The semiconductor industry is highly fragmented and non-homogeneous, with value creation concentrated in specific niches rather than broad segments. Ayna decomposed the industry at a micro-vertical level to identify where differentiated economics, structural tailwinds, and actionable deal flow intersect.

Using a structured funnel approach, we filtered the landscape to a focused set of priority micro-verticals that combined attractive margin profiles, defensible positioning, and multiple acquisition opportunities. For each priority area, we developed a detailed investment thesis to support capital deployment decisions.