Tore Svanberg

Speaker cites end of a six-year cap-ex cycle, a turning analog semiconductor cycle, strategic value of U.S. manufacturing, and data center power management business growing at a 35% CAGR to 20% of revenue by 2028. Normalizing capex boosts free cash flow, while cyclical recovery and exposure to the AI data center build-out (via power management, a key bottleneck) provide multiple earnings tailwinds. LONG as the stock transitions from a value-trap during its investment phase to a beneficiary of cyclical recovery and a secular growth trend. Analog cycle recovery is weaker or slower than expected; data center growth fails to offset industrial/auto weakness.