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Research Roundup Vol. LIII

Micron’s customer agreements, Analog Devices’ acquisitions, Ondas’ GATE deal and Baker Hughes’ power systems position them for AI infrastructure demand.

MU $1.2TADI $203B
Monte Independent Investment Research 4 clicks

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NVIDIA’s Feynman: CPO Inside, OCS Outside According to supply-chain sources, $NVDA’s 2028 Feynman architecture is planning a dual-layer optical design around the NVL576 rack. An inner layer of Co-Packaged Optics will handle high-density, short-reach connections within and between racks. An outer layer of Optical Circuit Switching will manage larger-scale cluster connectivity, supporting flexible topologies at the 100,000-GPU level. In this framing, CPO and OCS are treated as complements rather than substitutes. CPO addresses density and power at short reach; OCS provides flexibility at longer distances. NVIDIA’s near-term path appears to favour mature MEMS switches to secure delivery schedules, with silicon photonics as the longer-term option once insertion loss improves. Higher insertion loss in SiPh currently requires more optical amplification, adding power, noise and cost — which is why MEMS remains the lower-risk choice for large deployments in the near term. $GOOGL’s earlier move into silicon photonics for inference is expected to help mature the supply chain, potentially making it easier for NVIDIA to follow later. Huawei, Oracle and others are also advancing along related paths.
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Photonics Pt.4: OCS Roadmaps Are Splitting Convequity’s latest note examines how Optical Circuit Switching is diverging by workload. High-radix MEMS remains the practical choice for scale-out and training clusters that prioritise scheduled reconfiguration. Lower-latency silicon photonics is being pushed into the scale-up layer for inference, where millisecond switching is no longer acceptable. $GOOGL's V8i architecture is the clearest example. It moves OCS down into the scale-up domain for the first time and pairs it with 2.4T Coherent Lite modules that dramatically reduce fiber and port consumption. The combination is designed to close Google’s main networking gap versus NVIDIA. $NVDA's Feynman (2028) appears to be taking a dual approach: CPO for dense short-reach connections and OCS for larger cluster-level scale-out. Near-term deployments will likely rely on mature MEMS, with silicon photonics as the longer-term path once insertion loss improves. The broader OCS market is projected to grow from ~$400M in 2025 to over $2.5B by 2029 (58% CAGR). Silicon photonics offers a relatively open competitive field compared with MEMS, where incumbents hold stronger positions. We also re-examine CPO’s path forward and assess microLED as a more radical parallel alternative — one that inverts the industry’s “fewer, faster lanes” assumption and is physically confined to short-reach scale-up links. Full Part 4 is now live. Link in the comments.

Investor Letters

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GameStop Is Extreme Deep Value

GameStop's collectibles mix rose to 45% of sales as gross margin reached 44%, supporting a deep-value case built on cash and store…

GME $13B
The Value Road 9 clicks

A2Gold: Research Note

A2Gold’s first Taylor drill holes returned 20.96 g/t AuEq over 1.5m and 209.4 g/t silver over 10.7m, alongside 141.10 g/t gold at…

KGC $28B
Atrium Research - Equity Research 4 clicks

[CoStar] Homes are different

CoStar spent more than $1 billion building Homes.com to challenge Zillow, betting seller-agent leads, proprietary listing content and…

CSGP $11B
scuttleblurb 5 clicks
MA · long

Mastercard

Mastercard trades near $495, about 18% below its $602 52-week high, framing a favorable long risk-reward case.

MA $495B
Value Investors Club 2 clicks

“Going Through Some Pain”

Dick’s Sporting Goods’ $2.4 billion Foot Locker acquisition nearly quadruples its store count and adds international exposure, risking a…

DKS $12B
TSOH Investment Research 2 clicks

The Monday Morning Briefing

Latticework’s weekly briefing spotlights discounted European assets including Barco, Bolloré, Brookfield and D’Ieteren, with catalysts…

BN $82B
Latticework by MOI Global 4 clicks

Brookfield of Dreams

Brookfield is recasting itself from an industrial owner into a $1.3 trillion asset manager and insurer, betting AI infrastructure can…

BN $82B
Net Interest 1 click

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