When Apple unveiled the MacBook Neo on March 4, 2026, the temptation was to frame it simply as Apple finally getting competitive on price. At $599 retail and $499 for education customers, it is the most affordable Mac the company has ever sold. But reducing the MacBook Neo to a price story misses wh
Here’s the conclusion up front: M5 Max is the most impressive piece of silicon I’ve used in a laptop. It’s more efficient and more performant, theoretically cheaper and more sustainable to manufacture with less waste, an AI powerhouse, and still runs in a laptop that lasts all day. I can’t think of
In Part 1 we laid out the case for the copper-to-fiber transition via the physics forcing function, the superlinear scaling of connectivity costs, and the TAM repricing that we believe is still underappreciated. Part 2 is our continuation where we connect the thesis to specific companies, specific t
Key thesis: Connectivity is becoming the binding constraint in AI infrastructure. This will only compound with inference at scale. The transition from copper to optical interconnects is structural and the braoder market is mispricing the secular growth embedded in this shift. The Thesis As GPU clust
Anthropic just raised $30 billion at a $380 billion valuation and that got most of the headlines, though the more telling figure is the $14 billion current annualized revenue run-rate, achieved less than three years after the company booked its first dollar. Salesforce required 16 years to reach $14
There is a physical infrastructure dimension to the AI and software story that the market-level debate entirely overlooks. In conversations we had with Michael Dell, and other Dell executives last summer, a thesis emerged that we believe will reshape how enterprises interact with software over the n
The memory semiconductor industry went from roughly $85–90 billion in revenue at its 2023 trough to a trajectory that reaches $800–850 billion by 2027. That is roughly a 9× increase in four years. No segment of the semiconductor industry has ever grown this fast at this scale. The numbers forecasted
The market’s reaction to Amazon’s Q4 results tells you everything about where sentiment sits today. The stock is down roughly 20% from its pre-earnings level near $239, having dropped 8% on the earnings release alone despite AWS posting its fastest growth in 13 quarters. The $200 billion capex guide
We are in the early stages of one of the largest infrastructure buildouts in modern history. The construction of AI-scale computing infrastructure is reshaping the datacenter, power generation, and labor markets simultaneously and there is no sign demand is slowing. This is reflected in signed lease
While I could start with the list of the many products that were announced at Cisco Live EMEA 2026, and there were plenty, from the Silicon One G300 to the biggest-ever update to AI Defense, I want to focus my analysis around a very interesting slide that was shared in one of the many analyst…
The Number That Matters The AI infrastructure buildout is the largest capital deployment cycle in technology history. Combined hyperscaler spending exceeded $400 billion in 2025, with 2026 projections pushing toward ~$600 billion. The bubble bears point to this spending and declare it unsustainable,
Apple delivered a record-breaking December quarter, posting its best revenue and earnings performance ever, driven by an exceptionally strong iPhone cycle and continued Services momentum. Revenue reached $143.8 billion (+16% YoY), with EPS of $2.84 (+19% YoY), reflecting both top-line strength and f