2. november · aktuelt research-checkpoint
GOOGL 96/125 og TSM 110/125 fra 1. november fastholdes. GOOGL får ingen ny kapital. VRT/GEV/KLAC prioriteres efter nye resultater; MSFT/AMZN kræver capex- og cash-return review. Ingen tredje aktie.
ASK først; 60% SXR8 / 20% GOOGL / 20% TSM. Novemberramme: 1.200 kr. SXR8, 400 kr. TSM, 400 kr. midlertidigt i pool under GOOGL-pausen. ANET 3/11; TSM sales 10/11.
YouTube-dækning er delvis for alle syv kanaler. Én fuld Tom Nash subtitle-review, 505 items; to DataForSEO-requests, $0.008. Ingen creator-claim ændrer score eller DCA. Priser: 30/10; månedsbeslutning og scores: 1/11. Faktiske holdings, pool og ASK-rum er ukendte.
Ugens fund, primærkilder og begrænsningerSector Research
2026-11-02: Power/cooling og process-control opgraderet til research; cash returns før score.
Historisk 2026-10-26: Lam, Meta og DSX grid/power-integration; cash returns før score.
| Sector | Strategy impact | Names |
|---|---|---|
| Semiconductors | LRCX September revenue $8.219bn, GAAP operating margin 40.0% and FCF $3.240bn strengthen the unscored equipment screen; China exposure and cycle valuation remain gates. TSM stays 110. NVDA remains provisional 104. AVGO's completed post-Q3 score is 94: elite operations do not overcome debt, concentration, customer-financing exposure and premium valuation. | TSM, NVDA, ASML, CDNS, ARM, LRCX, AVGO, MU |
| Data-center networking | ANET Q2 earns a provisional 105 after 37.7% revenue growth, 45.4% GAAP operating margin and strong H1 FCF/liquidity. Two-customer concentration, gross-margin mix and valuation block capital. CIEN remains the optical comparison. | ANET, CIEN, AVGO, NVDA |
| Data-center power/cooling | DSX October 21 adds GEV, Schneider, Hitachi Energy and Siemens Energy partner checks: contracts, measured utility-approved flexibility and margins; qualification is not an order. Google, NVIDIA og Emerald AI tilføjer flexible-load orchestration som et særskilt lag. Utility contracts, measured curtailment, SLA tradeoffs og value capture skal verificeres. Project Jupiter har dokumenteret pipeline-ruteafslag og pending air permit; site-energization og kontraktfordeling er eksplicitte checks. VRT prior 98 awaits full post-Q3 review; GEV Q3 and Trench acquisition require cash-timing/funding checks. BE 82; CEG/GEV unscored. | VRT, GEV, BE, CEG, NVDA, GOOGL, SU.PA |
| Semiconductor IP | ARM FYE2027 Q1 revenue +22% and data-center royalties more than doubled. Score stays 91 because GAAP margin, production-silicon execution, China/customer concentration, SBC and valuation remain open. | ARM |
| Cloud/software | META Q3 adds negative quarterly FCF and planned non-voting Class C governance checks; still unscored. GOOGL is 96 after the November 1 Q3 review; no new capital. Legal financial-impact review remains open. MSFT/AMZN current earnings add cash-versus-lease capex comparisons. ORCL's original filing confirms USD 288bn additional future leases; demand still does not settle owner economics. | GOOGL, ORCL, ADBE, PLTR, MSFT, AMZN, META, NOW, CRM, SNOW |
| AI cloud / neocloud | NBIS Q2 verifies demand, but USD 5.0bn of new convertibles and an exchange of USD 800mn old notes for about 15.8mn shares add debt, accretion and dilution to already extreme capex and financing risk. | NBIS |
| AI vendor financing | NVIDIA and Broadcom show that supplier demand can include customer support. AVGO adds a potential USD 29bn lease backstop and conditional customer notes up to USD 42bn alongside USD 126.8bn purchase commitments. Credit, remedies and residual-capacity recovery are explicit gates. | AVGO, NVDA, NBIS, ORCL, GOOGL, MSFT, AMZN |
| Agentic automation / robotics | PATH prior 88 awaits full post-Q2 review; ARR growth and DBNRR have not accelerated. NOW is priority unscored. TSLA stays rejected after Q3: sequential recovery, but 2.6% operating margin and weaker YoY FCF leave autonomy/robotics economics and valuation unproven. | PATH, NOW, CRM, TSLA |
| Cybersecurity | PANW Q4, CRWD Q2 and ZS Q4 screened September 7. Compare organic growth, GAAP profitability, SBC, adjusted versus unadjusted cash flow and recurring capital needs. All remain unscored. | PANW, CRWD, ZS, MSFT |
| Healthcare | Novo remains follow-up, not first buy. | NVO/NOVO-B.CO |
| Payments / financial data | Visa, Mastercard and S&P Global latest results strengthen the lower-capex moat comparison. FICO is deprioritized because USD 3.05bn of nine-month repurchases accompanied debt rising to about USD 5.58bn. | V, MA, SPGI, MCO, FICO |
| Entertainment / gaming / IP | IMAX Q2 revenue and margin growth create an unscored premium-format/IP screen. Backlog, content/exhibitor concentration, debt, normalized FCF and valuation remain gates. | IMAX, NFLX |
| AI software distribution / neutrality | NVIDIA announces Hugging Face acquisition. Funding, closing, developer neutrality and deal returns enter the research map; no automatic moat bonus. | NVDA, GOOGL, MSFT, AMZN |
28. september · Jupiter power og permits
Pipeline-ruteafslag og pending air permit gør site-level execution til en vigtigere ORCL/BE-check. Reuters rapporterer et notice; kontrakteffekt og leveringstid er åbne. Ingen score eller allokeringsændring.
Kilder og strategiimpact5. oktober · memory, capital allocation og agent-security
MU Q4: financing deposits og incentive-adjusted capex skal holdes adskilt fra operating cash generation. NVDA ekstra buyback-authorization kræver net share/funding-check. Open agent-safety platform og CRWD integration tilføjer paid-adoption/ARR/differentiation til cybersecurity; ingen scorebonus.
Kilder og strategiimpact12. oktober · OT/grid cybersecurity og optical networking
Anthropic programme forbinder power/grid, cybersecurity og industrial automation. Broadcom OCP announcement styrker networking research; betalt adoption, deployments og owner returns skal verificeres. Ingen scorebonus.
Ugens evidens