MOD - Veeco Instruments: A Key Supplier Of The AI Arms Race

2024-07-17 06:05:00 ET

Summary

• Three of our best performers over the past year have been companies that provide the "picks and shovels" to make AI happen.
• Veeco Instruments was the bestperformbest performinghe second quarter.
• Today, the insatiable need for storage/retrieval of data used by AI servers has significantly increased the need for memory and storage, which is VECO's legacy business.
• While the multiple has expanded, it remains at a discount to the market and technology sector.

The following segment was excerpted from this fund letter.

Veeco Instruments Inc ( VECO )

We believe there is tremendous opportunity across all sectors to use AI to improve productivity and growth for companies. However, the rapid development and acceptance of AI have left most management teams unprepared to implement it effectively....

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