Thesis Before Model
We write the narrative and debate checklist first, then translate it into numbers.
Independent Tech Research Firm
We publish thesis-driven company dossiers, debate notes, and transparent valuation appendices. The goal is simple: clear reasoning first, model mechanics second.
Methodology
Each report is built as an internal memo you can read end-to-end: operating context, scenario framework, risk map, and model assumptions in one place.
We write the narrative and debate checklist first, then translate it into numbers.
Base, bull, and bear cases are explicit so valuation is tied to assumptions, not mood.
Segment mix, margins, capex, and policy exposure are tracked as first-order variables.
Dossiers are updated as disclosures change; old assumptions are not silently replaced.
Coverage Universe
Open any name below to read the full wiki-style report and model appendix.
NASDAQ: TSLA
Autonomy optionality, energy scale economics, and multi-segment SOTP framework.
Read dossierNASDAQ: MU
HBM transition, DRAM/NAND cycle behavior, and earnings-power valuation bridge.
Read dossierKRX: 000660
AI memory leadership, cycle durability, and segment-level scenario framework.
Read dossierNYSE: RKLB
Launch execution, space systems scaling, and EV/S multiple normalization risk.
Read dossierNYSE: LAC / NYSE: LAR
Project execution, lithium price sensitivity, and cross-company scenario comparisons.
Read dossierKRX: 005930
Memory cycle and foundry competitiveness with expanding long-form coverage.
Read dossierResearch Workflow
Identify segment economics, value chain position, and what actually drives return on capital.
Define the few questions that move valuation outcomes, then structure a scenario tree.
Translate the thesis into explicit assumptions so readers can stress test the logic.
Update the dossier when the evidence changes, not when the narrative gets crowded.
Leverage Futures is built for investors who prefer clear argumentation over black-box targets.