demand / volume affecting revenue
“During fiscal year 2025, our revenue grew 11.6% to $947.7 million, driven by sustained demand from our primary customers, including Lam Research and Applied Materials.”
ICHR 10-K
Confirmed
Infrastructure Technology
32 names are moving together; 34% are participating in the current session.
2 observed Confirmed episodes
Co-movement
Observed member paths adjusted against SPY. Shading marks the latest observation window.
Members
| TICKER | Company | Sector | Today | Observed activity |
|---|---|---|---|---|
| AEHR | Aehr Test Systems | Technology | -6.3% | Group member |
| VICR | Vicor Corporation | Technology | -8.2% | Group member |
| CIFR | Cipher Digital Inc. | Technology | -9.1% | Group member |
| VNET | VNET Group, Inc. | Technology | -3.5% | Group member |
| IPGP | IPG Photonics Corporation | Technology | -2.7% | Group member |
| ICHR | Ichor Holdings | Technology | -9.9% | Most structurally connected |
| JBL | Jabil Inc. | Technology | -2.5% | Group member |
| UCTT | Ultra Clean Holdings, Inc. | Technology | -7.6% | Group member |
| NXT | Nextpower Inc. | Technology | -10.6% | Group member |
| STRL | Sterling Infrastructure, Inc. | Industrials | -3.3% | Group member |
| IESC | IES Holdings, Inc. | Industrials | -3.5% | 4/7 observed active sessions |
| TER | Teradyne, Inc. | Technology | -5.1% | 2/7 observed active sessions |
| MYRG | MYR Group, Inc. | Industrials | -1.6% | 1/7 observed active sessions |
| INTT | inTest Corporation | Technology | -4.5% | Group member |
| SILC | Silicom Ltd | Technology | -3.3% | Group member |
| MEI | Methode Electronics, Inc. | Technology | +0.4% | Group member |
| LSCC | Lattice Semiconductor Corporati | Technology | -4.9% | Group member |
| SHLS | Shoals Technologies Group, Inc. | Technology | -6.5% | Group member |
| GEV | GE Vernova Inc. | Industrials | -4.4% | 1/7 observed active sessions |
| MTZ | MasTec, Inc. | Industrials | -3.4% | 1/7 observed active sessions |
| LASR | nLIGHT, Inc. | Technology | -4.3% | Group member |
| TPC | Tutor Perini Corporation | Industrials | -1.6% | 2/7 observed active sessions |
| POWL | Powell Industries, Inc. | Industrials | -2.8% | 2/7 observed active sessions |
| ETN | Eaton Corporation, PLC | Industrials | -1.1% | 1/7 observed active sessions |
Why we believe this
Cohort
32 namesParticipation
34% this sessionObserved history
21 daily buildsFiling coverage
30/32 membersdemand / volume
“The semiconductor device industry is subject to cyclical and volatile fluctuations in supply and demand and in the past has experienced significant downturns, including in the fourth quarter of 2022, which often occur in connection with declines in general economic conditions, and which have resulted in significant volatility in the semiconductor capital equipment industry and resulted in weakened customer demand.”
ICHR 10-K
credit / rates
“The decrease in cash provided by financing activities from the nine months ended September 27, 2024 to the nine months ended September 26, 2025 was primarily due to net proceeds of $136.7 million from our issuance of 3.8 million ordinary shares in the first quarter of 2024 in connection with an underwritten public offering, partially offset by the payoff of our revolving credit facility of $115.0 million in the first quarter of 2024.”
ICHR 10-Q
This identity theme becomes less useful if activity narrows to one or two names instead of remaining broad across the cohort.
Connected, outside the group
AMAT
UCTTcustomer · Moving with the group now · 115 min observed
Filing receipt · AMAT / UCTT
“Our two largest revenue customers in fiscal years 2025, 2024 and 2023 were Applied Materials, Inc.”
UCTT · customer
LRCX
UCTTcustomer · Not moving with the group now
Filing receipt · LRCX / UCTT
“Our two largest revenue customers in fiscal years 2025, 2024 and 2023 were Applied Materials, Inc.”
UCTT · customer
TE
GLWsupplier · Current intraday read unavailable
Filing receipt · TE / GLW
“Our efforts to build a domestic supply chain, including domestic cells to be produced at our G2_Austin facility, domestic polysilicon from Hemlock Semiconductor, domesti…”
GLW · supplier
ASML
UCTTcustomer · Moving with the group now · 115 min observed
Filing receipt · ASML / UCTT
“Three customers’ gross accounts receivable balances, Applied Materials, Inc., Lam Research Corporation and ASML Holding NV were individually greater than 10.0% of gross…”
UCTT · customer
ROAD
IESCcustomer · Not moving with the group now
Filing receipt · ROAD / IESC
“Construction contracts generally provide that customers accept completion of progress to date and compensate us for services rendered measured in terms of units installe…”
IESC · customer
History
2026-07-071 observed active session · 100% of active names held across the episode
2026-06-24 → 2026-07-026 observed active sessions · 0% of active names held across the episode