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We break down industry position, business model, moat and financial quality first — then return to valuation, positioning and trade structure. Conclusions change; the framework must stay inspectable, and survive both the bull and the bear case.

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Equity Deep Research

Astera Labs (ALAB) September Reassessment: Every Metric Passed, the Stock Fell 43% — the Company Didn't Fail the Test, the Market Changed the Exam

Astera Labs passed all seven Q2 checks with zero invalidation triggers, yet the stock is down 43% from its high and fell another 11.5% over four weeks with no news. Peer Credo grew revenue 115% and still lost a third in 30 days; PV Rating A/D is E, RS is 62. Nothing broke — the money left. We test three hypotheses, rebuild the valuation matrix, and add the flow-of-funds axis the August framework was missing.

NVIDIA's Third Growth Curve: Three Businesses Not Yet Visible in Its Financials
Equity Deep Research

NVIDIA's Third Growth Curve: Three Businesses Not Yet Visible in Its Financials

Autonomous driving, AI drug discovery, and robotics—three businesses grouped under the Edge Computing segment—accounted for just 7.5% of NVIDIA's revenue in FY27Q2 and contributed virtually nothing to EPS over the past two years, yet they will determine its valuation multiple beyond FY2030. This article values each business through an options framework while taking an unvarnished view of AI drug development: zero approvals globally, even as NVIDIA has fully exited its stake in Recursion. The company selling the picks and shovels is not betting on the gold mine.

NVIDIA's Golden Decade: Is Taiwan Capturing Revenue or Profit?
Equity Deep Research

NVIDIA's Golden Decade: Is Taiwan Capturing Revenue or Profit?

Taiwan is not merely an NVIDIA supplier; it is NVIDIA's production capacity itself. But gains cannot be judged by gross margin alone—Wiwynn posted a single-digit gross margin, yet its full-year 2025 ROE reached 48.03%; Hon Hai had a similar gross margin, but ROE was only 11.08%. Using three ROE engines, this article identifies which Taiwan supply-chain players are truly capturing the returns from NVIDIA's golden decade.

EDITOR'S PATH

Recommended Series Paths

Start from the first article of each series and build the framework in order.

Merge & Split: The Art of Capital Allocation
Equity Deep Research

Merge & Split: The Art of Capital Allocation

Mergers and spin-offs are two sides of the same capital allocation question. This introduction uses conglomerate discount, focus premium and the best owner test to judge when to merge and when to split.

Five M&A Models: Trust vs. Control After Acquisition
enterprise-strategy

Five M&A Models: Trust vs. Control After Acquisition

Most M&A failures aren't valuation mistakes — they're people mistakes. This opening piece maps five M&A archetypes around one question: after the deal closes, do you trust the people you acquired, or do you control them? A strategic framework for Taiwan enterprises going global.

What Is a BDC? Complete Guide for Taiwan Investors
Asset Allocation

What Is a BDC? Complete Guide for Taiwan Investors

BDCs are legally mandated to distribute 90% of taxable income as dividends — yielding 9–13% annually. This guide breaks down the structure, income mechanics, six key risks, and practical steps for Taiwan-based investors.