PLAB, GEV, BE and some US reshoring ideas

American Industrial Power, for a change

Dec 10, 2025

∙ Paid

Photronics +45%

Photronics is the only US-based photomask producer and counts Toppan/Tekscend and DNP (both Japanese) as competitors. This one is being talked about alot by a 360k follower account.

Move driven by good earnings today, closing valuation gap with Tekscend ($429A)

Several references to reshoring on the earnings call. We flag other US reshoring beneficiaries below the paywall.

Semiconductor manufacturing continues to diversify globally, including meaningful reshoring of production in the U.S. We are a market leader in the U.S. and will pursue numerous higher-end opportunities through our U.S. investment plans.
More specifically, a year ago, we announced our capacity expansion and capability extension at our Allen, Texas facility. We expect to begin tool installation in the coming months with customer qualifications in the spring time frame and initial revenue later in 2026.

High-end IC strength reflects strong order patterns globally, including in the U.S., which now represent 20% of total revenue, where reshoring efforts continue to create a favorable demand environment.

I’ll just add something quickly that, I guess, stating the obvious, right, the regionalization trends, essentially, there will be more fabs making more wafers, they’ll need more photomasks. So the trend -- the regionalization trend is only positive for merchant photomask manufacturers like Photronics.