Himax (HIMX) Stock: Apple and Nvidia May Be the Mystery Customers No One Is Talking About

TLDR

• Himax Technologies trades at $13.16, roughly 45% below the analyst consensus target of $23.70
• The stock fell over 45% in the past month after gaining nearly 66% over the prior 90 days
• Himax expects revenue from AI and AR glasses to grow “substantially” over the next few years
• A leading brand has already adopted Himax’s WiseEye chip for smart glasses, with mass production expected later in 2026
• A research report speculates Apple and Nvidia may be the undisclosed anchor customers

Himax Technologies ($HIMX) is trading at $13.16, down more than 45% over the past month, after a sharp run-up that saw the stock climb nearly 66% in the 90 days prior.

Himax Technologies, Inc., HIMX

Despite the pullback, analyst consensus puts fair value at $23.70 — a gap of roughly 45% to the current price. That’s the bullish case. The bearish one, based on a discounted cash flow model from Simply Wall St, puts intrinsic value at just $2.32 per share.

So the debate is very much alive.

The bull thesis centers on one thing: AI smart glasses. Himax makes ultralow-power AI processing chips and micro displays — two components that are hard to source elsewhere and critical for making smart glasses actually work without draining the battery.

In its Q1 2025 earnings call, CEO Jordan Wu told investors that “a leading brand has adopted our WiseEye for its smart glasses,” with mass production expected later this year. He also said additional brands are expected to follow.

Analyst research from Hunterbrook Media and Citrini Research, tracking patents, supply chain activity, and investment flows, suggests those mystery customers could be Apple and Nvidia. Neither company has confirmed this.

What the Numbers Look Like Right Now

Revenue has declined year over year for consecutive quarters, and net profit margins sit at around 4%. Not exactly a growth stock on paper.

But management guided for 10% to 13% sequential revenue growth in Q2, which would also mark a return to year-over-year growth. Higher gross margins are also expected, which could filter through to improved net margins.

Himax also recently launched its HE Series indirect Time-of-Flight depth decoder ICs — a new 3D sensing platform already adopted by OFILM for robotics use cases.

The company’s co-package optics (CPO) work is another piece of the story, targeting high-speed data transmission for AI data centers and high-performance computing infrastructure.

The Competitive Backdrop

Meta Platforms leads the smart glasses space today. It launched a new lineup in June with prices starting at $224. Apple, Alphabet, and Amazon are all working on their own versions with augmented reality features.

The argument for Himax is that it sits across all of them as a component supplier, rather than betting on one winner.

Market cap is currently $2.3 billion. The 52-week range runs from $6.85 to $25.09, which tells you how volatile this one has been.

Himax does carry real risks. Trade tensions, tariffs, and lumpy customer demand could weigh on margins and earnings expectations. The cash flow model and the earnings model are pointing in very different directions — and both can’t be right.

As of the most recent quarter, Himax said it expects revenues from AI and AR glasses applications to grow substantially over the next few years, with mass production from at least one major brand partner beginning later in 2026.

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