MINGYANG FUNDIndependent investment research
MINGYANG AI OBSERVATORY

Follow the profit pool.

Company exposure, revenue transmission and the expectations that the operating evidence must support.

Snapshot · 13 Sep 2026Atlas source · 11 Sep 2026New synthesis · author review pendingCoverage & provenance ↗
Original holdings snapshot ↗Reverse expectations ↓

Company / project coverage

A directory match is a source-attributed owner / user association. Unconfirmed incremental revenue remains a research hypothesis. Securities are separate from company records; no private company is assigned a public ticker.

CompanyLayerWhat to verifyPublished research
MSFT · MicrosoftplatformsCloud growth, utilization, depreciation, cash P&E, operating cash flowOriginal thesis ↗
AMZN · AmazonplatformsCloud growth, utilization, depreciation, cash P&E, operating cash flowMonitor only
GOOGL · AlphabetplatformsCloud growth, utilization, depreciation, cash P&E, operating cash flowMonitor only
META · Meta PlatformsplatformsCloud growth, utilization, depreciation, cash P&E, operating cash flowMonitor only
NVDA · NVIDIAcomputeData-center revenue, memory pricing, gross margin, customer concentrationMonitor only
MU · Micron TechnologycomputeData-center revenue, memory pricing, gross margin, customer concentrationOriginal thesis ↗
AMAT · Applied MaterialsequipmentOrders, backlog conversion, WFE outlook, service mixOriginal thesis ↗
LRCX · Lam ResearchequipmentOrders, backlog conversion, WFE outlook, service mixOriginal thesis ↗
AAOI · Applied OptoelectronicsinfrastructureBacklog conversion, lead times, margins, cash collectionMonitor only
VRT · VertivinfrastructureBacklog conversion, lead times, margins, cash collectionOriginal thesis ↗
GEV · GE VernovainfrastructureBacklog conversion, lead times, margins, cash collectionOriginal thesis ↗
ETN · EatoninfrastructureBacklog conversion, lead times, margins, cash collectionOriginal thesis ↗
HUBB · HubbellinfrastructureBacklog conversion, lead times, margins, cash collectionOriginal thesis ↗
Reverse expectations / illustrative DCF

What growth does this value require?

Five-year unlevered FCF model, followed by a perpetual-growth terminal value. Enter enterprise value, not stock price or equity market cap. Defaults are generic assumptions.

FCFₜ = revenue₀ × (1+g)ᵗ × margin. EV equals discounted five-year FCF plus discounted terminal value. Solves g between −90% and +200%. Discount rate must exceed terminal growth. No issuer forecast or current market price is preloaded.

Price is another research question

Earnings benefit does not guarantee a higher stock price.

Operating change
Customer demand, capacity and realized pricing determine revenue.
Profit conversion
Costs, depreciation, financing and taxes determine earnings and cash.
Market hurdle
A price reaction depends on the change relative to expectations and the discount rate.
Current limitation
No licensed consensus, security pricing or estimate-revision panel is loaded. Use explicit assumptions in the DCF.
Record and replay a testable thesis →