Position disclosure: I am long IQEPF. This is my largest position at 35.1% of the portfolio. I entered near cycle lows at under 1x revenue. I reclassified IQEPF off my avoid list on 2026-04-18. This write-up reflects a position I already hold. Read accordingly.
$IQEPF: MACOM's £45M Buy Tells You What the Market Missed
MACOM paid 9.6x its own sales multiple to lock in epiwafer supply it cannot source elsewhere, and the sell-side called the resulting price move expensive
