Independent research · An East Asian perspective
Find the bottleneck.
Follow the investment case.
AI infrastructure, Asian equities and the expectations behind them. Start with a one-minute brief. Go deeper into the evidence, the risks and the next question.
Start with a question.
Three paths through the research
Beyond the GPU
Start with the hardware thesis. Follow it into memory and programmable chips.
From power to payback
Follow the chain from electricity and siting to operating returns.
Follow the money
A three-part framework: productive capacity, its financing and the investment payoff.
The debate worth following
Read both the thesis and its failure caseWhat if the AI industry slows down?
Slower model development and weaker infrastructure demand are different possibilities. The test is spending, utilization and revenue—not confidence in a theme.
Read the brief and the risks →Follow the next question
Research worth coming back for.
New analysis on AI infrastructure, Asian equities and global investment themes. Free by email.
Confirm your subscription from the email in your inbox. Unsubscribe at any time. Privacy Policy.
Latest research
Browse every thesis →-
Agentic AI Changes the Memory Trade: HBM Is Only the Hot Tier
Read the brief →: Agentic AI Changes the Memory Trade: HBM Is Only the Hot TierAI agents need more than HBM. Explore the case for CPU memory, CXL and context storage—and the revenue signals that would validate it.
-
The FPGA Shortage: AI’s Next Hidden Infrastructure Bottleneck
Read the brief →: The FPGA Shortage: AI’s Next Hidden Infrastructure BottleneckWhy programmable chips matter to AI networking, control and testing. A framework for Lattice, AMD and Microchip, with clear risks to the shortage thesis.
-
AI Has a Siting Problem: Why Floating Data Centers Could Become Korea’s Next AI Infrastructure Opportunity
Read the brief →: AI Has a Siting Problem: Why Floating Data Centers Could Become Korea’s Next AI Infrastructure OpportunityFloating data centers could ease siting constraints. The key tests for Korean shipbuilders are paying customers, viable economics and repeat orders.
-
AI Leaders Are Saying “Slow Down.” Does That Break the AI Infrastructure Trade?
Read the brief →: AI Leaders Are Saying “Slow Down.” Does That Break the AI Infrastructure Trade?Would slower AI development end the infrastructure trade? Separate training risk from inference demand, and watch spending, orders and utilization.
The same lens, beyond AI hardware.
When games become abundant, attention stays scarce.
How AI could change the value of Japanese gaming IP.
Explore the thesis →One cost shock. Different earnings outcomes.
Food inflation through the lens of agribusiness and packaged foods.
Explore the thesis →Beyond Consensus Alpha
A view from East Asia.
A connected view of global markets.
Written by an East Asia-based hedge fund manager. Independent analysis of industry change, company economics and market expectations.
About the publication →Explore & discuss
Questions, corrections and alternative views:
contact@beyondconsensusalpha.com