The Tech Infrastructure Quarterly Bible 1Q25

We publish today our comprehensive quarterly bible: 237 pages of detailed analyses on what happened in the last 3 months, and how we interpret it, in light of our current convictions. The first section acts as a PM summary, outlining our key findings, and latest thoughts on the semi cycle, in 6 slides.

Introducing "Director's Cut" -- Full Report Included

Wedbush Morning Call - Jun 18 2025 7:07AM

Microsoft vs. OpenAI: Implications for investors?

Press reports about ongoing negotiations between Microsoft and OpenAI have intensified in recent weeks. How much does that matter for investors in Microsoft? In this note, we lay out our understanding of the current agreement, outline what is publicly reported about ongoing negotiations, and we provide our perspective on the situation.

SATS, Carr, and the Art of the No Deal…Yet

SATS just filed a new 8-K saying it will make the interest payments on Monday, avoiding a Chapter 11 filing. Our New Street colleagues have published a note today with their perspective. In this note we describe the filing and its implications.

Supreme Court Upholds USF Framework but Reform Still Ahead

Today, the Supreme Court issued its opinion in the case challenging the legality of Universal Service Fund (USF) framework. As we had predicted, the Court upheld the current framework. In this note we analyze the implications of the decision for the USF reform efforts ahead in the Congress and FCC.