Every once in a while, a merger gets approved that probably shouldn’t be, and the result is an industry juggernaut that earns supernormal profits.
Think Live Nation + Ticketmaster in 2010. Think NOV + Grant Prideco in 2008, a merger that gave NOV control of 60% of the global drill‑pipe market.
Now we have $SNPS, which just closed its acquisition of $ANSS after final approval from China. The combined company is now the clear leader in chip-to-systems design software, uniquely spanning both electronic design automation (EDA) and multiphysics simulation.
SNPS already led in EDA (Electronic Design Automation) & silicon IP. With Ansys, it adds multiphysics simulation capabilities critical for chiplets, 3D-IC packaging, thermal signoff, and custom silicon used in datacenters, EVs, and AI infrastructure.
This matters because tomorrow’s digital infrastructure won’t just need general-purpose chips. It will need Bitcoin ASICs optimized for energy efficiency and supply chain resilience. It will also need new categories of silicon designed for the compute intensity of zero-knowledge proofs, programmable privacy, and cryptographic compression. These are not off-the-shelf workloads. They require precision engineering at the frontier.
With Ansys onboard, Synopsys says it can lift operating margins from 38 percent to over 44 percent by FY26, driven by simulation mix, software scale, and $200 million in modeled synergies. ROE has climbed from around 10 percent in the 2010s to more than 20 percent today. Free cash flow could exceed $5 billion by FY29. You’ll pay about 35 times that cash flow.
$SNPS is the only semiconductor company we own in $NODE. Even at all-time highs, we still like the stock as a critical enabler across industries as the onchain economy scales.

$NODE analysts continue to scour the earth for the best risk-reward opportunities in companies in all sectors poised to power the onchain economy, including the real-world infrastructure critical for Bitcoin mining.
In that spirit, as of last week we are now shareholders in TEPCO (9501 JP), Japan’s largest electric utility.
Thesis:
🇫🇷 In France, nuclear monopoly EDF is piloting Bitcoin mining using stranded power. Lawmakers are recently pushing to scale the program through Parliament.
🇯🇵 Japan may follow. TEPCO is reportedly already mining Bitcoin through its subsidiary Agile Energy X, using surplus renewable energy in regions like Gunma and Tochigi. At the same time, it’s accelerating its nuclear restart plans, steps that could ease Japan’s energy deficit and support sovereign data infrastructure.
TEPCO stock trades at ~5× forward earnings, its market cap is still down ~87% from its multiyear peak, and there is virtually no analyst coverage.
Risks remain: no dividend, potential dilution, and political restart delays.
Still, we see TEPCO as deep-value infrastructure with asymmetric upside and a possible way to participate in sovereign adoption.
(Recommend an ADR and talking more about your Bitcoin strategy, as it would help your PE multiple
@OfficialTEPCO 👍 )
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