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Friday, November 6, 2026

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Convequity on X

An optical circuit switch never converts the light. A conventional switch takes light in, turns it into electricity, makes a decision, turns it back into light. An optical circuit switch steers the beam. The principle in the note: rather than optimizing a difficult conversion step, remove it. Three constraints follow. 1. Power. A 100-terabit-class silicon photonics OCS consumes only 200–300 W, against roughly 6,000 W for an equivalent electrical switch. More than a 20× advantage. The 200–300 W figure is measured with the amplifiers already in place. 2. Rate. The switch is optically transparent, so the same module supports 800G, 1.6T, 2.4T and 3.2T. It does not have to be replaced each time the transceivers get faster. 3. Insertion loss. Silicon photonics currently loses more light in transit than the MEMS alternative, so semiconductor optical amplifiers are added to restore optical power. That adds system complexity. Google buys these switches from optics makers, not from the usual switch-chip vendors. Calient, Lumentum ($LITE) and Coherent ($COHR) supply Google ($GOOGL).
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Convequity on X

Natural gas itself has not been the scarce input. The turbines have. Once AI data-centre load outran what the grid, renewables, and near-term nuclear could cover on a GW scale, gas became the compromise — and turbine demand surged from 2024–2025. Lead times still run roughly three to five years, with manufacturers already sold out into 2029–2031. That puts the first large batch of those ordered turbines on a delivery horizon closer to the next twelve months. As they arrive, and as behind-the-meter projects sit at or near gas fields, the incremental gas draw is likely to show up in a concentrated window, not a smooth ramp. Storage has grown only modestly while demand has risen, and drilling and pipeline buildout have stayed slow. New customers do not want to wait another three to four years for later turbine slots, so they are also exploring workarounds: reciprocating engines — internal combustion units closer to older, smaller airplane engines than to jets. The tech is not high-end blade metallurgy, so these generators can be mass-produced. They still prefer natural gas (more energy at the same density, and cleaner). Slightly less efficient than a turbine, but available sooner — and still burning gas. Either path concentrates the fuel draw. $AR, $EXE and $CRK are the producers sitting on that timing gap.

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AMD Q3 FY26, Annotated

AMD's Q3 revenue rose 45% to $13.4 billion as data center reached $8.5 billion, 64% of sales, driven by EPYC and Instinct ramps.

AMD $660B
Chipstrat 2 clicks

ARM Q2 FY3/27 Earnings Review

Arm reported Q2 revenue of $1.443 billion, up 27%, as licensing rose 50% while royalties grew 8%; Q3 guidance calls for $1.54 billion.

ARM $181B
Cestrian Capital Research

AppLovin 3Q26: Business Update

AppLovin's 3Q26 revenue rose 55% year over year and margins reached 78.2%, driven by AXON model gains, while publisher bidding pressure…

APP $118B
Speedwell Memos 2 clicks

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