Research

Written equity theses

Full-length theses on semiconductor companies: coverage initiations, updates, and the assumptions behind each call.

CRWV $90.13 as of 2026-09-24 AI Infrastructure / Cloud Sell / Avoid CoreWeave (CRWV): The Business Almost Works. The Balance Sheet Might Not. Sep 2026 RDDT $152.72 as of 2026-09-24 Internet / Digital Advertising Sell / Trade Over Reddit (RDDT): A Rare Capital-Light Compounder, Priced Like One Jul 2026 Updated RKLB $73.61 as of 2026-09-24 Space & Defense Speculative Buy Rocket Lab (RKLB): Building the Whole Stack, Priced on One Launch Jun 2026 NOK $10.43 as of 2026-09-24 Communications Equipment Buy Nokia (NOK): An AI-RAN and Data Center Networking Pivot, Validated by NVIDIA, Priced for the Transition to Pay Off Jun 2026 SMCI $41.51 as of 2026-09-24 Data Center Infrastructure Hold Super Micro Computer (SMCI): Real AI Infrastructure Growth, Priced at a Premium to Peers, Clouded by Legal Overhang Jun 2026 MRVL $258.95 as of 2026-09-24 Semiconductors Hold / Trim Marvell Technology (MRVL): Custom Silicon, NVIDIA Validation, and a Macro-Driven Mispricing Mar 2026