Research: SRAM companies 10-K deep dives — post-Groq/NVDA inference thesis

NVDA's $20B Groq acquisition validates massive on-chip SRAM as the architecture for low-latency AI inference (Groq LPU uses 230MB SRAM with 80TB/s bandwidth, eliminating external HBM dependency). Thesis: SRAM demand will structurally increase as inference chips proliferate. Note: SRAM is typically embedded in logic process at foundry (TSMC/Samsung), so pure-play SRAM companies are rare — but a few exist. Companies to analyze: (1) GSI Technology (GSIT) — pure-play SRAM on Nasdaq, small cap (~$250M), also building in-place associative computing/AI accelerators. Already had a big spike post-Groq deal. (2) Integrated Silicon Solution (ISSI) — SRAM + mixed-signal, broader market exposure. (3) MediaTek — SRAM-heavy NPU in Dimensity 9500, inference at edge. (4) TSMC — primary beneficiary as SRAM is embedded in their logic nodes. Focus for GSIT: is the company capable of riding the inference wave or is it too small/niche? Revenue, margins, customer concentration, SRAM product roadmap.