EST. RESEARCH HOUSE · NOT A FUND · NOT A BROKER
Yugen Capital covers the companies behind computing — semiconductors, AI infrastructure, software, and the supply chains that connect them — across US, Asian, and European markets. We publish dated, written theses and stand behind the record.
THE NAME
We chose it because that is what equity research is for. The value of a business is rarely on its surface — it sits in the economics of a product cycle, the structure of a supply chain, the durability of a moat. The work is in seeing what's underneath.
Everything we publish is built on that idea: primary sources, stated assumptions, and conclusions you can check.
01 / SERVICES
S.1
Written theses on individual technology companies: what the business earns, where the demand comes from, what the market is pricing, and where we think it's wrong. Every report is dated, carries its assumptions on the page, and stays on the record.
Format — Equity reports & updates
S.2
Multi-company studies of the structural shifts moving through technology — AI compute, advanced packaging, optical networking, robotics. We map the value chain end to end and identify which companies actually capture the economics.
Format — Sector studies
S.3
Commissioned work for readers with a specific question: a company they hold, a supply chain they depend on, a theme they want mapped before they commit capital. Scoped together, delivered in writing, discussed directly with the desk.
Format — Commissioned studies
02 / COVERAGE
C.1
Foundries, fabless designers, memory, and analog — the companies that make computing physically possible, and the capital cycles that drive their earnings.
C.2
Accelerators, high-bandwidth memory, advanced packaging, optical networking, and power — the full bill of materials of the AI data center.
C.3
The labs and model builders turning compute into product — judged on real economics, defensibility, and the path to monetization, not on the hype around them.
C.4
Semicap equipment, components, and materials — the companies behind the companies, where market structure is often strongest and least understood.
Technology is a global industry and we cover it as one. A thesis on an American chip designer is incomplete without its Taiwanese foundry, its Korean memory supplier, and its Japanese equipment vendors — so our work follows the value chain wherever it goes.
Markets — US · Taiwan · Korea · Japan · China · Europe
03 / WHO WRITES THIS
CEO & Lead Researcher
I have ten years in the markets, most of them spent where attention is thinnest: South Korea, Taiwan, Japan — markets that build the world's technology and get a fraction of its research coverage.
Fewer eyes on a stock means more left for whoever actually does the work. That's the whole approach: go where the alpha is, read what others skip.
— Deivisson Silva de Jesus
04 / WHAT CLIENTS SAY
Yugen's research changed the way I look at technology stocks. The depth of analysis is unlike anything from the big banks — clear theses, honest about the risks, and consistently early. It has become the first thing I read.
What sets Yugen apart is the discipline. Every report is grounded in real fundamentals, not hype. I've worked with several research providers and none match this level of rigor and independence. Truly worth every cent.
Deivisson and the Yugen team are exceptional. They take the time to explain the reasoning behind every call and are always available to talk. The research has given me real conviction in my positions. Highly recommended.
Testimonials reflect the personal views of individual clients and may not be representative of the experience of others. They are not a guarantee of future performance or success. Past performance is not indicative of future results.
05 / GET IN TOUCH
Address — US
30 N Gould St, Ste R
Sheridan, WY 82801 · United States
We reply within two business days.