Research Reports
Full-length investment research: five-pillar gradings and deep-dive reports, each with a verdict
Akamai x NVIDIA: The AI Grid Deep Dive
Six layers of NVIDIA's reference design, Akamai's first global-scale implementation, the NOC moat, and the $11.6B Anthropic economics. Genuine full-stack architecture; the open questions are deployment scale and diversification.
Akamai vs Cloudflare: Two Edges, One Scorecard
Ten dimensions, ten points each. Cloudflare takes growth and platform; Akamai takes profits, balance sheet, and price. Final: Akamai 79, Cloudflare 74.
Akamai: The Stewardship Report
Same cycle, different game. $14.4B of contracted backlog, 18.5% fewer shares than a decade ago, converts at 0% to 1.125%, and a buildout funded from operating cash flow, not dilution.
Akamai Technologies
Positive. The first inference cloud: 3 of 5 pillars pass; the $11.6B Anthropic deal validates distributed inference. 2028 scenarios: bear $95 · base $150-165 · bull $200+. Score 75/100.
Reliance Industries
Positive. A long-term compounder trading at its 52-week low. FY2029 targets: bear Rs 1,000 · base Rs 1,900 · bull Rs 2,800. Score 80/100.
Reliance Industries: Five-Pillar Analysis
Strong fit · 4 of 5 pillars pass. Sunrise PASS · Leadership PASS · Moat PASS · Iron fortress PASS · Free cash flow PARTIAL.
BlackBerry Q2 FY27 Earnings
Thesis intact and strengthening · 5 pass, 1 partial. Fifth consecutive triple beat; revenue $163.3M up 26%; guidance raised; Uber selects QNX for next-generation vehicles.
Unity Software
Positive. The turnaround is working; the price assumes the leverage story. FY2029 targets: bear $14 · base $57 · bull $93. Score 75/100.
Unity Software
Strong fit · 4 of 5 pillars pass. The engine is fixed, the ads business is compounding, and cash is real. Only the moat is partial.
Applied Digital
Positive, high-risk. Contracted AI growth on a levered balance sheet. 2029 base target $41.50. About $36B of 15-year take-or-pay leases against roughly $5B of debt.
Applied Digital
Partial fit · 1 pass, 2 partial, 2 fail. A sunrise backlog on a levered, cash-burning build. Sunrise passes; the balance sheet and free cash flow do not.
BlackBerry
Positive. Early-cycle turnaround, real moat. 2029 base target $13.50. QNX is the certified safety layer for physical AI, endorsed by NVIDIA on its own keynote stage.
BlackBerry
Strong engine fit · 5 of 5 pass. Sunrise, moat, fortress, cash flow, and leadership all qualify. A proven operator with an under-promise/over-deliver record.
Ola Electric
High-risk EV turnaround, below investment-grade quality. 2029 base target Rs 70 on the cell-integration option.
Ola Electric
Not a five-pillar fit · 1 pass, 1 partial, 3 fail. Sunrise sector and a real factory; failed leadership, fortress, and cash flow.
NXP Semiconductors
Attractive business recovery, incomplete technical confirmation. 2029 base target $420 on the edge-intelligence thesis.
NXP Semiconductors
Partial fit · 3 of 5 pass. Strong business; leadership too new and debt too high for a full engine fit.
PayPal
3 pass, 2 partial. A strong machine waiting for a new growth road.
Grab Holdings
Selective Buy, evidence-gated · 74/100. A real profitable-growth platform, now carrying a harder capital-allocation and credit-underwriting test.
Grab Holdings
4 of 5 pillars pass. Platform, leadership, moat, and balance sheet qualify. Cash-flow quality still needs proof.