Research Report – December 2025
UiPath (PATH): When AI Becomes Labor, Orchestration Wins
A deep-dive on why 2026 may mark the transition from “AI software” to “AI as labor” — and why UiPath is positioned at the control layer.
This report argues that the next phase of enterprise AI won’t be won by the best model, but by the platforms that can deploy, govern, orchestrate, and measure AI as labor across messy, regulated, real-world systems. UiPath sits directly at that junction.
IREN Ltd – Update Report (December 2025)
This 37-page update walks through IREN’s December 2025 financing package and what it really means for equity holders.
Instead of re-hashing the AI hype, the note focuses on capital structure, dilution and funding for the build-out – the part of the story most people are hand-waving.
Research Report – November 2025
IREN × Microsoft Institutional Deal Note (Flash) — a concise, model-backed breakdown of IREN’s newly announced multi-year GPU cloud contract with Microsoft. Built for PMs/analysts who need the economics, drivers, and valuation levers on one report.
IREN’s control of grid-connected power and fast build capability positions it as a scaled supplier of bare-metal AI GPUs with optionality to layer higher-margin managed services, creating a path to durable ROIC through the 2026–2028 Blackwell cycle while maintaining downside support from Bitcoin cash flows.
Research Report – September 2025
Ethereum is no longer just “digital gold’s cousin” — it’s becoming the financial internet’s core infrastructure. Stablecoins, Wall Street tokenization, and AI-on-chain adoption are converging into a multi-trillion-dollar opportunity.
This 20+ page institutional-style report provides a hedge fund–level analysis of BMNR (Bitmine Immersion Technologies, NASDAQ: BMNR) — the first publicly traded Ethereum treasury company, positioned as the MicroStrategy of Ethereum.
Investment Gems 