In short: "A name I gave the other day" — ~$17B market cap, a player in memory; he frames it as a derivative trade to capture alpha after the parabolic moves in the memory leaders (the 2nd-order play off Micron).
Onto Innovation is a smaller (~$17 billion) maker of inspection and measurement tools used in making memory and advanced chips. Terranova frames it as a "derivative" — a second-order play. Once the obvious memory leaders (like Micron) have already made huge "parabolic" moves, the easy money there is gone, so he hunts for a less-crowded name that benefits from the same boom but hasn't run as far.
He's explicit that this is a "trade to capture alpha" — a tactical position to squeeze extra return out of the memory theme after the leaders have spiked, rather than a core long-term holding. The idea travels: when a leader goes vertical, look down the supply chain for the cheaper, smaller beneficiary.
In short: Terranova's small-cap momentum pick — memory-oriented semi-equipment, sub-triple-digit valuation, up ~121% YTD, "participating in this AI story."
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