Agents investigate.
AI agents read sources, compare companies, build financial models and draft the research. They connect evidence across the AI supply chain and keep the investigation moving.
Investment research for the AI buildout
Agentic research.
Human judgment.
AI agents investigate the companies building the future. Humans review the research and shape the investment thesis.
Research generated with over 4.7 billion tokens of frontier AI inference and counting.
Cumulative across our research program.
Power & infrastructureChips & semiconductor equipment
How the work gets made
Humans review.
Humans set the direction, examine the thesis and challenge the conclusions. Each new sector requires founder approval before publication; approval does not mean every source or calculation was personally reviewed. Agents continue updating the work as the evidence changes.
The investment question
Demand is the beginning.
Who captures the value?
A larger market does not make every stock a good investment. We follow the connection from AI demand to business economics to value per share.
- 01 / WORLDVIEW
What changes?
Start with a stated scenario for AI and its physical buildout.
- 02 / SECTOR
What is needed?
Identify the capabilities, capacity and capital the buildout requires.
- 03 / COMPANY
Who can deliver?
Test strategy against execution, competition and retained economics.
- 04 / VALUATION
At what price?
Value growth after the investment and financing needed to achieve it.
Our starting assumption
ASI in 2027 or 2028.
A buildout that continues.
Our central scenario assumes artificial superintelligence in 2027 or 2028 and prolonged growth in compute and enabling infrastructure. This is our research premise, not an established fact.
We investigate who can expand profitably within that world. We test real competitive threats and documented alternatives; we do not invent future breakthroughs to fill gaps in the evidence.
Read the assumptions behind the research →Clarity before complexity
The judgment first.
The evidence within reach.
A company in a minute
The thesis, its place in the buildout, the conditional target and what could break the case.
Understand what matters
See the operating milestones and valuation assumptions that could change our view.
Inspect the reasoning
Follow the financial models, full company analysis and dated evidence behind each conclusion.
The research library
One connected view of the AI buildout.
Available to individually approved readers.