Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<div><ul><li>The model tests the economics of the AI buildout. It maps spending from power and capex through clouds to end-market revenue, anchored on FactSet consensus for hyperscaler capex and cloud revenue while our assumptions for AI allocation, utilization, pricing and demand, and modeled intercompany transfers are eliminated.</li><li>Over time, we expect to use this model as a framework for evaluating new data points on capex, AI services revenue, and token pricing/consumption.</li><li>The buildout stays cash flow negative through 2030. AI capex rises from $824B in 2026 to $1.76T in 2030 ($6.7T cumulative) versus revenue of $306B and $1.56T. Cloud FCF is negative $530B and $588B, including assumed internal use benefits; infrastructure vendors generate $258B and $628B.</li></ul></div>

The model tests the economics of the AI buildout. It maps spending from power and capex through clouds to end-market revenue, anchored on FactSet consensus for hyperscaler capex and cloud revenue while our assumptions for AI allocation, utilization, pricing and demand, and modeled intercompany transfers are eliminated.Over time, we expect to use this model as a framework for evaluating new data points on capex, AI services revenue, and token pricing/consumption.The buildout stays cash flow negative through 2030. AI capex rises from $824B in 2026 to $1.76T in 2030 ($6.7T cumulative) versus revenue of $306B and $1.56T. Cloud FCF is negative $530B and $588B, including assumed internal use benefits; infrastructure vendors generate $258B and $628B.

AI Flow Industry Model : Tracking the Capex Flood and Revenue Streams

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<ul>
<li>OpenAI's private funding and burn disclosures reset IPO timing, while Anthropic added Nasdaq, profitability and revenue markers ahead of listing.</li>
<li>China labs shipped faster domestic-chip inference, cheaper multimodal pricing, coding-agent tools and Kimi distribution on AWS Bedrock.</li>
<li>AI infrastructure financing stayed active across data centers, power equipment, custom chips, memory and startup funding.</li>
</ul>


OpenAI's private funding and burn disclosures reset IPO timing, while Anthropic added Nasdaq, profitability and revenue markers ahead of listing.
China labs shipped faster domestic-chip inference, cheaper multimodal pricing, coding-agent tools and Kimi distribution on AWS Bedrock.
AI infrastructure financing stayed active across data centers, power equipment, custom chips, memory and startup funding.


This Week in AI (Sep 13-19): OpenAI Delays IPO Hopes; AI Slowdown Debate Hits Markets

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Alphabet has suddenly become one of the most talked-about names in the market after announcing plans for an $80 billion equity raise to fund its massive artificial intelligence infrastructure buildout.</li><li>The move is striking because Alphabet spent years acting like a classic cash-rich Big Tech giant, buying back $62 billion of stock in 2024 and $46 billion in 2025, only to pause repurchases in Q1 2026 and pivot toward issuing stock.</li><li>The offering includes public common equity, mandatory convertible preferred stock, a private placement to Berkshire Hathaway, and a $40 billion at-the-market program.</li></ul>

Alphabet has suddenly become one of the most talked-about names in the market after announcing plans for an $80 billion equity raise to fund its massive artificial intelligence infrastructure buildout.The move is striking because Alphabet spent years acting like a classic cash-rich Big Tech giant, buying back $62 billion of stock in 2024 and $46 billion in 2025, only to pause repurchases in Q1 2026 and pivot toward issuing stock.The offering includes public common equity, mandatory convertible preferred stock, a private placement to Berkshire Hathaway, and a $40 billion at-the-market program.

Alphabet Just Flipped The Script: From Buybacks To An $80 Billion Stock Sale!

<ul><li>Alphabet Inc. may be preparing for one of the most unusual infrastructure shifts in modern technology: putting data centers in orbit.</li><li>According to recent reports, Google is in talks with SpaceX for a potential rocket-launch agreement as it explores orbital data centers through its Project Suncatcher initiative, with prototype satellites expected by 2027.</li><li>At first glance, the idea sounds like science fiction.</li></ul>

Alphabet Inc. may be preparing for one of the most unusual infrastructure shifts in modern technology: putting data centers in orbit.According to recent reports, Google is in talks with SpaceX for a potential rocket-launch agreement as it explores orbital data centers through its Project Suncatcher initiative, with prototype satellites expected by 2027.At first glance, the idea sounds like science fiction.

Alphabet’s $190 Billion AI Problem Could Send Data Centers Into Orbit!

Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

<ul><li>In this edition: • InPost | Google launches Universal Cart, an agentic AI shopping tool • bnode | targets to double its APM locations at Q8 fuel stations by YE26</li></ul>

In this edition: • InPost | Google launches Universal Cart, an agentic AI shopping tool • bnode | targets to double its APM locations at Q8 fuel stations by YE26

Alphabet Inc - What's News in Amsterdam - 20 May (InPost | bnode)

United States

Alphabet Inc. operates as a holding company. The Company, through its subsidiaries, provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products.

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Alphabet (GOOGL US)

AI Flow Industry Model : Tracking the Capex Flood and Revenue Streams

Over time, we expect to use this model as a framework for evaluating new data points on capex, AI services revenue, and token pricing/consumption.

Water Tower Research

This Week in AI (Sep 13-19): OpenAI Delays IPO Hopes; AI Slowdown Debate Hits Markets

This week in AI: OpenAI pushed IPO expectations beyond 2026, the AI slowdown debate reached markets and policy, and Chinese labs kept shipping models.

Ke Yan, CFA, FRM

Alphabet Just Flipped The Script: From Buybacks To An $80 Billion Stock Sale!

Alphabet has suddenly become one of the most talked-about names in the market after announcing plans for an $80 billion equity raise to fund its...

Baptista Research

Alphabet’s $190 Billion AI Problem Could Send Data Centers Into Orbit!

Alphabet Inc. may be preparing for one of the most unusual infrastructure shifts in modern technology: putting data centers in orbit. According to...

Baptista Research

Alphabet Inc - What's News in Amsterdam - 20 May (InPost | bnode)

In this edition: • InPost | Google launches Universal Cart, an agentic AI shopping tool • bnode | targets to double its APM locations at Q8 fuel...

The IDEA!

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