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NVIDIA Wants AI Factories to Arrive in Boxes, but the Power Grid Still Takes Four Years

NVIDIA’s DSX POD packs seven Vera Rubin racks into a factory-tested container and cuts on-site deployment from six months to as little as 14 days, but in primary US markets the grid connection still takes over four years. We initiate on the 12 listed partners: Overweight Vertiv (top pick, PT $276), Delta, Schneider and Wistron; Underweight Pegatron and Dell.

By K2 Research TeamOct 22, 2026PDF · 11 pages
NVIDIA Wants AI Factories to Arrive in Boxes, but the Power Grid Still Takes Four Years

NVIDIA’s DSX POD packs seven Vera Rubin racks into a factory-tested container and cuts on-site deployment from six months to as little as 14 days, but in primary US markets the grid connection still takes over four years. We initiate on the 12 listed partners: Overweight Vertiv (top pick, PT $276), Delta, Schneider and Wistron; Underweight Pegatron and Dell.

What’s inside

  1. Initiating on 12 DSX POD partners, Overweight power and cooling
  2. Summary investment thesis and ratings
  3. DSX POD in numbers
  4. Plug and wait: the pod saves the last six months
  5. Buy the run-up, sell the keynote
  6. Factory against site: not the DSX trade
  7. Positioning: the crowd moved into the boxes
  8. Coverage and valuation
  9. Investment thesis, valuation and risks
  10. What would make us wrong?
  11. Signposts
  12. Implementation

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Credo Technology (CRDO): SpaceX’s Worst-Kept Secret Is Now 51% Off
Equity researchPDF · 9 pp

Credo Technology (CRDO): SpaceX’s Worst-Kept Secret Is Now 51% Off

Initiating at Overweight with a Dec-27 price target of $187. The purple cables in a still from SpaceX’s earnings call are Credo’s active electrical cables, and they are not hidden. What is new is the price: Credo closed at $147.29, 51% below its June high and ~20x our NTM non-GAAP EPS.

K2 Research TeamOct 27, 2026
Société BIC (BB.PA): Shaodong Makes the Lighters, BIC Makes the Money, Initiating at Overweight
Equity researchPDF · 9 pp

Société BIC (BB.PA): Shaodong Makes the Lighters, BIC Makes the Money, Initiating at Overweight

Initiating at Overweight with a Dec-27 price target of €72. Shaodong makes about 70% of the world’s lighters at a profit of one fen each; BIC’s lighter division earned €216M of adj. EBIT in 2025, at least €0.10 a lighter. The moat is the rulebook, not the factory.

K2 Research TeamOct 24, 2026
CoreWeave (CRWV): Cisco Had Customers Like This, Initiating at Underweight
Equity researchPDF · 9 pp

CoreWeave (CRWV): Cisco Had Customers Like This, Initiating at Underweight

Initiating at Underweight with a Dec-27 price target of $44. CoreWeave’s backlog is real; the problem is the spread. We estimate a new megawatt earns a ~5% unlevered return, below the ~9% CoreWeave now pays on secured project debt.

K2 Research TeamOct 23, 2026