The chip industry supplier AIXTRON SE $AIXA (+0,58%) has received a significant order: Lumentum $LITE (+1,49%) a leading global provider of optical and photonic technologies for artificial intelligence (AI) and cloud data centers, has ordered several G10-AsP MOCVD systems. As the company announced in Herzogenrath on Tuesday, the order reflects the growing demand for indium phosphide (InP)-based lasers and detectors. These components are essential for the rapid growth of large-scale AI data center networks. Financial details of the deal were not disclosed.

Now that everyone is posting their April Rewind, I'm joining in. My three best performers were these stocks:

$GLXY (-0,77%) with 70.22 %

$NBIS (-0,93%) with 56.98 %

$AIXA (+0,58%) with 55.10%

I am very satisfied and hope that May will be just as good as April 🎉🙌🏽

Which ones are you invested in?

+107% Intel $INTC (+2,98%)

+92% Credo Techn. $CRDO

+91% Astera Labs $ALAB (+13,94%)

+73% MediaTek $2454

+72% AMD $AMD (-1,19%)

+72% Seagate $STX (-0,32%)

+71% SanDisk $SNDK

+67% KIOXIA $285A (-1,78%)

+66% ON Semiconductor $ON (-3,39%)

+61% STMicroelectronics $STM (+1,44%)

+55% Marvell $MRVL (+5,52%)

+51% NXP $NXPI (+0,86%)

+49% Siltronic $WAF (-4,01%)

+47% GLOBALFOUNDRIES $GFS (-0,22%)

+47% SK Hynix $000660

+47% Micron $MU (+3,46%)

+46% Infineon $IFX (-1,57%)

+45% Western Digital $WDC (+0,05%)

+43% Texas Instruments $TXN (+1,06%)

+42% Arm Holdings $ARM (+3,78%)

+41% QUALCOMM $QCOM (-3,28%)

+41% Monolithic Power $MPWR (-0,79%)

+40% Aixtron $AIXA (+0,58%)

+40% Microchip Techn. $MCHP (-2,12%)

+34% Broadcom $AVGO (-1,93%)

+30% Skyworks $SWKS (-0,25%)

+25% Samsung Electronics $005930

+24% Analog Devices $ADI (+0,17%)

+18% TSMC $TSM (-0,29%)

+16% Lam Research $LRCX (-1,62%)

+14% KLA $KLAC (-0,62%)

+13% NVIDIA $NVDA (-0,25%)

+10% Applied Materials $AMAT (-1,42%)

+9% ASML $ASML (-0,62%)

I have AMD. Which one do you have?

$AIXA (+0,58%)

Well, I'll just let the share continue to run. And stay invested.

Aixtron is more optimistic about the current year thanks to surprisingly strong demand in the optoelectronics sector. The system manufacturer is now forecasting revenue of EUR 530 to 590 million for 2026 - previously the forecast was around EUR 40 million lower. The management is also more confident about profitability and has raised the expected EBIT margin to between 17 and 20 percent.

However, the start to the year was mixed: although turnover in the first quarter was within the company's own target range, at 59 million euros it was well below market expectations and below the previous year's figure of 112.5 million euros. In addition to the weak volume, extraordinary costs in the course of personnel measures also had a negative impact. As a result, the operating margin slipped deep into the red.

Nevertheless, optimism prevailed on the stock exchange, especially as the weakness in the first quarter was expected. Tailwind also came from analysts: Barclays confirmed its "Overweight" rating with a target price of 33 euros. Above all, the momentum in the optoelectronics business and strong order signals underpin the raised targets. Weaknesses in the first quarter are seen as temporary. JPMorgan and Citi also remain optimistic and confirm their buy recommendations. Citi analyst Andrew Gardiner explained that although sales in the first quarter were slightly weak, this was more than offset by strong demand in the optoelectronics segment and the raised forecast. Given the strength of AI-driven demand for optoelectronics, Gardiner expects this trend to continue until at least 2027.

Conclusion

The Aixtron share has already performed extremely strongly in recent months. Since the contrarian purchase in AKTIONÄR HSR's 2030 portfolio in June 2025, Aixtron has achieved 200 percent price gains for readers as of today. The share price has more than doubled since the turn of the year. This makes Aixtron by far the best-performing stock in the MDAX, ahead of Nordex, which has gained 55%. Nevertheless, the share was able to make further gains compared to the Xetra close on Wednesday morning. Investors who are already invested are staying put.

https://www.deraktionaer.de/artikel/aktien/aixtron-erhoeht-prognose-aktie-mit-starker-entwicklung-20399002.html

Hello everyone,

In yesterday's vote, the majority decided in favor of a company presentation of AIXTRON $AIXA (+0,58%) was chosen.

AIXTRON was one of my first stocks many years ago. At a time when the Internet had just been invented. When lighting was still provided by light bulbs.

At that time, AIXTRON was a pioneer in LEDs, which were available as small red diodes. And there was still no thought of using them for lighting. And I was laughed at by some people for investing in a company that produced small red light-emitting diodes. Or builds the machines for production.

The fact that this technology had a future became apparent when Mercedes used these diodes as brake lights in a new S-Class.

A report in the Financial Times spoke of enormous energy savings if these new semiconductor diodes were used in traffic lights.

All these positive reports gave the AIXTRON share an enormous performance boost.

There was a further boost when it became possible to illuminate entire rooms with LEDs and the EU Commission no longer permitted the use of light bulbs.

In the end, I had enough equity from my share price gains to finance a property. But I never completely parted company with AIXTRON. And now the story can continue.

Ladies and gentlemen, I hope I haven't bored you with this little blast from the past.

So let's move on to the present and the future of AIXTRON.

$AIXA (+0,58%)

AIXTRON SE is a company based in Germany. The company is a provider of deposition equipment for the semiconductor industry. The company develops, manufactures and installs systems for the deposition of complex semiconductor materials and offers deposition processes, consulting, training, customer support and service for these systems. It also offers peripheral equipment and services for the operation of its systems. The company also supplies deposition equipment for mass production, research and development (R&D) and pre-series production.

Number of employees: 1,057

Research and development (R&D) In addition to the R&D center at the headquarters in Herzogenrath, Germany, AIXTRON maintains a further development center in Cambridge, UK. The laboratories, which are equipped with AIXTRON systems, are used to research and develop new systems, materials and processes for the manufacture of semiconductor structures. The innovation center with over 1,000 m² of clean room space is located at the Herzogenrath site. This center specializes in the development of future system generations, particularly in the area of 300 mm wafer technology.

AIXTRON invests specifically in research and development projects to maintain and expand its leading position in deposition systems for applications such as lasers, micro LEDs, specialty LEDs, memristors and the production of wide-band-gap materials for power electronics. The company is also working on innovative 2D nanostructures, which are currently considered to have great potential in research.

AIXTRON aims to secure its technologies via corresponding patents if these are strategically expedient for the Company. As of December 31, 2025, the Group had 306 patent families

Competitive position AIXTRON operates in a global, highly competitive environment for deposition equipment for the deposition of compound semiconductors based on CVD and MOCVD technologies. Key competitors include:

- Veeco Instruments Inc. (USA) ("Veeco")

- Taiyo Nippon Sanso (Japan) ("TNS")

- Tokyo Electron Ltd (Japan) ("TEL")

- ASM International N.V. (Netherlands) ("ASM")

- Nuflare Technology Inc (Japan) ("Nuflare")

- Advanced Micro-Fabrication Equipment Inc (China) ("AMEC")

- Beijing NAURA Microelectronics Equipment Co, Ltd (China) ("Naura")

- Zhejiang Jingsheng Mechanical & Electrical Co, Ltd (China) ("JSG")

- Tang Optoelectronics Equipment Corporation Limited (China) ("TOPEC")

- Agnitron Technology Inc (USA) ("Agnitron")

According to data from the market research institute Yole Group, AIXTRON has maintained its global market leadership in MOCVD systems for compound semiconductors in 2024. The estimated market share is 77%. Veeco (USA) follows with 8%, Tokyo Nippon Sanso (Japan) with 5% and AMEC (China) with 4%. According to estimates, the global market volume for MOCVD systems amounted to around USD 550 million in 2024 (previous year: USD 580 million)

In the field of CVD systems for silicon carbide, AIXTRON recorded a market share of around 27% in 2024, according to the Yole Group. This positions the company between ASM (Netherlands) with 32% and Tokyo Electron (Japan) with 16%. The global market volume for SiC CVD systems amounted to around USD 500 million (previous year: around USD 520 million).

AIXTRON's customer base is broadly diversifiedbut 2025 was clear:

• Optoelectronics = growth driver
• China = strongest market
• Power electronics in the West = weak
• LED/Micro-LED = declining

This structure also explains the volatility in incoming orders and the strategic focus on new platforms (G10-SiC, 300 mm GaN, G10-AsP).

Jefferies rates Aixtron a 'Buy' - Target 36.50 euros

26.3.2026 08:35:01 | Source: dpa

NEW YORK (dpa-AFX) - Analyst firm Jefferies has maintained its Buy rating on Aixtron with a price target of 36.50 euros. Om Bakhda commented on the construction of a new plant in Malaysia in a study published on Thursday. The capacity expansion clearly reflects the confidence that demand will rise sharply in the coming years - especially from Asian customers of the chip industry supplier. He had previously indicated a capacity expansion as a possible share price driver./rob/tih/ck

AIXTRON-Aktie im Fokus: Malaysia-Expansion sorgt für Kursrückgang – steckt dahinter eine große Wachstumschance?

Aixtron - machine manufacturer in the semiconductor industry could become a major beneficiary of the next wave of AI expansion.

According to the Börse Online (issue 47/2025), the majority of AI investments bypass Germany. However, the M and TecDAX company Aixtron [WKN: A0WMPJ, ISIN: DE000A0WMPJ6] as a latecomer, must be seen as having great potential in its plan to become a supplier of high-tech machines for semiconductors used in the operation of data centers.

A tripling of installed capacities in data centers from the current 82 GW to 219 GW in 2030 will not happen without improvements in the speed and energy efficiency of the semiconductors required.

GaN technology should be in demand with the use of Nvidia's 800-volt database technology

Aixtron addresses precisely these issues with its machines for the production of coated semiconductors, laser technology and optical components. The US hedge fund Kerrisdale sees potential for silicon carbide semiconductors in the energy sector.

However, the new 800-volt database technology from Nvidia is likely to have an even stronger growth impact on Aixtron's business. The 800-volt direct current technology requires semiconductors with gallium nitride (GaN) for a higher switching speed.

Aixtron is one of the pioneers in GaN semiconductor manufacturing equipment. Aixtron is conducting tests with pilot systems with numerous chip manufacturers. If Nvidia uses the new 800-volt technology in all its products from 2027, Aixtron's currently low business volume is likely to increase significantly, as other semiconductor manufacturers are then also likely to rely on corresponding technologies.

Strong market position in the field of coating technologies should ensure a full order book

Aixtron already holds a high market share in coating technology. With the launch of the 800 volt technology, the order book should fill up again significantly from next year at the latest.

The US investor Kerrisdale even believes that Aixtron can achieve annual sales of more than EUR 1 billion in the coming years based on these prospects, after expected sales of EUR 540 million for 2025.

If the business then scales, earnings of up to EUR 2 per share are conceivable from 2028. According to Kerrisdale, if this result is compared with the current multiples of other equipment suppliers, there is a share price potential of more than 200%. Börse Online initially advises a target price of 25 euros for entry (42 % potential).

AIXA FY-2025 Results Presentation.pdf

Geographical distribution of sales:

(2025 EUR)

China 232 million

USA 106 million

Europe (excluding German) 62.22 million

Germany 51.37 million

Japan 46.2 million

Taiwan 35.41 million

Korea 15.87 million

Americas (excluding USA) 4.36 million

Malaysia 1.72 million

Asia (excluding China/Taiwan) 0.97 million

EUR in millions

Estimates

Year Turnover Change

2025 556,6 -12,1 %

2026 533,9 -4,07 %

2027 679,8 27,33 %

2028 771,2 13,44 %

Year EBIT Change

2025 100,3 -23,58 %

2026 93,96 -6,31 %

2027 156,2 66,22 %

2028 189,3 21,21 %

Year Net result Change

2025 85,23 -19,81 %

2026 70,49 -17,29 %

2027 112,8 59,97 %

2028 136,8 21,36 %

Year Net debt CAPEX

2026 -251 30,26

2027 -328 28,78

2028 -368 31,07

Year Free cash flow Change

2024 -72,47 34,07 %

2026 160,1

2027 76,65 -52,14 %

2028 94,44 23,21 %

Year EBIT margin ROE

2025 18,02 %

2026 17,6 % 7,55 %

2027 22,97 % 11,4 %

2028 24,55 % 12,86 %

Year Earnings per share Change

2025 0,76 -19,15 %

2026 0,6291 -17,22 %

2027 1,007 60,03 %

2028 1,232 22,34 %

Year Dividend p share Yield

2026 0,1717 0,53 %

2027 0,2213 0,68 %

2028 0,2859 0,88 %

Year FCF Yield

2026 4,68 %

2027 2,29 %

2028 2,86 %

Year P/E ratio PEG

2025 22.8x -1.2x

2026 51.7x 3.81x -3x

2027 32.3x 3.46x 0.5x

2028 26.4x 3.13x 1.2x

Market value 3,671

Number of shares (in thousands) 112,786

Date of publication 26.02.2026

Aixtron since 11.06.2025 approx. 155 percent

$AIXA (+0,58%)

$AIXA (+0,58%)

Aixtron is to be included in the broad-based European share index Stoxx Europe 600. According to the index operator Stoxx, there will be the following further changes to the index, which will come into effect at the start of trading on March 23, 2026.

ETFs for this:

$EXSA (-0,67%)

$XSX6 (-0,62%)

$XSX7 (-0,62%)

$DPZ (+1,9%)
$HIMS (+0,57%)
$KTOS (-0,97%)
$DOCN (+1,78%)
$FME (-0,13%)
$KDP (-1,54%)
$AMT (+3,46%)
$HD (+1,32%)
$WDAY (+0,08%)
$FSLR (-4,76%)
$TEM (+4,39%)
$O (+1,32%)
$MELI (+1,01%)
$HPQ (+0,78%)
$LCID (-2,03%)
$DRO (-4,72%)
$HSBA (-1,71%)
$FRE (+0,6%)
$AG1 (+2,06%)
$CRCL (+0,45%)
$UTHR (+0,36%)
$LDO (+1,05%)
$IDR (+0,18%)
$NTNX (+2,09%)
$PARA (+0,47%)
$NVDA (-0,25%)
$TTD (-4,33%)
$AI (+1,6%)
$CRM (+0,41%)
$SNPS (+0,24%)
$SNOW (+2,83%)
$PSTG (-0,85%)
$ZIP (-0,7%)
$ZM (-0,52%)
$NU (+0,09%)
$RR. (+0,3%)
$MUV2 (-0,79%)
$BIDU (+0,42%)
$CELH
$DTE (+1,75%)
$STLAM (-0,46%)
$WBD (+0,65%)
$HAG (+7,8%)
$QBTS (-3,5%)
$LKNCY (-0,37%)
$BABA (+2,1%)
$G24 (+0,31%)
$HTZ (-5,1%)
$PUM (-1,97%)
$AIXA (+0,58%)
$RUN (-1,65%)
$INTU (-0,3%)
$WULF (+1,5%)
$MNST (-2,09%)
$SQ (-1,57%)
$ADSK (+0,44%)
$MP (-1,44%)
$RKLB (-1,79%)
$SOUN
$SMR
$CRWV (-3,5%)
$CPNG (-2,34%)
$DUOL

Dear Community,

The Challenge is now in its third month and there have been some minor changes. I would like to tell you about them today.

First of all, some bad news for everyone who finds the experiment interesting, because I'm going to let it come to an end. Not because it has become a financial disaster, but because I don't have the time to look after it in a way that adds value for the community.

So here is something like a final report.

At the last update in November 2025, after the sales of $HIMS (+0,57%) and $3350 (+2,96%) and the purchase of $DEFI (+1,72%) the following stocks were still in the running:

$DEFI (+1,72%) with 245 shares

$LTMC (+0,98%) with 23 shares

$AIXA (+0,58%) with 36 shares

$CRCL (+0,45%) with 5 shares

Already on 06.01.2026 $LTMC (+0,98%) had to pack his bags as the regulatory issues had become too confusing for me.

Shortly afterwards, on 19.01.2026, I also had to $AIXA (+0,58%) had to leave the portfolio with a positive result.

This left only the two stocks $DEFI (+1,72%) and $CRCL (+0,45%) remained.

Unfortunately, both stocks were a reach for the ceramics and did not perform satisfactorily.

$DEFI (+1,72%) -62,21%

$CRCL (+0,45%) -45,95%

As a punishment, these two positions will be held until they reach € 0 or offer a surprise.

The result of this experiment is therefore sobering, but it was clear from the outset that it was a gamble and, as I wrote in the last post on this experiment, nobody who presented one of the stocks has anything to reproach themselves for!

Here is the final statement before deducting the positions that found a place in the experiment:

$HIMS (+0,57%) Buy € 546.92 Sell € 496.32 Result - € 50.60 -9.26%

$3350 (+2,96%) Purchase € 525.00 Sale € 459.00 Result - € 66.00 -12.58%

$LTMC (+0,98%) Purchase € 518.42 Sale € 522.56 Result +€ 4.14 +0.8%

$AIXA (+0,58%) Purchase € 503.64 Sale € 666.72 Result +€ 163.08 +32.38%

$DEFI (+1,72%) Purchase € 1,012.10 Current value € 382.52 Result -€ 629.58 -62.21%

$CRCL (+0,45%) Purchase € 555.00 Current value € 300.00 Result -€ 255.00 -45.95%

The bottom line is that € 2,827.12 of the € 3,661.08 invested in the course of the experiment, including the securities still in the portfolio of $DEFI (+1,72%) and $CRCL (+0,45%) have become.

This means a loss of € 833.96 or 22.78% within the three months of the experiment.

What do I take away from the experiment? That I lost money? No, that's the product, but not the insight, not what I take away.

For me, the insight is that you can be convinced of a share by an idea, but this is no guarantee that the company will perform in the same way.

The tips were not bad, but the market has its own rules. It may well be that each of these stocks will be worth many times more in 3 years' time. That's why I'm simply leaving the two remaining stocks in my portfolio - after all, they don't eat bread ;)

With any investment, you have to be aware that an investment can go either way. Therefore, in addition to a conviction in a company, a precise analysis of the fundamental data is also important. Very often, companies are presented here with an absolutely outstanding performance, including all the data. Many of these companies will certainly become multibaggers in the future with strong growth. Some will need a little more time, others a little less. But some of them may also end in a total loss.

My tips after the experiment:

Decide on stocks that are absolutely convincing to you and the figures "fit"

Set yourself limits up to which you can cope with losses

Don't forget the "safe" stocks, despite all the hope of making big gains in a short space of time

With this in mind, the rabbit wishes you a nice Sunday, even if he is looking a little sad at the moment, he is not in a bad mood and hopes that the experiment has also given you a little added value.

Your rabbit - André

My dears, as we look ahead to the new year, I'm already taking a look around.

With the question of which values could be the winners in 2026.

Last year, I read comments from time to time. Which said that the top performers of 2024 will not perform next year or will even lose.

If I had listened to them, I wouldn't have stayed invested in AppLovin. And I would have missed out on the Tenbagger 2025.

Dear ones, how are you dealing with your TOP performers from this year?

When looking at the TOPs from the indices, I keep noticing which pearls in the NASDAQ Composite are hidden.

My TOPs from this index are in the upper midfield.

It takes a lot of courage and risk to be among the best stocks here. Because as you can see, almost all of these stocks have no P/E ratio. That means they are not profitable.

But there are also these gems in the S and M DAX, and perhaps it is worth taking a closer look here. Even if we like to talk Germany down.

There are also a few surprises, so I wouldn't have bet a flower pot on SMA Solar and Nordex. Even a Tenbagger is off the mark 😂🙈. Or who of you would have expected these stocks to be at the top?

Which value is a surprise for you, and which values do you still see at the top?

After all, a turn of the year shouldn't put an end to momentum.

@Epi
@Krush82

I am at least pleased to be among the winners in some indices. 😘

My TOPs from the stock market indices:

NASDAQ $MU (+3,46%) Micron 205.34 %

$APP (-3,02%) AppLovin 126.32 %

$GOOGL (-2,05%) Alphabet 62.94 %

DAX$SIE (-1,89%) Siemens 24.58 %

$ENR (-1,23%) Siemens Energy 140.30 %

Dow Jones$NVDA (-0,25%) NVIDIA 38.50 %

$MSFT (-1,19%) Microsoft 11.19 %

M DAX - - - - -

NIKKEI$6857 (-1,45%) Advantest 98.45 %

TecDAX$AIXA (+0,58%) Aixtron 17.87 %

SDAX -------

NASDAQ Composite

$FEIM (+0,56%) Frequency Electronics 159 %

$GILT (-2,27%)
Gilat Satellite Networks 102 %

$IESC (-1,71%)
IES Holdings 92,5 %

NASDAQ

DAX

Dow Jones

M DAX

NIKKEI

TecDAX

SDAX

NASDAQ Composite

German machine builder for semiconductor equipment - key player in SiC/GaN and optoelectronics. Aixtron ($AIXA (+0,58%) ) supplies the equipment on which the next generation of energy-efficient chips is manufactured - indispensable for AI data centers, electromobility and datacom.

⚙️ What does Aixtron do?

➡️ Specialist for MOCVD and CVD systems for the production of III-V semiconductors (e.g. GaN, SiC).

➡️ Core markets: Power electronics (SiC/GaN), optoelectronics (laser, datacom) and special applications (LEDs, micro-optics).

➡️ Sales basis: 78% equipment, 22% after sales - clear focus on AI & e-mobility growth markets.

➡️ Regions: 60% Asia, 17% Europe, 23% Americas.

➡️ Location: Herzogenrath (NRW), globally active with a focus on Asia, Europe & USA.

📊 Figures & growth (Q3 2025)

📉 Turnover: € 119.6 million (previous year € 156.3 million) → Decline ≈ -23.5 % Y/Y.

📉 Gross margin: ≈ 39% (Q3 2024: 43%) → Margin pressure due to volume shifts & FX effects.

📉 Incoming orders: € 124 million (previous year € 143.4 million) → further decline.

📊 Outlook for 2025: Sales € 530-565 million (previously up to € 600 million), EBIT margin 17-19%.

💰 Balance sheet: Net cash strong, equity ratio high - solid financial base.

🧩 R&D ratio: ~13% - above industry average, underlines technological leadership ambition.

📈 Book-to-bill ratio: 1.04 - shows start of recovery in incoming orders.

🟢 The opportunities

🧠 Technological leadership: Aixtron dominates the production of systems for GaN and SiC - key materials for the next generation of power electronics. This technology enables more efficient power conversion in e-mobility, charging infrastructure, wind energy and data centers.

🌐 Growth through AI & data center boom: Demand for high-speed lasers and optical data communication is growing at > 45% CAGR. Aixtron supplies the key equipment for InP-based laser chips, which are essential for AI servers and cloud networks.

🧱 Strong market position & barriers to entry: The new G10 portfolio offers up to ten times lower defect densities than previous models. High process complexity, patent protection and manufacturing expertise create high barriers for competitors such as Veeco or AMEC.

💸 Solid balance sheet & R&D power: With a 13% R&D share and robust cash position, Aixtron can continue to invest even in periods of weakness - the basis for long-term technological leadership.

📈 Cyclical turning point as an entry window: After the decline in demand in 2025, the valuation is moderate. Rising investments in SiC/GaN from 2026 could usher in the next cycle.

🔴 The risks

⚠️ Cyclicality & timing: Aixtron operates in a highly cyclical market environment. Demand for SiC and GaN equipment is currently declining as customers postpone their investments. A delayed upturn in power electronics could further dampen sales in 2025.

⚠️ High expectations: The market is already pricing in a turnaround for 2026. If this fails to materialize, there is a risk of valuation markdowns. Investors are currently expecting a rapid rebound - any delay will be disproportionately penalized.

⚠️ Currency and volume effectsPostponement of major orders to the fourth quarter and unfavorable exchange rates (especially USD/EUR) are putting pressure on margins and earnings. Short-term forecast deviations are therefore more likely than upside surprises.

⚠️ Technological competitionThe semiconductor equipment market is driven by innovation. Competitors such as Veeco and AMEC are investing heavily in GaN and SiC technologies. AIXTRON must consistently defend its technological leadership position - any lag in innovation could cost market share.

💡 Conclusion & outlook

Aixtron remains a strategically important player in energy efficiency and optoelectronics.

In the short term, the cycle is a burden, but in the long term the technology leadership offers a clear investment story.

🎯 Long-term goal:

Growth phase after 2026 with accelerated SiC/GaN investments.

💬 Community question:

Do you think Aixtron is a "turnaround entry" or the risky cyclical with high uncertainty?