SiC foundry’s only standout + the chip bill’s tailwind; 1.28x PB is definitely quite interesting—if the reset-cost narrative holds, there’s still plenty of room

Serenity notes that XFAB is the only high-capacity SiC foundry in the United States, holding a key position amid the growth in demand for 800V architectures, AI data centers, and power semiconductors. 6-inch SiC has already entered mass production, while 8-inch GaN capacity is expanding, potentially driven by the Chip Act. Subsidies and certifications in Europe and the United States further strengthen its supply-chain position. Its current price-to-book ratio is about 1.28 times; if the replacement cost is underestimated, there is potential for a valuation re-rating of 2.5–4 times.