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Tuesday, October 6, 2026

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New Position (ONON): Game is On

On Holding (ONON) is gaining sportswear share, expanding store space and launching soccer with Kylian Mbappé as investors debate U.S. consumer weakness and China growth.

ONON $12B
Aurelion Research 3 clicks

From X

@convequity

Convequity on X

The optical engine accounts for over 50% of an optical transceiver's cost, and it contains the most demanding alignment work in the module. For years, engines were built by active alignment: a technician switched on the laser and nudged parts into position until the light coupled. That was workable at 10G, 25G and 100G. At 400G and 800G the tolerances became too tight for manual assembly, and demand driven by AI exceeded what human throughput could supply. $POET's Optical Interposer replaces active alignment with passive assembly. It is a silicon wafer with waveguides and mechanical guides etched into it. Lasers, detectors and electronics are placed on it by automated pick-and-place machines, with nothing powered up during assembly. The parts align passively at the wafer level, much as Lego bricks fit together by their shape. The effect shows up at the transceiver maker. The engine arrives pre-aligned on a standardised substrate, so the remaining assembly looks like conventional electronics manufacturing. Foxconn does that kind of work at high volume, and it was historically locked out of optical transceivers because building them required deep photonic expertise around the engine. Our note's reading is that the interposer takes on the optical complexity so assemblers such as Foxconn, Luxshare, and LITEON do not have to, which helps relieve one of the bottlenecks in optical connectivity for AI clusters.

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Canterra Minerals: Research Note

Canterra Minerals increased Lundberg indicated tonnage 55% to 26.1Mt, with 226.2Kt of contained copper equivalent, supporting a Buchans…

EQX $13B
Atrium Research - Equity Research

Kenorland Minerals: Research Flash

Franco-Nevada bought 10.0 million Kenorland shares, a 12.4% stake, for C$22.2 million in a secondary transaction that issued no new shares.

FNV $46B
Atrium Research - Equity Research 1 click

Solid Power Still Has Promise

Solid Power reported a $0.11 Q2 loss and $419.3 million of cash, with its electrolyte pilot line and BMW and SK On validation central to…

SLDP $518M
Quad 7 Capital 2 clicks
YSWY · long

Yesway INC

Yesway is pitched as a high-quality convenience-store operator with growth runway, trading near 8.5 times EBITDA and targeting a…

YSWY $1.4B
Value Investors Club

Adding a beer stock in size

Molson Coors, a 7% portfolio position, is the world’s fourth-largest brewer with leading beer shares in Canada and the US through Coors and…

TAP $6.6B
Nugget Capital Partner's Substack

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