What We Cover

The layers where technology becomes revenue

Most breakthroughs never reach an income statement. We follow the ones that do.

01 / COMPUTE

Silicon, networks, and power

Processors, memory, advanced packaging, optical interconnect, and the electricity, cooling, and grid connections behind them — who holds fabrication capacity, who holds the tooling, which supply agreements are signed, and what a data centre build actually buys and from whom.

02 / MACHINES

Robotics, autonomy, and space

Industrial and mobile robots, autonomous vehicles, drones, satellites, and launch — unit cost against the labour or logistics cost being displaced, the certification gate in front of deployment, and whether a fleet pilot ever becomes a repeat order.

03 / BIO & MATERIALS

Engineered biology, energy, and materials

Gene editing, synthetic biology, diagnostics, batteries, advanced materials, and new reactor designs — qualification cycles measured in years, capital intensity, offtake agreements, and the long gap between a pilot line and volume production.

How a technology earns a write-up

  1. Read the primary source. The filing, the patent, the standards document, the technical paper, the permit, or the capital plan — not the coverage of it.
  2. Identify who is paid. Which listed company invoices for this, in which segment, and under what kind of contract: one-off hardware, recurring service, or licence.
  3. Size it. How large is the opportunity against the revenue and capital already in place? Most frontier technology is immaterial to the companies attached to it, and saying so is useful.
  4. Ask what is priced. If the adoption story has been traded for years, the interesting question is what the multiple already assumes, not what the technology can do.

What each issue contains

What we do not cover

We do not cover private rounds, pre-revenue concepts with no listed supplier, or roadmaps that exist only as slides. If the only way to own the idea is to believe a projection about 2035, there is nothing here for us to measure.

We also do not write up demonstrations for their own sake, however striking they are. If we cannot draw the line from the technology to an order, a price, or a cash flow at a public company, it is not our beat.

Nothing here is a recommendation. Technology analysis is uncertain, adoption timelines are estimates rather than measurements, and markets can price a story for years before or after the revenue arrives. See our disclaimer.