A Finnish microcap is holding a door open for TSMC. Nobody's watching.

One forced seller, one hidden customer: the Canatu setup

In May, I posted about Canatu for the first time. The post got a surprising amount of attention and sparked a fair bit of discussion on X. That, coupled with a government hearing landing the same day, got the rumor mill going, and the stock ran hard before giving it all back.

At the time I was confused about why the narrative was so explosive. Why does a deep-tech company with almost zero public chatter have such a devoted following in the shadows?

Back in May I only wrote a brief post. Never a proper thesis. It felt like I was missing a piece of the puzzle. I also couldn’t explain why the stock kept grinding lower on no news, and I more or less concluded that the market knew something I didn’t.

After a lot of digging, I think I finally see the picture. Or at least a clearer version of it. There’s still a great deal of speculation and reading between the lines here, and I want to be honest about that upfront. But if the speculation is even remotely right, Canatu is one of the most interesting things I’ve come across.

So let’s jump straight into the rabbit hole.