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Tuesday, November 10, 2026

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@convequity

Convequity on X

Huawei's "N3-equivalent" label on the Kirin 9050 Pro is a transistor density comparison with $TSM's N3, not a claim of equal manufacturing technology. A node name such as 3 nm no longer measures a physical feature on the chip. It is an industry label for a rough range of transistor density. N3-equivalent means the Kirin 9050 Pro packs about as many high-density logic transistors into each square millimetre as TSMC's N3 does. A conventional chip builds all its transistors on a single tier of silicon. The Kirin 9050 Pro stacks two tiers, and Huawei's roadmap goes to four and then eight. Each doubling of tiers doubles the maximum density on the same footprint without finer lithography, the printing step that sets how small features can be and where Huawei is most constrained. In our view the shipping chip proves logic folding is commercially real, and the second tier is what makes the N3 density comparison credible. The same mechanism limits the claim: Huawei reached N3 density by stacking, so the label is a density claim, not a claim that Huawei can print transistors as small as TSMC's.
@BlueDuckCap

BDC on X

Evan, it's disingenuous to offer Waymo as evidence of an instance where they should NOT have raised external capital. Fact is, $GOOGL Search is one of the most profitable and dominant businesses of all time supporting billions of cumulative earnings, FCF, and trillions in market cap. The margin for error at $SNAP is much thinner; the cumulative score card at SNAP measured by stock price, is not even in the same universe as $GOOGL. Sure they could have funded Waymo internally. Maybe they should have. But SNAP is not GOOGL. Not even in the same conversation.

Investor Letters

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STRL: 80 new electricians a week

Sterling’s $4.1 billion backlog faces Texas permitting risk after a governor proposed a moratorium, while Connexion, Capital Asset Planning…

STRL $7.6B
Trade Ideas Flow 1 click

Roblox: Capture This Moment

Roblox’s Q3 FY26 DAUs fell year over year for the first time, while bookings declined 12% to $1.7 billion.

RBLX $35B
TSOH Investment Research 1 click

DoorDash and Google

DoorDash and Google.

DASH $79B
Stratechery by Ben Thompson – On the business, strategy, and impact of technology. 4 clicks
FND · long

FLOOR & DECOR HLDGS

Floor & Decor operates 281 warehouse-format stores selling hard-surface flooring and accessories nationwide.

FND $5B
Value Investors Club 1 click

Vicor Update, Part Four

Vicor’s Federal Circuit hearing put Foxconn’s disputed patent license under pressure, reinforcing its AI server royalty model and licensing…

VICR $6.8B
CV's Substack 3 clicks

NEW POSITION: Google LEAPS

Alphabet bought long-dated GOOGL calls after a 12.6% earnings drop, betting AI monetization and distribution overcome capex pressure and…

GOOGL $3.5T
Hated Moats 1 click

Floor & Decor 3Q26: Business Update

Floor & Decor’s 3Q26 sales rose 3% while comparable sales fell 1.4%; it cut 2027 openings to 10-15 as high mortgage rates pressure…

FND $5B
Speedwell Memos 1 click

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