Axcelis Technologies (branded on this call as Excellus/Xelis Technologies) (ACLS)

The sleeper story is the CFO departure right as they need China approval for the Veeco merger - that timing raises questions about integration complexity or internal disagreements. The obvious headline is memory recovery, but the real insight is that it's cleanroom-constrained, not demand-constrained, which means 2027 could see explosive growth once new fabs come online. The binding constraint is facility readiness across all segments - memory needs cleanroom space, silicon carbide customers are 'managing capacity,' and systems are pushing out due to 'fab readiness.' Russell's quote that 'the bottleneck is the cleanroom space' for memory is the most telling. My view changes if the CFO search drags past Q3 or if China blocks the Veeco deal.