A Mid-Point Review of the Stocks I've Covered

Damnang · Damnang’s Substack · May 23, 2026 at 05:33 · ⏱ 9 min read  | Read on Substack ↗
Summary
The author reviews 13 stock deep-dives, attributing most high returns to the strong market but extracting lasting lessons: the optical/AI infrastructure cycle is in its main leg, multiples re-rate when narrative shifts (e.g., Cisco +51% on AI reframing), and unpredictable events like CFO risk or acquisition narratives create extreme swings. Looking ahead, he plans to focus on power/energy, AI datacenter infra, and optics (CPO, memory optics) for 2-3 year holds, while warning that upcoming mega-IPOs (SpaceX, OpenAI, Anthropic) could rotate capital away from semiconductors.
  • •Substack hit 9,000 subscribers and #15 in Technology category within two months of starting.
  • •Top performers: AEHR +156%, SanDisk +145%, AMD +125% (Feb 14 date), Marvell +119%.
  • •Three lessons: (1) optical/AI infra cycle is the main leg, (2) multiples move hardest when market frame shifts (e.g., Cisco from legacy to AI), (3) market is unpredictable (LWLG spiked to $18 on Marvell Polariton news then fell back).
  • •Author explicitly watches Credo (CRDO), Rambus (RMBS), Qualcomm (QCOM), and Teradyne (TER).
  • •Author regrets not properly looking at Astera Labs (ALAB), which ran 84% over the same period.
  • •He warns that IPOs of SpaceX, OpenAI, and Anthropic (combined >$1T value) could cause capital rotation and volatility for semiconductor names.
Read time 9 min
Length 9,775 chars
Category finance
Trade Ideas
Damnang Substack author, Damnang’s Substack
Credo's positioning in AEC and PCIe retimers plus the DustPhotonics acquisition make it a name to monitor for optical/AI infrastructure exposure.
CRDO MED
Damnang Substack author, Damnang’s Substack
Author highlights Marvell's re-rating from a cyclical semi to a datacenter mix-shift story (+119%), citing custom silicon cycle and optical DSP position. The structural change in business structure is
Author highlights Marvell's re-rating from a cyclical semi to a datacenter mix-shift story (+119%), citing custom silicon cycle and optical DSP position. The structural change in business structure is validated by the rally. Risk: High expectations baked into valuation; datacenter revenue growth could decelerate.
MRVL
Damnang Substack author, Damnang’s Substack
Rambus benefits from HBM4 cycle leverage in its IP royalty structure and a Silicon Valley business story only available to paid subscribers.
RMBS MED
Damnang Substack author, Damnang’s Substack
Teradyne is positioned as a key bottleneck in the test segment of the AI infrastructure cycle, though equipment companies lack explosive moves.
TER MED
Damnang Substack author, Damnang’s Substack
Qualcomm's datacenter entry strategy with a new LPDDR-based architecture and ASIC/CPU push create a watchlist opportunity, balanced by known risks.
QCOM MED
Damnang Substack author, Damnang’s Substack
Author acknowledges he missed giving Astera Labs a proper look while ALAB ran 84% over the same window, implying strong performance and potential for continued interest in the PCIe/retimer space.
Author acknowledges he missed giving Astera Labs a proper look while ALAB ran 84% over the same window, implying strong performance and potential for continued interest in the PCIe/retimer space. Risk: Crowded trade if momentum shifts; author's regret does not constitute a fundamental endorsement.
ALAB
Damnang Substack author, Damnang’s Substack
Author states 'I think there’s still room for further re-rating from here' after the +51% run, citing the AI infrastructure narrative flip and 800G/1.6T optics/Silicon One positioning.
Author states 'I think there’s still room for further re-rating from here' after the +51% run, citing the AI infrastructure narrative flip and 800G/1.6T optics/Silicon One positioning. Risk: Enterprise networking cycle could slow; re-rating may be priced in.
CSCO
Damnang Substack author, Damnang’s Substack
Author's thesis of AEHR's near-monopoly in SiPh test/burn-in and its revenue inflection was confirmed by the past quarter, driving +156%. The bottleneck in test remains a structural positive.
Author's thesis of AEHR's near-monopoly in SiPh test/burn-in and its revenue inflection was confirmed by the past quarter, driving +156%. The bottleneck in test remains a structural positive. Risk: Small-cap customer concentration; single quarter confirmation may not be sustained.
AEHR
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This newsletter, published May 23, 2026, features Damnang discussing CRDO, MRVL, RMBS, TER, QCOM, ALAB, CSCO, AEHR. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Damnang  · Tickers: CRDO, MRVL, RMBS, TER, QCOM, ALAB, CSCO, AEHR