Semtech designs and sells analog and mixed-signal semiconductors and IoT connectivity solutions. Its products serve three main areas: data center networking, IoT devices, and consumer/industrial electronics protection. In data centers, Semtech's FiberEdge ICs are used inside optical transceivers running at 400G, 800G, and 1.6T speeds, and its CopperEdge chips power Active Copper Cables that connect GPUs and switches inside AI clusters with low power consumption. Semtech sells these chips to optical module makers and cable manufacturers, who in turn sell to hyperscalers. In IoT, Semtech's proprietary LoRa technology is a long-range, ultra-low-power wireless radio chip used in smart meters, asset trackers, and industrial sensors — Semtech is the sole supplier of LoRa chips. Semtech also sells Transient Voltage Suppressors (TVS), which protect smartphones and other electronics from voltage spikes; smartphones are the largest application. Through its Sierra Wireless acquisition, Semtech also sells cellular IoT modules, industrial routers, and cloud connectivity services, though it is actively pursuing a divestiture of the cellular module portion. Semtech operates largely as a fabless chipmaker, outsourcing manufacturing to third-party foundries. Its semiconductor business runs on a "design win" model, where chips get embedded into a customer's product platform and tend to stay for the platform's lifetime, creating revenue stickiness. The company's stated priorities are growing its data center IC business, expanding the LoRa ecosystem, and optimizing its portfolio by shedding lower-margin hardware businesses.