Ceva Inc. — AI supply-chain exposure

Ceva is an intellectual-property licensor rather than a chipmaker: it designs DSP, neural-processing and connectivity cores and licenses them to other companies, who bake them into their own system-on-chip designs. Its NeuPro NPU cores show up in edge-AI silicon across consumer, automotive and industrial products, giving the company reach into inference that happens on devices rather than in the data centre.

The structural hook is the licensing model itself. Ceva earns from IP embedded inside other firms' chips, so it rides the spread of on-device AI without carrying fabrication or capacity risk. That is a resilient but diffuse position — it is upstream design IP, one input among many in any given SoC, and it is aimed at the edge rather than the frontier training clusters that dominate the value chain. Useful breadth of exposure, but not a central node, which the modest weight reflects.