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@convequity 3 clicks

Convequity on X

Inference repeatedly reads the same model weights, with far fewer writes than training. 1. In training, weights are constantly updated, so the memory sees heavy read and write traffic. 2. In inference, the dominant pattern is repeated reading of the same weights, and the key-value cache alongside them, with far fewer writes. That is the case for putting AI model weights on flash. Flash has traditionally been weaker than DRAM on write endurance and write speed. A read-heavy, write-light workload plays to its strengths and gets around exactly those weaknesses. Today AI chips sit beside HBM built from stacked DRAM, and it is the expensive part of the memory bill. High-Bandwidth Flash (HBF) is the product built on the read-heavy observation. It aims to deliver HBM-like read bandwidth at far higher capacity and lower cost by using NAND flash instead of DRAM. Two caveats. These are aims, not measured specifications. As of our early-August note, the first prototype from Sandisk ($SNDK), developed with SK Hynix, was expected later in the year. HBF is also more specialised than commodity NAND, where Chinese producers are expanding capacity aggressively.

Investor Letters

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Twenty Years in the Dark

Tower Properties, $TPRP, went dark after a 2006 squeeze-out cut holders below 300, leaving a Kemper-controlled apartment and office…

TPRP $128M
Orphan REITs 5 clicks

TSOH Weekly Roundup (10/16/2026)

Bumble agreed to a $1.3 billion take-private deal, while Netflix cut about 1,000 jobs and Meta discussed its Muse superintelligence models.

BMBL $783M
TSOH Investment Research 12 clicks
FINV · long

Finvolution Group

FinVolution, a China and ASEAN unsecured consumer lender, trades at 4x earnings and 0.5x book value.

FINV $698M
Value Investors Club 4 clicks

Is The Market Turning The Page?

CoreWeave’s debt and equity price action is framed as a wake-up call for investors amid a broader market discussion.

CRWV $34B
WHAT ARE WE DOING? “Contrarians At The Gate” 54 clicks

PesoRama: Research Flash

PesoRama will reach 54 JOi Dollar Plus stores by November after raising C$28.4 million, funding more than 50 additional Mexican store…

TBBB $6.8B
Atrium Research - Equity Research 7 clicks

Modine Deep Dive

Modine, soon Modexus Solutions, has a $4 billion hyperscaler cooling contract but must ramp factory output and restore margins as data…

MOD $7.9B
CV's Substack 19 clicks

AppLovin Deep Dive

AppLovin rebuilt its ad model with AXON 2.0, lifting LTM revenue to about $7 billion and margins to 77% as Unity competition threatens…

APP $92B
Speedwell Research 27 clicks

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