The semiconductor revolution is no longer just about the giants in Santa Clara or the race for the smallest transistors—it is being won in the specialized trenches of the global digital infrastructure. As the world pivots toward decentralized networks and the next generation of wireless connectivity, the real value is being found in the companies providing the essential "nervous system" for these technologies.
This is where the investment conversation shifts from general tech growth to hyper-specialized infrastructure—and where significant opportunity remains for those looking beneath the $3 mark.
👉 One company is bridging the gap between high-performance silicon and the Web3 economy, turning its chip-design expertise into a massive, yield-bearing digital treasury.
👉 The other is the "hidden architect" of the 5G mmWave movement, building the wireless backbone that will replace fiber optic cables and power everything from autonomous robotaxis to military communications.
👉 Both represent critical, under-the-radar components of the global connectivity shift, trading at deep discounts to their intrinsic value and technical potential.
In this edition, we break down the hardware powering the blockchain and the millimeter-wave tech redefining how the world stays connected—and why these two stocks are the "silent enablers" of the next decade's digital expansion.
A multi-million-ounce gold story - still trading under $2
Large gold projects aren't always valued as such, early on. This company has already defined significant scale, yet its valuation still reflects early-stage.
That disconnect is what's catching attention now.
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Intchains Group (NASDAQ: ICG)
Intchains Group (NASDAQ: ICG) is a Singapore-based provider of integrated solutions for the blockchain industry, specializing in the design of high-performance Application-Specific Integrated Circuit (ASIC) chips for altcoin mining. Beyond hardware, the company has strategically pivoted toward becoming a comprehensive Web3 infrastructure player, managing a significant treasury of Ethereum (ETH) and developing decentralized applications and staking services.
Business Model and Revenue Streams 📦
Intchains operates a specialized business model that bridges semiconductor design with the volatile cryptocurrency market. By focusing on ASIC chips, they provide the "picks and shovels" for the digital gold rush, specifically targeting niche altcoins rather than the crowded Bitcoin mining space. The company generates revenue through three primary channels:
- Altcoin Mining Products (Goldshell): This is the company’s core revenue driver. It involves the sale of high-efficiency mining rigs under the "Goldshell" brand. These machines are designed for various algorithms, allowing users to mine coins like Litecoin, Dogecoin, and Alephium.
- Blockchain Infrastructure and Staking: A growing segment of the business involves providing Proof-of-Stake (PoS) services. Following recent acquisitions, Intchains now offers staking operations for major networks including Ethereum, Avalanche, and Manta, earning rewards by securing these decentralized protocols.
- Cryptocurrency Treasury Management: Unlike traditional semiconductor firms, Intchains holds a substantial amount of Ethereum on its balance sheet (nearly 9,000 ETH units). This creates a dual-revenue dynamic where the company benefits from both operational income and capital appreciation of its digital assets.
Macroeconomic policies, particularly interest rate shifts and global tech regulations, significantly influence Intchains. High-interest environments typically dampen speculative investment in crypto-assets, reducing demand for mining hardware. However, the company’s strong cash position and minimal debt—totaling over $66 million in cash equivalents—provide a significant buffer against tightening credit markets that often cripple smaller tech peers.
Recent Performance and Corporate Developments 📈
The company’s recent quarters have been defined by cyclical volatility, yet they have maintained a trajectory toward strategic expansion.
Q3 2025 Financial Highlights: 💰
- Total Revenue: Revenue for Q3 2025 was approximately $1.3 million (RMB 9.1 million). While this marked a sharp decline from the previous year due to "air pockets" in the mining rig release cycle, the nine-month revenue for 2025 totaled $25.9 million.
- Net Income: Despite an operational loss in the third quarter, the company reported a net income of $10.5 million for Q3, largely driven by a massive $15.1 million gain in the fair value of its cryptocurrency holdings.
- Strong Balance Sheet: As of late 2025, Intchains maintains a robust financial standing with total assets of $160.6 million and liabilities of only $5.6 million, giving it a current ratio of over 16.
Strategic Initiatives and Mergers: 🤝
In November 2025, Intchains announced a definitive agreement to acquire a Proof-of-Stake (PoS) technology platform from ECHOLINK Limited for $1.3 million. This acquisition is a major milestone, allowing Intchains to rebrand and operate its own staking platform. By bringing staking in-house, the company aims to generate consistent yields from its ETH treasury rather than relying solely on third-party providers. Additionally, the company is preparing for a "meaningful 2026 rebound" with the planned launch of next-generation Dogecoin mining rigs.
Profitability and Fair Value 🎯
Intchains presents a unique valuation case. On a GAAP basis, the company remains profitable, largely thanks to its smart treasury management. Its trailing P/E ratio sits at an incredibly low 4.7x–4.9x, and it trades at a price-to-book (P/B) ratio of roughly 0.41, suggesting the stock is trading at less than half the value of its net assets.
Many analysts view the current price as "deeply depressed." Because the company’s cash and ETH holdings alone are often worth more than its total market capitalization, investors are essentially getting the semiconductor R&D and mining business for "free." The path to fair value depends on the successful rollout of the 2026 product line and the stabilization of the altcoin market.
Analyst Estimates and Ratings 📊
- Consensus Rating: The consensus among covering analysts remains a "Strong Buy."
- Price Target: Wall Street maintains an aggressive outlook. Benchmark recently reiterated a "Buy" rating with a price target of $4.00, representing nearly 100% upside from the current price level of approximately $2.06. Some high-end estimates from earlier in the year reached as high as $7.50.
- Market Sentiment: Analysts expect the "air pocket" in revenue to close by the first half of 2026 as new chip tape-outs and Dogecoin miners hit the market.
Investor-Focused Takeaway: Is ICG Right for Your Portfolio?
Intchains Group is a high-beta play that combines the technical upside of the semiconductor industry with the high-reward potential of the Web3 space. It is a "value" stock in a "growth" sector, trading significantly below its book value.
What to Watch in the Near Term: 📈
- Dogecoin Miner Launch: The successful testing and release of the new Dogecoin rig in 2026 is the primary catalyst for a revenue rebound.
- Staking Integration: Watch for the official closing of the ECHOLINK acquisition and how quickly the company can transition its 9,000 ETH into yield-bearing staking.
- Crypto Market Cycles: Since net income is heavily tied to ETH prices, any major move in the crypto market will cause immediate volatility in ICG’s stock price.
Recommendation:
ICG is an attractive candidate for investors with a high risk tolerance who are looking for undervalued exposure to blockchain infrastructure. Its "fortress balance sheet" provides a safety net that most sub-$3 stocks lack.
Some Peers Trade 3× Higher - Why Is This Junior Still Overlooked?
Despite silver's surge and growing interest, one small-cap still trades at early-stage levels - even with major backing. As the market tightens, more eyes are landing on the gap. That window may close fast.
Understand the Setup Behind This Under-the-Radar Name
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Peraso Inc. (NASDAQ: PRSO)
Peraso Inc. (NASDAQ: PRSO) is a Silicon Valley-based fabless semiconductor company at the forefront of the 5G millimeter wave (mmWave) revolution. Specializing in the 60 GHz spectrum, Peraso provides the hardware and software required for multi-gigabit wireless connectivity, catering to high-growth markets like Fixed Wireless Access (FWA), military communications, and immersive consumer technologies like AR/VR.
Business Model and Revenue Streams 📦
Peraso operates on a fabless model, focusing on the high-value design and intellectual property (IP) of mmWave chipsets and antenna modules rather than maintaining expensive manufacturing facilities. Their revenue is diversified across several high-tech pillars:
- Millimeter Wave (mmWave) Products: This is the company’s primary growth engine. Peraso sells chipsets and modules that enable "fiber-like" speeds over wireless connections. In Q3 2025, this segment accounted for over 93% of total revenue, showcasing a successful pivot from their legacy memory business.
- IP Licensing and Engineering Services: Peraso leverages its extensive patent portfolio by licensing its wireless technology to other manufacturers and providing non-recurring engineering (NRE) services to customize solutions for specific industrial or military applications.
- Legacy Memory Products: While declining in strategic importance, Peraso still generates auxiliary revenue from high-performance memory devices used in networking and telecommunications equipment.
Macroeconomic conditions, particularly the "Broadband Equity, Access, and Deployment" (BEAD) program and similar global infrastructure initiatives, act as a significant tailwind. As governments push for universal high-speed internet, Peraso’s low-cost FWA solutions become a preferred alternative to digging expensive fiber trenches in urban and rural areas. However, as a small-cap tech firm, the company remains sensitive to the cost of capital and high interest rates, which can slow down the deployment cycles of its smaller ISP customers.
Recent Performance and Corporate Developments 📈
Peraso’s recent performance has been characterized by explosive growth in its core technology, even as the company navigates a potential "merger-of-equals" or acquisition.
Q3 2025 Financial Highlights: 💰
- Total Revenue: Reported at $3.2 million, a massive 45% sequential increase from the previous quarter. The mmWave segment reached a record $3.1 million.
- Gross Margin: Improved significantly to 56.2%, up from 48.3% in Q2, indicating better scale and a more profitable product mix.
- Net Loss: The GAAP net loss narrowed to $1.2 million (or -$0.15 per share), beating analyst expectations of a -$0.25 loss.
Strategic Initiatives and Mergers: 🤝
The biggest news in Peraso’s recent history is the ongoing strategic discussion with Mobix Labs (NASDAQ: MOBX). After an initial hostile approach, Mobix Labs entered into a mutual confidentiality agreement with Peraso in late 2025 to explore a "friendly" all-stock acquisition at a premium. As of January 2026, both companies are deep in due diligence. Additionally, Peraso recently expanded its board by appointing wireless industry veteran Cees Links and secured a $0.9 million order for FWA equipment from a new OEM, signaling growing market adoption.
Profitability and Fair Value 🎯
Peraso is currently in the "high-growth/pre-profit" phase of its lifecycle. While the company is not yet consistently profitable on a GAAP basis, its narrowing EBITDA loss—dropping to just $1 million in Q3 2025—suggests a clear path toward breakeven by 2027.
In terms of fair value, the stock is trading around $0.97, which is significantly below the $1.30 all-cash floor previously suggested by Mobix Labs during early negotiations. Many analysts estimate the "fair value" of the company's IP and market position to be closer to $2.80, suggesting the stock is currently undervalued by nearly 65% based on its growth trajectory in the 5G infrastructure space.
Analyst Estimates and Ratings 📊
- Consensus Rating: Peraso currently holds a "Strong Buy" consensus rating.
- Price Target: Benchmark and other boutique firms have reiterated a $3.00 price target, representing a potential upside of over 200%.
- Analyst Sentiment: Analysts are particularly bullish on Peraso’s "DUNE" platform and its new partnership with Virewirx for Robotaxi communication links, which opens a massive new Total Addressable Market (TAM) in autonomous vehicles.
Investor-Focused Takeaway: Is PRSO Right for Your Portfolio?
Peraso is a classic "small-cap, high-reward" semiconductor play. It offers direct exposure to the infrastructure side of 5G and the future of "tactical" (military) communications. The ongoing merger talks with Mobix Labs provide a potential "exit" or "catalyst" that could unlock immediate value for shareholders.
What to Watch in the Near Term: 📈
- M&A News: Any definitive agreement with Mobix Labs could cause an immediate re-rating of the stock toward the $1.30–$1.50 range.
- Q4 Earnings (March 2026): Watch if the company can meet its guidance of $2.8M–$3.1M and if gross margins remain above 50%.
- Military Contracts: The transition of "tactical communication" trials into production orders could be a game-changer for the 2026 revenue outlook.
Recommendation:
Peraso (PRSO) is ideal for investors seeking a speculative "turnaround" play in the wireless sector. With a record mmWave backlog and a potential acquisition on the horizon, it remains one of the most talked-about semiconductor stocks under $3.
They've built major gold stories before - and they're doing it again
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See what this experienced team is building now.
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Final Take: The Web3 Miner and the 5G Backbone Powering Digital Infrastructure
The digital transformation of 2026 isn’t just about consumer apps or flashy AI chatbots—it’s about the raw, high-performance infrastructure that makes decentralized finance and global connectivity possible. This requires two things: specialized silicon that can secure blockchain networks at scale, and millimeter-wave hardware that can move terabytes of data without a single wire.
That’s where Intchains Group (ICG) and Peraso (PRSO) stand apart as deep-value opportunities.
⛓️ Intchains Group (ICG) — The Silicon Bridge to Web3
- ✔ Fortress Balance Sheet: Holds more cash and Ethereum than its entire market cap.
- ✔ Product Catalyst: Next-gen Dogecoin and altcoin mining rigs launching in 2026.
- ✔ Strategic Expansion: Moving beyond hardware into high-margin PoS staking and decentralized infrastructure.
- ➤ Best for: Value investors looking for "asset-heavy" exposure to the blockchain recovery with a massive margin of safety.
📡 Peraso (PRSO) — The High-Speed Nerve System of 5G
- ✔ Record Momentum: mmWave revenue hitting record highs with 45%+ sequential growth.
- ✔ Market Expansion: Critical partnerships in Robotaxi data-offload and military tactical communications.
- ✔ M&A Potential: Ongoing merger talks provide a potential valuation floor and an immediate catalyst for price re-rating.
- ➤ Best for: Growth-oriented investors seeking a speculative turnaround play in the 5G infrastructure and autonomous vehicle sectors.
Investor Insight
🧩 Want blockchain hardware dominance with a massive crypto treasury? → ICG
⚙️ Want next-gen wireless exposure with an active M&A catalyst? → PRSO
Bottom Line:
The future of the digital economy doesn't run on hype—it runs on the specialized chips that process transactions and the high-frequency modules that transmit data.
Intchains owns the specialized "picks and shovels" for the next crypto cycle, while Peraso supplies the wireless "fiber" that makes the modern city possible. As the market looks beyond mega-cap tech for the next layer of growth, ICG and PRSO aren't just penny stocks—they are the foundational building blocks of 2026.
Happy Trading
— Team Premium Stock Alerts
