$PLAB DD: easy to understand TSMC supplier chip tools trade - expecting 3x by the end of the year

TLDR; 3x by next year, ASML makes lasers which go through PLAB masks which lands on a TSMC surface. Currently holding $15k worth of 235d calls since they were at $30 and I expect them to get to $150+ by next year. PLAB is the only US company that makes photomasks which are essentially stencils through which you shoot photonic lasers to make your semi chips. The reason PLAB is small though is because one mask can be recycled 5000+ times, so the play is more on pricing than volume. They charge $5-15m per mask set and you need a new mask set per new chip design. The thesis is that if chip complexity and end use goes up, number of chip designs and complexity layers go up, thus needing more mask and leading to higher pricing. New american chip fabs coming online is a positive catalyst too but the biggest catalyst is the growing nationalization of chips which should move more fabs to inshore in America thus making PLAB the obvious choice for masks. Biggest risk is in housing by TSMC and INTC. They insource the more important layers and outsource the less important ones which are lower ASP but both TSMC and INTC in their earnings call have mentioned increasing designs and PLAB has said they can do the important layers 3x faster than TSMC or INTCs inhouse teams which will be important for when both of them will need faster cycle times for these newer designs which generally happens over a 9-12 month lag. I saw a comment on another PLAB post from a while ago which talked about tech that can disrupt PLAB but all of that tech is either too young, impossible to scale, or barely related. 20x P/E company growing EPS 15-20%, not as cycle sensitive due to contract pricing. No debt and $800m cash so they’re far more financially stable than the other mask stocks. Non piece of shit in the hottest trade in the world.