In short: His small-cap pick — printed circuit boards, once "the biggest commodity of all time," now decommoditizing: AI servers need more PCBs at far more layers (10 → 20/30/40/120), lifting unit growth + ASPs; makes them for Google and Nvidia ("just won Nvidia") plus ~40% defense (Iron Dome contract; defense "getting electronicized").
TTM makes printed circuit boards — the flat green boards that hold and connect a computer's chips. For decades these were the ultimate commodity. AI is changing that: AI servers run hotter, faster, and need cleaner electrical signals, so they require more boards, and far more complex ones — going from ~10 stacked layers to 20, 30, 40, even 120. That pushes up both the number sold and the price per board (its ASP, average selling price), and only a handful of firms can make the hard ones.
TTM is one of them, supplying Google and Nvidia ("just won Nvidia"), and about 40% of its business is defense — riding a defense buildout (it won work on the Iron Dome missile-defense system as weapons get more electronics-heavy). It's his "small one you haven't heard of."
20:50— tsunami. Leon's term. I'll just start with two. I'll start with a small one that you haven't heard of and a big one that's easy to buy or think about. The first one is TTMI. They make printed circuit boards, which used to be the biggest commodity of all time.
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