Backing an AI Buildout, Not a Bubble

Join our quarterly Semiconductor Call as we revisit our past predictions — where we nailed it, where we missed, and what's changed — while exploring how artificial intelligence continues to transform the semiconductor landscape. Amidst shifting demand drivers and new data, we'll share how our updated thesis still runs ahead of consensus and what to watch as we head toward 2026. We'll start with a quick update, followed by open Q&A.