Perspectives.
Separate from data-driven research — a track for haelangdal's subjective analysis, theses, metaphors, and sentiment-cycle reads. New releases are locked to upgraded tiers.
Reports
Deep dives & market readsTesting What Drove the Bitcoin and Ethereum Surge — Volume, ETFs, Stablecoins
Three explanations for a three-session gain of 20.3 percent in bitcoin and 23.7 percent in Ethereum, tested against raw data and set against the 32 comparable surges since 2017
Behind Record Capex, the Memory 3 Are Building Record Return Capacity
The 2016-2026 capex cycle, ten years of returns from Samsung, SK Hynix and Micron, and a comparison with Apple at its peak
The Unwind of Japanese Money — How Yen Strength Travels Into US Treasuries and Risk Assets
A joint US-Japan intervention at a four-decade low, a rate gap collapsing from the Japanese side, and the changed composition of a 2.5160 trillion dollar stock — the sequence of the unwind and where to confirm it
Who Gets Paid First
Dissecting the payment structure of the AI infrastructure stack — prepaid vs. deferred
A Comparative Study of Memory Cycles — Five Winters, and a Sixth Question
1996 DRAM, 2001 optical, the 2018 peak, the 2023 downturn, 2025 DeepSeek — re-verifying five collapses with one yardstick: no winter was ever caused by dying demand. The 2026 coordinate is a late upcycle overlapping a leading equity correction
The Great Open-Weight Migration — the Four-Layer Remapping of AI Margins After K3
Closed labs, serving providers, hyperscalers, neoclouds — where China's giant open-weight model evaporates AI margins, and where it moves them