Yield Theory
RESEARCH NOTE / 01
NVDA computeMU memoryGEV power
One chip.
A bigger story.
Follow the supply chain.
On the research desk AI’s next bottleneck

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.

$15/month · Full archive included · Cancel anytime
FOLLOW THE FUNDAMENTALS
NVDAAnnual revenue · USD billions
$27.0B
FY23
$60.9B
FY24
$130.5B
FY25
Source: NVIDIA FY2025 10-K Historical revenue, not stock returns.
4.8× revenueTwo years. A different business.
WHAT WE OFFER

Research + Learning. One membership.

OUR FUNDAMENTAL RESEARCH COURSEIncluded with 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.
24 lessonsVisual models + exercisesBeginner friendly
See what you’ll learn

The full course + our research archive. One membership.

A READER’S PERSPECTIVE

Clarity worth coming back for.

I stopped dumping 10-Ks into a chatbot. The NVIDIA credit issue actually told me which footnote to read.

Priya Mehta

Product manager · Chicago, IL
The depreciation clock piece is the first time someone explained that lag without talking down to me.

Marcus Hale

Accountant · Atlanta, GA
Joined for one Micron note. Did four course chapters on the train home. That was not the plan.

Elena Ruiz

Equity analyst · Miami, FL
I pick my own stocks and I am slow about it. Fifteen dollars is cheaper than another year of guessing.

Owen Briggs

Retired teacher · Madison, WI
The photonics issue made me draw a map in my notebook. Then I bought the year because I knew I would come back.

Hana Cho

Designer · Brooklyn, NY
I like that they show the model breaking. Most research talks like the base case is destiny.

Dev Sharma

Software engineer · Toronto, ON
I have an hour after clinic. One chapter, then sleep. I finally finished a 10-K without skimming.

Leila Hassan

Physician · Minneapolis, MN
I send the free tools to clients. I keep the member issues for myself.

Ruth Ellison

Advisor · Richmond, VA
Not a trading feed. Thank god. I read one thing, then I leave it alone for a week.

Jamal Wright

Operator · Houston, TX
The course is not cute. It is long. That is why it worked.

Sofia Rossi

Founder · San Francisco, CA
I'm 24 and this is the first research I have finished without Googling every third sentence.

Ben Keller

Grad student · Ann Arbor, MI
I wanted the archive, not a Discord. This is closer to a desk than a feed.

Keiko Tanaka

Ops · Seattle, WA
Power names make more sense once someone walks the capex through to electricity. That GE Vernova write-up stuck.

Luis Ortega

Electrician · Albuquerque, NM
Saturday used to be me, three tabs, and a headache. Now I read one issue and close the laptop.

Claire Donovan

Controller · Portland, OR
THE AI INVESTMENT MAP

Look beyond the obvious ticker.

One technology shift. A whole supply chain of businesses to understand.

YOUR MEMBERSHIP, UNPACKED

Less digging.
More understanding.

The work between “that’s interesting” and “I understand this investment.”

01

Stock ideas with a point of view

Understand the opportunity and compare the businesses exposed to it.

02

Models you can question

Follow the revenue, margins, and valuation assumptions behind the thesis.

03

The other side of the trade

See the risks, catalysts, and evidence that would change our view.

04

The archive. And what comes next.

Every member issue, plus new research throughout the month.

OPEN A RESEARCH NOTE

See the work for yourself.

Browse the archive
ONE MEMBERSHIP. THE WHOLE PICTURE.

Make room for
better research.

Every report. Every model in the issues. The full member archive.

Monthly

$15/month

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

$150/year

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
YOUR NEXT INVESTMENT DESERVES THE RESEARCH

Know why it could work.
And why it might not.

The thesis, the numbers, and the risks. One report.