Victory Capital Management Inc. — Sycamore Mid Cap Value Equity on MKS Inc.
Thesis
MKS beat revenue and earnings expectations in the first quarter and raised guidance again. The company is benefiting from accelerating AI logic and memory capital spending, with continued growth in wafer-fabrication equipment and NAND demand. A planned expansion of its Atotech manufacturing site in China is expected to come online in 2027 and strengthen supply-chain positioning.
“The company is benefiting from the accelerating AI logic and memory capex cycle, with wafer fab equipment and NAND memory demand continuing to grow.”