Hexcel (HXL): The Composites Gold Rush

Overnight Studios — Fri, 28 Aug 2026 16:00:00 -0400

In 1946, in a basement near San Francisco, two engineers started gluing thin sheets into hexagonal cells — panels that were nearly all air, but stiff enough to hold an airplane together. Nobody in aerospace had asked for it. Within three years the Air Force was buying it for radar domes; twenty years later Apollo 11 stood on the Moon on their footpads. The company they built — Hexcel — went on to nearly die twice, get rescued once by a bankruptcy court and once by Goldman's money in the dark days after 9/11, and come out the other side owning the material modern aviation is built from.

This week, Thomas and Katie tell the whole story: the two founders who bet on lightness, the acquisition spree that assembled today's company in under three years, and the quiet eighty-year reign of honeycomb — a product so hard to copy that the same handful of firms from the 1940s still make it, because in aerospace the barrier isn't the chemistry, it's the decade of qualification. Then the material that changed everything: carbon fiber, born at Union Carbide in 1958, industrialized in Japan, and now more than half the weight of the newest widebody jets — with Hexcel's fiber inside every LEAP engine fan blade flying today.

And then what's next, because the biggest prize in the industry's history is now on the calendar: the next generation of single-aisle aircraft, due to be decided around 2030 — composite wings, radical open-fan engines with carbon-fiber blades taller than a person, and airplanes built at rates aerospace has never attempted. A composite wing alone would double the composite content on every narrowbody built for twenty years. Who wins that material is one of the great industrial contests of the decade — and this episode explains exactly what it takes to be in the running.

SanDisk (SNDK): From Bits to High Bandwidth Flash

Overnight Studios — Wed, 26 Aug 2026 01:29:10 -0400

It's 1988, and a physicist named Eli Harari walks out of a Silicon Valley chip company that doesn't believe in his idea: that a chip — not a spinning disk, not film — should be where the world stores its data. The next morning, he starts SunDisk. Today that company is worth two hundred and thirty billion dollars — and it just did something no memory maker has ever pulled off: it got the world's biggest buyers to sign guaranteed minimum purchases worth $93.9 billion, backed by $16.5 billion in posted collateral, for a product that has crashed on schedule every cycle since the eighties.

In our first episode, Thomas and Katie tell the whole SanDisk story: the floating-gate breakthrough at Hughes Aircraft, the invention of the memory card, the Toshiba partnership that survived an accounting scandal, a nuclear bankruptcy, and a courtroom gavel — and then the question that decides everything from here: did SanDisk re-engineer the memory cycle, or just get the top of one signed in ink?

Along the way: why AI suddenly eats flash memory, how a commodity manufacturer prints an 84.6% gross margin, what a contract "floor" is actually worth when winter arrives — and the five gauges we'll be watching, on air, to settle it.

Chapters
0:00 — Intro
0:11 — The Setup
2:52 — History of the Business & Founding
15:11 — The Technology Today
22:30 — Financials & Valuation
33:27 — Emerging Technologies
39:15 — What to Watch
44:38 — The Political Shot Clock
47:43 — Outro

Sources beyond the report: Eli Harari — Computer History Museum oral history · Sanjay Mehrotra — TechSurge and Bloomberg Talks · research call-outs from J.P. Morgan (Harlan Sur) and Wells Fargo (Aaron Rakers)

Second Spark is produced by Overnight Studios. This show is for information and entertainment only. Nothing you hear is investment advice, and the people behind the show may hold positions in the companies we cover.