Fundamental Equity Research, Semiconductor Supply-Chain Audits & Global Macro Capital-Cycle Analysis
An SEC Form 10-K audit of Apple's FY26 Q4 and full-year results: $435.6B FY26 revenue, a record 75.6% Services gross margin, only $11.5B in full-year cash CapEx (2.6% of revenue), $123.3B in free cash flow, and $115.6B returned to shareholders via buybacks and dividends.
Read Full Audit →A forensic SEC Form 10-Q audit of Microsoft, Alphabet, Meta, and Amazon in calendar 3Q26: $131.6B in combined quarterly cash CapEx, why Microsoft's $45.2B headline CapEx includes $17.1B of finance leases while $364.6B in uncommenced data-center leases sit in Footnote 11, and how cloud backlogs ($1,223B combined at MSFT + GOOGL + AMZN) anchor demand.
Read Full Audit →A cross-company capital-cycle synthesis across TSMC, SK Hynix, and Tesla in 3Q26: why physical scarcity in CoWoS packaging and 12Hi HBM4/1cnm cleanrooms enabled 66.4%-85.0% upstream gross margins, while downstream AI cluster builders absorb record capital intensity.
Read Full Audit →A primary-source breakdown of TSMC's 3Q26 release and 4Q26 guidance: NT$1,480.72B ($46.72B) revenue (+45.2% YoY), 66.4% gross margin, 82% High-Performance Computing (HPC) share, N2 revenue crossover in 3Q26, and the structural CoWoS/3DFabric packaging bottleneck alongside a $52B-$56B FY26 CapEx budget.
Read Full Audit →An institutional audit of SK Hynix's historic 3Q26 financial results: 104.605 trillion KRW revenue (+328% YoY), 83.624 trillion KRW operating profit (80% operating margin), 94.9 trillion KRW net cash position, HBM4 surpassing 50% of HBM bit shipments in 4Q26, and the new 100 trillion KRW FY26-FY28 shareholder return policy.
Read Full Audit →Separating recurring operational performance from one-time tailwinds in Tesla's 3Q26 Form 10-Q: $27.198B revenue, 20.8% GAAP gross margin vs. 18.1% automotive gross margin excluding regulatory credits and $499M IEEPA tariff refunds, $3.9B Cortex AI compute cluster additions, and how a >$20B FY26 CapEx budget compressed 3Q26 free cash flow to $84M.
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