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The Degenerates Journal · Research Desk

Research,
checked twice.

The long answers, worked out in full — every figure traced to a filing, a flow report, or a named source before it is allowed on the page.

From the research desk

This desk takes one question at a time and does not stop at the headline. We read the filings, the fund-flow data and the primary releases ourselves, show our sources on every piece, and say plainly when a popular story is not supported by the numbers — including our own first drafts. No hype, no targets, nothing to sell you here: the research is free to read, in full.

Company deep dive5 min read

Broadcom × Anthropic: the loop

Broadcom sells Anthropic the racks, guarantees the loans that buy them, may lend it the money to pay the rent on them, and is buying $1.0B of its IPO stock. Seller, lessor, guarantor, lender, shareholder — the financing is the story, traced through Anthropic's S-1/A and Broadcom's filings.

~$72Bof Broadcom backstop cover standing behind the lenders — against $900.9B of commitments Anthropic has signed across its suppliers Read the deep dive
Company deep dive18 min read

Opendoor: the cost of rebuilding

A $218M loss, a 22% Friday drop, and a company trying to stop flipping houses and start running a platform. Inside the loss, the cash math done properly, the 1P-to-3P shift — and the five tests that decide whether the rebuild is real.

Read Company deep dive18 min read

Intel Foundry: who signs first?

Every possible deal, labelled from the filings, the reporting and the rumors — signed, in talks, rumored only, or denied. The believable path is not the glamorous wafer headlines; it is advanced packaging, where Amazon and Cisco already pay.

Read Technology32 min read

Nvidia vs Broadcom: the title fight for AI silicon

Not close on scale — 3.25× on total revenue, 5.33× on the AI lines. Dead level on margins, with Broadcom ahead on cash conversion and growing nearly twice as fast. The pairing in numbers, the customers they actually fight over, and what would have to change.

Read Valuation21 min read

Is this 2000 again? The dot-com P/E, next to today's

On forward earnings, today costs a third to two-thirds of March 2000. On the gauge that strips out today's margins, it is nearly back at the bubble peak. Both readings are true — here is the evidence for each.

Read Company deep dive22 min read

Intel: why the profit is so thin

Intel earned about $1.40 of profit per $100 invested over the last twelve months. The chips make money — the factories eat it. A full accounting, from the filings.

Read Fact-check17 min read

Did funds sell gold to buy the tech dip?

It was the story of crash week: money out of gold, into the tech dip. We checked the flow data day by day. Verdict: not supported — and the real flows ran the other way.

Read Technology35 min read

Google's TPUs step out of the building

For a decade you could only rent Google's AI chips inside Google's cloud. In 2026 they started shipping to other companies' data centres. What is confirmed, what is only reported — kept separate.

Read

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