$ALRIB
High ConvictionInvestment Thesis
Riber makes Molecular Beam Epitaxy (MBE) machines — the ultra-precise deposition equipment used to grow quantum structures and photonic semiconductor layers. As a duopoly supplier to Microsoft's quantum computing program and to IQE/Fujitsu quantum dot photonics arms, Riber is positioned at the intersection of two multi-decade growth themes. At ~$300M MC, it's a gem that institutions haven't discovered yet — but Apollo could buy the entire float for what is pocket change relative to their dry powder.
MBE duopoly (Riber + Veeco). Supplier to MSFT quantum, IQE, Fujitsu. Impossible to replicate at scale quickly.
Catalysts
- Microsoft quantum computing program uses Riber MBE machines
- IQE and Fujitsu quantum dot photonics arms require MBE
- Quantum dot photonics is the next architectural shift after CPO (4-year horizon)
- MBE is a duopoly (Riber + Veeco) — limited competition
- Institutional discovery inevitable: Apollo could buy entire float as a rounding error
Risks
- Quantum computing timelines remain uncertain — 3-4 year wait for material revenue
- Small French company with limited IR coverage and liquidity
- MBE revenue is lumpy — large equipment orders not evenly distributed
From the Feed (3 signals)
Frontrunning 1.6T/CPO within the broader photonics supercycle is the most compelling investment to me. My high conviction: 1. $SIVE - laser revenue scales aggressively with $JBL, $MRVL, Ayar, O-Net. 2. Shunsin - Foxconn's optical foundry at $1.5B MC vs LWLG. 3. Win Semi - foundry for Sivers + AVBO + SpaceX supply chains. 4. $MRVL - mini-Broadcomm. 5. $HPS.A - Transformers. There's many others like $NBIS, $JBL, $RPI, $TSEM, $LITE, $ARM, $SOI, $AXTI, $IQE, $ALRIB that I'm very fond of.
There's a reason I spotlight EU small caps. From $ALRIB (quantum/MBE), $LPK (glass substrate), or $SIVE (DFB Lasers). It's to prevent hostile actors from taking over or disrupting critical chokepoints required by America. FiconTEC (Europe, now CCP-owned) was a quasi-monopoly over testing for CPO/SiPH needed for AI and LIDAR. Its clients include NVDA, TSM, AVBO, and INTC. With enough American ownership on these companies: we prevent hidden CCP ownership/takeovers of Western supply chains.
European 'monopolies' like $LPK (Glass Core Substrates) have also been going brrr lately. $ALRIB is technically a duopoly but it's there too… (Quantum / MBE). Then there's some over in Japan like Towa for (HBM4/compression molding) too that I own. Usually monopolies get higher multiples. I'll mention some more over time, just gotta find them all.