The notes on this site are our public commentary. Behind them sits the working research: initiations, earnings updates, and framework revisions across a coverage universe of eighteen names in AI infrastructure, semiconductors, hyperscale cloud, nuclear energy, and space. Membership is that stream, in your inbox, as it publishes.
Founding member rate. Join the founding list now with your email: no payment is collected today, your rate is locked at $99.95 per year, and the first member mailing goes out in mid-September 2026; payment instructions follow when member delivery begins. The founding rate closes September 29, 2026.
One or two emails a week when we publish. Unsubscribe anytime. Annual billing once payments begin: cancel within 30 days of your first payment for a full refund, no questions asked; cancel later and your access runs through the end of the paid year.
Before you decide: the book, benchmarked · 29 conditions, published in advance · our February call, graded · how we compare
What members receive
- Coverage notes.Initiations, earnings updates, and framework revisions across the universe: NVIDIA, Broadcom, Microsoft, Alphabet, Amazon, Intel, Micron, Qualcomm, ON Semiconductor, Cloudflare, Salesforce, ServiceTitan, Oklo, Nebius, IREN, Rocket Lab, Corsair, and private-market primers such as newcleo.
- Thematic frameworks.The named frameworks we maintain and re-underwrite: the Three Waves of AI, the Token Tollbooth hyperscaler thesis, Energy + Nuclear + AI, and the constraint-migration work that ties them together.
- Quarterly investment outlooks.Our full quarterly outlook with probability-weighted scenarios and the KPI dashboards we track between quarters.
- Break conditions, in advance.Every framework ships with the evidence that would prove it wrong, published before the fact, tracked every quarter. Frameworks that cannot be falsified are marketing, not research.
Anatomy of a member note
Common questions
What exactly do members receive, and how often?
One or two emails a week when we publish: coverage notes (initiations, earnings updates, framework revisions) across the eighteen-name universe, thematic frameworks, and the full quarterly outlook. Full member notes include ratings, targets, and complete valuation frameworks, confirmed through our review process before they go to members.
When does member delivery begin?
The first member mailing goes out in mid-September 2026. Billing begins only when member delivery formally starts, and you will get clear notice by email before anything is charged.
What is the guarantee?
Cancel within 30 days of your first payment for a full refund, no questions asked. Cancel later and your access runs through the end of the paid year. The founding rate of $99.95 per year stays locked for as long as you remain a member.
Do you hold positions in what you cover?
Yes, and we say so. Three Douglas, LLC and affiliated persons may hold positions in securities discussed and may transact at any time. Assume we are talking our book; our disclosures appear on every note.
Is this investment advice?
No. Everything we publish is for informational and educational purposes only, is not tailored to your circumstances, and is not a recommendation to buy or sell any security. Consult a qualified financial advisor before making investment decisions.
What stays free?
Selected public commentary, like the notes on this site, remains free. Membership is the full stream, as it publishes rather than months later.
If that answers your questions: the founding rate closes September 29, 2026.
How we work
Every thesis we publish carries a named framework, dated data anchors, a steelmanned bear case, handicapped risks, and explicit break conditions. We keep our misses on the record next to our hits. The method is described in full on our research process page.