Research.
Theme · macro · bottleneck research organized by cluster and series. Single-company reports are separate.
Ongoing Series
7The Memory Pickaxe of This AI Gold Rush, Revisited
Why memory cycle peak debate is premature
RAMpocalypse — What Happens After the Memory Big-3 Leave
Memory Big-3 Series, Part 3 — AI is devouring the raw materials of memory; an industry golden age and consumer regression unfold side by side, in 8 questions
AI's Real Bottleneck — OSAT Packaging Wars
CoWoS capacity grew 13x and still fell short — the structural beneficiaries of the packaging bottleneck
Optical Bottleneck: Why Lumentum and Coherent Are the Real Choke Points
1.6T, 200G EML and CPO — Entering the Era of Light
AI Infrastructure 4 Bottlenecks — Big Tech Q1 2026 Earnings Summary
Memory · Power · Custom Chips · Optics — Four Bottlenecks Converging Simultaneously
글로벌 반도체 CapEx 사이클 Part 1 — 매크로 분해
TSMC 2나노 + 메모리 3사 동시 케파 확장 + 소부장 3중 발주 사이클
조정 안 기다린 자도 일부 익절할 시점 — FOMO 트랩 후속
AAII Bull 46% 돌파, 11일 만에 ⑦ FOMO Surrender 진입 초기
KOSPI 10,000 Path Analysis
The Triple Shortage's Korean Supply-Chain Transposition Opens the First-Ever 300T KRW Operating Profit Era
The All-Front Semi Shortage Confirmed by Intel Q1
CPU Renaissance · HBM/CoWoS/ABF Sold Out · ASIC Surge · Korean Value-Chain Exposure Map
Every Market the Memory Big-Three Are Leaving
Market Sizing · Follower Revenue/Profit · A Quantitative Re-rating Read
The Triple Power Chain of Agentic Transition
Gas Turbines, Optical Networking, and How Efficiency Amplifies Absolute Demand
Ship Engines × Data Center Power [Revised]
HD Hyundai's HiMSEN Takes the Field — What the AEG 684MW First Order Means
Big 3 Memory Legacy Exit & Successor Deep Dive
Who Fills the Void — Screening Korean Value Chain Second-Tier Beneficiaries
The Shadow of 2023, the Choice of 2026
CS AT1 Shock, NVIDIA's Ascent, M7 Concentration — Macro Narrative and Market Psychology Cycle Analysis
The Last Skeptic Trap
A Quantitative Diagnosis of Market Sentiment Cycle — Where Are We Now?
China LLM API Surge: The Token War Reversal
DeepSeek·Qwen 65% Share | 10T Daily Tokens | Price Disruption Strategy
GPU Rental Price Surge: The Great Compute Shortage
Blackwell +48% | H100 +38% | Memory Supercycle | Neocloud Boom
Hyperliquid Deep Dive: Buyback Machine vs Unlock Pressure
DeFi's Most Aggressive Buyback (97% Fee Burn) vs 53.7% Token Unlock — Who Wins the Supply Battle?
Q1 2026 Earnings Season Preview: The Expectations Trap
Asymmetric Risk Behind +12.6% Consensus — Limited Upside on Beat, Amplified Downside on Miss
AI Supercycle vs. Stagflation Shock
Fact-checking 12 Key Arguments + SPR/CPI/Reverse DCF Deep Dive
Semiconductor Shortage Deep Dive: The 'Perfect Storm' Created by AI Demand Explosion
AI Infrastructure $650B Capex, Helium Supply 30% Disrupted, Samsung Strike Risk — Structural Shortage Forecast Through 2030
Apple's Mobile DRAM Monopoly Strategy — The Hidden Winner of the Memory Supercycle
HBM Demand Explosion → Mobile DRAM Supply Shortage → Apple's Market Share Expansion Strategy Deep Dive
Haelangdal Market View — 2026 Is Not 2022
The Reality Behind TurboQuant Panic, Pressure for Early Iran War Exit, and Why You Should Buy Stocks at Cheap Valuations
Morgan Stanley & BofA Downgrade Risk Assets — Hormuz Scenario-Based Allocation Strategy
MS Global Equities OW→EW, Cash at Multi-Year Highs, S&P 500 Correction Endgame Signals and Korea Positioning Warning
Naphtha Shock — Petrochemical Supply Chain Collapse and $3.8 Trillion Industrial Impact
Hormuz Blockade Week 4: 40% of Asian Naphtha Disrupted, 250–275 Day Normalization Scenario
Optical Networking Deep Dive: The 1.6T Supercycle & CPO Revolution — Hidden Winners of AI Data Centers
The 800G→1.6T→3.2T Transition, CPO Nearing Production, NVIDIA's $2B Bet — A Complete Analysis of 10 Key Stocks
Iran-US War and Global Markets — The Complete Investor's Guide
Hormuz Ultimatum Delayed 5 Days, Brent Crashes from $113 to $101, S&P 500 Bounces — Full Scenario Analysis on Day 24 of the Conflict
Qatar LNG 5-Year Force Majeure — Global Energy Supply Shock and Market Outlook
Ras Laffan Strike, Force Majeure, Asia-Europe Energy Crisis: Investment Implications of the Largest Supply Disruption Since the 1970s
Twin Risk Convergence — The Compound Shock from Two Simultaneous Risk Events
Iran-War Oil Shock x Semiconductor Tariffs: Analyzing the Simultaneous Materialization of Two Critical Risks
The Structure of the Inference Bottleneck — Why Now Is the Turning Point
Memory Wall x Inference Cost: Why the HBM Supercycle Is a Structural Shift, Not a Cyclical Peak
Hormuz Strait Crisis: Crude Oil & LNG Supply Disruption and the Reshaping of Global Energy
20M BPD Disruption Scenario Analysis — Impact on Oil, LNG, and Petrochemical Supply Chains
KOSPI & KOSDAQ March 2026 Outlook
Geopolitical Oil Shock x Semiconductor Export Dependency — Korea's Market Under Dual Pressure
Bitcoin Upside Catalysts Deep Dive — Geopolitics x AI Agent Economy
Digital Gold Narrative + On-Chain AI Agents: Two Structural Drivers Behind BTC's Decoupling Rally
Iran-Driven Middle East Geopolitical Risk — Energy & Semiconductor Supply Chain Shock Scenario Analysis
Hormuz Blockade, Helium Supply Crisis, and Stagflation: Multi-Dimensional Risk Assessment
Middle East Crisis and the Hormuz Blockade
Week 1 Assessment — Oil Supply Disruption, KOSPI Circuit Breaker, and Global Market Contagion
EV & Battery: The Dawn of the Solid-State Era
Beyond Lithium-Ion — Solid-State Batteries, Sodium-Ion, and the Next Generation of Energy Storage
2026 Macro Strategy: Investing Through the Rate Transition
Fed Rate Cycle x Oil Shock x Dollar Dynamics — A Framework for Navigating Macro Uncertainty
H1 2026 AI Infrastructure Value Chain Outlook
From Blackwell to Vera Rubin — GPU, HBM, Networking, and Data Center Power Demand Outlook
Semiconductor Packaging Revolution: From CoWoS to SoIC
Advanced Packaging as the New Bottleneck — TSMC CoWoS, Intel EMIB, Samsung I-Cube, and Beyond
Data Center Energy Revolution: From Nuclear to Cooling
The Energy Crisis Powering AI — Nuclear Restarts, SMRs, Liquid Cooling, and Grid Modernization
Power Semiconductors: The New Era Opened by SiC/GaN
Wide-Bandgap Revolution — From EV Inverters to Data Center Power, the $50B Market Opportunity
Optical Networking Revolution: The Investment Map for the 1.6T Era
From 800G to 1.6T — Transceivers, Optical Engines, Silicon Photonics, and Value Chain Analysis
K-Bio: The GLP-1 Revolution and Korea's Biotech Opportunity
GLP-1 Market Expansion x Korean CDMOs — The Convergence of Obesity Treatment and Manufacturing Expertise
Defense & Aerospace: The Dawn of K-Defense Exports
Korean Defense Industry Goes Global — Record Exports, NATO Partnerships, and Space Economy Growth