3105.TWO · WIN Semiconductors Corp.WIN Semiconductors Corp.

Win Semi is a critically important foundry in photonics/AI, robotics/humanoids, and space industries, with strategic positions in SpaceX Starlink, optical transceivers for Broadcom and others, and GaAs foundry for humanoids. Current market cap undervalues its monopoly-like chokehold and massive TAM expansion from LEO, humanoids, and optical transceivers.

Expects Win Semi to be a slower compound growth company benefiting from TAM expansion and optical revenue acceleration.

Win Semi (3105.TWO) can undergo a re-rating similar to TSEM over the next two years.

Win Semi is a sleeper pick; its $5.4B price tag undersells its importance to robotics, space, and AI hyperscaler supply chains.

No qualifying thesis event for 45+ days.