Lynx Equity Strategies is a research product for active managers of tech-heavy funds. We cover Semiconductors, Hardware, Software, Cloud Service Providers, and FANG. We serve institutional clients by providing insights into constellations of names that are in powerful trends. We look beyond traditional sector silos, and we identify commonalities across sectors. Our views and observations are intended to aid active fund managers in their daily decision-making processes. We form our opinions based on mosaic theory, and comment on market-moving events in the context of longer-term underlying strengths, weaknesses, and trends. We also identify and examine divergent fundamentals. As part of our research services, we also provide consultation and additional context about our insights. If you would like to discuss the research, please email Jahanara Nissar or KC Rajkumar to set up an appointment. Lynx Equity Strategies, LLC is an independent equity research provider. The Company is not a registered broker dealer or investment adviser. No employee or member of the Company, or immediate family member thereof, exercises investment discretion over securities of any issuer analyzed in this report two days prior and/or two days after this report is issued.