Intel: the post-offering drawdown is an entry point
AI products, foundry progress, a $23B gross equity raise and a ~38% drawdown from the high make INTC a compelling long. Our $100 base target assigns no value to an SK Hynix partnership.
PDF report
Research portal
Our research, published openly.
Situation notes, catalyst analysis, investing frameworks and investor letters. Free to read, no login required.
Intel: the Q2 FY26 earnings setup
After an 11% two-session rally on Apple and Microsoft joining the 18A-P design-partner program, Q2 decides whether the pipeline keeps converting. The gap from commitments to actuals is the trade.
PDF report
Seagate: nearline is sold out through 2027, priced after the guide was set
Seagate is the first US storage name to report into a market where nearline HDD capacity is sold out through calendar 2027 and trade prices rose ~10% after guidance was set. The July 28 print is both a beat candidate and a read-through for the storage stack.
PDF report
Frontier / Verizon: merger arbitrage model
Verizon's $38.50 cash offer for Frontier left a 2.5% spread with state approvals outstanding. Our model of the spread, close scenarios, IRR and the options overlay.
PDF report
No research in this category yet.