Highlighting 7 Interesting Semiconductor Privates

The growth in AI has reshaped the semiconductor landscape, creating new markets and opportunities where private companies are increasingly relevant. This note highlights 7 companies innovating around themes like: AI factory efficiency, disaggregated inference, physical AI, and Security/sovereign AI. Private Companies Highlighted: Axiado, Ayar Labs, d-Matrix, Eliyan, SambaNova, SiMa.ai, and Tenstorrent. We are seeing the rate of change in semiconductor technology accelerate rapidly due to the proliferation of AI, opening up increasing opportunities for new and smaller companies to quickly gain global scale and relevance. We highlight 4 themes in the private company landscape and 7 companies with various exposures to those drivers: (1) Improving AI factory efficiency; (2) Disaggregated and fast inference; (3) Embodied AI;