Scoring SaaS Survival: The VAR-Resistance Scorecard (Pt.1)

Huawei’s new phone chip is more than a sanctions workaround: it points to another way to improve chips when shrinking transistors gets harder. The bigger test is AI, where the same ideas could cut data-movement costs and make Huawei’s NPUs a serious challenge to NVIDIA.

Customers are redesigning around tight chips, memory, optics and power. We increased Cerebras to 1% and SPCX to 4%, and we trimmed Soitec to 3.5% and POET to 0.75%.

Nvidia trades at its lowest multiple since 2015. We compare our view with the Market’s and the Street’s, and explain why a shrinking moat makes Nvidia a possible value trap and Broadcom, at similar multiples, the stronger case.