Back issues
- Issue No. 9 · 25–31 May 2026
The Verdict — Marvell's Data Center Hits 76% of Revenue, Dell Blows Out 33%, and the Smart Money Quietly Moved Into the Buildings
Marvell reported $2.42B (+28% YoY) with data center now three-quarters of the company and the Celestial photonic-interconnect deal closed — Baker's connectivity thesis is printing, even though our >35% growth bar missed at +27%. Dell surged 33% on AI-server demand and dragged the whole integrator layer up with it. And the 13F convergence shows the concentration spreading off the chip and into the physical layer — Digital Realty, Equinix, CoreWeave. Broadcom reports Wednesday: the cleanest custom-silicon read of all.
2 filings · 0 signals · 14 tickers - Issue No. 8 · 18–24 May 2026
NVDA's $81.6B Quarter Settles the Debate — Data Center Nearly Doubled, Q2 Guides $91B, and Baker's Exit Was Early
NVIDIA reported eight days before our prediction and cleared every bar we set. Revenue $81.6B (+85%), Data Center $75.2B (+92%), Q2 guidance $91B with no China assumed. The Issue 07 falsifiable form is closed: Aschenbrenner's NEW $1.57B NVDA position was right; Baker's -77% cut was early. Plus: stock down on a $30B beat, the memory trade reawakening, Credo's first directional print, and the next test is MRVL on 27 May.
0 filings · 6 signals · 10 tickers - Issue No. 5 · 11–17 May 2026
Lone Pine Just Did the Aschenbrenner Trade at $2B, Coatue Cut Microsoft by $1.6B, the AVGO Convergence Fires
Q1 2026 13F drop confirms the multi-issue thesis arc. Carvana and AppLovin show up in 4+ funds each — off-watchlist convergence alerts. Two notable non-filers.
16 filings · 18 signals · 22 tickers - Issue No. 6 · 17 May 2026 (Issue 05 correction + addendum)
The Issue 05 Footnote We Missed — Berkshire Tripled Their Google Position to $15.6B, and the Whole Reading Changes
Issue 05 shipped Sunday with eight tracked funds. Adding Berkshire as the ninth — the only fund outside the Tiger Cub network — surfaced a +$10B GOOG add that re-rates the entire AI consensus. Plus the methodology lesson: convergence detection only works if your funds are actually independent.
1 filings · 4 signals · 5 tickers - Issue No. 7 · 18–24 May 2026 (covering the late 13F drops)
Aschenbrenner Just Raised $8 Billion and Bought NVDA, AMD, TSM, AVGO, MU and ASML — Same Week Baker Sold All of Them
Both AI specialists filed late on 18 May. Their Q1 portfolios are diametrically opposed. NVDA earnings 28 May is the verdict moment. Plus: three Tiger Cubs are visibly de-risking AI mega-cap exposure in unison, and the Astera Labs / Credo convergence is starting to form.
2 filings · 14 signals · 16 tickers - Issue No. 4 · 4–10 May 2026
The Chip-Tier Verdict — AMD Hands OpenAI and Meta 320 Million Shares for a Penny Each, Arista Pays in Margin, the Capex Thesis Holds
Vendor financing as equity. ANET takes 35% with 180bps of margin compression to keep two customers. Meta commits 6GW of AMD GPUs. The Issue 03 hyperscaler thesis gets its chip-tier confirmation, with one strategic plot twist.
4 filings · 12 signals · 9 tickers - Issue No. 3 · 27 April – 1 May 2026
Amazon Just Bought a Slice of OpenAI for $50B and Sold AWS Chips Into the Bargain
The Microsoft-OpenAI exclusivity is dead. Meta prints +33%. Capex from four hyperscalers run-rates above $250B. Last week's Intel CAO mystery has a punchline: NVDA hired him.
12 filings · 16 signals · 13 tickers - Issue No. 2 · 20-26 April 2026
Tim Cook Steps Down, Vertiv Confirms the Backlog Was a Floor, and Intel Says It Might Stop Making Chips
Apple's first CEO transition since 2011 lands the same week that Vertiv prints +30% revenue with +400bps margin and Intel quietly discloses it may pause Intel 14A. Tesla guides $25B+ of 2026 capex driven by AI compute. CoreWeave taps another $1B at 9.75%, the high-yield market firming on the second print. Eleven filings. Three thesis-changing events.
11 filings · 12 signals · 14 tickers - Issue No. 2 · 20–26 April 2026
Apple Hands the Hardware Engineer the Keys, Vertiv Takes a 400bp Bow, Intel Drafts Its Own Eulogy
Cook out, Ternus in. The backlog wasn't a ceiling. The Intel risk factor that nobody priced. Tesla joined the hyperscalers without anyone noticing.
11 filings · 20 signals · 14 tickers - Issue No. 1 · 12-18 April 2026
The CoreWeave Capitalisation Trilogy, Amazon Goes Orbital, and Intel's U-turn
Six material filings last week told three stories: CoreWeave raised $6.75B in 48 hours and had Meta commit $21B to its backlog; Amazon agreed to buy Globalstar, making AWS the only hyperscaler with both cloud and satellites; and Intel bought out Apollo's stake in Fab 34, quietly abandoning the 'Smart Capital' strategy it announced last year.
6 filings · 17 signals · 18 tickers