ONTO - Bullish chip proxy
I bought into ONTO this year on Aug earnings as part of a mid-cap play riding on the anticipation of a US rate cut that would help smaller businesses. I bought on the hype then sold the next day (I did that with a few small and mid caps I noted in past public publishings that I had published publicly).
The stock went decently higher after I had sold the earnings play and came back down to a higher low, filling the gap from Aug 9th….where I bought again (current A). Sold again (sold A). I bought it again above my last sold price because I think I need to be in this one hard. Their business is supplying measurement equipment and services to chip makers. Chat GPT shows an impressive list of clients for ONTO.
I also asked GPT for the closest competitor and it listed KLA (KLAC on NASDAQ) among others. KLAC has broken below the 200sma which has been attributed to the ASML decline, far more than ONTO. I tried to find how much KLA’s business depends on ASML as compared to ONTO but cannot find good data. There lies a certain risk I suppose.
KLA is 9x the market cap of ONTO. I am buying both equally. I don’t have KLA just yet but will get it caught up Monday first thing and dca the rest into its earnings.
For context: ONTO did 75% from Nov lows 2023 to March 2024 and KLA did 55% in the same months.
Cheers,
MR
The stock went decently higher after I had sold the earnings play and came back down to a higher low, filling the gap from Aug 9th….where I bought again (current A). Sold again (sold A). I bought it again above my last sold price because I think I need to be in this one hard. Their business is supplying measurement equipment and services to chip makers. Chat GPT shows an impressive list of clients for ONTO.
I also asked GPT for the closest competitor and it listed KLA (KLAC on NASDAQ) among others. KLAC has broken below the 200sma which has been attributed to the ASML decline, far more than ONTO. I tried to find how much KLA’s business depends on ASML as compared to ONTO but cannot find good data. There lies a certain risk I suppose.
KLA is 9x the market cap of ONTO. I am buying both equally. I don’t have KLA just yet but will get it caught up Monday first thing and dca the rest into its earnings.
For context: ONTO did 75% from Nov lows 2023 to March 2024 and KLA did 55% in the same months.
Cheers,
MR
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