Research Library
Published research
Source-scored research reports with adversarial counter-thesis analysis. Read the methodology, then judge the output.
NVIDIA AI Accelerator Market Position: Q1 2026 Snapshot
NVIDIA's dominance of the AI accelerator market has reached a scale that structurally disadvantages every competing vendor, with the company generating over $100 billion annually from data center GPUs and commanding 80–90% revenue share in a market that expanded from $17.7 billion in 2023 to an estimated $167 billion in 2025 — one of the fastest TAM expansions in semiconductor history. ...
Digital Asset Custody Regulatory Risk Landscape: US & EU 2026
The OCC's 2025 issuance of Interpretive Letters 1183 and 1184 marks the most consequential shift in US crypto custody regulation since 2020, confirming that national banks may engage in crypto-asset custody, outsource those activities to third-party sub-custodians, and execute buy/sell transactions at customer direction, all without prior supervisory nonobjection. The EU's MiCA framework, whose Articles 52-57 govern crypto-asset custodians, is advancing toward full implementation, but the specific RTS adoption deadlines and national transposition schedules are not confirmed by the primary sources available for this analysis. ...
Enterprise LLM Adoption: Build vs. Buy Decision Framework
The LLM API market is bifurcating into two structurally different deployment paths, and organizations face a critical strategic choice: relying on commercial cloud-based API services or investing in on-premise deployment infrastructure. The decision is not symmetric: while it is becoming increasingly practical for smaller organizations to run their own models on-site, aggressive pricing from commercial providers continues to push costs down, creating pressure on those who want to run models locally. ...
AI-Native CRM Entrants: Threat to Salesforce’s Competitive Moat (2026)
Salesforce's CRM moat is defensible through 2026 but faces its first credible structural test from LLM-native competitors, even as the company reported $37.9 billion in FY25 revenue, closed over 5,000 Agentforce deals since October 2024, and achieved $900 million in Data Cloud and AI annual recurring revenue growing 120% year-over-year. ...
Dollar Milkshake Theory: Cross-Asset Divergence Under Geopolitical Stress
The Strait of Hormuz crisis constitutes the most severe structural energy supply shock since the 1970s, and its transmission into sustained USD demand represents a material activation catalyst for Dollar Milkshake Theory dynamics. With daily transits through the strait down 90–95% according to Kpler, approximately 1,000 vessels anchored, and Brent crude surpassing $90 per barrel, the volume shock extends well beyond a price signal — simultaneously compressing petrodollar recycling flows, deteriorating current accounts across Asian energy importers, and generating acute demand for dollar liquidity to settle USD-denominated import invoices. ...
Clearwater Analytics Competitive Positioning in Asset & Wealth Management
Clearwater Analytics holds a defensible position in institutional investment accounting software, anchored by high switching costs from deep workflow integration and a reported 98% gross revenue retention rate as of September 30, 2025, but its moat faces structural pressure from legacy competitors with larger installed bases and from its own elevated post-acquisition debt load of approximately $838.9 million. ...
GLP-1 Therapeutics: Investment Implications for Eli Lilly & Novo Nordisk
Eli Lilly holds the stronger position in the GLP-1 market through 2027, as tirzepatide's clinical superiority and accelerating revenue trajectory are eroding Novo Nordisk's incumbency faster than Novo's lowered guidance acknowledges. In the SURMOUNT-5 Phase 3b trial, tirzepatide produced a mean weight reduction of 20. ...
Coverage gap
SME & mid-cap research coverage
3,500+ US public companies between $300M–$2B market cap receive little or no analyst coverage. Celadon produces institutional-grade research on companies Morningstar doesn't cover.
| Company | Sources | Score |
|---|---|---|
| Clearwater Analytics | 42 | 87 |
| Shift4 Payments | 38 | 84 |
| Definitive Healthcare | 31 | 76 |
| Integral Ad Science | 29 | 73 |
Sample comparison matrix. Scores reflect source quality and evidence depth.
Methodology
Source quality breakdown
Every source scored on four dimensions. Reports show full provenance chain so you can verify every claim.
T1 SEC filings, court records, legislation · T2 Reuters, FT, institutional research · T3 Trade press, analyst blogs · T4 Social, forums, unverified
Coming soon
Portfolio-scale sector screening
15 structurally comparable reports in under 2 hours. No competitor can produce this at any price.
Enterprise SaaS sector screen — 15 companies, cross-entity contradictions, shared source index.
Coverage desert
MiFID II research gap
European research unbundling caused the first net decline in analyst coverage since 2006. Small and mid-cap European companies lost coverage entirely. Celadon covers them in Professional tier.
Global Coverage
Emerging & frontier market coverage
Markets with growing capital flows and thin-to-nonexistent analyst coverage. A report on a Vietnamese conglomerate costs the same as a report on Apple.
Southeast Asia
Singapore, Thailand, Vietnam, Indonesia
Growing capital flows, thin Morningstar coverage. Local-language source retrieval with translated attribution.
Middle East & Africa
Dubai, Saudi Arabia, South Africa
DIFC-regulated advisors need coverage on locally listed companies with zero existing research alternatives.
Latin America
Brazil, Mexico, Chile, Colombia
Consumer-driven markets with strong local exchanges and regulatory frameworks ready for structured research.