Independent research
Published, independent, evidence-graded research on consequential business decisions.
How TSMC, Samsung Foundry and Intel Foundry stage technology, physical capacity, customer and capital commitments under uncertain demand. Rapidus appears separately as a capability-formation boundary case.
View research →Why record backlog says less than it seems: across Powell Industries, Eaton Electrical Americas, Siemens Energy Grid Technologies and GE Vernova Electrification, backlog is an architecture of already-committed futures — not one measure of future revenue or capacity.
View research →What four steel producers — Gerdau, Nucor, Steel Dynamics, Cleveland-Cliffs — reveal about capital architecture, operating flexibility and the structure of the next decision.
View research →A $400M project is not necessarily a $400M decision: whether it reflects a discrete order or a broader manufacturing-footprint decision already forming across the portfolio.
View research →Same physical volume, different economic regime: a 2Q26 3.7× EBITDA-per-tonne divergence between Gerdau's Brazil and North America segments.
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