Research
Independent investment research across public equities, macroeconomics, digital assets, and market structure. What the market expects. Where value accrues. What would change our mind.
Living Research
Research is a continuing conversation with the evidence. Follow the current thesis, valuation, catalysts and developments that could change our view.
AI Bubble Watch
Is the AI infrastructure boom generating sustainable economic returns? Follow independent customer demand, AI financing conditions, hyperscaler spending, and the conversion of contracted compute into powered, productive capacity.NVIDIA
AI infrastructure, cash conversion, customer economics, financing exposure and valuation.
View NVIDIA coverageMicron Technology
AI memory demand, pricing, supply, margins and normalized earnings power.
View Micron coverageMeta Platforms (META)
AI monetization, capex, Muse, business agents, WhatsApp, custom silicon and AI glasses.
View Meta coverageSpaceX ($SPCX)
Starlink Mobile, terrestrial 5G, spectrum, tower infrastructure, supplier economics and capital returns.
View SpaceX coverageSee all active coverage and how the Living Research system works.
Explore all Living ResearchFull Underwriting
Detailed investigations of business economics, financial quality, valuation scenarios, and the evidence that could change the thesis.
Featured Research · Full UnderwritingAdeia Inc. (ADEA): The Hidden Tollbooth Beneath AI Chips
Hybrid bonding may become critical infrastructure for advanced AI hardware. The bigger opportunity could be the contracts that were priced before it mattered.
Read the full underwritingCanton Coin ($CC): Wall Street Is Interested. Should Token Holders Be?
What is a CC buyer betting on? We examine how Canton adoption could reward token holders, where that link can fail, and why our view remains WATCH.
Read the research Full UnderwritingHyperliquid (HYPE): A Growing Network. What Does the Token Holder Get?
Hyperliquid’s growth matters only if value reaches HYPE holders. We examine buybacks, burns, staking, supply and valuation—and explain our WATCH assessment.
Read the research Full UnderwritingKura Oncology ($KURA): The Launch Is Working—So Far. The Frontline Bet Is Not Yet Proven.
Kura Oncology’s KOMZIFTI launch is gaining traction, but most of the upside depends on unproven frontline AML data. We examine the evidence, valuation, risks, catalysts, and falsifiers.
Read the research Full UnderwritingCEVA, Inc. ($CEVA): The Edge-AI Toll Booth Is Real. The Royalty Ramp Isn’t—Yet.
CEVA has a credible edge-AI and connectivity IP toll booth, but the investment case depends on whether today’s design wins convert into durable production royalties.
Read the researchInvestment Briefs
Focused assessments of an opportunity, covering the thesis, valuation, catalysts, financing needs, and risks. Each brief explains what evidence matters next.
Oracle ($ORCL) and Blue Owl Capital ($OWL): Who Pays When the Power Is Late?
An AI data center can have financing and a customer—and still be waiting for power. Oracle and Blue Owl reveal why delivery delays, funding costs and contract terms matter to investors.
Read the research Investment BriefMongoDB ($MDB): The CEO Left. The Growth Targets Went Up.
MongoDB raised its long-term growth targets after a CEO shock. We examine the AI revenue gap, valuation and the evidence needed before buying the dip.
Read the research Investment BriefInteresting Times, Expensive Energy: How to Prepare, Hedge, and Invest
An energy shock can strain household budgets and portfolios at the same time. A practical plan for resilience, hedging, and evaluating CNQ, Cheniere, and Valero.
Read the research Investment BriefRegeneron Pharmaceuticals (REGN) and Absci (ABSI): Two Digital Biology Investment Briefs
Regeneron and Absci offer two routes into digital biology: established earnings and speculative clinical upside. We compare entry valuations, clinical evidence, funding needs and the risks that could overturn each investment case.
Read the research Investment BriefFervo Energy ($FRVO) & Ormat Technologies ($ORA): Who Gets Paid for Geothermal Growth?
Fervo and Ormat offer different routes to geothermal growth. We compare cash returns, financing needs and valuations to assess the opportunity for shareholders.
Read the research Investment BriefAerCap Holdings ($AER): Getting Paid for the Aircraft Shortage
Aircraft shortages have strengthened AerCap’s lease economics and asset values. The question is whether those returns can endure once supply normalizes.
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