Reletter
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美股老司機

Terry Cheng

Growth stocks and life learning

Platform
Substack
PricingOnly free issuesPublishesTwice weekly
Issues258Founded5 years agoLast Issue21 days ago
Active
Language
Korean

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Artwork for 美股老司機

Latest Issues

CRDO (增加信念)

Credo 的主動電纜 能在此波超大規模雲端業者擴建潮中暴發,核心邏輯在於解決了傳統無源銅纜與光收發模組在短距連接上的雙重痛點。

當單通道速率邁向 100G / 200G(整體 800G / 1.6T)時,傳統 DAC 銅纜因高頻訊號衰減極快,有效傳輸距離被壓縮至 1~2 公尺以內。 若要維持距離,線芯必須加厚,導致纜線粗硬如鐵棍,嚴重阻擋伺服器機櫃後方的風道散熱。

CRDO 在纜線兩端接頭內嵌入高整合度的晶片進行訊號重定時與放大。這讓 主動電纜 能使用更細的銅芯,線徑減...

21 days ago
40
3

FLNC (增加信念)

Fluence Energy 確實成功搭上了 AI 資料中心電力瓶頸與動態負載的雙重紅利。

為什麼 GPU 負載高峰需要 BESS(電池儲能)?

AI 伺服器 在進行 Parallel Training 或大模型推理時,電力需求會在毫秒至秒級內產生巨幅波動。傳統電網或發電機組無法如此快速調節響應,容易造成電壓驟降或頻率偏移可能觸發 IT 設備保護性斷電。

電力公司擔心資料中心尖峰負載衝擊區域電網,導致併網許可審查動輒拖延數年。

Fluence 的儲能系統 配合其 Fl...

21 days ago
47
2

財報: BYRN

這是一份在基本面與市場預期上皆表現極度惡化的財報。不論是獲利還是營收,皆出現了結構性的雙重問題,顯示公司正經歷嚴重的成長失速與通路亂流。

GAAP EPS: - 0.44 美元, 低於市場預期 0.33 美元,預期原本應為 -0.11 美元左右,實際虧損大幅擴大。

營收: 1,639 萬美元, 低於市場預期 583 萬美元, 市場原本預期營收約為 2,222 萬美元。

管理層將營收大幅年減 43% 歸因於底下核心因素,這揭示了當前業務模式的脆弱性:

- 通路去庫存...

a month ago
43
4

IOT (增加信念)

Samsara 是美股中將 Physical AI 軟體化變現最成功的教科書級範本。

傳統大語言模型活在虛擬數字世界中,而 Samsara 則是將 AI 觸角延伸到卡車車隊,起重機,建築工地和倉庫等實體世界。它透過高度整合的硬體感知 + 雲端 AI 軟體 ,將原本極度傳統,依賴人力的實體營運轉化為高利潤,高壁壘的訂閱制商業模式。

Samsara 的核心不是單純賣 GPS 定位器,而是建立一個 感官(硬體) \ 大腦(AI 雲端) \ 行動(自動化工作流)的物理智慧體生態系...

2 months ago
63
1

BROS (增加信念)

目前正處於極其激進的擴張週期。

根據公司在 2025 年投資大會以及 2026 年最新財報所披露的戰略,其未來四年的核心開店計劃與長期藍圖如下:

2029 年達標 2,029 家店面

Dutch Bros 計畫在 2029 年前將全美總店數推升至 2,029 家。相較於 2026 年初約 1,136 家的規模,這意味著公司將在未來 3 到 4 年內將店面總數直接翻倍,淨增接近 1,000 家新店。

公司已將 2026 全年的開店目標上調至至少 181 到 185 家新...

2 months ago
44
1

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  • Terry Cheng

    “生活之所以美麗,並不是因為我們看到或做的事情。生活是美好的,因為我們遇到的人。”

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