Institutional Research

Equity Research

Independent, institutional-grade coverage from Clearmeadow Partners across AI infrastructure, semiconductors, internet platforms, energy, and global growth companies. Each report pairs a clear rating and price target with scenario analysis, peer comparables, and a defined valuation framework — alongside Tech Strategy work on the structural questions those ratings are priced against.

13 Company Reports

2 Tech Strategy Notes

Lead Analyst — Jordan Rohan

Updated August 2026

Ratings

Buy

Buy on Weakness

Constructive / Add

Neutral

Underperform

Tech Strategy

Thematic Research

Cross-sector work on the structures shaping technology returns — how the AI buildout is financed, what intelligence actually costs, and where the economics settle. These pieces carry no single-name rating; they frame the questions our company coverage is priced against.

Tech Strategy AI Infrastructure

The Hyperscaler Funding Gap

Hyperscalers starting to see ROI on capex, press further into future cash flows

+$114B

2027 capex raised in one earnings season

125%

2027 capex vs. operating cash flow

−$236B

2027E free cash flow, big four

Self-funding ends this year. Rebuilt name by name from published models, the four largest spenders lay out $738B of capex in 2026 against $741B of operating cash flow — precisely parity — then $1,175B against $938B in 2027. Everything above that line comes off the balance sheet, and the seven-name total now reaches $1.32 trillion. The spending is self-correcting, reset annually against observed returns; the question is which operators can show the return, and today that list is short.

Jul 31, 2026 · 4 pp View Research

Tech Strategy AI Model Economics

The Price of Intelligence

A price-times-quantity read on the AI model market, and one you can track

64x

Spread, frontier to commodity token

−12%

Blended token price, quarter over quarter

90%+

Model-layer revenue still premium tier

Dividing each lab's share of dollars by its share of tokens gives a realized price per unit of intelligence, indexed to the market average — a standardized read we carry as a live series rather than a one-off. Volume has already flipped to open weights while the premium tier keeps over 90% of the dollars. The open-source precedent says the base commoditizes and value migrates to the protected ends: the compute below and the agent and deployment layer above.

Jul 27, 2026 · 6 pp View Research

Important Disclosures

These reports are published by Clearmeadow Partners, LLC, an independent equity research firm. Ratings and price targets reflect the analyst's judgment as of each report's publication date and are subject to change without notice. Tech Strategy notes are thematic and do not carry a rating or price target. The author may hold long or short positions in the securities discussed.

This material is for informational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Information is believed to be reliable but is not guaranteed. Past performance is not indicative of future results. Sources include SEC filings, company press releases, conference-call transcripts, Bloomberg consensus, and sell-side research.