Watch Photronics Today (PLAB) ASML shares up over 4% this morning after orders pretty much smashed estimates. Record Q4 orders came in nearly double what was expected. So the CapEx spend is clearly not having any issues when it comes to ASML. That's always been our thesis. This is a pure monopoly. If the US wants to spend money, print money, and hand it out to keep this AI race against China competitive, a lot of that capital winds up in ASML's coffers. Photronics is a supplier to ASML and they trade pretty much in tandem, just with a little bit of a lag. You might get a pullback today on ASML if it turns into a sell the news situation, maybe back to 1500 or so. But after that I wouldn't be shocked if it keeps cruising higher. And if that's the case, Photronics hasn't caught up yet. Clear as day on the chart. ASML moved, PLAB didn't. So you've got a little arb play here. This is about to become my new favorite thing. ASML moves, PLAB doesn't, jump in. Take a call a couple weeks out to a month out and let it rip. 'Scott
