Krypton Research

$AMZN, $INTC, $RDDT, etc… down massive. Meanwhile Krypton Research Q3 earnings: Pick 1: +8% Pick 2: +22% Pick 3: +1% Can’t ask for better in this market tape. We do the deep work so our readers do not have to stress about volatility, they know what they own. Deep research.

How’s that for an entry and weekly candle? Once again delivering immense value, now nearing +25% returns on our investment into a nuclear energy monopoly. Full thesis: kryptonresearch.substack.com…

Get ready for Oracle $ORCL investor day tomorrow by reading the deepest investment memo on the company today! Our long range model includes forecast commentary from JP Morgan and TD Cowen, as well as our own deep dives into every detail of the biz. kryptonresearch.substack.com…

Our deepest research piece… and arguably the most consequential is now published. $ORCL We take a look at Oracle, the company at the center of the largest infrastructure buildout in human history, its financials, and its potential as an investment: kryptonresearch.substack.com…

In light of recent developments across markets from rising yields to the idea of “scarce capital” in the AI buildout, we have our latest thought piece. How we are thinking about capital and why it matters for your investments: kryptonresearch.substack.com…

What does excellence in research look like? This: 38 stocks covered by our team, and, on average, they outperformed their respective benchmarks by over 7% in the first 50 days. Quality that is unmatched in investing. Krypton research.

$NVDA Chief Scientist Bill Dally: “90% of the power in data centers is going into inference” This is the clear next phase of the AI trade. We highlight a potential 10-bagger below. Model training and compute, while looking infinite right now, will slowly deccel in growth. This has been seen before, in another major tech revolution, and we can learn from there what the next major winners will come. The companies that will generate major recurring revenues from the maintenance of inference. Power. Water. Waste. Know where to look. kryptonresearch.substack.com…

As always, the only read you’ll need this weekend. Not a regular recap, but insights from our trade desk on the headlines that really mattered this week and what we’re focusing on for the coming week. Free to read: kryptonresearch.substack.com…

For ~$1 per day, Krypton Research delivers this to thousands of readers: - Investment research rooted in abstraction, thinking about the future and finding investments that fit our outlooks… not just ones with pretty 10-Ks. - Weekly market commentary on subjects that are deeper than the regular headlines or recaps posted by most accounts. - Monthly “Abstractions” diving deep on topics that are usually complex and sometimes unrelated to direct investments, but mold how you think about the world… it’s all connected. All of that and more in a subscription that’s paid off multiple times over by our research and investment picks. Join today: kryptonresearch.co/portfolio

The only read you need this weekend: We discuss the weeks most important stories tanging from AI financing to nuclear energy and memory, as well as how they impact portfolios. Read the first edition of Krypton Markets: kryptonresearch.substack.com…

Here’s how we see the midterms playing out and their effects on markets and related policy. Full read: kryptonresearch.substack.com…

Our September Performance & Macro Review is now live. This month’s edition includes an expansive macro review covering market breadth, the state of the bond market, and looking ahead to the political picture and its effects on markets as we near midterms. Worth a read: kryptonresearch.substack.com…

Oracle just invoked force majeure protections on its massive New Mexico AI data center. The problem is power, but not in the way people usually talk about it. Grid intelligence is more important than ever, which is why we own the stock that empowers it: kryptonresearch.substack.com… $ORCL already tried to bypass the grid bottleneck. Project Jupiter is designed around gigawatts of on-site $BE fuel cells. But those fuel cells still need natural gas, and the pipeline supplying them is now delayed by permitting. So even “behind-the-meter” power is running into the same basic issue: these data centers are becoming enormous pieces of local infrastructure. And it’s happening everywhere. Texas is now auditing data-center demand after more than 470 GW of projects piled into its grid queue. Utilities have already seen 1,000+ MW of large computational load disappear from the system with little warning. The U.S. doesn’t just need more power for AI. It needs a much better idea of where that power is going, when it’s being used, what happens when loads suddenly change, and how the rest of the grid responds. That’s the piece of the AI power buildout we’ve been spending a lot of time on. We own a company sitting directly in that layer of the stack, and it’s still one of the cheapest names in our portfolio. Full thesis: kryptonresearch.substack.com…

This is the data that matters. This is the data most won’t ever show you. The Krypton Research framework and portfolio is operating at a world class level in risk-adjusted terms. Our 2.34 Sharpe Ratio indicates exceptional risk management paired with strong returns, as evidenced by our +91% index level return. This is just the beginning of one of the most dominant research franchises ever, with a truly differentiated methodology. Our journey will always be measured and public.

The next major theme: Physical AI kryptonresearch.substack.com… 9 months ago we identified the CPU trade that is being discussed today and sending shares of $AMD $INTC and more skywards. The “Agentic Era” underpinned that trade and we slammed the table on $ARM at $110/share. Arm went +300% from there, now the public is on it. The next era will be the “Physical AI” one. What will be the CPU of that theme? Simple. Networks. Every AI model and agent that currently lives in data centers and servers will need networks to travel over in order to interact with and manipulate the physical environment. Krypton Research is rooted in deep abstraction, and we are early to this setup as usual. Our top pick isn’t the consensus ideas like Cisco, Ciena or HPE. Instead, we chose a sleepy $4B company that is transforming itself into a leader in the space, stacking contracts with hyperscalers already, and simply overlooked by the market today. 130%+ upside. kryptonresearch.substack.com…

If you think $META Muse is as game-changing as it seems (it is) then the underlying chip stocks to own are obvious. kryptonresearch.substack.com… Muse is going to accelerate CPU demand, something we highlighted as the outcome from agentic compute 9 months ago with our investment into $ARM at $110. This is because each user gets a dedicated cloud Linux computer called Muse Secure VM: its own browser, files, credentials, cron jobs, and room to compile code and spawn sub-agents. But where $ARM CPUs dominate in energy efficiency (why we still would prefer it over x86 $AMD chips)… there’s a new issue at play: Memory. This era of agentic inference will require an even greater amount of memory than imagined, and if ARM could alleviate the power problem… who’s the chip designer that will break the memory wall? The one we made our third largest holding and see a massive bull case of 200%+. Here’s the full thesis: kryptonresearch.substack.com…

Geopolitics have dominated headlines for years now, but the defense story likely has a lot more upside left. As nations raise budgets to record levels, countries restock on defense assets after years of conflict and new technologies force a wave of military equipment upgrades, opportunity is abound in the sector. After a few weeks of weakness, we see the time as right to pick out quality in the space, and have curated our defense basket. 8 stocks we expect to outperform the defense index $ITA and the market as the timing is right. Take a read: kryptonresearch.substack.com…

As AI continues to scale, its need for power does too. This means greater investment into the grid that supports it, not just power generation names which have been the leading segment surrounding this theme. That’s why we invested in a grid intelligence company rewiring how the grid handles electricity to be the most efficient it can be. Full thesis: kryptonresearch.substack.com…

The first volume of “The Abstraction” has now been published. This months piece looks at the recent calls to “pace” AI research from leaders like Dario Amodei, Sam Altman and Elon Musk. We build a mental model surrounding the rise of agents, potential solutions and investment implications as a result. Take a read: kryptonresearch.substack.com…

In March, a few weeks after the war began, we wrote this: “90% of Iranian oil goes to China as well, which is pretty much the only thing that is keeping the whole of the Iranian economy alive. Both Iran and China need the Strait more than the United States does.” This point is now even more important as the United States has imposed their own blockade on the strait, choking off Iranian exports and now sending Chinese crude futures to record highs. This adds more interest to ending the war, as the pain begins to be felt in Beijing. Something to watch going forward, this deliberate US strategy of blockading Iran may just work, but the interim pain across the world is becoming evident.