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Sunday, October 18, 2026

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Fajasy on X

The CEO of Nubeva Technologies $NBVAF (TSXV: $NBVA) expects its third AI patent to be approved within two months, calling the rest “signature paperwork.” Nubeva, a ransomware recovery company, has been granted two of the four AI patents it applied for in 2024. CEO Randy Chou said in his October 5, 2026 interview on Nubeva’s YouTube channel that the patent office had sent an amendment on the third patent that week, which Nubeva plans to accept. The third patent covers detecting “nefarious or improper encryption” inside a binary (a compiled program in machine code), meaning Nubeva can tell when malware is encrypting files, even when the encryption is hidden. Spotting hidden encryption is also what drew AI data labeling companies (firms that turn experts’ knowledge into training data for AI labs) to Nubeva, Chou said. Nubeva hasn’t heard back on the fourth patent. Chou said the patent office told the company that AI patent applications are now taking much longer, with examiners reading filings as long as 150 pages vs. the ~30 pages he typically files (probably because of AI writing the patents). So the fourth patent, the last one Chou wants granted before pursuing a potential partnership or sale, is just a waiting game.
@convequity 3 clicks

Convequity on X

We think memory consumption can keep growing while memory prices fall. Memory prices depend on how quickly supply grows, not only on how much demand grows. Existing suppliers and Chinese manufacturers are expanding production. If new production and sales of distributor stock outpace demand, consumption can rise while prices decline. Chinese manufacturers reportedly hold enough lithography machines for three to four years of expansion. That stockpile could allow them to keep adding production capacity even if sanctions block further deliveries of the affected machines. Reports of large distributor inventories and falling spot prices for DDR memory point to a further source of supply. We have not verified the inventory estimates. If distributors start selling down the stock they accumulated in anticipation of shortages, that adds to supply and puts further pressure on prices. We hold SanDisk ($SNDK) for storage and high-bandwidth flash (HBF). HBF could let flash deliver data fast enough for more demanding computing tasks. That gives us a way to benefit from growing data demand without relying entirely on high memory prices.

Investor Letters

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2026.42: Home At Last

Stratechery’s weekly bundle covers Apple HomeView and SpaceX’s cellular ambitions.

AAPL $5T
Stratechery by Ben Thompson – On the business, strategy, and impact of technology. 6 clicks
FINV · long

Finvolution Group

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

FINV $711M
Value Investors Club 4 clicks

Twenty Years in the Dark

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Is The Market Turning The Page?

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CRWV $34B
WHAT ARE WE DOING? “Contrarians At The Gate” 53 clicks

PesoRama: Research Flash

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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 $9.2B
CV's Substack 19 clicks

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