Archive
Company deep dives
- Auger emerging
Dave Clark's post-Amazon act: an AI operating layer that sits on top of every supply chain system a company already owns and makes the boring decisions for them.
- Bloom Energy well positioned
Twenty-five years of unprofitable fuel-cell R&D collided with an AI power shortage — and Bloom went from science project to the fastest way to put a gigawatt on a greenfield site.
- EquipmentShare at risk
A construction equipment rental roll-up that sells itself as a software company — now trading at half its first-day price while a short seller picks apart who owns the fleet.
- Michaels at risk
Apollo's arts-and-crafts LBO traded at 34 cents on the dollar in May 2025 and refinanced near par in February 2026 — a specialty retailer that survived the retail apocalypse mostly by outliving the people it was competing with.
- Nirvana Insurance emerging
A telematics-native MGA underwriting commercial trucking off 30 billion miles of driving data — pricing forward off behavior while the incumbent market prices backward off loss runs.
- Applied Systems well positioned
The agency management system half of the P&C insurance software duopoly — PE-owned since 2004, on its fourth sponsor, and quietly the toll booth between 38,000 independent agencies and their carriers.
- Blue Yonder at risk
The 40-year-old supply chain planning incumbent Panasonic paid ~$8.5B for — $1.42B of revenue, 3,000 customers, a Gartner Leader badge in 18 straight WMS reports, and the ransomware attack that shut down Starbucks' payroll.
- C.H. Robinson well positioned
The 120-year-old produce broker that became America's largest freight middleman — and is now cutting a quarter of its people while gaining share, betting that AI agents make the broker stronger, not obsolete.
- Corgi emerging
An AI-native insurer for startups that quotes in 30 seconds and books premium like software revenue — with the risk sitting in an unrated, member-owned risk retention group it also controls.
- Bob's Discount Furniture at risk
A waterbed salesman's no-gimmick furniture chain became a $2B NYSE listing in February 2026 — and then comps fell to +1.2% and the stock slipped under its IPO price.
- Crusoe emerging
Started by burning stranded gas to mine bitcoin at the wellhead. Now builds the gigawatt campuses OpenAI, Oracle and Microsoft run on — and is reportedly being priced at $30B.
- Faire emerging
The wholesale marketplace that underwrote the independent retailer — net-60 terms, free returns, and a commission brands increasingly call a tax.
- Higharc emerging
The homebuilding cloud that treats a house as a database, not a drawing — and is now trying to push that database into the lumber yard.
- Base Power emerging
A three-year-old Texas company that raised $1.3B to become an electric utility built out of home batteries — and is now reportedly being priced at $12B.
- BuildOps emerging
The operating system for commercial HVAC, electrical and plumbing contractors — a unicorn built in the unglamorous middle of the trades, in ServiceTitan's blind spot.
- Copeland at risk
The century-old compressor giant Blackstone carved out of Emerson at a $14B valuation — now levered ~6x, filed for an IPO, and cutting shifts into an air-conditioning slump.
- HappyRobot emerging
AI voice and workflow agents that answer the phone for freight — 70+ enterprise customers, ~10x revenue growth between rounds, and an unresolved moat question.
- Kin Insurance emerging
The direct-to-consumer home insurer that runs toward the catastrophe markets everyone else is fleeing — and books fees, not risk.
- Whatnot emerging
The live-shopping marketplace that turned collectibles auctions into an $8B GMV machine — and America's best evidence that live commerce works outside China.