AI cloud
+6
Jul 22, 2026
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18 min read
Powertech
Issue 004: Powertech (TWSE:6239). A real AI-packaging chokepoint that was priced for a flawless ramp. A cohort selloff has now put the price inside our accumulate zone. Our call: Accumulate (starter) at NT$266.5.
AI cloud
+5
Jul 21, 2026
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13 min read
TOWA
Issue 006: TOWA (TSE:6315). A two-session chip-cohort selloff took the shares down 17.9% to ¥2,791, before a partial recovery to ¥2,848. The gap to fair value has closed part-way; we still hold, and wait for a better price. Our call: HOLD, medium conviction.
SK Hynix
+4
Jun 24, 2026
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14 min read
Everyone's right about SK Hynix. That's the problem.
Issue 002: SK Hynix (KRX:000660). We are the house bulls on memory, and we are not buying it here. The chokepoint is real, the moat is melting, and the price already pays for the peak. Our call: ACCUMULATE, patient.
AI cloud
+3
Jun 24, 2026
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10 min read
Nebius: the AI cloud build-out, priced as if it already works
Issue 001: Nebius Group (NBIS). Roughly $50bn of GPU contracts signed; the question is how fast it can build and fund the power behind them.
