AEM Holdings Ltd

“AEM Holdings is a single-customer cyclical equipment maker whose economic peak was entirely driven by an Intel supercycle now in reverse; three years of promised diversification have failed to materialize, returns on capital have collapsed to sub-4%, the controlling sponsor has exited, and the stock trades at 29.6x forward earnings near its 52-week high — offering no margin of safety against the dominant risk of permanent revenue impairment from Intel's structural decline.”