THE CHOKEPOINTS BRIEFING
Company deep dives
One company per issue: what it controls, what it depends on, and where the investment risk sits. Sourced from expert calls, broker research and public filings.
SUSS MicroTec
The number two in the step every HBM layer repeats.
Every issue lands in your inbox the day it publishes. Free.
GET THE BRIEFING
TOWA
A two-session chip-cohort selloff took the shares down 17.9 percent to ¥2,791 between 15 and 17 July with no TOWA-specific cause, before a partial recovery to ¥2,848. The gap to fair value has closed part-way; we still hold, and wait for a better price.
Micron
A 25 percent slide has taken the price to a through-cycle multiple. We hold; the entry we want sits near $750.
Powertech
A real AI-packaging chokepoint that was priced for a flawless ramp. A cohort selloff has now put the price inside our accumulate zone.
TE Connectivity
The cheaper half of the AI-connector duopoly.
SK Hynix
Everyone's right about memory. That's the problem.
Nebius
The AI cloud build-out, priced as if it already works.
Welcome to Chokepoints
The winners were the picks and shovels, but only the ones that were chokepoints.