Leeno Industrial Inc. — AI supply-chain exposure

Leeno Industrial makes the tiny precision parts that physically touch a chip during test — spring-loaded pogo pins and the sockets that hold them — used at final test across both memory and logic. These are the consumable interface between a finished chip and the tester that certifies it.

The hook is that pogo pins wear out and are replaced continually, giving Leeno a recurring, high-margin consumable stream rather than one-off equipment sales, and broad exposure because every tested die needs contacting. The model places it in test and burn-in capacity: a small, unglamorous component that sits squarely on the critical path of getting any AI or memory chip verified and out the door.