Independent research on public equities, macro, and market structure. What the market expects. Where value accrues. What would change our mind.
Detailed investigations of business economics, financial quality, valuation scenarios, and the evidence that could change the thesis.
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 underwriting →Kura Oncology’s KOMZIFTI launch is gaining traction, but most of the upside depends on unproven frontline AML data. Hayabusa Research examines the evidence, valuation, risks, catalysts, and falsifiers.
Read the research →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 research →Focused assessments of an opportunity, covering the thesis, valuation, catalysts, financing needs, and risks. Each brief explains what evidence matters next.
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 →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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