SONNY’S VIEW · INDUSTRY RESEARCH

Industry Research

Industries mapped from upstream inputs to downstream demand and funding. First the structure of the chain: what each layer does, how products and money flow, and where the bottlenecks are. Then the companies along it, and where the profits land.

HOW WE WORK

Map the chain before picking names

  1. 01Map the chain: upstream inputs, midstream capacity, downstream demand and funding, and the constraint that binds.
  2. 02Rank the players by how exposed they are to the shock that matters now, whether rates, energy or policy.
  3. 03Write the falsifiers down before naming winners, and publish them with the maps.

VALUE CHAINS · SNAPSHOT AS OF NOVEMBER 3, 2026 CLOSE

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What each layer does, how products and money flow, where the bottlenecks are.

Revenue growth, latest quarter vs. a year earlier ▲ 25% and up 10% to 25% 0% to 10% Below 0%

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NUMBERED NOTES

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The numbers flag widely discussed demand sources, bottlenecks and links. They explain the structure and are not investment advice.

PROFIT POOL · WHERE THE MONEY LANDS Bar length = operating profit (USD). Label = operating margin · revenue (TTM).
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Each segment adds up its peers: revenue summed, and operating profit = revenue × the revenue-weighted operating margin. {{c.poolNote}}

Live numbers, peer comparisons within each segment, growth against valuation, and full financials for every company are in the dashboard.

Open Industries in the dashboard

Data: Yahoo Finance, as of the November 3, 2026 close. Lists are hand-picked representative companies, not complete lists. Diversified companies are placed by their main role in the chain.

INDUSTRY NOTE · AI INFRASTRUCTURE · AUGUST 2026

AI infrastructure: who feels higher rates first

Eight maps of the value chain built around one argument: AI capex has moved from operating cash flow to debt, so interest rates now touch the whole chain, but not evenly. Before picking names, rank the payers by how exposed they are to the cost of the marginal dollar.

FALSIFIERS What would prove it wrong: a hyperscaler cutting capex guidance, or a frontier lab raising below its annual infrastructure commitment.
Read the eight maps 25 min · Technology, Macro

FIVE PAYER TIERS · MOST RATE-SENSITIVE FIRST

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INDUSTRY NOTE · ENERGY SCREEN · OCTOBER 2025

Integrated oil majors: four criteria, then the numbers

If the supply gap is the thesis, the question becomes which balance sheets survive the downcycle that comes first. The screen is deliberately boring.

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MetricExxonMobil (XOM)Chevron (CVX)Shell (SHEL)Integrated industry
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As of October 18, 2025, based on Q2 2025 company reports. Debt/equity shown as reported by each source: company figures in percent, industry benchmark as a ratio. Sources: Yahoo Finance, NYU Stern, Full Ratio. Case analysis illustrating the screen, not a recommendation.

SELL-SIDE INITIATIONS · TIANFENG SECURITIES RESEARCH INSTITUTE

Earlier industry coverage

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