🏦 Equity Research

Decision Journal

2026-07-20

ARM — Research Report (2026-07-20)

What it is: ARM designs the CPU blueprints ("architecture") that power nearly every smartphone and a fast-growing share of AI data-center chips — it doesn't make chips, it licenses the plans and collects a royalty on every one shipped. · My take: the best royalty business in tech, priced for a decade of flawless execution — the fundamentals are excellent, but the stock has almost no room for a stumble.

2026-07-20 · 🇰🇷 한국어

AVGO — Research Report (2026-07-20)

What it is: Broadcom designs custom AI chips + networking silicon, and (via VMware) sells the software that runs corporate data centers. · Take: A rare "picks-and-shovels" AI winner with software-like margins — but priced for near-perfect execution.

2026-07-20 · 🇰🇷 한국어

BESI — Research Report (2026-07-19)

What it is: Dutch maker of chip *assembly* machines — the tools that stack and connect finished chips — and the world leader in hybrid bonding, the key technique for building AI chips in 3D. · My take: one of the highest-quality monopoly-like assets in semiconductors, at a price (~134× trailing earnings) that already prepays most of the 2030 dream — study now, buy only in tranches on weakness.

2026-07-19 · 🇰🇷 한국어

한미반도체 — Research Report (2026-07-18)

What it is: the world's #1 maker of "TC bonders" — the machine that stacks DRAM chips into HBM, the memory that feeds every AI GPU. · Overall take: a genuine bottleneck monopolist riding the AI wave, but priced for perfection *and* losing share — a great business at a scary price.

2026-07-18 · 🇰🇷 한국어

SK hynix — Research Report (2026-07-17)

What it is: SK hynix is a DRAM and NAND maker whose HBM stacks are a critical input to AI accelerators. · Take: HBM leadership has turned a historically cyclical memory producer into the scarce supplier in the AI stack — but the current earnings power is also unusually cycle-sensitive.

2026-07-17 · 🇰🇷 한국어

i can‘t see the report — Research Report (2026-07-16)

"i can‘t see the report" is not a company — your message to the bot was interpreted as a ticker, so no equity report was generated. · You're right that you can't see it: the report website is stuck. The newest report on https://equity-research-xox.pages.dev is TSM (2026-07-14).

2026-07-16 · 🇰🇷 한국어

AMAT — Research Report (2026-07-16)

What it is: Applied Materials is the world's broadest maker of chip-manufacturing machines — the "picks and shovels" supplier of the AI boom. · Take: the business has never been better; the stock price already assumes it stays that way for years. Franchise = world-class. Entry price = the risk.

2026-07-16 · 🇰🇷 한국어

ASML — Research Report (2026-07-15)

What it is: The Dutch company that makes the machines that print advanced computer chips — and the *only* firm on Earth that makes the EUV machines every cutting-edge chip needs. · My take: The purest bottleneck monopoly in the global economy (business 10/10), but after a ~140% run in 18 months the price already pays for most of the 2030 bull case — thin margin of safety.

2026-07-15 · 🇰🇷 한국어

TSM — Research Report (2026-07-14)

What it is: The world's largest contract chip factory ("pure-play foundry") — it manufactures chips designed by Apple, Nvidia, AMD and others, but sells nothing under its own brand. · Overall take: A genuine monopoly on leading-edge chip-making, firing on AI demand, priced richly but not absurdly — the risk is a map coordinate, not the business.

2026-07-14 · 🇰🇷 한국어

NVDA — Research Report (2026-07-13)

What it is: NVIDIA designs the GPUs, networking, and CUDA software that run essentially all serious AI training — the world's most valuable company at ~[$5.1T market cap](https://companiesmarketcap.com/nvidia/marketcap/). · My take: the best business model in tech, now at a historically *reasonable* price (~21–24× forward earnings) — the risk is no longer valuation froth, it's whether AI capex keeps compounding.

2026-07-13