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.
hardware5 names· avg TR 15 | ||||||||
| Captures the LARGEST slice of the HBM scarcity rent (~62% share, ~2/3 of NVIDIA's HBM4, 72% op margin, ~61% ROE) yet is valued like a Korean memory-cyclical (~6–9× forward) — and management's own $14B US listing is an explicit re-rating bet. Best HBM rent-capture in the cluster. BULLISH / MEDIUM-HIGH / 1Y. | BullishMed | 12 | ||||||
| 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 | 12 | ||||||
| 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 | |||||||
| The blowout FQ3 + the $100B take-or-pay contract book is the strongest evidence yet that the trough has been raised — but on the multiples that DON'T reset at peak earnings (EV/EBITDA ~32x vs 6.8x median; P/B ~16x), MU is NOT cheap; it is FAIRLY-to-RICHLY priced for a structural memory company and CHEAP only if you accept the contracts have permanently broken the cycle. The ~10x forward P/E is ~10x on peak EPS — the classic cyclical trap signature. BULLISH / MEDIUM (a re-rating + raised-trough bet, NOT a cheapness bet), 1Y. | BullishMed | |||||||
T | The chokepoint that captures the foundry + CoWoS-packaging rent for the ENTIRE AI complex (NVIDIA, AMD, Broadcom, Apple all depend on it), trading at ~22× forward — BELOW every customer it supplies — with the only real risk exogenous (Taiwan geopolitics, the source of the discount). The cleanest, highest-quality, lowest-multiple way to own AI infrastructure. BULLISH / HIGH / 1Y+. | BullishHigh | ||||||
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