What we just researched
Every dossier we have written or refreshed, newest first. A refresh shows what our verdict moved from, and where a later dossier corrected an earlier one we quote the correction in its own words.
29 new · 31 refreshed · 1 corrected an earlier dossier
Week of 5 October 2026
9 dossiersThe operating story strengthened again (Q2 record orders $12.0bn, Electrification orders +58% comp, backlog $30.0bn, FY guide raised twice), but the s…
Was Best-in-class picks-and-shovels play on AI-power (Electrification 22.6% margin, triple-digit DC order growth), but at ~23x forward / ~25x EV-EBITDA th…
The deal stopped being a black box. The pro forma filings show AliGroup earned ~$860M of LTM EBITDA and makes the combined company ~8–15% EPS-accretiv…
Was The bear case fired — but through a door the prior dossier wasn't watching, and the stock overshot it.
The quarter between prints changed the shape of the argument from "is the backlog real" to "who is the company being run for"
Was The backlog stopped being a press release and became an audited receivable
The earnings base has re-rated far faster than the stock.
Was Q2 beat + a ~€7.5B FY26 guidance raise since the 20-F (now €43–45B net sales, 54–56% GM) confirms the June dossier's "AI demand broadening, not peakin…
The two re-rate gates the June dossier named have both swung open
Was A reserve-distorted GAAP optic hides a clean ~6-7% operational compounder that has visibly grown THROUGH the STELARA cliff; at ~20.6x forward adj EPS…
The shortage outran our last dossier. Nanya will earn roughly 2x our July FY26 EPS base (~NT$75 vs NT$38–42), it has ~NT$200bn net cash, and it trades…
Was The purest listed play on the commodity-DRAM shortage
The story since July is the capital structure, not the P&L
Was The Q3 print settled the prior dossier's open question
The print passed every operating test UEC set itself
Was A quiet summer that moved the stock more than the business.
The business got much better and the stock got cheaper.
Was Operationally the best growth story in large-cap mining
Week of 21 September 2026
39 dossiersThe landlord has started collecting rent — Black Pearl (AWS) delivered two months early in August — but Barber Lake just slipped a quarter and Cipher…
A 16-year-old, ~40-person San Diego boutique that lives by hosting other people's GPUs and renting everyone else's silicon.
CORZ swapped a tenant problem for a build-and-finance problem.
G42's cloud arm is the best-licensed sovereign cloud in the Gulf
Not a neocloud owner-operator on any filed evidence.
Not a neocloud in the CoreWeave sense. Denvr is a bootstrapped Calgary builder and integrator with a small cloud attached. It has about US$12.5M of eq…
OWNS its GPUs (bought, finance-leased or equipment-financed with title passing to DO) inside LEASED colocation halls
Firmus went from an immersion-cooling specialist with a 3 MW Singapore car-park GPU hall (Sustainable Metal Cloud) to Nvidia's Asia-Pacific AI-factory…
Fluidstack is no longer a GPU cloud — it is Anthropic's general contractor and tenant-in-the-middle, sitting between crypto-miner landlords (TeraWulf,…
For MenFem's purposes Galaxy is a data-centre company inside a digital-asset firm
A Realtek-family, Nvidia-backstopped Taiwanese neocloud that owns its GPUs but rents its buildings.
PIF's AI champion has signed more than it has built
The cleanest landlord in the miner-to-AI cohort got cleaner
Hyperbolic owns no GPUs — it began as a crypto-funded broker of idle GPUs and has become a thin-capital LESSEE-RESELLER: it now signs 2–3-year take-or…
An AI-cloud landlord that finally delivered
Voltage Park no longer exists as a standalone company
Modal owns no GPUs — it RENTS them, mostly by the hour, from the hyperscalers and neoclouds and resells them by the second at ~1.6–2.5x a wholesale H1…
A real but small London GPU host (Hyperstack) that has spent three years announcing a $1B, 20,000-H100 "AI Supercloud" it never had the balance sheet…
A Tether-controlled fleet of ~22,400 Hopper GPUs that missed its own 2025 revenue guide by about 70%, sold its mining arm to companies run by Tether's…
Ori no longer exists as a company you can own.
Runpod BROKERS, it does not own — a software-and-demand layer over other people's GPUs that keeps a ~20% marketplace fee (SEC-filed by its supplier Qu…
Japan's state-subsidised GPU landlord has finally turned the subsidy into operating profit (Q1 FY3/27 OP ¥1.23B, 11.1% margin, GPU revenue +246%), but…
Europe's most credible home-grown sovereign cloud is winning the contracts sovereignty politics was supposed to produce
A Marseille ex-crypto-mining host with ~€12M of filed revenue carrying a €52bn / 1.5 GW announcement on its back.
SF Compute is no longer a pure broker — it has become the Marriott of GPU clusters: by its own description outside capital owns the clusters and carri…
TeraWulf is now an Anthropic landlord, not a Fluidstack one
The rare neocloud with a filed track record.
The least levered name in the neocloud set and the only one with a pre-AI business under it
India's sovereign GPU cloud is a family-financed, negative-equity balance sheet ($1.16B borrowings, $250.5M of it interest-free family loans with no r…
The business ran past the June bull case — Data Center +107%, a $13B Q3 guide, and management now guiding Data Center revenue to more than double in 2…
Was The number-two AI compute franchise is finally real (DC $16.6B FY25, MI450/OpenAI 6GW signed)
The lithium price held and the stock did not.
Was ALB is a high-quality, low-cost lithium asset wearing the price tag of a leveraged call option on the lithium spot price
Earnings went up and the stock went nowhere.
Was The best nuclear asset base in America, now bolted to a gas fleet and priced as an AI-power call
The machine kept accelerating and the stock barely moved.
Was The best operating asset in pharma trading at a price that already imputes a $150B+ obesity TAM
The June dossier's "priced for flawless execution" warning came true
Was A levered call option on US grid-storage demand and IRA/OBBBA domestic-content rules
The business got better and the stock got cheaper.
Was The toll-booth on chip yield — a ~58%-share process-control near-monopoly whose revenue scales with chip *complexity*, not wafer volume, so it compoun…
The print was a blowout and the guarantee turned out real
Was The circularity flag stopped being a footnote and became the tape
The June dossier's bear case was graded by one print and mostly lost.
Was The best-run pure-play in AI/cloud Ethernet
The business beat every number the June dossier projected and the stock fell a quarter anyway.
Was An II-VI/Coherent merger debt-mule reborn as the picks-and-shovels supplier of the AI-optics supercycle
A quiet summer that moved the stock more than the business.
Was A leveraged, no-reserves bet on the U.S. uranium-independence trade dressed as an operating miner
Week of 7 September 2026
1 dossierThe Q1 FY27 print settles the two questions the July dossier could not
Was none (no verdict, no call this pass)
Week of 31 August 2026
1 dossierThe Q2 beat was not a peak — July revenue accelerated to +44.7% YoY, the board appropriated a single-tranche US$29.4B of capacity capital, and H1 cape…
Week of 10 August 2026
10 dossiersThe bear case fired — but through a door the prior dossier wasn't watching, and the stock overshot it.
Was A genuinely deleveraged, vertically-integrated aluminum pure-play whose 2025-26 earnings recovery is being borrowed from a tariff
The backlog stopped being a press release and became an audited receivable
Was A real estate developer wearing an AI costume
The valuation short mostly worked and is now two-thirds spent
Was A real business finally inflected to GAAP profit on the AI-power boom
The platform thesis got materially better
Was A genuine semiconductor moat wrapped around a sub-scale, still-unprofitable medtech
The subsidy thesis just got a second leg — a $0.38/W federal module price floor from the Aug 6 Section 232 proclamation now sits ABOVE First Solar's o…
Was The best-run solar manufacturer on earth, but ~$1.6B of FY25's $1.5B net income is a US tax credit
The franchise got stronger and the price got cheaper
Was The dominant solar-tracker franchise (>50% US, ~30% global, 11 straight years #1) with a clean, net-cash balance sheet and a beat-and-raise FY26
Correction The policy clock moved the right way, and the prior dossier's cliff framing was wrong. On 6 Jun 2026 the US District Court for DC vacated IRS Notice 2025-42 in Oregon Environmental Council v.
The order line decelerated and the backlog shrank
Was A boring enclosures-and-connectors company that bought and sold its way into the AI data-center build
The circularity flag stopped being a footnote and became the tape
Was Still the toll booth on the biggest build in history
The rent got BIGGER and the price got HALVED. Q2 printed a 76.3% operating margin
Was BULLISH / MEDIUM — the largest, highest-share slice of the HBM oligopoly rent (~57–62% share, ~2/3 of Nvidia HBM4, 72% op margin, ~61% ROE, DRAM crown…
The bear case got tested on its own terms and lost
Was The world's lowest-cost, longest-reserve, highest-margin copper pure-play