Technology
Software, IT services, digital transformation, and emerging tech trends.
Industries
Key Insights
Key Principles
Node and Packaging Advantage
AI hardware leadership depends on process-node access, advanced packaging, memory bandwidth, interconnect, and software ...Chip Cycles Require Supply Discipline
Semiconductor revenue can swing sharply with inventory corrections and capacity additions. A strong thesis separates str...Hyperscaler Concentration Risk
AI accelerator and networking demand is concentrated among a handful of hyperscalers. Customer concentration is acceptab...Current Trends
AI Cluster Build-Out
GPU clusters are driving demand for accelerators, HBM, optical networking, power management, and advanced packaging. The...HBM and Memory Tightness
High-bandwidth memory supply can determine accelerator shipments and pricing. Watch HBM capacity additions, yield commen...Custom Silicon Competition
Hyperscalers are designing internal accelerators to lower unit inference cost and reduce vendor dependence. The risk is ...Catalysts & Inflection Points
GPU Deployment Ramp
Revenue inflects when GPUs are installed, certified, and utilized. Track delivery timing, cluster acceptance, and uptime...Data-Center Guidance Raise
A data-center revenue guide above expectations can reprice the entire semiconductor supply chain. Confirm with backlog, ...New Accelerator Ramp
A new GPU, ASIC, networking chip, or HBM generation can shift share. The catalyst is stronger when software compatibilit...Key Metrics
Rule of 40 and FCF
Growth plus free-cash-flow margin remains a useful discipline metric. Adjust for stock compensation, deferred commission...RPO, Billings, and Backlog
Revenue growth should be checked against billings, RPO, CRPO, deferred revenue, and contract duration. These metrics hel...Contracted and Energized MW
Track contracted MW, energized MW, and revenue-generating MW separately. Pipeline that is neither contracted nor energiz...Top Companies
Magic Software Enterprises Ltd. - Ordinary Shares
IT Services & Data Processing · NASDAQ:MGICIT Services & Data Processing
NASDAQ:MGIC
Quhuo Limited - American Depository Shares
IT Services & Data Processing · NASDAQ:QHIT Services & Data Processing
NASDAQ:QH
FiscalNote Holdings, Inc. Class A common stock
IT Services & Data Processing · NYSE:NOTEIT Services & Data Processing
NYSE:NOTE
Digital Ally, Inc. - Common Stock
Devices, Hardware & Storage · NASDAQ:DGLYDevices, Hardware & Storage
NASDAQ:DGLY
Mawson Infrastructure Group Inc. - Common Stock
AI Compute & Data Infrastructure · NASDAQ:MIGIAI Compute & Data Infrastructure
NASDAQ:MIGI
Corsair Gaming, Inc. - Common Stock
Devices, Hardware & Storage · NASDAQ:CRSRDevices, Hardware & Storage
NASDAQ:CRSR
Bitfarms Ltd. - Common Stock
AI Compute & Data Infrastructure · NASDAQ:BITFAI Compute & Data Infrastructure
NASDAQ:BITF
Pure Storage, Inc. Class A Common Stock
Devices, Hardware & Storage · NYSE:PSTGDevices, Hardware & Storage
NYSE:PSTG
CyberArk Software Ltd. - Ordinary Shares
Cybersecurity & Network Infrastructure · NASDAQ:CYBRCybersecurity & Network Infrastructure
NASDAQ:CYBR
Pintec Technology Holdings Limited - American Depositary Shares
Payments & Fintech Platforms · NASDAQ:PTPayments & Fintech Platforms
NASDAQ:PT
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