Editor's Notes: * What stood out to me today is how clearly the market narrative is shifting from AI excitement to AI execution. The buzz is no longer just about models and chips, but about whether the physical layer—power, data centers, cooling, grids—can actually keep up. That’
Editor's Notes: * Duolingo is a genuinely beloved app in my household. I first let my eldest son use it to learn a new language. Then his younger brother joined. Then my wife. They all started with languages and naturally branched out into math, music, and most recently chess.
Editor’s Notes: * U.S. markets are riding strong Q3 GDP and a year-end rally, but conviction is thinning. The K-shaped recovery narrative is hardening: AI leaders like NVIDIA and select semis keep winning, while many consumer, software, EV, and travel names sell off on earnings, guidance cuts,
Editor's Notes: * Memory and lithium cost surge will have negative impact on downstream players (gaming consoles, computers, EVs, mobile phones, etc.) The margin hit may be temporary, but the impact on stock prices have been asymmetric - beneficiaries stock price surging while losers stock price decline relatively muted. One
Editor's Notes: * This is the stock that 10x over 5 years. Key supplier to TSMC (going where it goes - Arizona plant, Taiwan, etc.) * Stock got further attention earlier today (see our daily brief earlier). * Valuation fair (not cheap) given high-single-digit annual growth at the company level
Investment
Editor's Notes: * Mentioned a few days ago about BOJ rate impact mostly priced in and hence the JP market recovery. Continue to bet that AI "broadening out" trend will lift up Japan-listed supply chain companies. Now seeing a few names coming up - Kioxia, Tokyo Electron,
Editor's Notes: * We summarize recent discussions from 30+ podcasts every week, to monitor sentiments, what's priced in and which stocks professionals are looking into. * 3 themes we have been looking into are somewhat confirmed: * Hormel showed up as an recommendation by an investor. We highlighted this
Editor's Notes: * My hypothesis is that investors largely believe in AI's disruptive power and long-term value, but the excess liquidity, high valuation of a few concentrated names (e.g. NVIDIA and like), and narrative fatigue are turning investors away. The natural act now is to
Editor's Notes: * Companies I'd look into: Enerpac (hydraulic machinery space, 13x fwd EV/EBIT, ~6% FCF yield), Jabil (construction & engineering space, now focusing more on AI racks, 13.5x fwd EV / EBIT, ~6% FCF yield), Kobe Bussan (food products / grocery stores, 20x EV/EBIT, 2-
Editor's Notes: * As AI overvaluation debates continue, investors still reacted positively to memory chip shortages (memory chip shortages been going on for a while, but market still seems surprised by MU earnings). The broadening of AI impact may continue in 2026, as the investors find unexpected consequences / bottlenecks
Investment
Editor's Notes: * Generated the following recent development review on Luckin, given recent news (potential bid for Blue Bottle), and stock price jump yesterday (~10%), see earlier digest. * I love Luckin for 3 reasons: (1) low cost advantage at scale, which is a sustainable moat against others, (2) aggressive
Investment
Editor's Notes: * Rotation out of AI top names continued in the US, and investors looking for value opportunities outside the US. I am in the camp believing in the long-run continued demand for AI / compute, and success of AI apps, so I would look out to "