Yet more on the relationship between VTSS, TQNT, and ANAD:
There are basically two big markets for GaAs chips right now. One is for digital chips that are used in communications networks to get the data into and out of the fiber or copper cable. On-ramps to the information super-highway, if you will. Low volume, high margin.
The other market is completely different. It involves analog chips operating in the RF or microwave frequencies to transmit data through the air. Cell phones and other wireless handsets. High volume, low margin.
VTSS specializes in the first, and ANAD specializes in the latter, and I see very little overlap between them. TQNT is active in both camps, but the digital market, where they compete with VTSS, is only about 20% of their business.
In summary:
VTSS: digital, fiber-optics, $100 chips.
ANAD: analog, wireless, $1 chips.
TQNT: 20% of the first, 80% of the second |
