Adeia, the intellectual property licensing firm that quietly underpins much of the semiconductor and media industries, has doubled its long-term chip revenue target to $200 million annually — a signal that hybrid bonding, once a laboratory curiosity, has become load-bearing infrastructure for the AI era. The company's second quarter results, anchored by $96.1 million in revenue and twelve new customers, reflect not just a business performing well, but one that has deliberately remade itself over four years, trading dependence on a shrinking Pay-TV world for footholds in semiconductors, e-comme