Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Sunday, October 25, 2026

Back to today

From X

@convequity 8 clicks

Convequity on X

We see Nova ($NVMI) as a potential next-generation KLA ($KLAC), and we are backing it to take a larger share of semiconductor process-control spending. Its wins with leading chipmakers are strengthening that case. A leading global foundry has selected Nova’s materials-measurement tools for production of its next generation of transistors. Another chipmaker has adopted a different Nova platform for the same transition. These wins show Nova securing a place in the manufacturing processes behind more advanced chips. KLA’s broader process-control business has a strong emphasis on finding and analysing manufacturing defects. Nova is more concentrated on measuring chip dimensions, material composition and the chemistry used in production. KLA also competes in these areas, but they are more central to Nova’s business. These measurements help manufacturers understand whether each production step is delivering the intended result and where adjustments are needed. As logic chips and memory stacks become more complex, manufacturers need tighter control over the structures they build and the materials they use. Small variations can hurt performance or reduce the number of usable chips. We expect this to increase demand for Nova’s measurements and create more opportunities for its tools to become essential to production. In our view, the Western semiconductor supply chain badly needs new entrants. Equipment leaders $AMAT, $KLAC, $LRCX and Tokyo Electron, design-software vendors $SNPS, $CDNS and Siemens, and $TSM in manufacturing are too cautious and slow to match the pace of startups and highly driven Chinese challengers. Protecting existing products and the returns on past investments can make these incumbents reluctant to pursue technologies that threaten their established businesses.

Investor Letters

All letters

MYR Group q3’26 Earnings Preview

MYR Group’s Q3 2026 preview cites data-center and power transmission demand, with long-term service agreements supporting margin growth and…

MYRG $4B
Monte Independent Investment Research 5 clicks

Mosaic, Part One: The Story

Mosaic’s history traces the 2004 Cargill-IMC merger and the phosphate and potash mines that shaped NYSE: MOS.

MOS $5.5B
Latticework by MOI Global 34 clicks

Mosaic, Part Two: The Deep Dive

Mosaic, NYSE: MOS, is the subject of a second audio program for professional investors analyzing fertilizer producers.

MOS $5.5B
Latticework by MOI Global 5 clicks
JBFCY · long

Jollibee Foods CORP

Jollibee Foods trades at PHP 144, about 56% below its January 2019 high, framing a long thesis on the Philippine restaurant operator.

JBFCY $2.5B
Value Investors Club 1 click

Why I sold OB pick for 26 SVM

Silvercorp’s falling Ying grades, prolonged GC suspension, El Domo execution risk and Chaarat funding needs weaken its valuation despite…

SVM $2B
The Oak Bloke 27 clicks

Vicor Update, Part Three

Vicor’s $66.6 million in AI power-delivery royalties generated about $50 million of operating profit, eclipsing its module business as…

VICR $8.1B
CV's Substack 28 clicks

Monte Investments Market Brief Vol. CXXXII

CoreWeave and neocloud peers face financing pressure, but sold-out GPU capacity and rising H100 and B200 rental rates support continued AI…

MYRG $4B
Monte Independent Investment Research 8 clicks

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 109

YouTube 4

Blogs 15

Seeking Alpha 62 of 254

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

91 accounts
Nominate an account

Investor letters we follow

190 firms

Sectors

Ordered by how often our editor reaches for them.