runs $2M-$10M. They made their first direct data center construction delivery in Q3 FY2025 (\~$3.7M). The CEO has been careful to say AMSC is "not a data center stock" — it's a diversified power company — but AI infrastructure demand is pulling them in. They estimate 10-14% of revenue is AI-exposed and growing, with "hundreds of millions of dollars of opportunity" in combined power solutions for data centers.
The contrarian pick — down 7% YTD and 62% off its high while most AI names are ripping. Revenue grew 34%, 7 straight beats, gross margin above 30% for two quarters. Trailing P/E of 10x is distorted by a one-time gain — forward 27x is the real number. Still reasonable for 21% growth.
Watch for: Full-year revenue guidance vs $362M consensus, and whether they quantify direct data center revenue growth.
Also reporting this week and worth watching
ACLS (Axcelis, $3.6B, +45% YTD) — Ion implantation tools used inside TSMC, Samsung, and Intel fabs. Book-to-bill 0.64x is weak. Merging with Veeco.
LEU (Centrus Energy, $3.1B, -33% YTD) — Enriches uranium fuel for nuclear reactors. $3.9B backlog through 2040. Just signed $900M HALEU contract with the DOE. The nuclear-power-for-data-centers play.
SKYT (SkyWater Technology, $1.5B, +71% YTD) — US-based semiconductor foundry, just acquired by IonQ. Advanced packaging line in Florida being tooled.
DIOD (Diodes Inc, $3.6B, +58% YTD) — Discrete and analog chips inside AI servers and networking gear. Content per server up 14% to 103 pieces.
PDFS (PDF Solutions, $1.7B, +49% YTD) — Yield analytics software used by chip fabs to improve manufacturing. Revenue +24%.
LMB (Limbach Holdings, $811M, -13% YTD) — HVAC and mechanical systems for mission-critical data center buildings. Data center bookings jumped to 27% of total. Book-to-bill 1.5x.
ACMR (ACM Research, $4.3B, +71% YTD) — Wet-processing equipment for chip packaging at TSMC and other fabs. Revenue +34%.