The Index
400 dossiers
A research screener for every company we cover. Search a name or ticker, then sort and triage dossiers by coverage freshness, our conviction and trading relevance.
No call7 names· avg TR 2 | ||||||||
| The best business in AI on every metric that isn't valuation — enterprise-led, multi-cloud, ~$30B+ run-rate doubling on weeks — wrapped in a ~$965B mark that already prices a decade of flawless execution and rests on a circular ring of vendor-investors funding ~$180B of compute the company hasn't yet earned the margins to pay for. WATCHING, bull on the business / bear on the entry price. | — | 1 | ||||||
| First public print HARDENS the bear-leaning thesis — the OpenAI "diversification" is now a quantified circular liability ($1B customer loan on the balance sheet + warrants) and the Q2 gross-margin guide-down to 36–38% (from 47%) plus FY26 op-margin of −28/−32% prices the OpenAI ramp as expensive-before-profitable. FY26 revenue guide $855–865M comes in BELOW my $1.0B forecast. WATCHING, bear-leaning on valuation + margin trajectory. | — | 8 | ||||||
| The lab that broke the cost-of-intelligence narrative and now anchors China's sovereign AI stack — a frontier-class open-weight model trailing the closed leaders by 3-6 months at ~1/50th the unit cost, but state-captured, un-investable to US capital, and monetizing almost none of the value it creates. | — | 1 | ||||||
G | The crown jewels and the brain already left for Nvidia for ~$17–20B; what remains is a cash-rich but architecturally-cornered inference cloud whose flagship Saudi demand evaporated — a melting-ice-cube neocloud, not the LPU disruptor the headlines sold. | — | 1 | |||||
| Europe's only credible frontier lab — a sovereignty-and-infrastructure bet, not a model-quality bet; the moat is regulatory/political, the risk is that "good enough, in Europe, on-prem" gets out-priced by Chinese open weights before the €20B mark is earned. | — | 1 | ||||||
| The revenue leader that turned into the cash-burn leader — a $1.4T compute book financed against a P&L losing ~$14B a year, where the only question that matters is whether the IPO window opens before the funding treadmill stalls. | — | 1 | ||||||
X | A frontier lab fused into Musk's compute-and-distribution empire — Grok is a fast-following #4 model bankrolled by a $30B/yr capex furnace; the real instrument is now SpaceX equity at a $1.25T mark, not a standalone xAI bet. | — | 1 | |||||