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The AI screen has quietly become a semiconductor screen
Run a screen for AI exposure and the survivors cluster into a narrow band: accelerators, memory, packaging, power. The theme is broad; the investable surface is not.
That matters for anyone treating an AI basket as diversification. If four of five names are levered to the same capital-expenditure cycle, the basket is one position with four tickers.
The measurement worth making is revenue concentration — how much of each name's top line depends on a single buyer or a single product cycle. It is disclosed, and it is rarely read.
Written from public disclosure. Where a figure is quoted it is the company's own, dated in the text; no figure here is a forecast by Lothbury Research.
Published for information only. Nothing here is investment advice or a recommendation. This note is not prepared in accordance with the legal requirements designed to promote the independence of investment research. No position is held in the security covered.