Coffee Stain (COFEEB): Valheim 1.0 release data and the twofold effect

Valheim (published by Coffee Stain and developed by Iron Gate Studios) formally exited early access with the 1.0 release on September 9 on Steam, PS5, and Switch. Reviews and user data continue to show Valheim's strength; let's look at the data.

Smart Eye (SEYE): Less Harvest Than Expected

Unsound communication, disappointing Q2, deteriorating incremental margins, and price-implied expectations.

Portfolio Alert: Increased position in high growth company

We take advantage of a temporary share price weakness

Portfolio Alert: Adding to position

This portfolio holding just saw a major insider increase their position, we do the same.

Portfolio Alert: Selling at a loss

Today we exited a speculative position in a company we took ahead of an anticipated breakthrough quarter, which did not materialize.

Smart Eye (SEYE) Earnings Preview: Q2'26 Growth Surge Ahead

Smart Eye (SEYE) is releasing its Q2’26 earnings report on August 26.

Coffee Stain (COFFEEB) Deep Dive: Roblox Opportunity and Undiscovered Value

Coffee Stain (COFFEEB) is a spin-off from the Swedish video gaming group Embracer (EMBRACB). Since its listing on the Nasdaq Stockholm First North on December 11, the share is down about 30%. We believe this drawdown is mainly due to mechanical selling from large index-focused investors that owned Embracer.

Portfolio Alert: Strong Day for a Portfolio Holding

A company we recently added to the portfolio is having one of its best days in a long time, up +5% today.

Video Interview & comment: Evolution Bid and Embracers Q1 report.

Smart Eye (SEYE): Deep Dive

Smart Eye is entering harvest season after the 10-year drought.

Smart Eye (SEYE): DMS Surge

Today, Seeing Machines (SEE) released its KPI figures for Q4 FY26. These numbers are highly important and are the best way to track the DMS car production ramp-up.

Portfolio Alert: New Market Regulation Will Lead to Growth Surge

We added a new speculative position in a company that might not look attractively valued at first glance. But during a deep dive, we have been able to get a good grasp of the upcoming revenue growth surge.

Asmodee (ASMODEEB): New Data Point That Supports TCG Growth Momentum

Short Comment

Asmodee (ASMDEEB): An Activist Fund Enters, and Why We Bought it Into the Portfolio

This morning, it was disclosed that Alta Fox Capital, the activist fund from Texas with a previous history in Nordic public companies, has taken a 0.79% stake in Asmodee worth around SEK 306m.

Portfolio Alert: New Position in Swedish Software Acquirer

We added a new position to the portfolio today.

Portfolio Alert: Buying Into a Mega Consumer Trend

We have added a new holding to the portfolio.

Portfolio Alert: Increasing Position in a Swedish Video Game Portfolio Holding

Adding to a portfolio holding

Industry (AI): OpenAI’s Identity Crisis, Effects on the AI Buildout

OpenAI has rebuilt its ChatGPT experience on Mac, more or less merging Codex and the ChatGPT legacy app. Users have been raging: not-synced chats, a hard-to-understand UX with missing projects and custom GPTs, chat demoted to a pop-up, a 159MB native app replaced by a 1.5GB Electron build; OpenAI walked parts of it back within 24 hours, but the tell is in the weird update in the first place. OpenAI has an identity crisis.

Truecaller (TRUEB): Truecaller's TRAI Dispute Is the Latest Move in a Multiyear Regulatory Campaign

Truecaller's public fight with India's TRAI this month is not a new dispute, it is the latest step in a regulatory campaign that traces back to 2022 and includes a draft rule TRAI already published in March 2026. We map the full timeline, the legal and industry pushback TRAI is facing, and why the real exposure runs through Truecaller's core consumer product, not narrowly through Truecaller for Business. We also provide our expectations for the Q2 report.

Industry (Video Gaming): AI's Memory Grab, a $999 Console, and Every Reason to Wait

AI memory vs. the console cycle

Trends (AI): Everyone's Adopting; Almost No One's Using

Adoption is near a plateau at 54%. The median company still spends like it's running a chatbot, not a workforce. This post looks at the gap between AI adoption and AI intensity in Ramp's data and what it says about where demand goes next.

Truecaller (TRUEB): The Street Starts to Agree: Two Broker Upgrades Follow Our Truecaller Turn

Two brokers, DNB Carnegie and SEB, have turned more bullish on Truecaller. DNB Carnegie lifted its target to SEK 28 and reiterated Buy, while SEB upgraded from Hold to Buy and raised its target to SEK 16 on the view that the worst is over in advertising. Both follow our June 17 note, which turned cautiously optimistic on the removal of the Google ad flag, and the stock is up about 10% since

Coffe Stain (COFFEEB): Fellowship Spikes Again on Season 3

Coffee Stain’s publishing title Fellowship launched its third season on June 22 and re-peaked at 13,175 concurrent players on Steam, just below the Season 2 peak. We pulled the full monthly concurrency history and the launch-window Steam reviews, and the picture is a familiar one: a real seasonal spike sitting on top of a deepening inter-season trough that hit its lowest point in the game's history just before this launch. Management has already flagged the title as an underperformer and a cost drag and named this season as the test. The full note shows the month-by-month spike-and-bleed pattern, ties it to the issues reviewers name and the cost mechanics management disclosed, and sets out the specific concurrency floor to watch over the next three to six weeks to judge whether the title is durable or headed for restructuring.

Embracer Group (EMBRACB): Remake Engine is Back in Business

THQ Nordic's Gothic 1 Remake sold 500,000 copies in its first week, a number we think points toward roughly 800,000 once the cross-platform review trajectory plays out, and on our break-even math the title was already profitable within days. In the full note we size the studio economics, read about 100 of the most helpful Steam reviews to separate durable demand from recoverable launch churn (including the recurring pull for a Gothic 2 remake), set Gothic against our Q1'26/27 consensus, and lay out why the buy-remaster-remake-sequel engine is a structurally high-ROI model, with the cash-generative AA half landing in Embracer/THQ Nordic rather than Fellowship.