Independent Research
Research on the business economics, bottlenecks, and value chains behind critical technologies.
Featured Analysis
Grid storage and European EV sales are recovering while U.S. EV demand and surplus cell capacity still constrain returns. The next battery upcycle will favor manufacturers that can convert demand into profitable utilization.
Latest
A cheaper token can still produce a more expensive task. When an AI agent searches, reasons, calls tools and checks its work,…
Activist investors can change more than corporate governance. Their pressure on capital allocation, business portfolios and operating efficiency can spread through entire…
Dollar stablecoins can bring new buyers to Treasury bills. Their fiscal value depends on where the money comes from, which maturities it…
Research
Industry structure, capacity, bottlenecks, technology transitions, value chains, and profit pools.
AI is turning MLCCs from an overlooked passive component into a critical part of power delivery. Higher power density, more voltage-conversion stages…
The Iran war has created an unusual trade-off for the United States: stronger energy exports and a larger industrial pipeline, but also…
Chinese AI has moved beyond the DeepSeek cost shock. Kimi K3, Qwen3.8, DeepSeek V4 and Tencent’s Hy4 show a broader ecosystem narrowing…
Research
Earnings power, operating drivers, competitive position, capital allocation, and implied expectations.
Samsung Electro-Mechanics is locking in AI demand before adding capacity. MLCC LTAs and customer-backed FCBGA investment show how contracted demand can become…
NAVER has secured powerful technology and financing partners for a 200MW AI factory. Its harder task is converting capacity into contracted demand…
Unitree has already won the first race in humanoids: low-cost hardware, shipment scale and manufacturing speed. The harder test is whether that…
Research
Macroeconomic and financial mechanisms such as rates, FX, liquidity, policy, and capital flows.
The Fed is tightening again and the U.S. 10-year Treasury yield has moved above 5%. The bigger question is no longer when…
The Federal Reserve controls the overnight policy rate, but the long end of the Treasury curve increasingly reflects fiscal supply, term premium…
AI remains early in enterprise diffusion even as technical capability and infrastructure investment accelerate. That does not make the sector macro-independent: interest…
Research
Maps, diagrams, public-data briefs, value chains, and visual explainers designed to be useful and shareable.
Korea’s humanoid value chain is emerging around components rather than robot OEMs, with Boston Dynamics Atlas as the first anchor and Tesla…
AI infrastructure spending is rising across the industry, but the money is not flowing toward the same business model. The differences in…
General AI is absorbing more of the interface and reasoning layer. The durable software moat is moving deeper into domain data, permissions,…
Research Themes
Five core research franchises anchor the publication. A smaller Opportunities stream covers structurally interesting industries outside the core when the question is strong enough.
