This company has done something rare in semiconductors over the last two years: it has more than doubled its revenue in a single year while expanding margins. Revenue jumped 126% to roughly 437 million dollars, with a gross margin around 68%, operating margin above 30% and net margin just over 31%, metrics that would not look out of place at a much larger, more established niche supplier. Despite that, it is still a relatively small player by top line, with a market capitalization near 34 billion dollars, meaning investors are already capitalizing it at almost 80 times sales per employee and at valuation levels normally reserved for dominant category leaders. The reason is straightforward: its core business sits in the middle of the AI data‑center boom, supplying high‑bandwidth connectivity and specialized chips to a handful of hyperscale customers as global AI data‑center spending heads toward hundreds of billions of dollars a year.

The valuation makes clear that the market is not…