Billionaire Steve Cohen’s Top 15 Stock Picks

5. MACOM Technology Solutions Holdings, Inc. (NASDAQ:MTSI)

Number of Hedge Fund Holders: 23 

Point72 Asset Management’s Stake: $284.3 million  

MACOM Technology Solutions Holdings, Inc. (NASDAQ:MTSI)  is an American developer and producer of radio, microwave, and millimeter wave semiconductor devices and components. The following reasons highlight the company’s strength as an investment target. First of all, as per the report of the third quarter of 2024, reported revenue was $729.6 million, up 13% from FY 2023, and net income was $76.9 million, down 16% from FY 2023. Secondly, the company has also announced its long-term investment plan to modernize its Massachusetts and North Carolina semiconductor wafer fabrication facilities.  MACOM’s five-year strategic investment plan of up to $345 million is supported by a recently executed preliminary, non-binding agreement with the CHIPS Program Office, which would provide for proposed direct funding from the US Department of Commerce under the CHIPS and Science Act of up to $70 million. Moreover, the company has been selected to lead a development project to establish advanced gallium nitride on silicon carbide process technologies for radio frequency and microwave applications. The project will focus on developing semiconductor manufacturing processes for GaN-based materials and monolithic microwave integrated circuits operating efficiently at high voltage and at millimeter-wave frequencies.