Allegro MicroSystems (ALGM)

The sleeper story is current sensors quietly becoming 20% of data center mix in Q4 vs 10% in Q3, scaling into power supply applications across hyperscaler platforms at higher margins than fan drivers. While everyone focuses on AI server unit growth, Allegro's content scales with power density from $150 to $425 per rack as consumption moves from 15kW to 1MW. The binding constraint isn't demand - it's their ability to execute the gold-to-copper conversion and capacity expansion while maintaining the pricing power they just signaled with Q2 price increases. Mike's most revealing quote: 'Because we solve the thermal and sensing challenges that come with extreme power density, our content opportunity per rack scales.' My view changes if auto inventory finally starts restocking (ending 20 quarters below peak) or if data center margins disappoint despite the favorable product mix shift to current sensors.