Adeia

Licensing economics and recent signings indicate solid pricing power. Adeia closed multi‑year agreements with AMD for semiconductor IP and Microsoft for media IP in Q1 2026, and renewed Google in May 2026. Amazon (2024) and Disney (2025) deals add OTT proof points.

In semiconductors, hybrid bonding and advanced node IP are critical enablers for HBM and 3D integration, allowing royalties where adoption scales. While customers can resist or litigate, Adeia’s record of settlements and renewals suggests an ability to achieve fair value over time.

Constraints include regulatory and legal scrutiny of software and business method patents, cross‑licensing dynamics with large counterparties, and the need to price attractively for portfolio‑wide access. We see room for monetization expansion as non‑Pay‑TV verticals and semis mix grow.