The Bigger the Chip, the Fewer the Substrates: Three Layers of Materials, Two Seeds

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This article is a summary of “The Bigger the Chip, the Fewer the Substrates: Three Layers of Materials, Two Seeds,” published on September 10, 2026. Figures and target prices are available in the original. Buongiorno. In my last letter, #34, I noted the fifth scene from Semicon Taiwan. Unimicron’s (3037 TT) chairman said publicly that … Read more

Near an OECD CLI Peak: The Six Months After

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This article is a summary of the subscriber piece published on September 17, 2026. Opening The Fed raised rates on September 16, right at what looks like an OECD CLI peak. The vote was unanimous, and the message was that this inflation needs cooling. For several months I have been mapping the bottlenecks inside the … Read more

[Deep Dive] The Age of Q: Re-Mapping the Chip Supply Chain on a ₩3,200 Trillion Order Book

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This article is a summary of “[Deep Dive] The Age of Q: Re-Mapping the Chip Supply Chain on a ₩3,200 Trillion Order Book,” published for subscribers on July 16, 2026. Figures and target prices are available in the original. Previous installments: “After HBM, We Look for Alpha in Front-End Equipment” (Jan 26) · Three-Month Check-Up … Read more

Finding a Desk in Florence: Four Coworking Spaces Compared, and a Month of Using One

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I live in Florence on a digital nomad visa. This post is about coworking in Florence: what four spaces actually charge, and what I learned using one for a month. Enough people are looking into this visa that I’ve been documenting the whole process, from application through settling in, and if you write about it … Read more

Where the Engine Actually Sits: e.l.f., Estée Lauder, and Eight Korean Beauty Names

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This article is a condensed version of the subscriber research published on 14 August 2026. The valuation figures and coordinates are available in the original. Buongiorno. After my last deep dive I sat down to check a single toxin name in my Korean Beauty coverage, and found that eight of my seeds — the individual … Read more

[Tracker] Advantest · Teradyne | The Gate Every Chip Must Pass

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This article is a summary of the subscriber piece published on July 31, 2026. Figures and price targets are available in the original. In June’s back-end equipment deep dive, I argued that AI chip test was the binding bottleneck of this cycle, and that the field had grown while only one seed spot remained. A … Read more

Korean Church in Florence: A Building Older Than the Medici

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There is a plain stone building on Via dei Benci, a few minutes from Piazza Santa Croce. No bell tower, no spire. Two words on the facade: CHIESA EVANGELICA. Most people walk past it on their way to the Uffizi. It is the Korean church in Florence, and on Sunday mornings the congregation inside sings … Read more

The €100,000 Arm and the $20,000 Body: Why I Still Haven’t Planted Humanoids

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This article is a condensed version of “The €100,000 Arm and the $20,000 Body: Why I Still Haven’t Planted Humanoids,” originally published for subscribers on July 21, 2026. Valuation figures and price targets are available in the original. Opening. Humanoids. Physical AI. I am finally doing the deep dive — along with the reason I … Read more