We kick off our 2026 Top Picks series today. Infineon was a controversial top pick last year, yet the stock returned ~40% in USD as our thesis partially played out. We maintain our conviction on the name and it remains one of our top ideas for the next 12 months. Our Top Picks in AI Infrastructure will follow later this week.
We publish today our comprehensive quarterly bible: 242 pages of detailed analysis on what happened in the last 3 months, and how we interpret it, in light of our current convictions. The first section acts as a PM summary, outlining our key findings, and latest thoughts on the semi cycle, in 6 slides:
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