THE CHOKEPOINTS BRIEFING
Company deep dives
One company per issue: what it controls, what it depends on, and where the investment risk sits. Sourced from expert calls, broker research and public filings.
CoreWeave
The GPU cloud whose lenders price its loans on its customers' credit
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Vistra
A US power generator moving from market prices to 20-year contracts with AI data centres
Tungsten West
Tungsten West has restarted the Devon tungsten mine that failed in 2018. At 43.70p the share price is a bet that China’s export wall holds.
Nittobo
Nittobo weaves the thin glass cloth inside AI chip packages, and its lead starts to expire in 2027.
SUSS MicroTec
The number two in the step every HBM layer repeats.
TOWA
A two-session chip-cohort selloff took the shares down 17.9 percent to ¥2,791 between 15 and 17 July with no TOWA-specific cause, before a partial recovery to ¥2,848. The gap to fair value has closed part-way; we still hold, and wait for a better price.
Micron
A 25 percent slide has taken the price to a through-cycle multiple. We hold; the entry we want sits near $750.
Powertech
A real AI-packaging chokepoint that was priced for a flawless ramp. A cohort selloff has now put the price inside our accumulate zone.
TE Connectivity
The cheaper half of the AI-connector duopoly.
SK Hynix
Everyone's right about memory. That's the problem.
Nebius
The AI cloud build-out, priced as if it already works.
Welcome to Chokepoints
The winners were the picks and shovels, but only the ones that were chokepoints.