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Capacity Resolvers: Positioning for the Next Phase of the AI Buildout.

Portfolio

Portfolio Rebalance: Capturing the Next Phase of AI Infrastructure Buildout (Pt.1)

12 min · 06 Jul 2026

In our latest quarterly review, we rotate toward under-appreciated capacity resolvers across foundry, back-end, photonics, and power as the AI buildout enters its next phase.

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Notes: The Bottleneck Heuristic — The Memory Supercycle, Power Bottleneck, and Data Center Value Creation (Pt.3)

Notes: The Bottleneck Heuristic — The Memory Supercycle, Power Bottleneck, and Data Center Value Creation (Pt.3)

The memory supercycle is no longer just about HBM. Multi-tier architectures are pulling conventional DRAM and NAND into the same structural shortage, while power and PCB bottlenecks are now compounding the constraint.

25 min read 29 Jun 2026

SpaceX - Powering AI from Orbit: Sizing the Opportunity (Pt.6)

28 min read 23 Jun 2026

SpaceX - Powering AI from Orbit: Sizing the Opportunity (Pt.6)

SPCX is now the ultimate AI data-center and energy play. At ~$2.4T and ~80x forward sales, its valuation rests almost entirely on Space Data Center execution — where Starship, solar, and custom silicon could unlock a path toward $20T.

Photonics: The $91 Billion Question - Layer 1 (Pt.2)

16 min read 18 Jun 2026

Photonics: The $91 Billion Question - Layer 1 (Pt.2)

Layer 1 is the foundation of the photonics supply chain. Photonic SOI from Soitec serves as the base substrate for virtually all CPO and NPO designs, with TFLN and EO polymers acting as performance boosters on top. This gives Soitec structural leverage across all architectures.