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Recent
- Pulse 2026-07-29The Market Stopped Paying RecordsSK Hynix printed the best quarter in its history — operating profit up 557% — and Seoul sold it 9% into a second circuit-breaker day. Teradyne printed a record with a raised guide and is being paid 11
- Report 2026-07-29The Verification Tax
- Pulse 2026-07-28The KOSPI Is a Semiconductor Index NowKorea tripped its circuit breaker overnight — KOSPI down 8%, SK Hynix closing −14.6%, Samsung −13.4% — and that is no longer a regional story: the KOSPI's 60-day correlation with the Nasdaq-100 sits n
- Pulse 2026-07-27Kimi K3: The Gap Went Task-SpecificMoonshot published the weights of a 2.8-trillion-parameter model today, and the first independent assessments landed with them. K3 ranks fifth of 215 overall but takes first place in frontend code, be
- Weekly Signal 2026-07-26The Tell Fired Twice
- Pulse 2026-07-24Agentic AI: The Orchestration Knock OutThe same claim was made twice in one print week: ServiceNow called itself the orchestrator of AI in the enterprise, SAP pitched the Autonomous Enterprise around Joule, n8n and its Knowledge Graph. Eve
- Pulse 2026-07-23The Data Center Isn't Shrinking — Its Center of Gravity Is MovingThree prints in twenty-four hours drew the same map from three directions: IBM's mainframes fell 42% while its AI-server business grew 37%, Nokia's sales to AI and cloud customers doubled, and Alphabe
- Pulse 2026-07-22Show-Me Time — Crunch Hour for the Other Five of the Mag 7The market has stopped paying the Mag 7 for AI ambition and started demanding a path to monetize the spend. The tape has already graded them: the two that own the customer got paid, the three caught b
- Pulse 2026-07-21The Buy Lists Arrive — One Week After K3, the Street Reaches Past SemisOne week after Kimi K3, the first institutional buy lists are out — and UBS's own basket quietly confirms the shape we mapped: the names reach past semiconductors into storage, custom silicon, AI opex
- Pulse 2026-07-20Two Sessions to Decide the DeepSeek Question — Then Alphabet SpeaksKimi K3 is one week old and the tape has priced the panic: fifteen billion dollars off EDA in a day, the Build layer down nine percent on the week. Whether that was a DeepSeek moment — repricing, then
- Weekly Signal 2026-07-19Three Rotations, One Week
- Heresy 2026-07-19The Selection Game — Closelook Heresy XIVThe industry's one promise — somewhere there is an exceptional manager, and we are it or we can find it — fails the way a lottery advertisement fails: everything it shows is true, everything it implie
- Heresy 2026-07-18Diversified into the Losers — Closelook Heresy XIIIThe ten largest stocks carry ~40% of the S&P 500 and the industry's prescription is the familiar menu: equal weight, small caps, sector caps, winner-trimming. Bessembinder's arithmetic says every item
- Report 2026-07-18The Rotation, Not the Apocalypse — Kimi K3, Part II
- Report 2026-07-18The DeepSeek Moment Moves Into Chip Design — Part I