Two research shops I read merged this week, and the interesting part is not the price, which was not disclosed. Read what each one says it sells, on its own About page. SemiAnalysis: product-first research from the ground up, we start with the technology itself, the actual chips, systems, and models. It runs its own hardware teardown lab. Citrini Research: as a subscriber you will never have to ask what's the trade, and the Citrindex core model portfolio goes to every paid subscriber, updated weekly. One stops at the fact, the other picks up at the trade. They were two firms and now they are one, and van Geelen, who sold, stays on as chief executive and is separately raising a fund. Nobody has to behave badly for that to matter. It just means a reader carries a third question now. It used to be, is this technically right, and separately, is this trade any good. From here you also have to ask when it went into the book. The second-order piece is the one I actually care about. The best teardown lab in the business is now wired straight into a position book that updates every week. That shortens the distance between finding something in a fab and expressing it across assets. Which means a supply-chain fact is worth slightly less than it was on Thursday, and finding it first is worth slightly more. Disclosure, since it would be odd not to: we read SemiAnalysis and we quote it, and that is not changing. What changes is the label we put on the source, the same label we would put on any research shop with a fund at the end of it.