Artisan Partners Limited Partnership - Antero Peak Strategy on Analog Devices
Thesis
Analog Devices is held within the Compute Infrastructure theme. The fund believes AI has materially increased the scale and breadth of digital infrastructure investment, with computation becoming the primary constraint. Data-center capacity has expanded rapidly and AI-related capital investment continues to grow, creating demand across the semiconductor and infrastructure ecosystem. The investment therefore participates in what the fund views as a structural buildout of next-generation computing capacity.
“The constraint is no longer connectivity—it is computation.”