Research
Evidence First. Conviction Second.
Investment Briefs
Second Order Research
Second Order Research
Full Underwriting
CEVA, Inc. ($CEVA): The Edge-AI Toll Booth Is Real. The Royalty Ramp Isn’t—Yet.
CEVA owns a proven connectivity royalty engine and credible edge-AI optionality. The question is whether its recent design wins will convert into high-value production royalties.
SoR Posture: WATCHLIST — BUY ONLY ON WEAKNESS
Adeia Inc. (ADEA): The Hidden Tollbooth Beneath AI Chips
Hybrid bonding may become critical infrastructure for advanced AI hardware. The bigger opportunity could be the contracts that were priced before it mattered.
SoR Posture: WATCH — DO NOT CHASE
Second Order Research publishes independent investment research across public equities, macro, and market structure.
We investigate the questions that connect a compelling story to an investment decision:
- What does the market already expect?
- Who actually captures the economic value?
- What could change expectations, and when?
- What evidence would invalidate the thesis?
- At what price does the opportunity become attractive?
Our research separates what is known, what is inferred, and what remains uncertain.
Research Formats
Investment Briefs
Focused assessments of an investment opportunity, covering the thesis, market expectations, valuation, catalysts, financing needs, and risks. Each brief explains what would make the opportunity attractive and what evidence could change our view.
Briefs may introduce a company, reassess it after a material event, evaluate an entry price, or examine an upcoming catalyst.
Full Underwriting
Comprehensive investigations of business economics, competitive position, financial quality, and capital allocation. These reports combine primary evidence, detailed modeling, valuation scenarios, entry discipline, and explicit conditions that would invalidate the thesis.
Current Coverage
Public Equities
Company fundamentals, expectations, valuation, catalysts, competitive dynamics, and second-order effects.
Macro
Economic regimes, liquidity, interest rates, leverage, policy, and systemic risk.
Market Structure
Positioning, options, volatility, flows, liquidity, and the forces that influence prices.
Living Research
Our published conclusions are open to revision.
When we update a report, we explain what changed, how it affects the thesis and valuation, and what evidence matters next. Updates distinguish changes in the business from changes in the share price.
Report dates, revision dates, thesis status, and the next review trigger help readers understand when an assessment was made and what could change it.
Curiosity Before Capital. Evidence First.
Research Disclosure
Second Order Research provides independent, impersonal investment research for informational and educational purposes only. Our content is not individualized investment advice or a solicitation to buy or sell any security. It does not consider any reader’s financial circumstances, objectives, or risk tolerance.
Investing involves risk, including the possible loss of all invested capital. Valuations, price levels, forecasts, and scenarios are research assessments, not guarantees of future performance or personalized trading instructions. Past performance does not guarantee future results. Research reflects information available as of the publication or update date and may be superseded by subsequent developments.
Authors may hold positions in securities discussed. Material positions, compensation, and other financial conflicts will be disclosed alongside the relevant research.
Readers should conduct their own due diligence and independently assess whether an investment is appropriate for their circumstances.