▌ NotebookLM-grade · 1200 × 630 · ships to Substack OG
The 5 names that hold the book, drawn.
Anchor positions get hero treatment. Dark ink, gold linework, schematic illustration, financial discipline receipt. The aesthetic is locked: this is what Quinn's posts open with on Substack, this is what /research/:ticker leads with, this is what the OG image renders for every share. MU, NBIS, VST land as PNGs (NotebookLM Studio output). AVGO and ALMU are HTML, parametric and version-controlled.
MU · The Physical Bottleneck of AI Training
Layer · Memory Lifetime +124% Trim +200%
The HBM bottleneck. Micron is one of three suppliers of high-bandwidth memory that feeds every Hopper, Blackwell, and Rubin generation. The book is sold out through 2027. Samsung guided shortages extending into 2027 in its last earnings. SK Hynix booked entire 2026 supply to NVIDIA. The chart is doing what a sold-out book does.
NBIS · The Physical Unit of the AI Capex Cycle
Layer · Datacenter Lifetime +107% Trim +200%
The Cisco moment, in datacenters. Nebius reports Q1 revenue at $399 million, up 684 percent year over year. AI segment alone did $390 million at 45 percent adjusted EBITDA margin. $46 billion contracted backlog stacked between Microsoft and Meta. 2026 capex guide raised to $20 to $25 billion. A 1.2 GW Pennsylvania site secured. This is not a story. This is a backlog.
VST · The Behind-the-Meter Structural Moat
Layer · Power Lifetime −5% Trim +200%
The wholesale grid bypassed. Vistra owns 6,448 MW of nuclear baseload across six units. Microsoft signed a 20-year power purchase agreement. Meta did the same. Behind-the-meter is a structural asset arrangement, not a contract. The drawdown is the cost of being early on a generational thesis. The receipts hold. Holding through the regulatory pendulum.
AVGO · The Custom Silicon Backstop
Layer · Chips Lifetime +24% Trim +200%
The part hyperscalers cannot buy from NVIDIA at any price. $73 billion disclosed custom AI silicon backlog. Google TPU, Meta MTIA, OpenAI engaged. Tomahawk and Jericho switch fabric carries every training run across the cluster. This is the dual-layer trade: custom silicon plus networking. Backlog is contracted, not modeled.
ALMU · The Photonic Floor
Layer · Photonics Lifetime +61% Trim +100% (lower bar)
The pivot trade. ALMU ships indium phosphide photonic ICs into a market that becomes load-bearing the moment inference workloads displace training workloads. NASA plus six government R&D programs sets the downside floor. Commercial laser revenue lands FY27. Lower trim trigger at +100 percent reflects the smaller-cap nature, locked under architecture rules from May 5.