Impinj (PI)

The sleeper story is that Impinj is seeing demand deterioration masked by one-time project wins while management distracts with food opportunity narratives that keep sliding further into the future. The Street sees the Q3 beat, but the Q4 guide down 5% sequentially reveals the pull-forward dynamic that management won't acknowledge directly. The binding constraint is customer deployment pace, not technology or competition; enterprises are slowing rollouts due to macro uncertainty, forcing Impinj to guide conservatively. Cary Baker's admission that they're assuming 'very minimal turns, less than a week's worth' in Q4 is the tell that visibility has deteriorated significantly. My view changes if food volumes actually inflect in H1 2026 with specific customer commitments beyond just Walmart/Kroger.