Signal & Flow
Formal reports.
Formal long-form reports live here. Continue with related market and AI briefs through the section archives.
Markets
Read rates, dollar, liquidity, and sector cycles through Growth × Liquidity.
G/LCompanies
Verify great businesses through moat, valuation, price, and timing.
CAI
Translate AI value-chain, infrastructure bottlenecks, and guru signals into investment language.
AReal Assets
Read real assets through transactions and liquidity before headline prices.
L+Playbooks
Soft Warning, Kill Switch, routines, and behavior rules.
R
Is AI CapEx Becoming Shareholder Value?
From infrastructure bottlenecks to value capture: verify whether AI spending becomes recurring revenue, free cash flow, and pricing power.
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Reading NVIDIA’s Proxy for the AI Infrastructure Thesis
Blackwell, Rubin, and H20 risk as evidence for the next stage of AI infrastructure competition.
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What ServiceNow’s $4 Billion Notes Offering Says About the Cost of Enterprise AI
ServiceNow’s notes offering is a reminder that enterprise AI software growth must be read together with capital cost and balance-sheet flexibilit
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Redrawing the AI CapEx Cycle
From chips to power, networking, and ROI: a Growth × Liquidity map for the next AI infrastructure phase.
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