Ruihui: Agentic AI will reevaluate the EDA market space. Kaideng Electronics and Neoreach Technology are expected to become the major beneficiaries.

Ruixue believes that Agentic AI will change the business model of EDA (Electronic Design Automation) companies. In the past, EDA vendors mainly charged fees based on tool licenses and usage, but autonomous AI agents can replace or enhance the work of high-paid chip design engineers, thus potentially shifting pricing from "tool value" to "labor value". At the company level, Ruixue believes that Cadence and Synopsys are the most advantaged. Cadence is building an end-to-end autonomous design process through ChipStack, AgentStack, and other tools; Synopsys is advancing a multi-agent engineering platform through AgentEngineer, and expanding into "chip-to-system" simulation with the help of Ansys. Due to the key work flows, proprietary design data, and cutting-edge computational engines controlled by both companies, Agentic AI is more likely to strengthen their moats rather than weakening their positions.