Advanced thematic equity and macroeconomic research. Independent, and based in Singapore.
The structural changes that move whole industries, followed as they spread through compute, power and capital.
Every thesis is traced down to the businesses on the receiving end, and valued on what the shift is worth to them.
Intelligence is becoming a utility: an input to every machine, the way electricity and the internet became. Metamorphosis argues that the companies building the compute, power and networks behind it are turning into infrastructure the market has not yet learned to price.
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We start with the forces that move whole economies and work down. A thesis only reaches a company once it has held at every level above it.
Rates, liquidity, energy, demographics and policy. The forces no single company controls, but every company answers to.
The structural shift those forces set in motion: what is changing, how fast, and how long it can run.
Where the spending lands. Supply chains, bottlenecks and margins, mapped link by link.
The businesses on the receiving end, valued on what the shift is actually worth to them.
Three series we keep open, rebuilt from Epoch AI's public data. Capability is compounding, installed compute doubles roughly every 4.8 months, and the buildings that house it still take two years to put up.
Built from Epoch AI data, used under CC BY 4.0. Our calculations, so any errors are ours. Data as of 2026-10-06. Download the compute series (CSV).
Each theme is a map: where the money starts, every company it passes through, and the links where we think the pricing power sits.
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