So I came across something interesting in the latest SEC filings. Metavasi Capital LP just dropped over $11 million into TTM Technologies stock back in Q4, picking up 171,202 shares. That's a pretty bold move for a fund focused on growth plays.

What caught my attention is that this became their 8th largest position immediately, representing about 4.81% of their total assets under management. When a fund makes that kind of commitment to a new stake, it usually signals they're seeing something worth betting on.

Let me break down what's actually happening with ttm here. The company manufactures printed circuit boards and RF components, which honestly has become incredibly relevant given the AI boom. They're supplying data centers that are basically printing money right now. Their Q4 numbers showed sales jumped 19% year-over-year to $774.3 million, and net income exploded to $50.7 million compared to just $5.2 million the year before. That's not a typo.

The stock reflected this momentum hard. TTM hit $111 back in February, and it's been hovering around that level. By the time Metavasi made their move, the shares were trading at $90.91, already up 249% over the past year. The company's sitting on a $9.62 billion market cap with $2.91 billion in revenue.

Here's where it gets interesting though. At a P/E ratio around 64, ttm is priced for some serious growth expectations. Metavasi was right about the direction, but valuations at these levels leave limited margin for error. The fund's other top holdings include positions in SPHR, BLND, and APP, so they're clearly hunting for growth across the board.

The real question isn't whether ttm is a good company—the fundamentals are solid and demand from the AI infrastructure build-out is genuine. It's whether there's enough runway left at these valuations. Metavasi Capital clearly thought so in Q4, and the stock's performance since then suggests they weren't wrong. But if you're thinking about entering now, just know you're buying at a point where a lot of good news is already priced in. The next leg up depends on them continuing to deliver surprise earnings beats, which is possible but not guaranteed.