All Memos

Lattice Forge is an AI-native CI/CD platform for engineering teams of 50–500 engineers. The wedge: failed builds and flaky tests are routed to a specialized fine-tuned model that proposes root-cause patches in <60 seconds. Currently $3.2M ARR up from $400K twelve months ago (~8x YoY), 92% gross retention, 138% net retention. Founders ex-CircleCI and ex-GitHub Actions. Series A led by a tier-1 infra fund at $40M post.

Modular Care is an API-first platform connecting independent primary-care clinics with specialist networks. The wedge is utilization analytics for Medicaid managed-care contracts — a segment where incumbents struggle with low-margin operational reporting. ARR is ~$180K with three regional MCO contracts and 12 clinic-network LOIs. Stage-appropriate team (ex-Oscar, ex-Aledade) with deep domain. $50K check at $8M post-money.

Parag Parikh Flexi Cap should compound at 13–16% INR over the next 3–5 years with materially lower max drawdown than the Nifty 500 TRI, driven by three structural edges that domestic-only flexi-caps can't replicate. First, the Indian core (HDFC Bank, Bajaj Holdings, Power Grid, Coal India, ITC — ~34% of the portfolio) is value-tilted on FCF yield and skews to cash-generative incumbents, which historically holds up in rate-cut and earnings-deceleration regimes. Second, the ~15% global sleeve in mega-cap US compounders (MSFT, GOOGL, META, AMZN) gives unitholders rupee-denominated participation in the AI capex / advertising / cloud cycle that Indian indices structurally lack. Third, the team — Rajeev Thakkar, Raunak Onkar, Raj Mehta — has been in the seat for a decade with high skin-in-the-game, and the fund's willingness to carry cash means the dry powder is real, not rhetorical, at corrections.

SanDisk has transformed from a cyclical NAND vendor into the cleanest pure-play on AI infrastructure storage, and the fiscal Q3 print released April 30 makes the thesis tangible. Revenue of $5.95B grew 251% year over year, gross margin expanded to roughly 78%, net income swung to $3.6B, and EPS of $23.41 beat the $14.66 consensus by nearly 60%. Datacenter revenue grew 233%, the company is sitting on around $42B of long-term customer commitments, and management authorized a $6B buyback. Industry reports indicate 2026 NAND supply is effectively sold out and that contract prices are stepping up 70 to 75% quarter over quarter, which gives SanDisk pricing power it has not had in any previous cycle. Post-spinoff from Western Digital, the balance sheet is healthy with about $1.48B in cash against $2.0B in long-term debt, and Nasdaq-100 inclusion has structurally widened the buyer base. The setup looks more durable than a normal memory cycle because the demand driver is hyperscaler training and inference storage rather than consumer SSDs, and every incremental GPU cluster needs orders of magnitude more high-density flash. SanDisk's BiCS8 roadmap and Kioxia joint venture give it manufacturing scale that smaller players cannot replicate near term. Sell-side has caught up but is not capitulated: Goldman raised its target to $1,200, Bernstein's bull case sits at $1,700, and Forbes/Trefis has framed it as the best AI play of 2026 on the data-exhaust thesis. The risks are real, with the stock up roughly 470% year to date, genuine pull-forward risk in customer pre-pays, and a history of NAND overshooting in both directions. But with the company printing $23 quarterly EPS, multi-year contracts providing visibility, and a $6B buyback putting a floor under the float, the risk-reward at current levels still skews to the upside for investors willing to hold through volatility.

ASML is going to the moon because it is structurally significant to chip manufacturing and has no competitors

This should compound 18% over 3 years on premium-mix shift, and rural recovery.