Position disclosure: I am long IQEPF (London ticker IQE). Average cost basis approximately $0.29 per share, 350,000 shares. The position is currently 26.4% of the book, down from the 35.1% disclosed in the first two write-ups. The weight came down because I took a light haircut to fund a separate build, not because I exited any of the thesis. No fresh capital has gone into IQE since April 16, 2026; the position grew from cost on price action and was then trimmed at the margin. As of the June 15 portfolio mark it is up 159.5%. This is a long-duration hold and a position I already own. Read accordingly.
The Second Customer to Lock the Foundry
Tower Semiconductor just signed a multi-year InP supply pact and handed IQE a royalty-free patent license, ending the lawsuit IQE filed in 2022. Two strategic US customers in two
