AI accelerators · GPUs · ASICs·US·Palo Alto, CA·#3 / 14 in segment·10.6% of segment mcap·SA Long Put
$417.76
54.7% vs S&P 12m
Business overview
Designs custom AI ASICs for hyperscalers (Google TPU, Meta, ByteDance) and supplies merchant networking silicon; also owns VMware.
Co-architecting the silicon strategy of the largest model builders. ASIC revenue is the cleanest exposure to the in-house accelerator wave.
Composite score
Higher = stronger overall research case
Fundamental81
Technical85
Valuation45
AI relevance90
Risk-adjusted (higher = safer)46
Segment-relative fundamental percentile: 90
Synthetic 1Y price action
Deterministic price series; 50d (yellow) and 200d (orange) MAs shown
3M RS: 16.8%6M RS: 10.6%12M RS: 54.7%Vol30d: 41%DD52w: -5.0%
Financial summary
Curated, illustrative
Revenue
$68.28B
Growth (YoY)
29.5%
Gross margin
76.7%
Operating margin
44.9%
FCF
$25.50B
Capex
$4.18B
Net cash / (debt)
$-51.88B
ROIC
10.7%
Customer conc.
Medium
Valuation
Market cap
$1.98T
Enterprise value
$2.03T
P/E (TTM)
81.3x
Forward P/E
22.9x
EV / Sales
29.7x
EV / EBITDA
54.5x
P / FCF
77.6x
PEG
0.9x
Rule of 40
—
Risks
Severity 1 (low) to 5 (severe)
- 4Concentration in 2-3 ASIC customers
- 3VMware integration & churn
- 4Valuation expansion
Score components
What drove the composite
Growth85
Profitability96
Cash generation96
Balance sheet50
Moat / AI relevance88
Capital intensity (higher = lighter)70
Customer diversification60
Valuation discipline (dilution)65
Trend (MA50/MA200)95
Momentum (3/6/12m)76
Relative strength100
Realized vol (higher = lower vol)53
Segment peers
Other companies in Accelerators