tkalAI capital flows
Independent research · By Tony Yu

Earnings analysis for the AI capital cycle.

Read the print through margins, cash flow, capacity, and the companies around it. Full earnings analysis is for paid subscribers. The weekly newsletter with embedded YouTube recaps, Machine Room, and earnings scorecard stay free.

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Free newsletter · 2026-10-19

tkal · Issue №022 · October 19, 2026

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The Machine Room

The operator’s log of the research and trading systems: what ran, what failed, what changed, and what the results actually showed.

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The weekly newsletter

The weekly read and its embedded YouTube recap follow the week’s evidence across the AI capital cycle, with links to the research and the developments worth following.

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The earnings scorecard

Compare the latest reported quarter across memory companies: revenue, margins, cash flow, capex, inventory, and the operating mix.

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How the research is built

The source stays attached.

The analysis works from public filings, earnings calls, investor materials, and published reporting. Reported figures and the author’s inferences are kept distinct.

The public record

The calls keep their original tests.

The earnings scorecard compares companies. A separate call record tracks dated predictions, their stated falsifiers, and the outcomes.

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