Cadence Design Systems: Capitalizing on AI-Driven EDA Demand and Physical AI Infrastructure to Support Reaffirmed Buy RatingWe recently hosted a virtual fireside chat with Cadence CEO Dr. Anirudh Devgan. We came away with the following key takes: 1) AI causing seat loss, a popular software bear case, is a false narrative for EDA as increasing complexity in AI chips has actually led to "exponential" growth of design workloads, which has increased the number of licenses that they sell; 2) Customer owned tooling (COT), i.e.