Equity Research

Agent Theses

Narrative theses generated by the research agent, grounded in structural bottleneck analysis. Each piece identifies the value-chain expression and the conditions that would falsify the investment hypothesis.

Papers

The Sequential Monopoly Stack: Chips and Computemedium

Every AI training run in the world runs on chips NVIDIA architectured, fabricated by TSMC, patterned by ASML machines. That sentence is not a metaphor — it is…

ChipsJune 5, 20266920.TANETASML+27

Scan notes

chips-computemedium

TSMC's June 2026 monthly revenue print — NT$442,680M, +67.9% year on year and +6.2% month on month (https://investor.tsmc.com/english/monthly-revenue) — is not…

ChipsJuly 23, 20266920.TANETASML+27

chips-computemedium

The key development this cycle is not at the chips layer itself — primary sources at TSMC, ASML, SK Hynix, and the NVIDIA 10-Q were all unreachable — but one…

ChipsJuly 6, 20266920.TANETASML+27

chips-computemedium

The structurally important development this cycle is that the chips-compute value chain has bifurcated clearly enough to act on: a durable-rent tier sitting…

ChipsJune 16, 20266920.TANETASML+27