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Deep Dives
Long form studies of the companies riding each wave of disruption. Published as the research is ready.
▶November 5, 2026
$TER: A 70% Growth Quarter the Market Read as a Peak
Teradyne beat the top of its own guidance, and the stock then lost almost two fifths of its value in a month. We think the market is pricing a pause between AI programs as…
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▶November 2, 2026
$FORM: A Full Factory Behind a Flat Guide
FormFactor just posted its best quarter ever, and the stock is down 41% in a month because the next quarter looks flat. We think the flat guide comes from a full factory, and a…
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▶October 29, 2026
$POWL: Two Years of Orders, Priced Like One
Powell booked three dollars of orders for every dollar it shipped last quarter, and the shares have still fallen by half. We think the market is reading the revenue line and missing the factory…
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▶October 26, 2026
$TEM: The Medicare Raise Nobody Is Pricing In
In May the FDA quietly handed Tempus a higher Medicare rate on almost every solid tumour test it runs. The market is treating the stock as a lumpy AI data story, and we think…
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▶October 22, 2026
$GH: The Shield Tests Nobody Paid For, Until Now
Guardant quadrupled its colorectal screening volume while the price it collected per test fell, because most commercial patients were tested before their plans paid. With UnitedHealth and Carelon coverage now switching on, the next…
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October 19, 2026
$PL: Sweden Got Its Satellite. The Stock Fell 74%
Planet Labs delivered a sovereign spy satellite to Sweden about six months after signing, raised guidance and turned free cash flow positive, while its shares fell nearly three quarters. We think the market is…
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▶October 15, 2026
$BKSY: The Pilots Converted, the Stock Didn’t
Two unrelated defence customers turned BlackSky's newest satellites from a trial into a paid subscription, and services revenue rose by half in one quarter. The stock trades 64% below its high, and we think…
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