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Initiating coverage, thesis updates, and earnings analyses on the entities anchoring our themes.
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Research, deep dives, and weekly commentary.
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What we publish
Weekly Newsletter
What we're watching across earnings, market moves, and policy — every week.
Deep Dives
Long-form essays on the structural shifts driving our investment theses.
Newsletter·Jul 5, 2026
Weekly Digest 27
Meta is reportedly building a cloud business to resell spare AI compute, which markets read as a threat to the neoclouds but which looks more like a large buyer turning contracted capacity into a monetizable asset; OpenAI floats giving the US government a 5% stake, testing whether frontier AI is too strategic for the state to stay only a regulator; a Ramp and Revelio study finds heavy AI adopters are hiring more rather than less, complicating the layoff narrative even as Goldman sees a monthly drag on job growth; and Etched raises $800M at a $5B valuation for Sohu, an ASIC that hard-wires transformer inference.
Companies·Jul 4, 2026
Palantir and the Control Plane for Enterprise AI
Drafting an email does not require frontier intelligence, yet enterprise AI spend has concentrated at the top of the capability curve while the true cost of a token stayed hidden. As that subsidy ends and cognition commoditises, this note argues that value moves from the model endpoint to the layer that governs how models act inside the enterprise — the ground Palantir's AIP and Ontology already occupy.
Newsletter·Jun 28, 2026
Weekly Digest 26
Qualcomm buys Modular for $4 billion to own the software layer that lets AI inference move across any chip; Satya Nadella argues AI must get cheap enough to spread through the economy, judged against labor cost rather than legacy SaaS budgets; The Information finds Nvidia's inference-market share is actually rising as production serving rewards software depth; and Goldman Sachs makes the case for South Korea as the missing supply chain for humanoid robots.
Deep Dive·Jun 27, 2026
A Case for Continual Learning
Today's language models adapt without ever learning. Their weights freeze when training ends, so everything they take in afterward sits in the context window rather than in the model. This essay argues for continual learning — compressing new experience into the weights, online, after deployment, so a system becomes better than its training rather than replaying it — and confronts the cost that argument carries, that a frozen model is auditable in a way a self-updating one is not.
Newsletter·Jun 21, 2026
Weekly Digest 25
Midjourney launches a medical division built around a full-body ultrasound scanner, betting consumer-health imaging can shift from episodic diagnosis to continuous measurement; Z.ai's open-weight GLM 5.2 shows how fast China is closing the frontier coding gap as US labs absorb the Fable export-control fallout; and a wave of star-researcher departures from Google DeepMind raises the question of whether being the only publicly traded lab is a liability or an underrated edge.
Newsletter·Jun 14, 2026
Weekly Digest 24
The U.S. government orders Anthropic to suspend foreign access to its frontier Fable and Mythos models, turning the model itself into an export control; China tightens its grip on indium phosphide, the optical substrate that wires AI clusters together; and Google second-sources TPU production across Intel, Samsung, and TSMC to route around the leading-edge bottleneck.
Deep Dive·Jun 9, 2026
Higher for Longer, from Both Ends
An energy shock and firm US jobs data have flipped the next likely Fed move from a cut to a hike, but the more durable pressure sits at the long end — debt at full employment, the retreat of the price-insensitive central-bank buyer, and the capital intensity of the AI buildout. Why higher-for-longer sorts equities rather than hitting the market as a block.
Newsletter·Jun 7, 2026
Weekly Digest 23
SpaceX turns its GPU buildout into a third-party product, signing Google to $920M a month for ~110,000 GPUs; Huawei pitches a τ Scaling roadmap to route around EUV; Microsoft ships Scout, an always-on enterprise agent; and an AI-driven memory squeeze spills into chipflation across the hardware economy.
Newsletter·May 31, 2026
Weekly Digest 22
SoftBank commits up to €75B to a 5GW AI buildout in France, TSMC says energy efficiency is now the chip industry's binding constraint, and enterprises start trading tokenmaxxing for ROI discipline.
Newsletter·May 24, 2026
Weekly Digest 21
Nvidia opens a CPU front with Vera, a $135B IPO wave from SpaceX, OpenAI, and Anthropic hits the market, Lilly's retatrutide resets the GLP-1 ceiling, and Amazon's Trainium quietly closes the gap on Nvidia.
Newsletter·May 17, 2026
Weekly Digest 20
PJM power-price pressure, the rise of AI deployment companies, and why the labor-market signal remains hard to read.