About Second Order by TKN

Second Order by TKN is a research desk on the AI trade for investors who look one step past the loudest name.

The first-order trade is priced. Second Order maps who else gets paid — memory, packaging, rented GPUs, hyperscaler capex, and the markets that supply them — then writes down what would change the view.

Brand line: AI · Semiconductors · Investment Insights.

What you get

• Wire — free daily brief: what changed, why it matters, what to watch next.
• Explained — how the system works. Three types only: Mechanism, Versus, and Players.
• Analysis — paid flagship so-what (preview on the site; full piece behind the wall).
• The Stack — three focus layers: Neoclouds, Semiconductors, and Hyperscalers. Topic doors such as HBM and CoWoS nest under Semiconductors.
• Markets — the same stack by geography (Taiwan, Korea, US, China, and more).

Start with The Stack, or pick a desk from the top of any page. About stays in the footer if you need this page again.

Who writes this

Sean writes Second Order by TKN.

When a story is loud, he wants to know who else gets paid. Everyone watches the chip. He asks who sells it memory, who packages it, who rents the GPU hours, and who writes the capex cheque.

That is the method: look one link further down the chain than the headline, then state what would prove the read wrong.

Sean is not a licensed adviser and does not publish buy lists. Every page states what would change its view.

Method in full: Editorial standards.

Second Order is made by TKN, the team behind The Kopi Notes.

Not investment advice. Do your own research.