Arm
How much is an essential idea worth?
What would have to happen for Arm’s designs and licensing model to justify your investment thesis? Where might the opportunity—or the competition—be underestimated?
To debate: reach, royalties, alternatives.
THE FIRST DINNER · AN INVITATION
No. 001
Chips
& Dips.
A seat at the table.
A stake in the argument.
Arm. Nvidia. TSMC. An evening on the businesses behind the AI promise—and the price we’re willing to pay for it.
Join the conversationBy invitation and application · Date & venue to be announced
ON THE TABLE
Everyone wants
a piece of AI.
At what price?
An extraordinary technology doesn’t automatically make an extraordinary investment.
For our first dinner, we’re taking the semiconductor story apart: the designs, the computing power, the manufacturing—and the expectations attached to each.
Where does the value settle? Whose advantage lasts? And when a share price dips, are you being offered an opportunity or a warning?
Come with a thesis. Come with doubts. Come prepared to change your mind.
THREE COMPANIES. THREE WAYS INTO THE QUESTION.
THE DISCUSSION MENUNvidia
A great business.
But at any price?
How durable is the advantage in AI computing? What changes if customers design more of their own chips, spending slows, or the economics of AI shift?
To debate: the moat, margins, expectations.
TSMC
Who makes the future—and who gets paid?
Does manufacturing the chips offer the most compelling way into the story? How should capital intensity, customer demand and geopolitical exposure shape the price you’d pay?
To debate: scarcity, investment, risk.
THE QUESTION TO BRING WITH YOU
If you could buy one,
short one, or leave them all alone—
what would you do, and why?
No forced consensus. No need for a polished pitch.
Just a view you’re willing to put on the table.
Our first dinner · Date & venue to be announced