Jason's Chips | Substack

Jason's Chips

Gen Z semis & AI investor writing easily digestible research with a blend of first-principles logic, economics, and humor. +195% YTD returns.

The Finance of Neoclouds

Neoclouds are a tough business to value.

Use forward P/E and realize they are massively GAAP unprofitable. Use forward EV/Revenue and realize they are deceivingly cheap because EV is inaccurate; they still need massive cash capex to support future revenue. Today I argue why the only valid valuation technique is my own esoteric invention: Pr…

Optical Circuit Switching 101: Better Than CPO?

I am solving the chronic undercoverage of this market.

Analogies are central to human understanding.