Artisan Focus Fund on Analog Devices, Inc.
Thesis
Analog Devices is another holding tied to Artisan's Compute Infrastructure theme. The fund believes the current AI investment cycle is much larger than the prior digital-infrastructure opportunity it originally targeted, creating demand across the semiconductor and physical-compute stack. The thesis rests on sustained capital formation producing structural rather than merely cyclical changes in computing infrastructure.
“AI became a multi-trillion-dollar capital cycle.”
Key risks
- Large capital formation cycles can include periods of excessive or uneconomic investment
- Rapid technological change can alter competitive positions