Latent Equity
Independent AI-economy research
Finding equity value still latent in the agentic economy
We study how artificial intelligence is reshaping the economy, and the markets that sit on top of it. Original research, every chart sourced, and we say in advance what would prove us wrong.
What we cover
Semiconductors
Chips, memory, packaging and the tools that make them.
Power
Electricity and grid connections, the gate on how fast the build goes.
Cloud
Hyperscaler spending, capacity and the revenue it earns.
Biotech
Where AI changes how drugs are found and made.
Agentic economy
AI agents doing real work, and where the value moves.
Latest research
- Oct 19, 2026 · SubstackAI Capex vs the 2000 Telecom BuildIn 2000, traffic boomed and revenue didn’t. In 2026, the revenue is showing up, but capex is running ahead.
- Oct 17, 2026 · SubstackThe AI build is still growing. Power is where it's pinching.This is the first AI Build Monitor, a one-page read we’ll publish every week.
- Oct 13, 2026 · SubstackIs the AI spending gap closing?Capex vs cloud revenue at $AMZN, $MSFT and $GOOGL. Not yet, on the reported numbers.
Get the research by email
Deep dives and the weekly Brief, free on Substack. Unsubscribe any time.