Photronics: AI Tailwinds & A Cheap Stock

1. US GDP growth at 3% exceeds expectations, but tariff uncertainty remains. 2. Photronics (PLAB) benefits from AI-driven photomask demand and high profitability. 3. PLAB’s revenue mix is shifting towards higher value photomasks. 4. Significant improvement in PLAB’s cash flow allows for share repurchases. 5. Tariff impacts from China considered negligible due to PLAB's facility location strategy.