To quote NVIDIA’s CEO Jensen Huang, from a QA he participated in at the Morgan Stanley TMT conference, “I love constraints. I love constraints. And the reason for that is because in a world of constraint, you have no choice but to choose the best. You can’t squander your choice.” As a series of reports…

While we don’t always favor a sum-of-the-parts analysis and framing for every company, we think it applies perhaps most relevantly to Apple. The deep ecosystem experience is a byproduct of a product excellence that hooks customers, keeps them loyal, and naturally extends their value to that ecosystem over time. The key upside driver for Apple…

When Apple unveiled the MacBook Neo on March 4, 2026, the temptation was to frame it simply as Apple finally getting competitive on price. At $599 retail and $499 for education customers, it is the most affordable Mac the company has ever sold. But reducing the MacBook Neo to a price story misses what is…

Here’s the conclusion up front: M5 Max is the most impressive piece of silicon I’ve used in a laptop. It’s more efficient and more performant, theoretically cheaper and more sustainable to manufacture with less waste, an AI powerhouse, and still runs in a laptop that lasts all day. I can’t think of an SoC or…

In Part 1 we laid out the case for the copper-to-fiber transition via the physics forcing function, the superlinear scaling of connectivity costs, and the TAM repricing that we believe is still underappreciated. Part 2 is our continuation where we connect the thesis to specific companies, specific timelines, and specific risks. We profile nine companies…

Key thesis: Connectivity is becoming the binding constraint in AI infrastructure. This will only compound with inference at scale. The transition from copper to optical interconnects is structural and the braoder market is mispricing the secular growth embedded in this shift. The Thesis As GPU clusters scale toward millions of accelerators, the physical medium linking…