European Semiconductor and Photonics Investment Landscape: Serenity Recap of Core Long Portfolio and Industry Rationale

June 15: "White-Haired Stock Guru" Serenity reviewed its core long positions in the European market on social media, focusing on areas like photonics, semiconductor materials, epitaxial wafers, power devices, and edge AI hardware, while analyzing the industry positioning and valuation logic of multiple holdings. Its core portfolio includes: Sivers Semiconductors, LPKF Laser & Electronics, Soitec, Raspberry Pi Holdings, IQE plc, Riber, and X-FAB Silicon Foundries. Key insights from the analysis: - Sivers Semiconductors is viewed as a key player in the next-generation photonics supply chain, poised to benefit from the upgrade to 1.6T optical modules and CPO (Co-Packaged Optics) architecture. The firm has integrated its solutions into the supply chains of multiple supercomputers, offering medium-term volume growth upside. - LPKF Laser & Electronics is described as a near-monopoly in the glass core substrate processing equipment space. Its LIDE technology has been validated by most leading firms in advanced packaging and high-end substrate processing, making it a critical equipment supplier amid the ongoing capacity expansion cycle. - Soitec is highlighted as a core supplier in the Silicon-On-Insulator (SOI) field, with strong pricing power across the value chain. It stands to gain structural valuation upside as drags from its legacy business ease. - Raspberry Pi Holdings benefits from the proliferation of edge AI computing power, driven by rising adoption of low-cost computing boards in AI inference and on-premise deployment use cases. It is gradually expanding beyond education and hobbyist markets into industrial and embedded AI applications. - IQE plc is positioned as a key epitaxial wafer supplier, providing upstream material support to optoelectronic manufacturers including MACOM Technology Solutions and Lumentum Holdings. Its idle capacity holds significant potential for release. - Riber is a highly concentrated supplier in the Molecular Beam Epitaxy (MBE) equipment segment, set to benefit from expansion in quantum computing, quantum dot, and optoelectronic R&D. It has already secured equipment purchase orders from several supercomputing centers and research institutions. - X-FAB Silicon Foundries is one of Europe’s few foundries with capabilities in both power semiconductor and silicon photonics manufacturing. Backed by support from the EU and the U.S. CHIPS Act, it offers structural valuation upside amid planned silicon photonics production line expansions. Overall, the portfolio centers on three core themes: "Photonics Infrastructure + Semiconductor Materials/Equipment + Edge AI Hardware," betting on structural demand upside over the next 2–3 years in high-speed optical interconnect, edge AI deployment, and power semiconductor cycles.