MagnaChip fell 11%. It had a run-up earlier based on the narrative of power MOSFETs in AI server power supplies, but today it got knocked back down a lot by repricing.
Power semiconductors are indeed an easily overlooked part of the AI computing chain, but MagnaChip is small in scale and has high customer concentration, so there's never been a consensus on its valuation.
During the pullback, should we build a small position as a flexible bet, or wait for it to squeeze out all expectations first? I lean towards the latter. For a small-cap stock propped up by a single theme, pullbacks often happen more than once.
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