Surojit Chakraverti
@surojitchakraverti.bsky.social
Hedge Fund PM ➡ Investor | Healthcare, Tech, India Eq, Commodities🪙 | Foodie🍜 Sci-Fi🚀 Wildlife🦁 | Fundamentals📊 TA📈 Macro🌍 | NO Inv. Advice | RT≠Endorse
Linktree: https://t.co/ixHAItqFL5
Substack: https://2ot.co
Website: https://3wavecap.com
Linktree: https://t.co/ixHAItqFL5
Substack: https://2ot.co
Website: https://3wavecap.com
But Wall Street’s cautious 👀
⚡ Key watch: AI monetization pace
⚡ Competition heating up (Canva, Figma, others)
Execution looks strong, but market wants proof of durable AI growth. #Adobe $ADBE
⚡ Key watch: AI monetization pace
⚡ Competition heating up (Canva, Figma, others)
Execution looks strong, but market wants proof of durable AI growth. #Adobe $ADBE
September 11, 2025 at 9:11 PM
But Wall Street’s cautious 👀
⚡ Key watch: AI monetization pace
⚡ Competition heating up (Canva, Figma, others)
Execution looks strong, but market wants proof of durable AI growth. #Adobe $ADBE
⚡ Key watch: AI monetization pace
⚡ Competition heating up (Canva, Figma, others)
Execution looks strong, but market wants proof of durable AI growth. #Adobe $ADBE
For more deep dives on equities & market structure, check out 👉 2OT.co
$SNPS
All for education — not investment advice!
$SNPS
All for education — not investment advice!
2nd Order Thoughts | Surojit Chakraverti | Substack
Sharp takes on markets, valuation, and big ideas—served with wit and wild animal spirits 🐂🐻 | Free previews when you subscribe | Hit our About page for details and FAQs. Click to read 2nd Order Thoughts, by Surojit Chakraverti, a Substack publication. Launched a year ago.
www.2ot.co
September 10, 2025 at 11:26 AM
For more deep dives on equities & market structure, check out 👉 2OT.co
$SNPS
All for education — not investment advice!
$SNPS
All for education — not investment advice!
Current stance: watch mode 👀
Short term → high risk, cyclical exposure.
Long term → robotics optionality compelling.
But no need to catch the falling knife just yet. $SNPS
Short term → high risk, cyclical exposure.
Long term → robotics optionality compelling.
But no need to catch the falling knife just yet. $SNPS
September 10, 2025 at 11:26 AM
Current stance: watch mode 👀
Short term → high risk, cyclical exposure.
Long term → robotics optionality compelling.
But no need to catch the falling knife just yet. $SNPS
Short term → high risk, cyclical exposure.
Long term → robotics optionality compelling.
But no need to catch the falling knife just yet. $SNPS
Valuation check: even after the drop, $SNPS trades at ~13.3x sales & 39x P/E. Not cheap.
September 10, 2025 at 11:26 AM
Valuation check: even after the drop, $SNPS trades at ~13.3x sales & 39x P/E. Not cheap.
But near term, Cadence ($CDNS) looks steadier. More EDA focus = stronger moat + predictable revenues. $SNPS $CDNS
September 10, 2025 at 11:26 AM
But near term, Cadence ($CDNS) looks steadier. More EDA focus = stronger moat + predictable revenues. $SNPS $CDNS
Long term:
IP is critical to robotics/AI at the edge (processors, AI/ML cores, interfaces).
If you’re a bull on robotics proliferation → IP business could shine. $SNPS
IP is critical to robotics/AI at the edge (processors, AI/ML cores, interfaces).
If you’re a bull on robotics proliferation → IP business could shine. $SNPS
September 10, 2025 at 11:26 AM
Long term:
IP is critical to robotics/AI at the edge (processors, AI/ML cores, interfaces).
If you’re a bull on robotics proliferation → IP business could shine. $SNPS
IP is critical to robotics/AI at the edge (processors, AI/ML cores, interfaces).
If you’re a bull on robotics proliferation → IP business could shine. $SNPS
What drove the miss?
Weakness in chip purchasers (Samsung, China)
Export controls biting harder
IP revenues are unit-driven → more exposed to cyclical swings $SNPS
Weakness in chip purchasers (Samsung, China)
Export controls biting harder
IP revenues are unit-driven → more exposed to cyclical swings $SNPS
September 10, 2025 at 11:26 AM
What drove the miss?
Weakness in chip purchasers (Samsung, China)
Export controls biting harder
IP revenues are unit-driven → more exposed to cyclical swings $SNPS
Weakness in chip purchasers (Samsung, China)
Export controls biting harder
IP revenues are unit-driven → more exposed to cyclical swings $SNPS
Q3 snapshot:
Design Automation +23% YoY, no miss ✅
Design IP –8% YoY, miss ❌
EDA steady, IP under pressure. $SNPS
Design Automation +23% YoY, no miss ✅
Design IP –8% YoY, miss ❌
EDA steady, IP under pressure. $SNPS
September 10, 2025 at 11:26 AM
Q3 snapshot:
Design Automation +23% YoY, no miss ✅
Design IP –8% YoY, miss ❌
EDA steady, IP under pressure. $SNPS
Design Automation +23% YoY, no miss ✅
Design IP –8% YoY, miss ❌
EDA steady, IP under pressure. $SNPS
2/ Synopsys = mix of EDA tools + IP business.
EDA → strongest moat, high recurring, stable.
IP → more cyclical, royalty/volume-driven. Big upside in robotics/AI, but also bigger near-term risks. $SNPS
EDA → strongest moat, high recurring, stable.
IP → more cyclical, royalty/volume-driven. Big upside in robotics/AI, but also bigger near-term risks. $SNPS
September 10, 2025 at 11:26 AM
2/ Synopsys = mix of EDA tools + IP business.
EDA → strongest moat, high recurring, stable.
IP → more cyclical, royalty/volume-driven. Big upside in robotics/AI, but also bigger near-term risks. $SNPS
EDA → strongest moat, high recurring, stable.
IP → more cyclical, royalty/volume-driven. Big upside in robotics/AI, but also bigger near-term risks. $SNPS
The AI compute wars are heating up.
Nebius just showed that even a $15B firm can land mega-deals bigger than itself.
What do you think — is this the dawn of GPU leasing giants?
⬇️ Share your take.
#AI #CloudComputing #GPU #NBIS #Microsoft
Nebius just showed that even a $15B firm can land mega-deals bigger than itself.
What do you think — is this the dawn of GPU leasing giants?
⬇️ Share your take.
#AI #CloudComputing #GPU #NBIS #Microsoft
September 9, 2025 at 11:28 AM
The AI compute wars are heating up.
Nebius just showed that even a $15B firm can land mega-deals bigger than itself.
What do you think — is this the dawn of GPU leasing giants?
⬇️ Share your take.
#AI #CloudComputing #GPU #NBIS #Microsoft
Nebius just showed that even a $15B firm can land mega-deals bigger than itself.
What do you think — is this the dawn of GPU leasing giants?
⬇️ Share your take.
#AI #CloudComputing #GPU #NBIS #Microsoft
Nebius guiding $1B ARR by 2026.
Could be the next CoreWeave-scale player, maybe bigger.
Question is: Does Nebius become indispensable to hyperscalers, or a takeover target?
Could be the next CoreWeave-scale player, maybe bigger.
Question is: Does Nebius become indispensable to hyperscalers, or a takeover target?
September 9, 2025 at 11:28 AM
Nebius guiding $1B ARR by 2026.
Could be the next CoreWeave-scale player, maybe bigger.
Question is: Does Nebius become indispensable to hyperscalers, or a takeover target?
Could be the next CoreWeave-scale player, maybe bigger.
Question is: Does Nebius become indispensable to hyperscalers, or a takeover target?
Hyperscalers are locking up compute like oil contracts.
Microsoft x CoreWeave
Amazon x Anthropic
Now Microsoft x Nebius
Expect more multi-billion GPU deals in 2026.
Microsoft x CoreWeave
Amazon x Anthropic
Now Microsoft x Nebius
Expect more multi-billion GPU deals in 2026.
September 9, 2025 at 11:28 AM
Hyperscalers are locking up compute like oil contracts.
Microsoft x CoreWeave
Amazon x Anthropic
Now Microsoft x Nebius
Expect more multi-billion GPU deals in 2026.
Microsoft x CoreWeave
Amazon x Anthropic
Now Microsoft x Nebius
Expect more multi-billion GPU deals in 2026.
Why did Microsoft lease instead of build?
🏗️ Building infra = years + billions.
📦 Leasing = instant capacity + flexibility.
It’s about smoothing GPU bottlenecks & accelerating AI services.
www.capacitymedia.com/article-mic...
🏗️ Building infra = years + billions.
📦 Leasing = instant capacity + flexibility.
It’s about smoothing GPU bottlenecks & accelerating AI services.
www.capacitymedia.com/article-mic...
September 9, 2025 at 11:28 AM
Why did Microsoft lease instead of build?
🏗️ Building infra = years + billions.
📦 Leasing = instant capacity + flexibility.
It’s about smoothing GPU bottlenecks & accelerating AI services.
www.capacitymedia.com/article-mic...
🏗️ Building infra = years + billions.
📦 Leasing = instant capacity + flexibility.
It’s about smoothing GPU bottlenecks & accelerating AI services.
www.capacitymedia.com/article-mic...
Who is Nebius?
🌐 A “neocloud” player spun out from Yandex’s international assets.
Backed by Mubadala & Nvidia, now riding the GPU wave.
www.bloomberg.com/news/articl...
🌐 A “neocloud” player spun out from Yandex’s international assets.
Backed by Mubadala & Nvidia, now riding the GPU wave.
www.bloomberg.com/news/articl...
September 9, 2025 at 11:28 AM
Who is Nebius?
🌐 A “neocloud” player spun out from Yandex’s international assets.
Backed by Mubadala & Nvidia, now riding the GPU wave.
www.bloomberg.com/news/articl...
🌐 A “neocloud” player spun out from Yandex’s international assets.
Backed by Mubadala & Nvidia, now riding the GPU wave.
www.bloomberg.com/news/articl...
What’s Microsoft buying?
⚡️ Nebius will deliver Nvidia-powered GPUs + AI cloud services from its new Vineland, NJ data center.
This feeds directly into Azure OpenAI & Copilot growth.
⚡️ Nebius will deliver Nvidia-powered GPUs + AI cloud services from its new Vineland, NJ data center.
This feeds directly into Azure OpenAI & Copilot growth.
September 9, 2025 at 11:28 AM
What’s Microsoft buying?
⚡️ Nebius will deliver Nvidia-powered GPUs + AI cloud services from its new Vineland, NJ data center.
This feeds directly into Azure OpenAI & Copilot growth.
⚡️ Nebius will deliver Nvidia-powered GPUs + AI cloud services from its new Vineland, NJ data center.
This feeds directly into Azure OpenAI & Copilot growth.
💡 To put it in context: the deal value is bigger than Nebius’s own market cap (~$15.3B).
NBIS stock 🚀 +47% pre-market on the news.
Peers like Cipher Mining & IREN jumped ~9% in sympathy.
NBIS stock 🚀 +47% pre-market on the news.
Peers like Cipher Mining & IREN jumped ~9% in sympathy.
September 9, 2025 at 11:28 AM
💡 To put it in context: the deal value is bigger than Nebius’s own market cap (~$15.3B).
NBIS stock 🚀 +47% pre-market on the news.
Peers like Cipher Mining & IREN jumped ~9% in sympathy.
NBIS stock 🚀 +47% pre-market on the news.
Peers like Cipher Mining & IREN jumped ~9% in sympathy.
Stock has been quite beaten down lately on Google Translate’s AI foray into language learning 📝🤖
Further analysis coming soon on the strength (and limits) of $DUOL’s moat — keep an eye on 2OT.co
🐋🌊Flows like these certainly make it interesting.
Further analysis coming soon on the strength (and limits) of $DUOL’s moat — keep an eye on 2OT.co
🐋🌊Flows like these certainly make it interesting.
2nd Order Thoughts | Surojit Chakraverti | Substack
Sharp takes on markets, valuation, and big ideas—served with wit and wild animal spirits 🐂🐻 | Free previews when you subscribe | Hit our About page for details and FAQs. Click to read 2nd Order Thoughts, by Surojit Chakraverti, a Substack publication. Launched a year ago.
www.2ot.co
September 8, 2025 at 1:42 PM
Stock has been quite beaten down lately on Google Translate’s AI foray into language learning 📝🤖
Further analysis coming soon on the strength (and limits) of $DUOL’s moat — keep an eye on 2OT.co
🐋🌊Flows like these certainly make it interesting.
Further analysis coming soon on the strength (and limits) of $DUOL’s moat — keep an eye on 2OT.co
🐋🌊Flows like these certainly make it interesting.
Patience in these spots often pays off. A solid base on the daily can fuel the next leg up on the weekly 🚀
👉 Check out more on my monthly charts pulse:
whop.com/2ot/monthly...
Not investment advice — all for education
👉 Check out more on my monthly charts pulse:
whop.com/2ot/monthly...
Not investment advice — all for education
Monthly Chart Pulse Pro
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whop.com
September 8, 2025 at 11:01 AM
Patience in these spots often pays off. A solid base on the daily can fuel the next leg up on the weekly 🚀
👉 Check out more on my monthly charts pulse:
whop.com/2ot/monthly...
Not investment advice — all for education
👉 Check out more on my monthly charts pulse:
whop.com/2ot/monthly...
Not investment advice — all for education