SNPS 相对软件同业被低估（远期市盈率约 23，而同业超过 30），并有望受益于 AI 驱动的芯片设计需求与智能体工具。

Um, now I want to jump into stock number three. Stock number three is one that uh also has seen quite of a a drop uh from year to date. The stock is down roughly 17% from its overall 52- week peak.

The stock is down nearly 25% and that is Synopsis ticker SNPS.

Now, Synopsis is a company that helps it's a software player that helps with the signing of chips. Now, to me, there's two reasons why I like Synopsis right now. Well, three reasons.

First, let's talk about valuation. I was looking at forward PE valuation. This is a software company trading in my opinion at hardware levels. Neil forward PE of 23.56. That's around 23, right?

you again this is typically typically these software EDAs trade at north of 30 sometimes even north of 40

um the fear here and the risk is because of AI maybe there's going to be some open- source solutions that's going to help you design chips and you're going to be using Synopsis a lot less kind of just like that horror story that you're seeing with all the other software players now to me I think it's the opposite I think Synopsis has a lot of data and when you have a lot data, you will be able to implement strong AI solutions into your platform.

More importantly, now with AI tooling, if if anybody is using AI, AI is getting very good at using your solution, using a software tool. And if I as an engineer, maybe I only needed one subscription before, but maybe designing a chip, I can say I want to use it, but I also want some form of subscription or consumption base for the AI agents that I have that are going to be helping me build some form of chip.

There's an additive solution there, right? where not I I I I don't think the amount of engineers growing on a year-over-year basis is massive. But now if every year if if every engineer gets a nice amount of agents to help build their AI chips, that's a huge opportunity there for synopsis.

The other thing is AI is transforming the way technology is being built. First you have all these hyperscalers, all these other kind of big companies trying to develop some form of AI inference chips, AI training chips, and Synopsis is entering more into the IP business.

So, it's trying to help those players. Hey, if you need to help build this AI chip, we kind of have these pre-lego selections already. The great thing with that is they get a mixture of licensing fees and royalty fees the more they kind of go into this business, which is really great.

Um the other thing that if there was one more point I would love to bring up is they recently made an acquisition of a company called Ancis and this is a kind of a simulation company again another engineering data company they have a lot of data and with AI I'm truly a firm believer that with more data you will be able to have better AI tools and all these solutions are ones that can benefit with agentic tool calling.

Um, so as long as Synopsis really does great at being able to market and and price and create a a value for Agentic Tools, I think it's one that can benefit no matter where we're at in this AI ecosystem.