Equity Research - Convequity

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AI Value Chain Bottlenecks: Mapping Pricing Power and Investment Opportunity (Pt.1)

AI Value Chain Bottlenecks: Mapping Pricing Power and Investment Opportunity (Pt.1)

AI bottlenecks flow like a canal system of shifting dams — energy partially eased by natural gas and Bitcoin miner conversions, but pricing power now migrates downstream to data centers and optical interconnects, with a tailored Rule of X framework surfacing the winners.

36 min read 02 Apr 2026

SysMoore & Energy (Pt.3.3) - The Nuclear Investment Thesis

Nuclear Technology

18 min read 18 Mar 2026

SysMoore & Energy (Pt.3.3) - The Nuclear Investment Thesis

A three-decade “nuclear winter” of chronic underinvestment hollowed out the global uranium supply base — creating a structural scarcity shock as AI’s power hunger collides with a mining industry unable to respond at scale.

Notes: Light is the Future (Pt.2)

optical interconnects

9 min read 28 Dec 2025

Notes: Light is the Future (Pt.2)

Summary * The optical supply chain bottleneck into 2026 is EML capacity, with 200G EMLs (needed for 1.6T) far tighter than 100G and keeping pricing and allocations elevated. * Silicon photonics is the short-term “release valve” for EML shortages by shifting more functionality onto PICs and using CW light sources,

Notes: Light is the Future (Pt.1)

Lumentum Holdings

22 min read 24 Dec 2025

Notes: Light is the Future (Pt.1)

Summary * DeepSeek, Huawei, and then AVGO in 2025 pulled forward the timeline for optical adoption, flipping the “copper-first” consensus and reshaping cluster design priorities. * DeepSeek’s P/D MoE inference shows scale-out fabrics can handle high-performance inference across hundreds of GPUs, reducing the marginal value of ever-

Updates: Palo Alto Networks -From Platformization To AI-Native Security & Observability (Pt.2)

Palo Alto Networks

22 min read 16 Dec 2025

Updates: Palo Alto Networks -From Platformization To AI-Native Security & Observability (Pt.2)

Notes: Pagaya, A Fintech We Want to Believe In — and Finally Might Be Able To

39 min read 24 Oct 2025

Notes: Pagaya, A Fintech We Want to Believe In — and Finally Might Be Able To