4Q26 Portfolio Rebalance: Positioning for a Shift in AI Infrastructure Leadership (Pt.3)

33 min · 10 Nov 2026

Shorter, denser AI systems could change which optical parts customers need. In the final part of our 4Q26 rebalance, we add ams OSRAM, prioritize Veeco and Aeva, and take smaller, speculative positions in MicroVision and Quantum Computing Inc., funded partly by trimming correlated exposure.

Huawei After Sanctions: CIDM, Kirin 9050, and Logic Folding (Pt.3)

Huawei’s new phone chip is more than a sanctions workaround: it points to another way to improve chips when shrinking transistors gets harder. The bigger test is AI, where the same ideas could cut data-movement costs and make Huawei’s NPUs a serious challenge to NVIDIA.

41 min read 04 Nov 2026

42 min read 29 Oct 2026

4Q26 Portfolio Rebalance: Positioning for a Shift in AI Infrastructure Leadership (Pt.2)

Customers are redesigning around tight chips, memory, optics and power. We increased Cerebras to 1% and SPCX to 4%, and we trimmed Soitec to 3.5% and POET to 0.75%.

10 min read 23 Oct 2026

Nvidia at 16x Earnings: MSU Analysis vs. Broadcom (Pt.3)

Nvidia trades at its lowest multiple since 2015. We compare our view with the Market’s and the Street’s, and explain why a shrinking moat makes Nvidia a possible value trap and Broadcom, at similar multiples, the stronger case.

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