Equity Research

Pure-play HDD manufacturer following the Feb 2025 SanDisk spinoff. FY2025 revenue of $9.52B (+51% YoY) marks the first clean year of the standalone HDD company. Stock surged 10x from its 52-week low to $350 — well above the consensus price target of $303. AI-driven nearline storage demand is the core bull case; valuation at 67x trailing P/E and 12.5x revenue prices in near-perfect execution. Interactive DCF model included.

$128B infrastructure and PC giant riding the AI server buildout. ISG AI server demand drove 18.8% revenue growth to $113.5B in FY2026, with FCF of $8.6B and EPS of $8.68 (+36% YoY). Stock surged to $189.79 on Nvidia acquisition rumors (denied); consensus target $161.75 implies ~15% downside. Aggressive buyback program reduced shares 14% over 5 years. Interactive DCF model included.

$53B fabless semiconductor company at the center of the custom AI silicon and co-packaged optics megatrend. AI revenue ramping from $1.5B (FY2025) toward $8B by FY2028 via Amazon Trainium and Google XPU programs. PAM4 DSPs are mission-critical infrastructure in every next-gen AI data center switch. Stock down 47% from highs — analysts see 66% upside to $103 consensus target. Interactive DCF model included.

$25.8B fabless semiconductor company competing in AI accelerators, server CPUs, and adaptive computing. Data Center GPU ramp via MI300X/MI350 positions AMD as the primary NVIDIA alternative. EPYC server CPUs hold 30%+ market share vs. Intel. GAAP earnings depressed by $4B/yr Xilinx amortization; non-GAAP EPS $3.31 growing 58% in FY2026E. Interactive DCF model included.

$403B revenue mega-cap dominating search, cloud, and YouTube. FY2025 net income $132B with 33% net margins. CapEx surged to $91B (22.7% of revenue) for AI infrastructure buildout, compressing FCF yield to 1.9% despite accelerating OCF. Interactive DCF model included.

Leading DRAM and NAND manufacturer riding the HBM supercycle. FY2025 revenue $37.4B (+49% YoY) with massive CapEx intensity (42% of revenue) for HBM3E buildout. FCF compressed to $1.7B despite $17.5B OCF. Analyst consensus BUY with QTR PT of $456. Interactive DCF model included.

Premier analog and mixed-signal semiconductor franchise with 125,000+ SKUs across industrial, automotive, communications, and consumer. FY2025 revenue $11.0B in cyclical recovery with 44% OCF margins and $4.3B FCF. Low CapEx intensity (4.8% of revenue) drives superior FCF conversion. Interactive DCF model included.

World's largest semiconductor equipment company. Dominant positions in CVD, PVD, ALD, CMP, and ion implantation covering ~22-25% of global WFE spend. Gate-all-around transition at TSMC/Samsung/Intel structurally increases tool intensity per wafer. FY2025 revenue $28.4B, AGS services business growing. Interactive DCF model included.

World's largest contract chipmaker with a monopoly on leading-edge nodes (2nm, 3nm). Revenue up 33% in FY2025 with 60% gross margins as AI infrastructure demand drives capacity sold out through 2027. Net cash position of $52B. Interactive DCF model included.

Premier pure-play on the AI-driven electricity supercycle. $150B+ backlog across gas turbines, wind, and grid electrification. Debt-free with $8.8B cash and $3.7B FCF. Near all-time highs as institutional money rotates from AI chips to power infrastructure. Interactive DCF model included.

Financial platform powering QuickBooks, TurboTax, Credit Karma, and ProConnect for 100M+ customers. Down 55% from highs on SaaSpocalypse fears, trading at 15.1x forward earnings with 80%+ gross margins and $6.1B FCF. Interactive DCF model included.

Dominant AI accelerator platform with 71% gross margins, $96.7B FCF, and $216B revenue in FY2026. Blackwell architecture driving record hyperscaler demand. Consensus expects $367B FY2027 revenue. Interactive DCF model included.

Offshore contract drilling leader with a fleet of ultra-deepwater and harsh environment floaters. Operationally improving with $626M FCF in FY2025, aggressive deleveraging, and $1B in new backlog. Interactive DCF model included.