Jack of All Trades: High Stakes 02.18.2026
"Picks and shovels" AI thesis validated: ADI's ATE monopoly (70-80% share) + data center infrastructure (power/optical) = durable $2B+ run-rate with 75-80% gross margins. 22nd consecutive dividend increase (+11%), fortress balance sheet (0.8x leverage), 45%→47-48% operating margin trajectory