According to 13D Activist Fund's Q2 2026 investor letter, activist investor Elliott Investment Management has built a multi-billion dollar position in Synopsys (Nasdaq:SNPS), a provider of design IP solutions for the semiconductor and electronics industries. Elliott believes that despite its strong strategic position, Synopsys is undervalued relative to its peer Cadence Design Systems, noting that Synopsys has underperformed Cadence over the past 1, 3, and 5 years, and currently trades at a P/E ratio of 28.1x compared to Cadence's 35.5x. Synopsys acquired Ansys, a leading simulation software company, for approximately $35 billion in July 2025, and currently has a market capitalization of $78.51 billion.