A bigger story.Follow the supply chain.
Investment research.
For individual investors.
Yield Theory is an independent investment research firm.
Stock research, financial models, and a course to build your own investment case.
Research + Learning. One membership.
Learn to research a stock.
From the ground up.
Get the research. Learn how to do it yourself. Work from your first company filing to a complete investment thesis with in-depth chapters, interactive models, and worked examples.
- 01 Find the evidence that matters.
- 02 Connect earnings, cash flow, and valuation.
- 03 Put it together in your own research memo.
The full course + our research archive. One membership.
Clarity worth coming back for.
Look beyond the obvious ticker.
One technology shift. A whole supply chain of businesses to understand.
The processing power
The economics behind the AI chip boom.
Explore the researchThe capacity constraint
HBM demand meets limited supply.
Explore the researchThe next bottleneck
Following the profits in faster connections.
Explore the researchPowering the buildout
More compute. More electricity.
Explore the researchWhere the data lives
The business of keeping all that data.
Explore the researchWho makes the chips
The manufacturing layer behind photonics.
Explore the researchThe tools behind it all
What a new wave of chip spending needs.
Explore the researchConnecting the cluster
Moving data between thousands of chips.
Explore the researchBig AI moves.
Study the signals behind them.
Memory. Optical networks. Power. Work through the business changes behind the headlines.
When memory becomes the bottleneck.
- Signal to study
- HBM capacity
- Risk to test
- Supply catches up
The connections AI can’t do without.
- Signal to study
- Optical demand
- Risk to test
- Customer concentration
More compute needs more power.
- Signal to study
- Power demand
- Risk to test
- Execution and valuation
Less digging.
More understanding.
The work between “that’s interesting” and “I understand this investment.”
Stock ideas with a point of view
Understand the opportunity and compare the businesses exposed to it.
Models you can question
Follow the revenue, margins, and valuation assumptions behind the thesis.
The other side of the trade
See the risks, catalysts, and evidence that would change our view.
The archive. And what comes next.
Every member issue, plus new research throughout the month.
See the work for yourself.
Make room for
better research.
Every report. Every model in the issues. The full member archive.
Monthly
Flexible access. Cancel anytime.
- Every member issue and the full archive
- New research throughout the month
- Models, valuations, catalysts, and risks
- Company comparisons and stock ideas
- The fundamental research course
- Interactive explainers and worked exercises
Annual
Save 17%. Two months free compared with monthly.
- Every member issue and the full archive
- New research throughout the month
- Models, valuations, catalysts, and risks
- Company comparisons and stock ideas
- The fundamental research course
- Interactive explainers and worked exercises
Know why it could work.
And why it might not.
The thesis, the numbers, and the risks. One report.













