What we just researched

A real but sub-scale optical-transceiver share-gainer whose AI-data-center inflection is genuine

Hut 8 added a $1.07B four-year revolver at the parent, secured on substantially all of the parent's and guarantors' assets, with no borrowing base.

An AI-cloud landlord that finally delivered

A subsidized option on Western rare-earth independence

The only NRC-approved SMR — but a pre-commercial story trading at 86x EV/sales while its entire $25B order book runs through ENTRA1, a 3-employee sing…

A merchant-power balance sheet wearing a regulated-utility's contracted growth

Was A power company turning more of its output into long contracts with big tech.

A genuine architectural toll-road compounding at 20%+ with a real second engine (Armv9/CSS rate expansion + first-party AGI CPU)

The only U.S.-owned enrichment platform with an NRC HALEU license and a $900M DOE expansion award

The business beat every number the June dossier projected and the stock fell a quarter anyway.

CORZ swapped a tenant problem for a build-and-finance problem.

In seven weeks the story got a number and the tape got worse

The two mechanical bear points got repaired

AMD signed a merger agreement on 2026-09-26 to buy World Labs, Fei-Fei Li's spatial-AI lab, for about $8.2B paid entirely in AMD stock.

Anthropic's filing shows a better business than we thought in June: $17.0 billion of revenue in one quarter, about twelve times a year before, and it…

Was The best business in AI on every metric that isn't valuation

The June dossier's bear case was graded by one print and mostly lost.

A genuine pick-and-shovel monopoly on PCIe-Gen6 datacenter connectivity, growing 90%+ with 76% gross margins

The landlord has started collecting rent — Black Pearl (AWS) delivered two months early in August — but Barber Lake just slipped a quarter and Cipher…

Bigger, and still built on borrowed money.

Was SELLOFF IS MOSTLY OVERDONE (~60/40), MEDIUM confidence

The operating story got better and the stock got cheaper

An irreplaceable U.S. beryllium monopoly wrapped in a low-margin pass-through metals business and now priced like a secular-growth compounder (~34x fw…

A real AI-server demand engine (sold-out Blackwell, $39B order book, best-in-class DLC liquid cooling) wrapped in the worst governance dossier in larg…

A small-float nuclear-and-gas IPP that turned one AWS contract into a re-rating; the moat is the irreplaceable 2.5 GW Susquehanna campus, the risk is…

A power company turning more of its output into long contracts with big tech.

Was A merchant-power balance sheet wearing a regulated-utility's contracted growth

Best-in-class electrical compounder with a genuine data-center order inflection (Electrical Americas backlog +44%, organic orders +42%), but the marke…

The unglamorous AI-optics toll-collector — a 12%-gross-margin Thai contract manufacturer the market is now paying a 45× fabless multiple for; the busi…

The 2026-07-30 print settled four of the five questions the prior dossier said it could

The Q2 print did the one thing the bear case could not survive

A real, scarce, China-gated InP asset that AI-optics demand made strategic

The best-in-class Western uranium franchise with a free option on a nuclear-construction renaissance

A great cyclical wearing an AI-infrastructure costume

No directional call this refresh (Socratic gate, pre-print).

A de-risked regulated growth utility hiding inside a decade-long value-trap reputation

The largest guidance raise in company history rests on a quarter whose headline was bought

A world-class copper-and-gold orebody wrapped in a structurally leaky holding company

A quadruple-#1 grid franchise (Hitachi Energy) with a ¥10T backlog + an under-appreciated Lumada software compounder, wrapped in a re-rating Japanese…

A barely-profitable IDM whose equity 10x'd on a recapitalization-and-validation narrative (US gov, Nvidia, SoftBank, hyperscaler 18A interest) while F…

The business got better and the stock got cheaper.

NOT ISSUED — the 2026-07-22 refresh withheld a directional call under the Socratic gate and this one keeps that discipline.

A genuinely elite fabless analog compounder (43% 5yr ROIC) that has become a high-beta levered call on Nvidia's power-delivery socket

A 90%-regulated New Jersey wires utility wearing a merchant-nuclear data-center costume

The purest listed pick-and-shovel on the grid + data-center capex supercycle, with a real labor/scale moat and a record $48.5B backlog

The rent got BIGGER and the price got HALVED. Q2 printed a 76.3% operating margin

World-class WFE monopoly (90%+ coater/developer, ~100% EUV-track and GAA isotropic-etch) with a net-cash balance sheet and a genuine AI/HBM/GAA growth…

The print that mattered came in split — margin, cash and the raised guide all beat, revenue missed, and the reason it missed was Vertiv's own executio…

The market spent two years pricing Alphabet as the AI loser; FY2025 (+15% op income, Cloud margin to 24%, Gemini at 750M users, the antitrust gun most…

A regulated transmission monopoly that has accidentally become an AI-infrastructure pure-play

The indispensable US-soil advanced-packaging chokepoint, priced for a 2030 it has not yet built

The quarter between prints changed the shape of the argument from "is the backlog real" to "who is the company being run for"

The cheapest of the four equipment leaders riding a re-accelerating AI/GAA WFE upcycle

The physical chokepoint of the AI buildout

The valuation short mostly worked and is now two-thirds spent

Real AI-optical winner caught at a euphoric, deeply cyclical top

A drilling-cost-curve bet wearing a utility's clothes

A re-rated AI-infra catch-up trade where the *quality* of the story (high-margin Networking) is real but the *price* now bakes in flawless Juniper int…

A structural long on the wrong side of the entry

A permitted, financed, world-class single-asset uranium developer whose stock is a levered option on the uranium price and four years of construction…

A re-rated telecom-equipment turnaround wearing an AI-infrastructure mask

A 2-year-old crypto-miner reborn as Europe's Nvidia-anointed neocloud

A high-quality DDR5 toll-taker with a licensing annuity

Best-in-class EDA franchise temporarily wearing an Ansys-debt-and-amortization disguise