Before and after: Tel al-Sultan neighborhood, northwest of the city of Rafah and Rafah refugee camp in Gaza.

Yes, the new attention kernels are actually designed for high batch performance and AA doesn't quite capture that impact with single request benchmarks. More here: together.ai/blog/coding-agen…

$LPK $LPKFF Part One of the Re-Rate is Complete. Part Two Takes Us to €1B Market Cap 🚀 I accumulated LPKF Laser & Electronics (LPK) at a sub-€200M cap because the market was sleeping on the company's essential LIDE technology for AI chip packaging. The thesis was simple and I laid it out at length: LPKF owns the only commercially viable, high-volume manufacturing (HVM) ready process for Through-Glass Via (TGV) formation in advanced semiconductor packaging. That process is Laser-Induced Deep Etching (LIDE), and every serious player in the glass substrate race is either qualifying on LPKF equipment or has already placed pilot orders. CEO estimates 70%-80% market share. Today the stock trades around €22-23 on a market cap near €550M. Part one of the re-rate is done. I want to be explicit about what that means. The first leg, roughly €5 to €25, was the market waking up to the existence of the LIDE moat. The next leg is anchored to a specific catalyst path that converts speculation into book-and-bill, and that leg takes us to a €1B cap. The path is order confirmation from named tier-one customers. Management has guided to first LIDE production orders in Q2 2026 (June-July). The investor forum on June 18 in Hanover is where CEO Klaus Fiedler presents the long-term strategy, and that is the venue where I expect customer color and a hard ramp timeline. Q2 earnings on July 23 is the print where the order intake shows up in the numbers. AGM on June 4 brings in Dr. Arne Schneider, currently CEO of Elmos Semiconductor (a publicly traded German automotive semiconductor company), to the supervisory board. Schneider is a former CFO with five years running a listed German semi SE. The appointment signals two things: governance is being recomposed for the semiconductor pivot, and the board is adding financial discipline at the exact moment LIDE moves from R&D spend to capex and working capital scaling. This is the kind of board change you make when you are about to ramp. On the customer identity question, the public evidence chain is already strong. Samsung Electro-Mechanics' Sejong pilot line was reported by TechSpot in May 2024 as having finalized its supplier list with Philoptics, Chemtronics, Joongwoo M-Tech, and Germany's LPKF, with the same confirmation appearing in Tom's Hardware citing ETNews and later in Digitimes January 2025 confirming Samsung Electro-Mechanics is working with Chemtronics and LPKF on various manufacturing processes. That is four independent trade outlets sourcing back to Korean primary reporting. On the $INTC Intel side, CEO Fiedler has publicly stated LPKF has been in exclusive paid co-packaged optics (CPO) development with a major US semiconductor partner for over two years. A granted 2023 Intel patent describes LIDE-formed TGVs in an Intel CPO architecture. Korean trade press named LPKF and SCHOTT as Intel's glass substrate collaborators going back to 2024. The UTI to LG Innotek route is publicly confirmed: LG Innotek formally announced a partnership with precision glass-processing specialist UTI in January 2026 to develop glass substrates for advanced semiconductor packaging, with UTI expected to handle the TGV process. LPKF is the plausible equipment vendor on that line given the absence of credible alternatives at HVM scale. Absolics in Georgia and DNP in Japan both run pilot lines that need this exact process. The $ONTO Onto Innovation PACE consortium membership puts LPKF tools in qualification at every member's program. What we are seeing this week is healthy. The stock has done what it needed to do in a short window, and a pause here lets the technical setup reset before the catalyst cluster lands in June and July. Long-term holders are sitting through it because the catalyst calendar is right in front of us. Every dip into the AGM and the investor forum is a gift. Catalyst stack into summer: - June 4: AGM Hanover, Dr. Arne Schneider supervisory board confirmation - June 18: Investor Forum, long-term strategy detail from Fiedler, expected customer color - Q2 2026: First LIDE production orders per management guidance - July 23: Q2 earnings, order intake shows up in the numbers When the orders land and they are attached to a named tier-one customer, the cap moves through €1B with conviction. Management has been telegraphing this catalyst for two years and the evidence chain backs them up. I take them at their word and so does the supply chain. This technology is essential for next-generation AI chips. Organic substrates are at their physical limit. Glass is the answer for 1.6T-class signaling, high-bandwidth memory (HBM) integration, and co-packaged optics. LPKF holds the patent stack and the qualification lead on the only HVM-ready process that produces defect-free TGVs at panel scale. At a €550M cap, we have merely begun. I am a long-term holder. I am glad the momentum took a breather. Healthy. Incredibly bullish LPK into summer.

Lisa Su (CEO of AMD) unveils the world's smallest AI development PC, capable of running 200B parameter models locally.

“Leading” Glass Substrate players that were name dropped if you’re curious: • $LPK — TGV Equipment • $GLW — Glass Materials • $ASGLY (5201 T)— Glass Materials • $NIDGY (5214 T) — Glass Materials • $LRCX — Etching Systems • $DSCSY (6146 T)— Dicing Equipment • $SMHSF — Bonding Systems • $ONTO — Inspection Tools • $KLAC — Inspection Tools Fun to see the stuff I’ve called out early in the year like LPK at ~$150m MC get mentioned as a critical player by Trendforce and others.