The orbital optical mesh: laser interconnects powering tomorrow’s space-based AI compute clusters.

Space Solar

Powering AI From Orbit: MACOM, Coherent, STM, Hamamatsu (Pt.4)

12 min · 23 May 2026

Heritage determines the clear near-term winners in Space DC optical networking (2026–2029), while inter-orbit links represent the only category of truly incremental photonic demand.

4Q26 Portfolio Rebalance: Positioning for a Shift in AI Infrastructure Leadership (Pt.2)

Customers are redesigning around tight chips, memory, optics and power. We increased Cerebras to 1% and SPCX to 4%, and we trimmed Soitec to 3.5% and POET to 0.75%.

42 min read 29 Oct 2026

10 min read 23 Oct 2026

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.

31 min read 21 Jul 2026

3Q26 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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