Alpha & Omega Write-up w/Mgmt Analysis (AOSL).

AOSL (deep dive): Power semi supplier pivoting from discrete components to application-specific solutions. FY26Q2 rev $162M (-11% QoQ, -6% YoY), non-GAAP gross margin 22.2% (guide: 21% Q3). Power IC rev grew 9.5% YoY vs discrete -10.6%, nearing 40% mix. AI data center thesis shifted from GPU VRM to medium-voltage MOSFETs for 48V-to-12V IBC. Risks: memory shortage pressuring PC/smartphone units, gross margin trough not yet reached, $45M OpEx stepping up on R&D before revenue payoff. Mid-term model: $1B rev, >30% gross margin, 20% OpEx = >$100M annual op income vs current loss. Strong balance sheet: $196M cash, near-zero debt, $141M retained CQJV stake. Trading ~1.15x EV/sales, <8x mid-term op income if model achieved. Mgmt rating 6.5/10: strong technical depth, 13.9% founder ownership, but unproven margin execution under current CEO. Bull case requires Q3+ showing gross margin recovery, AI/smartphone content scaling, utilization rebound. Bear case: margin stuck 21-24%, R&D burns cash, memory crisis extends through 2027. High-beta self-help story with AI optionality, not current earnings compounder. Key catalysts: May 6 Q3 ER for margin trajectory, June guide, AI MOSFET demand visibility.

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