Campaigns
Campaigns
Investment claims with their own evidence, ideas and reviews. Short windows and long convictions can live alongside one another.
Compare two campaigns →AI electricity demand will sustain generation and grid-equipment orders as supply expands slowly; contracted demand must convert into deliveries and supplier earnings.
activeRead GE Vernova's third-quarter release (scheduled 2026-10-28 before the open, provider estimate): orders, equipment backlog, shipments and segment margins judged separately from bookings, with any cancellation or deferral named; read Quanta's report (2026-10-29) for grid-construction backlog conversion in the same pass. Before it, link the October 6 Constellation–Google 20-year agreement (890 MW of new PJM capacity, including uprate investment) from an issuer or primary source, and obtain primary PJM 2028/29 capacity-auction results and the FERC action on PJM's reliability backstop, which Talen's coverage cites only through aggregator pages. Earlier on a material equipment cancellation, a power-contract amendment, an adverse ERCOT Batch Zero determination for a tracked project (eligibility report stated for 2026-12-10), or a verified behind-the-meter commissioning that supplies usable load ahead of grid conversion.
The Saudi phase of the Iran war transmits to Western households through refining, freight and interest rates — not, so far, through grain and fertilizer. Reviewed on the 2026-09-18 settled close: the distillate and shipping links are fully priced (US retail diesel a record $5.901/gal on 2026-09-08 with crude ~$28/bbl below its 2022 level; ULSD crack $108.02/bbl intraday 2026-09-03; Hormuz transits 4 vessels on 2026-09-14 against a pre-war ~125/day; war-risk cover quoted at 40x normal; 2026 tanker orders more than twice 2025's count, ~$20bn, per Semafor 2026-09-18) while the food link is not (August CPI, released 2026-09-11: food at home 0.0% m/m and +2.2% y/y, decelerating from 2.7%, against energy +16.3% y/y and fuel oil +52.0% y/y; the agriculture fund closed 2026-09-18 at $28.15, RSI 41.4, -2.7% on the week and 0.3% under its 50-day). The testable claim is that hardship in the US and Europe arrives this cycle as fuel, freight and borrowing costs — the Fed hiked 25bp on 2026-09-16, its first hike since 2023, with the 10-year Treasury yield at or above 5% on 2026-09-15, 2026-09-16 and 2026-09-18 and on every observation since 2026-09-23 (5.24% on 2026-09-28, the latest) — and that the food-price link completes only if the September CPI (released 2026-10-14) or a cold European winter against 68.7% storage (2026-09-16) forces it.
activeThe October CPI release on 2026-11-10 is the second dated test; the September print (2026-10-14) left it undecided: food at home fell 0.1% while energy rose 5.2% (seasonally adjusted), so neither branch held. Food at home turning positive on the month while energy stays elevated confirms transmission into the food link and promotes the case; a second flat-to-negative food-at-home month against decelerating energy fails that link and reduces the case to energy-to-freight-to-rates. If food at home is flat-to-negative again while energy stays elevated, the review restates the 'decelerating energy' qualifier for the user's decision rather than treating either branch as met. Review earlier on an official EU storage or TTF break, a pipeline restart or Hormuz transit normalization notice, or the first dated European or US household-energy relief measure.
Growth in cloud storage and higher disk density will support HDD supplier margins if unit supply remains disciplined and customers absorb new capacity.
activeFirst report of the two-report test: Western Digital's results on October 22 after the close (date now on the company's investor-relations page; the Business Wire release text is not yet captured), then Seagate's scheduled October 27 results (provider calendar). Read pricing, lead times, gross margin, exabyte shipments, the HAMR ramp, long-term-agreement coverage, ruthenium cost and any Toshiba capacity comment. Review earlier on a primary Toshiba capacity release, a confirmed TDK magnetic-head transaction, or a reported price concession or order cut by any nearline supplier. Both price triggers have already fired: Western Digital's settled close under its 200-day average on October 8 and Seagate's on October 16; further price moves alone are not a trigger. Do not renew the scarcity claim until competitor unit timing is established.
Increasing optical content in AI networks will sustain supplier demand and margin gains through the next two reporting cycles, before added capacity or substitution removes the advantage.
activeFabrinet's report, provider-estimated for November 2 (observed August 18), opens the two-report failure test; Coherent follows on November 4 after the close (company's investor-relations page) and Lumentum on November 5 (provider calendar). Read orders, delivered optical revenue, gross margin, pricing, capacity adds and any co-packaged-optics or substitution comment; keep management guidance separate from delivered results. Review earlier if an issuer confirms Thai flood disruption, or on a primary (issuer release, filing or call transcript) allocation, ramp, cancellation or capacity update. The capacity clause has already fired on secondary reports: Lumentum's CEO saying capacity is sold out through early 2029 (Bloomberg, relayed on X October 8-9) and that 2027 supply covers about 30% of demand (forum remarks transcribed on X, October 2), reviewed October 16 as guidance rather than delivered results; further restatements of the same claim are not a trigger.
Rising datacenter power density will increase the commercial content of rack-to-chip conversion and cooling suppliers, provided design wins become revenue without eroding margins.
activeRead the first of the two quarterly reports the horizon names. Vicor (scheduled 2026-10-20): product revenue against royalties, whether the September 21 raise and the relayed September 30 raise appear in filed results, and margins. Vertiv (provider estimate 2026-10-28, observed October 15; the October 21 date is superseded): whether the $14B sales outlook holds, with acquired revenue separated from organic content. Monolithic Power (scheduled 2026-10-29, after the close): third-quarter revenue against the $1.14–1.16B guide, Enterprise Data mix and operating margin. Navitas (provider estimate 2026-11-03; previously November 2) and Eaton (2026-11-03) roll into the following check. Earlier on a named design-out, a licence termination or dispute, or a guidance cut. The licence clause was checked on October 16 and did not fire: the only dispute on record is Vicor's own patent complaint, which the US International Trade Commission opened as an investigation (October 12 per the company's press-room listing; the release is not yet read); the company's own enforcement filing is not a trigger. Promote only on reported product revenue with stable or rising margins; royalties alone keep the case bounded.
AI memory demand and disciplined capacity additions will sustain DRAM/HBM and NAND supplier pricing and economics through the next two reporting cycles; track each product separately.
activeRead SK hynix (provider-estimated 2026-10-27) and SanDisk (provider-estimated 2026-10-29) results for product pricing, HBM orders and capacity. Micron's fiscal 2026 10-K (filed 2026-10-09) was read in the 2026-10-16 review: it adds commitment evidence and new risk language on customer inventories built under long-term agreements, and verifies no failure leg. Earlier on a negative contract-price report, a customer order reduction, or an industry greenfield or equipment acceleration (the greenfield clause fired on secondary reports only, Nanya's Fab 5A addition and SK Group's expansion directive of 2026-10-11 and 2026-10-12, and counts once an issuer release or named wire confirms it). Micron's fiscal Q1 2027 margin versus ~86.25% and its fiscal Q2 guide are the named tripwire.
Desk reviews
Dated passes across the desk. Each preserves its entry map and original calls.
Campaign 1 — capital deployment window
Desk review · 2026-09-06 · data as of 2026-09-04
Import the completed desk-wide Campaign 1 without reissuing its calls
Completed desk-wide review for the September 8 decision window. Historical campaign name retained; the entry map contains the original 16 issued calls. Campaign membership remains unassigned pending an explicit scope review.
Read the entry map →16 original calls referenced · 1/1 directional calls have 30-day outcomes · 0/1 directional calls have 90-day outcomes
- 2026-10-06: 30-day outcomes
- 2026-12-05: 90-day outcomes; next manual desk review also eligible on a regime flip or major focus-lane event
Original calls and current outcomes
Issued calls · returns compare the symbol with SPY after 30 and 90 days. Positive excess supports a BUY; negative excess supports TRIM or SELL. WAIT and research ideas have no score. These are call outcomes, not a campaign return.
WAIT: close above $489.46 (20-day average); Reclaim/flag plus current orders, customer spending and export-exposure review; dip volume was not light. Price alone cannot authorize BUY.
Invalidation: Settled close below $407.06 (200-day average) invalidates this entry watch; re-review the business separately.
WAIT: close above $299.73 (Sept 4 high; canonical pivot 296.62 already crossed); Hold long-average/pivot reclaim and form a flag; future PPAs are not delivered output. Price alone cannot authorize BUY.
Invalidation: Settled close below $296.36 (200-day average) invalidates this entry watch; re-review the business separately.
WAIT: close above $299.22 (20-day average); Reclaim/flag plus supplier allocation and margin verification; dip distribution elevated. Price alone cannot authorize BUY.
Invalidation: Settled close below $276.44 (200-day average) invalidates this entry watch; re-review the business separately.
WAIT: close above $971.98 (20-day average); Reclaim after initial pop and hold a flag; jagged blocks BUY. Price alone cannot authorize BUY.
Invalidation: Settled close below $886.12 (200-day average) invalidates this entry watch; re-review the business separately.
WAIT: close above $154.59 (Sept 4 high; SMA20 already reclaimed); NEW flag plus issuer demand, capacity and margin evidence. Price alone cannot authorize BUY.
Invalidation: Settled close below $143.78 (200-day average) invalidates this entry watch; re-review the business separately.
WAIT: close above $45.66 (200-day average); Long-average reclaim and held flag; later delivery/funding remain conditional. Price alone cannot authorize BUY.
Invalidation: Settled close below $43.57 (volume-profile support) invalidates this entry watch; re-review the business separately.
WAIT: close above $312.76 (20-day average); Reclaim/flag plus current orders, memory spending and capacity evidence. Price alone cannot authorize BUY.
Invalidation: Settled close below $260.90 (200-day average) invalidates this entry watch; re-review the business separately.
WAIT: close above $224.58 (20-day average); Reclaim/flag plus current design-win conversion, demand and margin verification; dip volume not light. Price alone cannot authorize BUY.
Invalidation: Settled close below $151.77 (200-day average) invalidates this entry watch; re-review the business separately.
BUY while the cleared 989.96 flag ceiling holds; losing it returns the entry to WAIT for a new confirmed reclaim. Historical-pattern admission; strict current-RSI screen remains EXTENDED.
Invalidation: A close below 887.61 breaks the observed flag; 606.48 is the distinct SMA200 long-trend invalidation. BUY permission already ends on loss of 989.96.
WAIT: close above $226.58 (Sept 4 high; SMA20 already reclaimed); New post-rebound flag; verify later financing/dilution terms. Price alone cannot authorize BUY.
Invalidation: Settled close below $154.79 (200-day average) invalidates this entry watch; re-review the business separately.
WAIT: close above $236.54 (established pivot; preserved predecessor); Settled volume-supported breakout plus fresh supply, margins and customer-demand review. Price alone cannot authorize BUY.
Invalidation: Settled close below $210.57 (50-day average; preserved predecessor) invalidates this entry watch; re-review the business separately.
WAIT: close above $1740.00 (Sept 4 high; SMA20 already reclaimed); Strict close above reference after a NEW flag; Friday jump alone is not a flag. Price alone cannot authorize BUY.
Invalidation: Settled close below $1003.97 (200-day average) invalidates this entry watch; re-review the business separately.
WAIT: close above $523.42 (20-day average; first reclaim reference, not 575.88 pivot); Reclaim then flag; current fund exposures and constituent thesis admission required; no scheduled accumulation. Price alone cannot authorize BUY.
Invalidation: Settled close below $431.53 (200-day average) invalidates this entry watch; re-review the business separately.
WAIT: close above $461.47 (established pivot); Settled volume-supported breakout plus current company capacity, demand and margin review; local flag ceiling was not cleared Friday. Price alone cannot authorize BUY.
Invalidation: Settled close below $372.83 (200-day average) invalidates this entry watch; re-review the business separately.
WAIT: close above $280.99 (Sept 4 high; SMA20 already reclaimed); NEW flag plus current issuer orders, backlog conversion and margin evidence. Price alone cannot authorize BUY.
Invalidation: Settled close below $257.40 (200-day average) invalidates this entry watch; re-review the business separately.
WAIT: close above $468.19 (Sept 4 high; SMA20 already reclaimed); NEW flag plus current allocation, pricing and capacity evidence. Price alone cannot authorize BUY.
Invalidation: Settled close below $372.81 (200-day average) invalidates this entry watch; re-review the business separately.