Graphene for the win? Research firm Pitt Street flags opportunity in Adisyn’s chip tech

• Research firm Pitt Street values Adisyn at 29 cents per share
• Adisyn’s graphene trials are now underway
• 2026 demo prototype is the key milestone

The global semiconductor industry is running rapidly into a new reality: the easy gains are gone.

Transistors keep shrinking, performance demands keep rising, and the materials that powered the last generation of chips are starting to show their limits.

Copper wiring, hotter chips, lower margins for error – the physics are becoming less forgiving just as demand for speed accelerates.

Pitt Street Research’s latest report highlights why next-generation interconnect technology is becoming a critical focus area, particularly as copper approaches its practical limits at sub-10-nanometre scale.

The market’s reliance on incremental efficiency gains is giving way to an urgent question: what replaces copper when further miniaturisation becomes commercially unviable?

Against this tightening semiconductor landscape, Pitt Street points to one ASX-listed company working on that exact problem – Adisyn (ASX:AI1).

With the current share price trading around 6-7 cents, Pitt Street has reiterated a valuation of 29 cents per share.

Pitt Street says this 29-cent valuation is based on a ‘Sum-of-the-Parts’ approach, with 22 cents attributed to Adisyn’s graphene development arm 2D Generation, and 7 cents to its legacy services business.

The valuation is not presented as a near-term target, but as a reflection of how technical progress could translate into value if the development roadmap continues to be met.

What Adisyn is actually building

To understand why Pitt Street sees potential re-rating ahead for Adisyn, you first need to strip away some jargon.

What Adisyn is tackling is a very specific problem in chip manufacturing: the tiny wires that connect transistors, known as interconnects.

Today, those interconnects are mostly made from copper. And here’s the issue – copper simply wasn’t designed for the extreme miniaturisation modern chips now demand.

As chips shrink below 10 nanometres and push toward 2nm and smaller, copper starts to struggle. It increases resistance, runs hotter, and slows data flow.

That bottleneck limits how far performance can improve without chip makers throwing huge amounts of money at increasingly complex workarounds.

Graphene has properties that avoid these copper limitations.

It’s far more conductive than copper, produces less heat, and continues performing efficiently even at ultra-tiny scales. That makes it a potentially superior material for next-generation interconnects – the pathways that allow modern chips to move data cooler and more efficiently.

Adisyn’s approach, through its subsidiary 2D Generation, is to apply graphene using a process called Atomic Layer Deposition (ALD).

In practical terms, ALD allows engineers to build graphene layers one atom at a time, creating films that are incredibly thin and extremely uniform.

That uniformity is not just a technical detail. It directly impacts how reliably a chip performs and how many usable chips can be produced from each wafer.

And in chip manufacturing, yield equals profitability.

The recent milestone Pitt Street is watching

On November 17, Adisyn announced that 2D Generation had successfully validated a key sub-process in its pre-cleaning stage using newly installed Beneq ALD tools.

Watch a video about that later: Break it Down: Adisyn graphene deposition tech passes wafer milestone

This step focuses on creating smooth and uniform wafer surfaces before graphene is deposited. The aim is to minimise contaminants and ensure consistent deposition conditions.

Pitt Street views this as a meaningful technical milestone. In its words, “Being able to validate this pre-cleaning step works as expected is a big tick in the development box, in our view.”

With that step validated, the company now moves into the next phase: actual graphene deposition trials.

Over the coming months, 2D Generation will test different carbon-ring precursor compounds, adjusting parameters like gas flow, temperature and pressure to identify optimal recipes for creating high-quality graphene films.

Initial feedback from these trials is expected late in 1Q26 or early in 2Q26.

Why Pitt Street sees value, but not overnight

The 29-cent per share valuation is not based on near-term revenue, but on development progression and the long-term strategic value of the technology if it proves scalable.

Pitt Street noted that meeting the next major milestone – delivery of a demo prototype towards the end of 2026 – will be crucial.

That prototype would demonstrate graphene interconnects working on a functional 1x1cm chip.

Beyond improving heat performance and allowing tighter transistor density, the demo prototype is expected to show faster signal transmission, lower power consumption and reduced electrical interference between pathways.

In simple terms, it aims to prove that graphene interconnects can move data more efficiently and reliably than copper at extreme miniaturised scales.

If successful, Adisyn could position itself not just as an ASX tech experiment, but as a potential strategic asset to the global semiconductor ecosystem.

Pitt Street does flag the possibility of future M&A interest from semiconductor equipment OEMs, but is careful not to speculate on valuation outcomes at this stage, noting how volatile and cyclical this industry can be.

Rather than overselling upside, the research firm frames the opportunity as one that will unfold step-by-step, with valuation sensitivity linked directly to technical progress and partner engagement.

So for investors, this is not a straight-line narrative.

It is a long build in an industry that rewards patience and discipline more than speed.

This story does not constitute financial product advice. You should consider obtaining independent advice before making any financial decision.

At Stockhead we tell it like it is. While Adisyn is a Stockhead advertiser, it did not sponsor this article.