Jim Liew

The $14 Billion Services Annuity Hiding Inside a Capex Story

May 19, 2026

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14 min read

The $14 Billion Services Annuity Hiding Inside a Capex Story

The consensus debate on Bloom Energy is binary — "AI bubble or not." Both sides are arguing about the wrong number. The $20B backlog is split $6B product / $14B service, and the services book is a contracted, ~90%-gross-margin, multi-decade annuity on every system Bloom has ever installed — closer in shape to a SaaS recurring-revenue base than a fuel-cell order book. Re-classify the asset and the 22x P/S stops looking insane. LONG BE. 12-month horizon. 1.5% of model book.

Jim Liew

The Cohen Premium: How to Trade GameStop's $56B eBay Bid

May 5, 2026

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8 min read

The Cohen Premium: How to Trade GameStop's $56B eBay Bid

The market is pricing roughly a 44% chance the deal closes. The dilution math says GameStop can't afford it at $24/share. Here is the cleanest way to express both insights at once.

Jim Liew

The Box that Replaced the Ice Cooler for Organs — $0 Short Report and +37% Top Line

Apr 27, 2026

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8 min read

The Box that Replaced the Ice Cooler for Organs — $0 Short Report and +37% Top Line

TransMedics (NASDAQ: TMDX) is just ~25% penetrated in US heart transplants, multi-organ kidney launch this year, and a defendant in an active securities class action. Why we're publishing pre-May-5 with the lawsuit in plain view.

Jim Liew

Apr 23, 2026

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7 min read

The Invisible Toll Road

Why Kinder Morgan (KMI) at $31.57 is the most mis-priced bet on the AI buildout — 10 Bcf/d of hidden demand, a $10B contracted backlog, and a catalyst calendar Wall Street is not modeling.

Jim Liew

Forced to Sell Monday. Forced to Report in 8 Days. The Atlassian Trade the Index Funds Just Handed Us.New post

Apr 22, 2026

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8 min read

Forced to Sell Monday. Forced to Report in 8 Days. The Atlassian Trade the Index Funds Just Handed Us.New post

TEAM was kicked out of the Nasdaq-100 on April 20 after a 75% drawdown. Earnings hit April 30. Rovo AI is at 5M MAU. Cloud is growing 26%. Op margins are 27%. This is Rule of 49, priced at Rule of 15. Issue #4 · TEAM · 78/100.

Jim Liew

FDA

The Only Drug in Town: TVTX Just Won FDA Monopoly on a Rare Kidney Disease

Apr 16, 2026

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5 min read

The Only Drug in Town: TVTX Just Won FDA Monopoly on a Rare Kidney Disease

FILSPARI is the first and only approved treatment for FSGS. Six analysts upgraded in 48 hours. The institutional re-rating wave is just starting. Issue #3 · TVTX · 76/100.

Jim Liew

options

The $35 Billion Carrot: Why Ryan Cohen Has to Swing

Apr 15, 2026

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9 min read

The $35 Billion Carrot: Why Ryan Cohen Has to Swing

GameStop (GME): $5.2B net cash, a CEO paid nothing unless he 10x's the stock, and a binary deal catalyst

Jim Liew

earnings

ZION Into the Q1 Print: A Tighter Trade, An Honest One

Apr 14, 2026

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8 min read

ZION Into the Q1 Print: A Tighter Trade, An Honest One

The discount closed faster than our thesis expected. Here's what we still see — and why we're publishing at 70/100 below our own gate. Issue #1 · ZION · April 20 earnings.

Jim Liew

Jim Liew

The $14 Billion Services Annuity Hiding Inside a Capex Story

The Cohen Premium: How to Trade GameStop's $56B eBay Bid

The Box that Replaced the Ice Cooler for Organs — $0 Short Report and +37% Top Line

The Invisible Toll Road

Forced to Sell Monday. Forced to Report in 8 Days. The Atlassian Trade the Index Funds Just Handed Us.New post

The Only Drug in Town: TVTX Just Won FDA Monopoly on a Rare Kidney Disease

The $35 Billion Carrot: Why Ryan Cohen Has to Swing

ZION Into the Q1 Print: A Tighter Trade, An Honest One

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