Read across: Management's positive tone on GaN applications echoes our positive view on rising compound semis industry, with improving costs and hence becoming more competitive to silicon-based devices, and better performance (e.g., smaller in size, stronger in energy efficiency). AI data centers are one of the key drivers to compound semis, echoing our positive view on rising AI infrastructure cycle with rising power consumption, driving supply chain to enjoy specification upgrades. Buy: SICC (global leade ...