Arteris: Strong Market Position and Growth Potential Highlighted by Strategic Wins and AI Focus3:30 AM Arteris IP (NASDAQ: AIP) Buy (1) ESG $16.50 (Prior $15.00) and AI Report THE TD COWEN INSIGHT After a strong run since 2Q earnings, AIP's 3Q print/guide and FlexGen momentum presented firm fundamentals traction that met expectations. The expansion of customer wins, including but not limited to incremental AMD licenses and a new Altera deal, is a promising indicator for future growth prospects. Consistent execution and results in the volatile semis/compute landscape. Buy, PT to $16.50. What Happened? Arteris revenue of $17.4M came in above the high end of management’s guidance range. ACV + TTM Royalties of $74M grew +5% Q/Q (+22% Y/Y), while RPO of $105M increased +5% Q/Q – both reaching record levels. Product adoption was broad-based across auto and non-auto end markets.