Equity Research - Convequity (Page 2)

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Photonics: Deep Dive into OCS Architectures (Pt.3)

Optical Circuit Switching

Photonics: Deep Dive into OCS Architectures (Pt.3)

Part 3 examines the four leading Optical Circuit Switching technologies — MEMS, LCoS, Piezo/DBS, and Silicon Photonics — comparing their physical constraints, manufacturing realities, and long-term strategic positioning in AI infrastructure.

32 min read 13 Jul 2026

Portfolio Rebalance: Capturing the Next Phase of AI Infrastructure Buildout (Pt.1)

12 min read 06 Jul 2026

Portfolio Rebalance: Capturing the Next Phase of AI Infrastructure Buildout (Pt.1)

In our latest quarterly review, we rotate toward under-appreciated capacity resolvers across foundry, back-end, photonics, and power as the AI buildout enters its next phase.

Notes: The Bottleneck Heuristic — The Memory Supercycle, Power Bottleneck, and Data Center Value Creation (Pt.3)

25 min read 29 Jun 2026

Notes: The Bottleneck Heuristic — The Memory Supercycle, Power Bottleneck, and Data Center Value Creation (Pt.3)

The memory supercycle is no longer just about HBM. Multi-tier architectures are pulling conventional DRAM and NAND into the same structural shortage, while power and PCB bottlenecks are now compounding the constraint.

SpaceX - Powering AI from Orbit: Sizing the Opportunity (Pt.6)

28 min read 23 Jun 2026

SpaceX - Powering AI from Orbit: Sizing the Opportunity (Pt.6)

SPCX is now the ultimate AI data-center and energy play. At ~$2.4T and ~80x forward sales, its valuation rests almost entirely on Space Data Center execution — where Starship, solar, and custom silicon could unlock a path toward $20T.

Photonics: The $91 Billion Question - Layer 1 (Pt.2)

16 min read 18 Jun 2026

Photonics: The $91 Billion Question - Layer 1 (Pt.2)

Layer 1 is the foundation of the photonics supply chain. Photonic SOI from Soitec serves as the base substrate for virtually all CPO and NPO designs, with TFLN and EO polymers acting as performance boosters on top. This gives Soitec structural leverage across all architectures.

Tower Semiconductor - Powering AI From Orbit (Pt.5)

Space Data Centers

10 min read 16 Jun 2026

Tower Semiconductor - Powering AI From Orbit (Pt.5)

Tower's SiGe BiCMOS + SiPho platform on 300mm wafers eliminates GFS's sole advantage, delivers 30% lower power than InP at 1/3 the cost with 85%+ yields, and cements TSEM as the dominant SiPh foundry for both hyperscale AI and Space DC deployments.

Convequity's AI Bubble Barometer

9 min read 14 Jun 2026

Convequity's AI Bubble Barometer

Convequity’s AI Bubble Barometer shows AI valuations easing further this week while commercial demand for compute remains strong. Productive usage is still concentrated among developers, but is expected to broaden significantly as models improve and costs decline.