Alpha HPA (A4N): AI's Hidden Chip Supply Chain Play
Homodeus Research hosts Alpha HPA (ASX: A4N) Managing Director Rob Williamson for a deep dive into one of the ASX's less obvious AI-adjacent plays — a fully-funded, $1B+ market cap business that manufactures high-purity alumina (HPA), a performance material rather than a mined commodity. Alpha closed a $225M capital raise backed by the National Reconstruction Fund, AusSuper and Orica, and now holds $200M+ in cash funding its Stage 2 build in Gladstone, Queensland. Rob explains the proprietary technology, the customer base, and why Alpha sits structurally on the supply side of the AI capex…
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