Buy Rating Affirmed for MACOM Technology Solutions Holdings: Strong Performance and Strategic Acquisitions Drive Growth ProspectsWe see many parallels to the acquisition of Wolfspeed's GaN facility in North Carolina. T3L process, we see high frequency and high power applications such as high-resolution radars as a key enabler of MACOM's diversified growth story in Defense especially (as we described in our recent initiation, here). Even prior to the acquisition of the T3L process (and the RTP fab), MACOM's Defense-related GaN business had been growing rapidly (>50% growth Y/Y in F4Q25). As MACOM continues to develop MMIC products on this and other GaN-based processes, we believe it will be a source of steady, margin-accretive growth in I&D.