$ADEA - The HBM Tollbooth No One Talks About (DD)

AI SUMMARY — ADEA (Adeia Inc.) is positioned as a critical infrastructure play in the hard drive market, acting as a 'tollbooth' through its extensive patent portfolio and licensing arrangements with major HBM manufacturers. The key risks include dependency on HBM adoption rates, patent litigation uncertainties, and potential margin compression from licensing negotiations with large tech companies.