The Assembly (Private)

Macro analysis, market structure, and the trades nobody else is showing you.

[The Assembly @InTheAssembly]

A $800M Japanese company holds the patents that every leading-edge AI chip on Earth depends on.

Samsung tried to source around them. Samsung lost in court.

Here it is:

[The Assembly @InTheAssembly]

The numbers:

Operating margins: 24-26%
Gross margins: 45-50%
FY2025 revenue: +68% YoY
Operating profit: +170%
Equity ratio: 80%+, low debt.

Some models point to a softer FY2027. That looks tied to temporary raw material costs and JV pricing. Nothing structural.

[The Assembly @InTheAssembly]

Risks: input costs, China memory demand, hafnium patent expires 2026.

But switching mid-process is a nightmare. The edge holds.

Everyone watches GPUs.

The real choke point is the molecular layer.

Tri Chemical is one of the most under-the-radar names in AI right now.

[The Assembly @InTheAssembly]

This is why we do this, and we’re just getting started.

$MU, $SNDK, and $AMD are already too big. Most of the money has been made.

We’re a team of 8 helping you spot great stocks at the earliest stage.

Follow us with notifications on, this is important.

[The Assembly @InTheAssembly]

Trump is meeting with US AI executives next week about direct government equity stakes in their companies.

This is going to move markets.

These 10 companies could be the ones they pick:

[The Assembly @InTheAssembly]

AMAT Applied Materials and KLAC KLA Corporation.

The two pillars of US semiconductor equipment and process control.

Their tools enable the entire US AI chip renaissance.

Government stakes here cement America's lead in the most critical layer of the chip stack.

[The Assembly @InTheAssembly]

The actual US AI infrastructure stack runs on these 10 companies.

If the Trump administration is serious about beating China in AI, these are the names that get the checks.

Not financial advice.

[The Assembly @InTheAssembly]

This company now trades at 8x earnings and has 439 million users.

This is the setup I’ve been waiting for.

Here it is:

[The Assembly @InTheAssembly]

~$6B+ in annual free cash flow. ROE around 25%. Solid balance sheet.

Aggressive buybacks shrinking the share count while the core business compounds.

Network-effect moat. 439M users locked in. Switching costs are massive.

Partnerships with OpenAI, Google, Microsoft.

[The Assembly @InTheAssembly]

Multiple valuation models put fair value somewhere in the $90 to $125 range. Well above current levels.

PYPL has the users, the cash flow, the moat, the partnerships, and the cheapest valuation in years.

The market is wrong here.

[The Assembly @InTheAssembly]

过去几天我们的中文关注者爆炸式增长，所以我们承诺会开始覆盖更多中国���司。

未来十年，具身智能和机器人将迎来巨大发展，中国是明显的领跑者。

关注我们并打开通知，这一点非常重要。

[The Assembly @InTheAssembly]

Some signs are just too obvious to ignore.

$SNDK 📉

[The Assembly @InTheAssembly]

There is one US stock most investors have never heard of that sits inside every major AI chip supply chain.

Nvidia, AMD, Google, Samsung. None of their silicon ships without this category of hardware.

Here it is:

[The Assembly @InTheAssembly]

Q2 FY2026 just reported.

Revenue ~$210M, flat near term from temporary design delays.

But high-end IC masks (the AI side) keep hitting records.

$330M CapEx this year. Biggest ever. New US and Korea facilities for next-gen AI nodes.

Strong cash. Low debt.

[The Assembly @InTheAssembly]

Wall Street barely talks about PLAB. Retail even less.

Everyone chases AI software stories. Meanwhile this is the company that has to exist for any AI chip to ship.

One of the most overlooked pieces of the entire AI hardware stack.

Not financial advice.

[The Assembly @InTheAssembly]

AMPG is up 35% since we covered it two days ago.

It was one of our worst-performing posts. People only care about names already up 5,000%.

Not us. We spend hours finding great companies with real moats that nobody else is covering.

Follow with notifications on.

[The Assembly @InTheAssembly]

有 3 只中国小盘股，正好处在中国 AI 硬件建设的卡脖子环节。

全部港股上市，西方几乎零覆盖。

请看：

[The Assembly @InTheAssembly]

2498HK 速腾聚创（Robosense Technology）。

中国自动驾驶 AI 激光雷达和感知软件的国产龙头。

固态激光雷达自研技术。大规模量产能力。深度绑定中国主流电动车厂商。

没有实时 3D 数据，自动驾驶根本无法运行。

[The Assembly @InTheAssembly]

这三只股票全部坐落在中国 AI 硬件建设的卡脖子环节。

100% 中国总部。强韧的本土护城河。自主可控的政策顺风。

中国特定风险确实存在。但卡脖子的地位是真实的。

非投资建议。

[The Assembly @InTheAssembly]

Since this post:

MU: +51%

ORCL: +29%

AMD: +28%

ASML: +22%

SMH: +18%

TSM: +15%

INTC: +5%

NVDA: flat

AVGO: flat

Avg return: 18.7%

This is exactly why we do what we do.

Follow us with notifications so you don’t miss it next time, this is very important.