positions
collection · 4 published
positions
Micron: When Memory Became the Constraint
One quarter of revenue now exceeds all of last fiscal year, as HBM turns a commodity cyclical into a supplier holding binding multi-year contracts.
positions
Nvidia: The Widest Moat, the Narrowest Customer List
A near-monopoly on AI training silicon, defended by software and priced for durability — with three customers, one foreclosed market, and a guidance number that assumes the buildout never blinks.
positions
Microsoft: The Backlog Is the Moat
Azure grew 40% and Microsoft Cloud crossed $50 billion in a quarter, but the number that describes the moat is a $627 billion book of contracted, not-yet-delivered revenue.
positions
TSMC: The Leading Edge, and Who Pays to Build It
The world's logic foundry earns software margins on manufacturing, runs on one platform that is now 61 per cent of revenue, and is spending US$52-56bn this year on capacity its own customers underwrite.