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Tuesday, October 27, 2026

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@KEDM_COM 2 clicks

KEDM.com on X

Qiagen $QGEN has had a new CEO (Jonathan Pratt) since Sept. 1. Let's see if he can bring some action. The company also recently confirmed it continues to evaluate strategic alternatives, with Goldman Sachs involved. There have been reports of takeover interest for a long time, with past reports linking Qiagen to Thermo Fisher, bioMérieux, and Bio-Rad. Qiagen is an interesting target given its leadership in nucleic acid prep, strong consumables-driven revenue, and growth areas like TB testing and digital PCR. The portfolio would fit well with major industry consolidators.
@convequity 3 clicks

Convequity on X

We exited $LITE at the start of 3Q26 and stayed out at the 4Q26 rebalance. Lumentum's exposure to AI optics is real, but it depends on design choices that are still open. 1. Lumentum is one of the suppliers of high-power lasers for external laser sources, where the laser sits in its own module and feeds light to the optics. Growth in AI optics lifts this business only as far as customers choose these designs. 2. Co-packaged optics (CPO) puts the optics in the same package as the chip. Some CPO designs keep external lasers, which suits Lumentum. Others move the light source closer to the package, or replace lasers with microLEDs, tiny LEDs used for short links. Wider use of these would cut demand for its lasers. 3. Laser and silicon-photonics technology built for LiDAR (laser-based sensing) is being adapted for data-center links, which could bring new competitors. We have added LiDAR exposure and will cover it in Part 2 or 3 of our 4Q26 rebalance series. 4. Optical circuit switching (OCS) connects fibers by steering light between them. Lumentum's MEMS switches use tiny movable mirrors and suit many ports, low loss and paths that stay in place for long periods. Designs that must change paths quickly and in smaller units are more likely to use silicon-photonics switches. MEMS should win a meaningful share, but probably not all of it. Lumentum keeps credible exposure to external lasers and OCS, but both depend on unsettled design choices. At the 4Q26 rebalance, that uncertainty was enough for us to stay out.

Investor Letters

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Right-Sizing Memory

Micron’s AI memory demand depends on workload-specific accelerator designs that shift bits among HBM, GDDR and LPDDR, changing wafer…

MU $946BNVDA $5T
Chipstrat 4 clicks

Are Neoclouds Dead?

Neoclouds face tighter debt financing as AI infrastructure capex outruns cash flow, leaving cash-burning GPU providers more exposed than…

NBIS $42B
Daniel Romero 9 clicks

Reddit: Deep Dive Analysis

Reddit generated $805 million in Q2 2026 revenue, 95% from ads, but slowing Google search referrals expose AI-driven traffic and…

RDDT $18B
Hated Moats 6 clicks

Qualcomm Inc. (QCOM)

Qualcomm supplies chips for on-device AI agents and data center inference, with Meta and AWS agreements expanding its role across both…

QCOM $195B
SixSigmaCapital: Navigating the Financial Markets 5 clicks
WULF · long

Terawulf INC

TeraWulf is shifting from bitcoin mining toward data centers, seeking a higher-quality and more defensive business model.

WULF $5.4B
Value Investors Club

The Data Center Bridge

Small- and mid-cap data center stocks trade as one despite sharply different funding bridges: 12 of 15 cover fixed costs on signed…

IREN $9.9B
CV's Substack 16 clicks

Amkor Q3 FY12/26 Earnings Review

Amkor's Q3 sales were flat at $1.991 billion as computing and automotive/industrial growth offset a 27% communications decline; Q4 sales…

AMKR $10B
Cestrian Capital Research 4 clicks

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