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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

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@convequity 3 clicks

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 3 clicks

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.

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Deep Dive: Intuit ($INTU)

Intuit’s $21.4 billion software franchise faces AI-driven pricing pressure in tax and accounting, even as QuickBooks and TurboTax retain…

INTU $82B
Rebound Capital 4 clicks

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 1 click

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 $47B
Atrium Research - Equity Research 2 clicks
ZOOZ · long

Zooz Strategy LTD

ZOOZ Strategy trades at a roughly 37% discount to the market value of its Bitcoin holdings and cash on a fully diluted basis.

ZOOZ $51M
Value Investors Club 2 clicks

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

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