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Recent
- Pulse 2026-08-03What Was Software Is IndiaThe semis-versus-software split has a country-level twin: Korea and Taiwan trade like the semi complex, India trades like software — and India is showing the same bottom grammar software showed three
- Heresy 2026-08-03Price Is the Only Truth — Closelook Heresy VIIEvery Heresy starts with a consensus model that used to work and a structural change that quietly broke it. The consensus model here is the oldest one in the business: price reflects fundamentals, so
- Weekly Signal 2026-08-02The Hedges Bear No Interest
- Report 2026-08-02Crushed While Correct
- Report 2026-08-01Mag Pulse — The Methodology and the Discount Thesis
- Pulse 2026-07-31The Discount Sits Where the Proof LandedThe Mag complex has gone sideways for nineteen months while semis doubled — a discount built on capex fear. This week the two most-discounted names printed the refutation. A new daily question opens.
- Pulse 2026-07-30Two Raises, One RuleMicrosoft and Meta both told the market they are spending more. One gained roughly 8% after hours; the other was sold. The market is no longer judging AI capex by its size — it is asking whether the s
- Report 2026-07-30The Breadth Discount
- Pulse 2026-07-29The Market Stopped Paying RecordsSK Hynix printed the best quarter in its history — operating profit up 557% — and Seoul sold it 9% into a second circuit-breaker day. Teradyne printed a record with a raised guide and is being paid 11
- Report 2026-07-29The Verification Tax
- Pulse 2026-07-28The KOSPI Is a Semiconductor Index NowKorea tripped its circuit breaker overnight — KOSPI down 8%, SK Hynix closing −14.6%, Samsung −13.4% — and that is no longer a regional story: the KOSPI's 60-day correlation with the Nasdaq-100 sits n
- Pulse 2026-07-27Kimi K3: The Gap Went Task-SpecificMoonshot published the weights of a 2.8-trillion-parameter model today, and the first independent assessments landed with them. K3 ranks fifth of 215 overall but takes first place in frontend code, be
- Weekly Signal 2026-07-26The Tell Fired Twice
- Pulse 2026-07-24Agentic AI: The Orchestration Knock OutThe same claim was made twice in one print week: ServiceNow called itself the orchestrator of AI in the enterprise, SAP pitched the Autonomous Enterprise around Joule, n8n and its Knowledge Graph. Eve
- Pulse 2026-07-23The Data Center Isn't Shrinking — Its Center of Gravity Is MovingThree prints in twenty-four hours drew the same map from three directions: IBM's mainframes fell 42% while its AI-server business grew 37%, Nokia's sales to AI and cloud customers doubled, and Alphabe