Research
House theses on the themes, sectors and single names we track — published with the terminal's live read on each one.
HOOD — Equity Mirror of Robinhood Chain
The crypto note already priced retail L2 and launchpad heat. HOOD the stock still mostly trades as a scaled brokerage multiple — either the chain is already inside that premium, or the equity is carrying an unpriced call on tokenization that GAAP will not show for a while.
AI Infra Dips — Astera Labs, Nebius, IREN
Hyperscaler CapEx is still the tide, but the non-GPU sleeve got sold with the GPU complex. We separate Astera’s profitable connectivity franchise from Nebius and IREN — where the drawdowns look more like dilution and delivery debates than vanished contracts.
AI Power & Nuclear — Oklo, Nano Nuclear, Constellation
Hyperscaler power scarcity is the CapEx wave after GPUs. We separate who already sells firm nuclear megawatts under binding PPAs (Constellation) from who is still pricing FOAK licensing, dilution, and offtake conversion (Oklo, Nano Nuclear).
Robinhood Chain, Pons, and Arbitrum — Retail L2 Meets Launchpad Heat
Two months after mainnet, Robinhood Chain already shows ~$909M DefiLlama DeFi TVL. Pons — not “Ponds” — is printing pump.fun-class fees on that chain without taking Solana share. ARB is the stack claim underneath, re-rated into a mid-September unlock.
Memory Basket — SK Hynix, Micron, Samsung
AI memory is a scarcity supercycle, not a PC/mobile bounce. We compare SK Hynix, Micron, and Samsung on HBM leverage, margins, and contracts — and ask what today’s “cheap” forwards actually assume if peak margins snap.