Fund briefs

Largest US-headquartered pure-play specialty foundry; CHIPS Act-backed ($1.5bn award, $16bn committed expansion) with silicon photonics + advanced packaging + GaN as AI-adjacency optionality. FY2025 revenue ~flat at +1% YoY but non-IFRS gross margin expanded 360bp to 29%; first-ever dividend declared. Analysis at /equities/globalfoundries, conviction 0.58. On the bench because the silicon photonics revenue ramp is the key swing factor and isn't yet visible in segment disclosure — needs another quarter of evidence before placing in a fund.

Already covered (analysis at /equities/fuelcell, conviction 0.60). Kept on the bench because the FY2026 evidence — Q4 +12%, US$1.19bn backlog, carbonate efficiency 47% → 50% — needs another quarter of confirmation before a conviction rise. Re-evaluate post-Q1 FY2027.