Stock Picks

MST's IP is being reclassified from a single IP model to AI (GAA) and GaN platform IP (A5), while simultaneously experiencing a squeeze in scarce IP (A2). Reflecting the YTD +378% Rule Zero violation and binary revenue structure, we are downgrading to EW with a position cap of 5%.

Joby's Q1'26 revenue of $24.25M (+20% beat), coupled with FAA Stage 4 entry and 6-year Dubai exclusivity, warrants an Overweight rating and Tier 2 designation. Archer, while stalled at FAA Stage 3, benefits from the UAE GCAA RTC track, Stellantis' 650 units/year commitment, and diversification into defense with Anduril, justifying an Equal Weight rating and Tier 3 designation. The 5/11 ACHR earnings call and the potential for Type Certification issuance in 2H26 will be critical catalysts for a rerating.

AMSC (NASDAQ:AMSC) is positioned to benefit from the $1.4 trillion capex cycle of AI data centers and U.S. utilities, with its STATCOM and D-VAR products in the Grid segment (85% of revenue). The acquisition of Comtrafo marks its entry into the transformer market. Q3 FY25 revenue increased by 21% YoY, backlog stands at $250M+, and the company has achieved six consecutive quarters of profitability. However, after a 58% rally in April, the P/E ratio of 36-41x suggests that the price largely reflects these positives. We are initiating an Overweight rating, but with a position cap of 5% and a stop-loss at 41.50.

Comparative analysis of Datadog, MongoDB, Elastic, and Dynatrace. Examining the 2026 AI capex downstream beneficiary hypothesis and recommending tier-based positioning.

TSLA's market cap stands at $1.43T with a forward P/E of 176x. Q1'26 revenue beat expectations with +16% YoY growth, while India missed. The company is attempting to reclassify option value through the start of Cybercab mass production, Optimus summer mass production, and FSD 1.28M (+51%). Net Score +12.5 → EW (target $415).

Trapped Ion achieves world's first 99.99% gate fidelity, and despite FY25 revenue growth of +202% and selection for DARPA HARQ, Wolfpack short selling and insider selling cast a shadow. Net Score +36 → OW (Tier 3 Speculative), 12M Base $58 / Bull $95.

We conduct a cross-sectional comparison of four AI power infrastructure plays: Permian distributed power generation (AESI), BTC-to-HPC pivot (GREE), a 1GW Texas data center (NUAI), and Amazon's backup SMR (XE), as an AI power infrastructure basket. We rate AESI as Overweight Tier 1, XE as Overweight Tier 2, and NUAI/GREE as Equal Weight Tier 3.

We are initiating Overweight coverage on four companies exposed to advanced packaging, metrology, chemicals, and 1.6T interconnects, the real bottlenecks in AI infrastructure, within a hyperscaler environment with a 2026 capex of $725B (+64%). NVMI and ENTG are Tier 1, while SMTC and AMKR are Tier 2.

In a tepidly favorable environment following the FOMC's hold, we've identified five asymmetric catalysts (CLRB, NNE, RGTI, QBTS, ACHR) within the $0.5–7B market cap range. The Russell 2000 is up +17% over the last 6 months. Base case +95%, bull case +580%, bear case −42%.

Q4 2025 revenue reached a record high of $31.1M. With 10 NeuPro NPU licenses and silicon backing from 6 companies expected by the end of 2026, we are on the cusp of a royalty inflection point in 2027. We maintain our Outperform rating, Tier-2, with a price target of $36 and an allocation of 2-4%.

Identified five U.S.-listed stocks (WOLF, SKYT, NVTS, AXTI, POET) within the semiconductor AI value chain that have the potential to increase more than 5x from their April closing prices by 2026.

Q4'25 revenue up 23% YoY, first profitable quarter, and NRR recovery to 110% signals the end of a 3-year derating cycle. Overweight, Tier 2 Growth, and base price target of $30 (12M). The sustainability of Q1'26 earnings and NRR in May represents the primary gate for multiple re-rating.

Comprehensive analysis of three stocks in a stagflationary environment: semiconductor IP (CEVA OW/Tier2, AIP EW/Tier3) and fiber lasers (IPGP EW/Tier2) — CEVA is our top pick (PEG 1.09, insider buying).

GaN power semiconductor comparative analysis: NVTS vs. POWI. POWI, Outperform (Tier 2, globally unique 1700V GaN exclusivity, FCF $87M), NVTS, Equal Weight (Tier 3, NVIDIA 800V partnership, P/S 87x). GaN TAM CAGR 44%, reaching $3B by 2030. Signal summation suggests +60 for both companies, but POWI demonstrates superior fundamental quality.

A small-cap AI infrastructure company positioned at the intersection of the CXL memory first-mover advantage and SK Group anchor partnership, poised to benefit from the AI inference supercycle. Overweight rating, Net Score +23.2, Tier 2 Growth. Forward P/E of 9.5x, PEG ratio of 0.58, and probability-weighted expected return of +14.4%.

Comparative analysis of four publicly listed Earth Observation (EO) satellite data companies: PL, BKSY, SATL, and SPIR. PL (OW, Tier 1, NET+67) is the sector leader, SPIR (OW, Tier 2) offers the best risk/reward profile, BKSY (OW, Tier 2) is a tactical intelligence powerhouse, and SATL (EW, Tier 3) is a speculative play.

We analyze the five primary reasons for ALAB's -36% YTD decline despite the Nasdaq rebound (margin shock, Amazon dependence, CFO turnover, valuation normalization, and macroeconomic headwinds). Signal Score is -17.5 → EW (Equal Weight) rating. Initiate a first entry at $92-97, with a target of $130-140.

A 12-dimensional financial, technical, and valuation comparison of BKSY (EW, +18.25), a Gen-3 VHR vertically integrated challenger, and PL (OW, +34.25), our daily global scan leader. While PL is superior on a risk-adjusted return basis, BKSY is undervalued relative to growth at a PSG of 0.36x.

Planet Labs' FY26 Q4 revenue came in at $86.8M (+41% YoY, +11% beat vs. consensus), with annual revenue of $307.7M (+26%). The company achieved its first-ever positive Adj. EBITDA and FCF. Backlog stands at $900M+ (+79%). FY27 guidance is $415-440M. The company is benefiting from the NVIDIA orbital AI partnership and a defense supercycle. We maintain our Overweight rating (Net +27), noting the extremely compelling valuation at only 36x EV/Revenue.

Wolfspeed emerged from Chapter 11 bankruptcy in 91 days, reducing debt by 70% and securing technological leadership with the world's first 300mm SiC wafer and 10kV MOSFET. However, it faces challenges including low Mohawk Valley utilization rates (-34% gross margin) and a 119% dilution risk from convertible bonds. EW rating, probability-weighted fair value of $16.65.

Silicon Motion (SIMO) is the undisputed leader in merchant SSD controllers with a 58% market share. Leveraging its leading-edge TSMC 6nm process and partnership with NVIDIA for AI server boot drives, we project revenue growth of +43% in FY2026E. We maintain our Overweight rating with a target price of $148-158.

In-depth comparative analysis of FLY (Firefly Aerospace) and LUNR (Intuitive Machines). FLY OW (+39), LUNR EW (-13). Comparison of Golden Dome defense expansion, NASA CLPS lunar economy, and vertical integration strategies. Includes analysis of revenue structure, valuation, scenarios, and risks.

Photronics (PLAB) trades at 4.86x EV/EBITDA in a structural oligopoly controlling >75% of the merchant photomask market. Record high-end IC revenue, $544M cash with zero debt, and AI-driven demand growth support an Overweight rating with a $47.25 probability-weighted target, representing +36.6% upside.

Photronics (PLAB): In-Depth Analysis. The only independent, pure-play photomask company globally, trading at a severely undervalued 4.86x EV/EBITDA. Overweight rating, Signal Score of +22.0, probability-weighted target price of $47.25.

In-depth stock analysis of Credo Technology Group (CRDO). Q3 FY2026 revenue of $407M (+201% YoY), 88% market share in the AEC market, and secured 5 major hyperscaler customers. Weighted aggregate +16.15 EW rating.

Upstart Holdings (UPST): In-depth Analysis of AI Lending Platform. FY2025 Revenue projected at $1.04 billion (+64%), with first GAAP profitability. Attempting structural transformation via bank charter application. Rated EW (+13.0), presenting a conditional buying opportunity.

Pure Storage (formerly Everpure) achieved its first $1B in revenue in Q4 FY26, and FY27 guidance exceeded consensus. It is a structural beneficiary of AI infrastructure storage bottlenecks. ARR +25%, RPO +40%. Rising NAND costs are a short-term risk. Signal-weighted score +18 (Equal Weight), probability-weighted target price $64.3.

Following the Strait of Hormuz crisis, and the subsequent two circuit breakers triggered on the KOSPI, we've identified three structural beneficiaries: Hyundai Rotem, Hanmi Semiconductor, and LIG Nex1. We project a 30%+ upside within one month, driven by a triple catalyst of explosive defense orders, exclusive HBM4 equipment, and tank export momentum.

In-depth analysis of NVTS, a GaN/SiC next-generation power semiconductor fabless company. Possesses a partnership with NVIDIA's Rubin Ultra 800V HVDC and a $450M design win pipeline. Trading at an extreme valuation of 54x P/S. Weighted average +45 → Initiate with EW/Tier 3 recommendation.

This report is a user-requested stock screening report. The conclusion is simple. If we had to pick just one Korean-listed stock at this point that could realistically generate +30% or more within a month, LIG Nex1 is the most structurally explainable. However, that +30% is a Bull scenario, not a Base case, and without a geopolitical premium and additional order headline news, a pullback risk will emerge first in the overbought territory.

In-depth analysis of the reverse merger between AGH (Aureus Greenway Holdings) and Powerus, a drone startup backed by the Trump family. This is a speculative deal where critical risks, such as a 599:1 conversion ratio, zero drone revenue, and the CEO's history of bankruptcy, collide with structural tailwinds like the Pentagon's $1.1B drone program. We rate this deal EW (Equal Weight) with a negative bias.

Surging demand for satellite imagery due to the potential for military conflict between the US and Iran, coupled with the selection of PL as a prime contractor for the MDA SHIELD IDIQ worth $151B, are acting as dual catalysts, driving the stock up +10% on the week. Signal composite score of +56 points warrants an Overweight rating.

We are initiating an Overweight rating on Lumentum Holdings, as structural growth visibility has been confirmed by NVIDIA's $2 billion strategic investment, OCS backlog exceeding $400 million, and S&P 500 inclusion. The company is demonstrating unprecedented growth, with Q2 FY26 revenue at $665.5 million (+65.5% YoY) and Q3 guidance at $805 million (+85% YoY). However, given valuation risks with a P/E of 170.7x and D/E of 415%, we recommend a buy-on-dip strategy.

MRVL's FY2026 revenue is projected to reach a record $8.2B (+42%). We expect a three-pronged growth strategy driven by custom silicon, optical interconnect, and switching to put them on track for $15B in FY2028. We are initiating coverage with an Overweight rating and a base target price of $110 (+25.7%).

Analyzing Applied Optoelectronics' (AAOI) vertically integrated InP laser competitiveness and its potential to benefit from the 800G/1.6T optical transceiver supercycle. Guidance points to 83% revenue growth in FY2025 and exceeding $1B in FY2026. Overweight rating with a weighted score of +39. Note potential for short-term technical overheating.

Following the Cheongung-II missile's 96% interception rate in live combat in the UAE, Hanwha Systems (272210) hit its upper limit (+30%). Given the low foreign ownership of 9.15% and the potential for a short squeeze with 340,000 shares shorted, there is a possibility of an additional 30% increase within the next week.

The Iranian situation is causing a surge in global demand for air defense systems. We recommend LIG Nex1 (079550), which possesses export momentum for Cheongung-II and a backlog of KRW 26.2 trillion, with an Overweight rating. Net Score +88.

Sam Chun Dang Pharm (000250) secures a Japanese contract for oral GLP-1 semaglutide, receives a Purchase Order for 750,000 units of its Ailea biosimilar, and is simultaneously commercializing three oral insulin pipelines. Signal Score +66, Outperform rating.

Key takeaway: Our base case scenario envisions a +10-15% swing, with +30% representing a potential upside tail scenario contingent on a confluence of earnings beat, short covering, and upward guidance revision.

We are designating LIG Nex1 (079550) as our Overweight (OW) pick for this week, driven by the accelerating global arms race triggered by the US-Iran airstrikes and the UAE's $35 billion defense MOU. This is supported by a robust order backlog of KRW 26.2 trillion. Institutional investors have been net buyers for seven consecutive days, and Hana Securities has raised its target price to KRW 710,000.

Quanta Services (PWR) In-Depth Analysis — Largest Specialty Contractor for Electric Power Infrastructure in North America. FY2025 Revenue $28.5B (+20%), Record High Backlog of $44B, Net Score +61/100, OW (Overweight) Rating. Top Beneficiary of the Electric Power Infrastructure Supercycle.

The Iran-Israel conflict has triggered a 12.06% plunge in the KOSPI, the largest since 2008. We see this as an opportunity to accumulate positions in three key sectors at their lows: semiconductors (Samsung Electronics, SK Hynix), oil refining (S-Oil, SK Innovation), and defense (Hanwha Aerospace). Net Score +28 OW.

Tesla is currently at an existential inflection point. The company is attempting a major transformation from an automotive company to an 'Energy + AI + Robotics' platform, and 2025 was a year of stark contrasts. The core automotive business saw a second consecutive year of delivery declines (1.636M units, YoY -8.6%) and its first-ever annual revenue contraction ($94.8B, -3.0%), ceding the top spot in global EV sales to BYD. On the other hand, the energy storage business continued its explosive growth with $12.77B in revenue (+27%) and ~30% margins, along with FSD cumulative mileage.

Ambarella (AMBA) - In-depth Analysis of Edge AI Semiconductors. FY26 revenue reached an all-time high of $390.7M (+37.2%), but a weaker FY27 guidance (10~15%) triggered a sharp -11% decline. A cross-validation of three valuation methodologies yields a Base Case target price of $75 (+24.3% upside). Signal Score of +23 → Overweight rating.

Morgan Stanley forecasts the global space economy to reach $1.1 trillion by 2040 (based on 2024, 12% CAGR). McKinsey presents a more aggressive outlook, citing a $1.8 trillion opportunity (McKinsey, 2024.05). Currently estimated at approximately $600 billion, this market exhibits a unique structure where a private company, SpaceX, is driving the entire industry, projecting $15 billion in revenue by 2025.

With global AI infrastructure investment rapidly expanding by 2026, the structural bottleneck following GPUs is shifting to 'optical communication.' Hyperscalers need to connect tens of thousands of GPUs like a single supercomputer in their AI clusters, requiring over 36 times more optical fiber than traditional data centers. 2026, when the transition from FACT 800G to 1.6T becomes full-fledged, marks an inflection point for the optical communication value chain. We are conducting an in-depth analysis of Coherent Corp (COHR) and Corning Inc (GLW) as the biggest beneficiaries of this structural shift.

The purpose of this request is to identify sectors where AI infrastructure bottlenecks and pricing power are evident, rather than recommending individual short-term trading stocks. Therefore, the Industry request flow is strictly applied to this report. We first examine the macro and news landscape, and then focus on stocks within the bottleneck value chain that meet the market capitalization ceiling.

Sell KORU/RKLB, Newly Add MU/CCJ — Betting on structural supply shortages in memory semiconductors, uranium, and silver.