The author proposes a pair trade shorting Synopsys (SNPS) and Cadence (CDNS) due to declining design IP revenue and lost Chinese market share, while going long on Chinese EDA firms Empyrean and Primarius. Additionally, the author expresses a bullish outlook on ASIC design houses Global Unichip (GUC) and Alchip, citing Global Unichip's 60% YoY revenue growth. Alchip is highlighted as a high-beta long opportunity driven by its work on Trainium, which is reportedly reaching a $20B run rate.