More dedicated and regarded DD this time. Earlier I didn’t have the time to write this up, but here’s what I’m thinking.
Corsair, among other things, takes the raw memory chips, test them, bins them, and packages them on their own PCBs (printed circuit boards). This is a very important part of the semiconductor supply chain. What this means :
They have expertise in “packaging”. In semiconductors, this is taking a chip from the wafer and putting it into an actual end user component. Think of the metal package around a CPU, or a RAM DIMM.
With the huge demand for memory in all forms due to the AI boom, this means that they can capture value by providing memory packaging / memory modules in other systems, including enterprise and data center.
The AI memory market will need their services for providing memory in any form.
While this is different than personal gaming computers, the underlying methods are similar and transferable.
So, my thesis is “They have the skills to satisfy part of the AI supply chain.” Remember when Micron said “we are going to focus on AI memory”? Same thing here!
TLDR: Analyst upgrades. Capture part of AI hardware supply chain market. I’m a regard.
Exit Strategy: When CRSR related AI slop appears on LinkedIn. Or when people start to say “It’s always been my passion to work at Corsair.”
Positions:
1 6/18 call
6 8/21 calls when they were literally lunch money (wish I had had more at the time)
46 7/26 calls