Artisan Global Discovery Fund on Lattice Semiconductor Corporation

Lattice Semiconductor is a fabless leader in low-power field-programmable gate arrays. Recent results exceeded expectations, with FPGA revenue increasing 62% year over year on strong demand across data centers, communications and industrial markets. Its AMI acquisition expands data-center capabilities and broadens the company's addressable market, with the potential for greater product content as AI infrastructure becomes more complex. The fund believes the acquisition will accelerate Lattice's profit cycle and added to the position following the pullback.