Tower Semiconductor - Powering AI From Orbit (Pt.5)

Part 3 examines why epitaxial qualification — not hardware — is Aixtron's true moat, how InP substrate constraints gate capacity expansion, and why Veeco's competitive gains appear bounded enough that Aixtron can lose share while still growing into a much larger market.

Part 2 examines Aixtron's capacity constraints, competitive moat, and the fragmented optical architecture landscape — confirming that every path to greater interconnect density runs through its reactors, but that the stock's current pricing leaves limited room for execution misses.