Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Sunday, October 11, 2026

Back to today

From X

@convequity

Convequity on X

Himax and the parallel optical bet $HIMX sits in two places in the optical stack: micro-lens arrays that route light into fiber, and a more speculative but potentially transformative position in microLED-based CPO. The microLED idea inverts the industry’s core assumption. Instead of fewer, ever-faster InP laser channels, it uses hundreds or thousands of simple low-speed lanes (4–10G each). High-speed SerDes and DSP largely disappear, energy drops below 1 pJ/bit, and the continuous-wave InP laser is eliminated entirely — replaced by GaN microLEDs from the display supply chain. Reliability improves and failures become graceful rather than catastrophic. Reach is limited to a few meters and the fiber-bundle ecosystem is still immature, so the technology is confined to short-reach scale-up. It remains pre-revenue and more debated than it was a few months ago. Yet the process know-how from Himax’s high-density display drivers maps unusually well onto this architecture. The stock is up ~55% YTD but down ~18% QTD, and currently trades around 31x EV/FCF and 10x EV/GP. For anyone who still sees a meaningful path for CPO — and views the microLED route as high-upside optionality rather than pure speculation — the current levels look like a reasonable place to build or add. We go deeper on the microLED architecture and its place in the broader optical stack in Part 4 of our Photonics series at Convequity.

Investor Letters

All letters

Deep Dive: Inter & Co

Inter & Co, Brazil’s second-largest neobank, grew over 20% with controlled delinquencies and 15% book-value compounding while trading at…

INTR $3B
Capitalist Letters 7 clicks

A temporary glitch?

Coupang’s November 2025 cybersecurity breach tests whether a selloff is temporary despite its 28% Korean e-commerce share, 14 million-plus…

CPNG $27B
Asian Century Stocks 9 clicks

You Understand Now, Why You Came This Way

Brazil’s October 25 runoff puts Bolsonaro’s likely victory at the center of a bullish regional-stock case; Golar LNG (GLNG) also reports…

GLNG $4.6B
WHAT ARE WE DOING? “Contrarians At The Gate” 3 clicks
G · long

Genpact LTD

Genpact operates workflows AI is designed to automate and can deploy AI across its existing operations.

G $6.2B
Value Investors Club 1 click

Boyz in the Hood

Robinhood’s AI agents, 24/7 equity trading and 10:1 crypto perpetual futures encourage higher retail trading velocity, leverage and…

HOOD $91B
WHAT ARE WE DOING? “Contrarians At The Gate” 1 click

Publications we follow

Every publication on this site, hand-picked.

128 publications

Newsletters 107

YouTube 4

Blogs 16

Seeking Alpha 52 of 241

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

90 accounts
Nominate an account

Investor letters we follow

189 firms

Sectors

Ordered by how often our editor reaches for them.