Signal Behind the Signal

Introducing Our Resident AI Expert: Chandler T. Wilson

We’re thrilled to announce a new addition to the T&Q team, and it’s a big one.

Starting this Sunday, Chandler T. Wilson—a veteran of Fortune 50 boardrooms, global consulting war rooms, and now the halls of Oxford—will be leading a new weekly series focused on AI, automation, and the technologies reshaping finance, labor, and geopolitics.

Chandler’s background is as deep as it is diverse:

He’s advised Walmart and HSBC on enterprise AI adoption and operational strategy.
He’s worked inside private equity deal teams, evaluating the technological edge (or lack thereof) in billion-dollar decisions.
He’s helped consulting clients in 10+ countries navigate AI transformation before it was trendy.
And now? He’s pursuing a PhD at Oxford, researching how artificial intelligence is changing the way organizations think, hire, and compete.

He’s not just riding the AI wave—he’s been helping shape it.

Now he’s turning that lens on markets and stocks—bringing you the signals that matter, the risks others miss, and the future before it shows up on the tape.

Chandler’s first dispatch lands now. Don’t miss it every Sunday.

Market Volatility as Opportunity

Markets are jittery, headlines are loud—but structural themes remain resilient. With geopolitical tensions (Israel-Iran, US-China tariffs) driving short-term volatility, long-term positioning around enduring economic shifts is where the real signal lives.

77% of industry leaders expect tariffs to persist through 2025. This isn’t noise—it’s a regime change.

The Mosaic Economy Is Here

We’re moving toward a “mosaic economic order,” where companies must operate across regionalized supply chains while staying close to end markets. The winners? Those who’ve already started this transformation.

Four forces shaping this shift:

Friendshoring: 73% of firms are moving production to politically aligned nations
Diversification: Mexico now leads as the U.S.’s top source for manufactured imports
Reshoring Tech: AI & automation are making U.S. production cost-effective
Policy Tailwinds: $1.2T+ from IIJA and CHIPS Act accelerates domestic buildout

Semiconductor & AI Supply Chains: Where Alpha Lives

The semiconductor equipment market shows robust growth projections, expected to expand from $109.24 billion in 2024 to $155.09 billion by 2029. Industry leaders Applied Materials and ASML dominate with 20% and 18% market share respectively, creating significant demand ripples throughout their supplier networks.

Largest Moving Primary Stocks (Last Week)

NVIDIA (NVDA): Down 1.12-1.2%
Taiwan Semiconductor (TSMC): Down 1.87-2.5%
Applied Materials: Down 4%
ASML: Down 1.9%
Broadcom (AVGO): Down 0.27%
D-Wave Quantum: Trading near 52-week lows

While primary semiconductor stocks like NVIDIA and TSMC experience considerable volatility, their 2nd and 3rd degree suppliers present compelling investment alternatives. These supply chain partners offer exposure to high-growth semiconductor sectors potentially with reduced direct volatility risk.

Stratasys (NASDAQ: SSYS) represents a compelling AI and quantum technology investment opportunity trading around $10.10 with a strong balance sheet of $150.1 million cash and zero debt. The company is positioned at the critical intersection of 3D printing and emerging technologies, as researchers increasingly use additive manufacturing to create quantum sensors and components that require rapid prototyping and customization. With the aerospace 3D printing market projected to grow from $3.53 billion to $14.53 billion by 2032 (20.1% CAGR), Stratasys benefits from AI-driven demand for advanced manufacturing solutions while maintaining analyst price targets up to $15.00, representing significant upside potential.

Nikon (NINOY) offers exposure to the essential infrastructure powering the AI and quantum revolution through its leadership in semiconductor lithography equipment, a $26.42 billion market growing at 7.82% annually. The company’s Deep Ultraviolet (DUV) lithography systems hold 72.5% market share for manufacturing AI chips, while the broader semiconductor equipment market reached $32.05 billion in Q1 2025 with 21% year-over-year growth driven by AI demand. As quantum computing advances from research to commercial applications, Nikon’s precision manufacturing capabilities and recent expansion into advanced manufacturing technologies position it to capitalize on both current AI chip demand and future quantum processor fabrication needs.

Advantest Corporation represents a compelling investment opportunity as AI and quantum computing proliferate due to its dominant market position and explosive financial performance. The company achieved record-high FY2024 results with net sales of 779.7 billion yen (60.3% increase) and operating income of 228.2 billion yen (2.8 times higher than the previous year). Advantest has maintained its #1 global ranking in assembly test equipment for six consecutive years, serving over 46% of the world’s chip producers. As the semiconductor industry projects $697 billion in sales for 2025 and the AI accelerator market alone is expected to reach $500 billion by 2028, Advantest is perfectly positioned to capitalize on this growth. The company’s comprehensive testing solutions are essential for validating the complex AI chips that now account for over 20% of total semiconductor sales. With AI-related semiconductor demand driving their FY2025 forecast of continued strong performance, Advantest benefits from being the critical infrastructure provider that enables the AI revolution.

FormFactor Inc. emerges as an equally attractive investment positioned at the intersection of AI and quantum computing growth. The company reported TTM revenue of $766 million and serves as the global leader in probe cards and test systems, with major clients including Intel, Samsung, TSMC, and SK Hynix. FormFactor’s strategic quantum computing initiatives, including partnerships with Delft Circuits for quantum interfacing and Tabor Electronics for developing a 5-qubit quantum computer, position it at the forefront of the next technological wave. The company operates in a $4.5 billion semiconductor test equipment market projected to grow at 5.2% CAGR through 2030, with particular emphasis on cryogenic testing for quantum applications. FormFactor’s recent capacity expansions, including doubling its Taiwan service center and purchasing new manufacturing facilities, demonstrate its readiness to capture growing demand. With the semiconductor chip testing equipment market projected to reach $15 billion in 2025 with 7% CAGR growth driven by AI, 5G, and high-performance computing applications, FormFactor’s technological leadership in advanced probe solutions and its focus on emerging technologies like 3D ICs and chiplets make it an essential infrastructure provider for the semiconductor industry’s evolution toward more complex AI and quantum computing applications.

Infrastructure

Ryerson Holding Corporation (RYI) presents a compelling value investment opportunity trading at $19.37-$21.27, representing a 22% discount from its 52-week high despite being positioned at the epicenter of the U.S. manufacturing reshoring boom. The company operates as a critical metals distributor (carbon steel, stainless steel, aluminum) precisely when domestic sourcing has surged from 29.8% to 44.1% between 2023-2025, benefiting from Section 232 tariffs and supply chain localization trends that favor domestic distribution networks. While temporary earnings pressures have created artificially distorted metrics (P/E of -85 to -93), RYI beat Q1 2025 EPS estimates, maintains strong operational fundamentals with a 2.22 current ratio, and is executing CEO Eddie Lehner’s strategic pivot toward higher-margin transactional sales (targeting 60% from current 47%). With 94.8% institutional ownership, a 3.65-3.9% dividend yield, BMO Capital’s $25 price target suggesting 15-29% upside, and positioned to benefit from the $4.7 trillion in projected reindustrialization investments over the next three years, RYI represents a classic value opportunity where market pessimism has created a discount to intrinsic value while the company transforms alongside powerful secular trends in U.S. manufacturing and supply chain resilience.

Amphenol Corporation (NYSE: APH) represents a compelling stock pick positioned at the intersection of multiple high-growth technology trends, trading around $80-85 with analyst price targets reaching $106 (suggesting 15-29% upside potential). The 90-year-old connector and interconnect systems leader delivered record Q1 2025 results with revenue of $4.8 billion (48% YoY growth) and adjusted EPS of $0.63 (58% growth), while maintaining a pristine balance sheet with $150.1 million in cash and zero debt. The company sits “exactly at the intersection of the artificial intelligence megatrend,” with AI-related business generating $700-750 million quarterly and projected to reach $3.5 billion annually by end-2025, benefiting from the $7 trillion global data center investment cycle driven by 165% computing power demand growth through 2030. Beyond AI, Amphenol’s diversified exposure to automotive, aerospace, defense, and 5G infrastructure provides multiple growth vectors within the $85.2 billion connector market projected to reach $142.8 billion by 2033. With 97.01% institutional ownership, 21+ consecutive years of dividend payments, a GF Score of 93/100, and recent strategic acquisitions adding $0.09 to annual earnings, APH offers investors a defensive yet growth-oriented play on the digital transformation infrastructure buildout with strong competitive moats and proven execution capability.

Closing Thought:

Markets don’t move alone. Neither do value chains. Alpha lives in the structure—and the smart money knows where to look.

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