The Index
400 dossiers · 1 need attention
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.
A Altimmunecatalyst in 42d | A single-asset MASH/AUD/ALD bet on a glucagon/GLP-1 dual agonist that wins on liver biology and lean-mass-sparing but loses on raw weight loss — fully funded into 2028 with a binary AUD readout in Q3 2026 as the next free option; a derisked, heavily-shorted optionality vehicle, not a fundamentals compounder. | — | 8 |
A AST SpaceMobilecatalyst in 42d | A pre-revenue option on owning the only direct-to-unmodified-phone cellular layer in space — FCC-blessed and ~$4.5B-funded through ~90 satellites, but the entire bull case is a single binary that resolves in 2027: can it manufacture, launch, and switch on a 45–60 satellite constellation before Starlink's good-enough text/voice layer makes "broadband from space" a feature nobody pays a premium for. At ~$31B on $71M of 2025 revenue, the market is already paying for flawless execution it has not yet seen. | — | |
A Abscicatalyst in 42d | A re-rated single-asset AI-antibody story — ABS-101's half-life miss quietly killed the old lead, so the entire ~$1.15B cap now rides on one binary (ABS-201 alopecia interim PoC, H2 2026) against a 26%-of-float short and an 18-month runway. Own the readout, not the platform. | — | 8 |
H Hyperfinecatalyst in 43d | A real, FDA-cleared portable-MRI razor finally finding its blade — Q1 device units +67% and runway into 2028 de-risk the going-concern story, but at ~$22M revenue and a ~$140M cap it is still a sub-scale, founder-controlled call option on point-of-care neuro-imaging, not yet a business. | — | |
C Codexiscatalyst in 43d | A real platform with a lottery ticket attached — the legacy biocatalysis P&L is shrinking and the entire equity is a bet that enzymatic siRNA manufacturing (ECO Synthesis) becomes the standard before the cash runs out in 2027; the 4x off the $0.96 March low has front-run any GMP revenue. | — | |
I Innoviz Technologiescatalyst in 43d | A real Tier-1 LiDAR product with marquee OEM design wins, trading like an option that expires — the bet is whether VW/Mobileye SOP volume arrives before the Sept-2026 Nasdaq clock and the cash runway force a dilutive reverse split. | — | 8 |
C Coherent Corpcatalyst in 43d | An II-VI/Coherent merger debt-mule reborn as the picks-and-shovels supplier of the AI-optics supercycle — backed out to 2028, Nvidia-anchored, and de-risking the balance sheet — but priced at ~49x forward EPS that already embeds flawless CPO execution it has not yet proven. | — | 0 |
E Equillium, Inc.catalyst in 44d | A two-asset preclinical option on EQ504 (gut-restricted AhR modulator for UC) wrapped in a >3yr cash runway and tier-1 (RA Capital / Decheng) sponsorship — but at ~$130–185M EV the market is paying real money for a drug no human has yet taken; the entire thesis lives or dies on the mid-2026 Phase 1 PoM readout ~early 2027. | — | |
A ASP Isotopescatalyst in 44d | A pre-revenue isotope-enrichment story trading on three real Western-monopoly catalysts (Yb-176, Si-28, HALEU) — but the FY25 "revenue" was construction it has since deconsolidated, the GAAP loss is a $124M convertible-note mark, and the tape is a 22%-short battleground stuck in active securities-fraud litigation. The science could be a generational supply-chain unlock; the accounting and promotion are exactly what shorts say they are. WATCHING, not yet ownable. | — | |
M MeiraGTxcatalyst in 44d | A de-risked gene-therapy platform hiding inside a $0.85B shell — bota-vec reacquisition + Lilly/Hologen non-dilutive funding gives MeiraGTx three near-term shots (xerostomia BTD, XLRP filing, riboswitch-GLP1 optionality) the market is pricing as one coin-flip; the bet is on execution-to-launch, not science. | — | |
H Hesai Groupcatalyst in 44d | The clear global LiDAR volume leader, now GAAP-profitable and pivoting into physical-AI sensing — but the entire equity is hostage to a single binary it cannot control: the U.S. appeals-court ruling on its DoD "Chinese Military Company" designation, with a hard June 30 2026 contract-ban trigger. | — | |
L Lightwave Logiccatalyst in 44d | A 35-year science project that just turned the corner from lab to foundry PDK — credible polymer-photonics platform now inside Tower & GlobalFoundries flows, but $237K of revenue against a $1.5B cap means you are buying a 2027-28 design-win option, financed by perpetual dilution, with a 17.7% short base betting it stays a promise. | — | |
A American Bitcoincatalyst in 44d | A Trump-branded, Hut-8-controlled bitcoin-accumulation SPV that sells equity to buy BTC and rents its mining from its parent — a ~3x-mNAV levered BTC proxy with no AI optionality, now down ~94% and asking holders for a 1-for-40 reverse split. | — | 8 |
P Pony.aicatalyst in 44d | A genuine top-3 global robotaxi platform finally crossing city-level unit-economics breakeven — but priced for execution it has not yet earned, with a related-party-and-China-permit overhang that the −65% drawdown is screaming about; net-cash floor + founder 540-day lockup make it a WATCHING name to size on proof of fleet-scaling through the permit freeze, not a chase here. | — | |
Q Quantum Computing Inccatalyst in 44d | A $2.5B market cap on $682K of FY25 revenue — QUBT is a $1.5B treasury wrapped in a photonics R&D lab, sold as a quantum-computing story; the balance sheet is real, the revenue is not, and a securities-fraud class action over the exact gap between the two is unresolved. | — | |
C Canaancatalyst in 44d | A real #3 ASIC maker that just clawed back to gross profit and product parity with Bitmain — but it is a sub-$1 going-concern call masquerading as a turnaround, where serial equity dilution and a hashprice depression decide the outcome long before the A16 does. | — | 8 |
C CoreWeavecatalyst in 45d | Extraordinary contracted growth ($60.7B RPO) on a leveraged, FCF-negative, accounting-aggressive balance sheet — a leveraged bet on the AI-capex cycle, fairly priced at ~$96 (mid-range of $67–192 analyst targets). WATCH; want a cheaper entry (~$70) or an FCF inflection before paying up. | — | |
A Applied Materialscatalyst in 45d | The cheapest of the four equipment leaders riding a re-accelerating AI/GAA WFE upcycle — but the entry is a 4x-off-the-low all-time high, and the bet is whether the >30% 2026 equipment-growth guide is the new floor or a cycle peak being paid for in advance. | — | 8 |
| A real carbon-recycling technology trapped inside a going-concern microcap — the science works, the business model to monetize it does not yet, and the equity is a binary on insiders (Khosla/Brookfield) funding a cohort-licensing pivot to cash-flow breakeven before dilution and Nasdaq erode it to zero. WATCHING with a bearish tilt. | — | 8 | |
| Cheapest large-cap medtech (fwd P/E ~13x, ~half of BSX/SYK) finally inflecting — PFA + Hugo + an Elliott-forced cost/portfolio reset put a credible re-rating in play, but the whole thesis rests on one unproven number: does organic growth hold above 5%? | — | 8 | |
| The unglamorous AI-optics toll-collector — a 12%-gross-margin Thai contract manufacturer the market is now paying a 45× fabless multiple for; the business is genuinely inflecting (DCI +90%, 1.6T capacity doubling) but the price has front-run two years of execution AND ignores that co-packaged optics is a 2027+ structural axe over the whole pluggable-transceiver thesis. | — | 8 | |
| A best-in-class analog compounder mid-way through a violent cyclical recovery — the business is pristine, the cycle is real, but at ~35x forward / ~65x trailing the tape has already paid for the upturn; the edge is in the next destock, not at today's price. | — | 8 | |
| A near-breakeven Chinese smart-EV OEM whose margin (GM 18.9% FY25, ~20% Q1'26) and a high-margin VW software-licensing annuity are real — but FY26 volume has rolled over (-22.6% YTD), and the IRON/eVTOL/robotaxi "embodied-AI" optionality the bulls pay for is unproven cash-burn; long the software+margin inflection at a 52-week-low multiple, but only if the GX/new-model cycle re-accelerates deliveries by 2H26. | — | 8 | |
| Best-in-class ag-equipment compounder at the bottom of a brutal large-ag cycle, already re-rated to ~32x on a trough-earnings recovery — the moat and the precision-ag option are real, but the price has front-run the recovery, so this is a high-quality WATCH, not a fresh entry. | — | 0 | |
| Best-in-class aerospace-aftermarket compounder firing on all engines (18% organic, record margins) — but the moat is in the price; at ~60x forward earnings the stock is a great company priced as a bond you can never lose on, and any organic deceleration re-rates it hard. | — | 8 | |
| A genuine deleveraging turnaround (9.0x→~1.6x net leverage) that has tripled on AI-datacenter optionality — but the stock now prices that optionality at ~62x forward earnings while Credo owns ~88% of the very AEC market Semtech is fighting to enter; the moat is real in TVS/LoRa, not yet proven in datacenter interconnect. WATCHING, not chasing. | — | 8 | |
| A high-quality, recurring-revenue lab-tools compounder whose cyclical trough is over and whose margins are inflecting — but at ~20x forward EPS the recovery is already largely priced; the asymmetry is a beat-and-raise grind, not a re-rating. | — | 8 | |
| Best franchise in AI infrastructure at an undemanding 21x forward — but revenue quality is migrating to the balance sheet (54% customer concentration + a circular-financing loop), so this is quality-at-fair-price, not mispriced growth. BULLISH / MEDIUM / 1Y. | BullishMed | 11 | |
| A fortress-margin vertical-SaaS monopoly trading at a growth-stock funeral price (~20x forward EPS, near 52-wk lows) because the market is pricing a Salesforce-Agentforce CRM war that threatens the contested ~40% (Commercial) while ignoring the defensible, faster-growing ~60% (R&D/Quality); BULLISH at $153 on a 1–3Y view, but the CRM-migration-to-2030 is a real, watchable execution overhang — not a phantom. | — | 8 | |
| Best-positioned #2 in the custom-AI-silicon duopoly with an NVIDIA-blessed optical moat — but at ~$310 / ~109x trailing non-GAAP EPS the stock has priced in flawless execution AND already round-tripped a 2025 Trainium-loss scare; own the business, fade the entry, wait for a hyperscaler-wobble re-rate. | — | 8 | |
| A genuine edge-AI vision SoC franchise finally inflecting to growth and operating leverage — but it is still GAAP-unprofitable, ~70% revenue routes through one distributor, and the stock prices both a re-acceleration AND an unresolved M&A bid. Quality asset, demanding price, binary catalyst. | — | 8 | |
I | A Bitcoin miner that won the AI-infrastructure lottery — NVIDIA both rents IREN's GPUs and bought its equity at $70, validating the liquid-cooling pivot Culper shorted; the bet is now execution and dilution, not survival. | — | 8 |
| A real moat in AEC reliability and an n-1 cost edge, riding a verticalizing AI-interconnect ramp — but ~84% of revenue sits in three hyperscalers and ~41x forward earnings already prices in the optical pivot working. Bullish business, expensive stock; conviction gated on customer diversification proving out. | — | 8 | |
| Real AI-optical winner caught at a euphoric, deeply cyclical top — the business inflected for real (FY26 rev +32% to $6.3B, adj op-margin ~19% vs a 4.8% FY24 trough), but at ~70x forward / ~10x EV/sales the stock is pricing permanence onto a name whose own 5-year record is 14.5%→4.8% margin and a -49.5% drawdown. BULLISH business, BEARISH-into-strength the entry. WATCH for the cycle to breathe. | — | 8 | |
| The most dangerous competitor bulls underestimate — the named beneficiary of NVIDIA's own inference-share vulnerability, growing AI +143% — but priced at a PREMIUM to NVIDIA (45× vs 30× EV/EBITDA) on one-third the ROE, with lower earnings quality (acquisition-amortization add-backs, $64B debt) and the same hyperscaler concentration. The most expensive, lowest-quality way to play the custom-silicon thesis. NEUTRAL / WATCHING / MEDIUM. | WatchingMed | ||
| A Bitmain/Antalpha-controlled reverse-merger shell wearing a Bitcoin-miner costume and now an AI-compute costume — high-cost fleet, ~50% related-party voting control, a NYSE sub-$1 delisting clock, and a balance sheet half-built on Antalpha loans; avoid the equity, watch only as a Bitmain-proxy / forced-restructuring special situation. | — | 0 | |
| A real, durable AI-infrastructure winner trading like one — the growth is unimpeachable but the margin (mid-single-digit AI op-margin) and the AP-funded working-capital engine mean the bull case is now priced; WATCHING for a memory-cost or AP-normalization air-pocket to get paid. | — | 8 | |
| A 28-year-unprofitable, perpetually-dilutive fuel-cell manufacturer re-rated 135% YTD on an AI-data-center pipeline that is still non-binding LOIs — the story is real, the order book is not, and the funding model is the share count. | — | 8 | |
| Best-in-class EDA franchise temporarily wearing an Ansys-debt-and-amortization disguise — the GAAP "collapse" is accounting, not the business; the real risk is paying ~35x forward for a name whose Design-IP leg is structurally cracked and whose synergy math doesn't pay until FY2028. | — | 8 | |
| A commercial-imagery company that quietly became a sovereign-defense satellite-services contractor — the backlog (+72%) and the Rule-of-40 inflection are real, but a $1.5B ATM on top of ~30x sales means the bet is now whether durable government demand outruns relentless dilution. | — | 8 | |
| The FY26 10-K turns the bull narrative into audited fact and the bear narrative into a footnote you can now read — $67.4B revenue, $638B RPO, but only 12% converts inside a year, −$23.7B FCF, $129.5B debt, a 13% workforce cut, and a $19B post-quarter purchase commitment; good news kept beating and the stock kept falling (~$166, −52% from peak), which is the whole thesis in one line. | — | 8 | |
| A real, cash-generating neocloud retrofitter trading at ~18x trailing sales on a single $865M Nscale contract and a still-71%-Bit-Digital-controlled cap table — the build is genuine, but the multiple already prices the NC-1 inflection that hasn't happened yet. | — | 8 | |
| A negative-book-equity Solana levered fund wearing a consumer-products costume; with the stock at ~0.7x NAV, ~$185M of SOL-repayable convert/credit debt against a ~$165M treasury, and converts struck 4–5x above the share price, the equity is a deep-out-of-the-money call on SOL where bondholders own the first ~52% of the coins — BEARISH on the equity, structurally distinct from "owning SOL." | — | 8 | |
| The market prices Micron as a peak-cycle memory-cyclical (~9–10× forward) while it becomes a structural HBM oligopolist on multi-year contracts — a re-rating bet, not an earnings bet, with peak-cycle entry risk. BULLISH / MEDIUM / 1Y. | BullishMed | 11 | |
| A leveraged, no-reserves bet on the U.S. uranium-independence trade dressed as an operating miner — production is real but trivial, the share count is the business model, and at ~300x sales you are paying for the spot price and the policy narrative, not the P&L. | — | 0 |
| 8 |
| 8 |
| 11 |