Bloom Energy: An AI Power Bottleneck Winner, but How Much Success Is Already Priced In?
A closer look at the Oracle agreement, SOFC economics, competitive moats, and the valuation implied by Bloom Energy’s AI power boom.
Section 01
Investing
Markets, macro, quantitative research, and portfolio thinking.
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Applied Digital Corporation: $36 Billion in AI Data Center Leases, but How Much Value Reaches Shareholders?
1.41GW of contracted capacity, an 89% NOI margin, and billions of dollars of construction spending.
Salesforce, Inc.: Can Agentforce Reaccelerate CRM Growth?
AI revenue is growing fast. The real question is whether it survives cannibalization and becomes free cash flow per share.
Huntington Ingalls Industries: Why Does a Monopoly Shipbuilder With $57 Billion of Orders Trade at 14×?
The market is not doubting HII's orders. It is doubting how profitably those orders become ships.
Sterling Infrastructure: Time to Sell? A Good Company, but About Fair Value Now
The business thesis is intact. The October 6 close is about the base-case present value.
AWS Is Hiring FDEs. But Can You Hire Your Way Into an FDE Organization?
What hyperscalers and Palantir reveal about customer-to-product loops and accumulated learning
FDE Economics: What Wonderful and Reflection Need to Prove
Field engineering becomes software economics only when today’s deployment makes the next one cheaper and faster