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The Token Dollar

Oil is scarce because of war. Tokens are scarce because of physics.
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Nebius: The Tokenmaxxing Factory
I spent a day inside Nebius Inflection. The market is still pricing the wrong neocloud.
 • Ben Pouladian
The Mohawk Number
Wolfspeed’s CFO gave me the SiC dollar-per-megawatt number sell-side models have not printed.
 • Ben Pouladian
How Credo (CRDO) Gives Zero Flaps!
Zero-Flap is Credo’s highest-ASP product, and a bet that reliability now caps how big an AI cluster can get. Reliability is the constraint.
 • Ben Pouladian
Credo Beat the Quarter. The Call Broke the Stock
A clean beat-and-raise fell roughly 15 percent. The market repriced the quality of the beat, not the size: who the revenue comes from, and when the next…
 • Ben Pouladian
The Slide in NVIDIA's RTX Spark Keynote That Sizes a New Market
The Edge Token Factory. RTX Spark moves the token factory from the datacenter to the desk, and kills the x86 default
 • Ben Pouladian
The Shoreline Problem: A Bear Case on HBM
HBM did not solve memory bandwidth. It worked around it. The real bottleneck was never the memory, it is the chip edge. The bear case on HBM, and why I…
 • Ben Pouladian
Marvell Just Confirmed Demand
Marvell did not just beat a quarter. It steepened the data-center growth curve and widened AI connectivity demand across every axis at once.
 • Ben Pouladian
BEP Research
BEP Research
AI infrastructure research for serious investors — semiconductors, optical interconnects, software, and systems-level thinking on the plays that matter before Wall Street catches on.
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Irrational Analysis
Irrational Analysis
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AI infrastructure research for serious investors — semiconductors, optical interconnects, software, and systems-level thinking on the plays that matter before Wall Street catches on.
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