Note. Published .
What we cover, and the questions behind it
Eleven companies in three sectors, and the one question behind each company memo.
We cover a small number of public companies in three areas where we think the next decade of earnings will be decided. Each memo is built around one question. The eleven questions are listed below by sector, with what we are trying to learn in each area.
AI infrastructure
Hyperscalers are spending on compute well ahead of the revenue AI earns today. We want to know which suppliers keep pricing power if that gap closes, and which were selling into a build-out.
- NVIDIA: Can it hold margins as its largest customers ship their own chips?
- Taiwan Semiconductor: Is advanced packaging, more than wafer capacity, the real limit on AI chip supply?
- Broadcom: How large does custom silicon get as each hyperscaler designs its own chips?
- Vertiv: Does power and cooling, more than chips, set the pace of new data centers?
Physical AI and robotics
Robots are moving from fixed cells onto open floors, into hospitals and warehouses. We want to know who owns the deployment and the data, and whether the margins end up looking like software or like machinery.
- Tesla: Can Optimus reach a unit cost that makes humanoid labor cheaper than people?
- Intuitive Surgical: How long does a large installed base of surgical robots hold off new rivals?
- Symbotic: Can warehouse automation sell well beyond its anchor customer?
- Teradyne: Do collaborative robots become a real growth line inside a test-equipment company?
American reindustrialization
Data centers are going up while the grid is being rebuilt. We follow the companies that sell the electrical equipment and construction capacity everyone needs first.
- GE Vernova: How long is the backlog for turbines and grid equipment, and what will it earn?
- Eaton: Does data center demand change the cycle for electrical equipment?
- Quanta Services: Who has the skilled crews to rebuild the grid, and what are they worth?
How to read our notes
Every memo states its thesis, the figures it rests on and what would prove it wrong. Every memo and report carries a position disclosure.
Nash & Vance Research and its principals may hold, buy or sell securities of the companies discussed at any time without notice. This note is general information, not investment advice or a recommendation to buy or sell any security. Figures are as of the dates cited and may have changed. Read the full disclosures.