BEP Research
SYSTEM-LEVEL AI INFRASTRUCTURE INTELLIGENCE
Independent research covering the full AI infrastructure stack — from silicon architecture to software optimization to business model. Every layer of the stack connects. The constraint in one layer becomes the opportunity in the next.
By Ben Pouladian
Research
AI infrastructure unit economics — live token pricing, GPU cloud costs, inference margins, cluster TCO, and lab margin analysis. Updated daily. Subscriber access — request a code via the Substack.
LLMflation index 21.4 — frontier tokens at 21% of GPT-4 launch price · 2026-07-23
NVIDIA's forward P/E against the SOX cap-weighted forward P/E — the interactive ratio chart behind the "NVDA at a discount" thesis, with Bernstein historical anchors.
Deep-dive analysis on AI semiconductors, optical interconnects, memory architecture, and the companies building the physical layer of intelligence.
Every named stock call on the record — entry price, live price, and return since the article that made it. Sortable, exportable, updated in real time.
Explorable supply chain maps — the AI datacenter cross-section, the humanoid stack — and interactive explainers of the mechanics behind the research. New tools ship with new theses.
Coverage
About Ben Pouladian
Ben Pouladian is an electrical engineer (UC San Diego), operator, and investor. He founded an LED lighting manufacturer in 2005 and led it through its sale in 2019; today he is CEO of BEP Holdings and publishes BEP Research — independent, system-level research on AI infrastructure covering semiconductors, memory and HBM economics, optical interconnects, advanced packaging, NeoCloud datacenters, and datacenter power.
More at benpouladian.com · long-form analysis on Substack · daily takes on X @benitoz