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Analysis

AMT 10-K Analysis: The Hidden Cross-Subsidy Funding American Tower's AI Pivot

American Tower reported 5.1% revenue growth in FY2025, but the 10-K reveals the US tower business — 49% of revenue — generated just $0.6M in incremental revenue. All growth came from Africa (+17.8%), data centers (+13.9%), and Europe. At 18.0x P/FFO, the market is pricing a growth transition story funded by an 8.4x capital intensity cross-subsidy from towers to data centers — while $12.2B in debt matures in 2027-2028 at higher rates.

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15 min

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Research

HBM Demand: What 135 SEC Filings Reveal About AI's Memory Chokepoint

High-bandwidth memory powers every AI accelerator from NVIDIA's H100 to AMD's MI300X—but the most revealing data about HBM supply geography doesn't appear in any chip maker's filing. It's in FormFactor's annual report, where a probe card geographic revenue table shows South Korea overtook the United States as the dominant buyer of HBM test equipment in 2025, adding $53 million while US revenues fell $32 million in a single year. This analysis cross-reads 135 operational SEC filings across four companies and three SIC codes—tracing HBM demand from process equipment through memory production, test infrastructure, and demand driver—to surface a supply chain concentration that no single 10-K can reveal.

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Research

Basel III Endgame: What 419 SEC Filings Reveal

Basel III endgame never became law, yet 419 substantive SEC filings prove it functioned as an operative market signal across three distinct industries simultaneously. Morgan Stanley's 10-K disclosed that its risk-weighted assets would rise 40% under the Expanded Approach—nearly three times State Street's 15%—while the G-SIB surcharge offset buried in that same filing contradicts the universal narrative that large trading banks faced unlimited capital pain. The real story emerges only from reading across the chain: bank capital constraints flow downstream through ICE's clearing infrastructure and into the Agency MBS market where mortgage REITs like Bimini Capital hold assets.

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Research

AI Infrastructure Capex: What 863 SEC Filings Reveal

AI infrastructure capex has crossed from strategic investment into arms race. Amazon's FY 2025 10-K records $128.3 billion in capital expenditures — up 65% in a single year. Alphabet spent $91.4 billion, up 74%. Meta committed $115-135 billion for 2026 before a dollar has been spent. Reading all five filings together reveals three structural patterns investors are still underestimating: the spending is accelerating, not plateauing; Microsoft's reported margins already show the cost compression that peers only discuss in the future tense; and NVIDIA's own 10-K names the same data centers and power grids that hyperscalers are racing to build as the binding constraint on its revenue growth — completing a self-reinforcing cycle that no single filing captures alone.

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Research

Cybersecurity Incidents: What 916 SEC 8-K Filings Reveal

On March 11, 2026, Stryker Corporation filed its first 8-K disclosing a cybersecurity incident that disrupted its global Microsoft environment — one of 916 material cybersecurity 8-K disclosures filed with the SEC in the past 12 months. But the initial 8-K is the least financially informative disclosure in the entire lifecycle. Cross-company analysis of four non-tech companies — a medical device maker, a donut chain, a mortgage lender, and a hospital system — reveals that the most financially specific SEC disclosures appear 12–24 months after the incident. Insurance recoveries of $21.5M to $35M, class action consolidations, and settlement disclosures mark the true cost — and they arrive long after the headlines fade.

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Lithium Battery Supply Chain: What 351 SEC Filings Reveal

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Data Center Power Demand: What 404 SEC Filings Reveal

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