Research Archive
The Local Token Stack
This is the third note in our AI infrastructure series, and it builds on the first two. Report 1, “Confidential AI,” framed confidential computing as the permission and pricing layer for AI infrastructure — what decides which sensitive, regulated, and sovereign tokens can run inside an approved trust boundary, and why the relevant metric shifts…
AI Server Demand Is Becoming Three Markets
Companion note. This report is the supply-and-capacity half of a two-part research program. It sizes how much AI server hardware gets built and who owns it. The companion note, “Confidential AI: The Permission Layer for Enterprise and Sovereign Infrastructure” (June 2026), takes the demand-conversion half, namely whether the regulated and sovereign share of that capacity is…
Confidential AI: Turning Trust Into AI Infrastructure Revenue
Note: Infrastructure decisions will shape AI revenue quality. Confidential compute is the first obvious example. As enterprise AI moves from generic workloads to regulated and sovereign workloads, the relevant question becomes less about raw tokens alone and more about which tokens can be processed inside an approved trust boundary. Tokens per watt will remain an…
WWDC 2026: Apple Kept It Real
No Overpromising, Meeting Users Where They Are At WWDC, the expectation is for a long list of new features rolling across every OS Apple supports in its portfolio. This year, Apple reframed that. Rather than leading with what is new, the keynote centered on perfecting and homogenizing the experience across products, addressing the kind of…
Agentic EDA and the Next Revenue Layer in Chip Design
In recent weeks, we have had direct conversations with both Cadence and Synopsys, and those discussions, set against each company’s latest earnings commentary, have firmed our view that agentic design tools add real TAM lift for both. Management at each now describes the mechanism we have been modeling: AI agents pull more work through the…
A Transformed Cisco Steps Into a Familiar Role
At Cisco Live 2026 in Las Vegas last week, Jeetu Patel took the stage as President and Chief Product Officer in front of 20,000 attendees from 75 countries and delivered on a prediction he made two years ago: that Cisco would be unrecognizable as a company. The portfolio on display made the case without needing…