The most discussed topic over the past week is the amazing Claude code, which prompted many in the VC and AI industries to claim that AGI is coming (at least from a coding perspective). We find this could be a new, key narrative inflection point, and there will be very meaningful secondary market implications . We will publish a report discussing these matters soon. Additionally, the earnings season has kicked off with a disappointing Intel result. We don’t believe this alters the medium-to-long-term thesis. We will have more on the earnings preview coming up soon. Stay tuned.
This week’s reports
Space economy primer - We are launching our coverage in this exciting sector for the next decade. The sector is still seen as a retail-driven meme trading vehicle, but it is actually seeing a huge inflection point in 2026. We believe professional investors should start to pay more attention to it. Highly recommend you to go through this report, and we will have more on the subject coming up.
Intel results - No doubt it’s a disappointing result after the strong rally recently. However, we do believe the medium-to-long-term thesis is still intact, and Intel is in the process of improving the supply situation and yield into the end of the year. Also, the CAPEX commentary is positive for the SPE segment.
ASML deep dive - We quantify the upside from TSMC fab expansion on ASML and highlight that upcoming demand from China foundries could be stronger than expected. We remain bullish on the SPE sector.
NOW preview - Our channel chat suggests Q4 should be solid with a more pronounced budget flush in 2025. The initial outlook into 2026 also seems healthy. However, the channel partners are now aggressively working with LLMs to expand directly into the enterprise space. We believe this could continue to weigh on the application SaaS sector sentiment, including NOW.
Next week’s pipeline
META preview
MSFT preview
Recent AI update
Space stock update
