Research

The 17 companies I follow.

Each company in one place — articles, investment memos, and downloadable financial models. Memos and models are members-only.

LEO

Sector intelligence / 01

2 active dossiers

The orbital economy
is becoming industry.

Track the compounding loop between reusable launch, satellite manufacturing and global orbital networks.

Launch cadencePayload economicsSatNet scale

Core company dossiers

Swipe dossiers

DOSSIER 01RKLB

Launch · Space systems

From high-frequency launch to an end-to-end space systems stack.

Open file

DOSSIER 02SPCX

Heavy launch · SatNet

Rewriting orbital economics through reusability and Starlink.

Open file

Launch → Orbit → NetworkResearch sector / Space

Model & application stack

3 active dossiers

Models become software.
Software becomes the organization.

From foundation models and distribution to enterprise decision systems, competition is shifting from parameter count to adoption and unit economics.

Model economicsDistributionEnterprise adoption

Cognition path / 03 nodes

PLTREnterprise AI · Decisions

Palantir

Crossing the Rule-of-120 threshold reshapes the valuation anchor — a long-term story.

Articles 3Memos 1Models 1Open ↗

UnlistedFoundation models · Agents

OpenAI

Global distribution is proven; the $852B valuation still needs margin and compute-efficiency proof.

Deep diveOpen ↗

UnlistedFoundation models · Enterprise AI

Anthropic

Growth is proven; the $965B valuation is a bet on profit realization, not model leadership alone.

Deep diveOpen ↗

Model → Product → WorkflowResearch sector / AI models & applications

Compute foundry

2 active dossiers

Compute is not a chip.
It is a production system.

Power, accelerators, networks and capital expenditure jointly determine compute supply. The chip is only one layer of the system.

PowerAccelerator→Network

Swipe dossiers

MODULE 01

NVDA

NVIDIA

GTC 2026 isn't a keynote — it's the blueprint of physical-world AI infrastructure.

Articles 4Memos 1Models 1Open ↗

MODULE 02

NBIS

Nebius

MSFT's $5B order locks in the seller-of-compute thesis with operating leverage.

Articles 2Models 1Open ↗

Power → Silicon → NetworkResearch sector / AI infrastructure

Bandwidth stack

3 active dossiers

Bandwidth is the new capacity.
HBM rewrites the memory cycle.

HBM shifts memory from a capacity cycle to a bandwidth cycle. Yield, stacking and expansion discipline determine the next profit pool.

HBM stackYieldCapacityPricing

Swipe dossiers

PACKAGE 01

000660.KS

SK Hynix

Q1 standalone profit up 4× — HBM orderbook locked through 2026.

Articles 4Memos 1Models 1Open ↗

PACKAGE 02

Micron Technology

The third pillar of HBM and the AI-memory super-cycle — an epic quarter reset the valuation anchor.

Articles 3Memos 1Models 1Open ↗

PACKAGE 03

005930.KS

Samsung Electronics

Profit up nearly 8× YoY — from laggard to the second pillar of HBM.

Articles 3Open ↗

Wafer → Stack → BandwidthResearch sector / Memory

05—10 / Industry atlas

Six windows into the next cycle.

Compact sector maps connect industry structure, company dossiers and the research question that matters.

05SILICON BLUEPRINT

Chips

Connectivity is redefining chip design.

MRVL

Marvell

After Jensen's nod — pricing the custom-ASIC + optical optionality, but already rich.

Articles 0Memos 1Open ↗

DIE → INTERCONNECT → SYSTEM1 dossiers

06COHERENCE CHAMBER

Quantum

Quantum advantage begins with control.

QNT

Quantinuum

480x P/S on day one — a call option on the 2029 fault-tolerant roadmap.

Articles 0Open ↗

STATE → CONTROL → ERROR1 dossiers

07CONTINUOUS CARE

Healthcare

Healthcare is becoming a continuous service.

HIMS

Hims & Hers

DTC healthcare model proven — the watch is GLP-1 expansion and the NVO standoff.

Articles 2Open ↗

SIGNAL → SERVICE → OUTCOME1 dossiers

08FULFILLMENT NETWORK

E-commerce

Traffic opens the door. Fulfillment compounds.

PDD

Pinduoduo (Temu)

Growth slowed by Temu's overseas friction — but the underlying model still stands.

Articles 2Models 1Open ↗

DEMAND → ROUTE → DELIVERY1 dossiers

09PLATFORM GRAPH

Internet

Network effects redraw the platform boundary.

0700.HK

Tencent

Earnings steady, sentiment rerated first — HK tech's two legs aren't equal.

Articles 3Open ↗

AMZN

Amazon

AWS holding pace — retail-margin runway is far from exhausted.

Articles 1Open ↗

USER → GRAPH → PLATFORM2 dossiers

10PRICING POWER LEDGER

Consumer

Pricing power is built in time and memory.

600519.SH

Kweichow Moutai

The starting point for baijiu — financial quality is the first principle.

Articles 1Open ↗

CRAFT → MEMORY → PRICE1 dossiers

Minto's decision ledger

Good company, good price.

A dated research system separating company quality, security access and valuation. It records what to verify next; it is not a real-time trading signal.

Current: 0
Due: 15
Stale: 0

Board updated
2 Aug 2026

5 of 15 companies

Good company, good price

Company quality clears the bar and the current valuation offers an adequate margin of safety.

Rocket Lab

RKLB

Review due soon

Heavy launch + orbital dominance — Neutron's first flight is the rerating event.

IntactTradableDecision readyAttractive

Research action

Develop the candidate

Analysis · 2 Aug 2026Review by · 1 Sept 2026Human review pending

Open company research ↗

Samsung Electronics

005930.KS

Review due soon

Profit up nearly 8× YoY — from laggard to the second pillar of HBM.

IntactTradableDecision readyAttractive

Research action

Develop the candidate

Analysis · 2 Aug 2026Review by · 1 Sept 2026Human review pending

Open company research ↗