Archive

Dive into a collection of past posts and rediscover timeless content.

Tips

Sep 17, 2026

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4 min read

Why no one can slow AI down first

On Saturday the heads of the biggest AI labs agreed that AI should slow down. On Monday, chip stocks fell. The reason the building probably continues anyway is a 5-minute idea from game theory, and once you see it you'll spot it everywhere.

Koh K

Weekly

Sep 13, 2026

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10 min read

Optics, round 2: the 3 names I'm working through

The group fell 42% while it grew 20%. A 5-question card sorts what's been confirmed from what's already been paid for, and 3 names come out of it with one condition each.

Koh K

Tips

13 photonics stocks fell 42% while sales grew 20%.

Sep 10, 2026

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5 min read

13 photonics stocks fell 42% while sales grew 20%.

A whole group of AI hardware stocks got cut nearly in half this summer while every one of them grew. Here's the mechanic, with round numbers, and the 3 checks I run before I touch a drawdown.

Koh K

VIP

Rubin Ultra gave up 4 memory stacks. Follow the money that freed up.

Sep 7, 2026

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10 min read

Rubin Ultra gave up 4 memory stacks. Follow the money that freed up.

I'm still long the memory trade. The next marginal dollar inside an AI rack is being spent on moving data, and the supply chain that catches it has 5 layers.

Koh K

Weekly

Phones keep losing cameras. Sony just spent ¥747 billion.

Sep 6, 2026

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10 min read

Phones keep losing cameras. Sony just spent ¥747 billion.

The part of a sensor nobody photographs is where the money moved.

Koh K

Tips

NVIDIA is reportedly paying $12.9 billion for a company that earns $150 million

Sep 3, 2026

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6 min read

NVIDIA is reportedly paying $12.9 billion for a company that earns $150 million

One of them spent 40 years pouring concrete. The other one made itself the default. Both work, and they break in different ways.

Koh K

Insider

Compute is becoming an asset class. Here's what that means.

Aug 30, 2026

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5 min read

Compute is becoming an asset class. Here's what that means.

On October 5, the argument everyone's been having about AI infrastructure gets settled by a number anyone can look up.

Koh K

Tips

What happens after the number stops being the problem (part 3 of 3)

Aug 27, 2026

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4 min read

What happens after the number stops being the problem (part 3 of 3)

The balance went past everything I'd aimed at and my Tuesday stayed exactly the same shape. Here's the question that replaced it.

Koh K

VIP

"Memory" hides three different businesses. Only one prices like a monopoly.

Aug 25, 2026

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7 min read

"Memory" hides three different businesses. Only one prices like a monopoly.

DRAM, NAND, and HBM are not the same thing. Why HBM breaks the brutal memory cycle, the three companies that own it, and how it is taxing everything else.

Koh K

Archive

Dive into a collection of past posts and rediscover timeless content.

Why no one can slow AI down first

Optics, round 2: the 3 names I'm working through

13 photonics stocks fell 42% while sales grew 20%.

Rubin Ultra gave up 4 memory stacks. Follow the money that freed up.

Phones keep losing cameras. Sony just spent ¥747 billion.

NVIDIA is reportedly paying $12.9 billion for a company that earns $150 million

Compute is becoming an asset class. Here's what that means.

What happens after the number stops being the problem (part 3 of 3)

"Memory" hides three different businesses. Only one prices like a monopoly.

Reset and Invest