FirstLook

Research evidence excerpt

FirstLook

bust platform revenue growth and leveraging strong advertising dynamics amid macro

scrutiny.

• PTRN: As a leading e-commerce accelerator, PTRN's growth trajectory remains promising, supported by strategic

expansions.

• STUB: Despite initial skepticism, STUB's market position and fundamentals are improving, hinting at significant upside.

The valuation landscape is looking appealing, with Large Cap nets trading significantly below historical averages. The opportunity

for a market rebound remains compelling for investors willing to navigate the current volatility.

Semiconductors and Semiconductor Equipment Mark Lipacis (214-459-4007)

Technology Mark.Lipacis@evercoreisi.com

1Q26 AI Checks: Pt 4 - ASIC Partner Competitive Positioning

Recent assessments indicate a dynamic shift in focus for AI ASIC partnerships, highlighting strong competitive positioning in the

sector. Engagements with leading partners now emphasize cost efficiency, vendor diversification, and enhanced system-level

capabilities rather than merely chip design, suggesting a rich market with opportunities for multiple winners.

Competitive Landscape: Checks reveal a particularly positive outlook for AVGO and MRVL, noted for their strategic positioning

as clients diversify and shift priorities. AVGO continues to hold a premium status as the essential supplier for Google's TPU,

although rising hyperscaler discontent over margin structures may impact its competitive edge as clients explore alternative

suppliers like MediaTek for lower-end variants.

Strategic Positioning of ASICs: MRVL is increasingly recognized for its system capabilities, particularly with the upcoming

Trainium-4 and the Maia 300. Their collaboration with MSFT indicates a commitment to evolving ASICs into complex systems,