Latent Equity
Independent AI-economy research
Finding equity value still latent in the agentic economy
We study how artificial intelligence is reshaping the economy, and the markets that sit on top of it. Original research, every chart sourced, and we say in advance what would prove us wrong.
Watch the latest Brief
AI credit stress is real. It's on the wrong balance sheet.
Record CDS on the biggest AI spenders is real, but the hyperscalers have borrowed little against their cash flow.
What we cover
Semiconductors
Chips, memory, packaging and the tools that make them.
Power
Electricity and grid connections, the gate on how fast the build goes.
Cloud
Hyperscaler spending, capacity and the revenue it earns.
Biotech
Where AI changes how drugs are found and made.
Agentic economy
AI agents doing real work, and where the value moves.
Latest research
- Oct 19, 2026 · SubstackAI Capex vs the 2000 Telecom BuildIn 2000, traffic boomed and revenue didn’t. In 2026, the revenue is showing up, but capex is running ahead.
- Oct 17, 2026 · SubstackThe AI build is still growing. Power is where it's pinching.This is the first AI Build Monitor, a one-page read we’ll publish every week.
- Oct 13, 2026 · SubstackIs the AI spending gap closing?Capex vs cloud revenue at $AMZN, $MSFT and $GOOGL. Not yet, on the reported numbers.
Get the research by email
Deep dives and the weekly Brief, free on Substack. Unsubscribe any time.
From the research repository
Our research archive, browsable by series and ticker.
Oct 23, 2026 · Market rotationThursday's AI-to-defensives swing was rare, not routine
Our read: Thursday's swing out of AI stocks and into defensives was rare, not routine. The Defensives/AI-stack ratio rose 9.0% in one day (our calc), the 8th-largest day …
Oct 23, 2026 · Macro historyThe S&P 500's 20 worst days: long waits, not quick bounces
Our read: the 20 worst moves in S&P 500 history are a story about long waits, not quick bounces. All 20 were eventually made back on price, but two took more than 20 year…
Oct 23, 2026 · Macro history$SOXX 6%+ drops: what history says
$SOXX fell 6.8% on Thursday. Since 2001, only about 0.4% of trading days were that bad (our calc).