Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Saturday, October 3, 2026

Back to today

The Art of Doing Financial Engineering

AI infrastructure’s $6.3 trillion financing gap is driving structured debt and asset-backed solutions, starting with Meta’s planned 5GW Louisiana data center.

MS $294B
Net Interest 5 clicks

From X

@convequity

Convequity on X

Judging Tower Semiconductor ($TSEM) by how advanced its chip process is misses what its chips are for. Skeptics often set Tower's older 65 nm process against the more advanced processes at TSMC ($TSM). That yardstick suits logic chips, which are judged on transistor density. It does not suit the analog chips Tower makes for optics. 1. In an optical engine, the analog front-end is the circuitry that drives the laser and reads the returning light. It needs speed, linearity and power efficiency, not maximum transistor density. 2. Tower's strength is its silicon-germanium BiCMOS processes. They have long dominated the merchant market for these laser-driver and receiver chips because they deliver high performance without the most advanced CMOS logic. 3. A less noticed strength is hybrid bonding. Co-packaged optics needs an electronic chip bonded reliably onto a photonic one. Tower already runs mature, high-yield hybrid bonding for stacked image sensors in high-end phones, where a signal-processing chip is bonded onto a light-sensing chip. A close technical parallel, already at volume. The limit: if the electronic chip has to take on more complex signal processing, such as clock recovery or adaptive equalization, TSMC's advanced FinFET processes do offer real advantages in power and integration. Different foundries may end up making different parts of the system. So Tower's position in optics rests on silicon-germanium and photonic process expertise, not on advanced logic.

Investor Letters

All letters

Nike, Part Two: The Deep Dive

Nike’s second Latticework program examines the company and the global athletic footwear and apparel industry for professional investors.

NKE $51B
Latticework by MOI Global 1 click

Nike, Part One: The Story

Nike grew from a $1,000 shoe-distribution venture in 1964 into the largest sports brand, using athlete endorsements, product innovation and…

NKE $51B
Latticework by MOI Global 2 clicks
AEGXF · long

Aecon Group Inc.

Aecon Group’s long thesis targets 50-80% share-price upside over 6-12 months as the company shifts beyond a complex special situation.

AEGXF $2.6B
Value Investors Club 3 clicks

Publications we follow

Every publication on this site, hand-picked.

109 publications

Newsletters 92

YouTube 4

Blogs 12

Seeking Alpha 46 of 218

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

74 accounts
Nominate an account

Investor letters we follow

189 firms

Sectors

Ordered by how often our editor reaches for them.