ARM

Samsung projects chip shortages through 2028 and is signing long-term supply deals. The obvious trade — long Samsung or TSMC — is already crowded. The real play is long fabless IP royalty and EDA software companies: they collect higher royalties as chip ASPs rise, require zero new capex, and their revenue gets locked in by the same multi-year contracts. Long US-listed large-cap semiconductor IP licensors and EDA software vendors.