TTM Technologies' PCB demand is being driven by AI server upgrades; Fabrinet's optical module foundry business benefits from the data center 400G-800G upgrade cycle; FormFactor's wafer probe equipment demand is stable; Navitas Semiconductor's gallium nitride power chip penetration in fast charging and data center power management is accelerating; AXT produces compound semiconductor substrates, with GaAs and InP demand following optical module shipments.
All five companies play supporting roles in the AI hardware supply chain, driven by the capital expenditure cycles of major manufacturers, exhibiting clear pro-cyclical characteristics.
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