Aixtron: The Growth Step (Pt.3)

20 min · 11 Jun 2026

Part 3 examines why epitaxial qualification — not hardware — is Aixtron's true moat, how InP substrate constraints gate capacity expansion, and why Veeco's competitive gains appear bounded enough that Aixtron can lose share while still growing into a much larger market.

Nvidia at 16x Earnings: MSU Analysis vs. Broadcom (Pt.3)

Nvidia trades at its lowest multiple since 2015. We compare our view with the Market’s and the Street’s, and explain why a shrinking moat makes Nvidia a possible value trap and Broadcom, at similar multiples, the stronger case.

10 min read 23 Oct 2026

38 min read 09 Oct 2026

4Q26 Portfolio Rebalance: Positioning for a Shift in AI Infrastructure Leadership (Pt.1)

AI spending keeps growing, but the winners are changing. Our 4Q26 rebalance favors Broadcom over NVIDIA and backs suppliers enabling logic folding and optical integration. We also explore Tesla’s physical AI opportunity and the risks to TSMC’s long-term dominance.

10 min read 14 Sep 2026

ABBX Week 17: Oracle’s Backlog Matches a Hyperscaler. Its Balance Sheet Does Not.

ABBX Week 17 finds no broad AI bubble. Oracle is the test case: a USD 664 billion backlog, neo-cloud-like equity value, and a lease-and-capex bill that still lands before that backlog turns into cash.

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