Critical
Mass.
Independent research on AI infrastructure, semiconductors, and the system constraints shaping the digital economy.
Analytics
Analytics
Filing-based business analytics on AI infrastructure economics—structured comparisons, issuer evidence profiles, and documented methodology.
Research Tools
A working collection of methods, tools, and analytical frames used across the project.
Toolkit
Project Components
Core Methods
A small set of analytical tools supporting long-form research.
How the
Work Is Built.
CM Terminal approaches markets through engineering logic, evidence trails, and falsifiable research rather than real-time signal chasing.
View Framework →Latest Writing
Why Frontier Model Progress Is No Longer Just an Algorithm Story (Part III): From Infrastructure Spillover to Market Sorting
Part III extends the series into market sorting: once the AI constraint stack is visible, markets begin to separate bottleneck control from thematic exposure.
Why Frontier Model Progress Is No Longer Just an Algorithm Story (Part II): From System Bottlenecks to Infrastructure Spillover
A series essay on how frontier model bottlenecks propagate outward into GPUs, HBM, advanced packaging, interconnect, optical links, and data center infrastructure.
Why Frontier Model Progress Is No Longer Just an Algorithm Story (Part I): From Transformer Scaling to System Bottlenecks
A framework essay on why frontier model progress is increasingly constrained by system-level scaling limits rather than algorithmic improvement alone. We trace the path from Transformer compute shape to memory, bandwidth, interconnect, and heavier inference budgets.