I have a somewhat different view of where independent semiconductor research is heading. The problem institutional investors have isn't a shortage of research. It's the opposite. I've spoken with a number of hedge funds and institutional investors, and a recurring complaint is simply: too many reports. Their inboxes are overflowing with research they would like to read but realistically never will. AI is only going to increase that volume. So with SemiExponent, I'm building something deliberately different. Less publishing. More interaction. The institutional product is centered around direct access to semiconductor expertise: discussing technology, challenging assumptions, arguing through competing interpretations, and red-teaming an investment thesis when the underlying question is technical. In other words, not another research feed. A technical sparring partner. That model is intentionally high-touch, which also means SemiExponent will work with a relatively small number of institutional clients. I've been discussing the concept with several investment firms and am now beginning to launch it. If this sounds useful for your team, you can reach me through SemiExponent. Just leave a note with your email, I will get back to you.