Our Thinking
A selection of our published research and ongoing work. Our insights span macro analysis, sector deep-dives, and individual equity coverage across the technology and infrastructure landscape.
Macro Perspectives
Global economic analysis and market outlook
The AI Capex Cycle: Where Are We Now?
An examination of the current phase of AI-related capital spending — who is deploying, at what scale, and how the downstream effects are reshaping semiconductor demand, power markets, and infrastructure investment.
Rate Regimes and Technology Valuations
How shifting interest rate environments affect the discount rates applied to long-duration technology assets, and what the current regime implies for positioning across growth and value.
Global Capital Flows and Semiconductor Supply Chains
Mapping the intersection of trade policy, export controls, and cross-border investment as they relate to semiconductor manufacturing capacity and the reshoring of critical supply chains.
Industry & Equity Research
Sector deep-dives and individual equity coverage
Custom Silicon and the Hyperscaler Arms Race
Examining the trend toward custom AI accelerators at major cloud providers — the implications for merchant GPU suppliers, ASIC design houses, and the broader compute ecosystem.
Optical Networking: The Bandwidth Bottleneck
Analysis of the optical interconnect supply chain as data center bandwidth requirements scale with AI training and inference workloads. Coverage of transceivers, coherent optics, and silicon photonics.
LEO Constellations and Direct-to-Device: The Next Connectivity Frontier
Evaluating the commercial viability of low-earth orbit satellite constellations and direct-to-device connectivity — launch economics, spectrum allocation, and the emerging competitive landscape.