Analytics24
1 October

Thesis Maps

1 October · London & New York

The maps.

Appetite drugs are shrinking the calorie pool

Smucker printed Hostess Sweet Baked Snacks down 10 percent in fiscal 2026 first quarter. Circana still prints US snacks at 231 billion dollars, growing 3.2 percent in dollars.

A grocery freezer aisle of ready meals in daylight.
Ready meals hold the freezer case. The aisle is empty.
  1. A smeared office whiteboard with boxes and arrows, a navy jacket on a chair, a mug and a plant by a city window.A smeared flowchart sits on the board. A jacket hangs on the near chair.Cheap tokens are not cheap power, and the bill is still a watt in the hall.Microsoft, Amazon, Alphabet, and Meta spent 165 billion on plant in one quarter. Token list prices can fall inside that mark. They do not unprint it.Opened 22 August
  2. Gold plates and coaxial lines on a dilution refrigerator beside server racks.Gold plates sit on the refrigerator. Coaxial lines run to the racks.IonQ printed 80.05 million of revenue, 485 million of remaining performance obligations, and a 280 to 290 million guideRigetti printed 5.14 million dollars. D-Wave printed 3.08 million. A qubit roadmap does not classify those invoices.Opened 22 August
  3. A substation and a long hall at first daylight, frost on the grass.Frost sits on the grass. The hall stands beside the substation.GE Vernova turbine slots are booked years past the next Nvidia cycleYou can buy a GPU this quarter. A turbine slot and an interconnect letter take years.Opened 22 August
  4. Four harbor cranes beyond a windowsill, clipboard and binoculars in the light.Four cranes sit across the water. A clipboard and binoculars rest on the sill.The dollar index printed 99.16 and the ex-US discount stayed openThe 4 September page left the dollar at 99.16. Friday 18 September the Nikkei closed 65,018.9 and Euro Stoxx closed 6,236.2, down 1.37 percent. Four regions are still not one basket.Opened 22 August
  5. Steel mesh cages and padlocks along a concrete vault aisle under fluorescent tubes.A padlock hangs on the near cage. The aisle runs to a steel door.A 14.81 close on 28 percent advancing is quiet, not a close above 18.Friday 18 September the S&P 500 rose 0.17 percent to 7,650.5 on 28 percent advancing, so the 14.81 close is quiet rather than a close above 18.Opened 22 August
  6. A satellite bus and a solar wing on a bright cleanroom floor.The solar wing is unfolded on stands. The bus sits on its jig.Two 8-kilowatt rideshares are not an 88,000-satellite file.The week of 14 to 21 August, Starcloud took 250 million dollars at 2.3 billion. Reuters named Nvidia and Cisco. SpaceNews said Falcon 9 rideshares are gone past late 2028 or early 2029.Opened 22 August
  7. A rural cell tower on a green hill in late daylight.A mast stands on the hill, a fence in the foreground.AST SpaceMobile sells a phone array while Starlink sells textAST SpaceMobile printed 13 satellites on 5 August. The 10 August EX-99.1 named a 1.30 billion dollar backlog and a 150 to 200 million dollar fiscal 2026 guide. Amazon Leo is about 391 satellites under a 5 June penalty. Rocket Lab bid 8 billion dollars for Iridium on 29 June.Opened 22 August
  8. A stack of printed filings on a metal desk beside a highlighter.The highlighter is capped.The Commission licences the radio, not the night sky.SpaceX filed a million-satellite compute system. Blue Origin Project Sunrise is 51,600 and Starcloud filed 88,000. The American Astronomical Society petition to deny that file treats the pile as a commons.Opened 22 August
  9. A press line down an empty hall, a thermos on the near bench.A press line runs down an empty hall. A thermos stands on the near bench.xAI already runs a Memphis hall on temporary turbines.The 69 temporary turbines are still on Stanton Road. The 30 July MDEQ order still says they come off by July 2027. On 21 August the Northern District of Mississippi postponed the 24 August NAACP injunction hearing.Opened 22 August
  10. A rusted green transformer behind a chain-link fence.Rust sits on a green transformer. Chain-link stands behind it.A GPU rack makes heat that still needs a 2.3 megawatt cabinet, a transformer, and grain-oriented electrical steel.Hitachi Energy broke ground in South Boston, Virginia, on 29 June 2026 for 457 million dollars, completion still 2029. Vertiv put a 2.3 megawatt CoolChip CDU 2300 into EMEA on 26 May 2026. Cleveland-Cliffs is the only US producer of grain-oriented electrical steel at Butler Works, with about 25 percent more GOES in 2028.Opened 22 August
  11. Bound ledgers stacked in an open steel mesh file cage, hanging folders on the door, an aisle of cages and a folding chair under fluorescent tubes.Bound ledgers sit in the open cage. A hanging file waits on the mesh door.Listed duration paid the 5.00 percent coupon, and the life book is the other side.Friday 18 September the 10-year closed 5.00 percent, up 5 basis points, so if that coupon holds the life book is a reinvestment bid and listed Real Estate and Utilities are the other side.Opened 12 September
  12. A small drone on a crate in morning light.The grey drone sits on a weathered crate, dry grass behind it.Lockheed reprints PAC-3 in CamdenA 20,000 dollar airframe still spends a 2 million dollar Patriot round. Lockheed Martin builds PAC-3 in Camden, Arkansas.Opened 26 August