EL FINANCIERO-daniel

🚨Gestión Boutique IV Equity Small Caps FI aparece como el fondo nº1 de su categoría a 2 años según Citywire, una de las plataformas internacionales de referencia para análisis y seguimiento de fondos de inversión. +46,2% de rentabilidad y puesto 1/52 en Renta Variable Global Small & Mid Caps. A veces, un solo gráfico resume mejor que cualquier discurso lo que está ocurriendo.

$MU $DRAM 50% more HBM delivered exactly 50% better AI Inference on GB300 Blackwell Ultra. Read that again. $NVDA Data Center: $75.2B. Up 92% YoY. GB300 is leading the Blackwell ramp. 288 GB HBM3E per GPU vs 192 GB on GB200. 12Hi stacks. 8 TB/s bandwidth per GPU. 1.5x overall AI performance. 2.7x throughput. 60% lower cost per token. HBM is not storing data. It is enabling intelligence. In inference (especially long-context, reasoning, agentic AI), memory capacity/bandwidth is often the bigger bottleneck than raw FLOPS. The extra HBM lets the GPU keep more of the KV cache (key for attention) on-package, which directly boosts effective throughput and lowers cost-per-token far beyond the raw 1.5x compute number. Real inference gains are often higher due to the memory + compute combo enabling better software efficiency (e.g., 2x attention acceleration in some cases). Cognitive Capacity Enhancement is NOT commodity. It's a strategic asset.

🚨Be careful: Many traders lost money in 2022 because they mixed apples with oranges. ⚫️A decline in the US Strategic Petroleum Reserve (SPR) is an increase in supply, which was deliberately used to push prices lower. 🟠A decrease in commercial crude inventories pushes oil prices higher. ⭕️These are two completely different things with opposite effects on price. Details in the recorded Space below.

$ATEX - Top holding Equity Small Caps FI Durante la presentación en el J.P. Morgan 54th Annual Global Technology, Media and Communications Conference, management de Anterix indicó un rango de valoración para su espectro de entre US$2,5Bn y US$7Bn utilizando referencias históricas de pricing de las subastas FCC de 600 MHz y AWS-3, además de transacciones privadas recientes en espectro low-band. Aplicando dichas referencias al número actual de acciones diluidas, el múltiplo implícito actual es ridículamente inferior (0,40 $/MHz-POP) a la valoración mínima del rango que proporciona el propio management.

$ALCIS.PA I spotted this company in early September but didn’t act. It’s a catering services company and was very cheap at the time. It’s still cheap but not dirt-cheap, and I still don’t know why I canceled my buy order. I should have written a clearer justification in my journal. After it broke resistance, the chart looked primed to run. The share price is up ~35% since.

Is it wrong to hope $PAYS misses expectations slightly in Q1 so price can come down to a more reasonable place to start a position? I have them at 28x 2026 guidance.

Yeah we have to take a moment for this one. AAIG just hit 6 on Substack’s Rising in Finance, and we’re officially a Substack Bestseller. We still have to launch on X with presenting you guys the whole team. (Coming soon). The response to the liquid cooling piece was overwhelming, and the feedback on it has been incredible. DMs, replies, members sharing it across desks internationally. This is a multi-analyst collective, so this isn’t a me moment but the whole team. We are building AAIG to do institutional-grade work and bring a very focused package with high standards. As you are used of me. Also we create a learning environment to really help people grow their knowledge by taking them trough the whole thinking process how we reach conclusions. We think that the market for that kind of research + learning is this real and it shows. Thanks guys. More coming. Keep that in mind.

After going through $BN's results, I do have to admit the growth is getting underwhelming. They've been guiding for 15%+ growth for years, but it seems like every quarter is lackluster. I'm pretty surprised by the market's response today. Will discuss more in a video soon.

✈️ Corporación América Airports – Initial Equity Research $CAAP • Operator of 52 airports across 🇦🇷🇮🇹🇦🇲🇧🇷🇺🇾🇪🇨 • Strong exposure to the potential recovery of the Argentine economy • Double-digit air traffic growth at its airports in 2025 (YTD) • Organic growth in its Tuscany $TYA.MI and 🇦🇲 airports, actively bidding for new concessions in various countries and exploring M&A opportunities. • Trades at <6x EV/EBITDA, significantly below key peers 💎We provide an in-depth analysis of its business model, assets in each country, main peers, finances, opportunity size, valuation, and an independent opinion

All things being equal - at current multiples - I'm more excited about $COHR than $LITE despite the lower growth rate. $COHR's Q3 call perfectly summed up the catalysts in play: 1. Datacom segment: "Only" grew at 40% but... new unlock is that 6-inch InP capacity doubles soon (new site in Zurich). OCS revenue picks up in Q2 and management explicitly called out accelerating growth rates in FY27. 2. Margins: Just keep getting from here. 6inch InP more cost effective 3. Boring segments: $LITE has more torque but $COHR's boring segments are picking up some slack. Communications (multi-rail, pump lasers) grew at 60% due to scale-across. Cooling plates and generators to prop up industrials segment.