Orix Corp Ads (IX) — the peer cohort

Long reads

• Situational Awareness — Crushed While CorrectReport · 2 Aug 2026
• Samsung — The Breadth DiscountReport · 30 Jul 2026
• Chip Testing — The Verification TaxReport · 29 Jul 2026The relay's timekeeper Heresy IX described the AI build-out as a Constraint Relay: a bottleneck that never disappears but is handed forward — compute to memory, memory to packaging, packaging to power.
• Stock Picking — The Selection Game · Closelooknet Heresy XIVHeresy · 19 Jul 2026
• Diversification — Diversified into the Losers · Closelooknet Heresy XIIIHeresy · 18 Jul 2026
• The Rotation, Not the Apocalypse — Kimi K3, Part IIReport · 18 Jul 2026In Heresy IX we argued that value in the silicon economy rotates through a relay of constraints — that the scarce thing changes, and returns accrue to whoever holds the baton when it does.
• AI Models — The Model Is Not the Moat · Closelooknet Heresy XIHeresy · 4 Jul 2026Heresies is a series of contrarian investment theses; this is Heresy XI, following Heresy X — The Numerator Regime , Heresy IX — The Constraint Relay and Heresy VIII — Memory Is the New Compute .
• Buybacks vs AI Capex — The Numerator Regime · Closelooknet Heresy XHeresy · 1 Jul 2026The constraint relay, extended This is where Heresy IX returns.

Dailies

• Software Earnings — It Ain’t Over Until It Is OverDaily Pulse · 24 Apr 2026