Executive Summary: Can Industry Analysis Survive a Narrative Break? Broadcom’s Belief Experiment and the Reflexive Market In a market where capital moves faster and narratives grow stronger, traditional industry analysis faces a profound shift. This article uses Broadcom’s acquisition of VMware as a case study to explore how a hardware company reshapes itself into a platform story. It also examines how that story, when told in the familiar language of capital markets, begins to influence

Executive Summary In the rise of generative AI, Adobe was once considered one of the few companies positioned to lead the development of creative infrastructure. With native asset libraries, active participation in standard-setting, and an integrated platform approach, Adobe was seen as a system-level player. Yet between late 2024 and mid-2025, cracks began to form in the market’s perception. As tools like Firefly and GenStudio failed to gain meaningful traction, and as confidence in Adobe’s

Executive Summary This article explores the five key narrative shifts in Shopify’s history, revealing how a platform company uses storytelling to shape market perception, build trust, and influence valuation cycles. From its founding myth to pandemic-driven momentum, through narrative collapse and a renewed AI vision, Shopify’s storytelling power has mirrored broader shifts in how capital markets respond to platform businesses. The article argues that when a company’s narrative becomes overly tied to macro conditions and

Introduction Industry research is entering a quiet turning point. AI is no longer just a tool for organizing data or identifying trends. It is now being used to launch apps, build interactive platforms, and reshape how knowledge itself is delivered. What does this mean for the future of research and consulting? This note does not aim to forecast, but to sense the early shifts that already press against us, quietly altering the ground beneath our

Executive Summary: From NVIDIA to the Rack When we talk about artificial intelligence (AI), the spotlight usually stays on models, compute power, and chips. But the most critical phase, which is deployment, is often left out of the conversation. Getting from NVIDIA’s chips to a fully operational rack in a data center takes far more than engineering. It requires navigating manufacturing logistics, capital pressure, thermal limits, geopolitical shifts, and a changing platform landscape. This article

Executive Summary: Why AI Devices Are a Habit Revolution, Not Hardware Generative AI is spreading quickly, yet few people actually use it on a daily basis. The issue is not about what AI can do, but about the habits that have yet to form. OpenAI’s collaboration with designer Jony Ive on a screenless AI device is not just about launching new hardware. It is an attempt to reshape how we live with AI, transforming it

Executive Summary In an era where even industry research may be reshaped by AI, I found myself asking: If my way of thinking and working can be replicated, what’s still mine? This is a quiet reflection from someone doing knowledge work, about self-doubt, about trying to find a personal rhythm again, and about what it means to have a relationship with thought. I Don’t Dislike AI In fact, I kind of like it. It

Executive Summary OpenAI’s collaboration with Jony Ive is more than just a hardware announcement. It marks a fundamental rethinking of how humans interact with machines. The AI device they are developing, designed without a screen, challenges the long-standing role of displays as the central interface and compels the display industry to rethink its value proposition. This article explores the structural implications of this shift, including how display modules must be reimagined, how value chains may

Executive Summary: When Walmart Stops Just Selling Things In its Q1 FY2026 earnings call, Walmart revealed more than just growth in e-commerce and profits. It signaled a deeper transformation in the company’s role. This report unpacks four key dimensions of that shift: the emergence of a profitable e-commerce structure, a move from retail margins to platform fees, a strategic realignment of its supply chain under geopolitical pressure, and a redefinition of brand perception. Walmart is

Executive Summary: The Age of Semantic Recommendation — Are We Choosing, or Simply Being Understood? As generative AI and semantic recommendation technologies become increasingly mainstream, the way consumers search, choose, and place trust in products is quietly changing. What counts as visibility, and what we perceive as freedom of choice, are being redefined. The shift moves from keywords to semantic intent, from fixed prices to institutional constraints, from browsing pages to being guided by platform