Research
Interpretation and argument
Framework essays connect technical constraints, market narratives, and business structure without treating attention as proof.
Open Research →About / Independent research
A research system for the space between narrative and evidence.
Research perspective
I study how technology narratives interact with physical and financial constraints, and where the two diverge.
My work combines filing-based business analysis with systems-level reasoning about infrastructure economics. CM Terminal is where I publish the framework and the evidence.
Why CM Terminal exists
Technology stories become economically meaningful before they become clean financial categories.
A broad technology narrative can hide very different business realities. The same demand may create platform leverage for one company, heavy reinvestment for another, and cycle exposure or execution risk elsewhere in the system.
CM Terminal starts with the story, identifies where the real world begins to feel pressure, tests whether that pressure is becoming measurable demand, and maps how value, cost, bottlenecks, and risk are distributed.
Read the full method →Data
Structured public evidence
Filing-based comparisons make the analytical claims inspectable, including source trails, metric definitions, and known limits.
Open Data →Archive
A public research record
The archive keeps analytical notes and framework work discoverable as the research evolves over time.
Open Archive →Independence and limits
Independent, public, and evidence-bound.
CM Terminal is independently maintained by Aaron Qin. It is not affiliated with, funded by, or representative of the companies and institutions discussed unless explicitly stated otherwise.
The work is descriptive and non-advisory. Public filings and other traceable sources can support comparisons, but they do not eliminate attribution limits, reporting differences, uncertainty, or the need for interpretation.