Advanced Energy Industries

Revenue is tied to capital cycles in semiconductors and to hyperscaler deployment cycles in AI data centers. Management raised 2026 growth targets and highlighted accelerating Semi in the back half, but visibility remains dependent on customer roadmaps and macro capacity additions.

Diversification across Industrial & Medical and Telecom & Networking helps, yet three customers represented 23 percent, 19 percent, and 12 percent of 2025 revenue, which increases variability if a large program rolls over. We view mid‑cycle growth outlook as attractive but not highly predictable.