Invariantum

Synopsys: exceptional switching-cost moat in a foundry-certified EDA duopoly, fully intact — retention ~100%, 85% recurring, ~$11bn backlog, 41.6% margin. No entrant in decades. Declined at gate three: demand is level 3, resting on the semiconductor trajectory rather than a permanent human need. A structural plateau would shrink revenue without ever breaching the moat, so the drawdown may not reverse. No Layer 2 entry.