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Cerebras Is a Taxi. NVIDIA Runs the Bus Network (Pt1.)
Cerebras

Cerebras Is a Taxi. NVIDIA Runs the Bus Network (Pt1.)

Cerebras can generate tokens at extraordinary speed for a handful of users, but NVIDIA’s GPU architecture delivers superior economics at scale. This report explains why the fastest AI inference system does not necessarily make the best mass-market token factory — or the better investment.
14 min read 25 Aug 2026
Scoring SaaS Survival: The VAR-Resistance Scorecard (Pt.2) — Palantir, Datadog & Cloudflare
AI
46 min read 15 Aug 2026

Scoring SaaS Survival: The VAR-Resistance Scorecard (Pt.2) — Palantir, Datadog & Cloudflare

Part 1 mapped agentic disruption across SaaS with provisional scores. Part 2 deep-dives PLTR, DDOG, and NET: who owns the agent layer, who is durable plumbing agents pay for, and who is more exposed — so investors can see structural winners more clearly.
Scoring SaaS Survival: The VAR-Resistance Scorecard (Pt.1)
AI
29 min read 10 Aug 2026

Scoring SaaS Survival: The VAR-Resistance Scorecard (Pt.1)

Agentic AI is forcing SaaS down one of three routes: full replacement, headless survival, or owning the agentic layer. Part 1 maps the paths and scores 22 public SaaS names on our VAR-Resistance Scorecard — only two emerge as Agentic Compounders.
Portfolio Rebalance: Capturing the Next Phase of AI Infrastructure Buildout (Pt.3)
Portfolio
29 min read 04 Aug 2026

Portfolio Rebalance: Capturing the Next Phase of AI Infrastructure Buildout (Pt.3)

The July AI-infra correction separated disciplined portfolios from levered concentration. Our 3Q26 rebalance concludes with a clear principle: technical relevance is not enough. We exit weakened theses, favour bottleneck resolvers like Soitec, and size unproven optionality with discipline.
Jensen's Polite Warning: The Coming VARification of Software
AI
20 min read 30 Jul 2026

Jensen's Polite Warning: The Coming VARification of Software

Jensen Huang politely predicted software companies will become "VARs of AI tokens" — a 90% valuation compression delivered with a smile. As AI collapses the cost of building and maintaining software, the industry's brain moves to the model labs, and everyone else fights over the limbs.
Photonics: OCS Roadmaps and Market Dynamics (Pt.4)
Optical Circuit Switching
19 min read 24 Jul 2026

Photonics: OCS Roadmaps and Market Dynamics (Pt.4)

OCS roadmaps are splitting by workload: high-radix MEMS for scale-out and training, lower-latency silicon photonics for inference scale-up. Part 4 examines Google’s V8i push, NVIDIA’s dual CPO+OCS approach, market growth to $2.5B+, and whether microLED can solve short-reach constraints.
Portfolio Rebalance: Capturing the Next Phase of AI Infrastructure Buildout (Pt.2)
Portfolio
31 min read 21 Jul 2026

Portfolio Rebalance: Capturing the Next Phase of AI Infrastructure Buildout (Pt.2)

Part 2 of the rebalance deepens the focus on power electronics for 800V DC architectures, sharpens photonics conviction around hybrid bonding and space optics, and refines the neocloud and software allocations toward the highest-asymmetry names in the AI value chain.

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Convequity

Independent equity research mapping the AI value chain.
Where the silicon meets the spreadsheet.

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