Ecosystem research
See where the margin pool moves first
Argued, cited, falsifiable theses across AI, silicon, power, quantum, nuclear and space — value chains mapped, shift points logged, bull / base / bear with the assumptions on the table and a falsifier on every call. The map a desk acts on, not a survey it skims. Analyst work product, not advice.
Read the thesis before it’s consensus — every board, dossier & note the moment the desk ships it.
House viewtoday
Durable margin migrates down + around the chip-design layers to chip-agnostic toll-booths (EDA/IP, foundry, HBM, EUV) + own-silicon hyperscalers — away from the merchant-GPU premium and the GPU-rental spread. At 25-Jun prices almost everything is a wonderful business at a peak-cycle multiple, so the disciplined book is mostly hedged/paired/waiting.
10 boards·10 live, 0 in coverage pipeline
Analyst work product, NFA — always verify.