Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Friday, September 18, 2026

Back to today

From X

@convequity 1 click

Convequity on X

Huawei just updated the Ascend 960 & 970 roadmap. $NVDA's competition pressure is increasing from both $AVGO and Huawei continuously as we've anticipated. → 960DT rollout pulled forward from 4Q27 to 1Q27. (Seems like they are finally getting the HBC-like, tailored-memory approach closer to high-volume production.) → 960PR by 3Q27 with 8 PFLOPS FP4—double the 960DT’s FP4 compute. (Closing in on NVDA’s Blackwell Ultra, which tops out at 15 PFLOPS dense FP4. Rubin moves that target to 35 PFLOPS dense FP4.) → 970 by 2028 with 14 PFLOPS FP4, up from the previous 8 PFLOPS target. Overall, this looks consistent with our Tau Scaling thesis: a higher compute ceiling, more tailored chip designs, and a faster path to production. Not every specification has doubled, but a near-doubling of the 970’s planned FP4 compute alongside an accelerated 960 rollout is a meaningful change. The bigger story, in our view, is Huawei’s CIDM model. Optimizing the entire vertical—not just the logic die—creates more room to change the compute design and shorten the development cycle. Huawei’s disclosed co-optimization already spans devices, circuits, chips and systems. This is the kind of vertical integration Elon Musk is targeting with Tesla and SpaceX’s Terafab. But Huawei is already putting its ecosystem version to work. (Would be quite funny if the Chinese ecosystem gets accelerator-based EUV into production lithography first, too.) Against NVDA, our thesis is that the single-chip gap narrows from roughly three years toward two—and potentially less as the roadmap accelerates. From a PPAC perspective, Tau Scaling could bring the logic die within a year—or less—while memory remains further behind. Bandwidth, not simply capacity, looks like the harder bottleneck. But Huawei may be able to lean into memory capacity and co-design the LLM and serving strategy around that constraint, rather than simply copy something optimized for NVDA’s hardware balance. System-level performance still needs to be proven at the cluster sizes Huawei is targeting. But we would not be surprised if it works better than expected. Even before the full UnifiedBus vision is realized, we think Huawei could gain system-level performance leadership on some large-model workloads sooner than many expect.
@KEDM_COM 1 click

KEDM.com on X

Greenhaven Road @GreenhavenRoad took a full position in Burford Capital $BUR on the economics of its protein price-fixing book: Burford has put more than $150m of its own capital into the chicken, beef, turkey and pork cases, so it keeps all of the upside rather than sharing it with a client and it controls when the cases settle. The track record behind that underwriting: 285+ concluded cases, 90% won or profitably settled, an 82% return on invested capital over a 2.6-year weighted average life for a 25% IRR. The catalyst is dated — the chicken trial against Tyson Foods, Pilgrim's Pride, Koch Foods and Cargill is set for 2027.

Investor Letters

All letters

TSOH Weekly Roundup (09/18/2026)

TSOH Weekly Roundup covers organized retail crime, Home Depot’s centralized operating missteps under Bob Nardelli, and research updates on…

HD $302B
TSOH Investment Research 1 click

QNT: The 100× Question

Quantinuum's improving logical-qubit error correction, 1,504 successful-circuit benchmark score and paid deployments at RIKEN, BMW and…

QNT $2.1B
Mispriced Assets 3 clicks

Deep Dive: Grab Holdings ($GRAB)

Grab generates 53% of revenue from delivery, 36% from mobility and 10% from financial services, using its Southeast Asian marketplace to…

GRAB $11B
Rebound Capital 1 click

House of Weichai

Weichai Power built a global engine group through Baudouin and a 46% stake in PSIX, positioning both for large-bore generator demand from…

PSIX $1.1B
Maius Partners 2 clicks

Diamond Estates: Research Note

Diamond Estates Wines & Spirits plans to expand grocery and export sales, invest in six brands, and improve winery operations through FY29.

LSDAF $1.1B
Atrium Research - Equity Research 2 clicks

Copart 4Q26 Business Update

Copart's U.S. insurance volumes fell 7.5% in 4Q26, largely from one customer loss, while international insurance units rose 11.2% and…

CPRT $27B
Speedwell Memos 3 clicks

Vizsla Silver (VZLA)

Vizsla Silver's Panuco project in Sinaloa remains shut after nine workers were found dead, delaying construction of a fully funded 17.4 Moz…

VZLA $1.9B
Triple S Special Situations Investing 1 click
EFXT · long

Enerflex LTD

Enerflex, a $3 billion natural gas infrastructure and equipment company, blends contracted energy-services cash flows with equipment…

EFXT $2.8B
Value Investors Club 2 clicks

Publications we follow

Every publication on this site, hand-picked.

107 publications

Newsletters 90

YouTube 4

Blogs 12

Seeking Alpha 29 of 156

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

68 accounts
Nominate an account

Investor letters we follow

78 firms

Sectors

Ordered by how often our editor reaches for them.