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Convequity's AI Bubble Barometer
AI Bubble

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.
9 min read 14 Jun 2026
Beyond Operating Assets: Redefining ROIC for Tech Investors
ROIC
15 min read 24 Jul 2025

Beyond Operating Assets: Redefining ROIC for Tech Investors

Summary * This project builds a capital‑allocator ROIC that judges how software CEOs deploy every dollar of capital, departing sharply from the traditional “operating‑asset” metric. * We expand invested capital to include goodwill, unrecognised SBC, cash + investments, purchase commitments, and non‑current deferred revenue, items that better reflect how software

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

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