Arm IPO - Tough Situations, Priced To Perfection (Pt.2)

Summary * Semiconductor scaling is shifting from lithography alone to materials precision and 3D architectures, structurally increasing ALD intensity where ASM is strongest. * The transition to GAA, backside power delivery, and 2nm-class nodes creates a multi-year growth cycle driven by process complexity rather than wafer volume. * AI-driven demand is expanding ALD exposure beyond logic into HBM, advanced packaging, and increasingly logic-like memory architectures. * Near-term results depe

Summary * A funding squeeze post-2022 has pushed mid-size scaleups to IPO earlier, redistributing more return to public investors. If this continues, we may see the likes of Snyk push for an IPO sooner than many are anticipating. * However, most top-tier scaleups like Stripe and SpaceX remain private,