Christopher Zook is the Founder, Chairman and Chief Investment Officer of CAZ Investments. With nearly 30 years of experience investing in both traditional and alternative asset classes, he is a regular contributor to major media outlets, including CNBC, Fox Business and Bloomberg. Mr. Zook is actively involved in public policy and frequently serves as a resource to state and local officials.

Most recently, Governor Greg Abbott appointed Mr. Zook as Chair of the investments committee for the State of Texas Pension Review Board after he helped find a solution to Houston’s pension crisis and spearheaded efforts that resulted in the city’s most sweeping public pension reform of the last 40 years.

In this 3,854 word interview, exclusively in the Wall Street Transcript, Mr. Zook details his investing strategy and some of his top picks.

“Because of our buying power and vast ecosystem, it is not uncommon for us to make $100 million-plus commitments into investments if they align well with our core themes. There are not many families, and frankly, not many institutions, that can invest $100 million-plus into one fund or one specific company.

We have the ability to do that because we are aggregating buying power from so many different sources and so many different pools of capital, which means we get access and we see things that may not otherwise be available.

The second part is that some investments have very high minimums, and those minimums can make it prohibitive for families who would need to invest $25 million or $50 million at a time, which may be outside of their range of comfort. Our ecosystem and buying power provide us the ability to make those investments.

Additionally, because we are a single source of potentially very large investment dollars, and we can move much faster than the typical investor might be able to, we often receive preferential rights, protections or, in many cases, co-investment opportunities that would not be available to the average fund investor.”

This has lead to an interesting process:

“Every single recession has a playbook that you can utilize to navigate through the turmoil. The causes of each recession are always different and unpredictable, and I certainly do not know anyone that was forecasting that this recession would be caused by a virus, but there is almost always a playbook that can be utilized to maximize the opportunity set from a recession.

Each recession has its own unique characteristics, but they generally follow a somewhat predictable pattern.

In this particular situation, we are following that playbook but recognize that things are likely to happen slower because of all the stimulus.

Therefore, we are putting capital in place over the next six to nine months that will be ready to buy those companies that are truly great businesses with troubled balance sheets, restructure them and then, as the economy recovers over the next three to five years, hopefully sell them at enormous increases in value.

We have a great partner that we are looking forward to announcing sometime in the next couple of months to do just that.”

Jennifer K. DeSisto, CFA, CAIA, is Chief Investment Officer of Anchor Capital Advisors, LLC. She received a B.S. in industrial management and economics from Carnegie Mellon University in 1997 and an MBA from MIT Sloan School of Business in 2005.

She earned the Chartered Financial Analyst designation in 2007 and the Chartered Alternative Investment Analyst designation in 2018. Ms. DeSisto has worked for Anchor Capital Advisors, LLC since 2016. From 2011 to 2016, Ms. DeSisto was a portfolio manager at Fiduciary Trust Company.

In this 3,532 word interview, exclusively in the Wall Street Transcript, Ms. DeSisto illuminates the philosophy behind some of her top stock picks in her portfolio.

“In 2018, Anchor employees, along with a local private equity group called Lincoln Peak, reacquired the firm, which is now 70% employee-owned. It has been a great experience to be independent again.

We really have a founder’s mentality at Anchor. We have always been focused on value investing. We are focused on small and midcap stocks, which is where we believe we have an edge in finding opportunities in the market. Our largest strategy at Anchor is the Mid Cap Value strategy, but all of our strategies incorporate a heavy mix of midcap stocks.

In the past several years, we also started a Founders Value strategy, including a highly concentrated portfolio of approximately 15 stocks. That’s where the founder is still very involved, or there’s high insider ownership.”

This interesting investing strategy has led to some interesting recent additions to the portfolio:

“One of these companies that suddenly has garnered attention are thermal scanners and thermal sensors to take people’s temperature.

As the economy is opening up, a lot of businesses — including retailers and warehouses, manufacturing plants and others — are using thermal sensors to take people’s temperatures before they come in, which seems to have benefited FLIR Systems (NASDAQ:FLIR), the company that makes these thermal sensors.

It’s not really gaining any attention, even though they are a leader in sensor technology. They now have this tremendous opportunity because of COVID. And so early on, when we started to see how things were evolving, we bought that stock for the portfolios.

Another area that’s really interesting to us is home improvement because people are staying at home, and they’re not traveling or going out.

They’re actually investing in their homes, and they’re spending money at home improvement stores. Lowe’s (NYSE:LOW), one of the stocks we own, seems to have really benefited from people doing home improvement projects.

The other aspect is the stimulus that is coming from the government — giving people extra money in their pockets — so they are spending at retailers like Lowe’s.

Another place that we have added more recently is Ollie’s Bargain Outlet (NASDAQ:OLLI). It provides clearance close-out opportunities for people who are shopping there, and you’re seeing strong sales coming out of there.

Those are some of the areas where we see opportunities, and we have been adding to our positions if we already own them, or we have been buying them to add to our portfolios.”

To get more of the reasoning behind these picks, and many others, read the entire 3,532 word interview, exclusively in the Wall Street Transcript.

 

Joe Van Cavage, CFA, is Vice President and Portfolio Manager of Intrepid Capital. Mr. Van Cavage joined Intrepid Capital in 2018. He is a co-lead portfolio manager of the Intrepid Endurance Fund and the separately managed Intrepid Small Cap portfolio. Mr. Van Cavage is also a member of the investment team responsible for the Intrepid Capital Fund, the Intrepid Disciplined Value Fund, and the separately managed Intrepid Balanced and Intrepid Disciplined Value portfolios.

Matt Parker, CFA, CPA, is Vice President and Portfolio Manager of Intrepid Capital. Mr. Parker joined Intrepid Capital in 2014. Mr. Parker is a co-lead portfolio manager of the Intrepid Endurance Fund and the separately managed Intrepid Endurance portfolio.

In their 4,206 word interview, exclusively with the Wall Street Transcript, these two up and coming investment advisors give out some of their top picks and the reasoning behind them.

“The next one we wanted to talk about was Burlington Stores (NYSE:BURL). Burlington Stores is a physical apparel and home retailer. They actually have almost no online presence. Despite that, the stock has been a wildly successful investment today. It’s up almost 10 times since their IPO in 2013.

We think Burlington was actually a screaming deal in the chaos of the coronavirus panic, and the stock has recovered considerably over the last few months.

But given the company’s business model and a long runway of self-help improvement initiatives, we still think at today’s price it’s a very attractive opportunity and potentially a core holding for us for a long time.

Burlington specifically is an off-price retailer and runs the business model very similar to T.J. Maxx (NYSE:TJX) and Ross Stores (NASDAQ:ROST).

The off-price model, which sources excess merchandise from vendors at attractive wholesale prices that it passes on to consumers, has two really attractive qualities.

First, it’s been a structural market share gainer against legacy department stores and home apparel companies due to just the general value proposition it offers to customers.

And second, it’s proven to be a very recession-resistant model, benefiting from increased traffic as consumers trade down from full-price stores during times of financial difficulty.”

The two asset managers recommend more stocks in the interview:

“Another business we like is called Acuity Brands (NYSE:AYI). They are the industry leader in commercial lighting. By lighting here, I’m referring to kind of the higher-end commercial and industrial-grade fixtures as opposed to kind of a simple light bulb that you might buy in a grocery store.

An example might be a street light or a light fixture that you find in a warehouse or a retail store.

It’s a very well-run and high-quality business. We think the key advantage for Acuity is its deep relationships with its agency network that’s critical for getting scale in this business.

As a result, Acuity has the highest margins and returns on capital in the industry. It generates a ton of free cash flow and also has a great balance sheet.

The big story in the lighting industry over the last five or 10 years was LED adoption.”

Read the entire 4,206 word interview to get the full detail, exclusively with the Wall Street Transcript.

 

 

 

 

 

John Cuthbertson, Ph.D., CFA, is Director of Research at Denali Advisors. He has 23 years of industry experience. Most recently, he was the Portfolio Manager in the Derivatives group at Analytic Investors in Los Angeles, where he was responsible for the Global Tactical Asset Allocation strategy.

In 2004, Dr. Cuthbertson co-founded Ten Asset Management in Encinitas, California, where he had multiple roles, including Director of Research, Chief Compliance Officer and Portfolio Manager, as well as being extensively involved in client/prospect/consultant meetings and client communications.

He began his investment career in 1996 with Investment Research Company — later Freeman Associates Investment Management — where he was a Vice President and Senior Research Analyst and earned the Chartered Financial Analyst designation in 2000.

Dr. Cuthbertson served on the board of directors for the CFA Society of San Diego from 2003 to 2012 and held the office of President for the year 2006/2007.

Dr. Cuthbertson received a Ph.D. in astrophysical sciences from Princeton University in 1991, a B.S. in computer science from Washington University in St. Louis, Missouri, and a B.A. in physics from William Jewell College, Missouri.

In his 3,235 word interview, exclusively in the Wall Street Transcript, Dr. Cuthbertson reveals some interesting investing advice for the current market.

“The factor momentum model that the firm launched with is still part of our investment philosophy and process.

That essentially is based on the idea that just as there is momentum in the relative returns of individual stocks, there’s also momentum in returns to being exposed to various factors. And that is an idea that has recently become more widely recognized, but we’ve been using it for quite a while.

But a larger part of our investment philosophy now is based on research that Bob and one of our other researchers, David Wroblewski, carried out in the years since then at Denali, and it’s based on an idea that we call “Network Value.”

The idea of Network Value really is that there’s a substantial part of the valuation of a stock or of the market as a whole that isn’t just strictly your discounted present value of expected future cash flows, but it actually is created by the activity of the network of market participants who are buying and selling, doing research, creating information and liquidity around a stock.

The activity in that market network is actually value-creating. And that value gets impounded in the prices of stocks. And in fact, the changes in that part of the value are a big driver of relative returns of stocks.”

This unique investment philosophy is grounded in a unique background:

“My education actually was in physics. I got a Ph.D. in plasma physics at Princeton University, and I came to San Diego to work in the fusion energy research program.

And after a few years of doing that, I ended up making a career change into the investment field. The investment industry, especially the quantitative part, looks for people that have the quantitative and analytical skills that you get in that sort of education, and it is a place where you can apply those skills and make a fruitful living, hopefully.

The marketers at Denali like to point out a bit of fun information about me: I was on the television show “Jeopardy!” I actually did quite well.

I won the allotted five times before they kicked me off, and I was a semifinalist in the Ultimate Tournament of Champions.”

Get the complete portfolio construction picture by reading the entire 3,235 word interview, exclusively in the Wall Street Transcript.

 

Norman E. Snyder is Chief Executive Officer at Reed’s Inc. Mr. Snyder joined Reed’s Inc. in September 2019 as the Chief Operating Officer.

He was appointed Chief Executive Officer in March 2020.

Prior to joining Reed’s, Mr. Snyder served as President and Chief Executive Office for Avitae USA, LLC, an emerging premium new age beverage company that markets and sells a line of ready-to-drink caffeinated waters.

Prior to Avitae, he served as the President and Chief Operating Officer for Adina For Life, Inc.; President and Chief Executive Officer of High Falls Brewing Company; and Chief Financial Officer and later Chief Operating Officer of South Beach Beverage Company, known as SoBe.

In prior experience, Mr. Snyder served as Controller for National Football League Properties, Inc. and in various roles at PriceWaterhouse during an eight-year tenure.

In this exclusive 2,885 word interview, the CEO details the strategy for maneuvering Reed’s through the economic disruption of the COVID 19 global pandemic.

“If we had an upset stomach or didn’t feel good, what did mom give us? Gave us ginger ale. And I think people still use it. My wife does that with our kids if they have an upset stomach or don’t feel good.

And think of hospitals, what’s one of the beverages that hospitals provide people when they come out of surgery or a procedure? It’s ginger ale.

So it has great antioxidant properties, and it effects nausea. We’ve had doctor’s offices that treat cancer patients, to help them ease their nausea from chemotherapy have requested both our drinks and our candies, particularly for children. So it helps with that.

It helps bolster your immune system. And it just has a lot of real positive attributes in terms of what it can do. It is a superfood, and it helps with anti-inflammation. I mean, that’s where I use it a lot.

I take our ginger shots, and it really helps with my joints, particularly my knees. So it’s this superfood that’s been used by various cultures for thousands and thousands of years.”

The company has seen some challenges from the COVID 19 global pandemic economic disruption:

“One of the things that we’ve run into is because of the pandemic certain packages have become very popular. For example, there was, I saw an article saying about cans, volume cans.

I mean, on-premise businesses have basically dried up, and a lot of packages, for example, beers and cans, now people are buying beer to take home, and the preferred package is the can. So can supply is tightened up. The glass supply is tightened up. Some raw materials in terms of our labels have tightened up.

So we’ve been very challenged to stay ahead of that curve. And thankfully, for a lot of these items, there have been annual allocations, and we have our allocation in.

So we’re covered, but other — for newer products where we don’t, we’ve been, you know, we’ve been really challenged to keep up.”

Get the complete picture by reading the entire 2,885 word interview, exclusively in the Wall Street Transcript.

Kyle Joseph, Analyst, joined Jefferies in June of 2014, following four years as a vice president in equity research covering the specialty finance sector at JMP Securities and Stephens, Inc.

Prior to equity research, Mr. Joseph worked in investment banking for Bank of America Merrill Lynch in the financial institutions group. Mr. Joseph received a B.A. in economics and government studies from Dartmouth College.

In this 2,494 word interview, exclusively in the Wall Street Transcript, Mr. Joseph details the current state of business development companies, or BDCs, in the COVID 19 economic disruption.

“…BDCs are structured essentially the same as REITs, where they’re pass-through vehicles. They’re not taxed as long as they pay out 90% of their net income.

And BDCs are middle-market lenders. So they lend to companies that are not big enough to tap the institutional debt markets and that are not big enough to really attract the attention of the large money center banks.

So they’re really filling the void that’s been left by the banks as a result of capital requirements and some regulatory restrictions in the banking industry.”

Mr. Joseph explains the quirk that excludes BDCs from institutional ownership:

“And so the REIT industry has done a good job and has been exempt from AFFE. But because BDCs are not exempt from AFFE, it’s very difficult for mutual funds to own them because it almost looks like two levels of fees for the investor, but that’s not actually the case.

So essentially, you saw mutual funds lobby to get BDCs kicked out of the major equity indices, particularly the Russell 2000.

And that was in 2014. And so you saw institutional ownership in the space really fall down because they’re not part of the index. In our minds, the removal of AFFE would be a major catalyst for stocks and institutional ownership in the sector.”

The analyst uses his experience in the sector to drill down to his favorites:

“One of our top picks is Ares (NASDAQ:ARCC). They’re one of the biggest and best in the space. We like ARCC right now because of their proven track record in economic downturns. In the 2008 to 2009 downturn, they actually used the market dislocation to acquire a struggling BDC and essentially doubled the size of their balance sheet, and their credit performed a lot better than the industry.

So based on that track record, we’re very favorable on ARCC, and they are one of the biggest and the best.

Another one we like is OaktreeOaktree’s bread and butter is distressed credit. And I think we’re getting into an environment where we’re going to be seeing more distressed credit.

And OCSL really entered the COVID environment with some of the lowest leverage in the space and the most debt capacity. They’ve been active in the secondaries and taking advantage of the market dislocations.

“Lastly, we’d highlight Hercules (NYSE:HTGC), which is a fairly unique BDC in the sense that it invests in companies that have raised venture capital.

It sounds like it’s high risk, but these guys actually have a tremendous credit history and actually fared relatively well in the last downturn as well.

They don’t have any energy exposure or exposure to leisure; their portfolio is entirely tech and life science. And so that’s another name that we focus on right now.”

Get all the top picks and more detail on these investment vehicles by reading the entire 2,494 word interview, exclusively in the Wall Street Transcript.

Adrienne Yih is a Managing Director and Research Analyst at Barclays covering U.S. specialty retail, apparel and e-commerce. She joined Barclays in 2019 and has covered the retail sector for more than 18 years.

Prior to joining Barclays, Ms. Yih worked for Wolfe Research, where she was known for developing robust quantitative models used to inform her fundamental industry view and stock picks, and prior to that, also led coverage of the diversified retail sector at Janney and FBR Capital Markets.

Her finance career began at Prudential Investment Group with experience in investment banking, private debt investing, and quantitative asset allocation. Ms. Yih holds an MBA in finance from The Anderson School at the University of California, Los Angeles, and a B.S. in industrial engineering from Stanford University.

In this 3,750 word interview, exclusive to the Wall Street Transcript, Ms. Yih has detailed the analysis behind her recent retail sector stock picks for this COVID-19 economic disruption.

“I do specialty retail; softlines, so that’s apparel, accessories; and hardlines, which is furnishings, like a Williams-Sonoma (NYSE:WSM) or an RH (NYSE:RH). I also do the wholesale and brand manufacturers, both in footwear and apparel, so that would cover Nike (NYSE:NKE), Under Armour (NYSE:UA), and in apparel, Ralph Lauren (NYSE:RL), PVH (NYSE:PVH), G-III (NASDAQ:GIII).

And then, I do cover some emerging e-commerce, so for example, we cover Wayfair (NYSE:W). So basically, broadly retail in its traditional format, from department stores to specialty, and then as we emerge and change the world of consumer, we gravitate toward the e-commerce backdrop.”

From this coverage universe, Ms. Yih picks her favorites:

“So the simple fact is, if you had a significant portion of your sales coming through stores, they went to literally zero for a good six to eight weeks. You can make the argument that in the COVID/post-COVID period, those that were best positioned were companies like Wayfair. ”

Other names draw a more critical viewpoint:

“I’m not going to differentiate which department stores are going to fare better or live on. The fact is that every 20 years or so, there’s a consumer behavioral shift that is dominated by the generation that is in its spending peak, and today we are in the spending peak of the Millennial.

The next two decades will be all about Millennial consumption, who want everything conveniently, efficiently and at their doorstep.

If you look at the department store segment, the department store model was predicated on everything conveniently in a 100,000-foot box, and 40 years ago was the sort of heyday of the department store, the mid-1980s.

That model just doesn’t work today.”

Get more detail on what works and what won’t work in today’s retail sector by reading the entire 3,750 word interview, only in the Wall Street Transcript.

Jen Redding is an Equity Analyst at Wedbush Securities Inc. covering consumer sector stocks, with experience covering consumer and tech stocks spanning 10-plus years, including coverage of companies in softlines, broadlines, e-commerce, leisure and restaurants.

Ms. Redding spent the most recent two-year period as Director of Consumer and Tech Data Research at an off-Street startup, where she spearheaded correlating and packaging raw data into actionable product for institutional investors. At BMO Capital Markets, LLC, Ms. Redding envisioned and led the BMO Big Data initiative.

In this 1,650 word interview, exclusively to the Wall Street Transcript, Ms. Redding picks her current retail sector favorites after the COVID 19 disruption.

“We have “outperform” ratings on American Eagle (NYSE:AEO) and Abercrombie & Fitch (NYSE:ANF). We see a strong response as stores reopen, at a time when teens are eager to venture outside of home, into malls in specialty retail.

We think both American Eagle and Abercrombie & Fitch have the right product and are best positioned to take advantage of fallout from COVID. In a worst-case scenario, we think both names show relative outperformance in the back half, because of proven lessons learned internally over the course of the recent shutdown, and improvement in potential future pandemic-environment execution.”

These two picks are not the only stocks Ms. Redding likes in the sector:

“We think the Mirror acquisition is a great opportunity for Lululemon (NASDAQ:LULU). In our opinion, the company made a smart bet on the future of fitness in an environment that really tips odds in Lululemon’s favor.

Lululemon potentially establishes Mirror into homes faster, and it’s also a great opportunity for Lululemon to become even deeper embedded into the community. Bottom line: We see potentially strong synergies between Lululemon and Mirror, likely making the deal more accretive to earnings sooner than expected.”

Companies without strong e-commerce capabilities are in trouble:

“We’re generally cautious on off-price retail as a whole into the back half, owing to low visibility into the potential store closures in the back half, coupled with the lack of e-commerce business in the off-price industry.

If stores face a forced shutdown and/or consumers change course and stop trafficking physical locations, off-price doesn’t have a fallback plan, given the channel doesn’t play in e-commerce. Valuations are relatively rich in the off-price space, and we see this coupled with lower visibility on the off-price channel’s ability to compete, assuming a second round of forced closures as a real wild card for the industry.”

Get all the top picks and details behind them by reading the entire 1,650 word interview, only in the Wall Street Transcript.

Janet Kloppenburg is President of JJK Research. Ms. Kloppenburg is a well-known specialty retail analyst who served 18 years on Wall Street’s sell side. There, she developed extensive knowledge and expertise of the retailing industry.

Ms. Kloppenburg has a proven track record on delivering timely and pertinent research and analysis, which has been instrumental to the investment decisions of her clients. Ms. Kloppenburg became a stock analyst after being trained as a buyer for a major New York City department store where she gained invaluable insights into the inner workings of a major retail operation.

In this 3,470 word interview, exclusive to the Wall Street Transcript, Ms. Kloppenburg determines which retail stocks will prosper in the post-COVID 19 world.

“The second group of winners would be those that had wisely and astutely built strong digital platforms and were positioned to take advantage of services that extend into the omni world, which include ship from store and BOPUS — buy online pick up in store.

So the winners are the well-positioned digital players. For instance, Urban Outfitters (NASDAQ:URBN) having over 40% of their business in the digital channel prior to the pandemic gave them a great opportunity to capitalize on the consumer’s need for products, and with a well-equipped digital platform, they were able to take market share.”

The retail expert has a very firm list, some additional names:

“But I think that on a relative basis, the off-price retailers — all three of them, BurlingtonTJX and Ross (NASDAQ:ROST) — will perform better than most. So the active sector, Nike and LULU; the off-price sector, again on a relative basis.”

The analyst also has a warning for other retailers:

“Department stores are in real jeopardy right now. They don’t really have an infrastructure to bring in that value customer. They all have tried to be too much to too many, and they are going to have to each figure out their own strategies.

I will give Nordstrom (NYSE:JWN) credit for developing digital in a very big way, unlike their competitors, and also for the development of their off-price business. Their investments are shifting toward digital and off-price, but it’s still going to be very hard for Nordstrom to operate in this environment, and they are really, really cutting costs in a way that I never imagined.”

Further insight into sub-sectors is detailed and actionable:

“The wholesalers should say, “Maybe we should clean house here and not be in so many weak, underperforming doors. Let’s cut some of that out, and let’s spend more money on opening a few flagship stores,” like VF, which has opened a couple of beautiful stores in Manhattan right by Grand Central, in terms of The North Face and Timberland.

“Let’s open a few flagship stores around this country and the world, and then, we’ll drive everybody to our digital channel, and we really need to develop that.” I just think that’s something that may make operating margins not bounce as much as we thought but could really help those companies have sustained outperformance in the industry as we look into 2022 and beyond.”

Get further detailed retail analysis in this 3,470 word interview, exclusive to the Wall Street Transcript.

 

 

Kevin Conley is the President and CEO of Everspin Technologies, Inc. Mr. Conley has served as the President and CEO of Everspin since Sept 2017 and as a member of the board of directors since March 2017.

Prior to joining Everspin, Mr. Conley spent over 20 years at SanDisk where he was most recently Senior Vice President and CTO of SanDisk until June 2016, focused on fostering strategic innovation at the company. Previously, he served as Senior Vice President and General Manager of SanDisk’s Client Storage Solutions after holding several key system engineering leadership positions over his career at SanDisk.

In 2009 to 2010, he was Vice President of Engineering at Corsair, where he transformed and expanded the product portfolio to grow the company to a leader in PC gaming components, including high-performance SSDs. Mr. Conley is listed as the inventor or co-inventor on over 90 patents in the area of non-volatile memory architecture and management.

In this 2,813 word interview, exclusively in the Wall Street Transcript, Mr. Conley details the strategy that will capitalize on the growth in demand for computer memory storage.

“Everspin Technologies is the world’s leading provider of magnetoresistive RAM, or MRAM. MRAM is a type of non-volatile, or persistent, memory that retains data even without power, unlike other types of memory technologies, such as SRAM or DRAM. MRAM is the company’s sole focus, as its stock ticker MRAM suggests.

Our company name, Everspin, is actually a reference to the magnetic phenomenon of electronic spin that is the basis of operation at spintronic devices, such as MRAM, and that allows our technology to provide unprecedented performance and endurance for non-volatile memory.

While there are other companies starting to provide MRAM solutions, Everspin is the only company in mass production of MRAM discrete memories that deliver the industry’s most robust, high-performance non-volatile memory for industrial IoT, data center and other mission-critical applications where data persistence is paramount.”

The company has several paths to a greater growth trajectory:

“One of our key growth drivers that we see over the next few years is continuing our efforts to increase customer adoption and new design wins. It should be noted that we have been in production with our Toggle technology for over a decade.

It has won the loyalty of many very demanding customers across a broad variety of applications; these are some of the most demanding customers in the industry. So it has a long life ahead of it.

We see the next wave of growth coming from our current STT-MRAM products in data center applications. As I mentioned earlier, it’s a very large opportunity. The design wins that we have had there have provided pretty significant growth.

We do expect that as we add more design wins to the pipeline for our STT-MRAM products in those data center applications that this will continue to add to the accelerated growth that we’ve achieved so far.

Then, longer term, we have taken the cost basis of our high-density gigabit STT-MRAM device and have brought the benefits of that density in terms of the cost per bit back to the opportunity that we see in the industrial and IoT space. ”

Get the complete detail from reading the entire 2,813 word interview, exclusively in the Wall Street Transcript.

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